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

Key Terms

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

distributable cash flow financial

Distributable cash flow is the amount of money a business generates from its operations that management considers available to pay dividends, buy back shares, or make other distributions to owners after setting aside what’s needed to keep the business running and meet routine obligations. Investors care because it shows how much real cash can be returned to them—like a household’s leftover paycheck after paying rent and groceries—and helps judge whether payouts are sustainable and backed by operations rather than accounting entries.

adjusted free cash flow financial

Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.

non-gaap financial measures financial

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

• Reported net loss of $2.9 million and $14.8 million for the fourth quarter and full year ended December 31, 2025, respectively
• Reported Adjusted EBITDA of $24.8 million and $99.0 million for the fourth quarter and full year ended December 31, 2025, respectively
• Provides 2026 Adjusted EBITDA guidance of $96.5 million, growth capital expenditures of $4.1 million, and maintenance capital expenditures of $32.4 million
• Declared quarterly cash dividend of $0.005 per common unit

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				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		$	24.8		$	22.4		$	4.1		$	174.2
Three Months Ended December 31, 2024		$	(8.9	)		$	(0.22	)		$	23.3		$	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				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			$	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				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			$	57.7
Equity in loss of DSM Semichem LLC			–				–											0.6							$	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			0.1
11.50% Senior Secured Notes, Due February 2028		400.0			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:

• 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 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	$	49			$	55
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				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	$	15			$	14
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		39				55
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 *		—				72				75
		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		33				25				56
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				91
Less loss allocable to unvested restricted units		61				25				14
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		—			72			75
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				2,400				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	)			86
Other current assets		(2,880	)			88				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	)			(9	)			(9	)
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		(6	)			1				9
Cash at beginning of year		55				54				45
Cash at end of year	$	49			$	55			$	54

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			2	%
Cost of products sold		—				72			(72	)		(100	)%
Operating expenses		59,182				60,409			(1,227	)		(2	)%
Selling, general and administrative expenses		3,239				3,324			(85	)		(3	)%
Depreciation and amortization		21,209				22,757			(1,548	)		(7	)%
		14,657				9,993			4,664			47	%
Other operating income (loss), net		(67	)			1,105			(1,172	)		(106	)%
Operating income	$	14,590			$	11,098		$	3,492			31	%
Shore-based throughput volumes (gallons)		164,479				170,407			(5,928	)		(3	)%
Smackover refinery throughput volumes (guaranteed minimum BBL per day)		6,500				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	)		(5	)%
Operating expenses		188,437			185,813			2,624			1	%
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			13	%
Products		147,638			115,200				32,438			28	%
Total revenues		164,079			129,772				34,307			26	%
Cost of products sold		113,766			79,984				33,782			42	%
Operating expenses		13,875			12,178				1,697			14	%
Selling, general and administrative expenses		6,410			7,012				(602	)		(9	)%
Depreciation and amortization		14,197			11,769				2,428			21	%
		15,831			18,829				(2,998	)		(16	)%
Other operating income (loss), net		15			(298	)			313			105	%
Operating income	$	15,846		$	18,531			$	(2,685	)		(14	)%
Sulfur (long tons)		556.0			407.0				149.0			37	%
Fertilizer (long tons)		277.0			223.0				54.0			24	%
Sulfur services volumes (long tons)		833.0			630.0				203.0			32	%

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	)		(6	)%
Cost of products sold		225,736			237,403			(11,667	)		(5	)%
Operating expenses		—			102			(102	)		(100	)%
Selling, general and administrative expenses		6,673			7,232			(559	)		(8	)%
Depreciation and amortization		3,023			3,234			(211	)		(7	)%
		13,371			16,974			(3,603	)		(21	)%
Other operating income, net		34			64			(30	)		(47	)%
Operating income	$	13,405		$	17,038		$	(3,633	)		(21	)%
NGL sales volumes (Bbls)		2,432			2,307			125			5	%
Other specialty products volumes (Bbls)		363			346			17			5	%
Total specialty products volumes (Bbls)		2,795			2,653			142			5	%

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		30				42				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)								(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				97				920				254
Amortization of deferred debt issuance costs		747				774				3,280				3,085
Amortization of discount on notes payable		600				600				2,400				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		(4	)			(4	)			(14	)			(9	)
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.

 

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Investor Contact:

ir@mmlp.com

(877) 256-6644

Danny Cavin - Director, FP&A and Investor Relations

Source: Martin Midstream Partners L.P.