Icahn Enterprises IEP Real Estate — Variable Lease Cost

Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of June 30, 2026 and December 31, 2025, our Real Estate segment had assets leased to others included in property, plant and equipment of $501 million and $484 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenues from operating leases were $9 million and $2 million for the three months ended June 30, 2026 and 2025, respectively, and $16 million and $5 million for the six months ended June 30, 2026 and 2025, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations. Our Real Estate segment’s expenses from operating leases including variable lease costs were $14 million and $7 million for the three months ended June 30, 2026 and 2025, respectively, and $28 million and $14 million for the six months ended June 30, 2026 and 2025, respectively. Expenses from operating leases are included in other expenses from operations in the condensed consolidated statements of operations.