<p>艾坎企業 LP (Icahn Enterprises LP) 已召開第三季度財報電話會議。以下是會議的主要亮點。</p>
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<p>艾坎企業 LP 最近的財報電話會議描繪了勝利與挑戰的畫面。公司報告了淨資產價值和能源部門表現的顯著增長，同時在關鍵投資方面也有積極進展。然而，房地產、食品包裝、家居時尚和製藥部門的下滑使這些成果有所減弱。儘管面臨這些挑戰，公司強勁的流動性和戰略投資提供了有力的對沖。</p>
<h2>淨資產價值的增加</h2>
<p>財報電話會議強調了艾坎企業淨資產價值的顯著增加，增長了 5.67 億美元。這一增長主要得益於 CVI 淨的精煉對沖，貢獻了 5.47 億美元，排除精煉對沖的資金增長約為 5%。</p>
<h2>能源部門表現</h2>
<p>能源部門出現了顯著的好轉，報告顯示 2025 年第三季度的合併 EBITDA 達到 6.25 億美元。這一數據較 2024 年第三季度的 3500 萬美元虧損有了顯著改善，展示了該部門的復甦和增長。</p>
<h2>汽車部門收入增長</h2>
<p>汽車部門也顯示出良好的結果，2025 年第三季度的服務收入較去年增加了 1100 萬美元。同店銷售增長了 6%，額外貢獻了 2100 萬美元。</p>
<h2>關鍵投資的積極進展</h2>
<p>對 EchoStar 的投資取得了豐碩成果，股價從 6 月的十幾美元攀升至季度末的約 75 美元，反映出顯著的收益和戰略成功。</p>
<h2>強勁的流動性狀況</h2>
<p>艾坎企業保持了強勁的流動性，控股公司層面擁有 34 億美元的現金和投資，子公司擁有 12 億美元的現金和循環信貸額度，確保了財務靈活性和穩定性。</p>
<h2>房地產部門的下滑</h2>
<p>房地產部門面臨挑戰，調整後的 EBITDA 較去年減少了 1200 萬美元。這一下滑歸因於年初出售的一家鄉村俱樂部。</p>
<h2>食品包裝部門的挑戰</h2>
<p>食品包裝部門在 2025 年第三季度的調整後 EBITDA 減少了 800 萬美元。這主要是由於銷量下降、製造效率低下和重組阻力。</p>
<h2>家居時尚和製藥 EBITDA 的下降</h2>
<p>家居時尚和製藥部門的調整後 EBITDA 分別下降了 400 萬美元和 700 萬美元，原因是需求減弱和仿製藥競爭。</p>
<h2>前瞻性指導</h2>
<p>展望未來，艾坎企業預計淨資產價值將繼續增長，主要得益於戰略投資和強勁的能源部門表現。然而，公司仍然對房地產、食品包裝和其他部門的挑戰保持警惕，旨在戰略性地解決這些問題。</p>
<p>總之，艾坎企業 LP 的財報電話會議反映了增長與挑戰的平衡敍述。儘管公司慶祝了淨資產價值和能源部門表現的顯著增長，但也承認其他領域的困難。強勁的流動性狀況和戰略投資預計將支持公司應對未來挑戰並抓住增長機會。</p>

<p>Icahn Enterprises LP 第三季度的財報電話會議顯示出業績參差不齊。公司在淨資產價值和能源部門表現上取得了顯著增長，能源 EBITDA 也出現了顯著的好轉。然而，房地產、食品包裝、家居時尚和製藥部門則出現了下滑。儘管面臨這些挑戰，Icahn 仍然保持強勁的流動性和戰略投資。展望未來，公司預計淨資產價值將繼續增長，這得益於戰略投資和能源表現，同時也將應對其他部門的挑戰</p>

<p>Icahn Enterprises LP ((IEP)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>艾坎企業 LP (Icahn Enterprises LP) 已召開第三季度財報電話會議。以下是會議的主要亮點。</p>
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</div><p>Icahn Enterprises LP’s recent earnings call painted a picture of both triumphs and trials. The company reported significant gains in net asset value and energy segment performance, alongside positive developments in key investments. However, these were tempered by declines in the real estate, food packaging, home fashions, and pharma segments. Despite these challenges, the company’s robust liquidity and strategic investments provided a strong counterbalance.</p>
<div class="lb-trans"><p>艾坎企業 LP 最近的財報電話會議描繪了勝利與挑戰的畫面。公司報告了淨資產價值和能源部門表現的顯著增長，同時在關鍵投資方面也有積極進展。然而，房地產、食品包裝、家居時尚和製藥部門的下滑使這些成果有所減弱。儘管面臨這些挑戰，公司強勁的流動性和戰略投資提供了有力的對沖。</p>
</div><h2>Increase in Net Asset Value</h2>
<div class="lb-trans"><h2>淨資產價值的增加</h2>
</div><p>The earnings call highlighted a substantial increase in Icahn Enterprises’ net asset value, which rose by $567 million. This growth was primarily driven by CVI net of refining hedges, contributing $547 million, with the funds, excluding refining hedges, up by approximately 5%.</p>
<div class="lb-trans"><p>財報電話會議強調了艾坎企業淨資產價值的顯著增加，增長了 5.67 億美元。這一增長主要得益於 CVI 淨的精煉對沖，貢獻了 5.47 億美元，排除精煉對沖的資金增長約為 5%。</p>
</div><h2>Energy Segment Performance</h2>
<div class="lb-trans"><h2>能源部門表現</h2>
</div><p>A notable turnaround was seen in the energy segment, which reported a consolidated EBITDA of $625 million for Q3 ’25. This marks a significant improvement from a loss of $35 million in Q3 ’24, showcasing the segment’s recovery and growth.</p>
<div class="lb-trans"><p>能源部門出現了顯著的好轉，報告顯示 2025 年第三季度的合併 EBITDA 達到 6.25 億美元。這一數據較 2024 年第三季度的 3500 萬美元虧損有了顯著改善，展示了該部門的復甦和增長。</p>
</div><h2>Automotive Segment Revenue Growth</h2>
<div class="lb-trans"><h2>汽車部門收入增長</h2>
</div><p>The automotive segment also showed promising results, with service revenues increasing by $11 million in Q3 ’25 compared to the previous year. Same-store sales saw a 6% rise, contributing an additional $21 million.</p>
<div class="lb-trans"><p>汽車部門也顯示出良好的結果，2025 年第三季度的服務收入較去年增加了 1100 萬美元。同店銷售增長了 6%，額外貢獻了 2100 萬美元。</p>
</div><h2>Positive Developments in Key Investments</h2>
<div class="lb-trans"><h2>關鍵投資的積極進展</h2>
</div><p>Investments in EchoStar proved fruitful, with stock prices climbing from the teens in June to approximately $75 per share by the end of the quarter, reflecting significant gains and strategic success.</p>
<div class="lb-trans"><p>對 EchoStar 的投資取得了豐碩成果，股價從 6 月的十幾美元攀升至季度末的約 75 美元，反映出顯著的收益和戰略成功。</p>
</div><h2>Strong Liquidity Position</h2>
<div class="lb-trans"><h2>強勁的流動性狀況</h2>
</div><p>Icahn Enterprises maintained a strong liquidity position, with $3.4 billion in cash and investments at the holding company level and $1.2 billion in cash and revolver availability at its subsidiaries, ensuring financial flexibility and stability.</p>
<div class="lb-trans"><p>艾坎企業保持了強勁的流動性，控股公司層面擁有 34 億美元的現金和投資，子公司擁有 12 億美元的現金和循環信貸額度，確保了財務靈活性和穩定性。</p>
</div><h2>Decline in Real Estate Segment</h2>
<div class="lb-trans"><h2>房地產部門的下滑</h2>
</div><p>The real estate segment faced challenges, with adjusted EBITDA decreasing by $12 million compared to the prior year. This decline was attributed to the sale of a Country Club earlier in the year.</p>
<div class="lb-trans"><p>房地產部門面臨挑戰，調整後的 EBITDA 較去年減少了 1200 萬美元。這一下滑歸因於年初出售的一家鄉村俱樂部。</p>
</div><h2>Challenges in Food Packaging Segment</h2>
<div class="lb-trans"><h2>食品包裝部門的挑戰</h2>
</div><p>The food packaging segment struggled with a decrease in adjusted EBITDA by $8 million for Q3 ’25. This was primarily due to lower volume, higher manufacturing inefficiencies, and restructuring headwinds.</p>
<div class="lb-trans"><p>食品包裝部門在 2025 年第三季度的調整後 EBITDA 減少了 800 萬美元。這主要是由於銷量下降、製造效率低下和重組阻力。</p>
</div><h2>Decrease in Home Fashions and Pharma EBITDA</h2>
<div class="lb-trans"><h2>家居時尚和製藥 EBITDA 的下降</h2>
</div><p>Both the home fashions and pharma segments experienced declines in adjusted EBITDA, by $4 million and $7 million respectively, due to softening demand and generic competition.</p>
<div class="lb-trans"><p>家居時尚和製藥部門的調整後 EBITDA 分別下降了 400 萬美元和 700 萬美元，原因是需求減弱和仿製藥競爭。</p>
</div><h2>Forward-Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指導</h2>
</div><p>Looking ahead, Icahn Enterprises anticipates continued growth in net asset value, driven by strategic investments and a robust energy segment performance. However, the company remains vigilant of the challenges in real estate, food packaging, and other segments, aiming to address these issues strategically.</p>
<div class="lb-trans"><p>展望未來，艾坎企業預計淨資產價值將繼續增長，主要得益於戰略投資和強勁的能源部門表現。然而，公司仍然對房地產、食品包裝和其他部門的挑戰保持警惕，旨在戰略性地解決這些問題。</p>
</div><p>In conclusion, Icahn Enterprises LP’s earnings call reflected a balanced narrative of growth and challenges. While the company celebrated significant gains in net asset value and energy segment performance, it also acknowledged the hurdles in other sectors. The strong liquidity position and strategic investments are expected to support the company in navigating future challenges and capitalizing on growth opportunities.</p>
<div class="lb-trans"><p>總之，艾坎企業 LP 的財報電話會議反映了增長與挑戰的平衡敍述。儘管公司慶祝了淨資產價值和能源部門表現的顯著增長，但也承認其他領域的困難。強勁的流動性狀況和戰略投資預計將支持公司應對未來挑戰並抓住增長機會。</p>
</div>

Icahn Enterprises LP 的混合收益電話會議突顯了其收益和麪臨的挑戰