Form 8-K

8-K — MARTIN MIDSTREAM PARTNERS L.P.

Accession: 0001176334-26-000033

Filed: 2026-10-21

Period: 2026-10-21

CIK: 0001176334

SIC: 5171 (WHOLESALE-PETROLEUM BULK STATIONS & TERMINALS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mmlp-20261021.htm (Primary)

EX-99.1 (exhibit991-09302026earning.htm)

EX-99.2 (mmlp3q2026earningssummar.htm)

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8-K

8-K (Primary)

Filename: mmlp-20261021.htm · Sequence: 1

mmlp-20261021

0001176334False00011763342026-10-212026-10-21

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (date of earliest event reported): October 21, 2026

MARTIN MIDSTREAM PARTNERS L.P.

(Exact name of Registrant as specified in its charter)

Delaware

000-50056

05-0527861

(State of incorporation

or organization)

(Commission file number) (I.R.S. employer identification number)

4200 B Stone Road

Kilgore, Texas 75662

(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (903) 983-6200

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Units representing limited partnership interests MMLP The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On October 21, 2026, Martin Midstream Partners L.P. (the "Partnership") issued a press release reporting its financial results for the quarter ended September 30, 2026, together with accompanying supplemental information regarding the Partnership’s first quarter 2026 earnings summary (the “Supplemental Information”). Copies of the press release and the Supplemental Information are furnished as Exhibit 99.1 and Exhibit 99.2, respectively, to this Current Report on Form 8-K and will be published on the Partnership's website at www.MMLP.com. In accordance with General Instruction B.2 of Form 8-K, the information set forth herein and in the press release and Supplemental Information is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 and Exhibit 99.2 are deemed to be “furnished” and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act.

Exhibit

Number Description

99.1

Press release dated October 21, 2026

99.2

Supplemental information - Martin Midstream Partners L.P. Third Quarter Earnings Summary

104

Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (contained in Exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MARTIN MIDSTREAM PARTNERS L.P.

By: Martin Midstream GP LLC,

Its General Partner

Date: October 21, 2026

By: /s/ Sharon L. Taylor

Sharon L. Taylor

Executive Vice President and Chief Financial Officer

EX-99.1

Filename: exhibit991-09302026earning.htm · Sequence: 2

Document

EXHIBIT 99.1

MARTIN MIDSTREAM PARTNERS REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS, INCREASES FULL YEAR 2026 ADJUSTED EBITDA GUIDANCE TO $94 MILLION, AND DECLARES QUARTERLY CASH DISTRIBUTION

•Net loss of $4.1 million and $8.3 million, including depreciation and amortization of $13.1 million and $39.1 million, for the three and nine months ended September 30, 2026, respectively

•Adjusted EBITDA of $23.6 million and $72.3 million for the three and nine months ended September 30, 2026, respectively

•Declares quarterly cash dividend of $0.005 per common unit

•Revises guidance upward to $94.0 million

•Credit Adjusted EBITDA of $97.6 million for the trailing twelve months ended September 30, 2026, and a bank leverage ratio of 4.96 times, as calculated under the Partnership’s revolving credit facility

KILGORE, Texas, October 21, 2026 (BUSINESS WIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) (“MMLP” or the “Partnership”) today announced its financial results for the third quarter of 2026.

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, “For the third quarter of 2026, the Partnership generated Adjusted EBITDA of $23.6 million, ahead of our internal forecast for the quarter and $4.3 million higher than the third quarter of 2025. Our pure sulfur and lubricants businesses were the primary drivers of the quarter, outweighing a difficult fertilizer market that also negatively impacted the land transportation business. Through the first nine months of the year, the Partnership has generated Adjusted EBITDA of $72.3 million, and we are revising our full-year 2026 Adjusted EBITDA guidance to $94 million along with increasing our estimated 2026 capital expenditures to capture increased spending from higher labor and material costs specifically related to third quarter turnaround costs at our fertilizer plants.”

“Terminalling and Storage came in just short of plan for the quarter, as lighter activity at our specialty terminals outweighed gains at the Smackover Refinery and our underground storage facility. With the majority of the segment’s cash flow underpinned by fixed-fee agreements, we remain confident in its full-year outlook.”

“Specialty Products results were ahead of plan, led by another strong quarter in lubricants, where margins expanded on higher sales volumes. The grease business, although with significant improvement quarter over quarter, continues below our forecasted volumes.”

“Transportation Services finished the quarter slightly behind plan. Our marine fleet was a bright spot, with units operating at or above targeted utilization now that this year’s inspection cycle is behind us. Land transportation miles were lower, as our central Florida terminal experienced an extensive reduction in freight driven by reduced third party fertilizer production.”

“Sulfur Services was the standout segment for the quarter, finishing well ahead of plan. Our pure sulfur business drove the outperformance, as the services we provide are highly valued in the current market. Our fertilizer business remains under pressure as growers’ cost structures and economics are not improving. We see no meaningful relief for fertilizer before year-end but expect sulfur to remain a reliable counterweight. Finally, the DSM Semichem joint venture continues to work through customer qualification ahead of an anticipated ramp in 2027.”

“As of September 30, 2026, total debt outstanding was approximately $483.5 million, liquidity under our revolving credit facility was approximately $21.9 million, and our leverage ratio was 4.96 times, as calculated under the Partnership’s revolving credit facility. Third quarter cash flow is historically the lowest of the year, as our fertilizer facilities complete their annual maintenance turnarounds and the semi-annual interest payment on our senior notes comes due, both of which temporarily increase borrowings under our revolving credit facility. Despite these elevated borrowings, our leverage ratio was unchanged from the second quarter, as trailing twelve-month Credit Adjusted EBITDA improved for the second consecutive quarter.”

THIRD QUARTER 2026 OPERATING RESULTS BY BUSINESS SEGMENT

Operating Income (Loss) ($M) Adjusted EBITDA ($M)

Three Months Ended September 30,

2026 2025 2026 2025

(Amounts may not add or recalculate due to rounding)

Business Segment:

Transportation $ 4.0 $ 2.8 $ 7.2 $ 5.3

Terminalling and Storage 3.1 4.6 8.3 9.7

Sulfur Services 1.4 0.2 5.8 3.9

Specialty Products 5.2 3.2 5.9 3.9

Indirect Selling, General and Administrative Expenses (3.6) (3.9) (3.6) (3.6)

$ 10.2 $ 6.9 $ 23.6 $ 19.3

Transportation Adjusted EBITDA increased by $1.9 million. In our land transportation division, Adjusted EBITDA decreased $1.4 million, as lower transportation rates and mileage reduced service revenue and the third quarter of 2025 included a favorable allowance adjustment that did not recur. In the marine division, Adjusted EBITDA increased $3.3 million. Adjusted EBITDA in our inland division increased $3.4 million on higher utilization and day rates. Adjusted EBITDA in our offshore division remained generally consistent.

Terminalling and Storage Adjusted EBITDA decreased by $1.5 million. In the underground NGL storage division, Adjusted EBITDA decreased $0.6 million, reflecting a reduction in throughput revenue. Adjusted EBITDA in our specialty terminals division decreased $0.7 million on lower terminal service revenue combined with higher expenses. Our shore-based terminals division decreased $0.1 million on lower rental revenue. At our Smackover refinery, Adjusted EBITDA remained consistent.

Sulfur Services Adjusted EBITDA increased by $2.0 million. In the pure sulfur business, Adjusted EBITDA increased $4.5 million, primarily reflecting higher volumes and margins, including the favorable impact of higher commodity prices. In the sulfur prilling business, Adjusted EBITDA increased $0.8 million on higher volumes and reservation fees. In the fertilizer division, Adjusted EBITDA decreased $3.4 million on compressed margins and lower volumes.

Specialty Products Adjusted EBITDA increased by $2.0 million. In the lubricants division, Adjusted EBITDA increased $1.8 million on higher sales volumes and margins. In the grease division, Adjusted EBITDA increased $0.2 million, reflecting a favorable sales mix and lower expenses. Adjusted EBITDA in our propane and natural gasoline divisions remained consistent.

Indirect selling, general, and administrative expenses Adjusted EBITDA remained consistent.

RESULTS OF OPERATIONS SUMMARY

(in millions, except per unit amounts)

Period Net Loss Net Loss Per Unit Adjusted EBITDA Net Cash Used in Operating Activities Distributable Cash Flow Revenues

Three Months Ended September 30, 2026 $ (4.1) $ (0.10) $ 23.6 $ (4.9) $ 0.2 $ 231.7

Three Months Ended September 30, 2025 $ (8.4) $ (0.21) $ 19.3 $ (1.2) $ (3.4) $ 168.7

Reconciliation of Net Income (Loss) to Adjusted EBITDA for the Three Months Ended September 30, 2026 and 2025

(Amounts may not add or recalculate due to rounding)

(in millions) Transportation Terminalling & Storage Sulfur Services Specialty Products Indirect SG&A Interest Expense 3Q2026 Actual

Net income (loss) $ 4.0 $ 3.1 $ 1.4 $ 5.2 $ (3.2) $ (14.7) $ (4.1)

Interest expense add back – – – – – $ 14.7 $ 14.7

Equity in (earnings) loss of DSM Semichem LLC – – – – $ 0.2 – $ 0.2

Income tax expense (benefit) – – – – $ (0.6) – $ (0.6)

Operating income (loss) $ 4.0 $ 3.1 $ 1.4 $ 5.2 $ (3.6) $ – $ 10.2

Depreciation and amortization $ 3.2 $ 5.1 $ 4.2 $ 0.7 – – $ 13.1

(Gain) loss on sale or disposition of property, plant, and equipment $ – – – – – – $ –

Non-cash contractual revenue deferral adjustment – – $ 0.2 – – – $ 0.2

Non-cash unit-based compensation – – – – – – –

Adjusted EBITDA $ 7.2 $ 8.3 $ 5.8 $ 5.9 $ (3.6) $ – $ 23.6

(in millions) Transportation Terminalling & Storage Sulfur Services Specialty Products Indirect SG&A Interest Expense 3Q2025 Actual

Net income (loss) $ 2.8 $ 4.6 $ 0.2 $ 3.2 $ (4.6) $ (14.6) $ (8.4)

Interest expense add back – – – – – $ 14.6 $ 14.6

Equity in (earnings) loss of DSM Semichem LLC – – – – $ – – $ –

Income tax expense (benefit) – – – – $ 0.7 – $ 0.7

Operating income (loss) $ 2.8 $ 4.6 $ 0.2 $ 3.2 $ (3.9) $ – $ 6.9

Depreciation and amortization $ 2.9 $ 5.1 $ 3.5 $ 0.8 – – $ 12.3

(Gain) loss on sale or disposition of property, plant, and equipment $ (0.4) – – – – – $ (0.4)

Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation – – – – $ 0.2 – $ 0.2

Non-cash contractual revenue deferral adjustment – – $ 0.2 – – – $ 0.2

Non-cash unit-based compensation – – – – $ 0.1 – $ 0.1

Adjusted EBITDA $ 5.3 $ 9.7 $ 3.9 $ 3.9 $ (3.6) $ – $ 19.3

Reconciliation of Net Loss to EBITDA, Adjusted EBITDA, and Credit Adjusted EBITDA for the Twelve Months Ended September 30, 2026

(Amounts may not add or recalculate due to rounding)

(in millions) Year Ended December 31, 2025 Less: Nine Months Ended September 30, 2025 Add: Nine Months Ended September 30, 2026 Twelve Months Ended September 30, 2026

Net loss $ (14.7) $ (11.9) $ (8.3) $ (11.2)

Adjustments:

Interest expense 57.8 43.3 43.1 57.6

Income tax expense (benefit) 4.8 3.9 1.8 2.7

Depreciation and amortization 50.2 37.8 39.1 51.5

EBITDA 98.0 73.2 75.7 100.6

Adjustments:

(Gain) loss on disposition or sale of property, plant and equipment (2.0) (1.5) (4.9) (5.5)

Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation 1.0 1.0 – –

Equity in (earnings) loss of DSM Semichem LLC 1.1 0.8 0.8 1.1

Non-cash contractual revenue deferral adjustment 0.7 0.6 0.6 0.8

Non-cash unit-based compensation 0.2 0.2 0.1 0.2

Adjusted EBITDA 99.0 74.2 72.3 97.1

Adjustments:

Capitalized interest 0.1 0.1 0.4 0.5

Credit Adjusted EBITDA $ 99.2 $ 74.3 $ 72.7 $ 97.6

NON-GAAP FINANCIAL MEASURES

EBITDA, Adjusted EBITDA, Credit Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information." The Partnership has also included a table above entitled “Reconciliation of Net Loss to EBITDA, Adjusted EBITDA, and Credit Adjusted EBITDA for the Twelve Months Ended September 30, 2026” and tables below entitled “Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA” and “Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow” in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.

An attachment included in the Current Report on Form 8-K in which this announcement is included contains a comparison of the Partnership’s Adjusted EBITDA for the third quarter of 2026 to the Partnership's Adjusted EBITDA for the third quarter of 2025.

CAPITALIZATION

September 30, 2026 December 31, 2025

($ in millions)

Debt Outstanding:

Revolving Credit Facility, Due November 2027 1

$ 83.5 $ 39.0

Finance lease obligations — 0.1

11.50% Senior Secured Notes, Due February 2028 400.0 400.0

Total Debt Outstanding: $ 483.5 $ 439.1

Summary Credit Metrics:

Revolving Credit Facility - Total Capacity $ 115.0 $ 130.0

Revolving Credit Facility - Available Liquidity $ 21.9 $ 31.4

Total Adjusted Leverage Ratio 2

4.96x 4.43x

Senior Leverage Ratio 2

0.86x 0.39x

Interest Coverage Ratio 2

1.86x 1.90x

1 The Partnership was in compliance with all debt covenants as of September 30, 2026 and December 31, 2025.

2 As calculated under the Partnership's revolving credit facility.

QUARTERLY CASH DISTRIBUTION

The Partnership has declared a quarterly cash distribution of $0.005 per unit for the quarter ended September 30, 2026. The distribution is payable on November 13, 2026, to common unitholders of record as of the close of business on November 6, 2026. The ex-dividend date for the cash distribution is November 6, 2026.

Qualified Notice to Nominees

This release is intended to serve as qualified notice under Treasury Regulation Section 1.1446-4(b)(4) and (d). Brokers and nominees should treat one hundred percent (100%) of MMLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, MMLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Nominees, and not Martin Midstream Partners L.P., are treated as withholding agents responsible for any necessary withholding on amounts received by them on behalf of foreign investors.

About Martin Midstream Partners

Martin Midstream Partners L.P., headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP’s primary business lines include: (1) terminalling, processing, and storage services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marketing, distribution, and transportation services for natural gas liquids and blending and packaging services for specialty lubricants and grease. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn and Facebook.

Forward-Looking Statements

Statements about the Partnership’s outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, (ii) uncertainties relating to the Partnership’s future cash flows and operations, (iii) the Partnership’s ability to pay future distributions, (iv) future market conditions, (v) current and future governmental regulation, (vi) future taxation, (vii) our expectation around the achievement of the amounts reflected in our guidance, and (viii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.

Use of Non-GAAP Financial Information

To assist management in assessing our business, we use the following non-GAAP financial measures: earnings before interest, taxes, and depreciation and amortization ("EBITDA"), Adjusted EBITDA (as defined below), Credit Adjusted EBITDA (as defined below), distributable cash flow available to common unitholders (“Distributable Cash Flow”), and free cash flow after growth capital expenditures, investments in DSM Semichem LLC, and principal payments under finance lease obligations (“Adjusted Free Cash Flow”). Our management uses a variety of financial and operational measurements other than our financial statements prepared in accordance with U.S. GAAP to analyze our performance.

Certain items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets.

The Partnership has not provided comparable GAAP financial information on a forward-looking basis because it would require the Partnership to create estimated ranges on a GAAP basis, which would entail unreasonable effort. Adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with reasonable certainty but may include, among others, costs related to debt amendments and unusual charges, expenses and gains. Some or all of those adjustments could be significant.

Adjusted EBITDA and Credit Adjusted EBITDA. We define Adjusted EBITDA as EBITDA before non-cash unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments, transaction costs associated with business combination, merger, and divestiture activities, equity in earnings (loss) from unconsolidated entities, and non-cash contractual revenue deferral adjustments. Adjusted EBITDA is used as a supplemental performance and liquidity measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts, and others, to assess:

•the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis;

•the ability of our assets to generate cash sufficient to pay interest costs, support our indebtedness, and make cash distributions to our unitholders; and

•our operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing methods or capital structure.

We define Credit Adjusted EBITDA as Adjusted EBITDA plus pro forma adjustments associated with business combinations or material projects and capitalized interest. Credit Adjusted EBITDA is used as a supplemental

performance and liquidity measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts, and others to provide additional information regarding the calculation of, and compliance with, certain financial covenants in the Partnership’s Fourth Amended and Restated Credit Agreement.

The GAAP measures most directly comparable to Adjusted EBITDA and Credit Adjusted EBITDA are Net Income (Loss) and Net Cash Provided by (Used In) Operating Activities. Adjusted EBITDA and Credit Adjusted EBITDA should not be considered an alternative to, or more meaningful than, Net Income (Loss), Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA and Credit Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner.

Adjusted EBITDA does not include interest expense, income tax expense, and depreciation and amortization. Because we have borrowed money to finance our operations, interest expense is a necessary element of our costs and our ability to generate cash available for distribution. Because we have capital assets, depreciation and amortization are also necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe that it is important to consider Net Income (Loss) and Net Cash Provided by (Used in) Operating Activities as determined under GAAP, as well as Adjusted EBITDA, to evaluate our overall performance.

Distributable Cash Flow. We define Distributable Cash Flow as Net Cash Provided by (Used in) Operating Activities, plus changes in operating assets and liabilities which (provided) used cash, transaction costs associated with business combination, merger, and divestiture activities, and non-cash contractual revenue deferral adjustments, less maintenance capital expenditures and plant turnaround costs. Distributable Cash Flow is a significant performance measure used by our management and by external users of our financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay unitholders. Distributable Cash Flow is also an important financial measure for our unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Distributable Cash Flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.

Adjusted Free Cash Flow. We define Adjusted Free Cash Flow as Distributable Cash Flow less growth capital expenditures, investments in DSM Semichem LLC, and principal payments under finance lease obligations. Adjusted Free Cash Flow is a significant performance measure used by our management and by external users of our financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. We believe that Adjusted Free Cash Flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. Our calculation of Adjusted Free Cash Flow may or may not be comparable to similarly titled measures used by other entities.

The GAAP measure most directly comparable to Distributable Cash Flow and Adjusted Free Cash Flow is Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow should not be considered alternatives to, or more meaningful than, Net Income (Loss), Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, or any other measure of liquidity presented in accordance with GAAP. Distributable Cash Flow and Adjusted Free Cash Flow have important limitations because they exclude some items that affect Net Income (Loss), Operating Income (Loss), and Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow may not be comparable to similarly titled measures of other companies because other companies may not calculate these non-GAAP metrics in the same manner. To compensate for these limitations, we believe that it is important to consider Net Cash Provided by (Used in) Operating Activities determined under GAAP, as well as Distributable Cash Flow and Adjusted Free Cash Flow, to evaluate our overall liquidity.

Investor Contacts:

ir@mmlp.com

(877) 256-6644

Danny Cavin - Director, FP&A and Investor Relations

MMLP-F

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED AND CONDENSED BALANCE SHEETS

(Dollars in thousands)

September 30, 2026 December 31, 2025

(Unaudited)

Assets

Cash $ 48 $ 49

Accounts and other receivables, less allowance for credit losses of $310 and $310, respectively

76,401 58,371

Inventories 65,270 50,248

Due from affiliates 14,578 8,942

Other current assets 29,607 12,298

Total current assets 185,904 129,908

Property, plant and equipment, at cost 995,784 970,753

Accumulated depreciation (710,196) (681,527)

Property, plant and equipment, net 285,588 289,226

Goodwill 16,671 16,671

Right-of-use assets 58,571 69,938

Investment in DSM Semichem LLC 6,866 6,198

Deferred income taxes, net 8,769 9,026

Other assets, net 1,928 1,451

Total assets $ 564,297 $ 522,418

Liabilities and Partners’ Capital (Deficit)

Current installments of long-term debt and finance lease obligations $ 16 $ 15

Trade and other accounts payable 72,760 57,814

Product exchange payables — 169

Due to affiliates 25,559 13,286

Income taxes payable 864 1,580

Other accrued liabilities 38,206 51,279

Total current liabilities 137,405 124,143

Long-term debt, net 476,588 428,008

Finance lease obligations 26 39

Operating lease liabilities 36,785 48,353

Other long-term obligations 8,002 7,670

Total liabilities 658,806 608,213

Commitments and contingencies

Partners’ capital (deficit) (94,509) (85,795)

Total liabilities and partners' capital (deficit) $ 564,297 $ 522,418

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except per unit amounts)

Three Months Ended Nine Months Ended

September 30, September 30,

2026 2025 2026 2025

Revenues:

Terminalling and storage * $ 24,008 $ 23,930 $ 70,188 $ 67,883

Transportation * 56,629 49,709 166,075 156,520

Sulfur services 4,227 4,073 12,854 12,369

Product sales: *

Specialty products 89,502 62,443 234,256 192,066

Sulfur services 57,361 28,562 149,628 113,098

146,863 91,005 383,884 305,164

Total revenues 231,727 168,717 633,001 541,936

Costs and expenses:

Cost of products sold: (excluding depreciation and amortization)

Specialty products * 79,819 54,844 206,640 167,608

Sulfur services * 47,111 20,899 117,378 76,215

126,930 75,743 324,018 243,823

Expenses:

Operating expenses * 71,392 64,882 207,145 193,718

Selling, general and administrative * 10,045 9,257 30,264 31,913

Depreciation and amortization 13,133 12,336 39,056 37,790

Total costs and expenses 221,500 162,218 600,483 507,244

Gain (loss) on disposition or sale of property, plant and equipment (39) 395 4,947 1,487

Operating income 10,188 6,894 37,465 36,179

Other income (expense):

Interest expense, net (14,672) (14,614) (43,124) (43,329)

Equity in earnings (loss) of DSM Semichem LLC (221) 20 (782) (805)

Other, net (14) 3 2 19

Total other expense (14,907) (14,591) (43,904) (44,115)

Net loss before taxes (4,719) (7,697) (6,439) (7,936)

Income tax (expense) benefit 573 (715) (1,820) (3,916)

Net loss (4,146) (8,412) (8,259) (11,852)

Less general partner's interest in net loss (83) (168) (165) (237)

Less loss allocable to unvested restricted units (18) (35) (32) (49)

Limited partners' interest in net loss $ (4,045) $ (8,209) $ (8,062) $ (11,566)

Net loss per unit attributable to limited partners - basic and diluted $ (0.10) $ (0.21) $ (0.21) $ (0.30)

Weighted average limited partner units - basic and diluted 38,955,432 38,892,348 38,954,197 38,889,260

*Related Party Transactions Shown Below

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except per unit amounts)

*Related Party Transactions Included Above

Three Months Ended Nine Months Ended

September 30, September 30,

2026 2025 2026 2025

Revenues:*

Terminalling and storage $ 19,698 $ 18,622 $ 57,436 $ 54,105

Transportation 9,698 6,521 25,624 21,811

Product Sales 1,385 947 3,185 3,287

Costs and expenses:*

Cost of products sold: (excluding depreciation and amortization)

Specialty products 15,530 7,973 33,597 21,260

Sulfur services 3,371 3,303 9,977 9,611

Expenses:

Operating expenses 27,849 27,857 82,431 83,245

Selling, general and administrative 7,290 7,133 23,310 23,160

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED AND CONDENSED STATEMENTS OF CAPITAL (DEFICIT)

(Unaudited)

(Dollars in thousands)

Partners’ Capital (Deficit)

Common Limited General Partner Amount

Units Amount Total

Balances - June 30, 2026 39,124,686 $ (91,250) $ 1,037 $ (90,213)

Net loss — (4,063) (83) (4,146)

Cash distributions — (195) (4) (199)

Unit-based compensation — 49 — 49

Balances - September 30, 2026 39,124,686 $ (95,459) $ 950 $ (94,509)

Balances - December 31, 2025 39,055,086 $ (86,922) $ 1,127 $ (85,795)

Net loss — (8,094) (165) (8,259)

Issuance of restricted units 69,600 — — —

Cash distributions — (586) (12) (598)

Unit-based compensation — 143 — 143

Balances - September 30, 2026 39,124,686 $ (95,459) $ 950 $ (94,509)

Partners’ Capital (Deficit)

Common Limited General Partner Amount

Units Amount Total

Balances - June 30, 2025 39,055,086 $ (75,548) $ 1,361 $ (74,187)

Net loss — (8,244) (168) (8,412)

Cash distributions — (196) (4) (200)

Unit-based compensation — 66 — 66

Balances - September 30, 2025 39,055,086 $ (83,922) $ 1,189 $ (82,733)

Balances - December 31, 2024 39,001,086 $ (71,877) $ 1,438 $ (70,439)

Net loss — (11,615) (237) (11,852)

Issuance of restricted units 54,000 — — —

Cash distributions — (586) (12) (598)

Unit-based compensation — 156 — 156

Balances - September 30, 2025 39,055,086 $ (83,922) $ 1,189 $ (82,733)

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

Nine Months Ended

September 30,

2026 2025

Cash flows from operating activities:

Net loss $ (8,259) $ (11,852)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation and amortization 39,056 37,790

Amortization of deferred debt issuance costs 2,411 2,533

Amortization of debt discount 1,800 1,800

Deferred income tax expense 257 691

Gain on disposition or sale of property, plant and equipment, net (4,947) (1,487)

Equity in loss of DSM Semichem LLC 782 805

Non cash unit-based compensation 143 156

Change in current assets and liabilities, excluding effects of acquisitions and dispositions:

Accounts and other receivables (18,030) (1,700)

Inventories (15,022) 4,837

Due from affiliates (5,636) 10,330

Other current assets (13,571) (1,396)

Trade and other accounts payable 15,845 (9,654)

Product exchange payables (169) (798)

Due to affiliates 12,273 3,552

Income taxes payable (716) (6)

Other accrued liabilities (13,120) (11,131)

Change in other non-current assets and liabilities 449 (787)

Net cash provided by (used in) operating activities (6,454) 23,683

Cash flows from investing activities:

Payments for property, plant and equipment (27,782) (17,905)

Payments for plant turnaround costs (13,583) (5,996)

Investment in DSM Semichem LLC (1,450) —

Proceeds from sale of property, plant and equipment 5,509 1,496

Net cash used in investing activities (37,306) (22,405)

Cash flows from financing activities:

Payments of long-term debt (171,500) (177,000)

Payments under finance lease obligations (11) (10)

Proceeds from long-term debt 216,000 177,000

Payment of debt issuance costs (132) (676)

Cash distributions paid (598) (598)

Net cash provided by (used in) financing activities 43,759 (1,284)

Net decrease in cash (1) (6)

Cash at beginning of period 49 55

Cash at end of period $ 48 $ 49

Non-cash additions to property, plant and equipment $ 1,963 $ 1,427

MARTIN MIDSTREAM PARTNERS L.P.

SEGMENT OPERATING INCOME

(Unaudited)

(Dollars and volumes in thousands, except BBL per day)

Transportation Segment

Comparative Results of Operations for the Three Months Ended September 30, 2026 and 2025

Three Months Ended September 30, Variance Percent Change

2026 2025

(In thousands)

Revenues $ 61,073 $ 53,790 $ 7,283 14 %

Operating expenses 51,135 47,012 4,123 9 %

Selling, general and administrative expenses 2,740 1,465 1,275 87 %

Depreciation and amortization 3,203 2,907 296 10 %

3,995 2,406 1,589 66 %

Gain on disposition or sale of property, plant and equipment 6 382 (376) (98) %

Operating income $ 4,001 $ 2,788 $ 1,213 44 %

Comparative Results of Operations for the Nine Months Ended September 30, 2026 and 2025

Nine Months Ended September 30, Variance Percent Change

2026 2025

(In thousands)

Revenues $ 179,133 $ 168,966 $ 10,167 6 %

Operating expenses 150,312 140,058 10,254 7 %

Selling, general and administrative expenses 7,650 7,102 548 8 %

Depreciation and amortization 9,303 8,755 548 6 %

11,868 13,051 (1,183) (9) %

Gain on disposition or sale of property, plant and equipment 507 1,460 (953) (65) %

Operating income $ 12,375 $ 14,511 $ (2,136) (15) %

Terminalling and Storage Segment

Comparative Results of Operations for the Three Months Ended September 30, 2026 and 2025

Three Months Ended September 30, Variance Percent Change

2026 2025

(In thousands, except BBL per day)

Revenues $ 25,911 $ 25,799 $ 112 — %

Operating expenses 16,865 15,341 1,524 10 %

Selling, general and administrative expenses 779 736 43 6 %

Depreciation and amortization 5,079 5,143 (64) (1) %

3,188 4,579 (1,391) (30) %

Loss on disposition or sale of property, plant and equipment (45) (2) (43) (2,150) %

Operating income $ 3,143 $ 4,577 $ (1,434) (31) %

Shore-based throughput volumes (gallons) 36,026 43,555 (7,529) (17) %

Smackover refinery throughput volumes (guaranteed minimum) (BBL per day) 6,500 6,500 — — %

Comparative Results of Operations for the Nine Months Ended September 30, 2026 and 2025

Nine Months Ended September 30, Variance Percent Change

2026 2025

(In thousands, except BBL per day)

Revenues $ 76,018 $ 73,441 $ 2,577 4 %

Operating expenses 49,064 45,233 3,831 8 %

Selling, general and administrative expenses 2,058 2,405 (347) (14) %

Depreciation and amortization 15,158 16,123 (965) (6) %

9,738 9,680 58 1 %

Gain on disposition or sale of property, plant and equipment 4,414 7 4,407 62,957 %

Operating income $ 14,152 $ 9,687 $ 4,465 46 %

Shore-based throughput volumes (gallons) 104,381 129,245 (24,864) (19) %

Smackover refinery throughput volumes (guaranteed minimum) (BBL per day) 6,500 6,500 — — %

Sulfur Services Segment

Comparative Results of Operations for the Three Months Ended September 30, 2026 and 2025

Three Months Ended September 30, Variance Percent Change

2026 2025

(In thousands)

Revenues:

Services $ 4,227 $ 4,073 $ 154 4 %

Products 57,361 28,562 28,799 101 %

Total revenues 61,588 32,635 28,953 89 %

Cost of products sold 50,470 24,115 26,355 109 %

Operating expenses 4,154 3,265 889 27 %

Selling, general and administrative expenses 1,338 1,531 (193) (13) %

Depreciation and amortization 4,190 3,531 659 19 %

1,436 193 1,243 644 %

Gain on disposition or sale of property, plant and equipment — 2 (2) (100) %

Operating income $ 1,436 $ 195 $ 1,241 636 %

Sulfur (long tons) 182 157 25 16 %

Fertilizer (long tons) 38 44 (6) (14) %

Total sulfur services volumes (long tons) 220 201 19 9 %

Comparative Results of Operations for the Nine Months Ended September 30, 2026 and 2025

Nine Months Ended September 30, Variance Percent Change

2026 2025

(In thousands)

Revenues:

Services $ 12,854 $ 12,369 $ 485 4 %

Products 149,628 113,098 36,530 32 %

Total revenues 162,482 125,467 37,015 30 %

Cost of products sold 127,180 85,428 41,752 49 %

Operating expenses 10,134 10,752 (618) (6) %

Selling, general and administrative expenses 4,425 4,766 (341) (7) %

Depreciation and amortization 12,437 10,644 1,793 17 %

8,306 13,877 (5,571) (40) %

Gain on disposition or sale of property, plant and equipment 25 3 22 733 %

Operating income $ 8,331 $ 13,880 $ (5,549) (40) %

Sulfur (long tons) 410 434 (24) (6) %

Fertilizer (long tons) 187 214 (27) (13) %

Total sulfur services volumes (long tons) 597 648 (51) (8) %

Specialty Products Segment

Comparative Results of Operations for the Three Months Ended September 30, 2026 and 2025

Three Months Ended September 30, Variance Percent Change

2026 2025

(In thousands)

Products revenues $ 89,551 $ 62,482 $ 27,069 43 %

Cost of products sold 82,056 56,852 25,204 44 %

Selling, general and administrative expenses 1,586 1,687 (101) (6) %

Depreciation and amortization 661 755 (94) (12) %

5,248 3,188 2,060 65 %

Gain on disposition or sale of property, plant and equipment — 13 (13) (100) %

Operating income $ 5,248 $ 3,201 $ 2,047 64 %

NGL sales volumes (Bbls) 636 608 28 5 %

Other specialty products volumes (Bbls) 112 100 12 12 %

Total specialty products volumes (Bbls) 748 708 40 6 %

Comparative Results of Operations for the Nine Months Ended September 30, 2026 and 2025

Nine Months Ended September 30, Variance Percent Change

2026 2025

(In thousands)

Products revenues $ 234,370 $ 192,151 $ 42,219 22 %

Cost of products sold 213,377 174,063 39,314 23 %

Selling, general and administrative expenses 5,447 5,257 190 4 %

Depreciation and amortization 2,158 2,268 (110) (5) %

13,388 10,563 2,825 27 %

Gain on disposition or sale of property, plant and equipment 1 17 (16) (94) %

Operating income $ 13,389 $ 10,580 $ 2,809 27 %

NGL sales volumes (Bbls) 1,834 1,843 (9) — %

Other specialty products volumes (Bbls) 316 271 45 17 %

Total specialty products volumes (Bbls) 2,150 2,114 36 2 %

Indirect Selling, General and Administrative Expenses

Comparative Results of Operations for the three and Nine Months Ended September 30, 2026 and 2025

Three Months Ended September 30, Variance Percent Change Nine Months Ended September 30, Variance Percent Change

2026 2025 2026 2025

(In thousands) (In thousands)

Indirect selling, general and administrative expenses $ 3,640 $ 3,867 $ (227) (6) % $ 10,782 $ 12,479 $ (1,697) (14) %

Non-GAAP Financial Measures

The following tables reconcile the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the three and nine months ended September 30, 2026 and 2025, which represents EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow:

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands) (in thousands)

Net loss $ (4,146) $ (8,412) $ (8,259) $ (11,852)

Adjustments:

Interest expense 14,672 14,614 43,124 43,329

Income tax expense (benefit) (573) 715 1,820 3,916

Depreciation and amortization 13,133 12,336 39,056 37,790

EBITDA 23,086 19,253 75,741 73,183

Adjustments:

(Gain) loss on disposition or sale of property, plant and equipment 39 (395) (4,947) (1,487)

Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation — 194 — 1,021

Equity in (earnings) loss of DSM Semichem LLC 221 (20) 782 805

Non-cash contractual revenue deferral adjustment 223 175 595 571

Non-cash unit-based compensation 49 66 143 156

Adjusted EBITDA $ 23,618 $ 19,273 $ 72,314 $ 74,249

Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow

Three Months Ended September 30, Nine Months Ended September 30,

2026 2025 2026 2025

(in thousands) (in thousands)

Net cash provided by (used in) operating activities $ (4,877) $ (1,213) $ (6,454) $ 23,683

Interest expense 1

13,332 13,037 38,913 38,996

Current income tax expense (292) (130) 1,563 3,225

Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation — 194 — 1,021

Non-cash contractual revenue deferral adjustment 223 175 595 571

Changes in operating assets and liabilities which (provided) used cash:

Accounts and other receivables, inventories, and other current assets 21,093 (6,074) 52,259 (12,071)

Trade, accounts and other payables, and other current liabilities (6,777) 11,013 (14,113) 18,037

Other 916 2,271 (449) 787

Adjusted EBITDA 23,618 19,273 72,314 74,249

Adjustments:

Interest expense (14,672) (14,614) (43,124) (43,329)

Income tax (expense) benefit 573 (715) (1,820) (3,916)

Deferred income taxes (281) 845 257 691

Amortization of debt discount 600 600 1,800 1,800

Amortization of deferred debt issuance costs 740 977 2,411 2,533

Payments for plant turnaround costs (4,205) (4,197) (13,583) (5,996)

Maintenance capital expenditures (6,216) (5,574) (18,868) (13,677)

Distributable Cash Flow 157 (3,405) (613) 12,355

Principal payments under finance lease obligations (4) (3) (11) (10)

Investment in DSM Semichem LLC (1,450) — (1,450) —

Expansion capital expenditures (1,890) (1,273) (8,015) (2,994)

Adjusted Free Cash Flow $ (3,187) $ (4,681) $ (10,089) $ 9,351

1 Net of amortization of debt issuance costs and discount, which are included in interest expense but not included in net cash provided by operating activities.

EX-99.2

Filename: mmlp3q2026earningssummar.htm · Sequence: 3

mmlp3q2026earningssummar

October 21, 2026 Third Quarter 2026 Earnings Summary MARTIN MIDSTREAM PARTNERS Exhibit 99.2

MMLP 3Q 2026 Adjusted EBITDA Reconciliation & Comparison (in millions) Page 2 Terminalling & Storage 3Q25A 3Q26A Smackover Refinery $3.8 $3.8 Specialty Terminals $2.7 $1.9 Shore-Based Terminals $1.5 $1.4 Underground Storage $1.8 $1.1 Total Terminalling & Storage $9.7 $8.3 Specialty Products 3Q25A 3Q26A Lubricants $2.4 $4.2 Grease $1.0 $1.3 Propane $0.2 $0.2 Natural Gasoline $0.3 $0.3 Total Specialty Products $3.9 $5.9 Adjusted EBITDA* $22.9 $27.2 Unallocated SG&A $(3.6) $(3.6) Total Adjusted EBITDA $19.3 $23.6 Sulfur Services 3Q25A 3Q26A Fertilizer $0.7 $(2.6) ELSA $0.7 $0.7 Sulfur $2.5 $7.7 Total Sulfur Services $3.9 $5.8 Transportation 3Q25A 3Q26A Land $5.3 $3.9 Marine $0.1 $3.3 Total Transportation $5.3 $7.2 Note: numbers may not add due to rounding *Pre-Unallocated SG&A Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense 3Q 2026 Actual Net income (loss) $4.0 $3.1 $1.4 $5.2 $(3.2) $(14.7) $(4.1) Interest expense add back — — — — — $14.7 $14.7 Equity in (earnings) loss of DSM Semichem LLC — — — — $0.2 — $0.2 Income tax expense (benefit) — — — — $(0.6) — $(0.6) Operating income (loss) $4.0 $3.1 $1.4 $5.2 $(3.6) $— $10.2 Depreciation and amortization $3.2 $5.1 $4.2 $0.7 — — $13.1 (Gain) loss on sale or disposition of property, plant, and equipment — — — — — — $— Non-cash contractual revenue deferral adjustment — — $0.2 — — — $0.2 Non-cash unit-based compensation — — — — — — $— Adjusted EBITDA $7.2 $8.3 $5.8 $5.9 $(3.6) $— $23.6

MMLP 3Q 2025 Adjusted EBITDA Reconciliation (in millions) Page 3 Note: numbers may not add due to rounding Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense 3Q 2025 Actual Net income (loss) $2.8 $4.6 $0.2 $3.2 $(4.6) $(14.6) $(8.4) Interest expense add back — — — — — $14.6 $14.6 Equity in (earnings) loss of DSM Semichem LLC — — — — — — $— Income tax expense (benefit) — — — — $0.7 — $0.7 Operating income (loss) $2.8 $4.6 $0.2 $3.2 $(3.9) $— $6.9 Depreciation and amortization $2.9 $5.1 $3.5 $0.8 — — $12.3 (Gain) loss on sale or disposition of property, plant, and equipment $(0.4) — — — — — $(0.4) Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation — — — — $0.2 — $0.2 Non-cash contractual revenue deferral adjustment — — $0.2 — — — $0.2 Non-cash unit-based compensation — — — — $0.1 — $0.1 Adjusted EBITDA $5.3 $9.7 $3.9 $3.9 $(3.6) $— $19.3

MMLP YTD 3Q 2026 Adjusted EBITDA Reconciliation & Comparison (in millions) Page 4 Terminalling & Storage YTD 25A YTD 26A Smackover Refinery $11.8 $11.3 Specialty Terminals $8.1 $7.1 Shore-Based Terminals $4.4 $4.2 Underground Storage $1.5 $2.3 Total Terminalling & Storage $25.8 $24.9 Specialty Products YTD 25A YTD 26A Lubricants $6.6 $10.8 Grease $3.6 $2.1 Propane $1.7 $1.5 Natural Gasoline $0.9 $1.2 Total Specialty Products $12.8 $15.5 Adjusted EBITDA* $85.6 $83.0 Unallocated SG&A $(11.3) $(10.6) Total Adjusted EBITDA $74.3 $72.3 Sulfur Services YTD 25A YTD 26A Fertilizer $13.8 $0.4 ELSA $2.3 $2.5 Sulfur $9.1 $18.5 Total Sulfur Services $25.1 $21.3 Transportation YTD 25A YTD 26A Land $15.8 $13.5 Marine $6.0 $7.6 Total Transportation $21.8 $21.2 Note: numbers may not add due to rounding *Pre-Unallocated SG&A Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense YTD 2026 Actual Net income (loss) $12.4 $14.2 $8.3 $13.4 $(13.4) $(43.1) $(8.3) Interest expense add back — — — — — $43.1 $43.1 Equity in (earnings) loss of DSM Semichem LLC — — — — $0.8 — $0.8 Income tax expense (benefit) — — — — $1.8 — $1.8 Operating income (loss) $12.4 $14.2 $8.3 $13.4 $(10.8) $— $37.5 Depreciation and amortization $9.3 $15.2 $12.4 $2.2 — — $39.1 (Gain) loss on sale or disposition of property, plant, and equipment $(0.5) $(4.4) — — — — $(4.9) Non-cash contractual revenue deferral adjustment — — $0.6 — — — $0.6 Non-cash unit-based compensation — — — — $0.1 — $0.1 Adjusted EBITDA $21.2 $24.9 $21.3 $15.5 $(10.6) $— $72.3

MMLP YTD 3Q 2025 Adjusted EBITDA Reconciliation (in millions) Page 5 Note: numbers may not add due to rounding Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense YTD 3Q 2025 Actual Net income (loss) $14.5 $9.7 $13.9 $10.6 $(17.2) $(43.3) $(11.9) Interest expense add back — — — — — $43.3 $43.3 Equity in (earnings) loss of DSM Semichem LLC — — — — $0.8 — $0.8 Income tax expense (benefit) — — — — $3.9 — $3.9 Operating income (loss) $14.5 $9.7 $13.9 $10.6 $(12.5) $— $36.2 Depreciation and amortization $8.8 $16.1 $10.6 $2.3 — — $37.8 (Gain) loss on sale or disposition of property, plant, and equipment $(1.5) — — — — — $(1.5) Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation — — — — $1.0 — $1.0 Non-cash contractual revenue deferral adjustment — — $0.6 — — — $0.6 Non-cash unit-based compensation — — — — $0.2 — $0.2 Adjusted EBITDA $21.8 $25.8 $25.1 $12.8 $(11.3) $— $74.3

Page 6 Note: numbers may not add due to rounding *Pre-Unallocated SG&A ** Expansion capital expenditures at September 30, 2026 do not include a capital recovery fee of approximately $5.3 million. MMLP Full-Year 2026E Revised Guidance (in millions) Actuals - Nine Months Ended September 30, 2026 (Unaudited) Revised Guidance Year Ending December 31, 2026 (Unaudited) Adjusted EBITDA by segment: Transportation Segment $21.2 $28.7 Terminalling and Storage Segment $24.9 $32.6 Sulfur Services Segment $21.3 $27.9 Specialty Products Segment $15.5 $19.0 Total segment adjusted EBITDA * $83.0 $108.3 Unallocated SG&A $(10.6) $(14.2) Total adjusted EBITDA $72.3 $94.0 Maintenance capital expenditures and plant turnaround costs: Maintenance capital expenditures $(18.9) $(25.8) Plant turnaround costs $(13.6) $(14.4) Total maintenance capital expenditures and plant turnaround costs $(32.5) $(40.2) Interest expense, net of amortization of deferred debt issuance costs and discount on notes payable $(38.9) $(51.1) Income taxes, net of deferred $(1.6) $(2.9) Total distributable cash flow $(0.6) $(0.2) Expansion capital expenditures** $(8.0) $(3.2) Investment in DSM Semichem LLC $(1.5) $(1.5) Principal payments under finance lease obligations $— $— Total adjusted free cash flow $(10.1) $(5.0) $89.2 $19.1 $40.2 $3.2 2026E Service/Fixed Fee vs. Margin Based EBITDA ■ Service & Fixed Fee EBITDA ■ Margin-Based EBITDA 2026E Capex ■ Maintenance ■ Growth

Disclaimers Page 7 Use of Non-GAAP Financial Measures Forward Looking Statements This presentation includes certain non-GAAP financial measures such as Adjusted EBITDA. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for results prepared in accordance with accounting principles generally accepted in the United States (GAAP). A reconciliation of non-GAAP financial measures included in this presentation to the most directly comparable financial measures calculated and presented in accordance with GAAP is set forth in the Appendix of this presentation or on our web site at www.MMLP.com. MMLP’s management believes that these non-GAAP financial measures may provide useful information to investors regarding MMLP’s financial condition and results of operations as they provide another measure of the profitability and ability to service its debt and are considered important measures by financial analysts covering MMLP and its peers. The Partnership has not provided comparable GAAP financial information on a forward-looking basis because it would require the Partnership to create estimated ranges on a GAAP basis, which would entail unreasonable effort. Adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with reasonable certainty but may include, among others, costs related to debt amendments and unusual charges, expenses and gains. Some or all of those adjustments could be significant. Statements about the Partnership’s outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, (ii) uncertainties relating to the Partnership’s future cash flows and operations, (iii) the Partnership’s ability to pay future distributions, (iv) future market conditions, (v) current and future governmental regulation, (vi) future taxation, (vii) our expectation around the achievement of the amounts reflected in our guidance, and (viii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). The Partnership disclaims any intention or obligation to revise any forward- looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.

Martin Midstream Partners 4200 B Stone Road Kilgore, Texas 75662 903.983.6200 www.MMLP.com

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v3.26.3

Cover

Oct. 21, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Oct. 21, 2026

Entity Registrant Name

MARTIN MIDSTREAM PARTNERS L.P.

Entity Incorporation, State

Entity File Number

000-50056

Entity Tax Identification Number

05-0527861

Entity Address, Address Line One

4200 B Stone Road

Entity Address, City or Town

Kilgore

Entity Address, State or Province

Entity Address, Postal Zip Code

75662

City Area Code

903

Local Phone Number

983-6200

Written Communications

false

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false

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false

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false

Title of each class

Common Units representing limited partnership interests

Trading Symbol(s)

MMLP

Name of each exchange on which registered

NASDAQ

Entity Emerging Growth Company

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Entity Central Index Key

0001176334

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