Good morning, and welcome to the Icahn Enterprises L.P. Third Quarter 2025 Earnings Call with Andrew Teno, President and CEO; Ted Papapostolou, Chief Financial Officer; and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statement.

Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words of similar meaning and include, but are not limited to, statements about expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. This presentation also includes certain non-GAAP financial measures, including adjusted EBITDA. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation. We also present indicative net asset value. indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries, which are not included in our GAAP earnings. All net income and EBITDA amounts we will discuss are attributable to Icahn Enterprises unless otherwise specified. I'll now turn it over to Andrew Teno, our Chief Executive Officer.

Thank you, Rob, and good morning, everyone. We had a good third quarter. NAV increased $567 million. CVI, net of refining hedges, increased NAV by $547 million, and the funds, excluding refining hedges were up approximately 5%. For CVI, the outperformance was driven by 3 factors: the continued conflict in Ukraine, increased crack spreads and most importantly, the resolution of our small refinery exemptions from 2019 to 2024 and which removed a $488 million liability from the CBI balance sheet. Going forward, our hope is that the Trump administration and the EPA will continue to grant small refineries, the exemptions they deserve. And to be clear, we believe that Wynnewood is entitled to receive 100% exemptions going forward. Turning to the funds. We were up approximately 5%, excluding refining hedges. The big winner for the quarter was our investment in EchoStar and big detractors were the broad market and refining hedges. In terms of our top positions. AEP is an electric utility that is benefiting from the AI infrastructure buildout. Importantly, not all electric utilities will benefit the same from the AI build-out. In order to be a winner, you need to have 4 things: The right jurisdictions, the right assets, enough scale and a hungry management team. AEP checks all those boxes. AEP has sizable operations in the data center hotspots of Texas, Indiana, Oklahoma and Ohio, which have available land and low power prices. AEP had the right assets given its 55% mix of earnings from transmission which enables timely recovery on investments and the ability to build new generation across multiple jurisdictions to support the increasing power needs. Scale is important because investments in new power generation are large dollars, a $3 billion investment can be too big for smaller entities to fund. With a greater than…

Thank you, Andrew. I will start at our Energy segment. Andrew has already touched on the major highlights. I'll just add that the energy segment consolidated EBITDA was $625 million for Q3 '25, compared to a loss of $35 million in Q3 '24. Moving to our Automotive segment. Q3 '25 automotive service revenues increased by $11 million compared to the prior year quarter. We are pleased with the same-store sales performance with revenue increasing by $21 million or 6% as compared to the prior year quarter. As we fine-tune our product, pricing, labor and distribution strategies, we believe enhanced profitability will follow. We've also made significant changes to our store footprint. During the last 12 months, we closed a total of 89 underperformers, of which 20 came subsequent to Q3 '25 and we opened 14 new locations. We will continue to analyze our footprint and close and open locations where appropriate. Subsequent to quarter end, we transferred the vast majority of our owned properties out of the Automotive segment into our Real Estate segment. We believe this move will help unlock the value of both our real estate and auto service operations. Now turning to the other operating segments. Real Estate Q3 '25 adjusted EBITDA decreased by $12 million compared to the prior year quarter. This decrease was primarily due to the sale of our Country Club earlier this year. We expect EBITDA to increase in the second half of 2026 as we ramp up construction at our existing club and surrounding development. During the quarter, we closed on certain properties for a pretax gain of $223 million. Food Packaging's adjusted EBITDA decreased by $8 million for Q3 '25 as compared to the prior year quarter. The decrease is primarily due to lower volume, higher manufacturing inefficiencies and disruptive headwinds…

[Operator Instructions]. I will turn the call back to Andrew Teno for final comments.

Thank you very much. Thank you, everyone, for joining. And I'd like to leave with a reminder that here at Icahn Enterprises, we are intensely focused on our activism strategy. We have unique advantages, including the Icahn brand name, and a long history and willingness to waste proxy contests. It is this track record, which frequently allows us to be invited to join boards and work cooperatively with our fellow directors to make the key changes that will drive shareholder value. Furthermore, given our balance sheet, liquidity and permanent capital structure, we have the ability to tender for entire businesses, the tool most simply do not possess. Though our returns can be lumpy and dissatisfying at times. And again, this quarter, they were quite good. We continue to focus on our activist efforts at both our Investment segment and controlled businesses, and we believe they will bear fruit for all unitholders. Speak soon.

Thank you. And with that, we conclude our conference for today. Thank you for participating, and you may now disconnect.