Martin Midstream Partners Reports Fourth Quarter and Full Year 2025 Financial Results and Releases 2026 Guidance

KILGORE, Texas--( BUSINESS WIRE)--Martin Midstream Partners L.P. (Nasdaq: MMLP) (“MMLP” or the “Partnership”) today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, “In 2025, the Partnership demonstrated the resilience of our diversified asset base, generating Adjusted EBITDA of $99.0 million for the full year and $24.8 million in the fourth quarter. While our GAAP net loss reflects non-cash items and specific segment headwinds, our focus remained on balance sheet discipline. We ended the year with total debt outstanding of approximately $439.1 million, liquidity of $31.4 million under our revolving credit facility, and an adjusted leverage ratio of 4.43 times based on Credit Adjusted EBITDA.”

“Our 2025 results within the Terminalling and Storage segment, our pure sulfur services business, and our land transportation business delivered stable performance, underscoring the durability of our fixed-fee contracts within these businesses. This stability was partially offset by a decline in marine utilization during the third quarter, a softer fertilizer market in the fourth quarter, and headwinds in our grease business throughout the year.”

2026 Guidance

“Turning to 2026 full-year guidance, Mr. Bondurant said, “The Partnership anticipates generating Adjusted EBITDA of $96.5 million in 2026, with capital expenditures for growth, maintenance, and plant turnaround activities expected to total $36.5 million, compared to $31.6 million in 2025. Capital spending is elevated in 2026, driven primarily by scheduled refinery turnaround activity. This higher spending is expected to result in adjusted free cash flow of approximately $5.8 million for the fiscal year.”

“The Terminalling and Storage segment Adjusted EBITDA forecast of $31.6 million reflects normalized operating performance.”

“The Transportation segment is projected to generate $31.4 million of Adjusted EBITDA in 2026, similar to 2025 performance. Land transportation results are expected to track relatively flat year over year. The inland marine division is expected to improve versus 2025, while the offshore division is projected to experience reduced utilization due to planned downtime from regulatory inspections.”

“The Sulfur Services segment is projected to deliver Adjusted EBITDA of $30.3 million in 2026, consistent with prior-year results. The fertilizer market is expected to remain compressed due to rising sulfur input costs. Cash flow contributions from ELSA are expected to hold steady with the prior year, reflecting ongoing reservation fee revenue.”

“The Specialty Products segment is projected to generate $17.6 million of Adjusted EBITDA in 2026. The lubricants and NGL businesses are expected to track in line with the prior year, while the grease business is projected to improve modestly in the back half of the year driven by higher sales volumes.”

FOURTH QUARTER 2025 OPERATING RESULTS BY BUSINESS SEGMENT

Operating Income

(Loss) ($M)

Credit Adjusted

EBITDA ($M)

Adjusted EBITDA ($M)

Three Months Ended December 31,

2025

2024

2025

2024

2025

2024

(Amounts may not add or recalculate due to rounding)

Business Segment:

Transportation

6.5

3.7

8.9

6.5

8.9

6.5

Terminalling and Storage

4.9

1.5

10.1

7.4

10.1

7.4

Sulfur Services

2.0

6.1

5.7

9.4

5.7

9.4

Specialty Products

2.8

3.7

3.6

4.5

3.6

4.5

Unallocated Selling, General and Administrative Expense

(3.5

)

(8.2

)

(3.5

)

(4.4

)

(3.5

)

(4.4

)

12.7

6.8

24.8

23.3

24.8

23.3

Transportation Adjusted EBITDA increased by $2.4 million. In our marine division, Adjusted EBITDA increased by $2.1 million, reflecting higher inland utilization and offshore day rates, combined with lower employee-related expenses. These impacts were partially offset by lower inland day rates. In our land division, Adjusted EBITDA increased by $0.3 million, reflecting increased service revenue and transportation rates, combined with lower operating expenses. These impacts were partially offset by fewer miles.

Terminalling and Storage Adjusted EBITDA increased by $2.7 million. At our Smackover refinery, Adjusted EBITDA increased by $1.6 million, reflecting lower insurance-related costs combined with higher throughput and reservation fees. In our underground NGL storage division, Adjusted EBITDA increased by $0.6 million, driven by higher storage revenue, partially offset by increased operating expenses. In our specialty terminals division, Adjusted EBITDA rose by $0.3 million, reflecting decreased operating expenses. In our shore-based terminals division, Adjusted EBITDA increased by $0.2 million, reflecting a reduction in operating expenses.

Sulfur Services Adjusted EBITDA decreased by $3.7 million. In our fertilizer division, Adjusted EBITDA declined by $4.1 million, driven by lower margins. In our pure sulfur business, Adjusted EBITDA increased by $0.3 million, reflecting reduced operating expenses. Adjusted EBITDA in our sulfur prilling business remained steady at $1.9 million.

Specialty Products Adjusted EBITDA decreased by $0.9 million. In our lubricants division, Adjusted EBITDA increased by $0.7 million, reflecting higher sales volume combined with a reduction in operating expenses. In our grease division, Adjusted EBITDA decreased by $1.7 million, reflecting a volume-driven reduction in margins. In our propane division, Adjusted EBITDA increased by $0.1 million, primarily due to higher margins. In our NGL division, Adjusted EBITDA remained steady at $0.3 million, reflecting consistent volumes and margins.

Unallocated selling, general, and administrative expense decreased by $0.9 million, reflecting lower insurance-related costs.

FULL YEAR 2025 OPERATING RESULTS BY BUSINESS SEGMENT

Operating Income

(Loss) ($M)

Credit Adjusted

EBITDA ($M)

Adjusted EBITDA ($M)

Twelve Months Ended December 31,

2025

2024

2025

2024

2025

2024

(Amounts may not add or recalculate due to rounding)

Business Segment:

Transportation

21.0

30.2

30.8

42.5

30.8

42.5

Terminalling and Storage

14.6

11.1

35.9

32.8

35.9

32.8

Sulfur Services

15.8

18.5

30.8

33.5

30.8

Specialty Products

13.4

17.0

16.4

20.2

16.4

20.2

Unallocated Selling, General and Administrative Expense

(16.0

)

(19.6

)

(14.7

)

(14.6

)

(14.8

)

(15.7

)

48.9

57.3

99.2

114.4

99.0

110.6

Transportation Adjusted EBITDA decreased by $11.7 million. In our land division, Adjusted EBITDA declined by $7.6 million, reflecting decreased freight revenue as a result of lower miles, partially offset by increased transportation rates. In our marine division, Adjusted EBITDA decreased by $4.1 million, reflecting lower inland transportation rates and utilization, offset by lower operating cost and higher offshore transportation rates and utilization.

Terminalling and Storage Adjusted EBITDA increased by $3.1 million. At our Smackover refinery, Adjusted EBITDA increased by $2.5 million, reflecting lower insurance-related costs combined with higher throughput and reservation fees, partially offset by higher operating expenses. In our underground NGL storage division, Adjusted EBITDA increased by $1.1 million, driven by higher storage revenue, partially offset by increased operating expenses. In our shore-based terminals division, Adjusted EBITDA increased by $0.1 million, reflecting lower operating expenses, partially offset by a decrease in service revenue. In our specialty terminals division, Adjusted EBITDA declined by $0.6 million, driven by higher operating expenses combined with a decline in service revenue, partially offset by higher storage and throughput revenue.

Sulfur Services Adjusted EBITDA remained consistent at $30.8 million. In our fertilizer division, Adjusted EBITDA rose by $2.1 million, driven by reservation fees from our new DSM Semichem joint venture, partially offset by lower margins. In our sulfur division, Adjusted EBITDA decreased by $0.7 million. Within this division, our pure sulfur business saw a $0.4 million decline in Adjusted EBITDA due to higher operating expenses and slightly lower margins. In our sulfur prilling business, Adjusted EBITDA fell by $0.3 million, primarily due to a volume-driven decrease in operating fees, partially offset by lower operating expenses.

Specialty Products Adjusted EBITDA decreased by $3.8 million. In our lubricants division, Adjusted EBITDA increased by $1.1 million, reflecting higher sales volume. In our grease division, Adjusted EBITDA decreased by $5.3 million, driven by a volume-driven reduction in margins. In our NGL division, Adjusted EBITDA increased $0.2 million, reflecting increased volume. In our propane division, Adjusted EBITDA increased by $0.1 million, reflecting higher margins.

Unallocated selling, general, and administrative expense decreased by $0.9 million, reflecting lower insurance-related costs and professional fees.

RESULTS OF OPERATIONS SUMMARY

(in millions, except per unit amounts)

Period

Net

Income

(Loss)

Net

Income

(Loss) Per

Unit

Adjusted

EBITDA

Credit

Adjusted

EBITDA

Net Cash

Provided by

Operating

Activities

Distributable

Cash Flow

Revenues

Three Months Ended December 31, 2025

(2.9

)

(0.07

)

24.8

22.4

4.1

174.2

Three Months Ended December 31, 2024

(8.9

)

(0.22

)

23.3

42.2

2.8

171.3

Twelve Months Ended December 31, 2025

(14.7

)

(0.37

)

99.0

99.2

46.1

16.6

716.1

Twelve Months Ended December 31, 2024

(5.2

)

(0.13

)

110.6

114.4

48.4

24.1

707.6

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Credit Adjusted EBITDA for the Three Months Ended December 31, 2025

(in millions)

Transportation

Terminalling

& Storage

Sulfur

Services

Specialty

Products

SG&A

Interest

Expense

4Q 2025

Actual

Net income (loss)

6.5

4.9

2.0

2.8

(4.7

)

(14.5

)

(2.9

)

Interest expense add back

–

14.5

Equity in loss of DSM Semichem LLC

–

0.3

–

0.3

Income tax expense

–

0.9

–

0.9

Operating income (loss)

6.5

4.9

2.0

2.8

(3.5

)

–

12.7

Depreciation and amortization

3.0

5.1

3.6

0.8

–

12.4

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

(0.6

)

0.1

–

(0.6

)

Non-cash contractual revenue deferral adjustment

–

0.2

–

0.2

Unit-based compensation

–

Adjusted EBITDA and Credit Adjusted EBITDA

8.9

10.1

5.7

3.6

(3.5

)

–

24.8

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Credit Adjusted EBITDA for the Twelve Months Ended December 31, 2025

(in millions)

Transportation

Terminalling

& Storage

Sulfur

Services

Specialty

Products

SG&A

Interest

Expense

2025

Actual

Net income (loss)

21.0

14.6

15.8

13.4

(21.9

)

(57.8

)

(14.7

)

Interest expense add back

–

57.8

Equity in loss of DSM Semichem LLC

–

1.1

–

1.1

Income tax expense

–

4.8

–

4.8

Operating income (loss)

21.0

14.6

15.8

13.4

(16.0

)

–

48.9

Depreciation and amortization

11.8

21.2

14.2

3.0

–

50.2

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

(2.1

)

0.1

–

(2.0

)

Transaction expenses related to the potential merger with Martin Resource Management Corporation

–

1.0

–

1.0

Non-cash contractual revenue deferral adjustment

–

0.7

–

0.7

Unit-based compensation

–

0.2

–

0.2

Adjusted EBITDA

30.8

35.9

30.8

16.4

(14.8

)

–

99.0

Capitalized interest

–

0.1

–

0.1

Credit Adjusted EBITDA

30.8

35.9

30.8

16.4

(14.7

)

–

99.2

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Credit Adjusted EBITDA for the Three Months Ended December 31, 2024

(in millions)

Transportation

Terminalling

& Storage

Sulfur

Services

Specialty

Products

SG&A

Interest

Expense

4Q 2024

Actual

Net income (loss)

3.7

1.5

6.1

3.7

(9.1

)

(14.9

)

(9.0

)

Interest expense add back

–

14.9

Equity in loss of DSM Semichem LLC

–

0.3

–

0.3

Income tax expense

–

0.6

–

0.6

Operating Income (loss)

3.7

1.5

6.1

3.7

(8.2

)

–

6.8

Depreciation and amortization

3.0

5.9

3.1

0.8

–

12.8

Gain on sale or disposition of property, plant, and equipment

(0.2

)

–

(0.1

)

Transaction expenses related to the terminated Merger with Martin Resource Management Corporation

–

3.7

–

3.7

Non-cash contractual revenue deferral adjustment

–

0.2

–

0.2

Unit-based compensation

–

Adjusted EBITDA and Credit Adjusted EBITDA

6.5

7.4

9.4

4.5

(4.4

)

–

23.3

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Credit Adjusted EBITDA for the Twelve Months Ended December 31, 2024

(in millions)

Transportation

Terminalling

& Storage

Sulfur

Services

Specialty

Products

SG&A

Interest

Expense

FY 2024

Actual

Net income (loss)

30.2

11.1

18.5

17.0

(24.4

)

(57.7

)

(5.2

)

Interest expense add back

–

57.7

Equity in loss of DSM Semichem LLC

–

0.6

Income tax expense

–

4.2

–

4.2

Operating Income (loss)

30.2

11.1

18.5

17.0

(19.6

)

–

57.3

Depreciation and amortization

13.0

22.8

11.8

3.2

–

50.8

Gain on sale or disposition of property, plant, and equipment

(0.7

)

(1.1

)

0.3

(0.1

)

–

(1.6

)

Transaction expenses related to the terminated Merger with Martin Resource Management Corporation

–

3.7

–

3.7

Non-cash contractual revenue deferral adjustment

–

0.2

–

0.2

Unit-based compensation

–

0.2

–

0.2

Adjusted EBITDA

42.5

32.8

30.8

20.2

(15.7

)

–

110.6

Pro-forma adjustment related to ELSA project

–

2.7

–

2.7

Capitalized interest

–

1.1

–

1.1

Credit Adjusted EBITDA

42.5

32.8

33.5

20.2

(14.6

)

–

114.4

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 tables below entitled "Reconciliation of Net Income (Loss) to EBITDA, Adjusted EBITDA, and Credit Adjusted EBITDA” and “Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Credit Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow” in order to illustrate 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 to which this announcement is included contains a comparison of the Partnership’s Adjusted EBITDA for the fourth quarter and full-year 2025 to the Partnership's Adjusted EBITDA for the fourth quarter and full-year 2024.

CAPITALIZATION

December 31,

2025

December 31,

2024

($ in millions)

Debt Outstanding:

Revolving Credit Facility, Due February 2027 1

39.0

53.5

Finance lease obligations

0.1

11.50% Senior Secured Notes, Due February 2028

400.0

Total Debt Outstanding:

439.1

453.6

Summary Credit Metrics:

Revolving Credit Facility - Total Capacity

130.0

150.0

Revolving Credit Facility - Available Liquidity

31.4

80.7

Total Adjusted Leverage Ratio 2

4.43x

3.96x

Senior Leverage Ratio 2

0.39x

0.47x

Interest Coverage Ratio 2

1.90x

2.14x

1 The Partnership was in compliance with all debt covenants as of December 31, 2025 and December 31, 2024.

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 December 31, 2025, or $0.02 per common unit on an annualized basis. The distribution was paid on February 13, 2026, to common unitholders of record as of the close of business on February 6, 2026. The ex-dividend date for the cash distribution was February 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, Facebook, and X.

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, and (vii) 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 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.

Adjusted EBITDA and Credit Adjusted EBITDA. We define Adjusted EBITDA as EBITDA before 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:

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 Third 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 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.

MMLP-F

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

December 31,

2025

2024

Assets

Cash

Trade and accrued accounts receivable, less allowance for doubtful accounts of $310 and $940, respectively

58,371

53,569

Inventories

50,248

51,707

Due from affiliates

8,942

13,694

Other current assets

12,298

11,454

Total current assets

129,908

130,479

Property, plant and equipment, at cost

970,753

954,059

Accumulated depreciation

(681,527

)

(648,609

)

Property, plant and equipment, net

289,226

305,450

Goodwill

16,671

Right-of-use assets

69,938

67,140

Investment in DSM Semichem LLC

6,198

7,314

Deferred income taxes, net

9,026

9,946

Intangibles and other assets, net

1,451

1,509

522,418

538,509

Liabilities and Partners’ Capital (Deficit)

Current portion of long term debt and finance lease obligations

Trade and other accounts payable

57,814

61,599

Product exchange payables

169

798

Due to affiliates

13,286

4,927

Income taxes payable

1,580

1,283

Other accrued liabilities

51,279

46,880

Total current liabilities

124,143

115,501

Long-term debt, net

428,008

437,635

Finance lease obligations

Operating lease liabilities

48,353

47,815

Other long-term obligations

7,670

7,942

Total liabilities

608,213

608,948

Commitments and contingencies

Partners’ capital (deficit)

(85,795

)

(70,439

)

Total partners’ capital (deficit)

(85,795

)

(70,439

)

522,418

538,509

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per unit amounts)

Year Ended December 31,

2025

2024

2023

Revenues:

Terminalling and storage *

90,831

89,067

86,514

Transportation *

212,509

223,934

223,677

Sulfur services

16,441

14,572

13,430

Product sales: *

Specialty products

248,694

264,850

346,777

Sulfur services

147,638

115,199

127,565

396,332

380,049

474,342

Total revenues

716,113

707,622

797,963

Costs and expenses:

Cost of products sold: (excluding depreciation and amortization)

Specialty products *

217,157

228,600

305,903

Sulfur services *

101,466

68,364

83,702

Terminalling and storage *

—

318,623

297,036

389,680

Expenses:

Operating expenses *

258,431

255,586

252,211

Selling, general and administrative *

42,004

48,502

40,826

Depreciation and amortization

50,197

50,787

49,895

Total costs and expenses

669,255

651,911

732,612

Other operating income (loss), net

2,039

1,584

1,373

Operating income

48,897

57,295

66,724

Other income (expense):

Interest expense, net

(57,787

)

(57,706

)

(60,290

)

Equity in loss of DSM Semichem LLC

(1,116

)

(624

)

—

Loss on extinguishment of debt

—

(5,121

)

Other, net

Total other income (expense)

(58,870

)

(58,305

)

(65,355

)

Net income (loss) before taxes

(9,973

)

(1,010

)

1,369

Income tax expense

(4,772

)

(4,197

)

(5,918

)

Net loss

(14,745

)

(5,207

)

(4,549

)

Less general partner's interest in net loss

295

104

Less loss allocable to unvested restricted units

Limited partners' interest in net loss

(14,389

)

(5,078

)

(4,444

)

Net loss per unit attributable to limited partners - basic and diluted

(0.37

)

(0.13

)

(0.11

)

Weighted average limited partner units - basic and diluted

38,890,039

38,831,355

38,771,657

*Related Party Transactions Shown Below

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per unit amounts)

*Related Party Transactions Included Above

Year Ended December 31,

2025

2024

2023

Revenues:

Terminalling and storage

72,244

71,799

72,138

Transportation

30,428

33,250

29,276

Sulfur Services

—

664

—

Product sales

4,243

457

8,767

Costs and expenses:

Cost of products sold: (excluding depreciation and amortization)

Specialty products

28,626

31,789

35,930

Sulfur services

12,885

11,915

11,182

Terminalling and storage

—

Expenses:

Operating expenses

111,169

106,831

100,851

Selling, general and administrative

31,698

39,385

32,021

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CAPITAL

(Dollars in thousands)

Partners’ Capital (Deficit)

Common

General Partner

Amount

Units

Amount

Total

Balances – December 31, 2022

38,850,750

(61,110

)

1,665

(59,445

)

Net loss

—

(4,458

)

(91

)

(4,549

)

Issuance of time-based restricted units

64,056

—

Cash distributions

—

(777

)

(16

)

(793

)

Unit-based compensation

—

163

—

163

Balances – December 31, 2023

38,914,806

(66,182

)

1,558

(64,624

)

Net loss

—

(5,103

)

(104

)

(5,207

)

Issuance of time-based restricted units

86,280

—

Cash distributions

—

(779

)

(16

)

(795

)

Unit-based compensation

—

187

—

187

Balances – December 31, 2024

39,001,086

(71,877

)

1,438

(70,439

)

Net loss

—

(14,450

)

(295

)

(14,745

)

Issuance of time-based restricted units

54,000

—

Cash distributions

—

(781

)

(16

)

(797

)

Unit-based compensation

—

186

—

186

Balances – December 31, 2025

39,055,086

(86,922

)

1,127

(85,795

)

MARTIN MIDSTREAM PARTNERS L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

Year Ended December 31,

2025

2024

2023

Cash flows from operating activities:

Net loss

(14,745

)

(5,207

)

(4,549

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

50,197

50,787

49,895

Amortization and write-off of deferred debt issue costs

3,280

3,085

3,978

Amortization of discount on notes payable

2,400

2,200

Deferred income tax expense

920

254

4,186

Gain on disposition or sale of property, plant, and equipment

(2,039

)

(1,584

)

(1,373

)

Loss on extinguishment of debt

—

5,121

Equity in loss of DSM Semichem LLC

1,116

624

—

Unit-based compensation

186

187

163

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

Accounts and other receivables

(4,802

)

(276

)

26,348

Inventories

1,459

(8,079

)

65,976

Due from affiliates

4,752

(5,770

)

Other current assets

(2,880

)

4,739

Trade and other accounts payable

(3,270

)

10,228

(17,539

)

Product exchange payables

(629

)

372

394

Due to affiliates

8,359

(1,407

)

(2,613

)

Income taxes payable

297

631

(13

)

Other accrued liabilities

1,663

600

2,880

Change in other non-current assets and liabilities

(138

)

1,418

(2,411

)

Net cash provided by operating activities

46,126

48,351

137,468

Cash flows from investing activities:

Payments for property, plant, and equipment

(24,768

)

(42,008

)

(34,317

)

Payments for plant turnaround costs

(7,368

)

(10,897

)

(4,825

)

Investment in DSM Semichem LLC

—

(6,938

)

—

Proceeds from sale of property, plant, and equipment

2,123

1,242

5,482

Net cash used in investing activities

(30,013

)

(58,601

)

(33,660

)

Cash flows from financing activities:

Payments of long-term debt

(235,500

)

(244,500

)

(632,197

)

Payments under finance lease obligations

(14

)

Proceeds from long-term debt

221,000

255,578

543,489

Payments of debt issuance costs

(808

)

(23

)

(14,289

)

Cash distributions paid

(797

)

(795

)

(793

)

Net cash provided by (used in) financing activities

(16,119

)

10,251

(103,799

)

Net increase (decrease) in cash

)

Cash at beginning of year

Cash at end of year

MARTIN MIDSTREAM PARTNERS L.P.

SEGMENT OPERATING INCOME

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

Terminalling and Storage Segment

Comparative Results of Operations for the Years Ended December 31, 2025 and 2024

Year Ended

December 31,

Variance

Percent

Change

2025

2024

(In thousands)

Revenues

98,287

96,555

1,732

Cost of products sold

—

(72

)

(100

Operating expenses

59,182

60,409

(1,227

)

Selling, general and administrative expenses

3,239

3,324

(85

)

Depreciation and amortization

21,209

22,757

(1,548

)

14,657

9,993

4,664

Other operating income (loss), net

(67

)

1,105

(1,172

)

(106

Operating income

14,590

11,098

3,492

Shore-based throughput volumes (gallons)

164,479

170,407

(5,928

)

Smackover refinery throughput volumes (guaranteed minimum BBL per day)

6,500

—

Transportation Segment

Comparative Results of Operations for the Years Ended December 31, 2025 and 2024

Year Ended

December 31,

Variance

Percent

Change

2025

2024

(In thousands)

Revenues

229,009

239,807

(10,798

)

Operating expenses

188,437

185,813

2,624

Selling, general and administrative expenses

9,820

11,496

(1,676

)

(15

Depreciation and amortization

11,768

13,027

(1,259

)

(10

18,984

29,471

(10,487

)

(36

Other operating income, net

2,057

713

1,344

188

Operating income

21,041

30,184

(9,143

)

(30

MARTIN MIDSTREAM PARTNERS L.P.

SEGMENT OPERATING INCOME

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

Sulfur Services Segment

Comparative Results of Operations for the Years Ended December 31, 2025 and 2024

Year Ended

December 31,

Variance

Percent

Change

2025

2024

(In thousands)

Revenues:

Services

16,441

14,572

1,869

Products

147,638

115,200

32,438

Total revenues

164,079

129,772

34,307

Cost of products sold

113,766

79,984

33,782

Operating expenses

13,875

12,178

1,697

Selling, general and administrative expenses

6,410

7,012

(602

)

Depreciation and amortization

14,197

11,769

2,428

15,831

18,829

(2,998

)

(16

Other operating income (loss), net

(298

)

313

105

Operating income

15,846

18,531

(2,685

)

(14

Sulfur (long tons)

556.0

407.0

149.0

Fertilizer (long tons)

277.0

223.0

54.0

Sulfur services volumes (long tons)

833.0

630.0

203.0

Specialty Products Segment

Comparative Results of Operations for the Years Ended December 31, 2025 and 2024

Year Ended

December 31,

Variance

Percent

Change

2025

2024

(In thousands)

Products revenues

248,803

264,945

(16,142

)

Cost of products sold

225,736

237,403

(11,667

)

Operating expenses

—

102

(102

)

(100

Selling, general and administrative expenses

6,673

7,232

(559

)

Depreciation and amortization

3,023

3,234

(211

)

13,371

16,974

(3,603

)

(21

Other operating income, net

(30

)

(47

Operating income

13,405

17,038

(3,633

)

(21

NGL sales volumes (Bbls)

2,432

2,307

125

Other specialty products volumes (Bbls)

363

346

Total specialty products volumes (Bbls)

2,795

2,653

142

Indirect Selling, General and Administrative Expenses

Comparative Results of Operations for the Years Ended December 31, 2025 and 2024

Year Ended

December 31,

Variance

Percent

Change

2025

2024

(In thousands)

Indirect selling, general and administrative expenses

15,985

19,556

(3,571

)

(18

Non-GAAP Financial Measures

The following table reconciles the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the quarters and years ended December 31, 2025 and 2024, which represents EBITDA, Adjusted EBITDA, Credit Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow:

Reconciliation of Net Loss to EBITDA, Adjusted EBITDA, and Credit Adjusted EBITDA

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

(in thousands)

Net income (loss)

(2,893

)

(8,941

)

(14,745

)

(5,207

)

Adjustments:

Interest expense

14,458

14,895

57,787

57,706

Income tax expense

856

563

4,772

4,197

Depreciation and amortization

12,407

12,843

50,197

50,787

EBITDA

24,828

19,360

98,011

107,483

Adjustments:

Gain on disposition of property, plant and equipment

(552

)

(264

)

(2,039

)

(1,584

)

Transaction expenses related to the terminated merger with Martin Resource Management Corporation

—

3,674

1,021

3,674

Equity in loss of DSM Semichem LLC

311

221

1,116

624

Non-cash contractual revenue deferral adjustment

175

310

746

221

Unit-based compensation

186

187

Adjusted EBITDA

24,792

23,343

99,041

110,605

Adjustments:

Capitalized interest

—

137

1,153

Pro-forma adjustment related to ELSA project

—

2,655

Credit Adjusted EBITDA

24,792

23,343

99,178

114,413

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

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(in thousands)

Net cash provided by operating activities

22,443

42,167

46,126

48,351

Interest expense 1

13,111

13,521

52,107

52,221

Current income tax expense

627

466

3,852

3,943

Transaction expenses related to the terminated merger with Martin Resource Management Corporation

—

3,674

1,021

3,674

Non-cash contractual revenue deferral adjustment

175

221

746

221

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

Accounts and other receivables, inventories, and other current assets

13,542

(18,091

)

1,471

14,037

Trade, accounts and other payables, and other current liabilities

(24,457

)

(17,898

)

(6,420

)

(10,424

)

Other

(649

)

(717

)

138

(1,418

)

Adjusted EBITDA

24,792

23,343

99,041

110,605

Pro-forma adjustment related to ELSA project

—

2,655

Capitalized interest

—

137

1,153

Credit Adjusted EBITDA

24,792

23,343

99,178

114,413

Adjustments:

Interest expense

(14,458

)

(14,895

)

(57,787

)

(57,706

)

Income tax expense

(856

)

(563

)

(4,772

)

(4,197

)

Deferred income taxes

229

920

254

Amortization of deferred debt issuance costs

747

774

3,280

3,085

Amortization of discount on notes payable

600

2,400

Payments for plant turnaround costs

(1,372

)

(1,298

)

(7,368

)

(10,897

)

Maintenance capital expenditures

(5,608

)

(5,284

)

(19,285

)

(23,233

)

Distributable Cash Flow

4,074

2,774

16,566

24,119

Principal payments under finance lease obligations

)

(14

)

Investment in DSM Semichem LLC

—

(6,938

)

Expansion capital expenditures

(1,974

)

(2,909

)

(4,968

)

(18,493

)

Adjusted Free Cash Flow

2,096

(139

)

11,584

(1,321

)

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