Martin Midstream Partners L.P. (NASDAQ: MMLP) returns to Q2 profit, keeps 2026 EBITDA target
Rhea-AI Filing Summary
Martin Midstream Partners L.P. reported second‑quarter 2026 net income of $2.6 million, or $0.07 per limited partner unit, compared with a loss of $(2.4) million in 2025. Revenue rose to $213.6 million from $180.7 million, and Adjusted EBITDA edged up to $27.9 million from $27.1 million. For the first half of 2026, the partnership recorded a net loss of $(4.1) million and Adjusted EBITDA of $48.7 million, down from $55.0 million a year earlier, but it maintained full‑year 2026 Adjusted EBITDA guidance of $90.0 million.
Segment performance was mixed: Transportation Adjusted EBITDA was $8.0 million (slightly below 2025) due to offshore inspection downtime, while Terminalling and Storage improved to $9.5 million on stronger underground storage and asset sale gains. Sulfur Services Adjusted EBITDA declined to $8.7 million as fertilizer margins compressed, partly offset by stronger pure sulfur results, and Specialty Products increased to $5.4 million on higher lubricants volumes. Net cash provided by operating activities was $12.2 million, Distributable Cash Flow $2.1 million and Adjusted Free Cash Flow $(880) thousand in the quarter. As of June 30, 2026, total debt was $462.0 million, available revolver liquidity $48.3 million and the leverage ratio 4.96x. The partnership declared a quarterly cash distribution of $0.005 per common unit.
Positive
- Returned to quarterly profitability with $2.6 million net income versus $(2.4) million a year earlier, on revenue of $213.6 million.
- Maintained full‑year 2026 Adjusted EBITDA guidance of $90.0 million despite first‑half Adjusted EBITDA of $48.7 million and fertilizer‑segment weakness.
Negative
- Year‑to‑date Adjusted EBITDA declined to $48.7 million from $55.0 million, and net cash provided by operating activities was $(1,577) thousand for the first half of 2026.
- Total debt increased to $462.0 million and the leverage ratio rose to 4.96x, with interest coverage at 1.79x, indicating higher balance‑sheet leverage.
Filing Explained
The completed issuance of 69,600 restricted units increases the unit count and may reduce existing holders’ ownership percentages; proceeds are undisclosed.
A Form 8-K reports specified material events; this
The six-month capital statement reports issuance of 69,600 restricted units, with common limited units rising from 39,055,086 at December 31, 2025, to 39,124,686 at June 30, 2026.
Issuing additional units increases the total unit count and, absent offsetting changes, reduces existing holders’ percentage ownership. The filing reports no consideration or proceeds for this issuance, so the capital raised cannot be established from this disclosure.
As of
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net income: $2.6 million
Revenue: $213.6 million
Adjusted EBITDA: $27.9 million
+5 more
8 metrics
Net income
$2.6 million
Three months ended June 30, 2026
Revenue
$213.6 million
Three months ended June 30, 2026
Adjusted EBITDA
$27.9 million
Three months ended June 30, 2026
YTD Adjusted EBITDA
$48.7 million
Six months ended June 30, 2026
Quarterly cash distribution
$0.005 per unit
Quarter ended June 30, 2026
Total debt outstanding
$462.0 million
As of June 30, 2026
Leverage ratio
4.96x
Total Adjusted Leverage Ratio under revolving credit facility at June 30, 2026
Net cash from operating activities
$12.2 million
Three months ended June 30, 2026
Key Terms
Adjusted EBITDA, Distributable Cash Flow, Adjusted Free Cash Flow, Credit Adjusted EBITDA, +1 more
5 terms
Adjusted EBITDA financial
"the Partnership generated Adjusted EBITDA of $27.9 million"
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 a significant performance measure used by our management"
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
"We define Adjusted Free Cash Flow as Distributable Cash Flow less growth capital expenditures"
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.
Credit Adjusted EBITDA financial
"We define Credit Adjusted EBITDA as Adjusted EBITDA plus pro forma adjustments"
Credit-adjusted EBITDA is a measure of a company's operating profit that starts with earnings before interest, taxes, depreciation and amortization and then adjusts for credit-related items such as expected loan losses, bad-debt allowances, or other financing and credit costs. Investors use it to see how much cash the business generates after accounting for credit risks, which helps assess the company’s ability to pay debt or cover losses—like judging a car’s fuel efficiency after adding the weight of heavy cargo.
leverage ratio financial
"our leverage ratio was 4.96 times based on Credit Adjusted EBITDA"
Leverage ratio measures how much a company relies on borrowed money compared with its own funds or assets, typically expressed as debt relative to equity or total assets. Like a homeowner with a mortgage, higher leverage can amplify returns when business is strong but also raises the chance of big losses or default if revenue falls, so investors use it to judge financial risk and resilience.
Earnings Snapshot
Net income: $2.6 million · Guidance included
quarter ended June 30, 2026
Net income
$2.6 million
vs $(2.4) million in Q2 2025
Revenue
$213.6 million
vs $180.7 million in Q2 2025
Adjusted EBITDA
$27.9 million
vs $27.1 million in Q2 2025
Net cash from operating activities
$12.2 million
vs $30.9 million in Q2 2025
Distributable Cash Flow
$2.1 million
vs $6.7 million in Q2 2025
Guidance
For 2026, the partnership forecasts Adjusted EBITDA of $90.0 million, Distributable Cash Flow of $8.3 million and Adjusted Free Cash Flow of $4.0 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Martin Midstream Partners (MMLP) perform in Q2 2026?
Martin Midstream Partners reported $2.6 million net income, or $0.07 per unit, for Q2 2026. Revenue was $213.6 million and Adjusted EBITDA was $27.9 million, slightly above the $27.1 million reported in Q2 2025.
What 2026 guidance did Martin Midstream Partners (MMLP) provide?
For 2026, MMLP forecasts $90.0 million of Adjusted EBITDA. It also projects Distributable Cash Flow of $8.3 million and Adjusted Free Cash Flow of $4.0 million, based on segment expectations and planned capital and financing costs.
How did MMLP’s business segments perform in Q2 2026?
In Q2 2026, Adjusted EBITDA was $8.0 million in Transportation, $9.5 million in Terminalling and Storage, $8.7 million in Sulfur Services, and $5.4 million in Specialty Products. Transportation and Sulfur Services declined year over year, while the other two segments improved.
What were Martin Midstream Partners’ (MMLP) leverage and liquidity on June 30, 2026?
As of June 30, 2026, MMLP had total debt of $462.0 million and available liquidity under its revolving credit facility of $48.3 million. The total leverage ratio was 4.96x and the interest coverage ratio was 1.79x.
What cash distribution did MMLP declare for Q2 2026?
MMLP declared a quarterly cash distribution of $0.005 per common unit for the quarter ended June 30, 2026. The distribution is payable on August 14, 2026 to unitholders of record at the close of business on August 7, 2026.
How strong were MMLP’s cash flows and Distributable Cash Flow in Q2 2026?
For Q2 2026, net cash provided by operating activities was $12.2 million. Distributable Cash Flow was $2.1 million, down from $6.7 million a year earlier, and Adjusted Free Cash Flow was $(880) thousand, reflecting higher maintenance and turnaround spending.
How is the fertilizer business affecting MMLP’s results in 2026?
Within the Sulfur Services segment, fertilizer Adjusted EBITDA fell from $6.0 million in Q2 2025 to $1.4 million in Q2 2026. Management cited compressed margins from weak grower economics and higher sulfur and ammonia input costs, partly offset by stronger pure sulfur performance.
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): July 22, 2026
(Exact name of Registrant as specified in its charter)
(State of incorporation or organization) | (Commission file number) | (I.R.S. employer identification number) | ||||||||||||
(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 | ||||||
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 July 22, 2026, Martin Midstream Partners L.P. (the "Partnership") issued a press release reporting its financial results for the quarter ended June 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 July 22, 2026 | |||||||
| 99.2 | Supplemental information - Martin Midstream Partners L.P. Second 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: July 22, 2026 | By: /s/ Sharon L. Taylor | |||||||||||||
| Sharon L. Taylor | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
EXHIBIT 99.1
MARTIN MIDSTREAM PARTNERS REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS AND DECLARES QUARTERLY CASH DISTRIBUTION
•Net income of $2.6 million and net loss of $4.1 million for the three and six months ended June 30, 2026, respectively
•Adjusted EBITDA of $27.9 million and $48.7 million for the three and six months ended June 30, 2026, respectively
•Declares quarterly cash dividend of $0.005 per common unit
•Maintains full year Adjusted EBITDA guidance of $90.0 million
KILGORE, Texas, July 22, 2026 (BUSINESS WIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) (“MMLP” or the “Partnership”) today announced its financial results for the second quarter of 2026.
Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, “For the second quarter of 2026, the Partnership generated Adjusted EBITDA of $27.9 million, ahead of our internal expectations for the quarter and modestly above the $27.1 million generated in the second quarter of 2025. Outperformance across three of our four operating segments, combined with meaningful contributions from our pure sulfur business, more than offset continued weakness in our fertilizer division. Our first-half results keep us on pace to achieve our full-year 2026 Adjusted EBITDA guidance of $90.0 million.”
“Our Terminalling and Storage segment delivered a strong quarter, with results exceeding our internal projections on higher than forecasted throughput revenue.”
“Our Specialty Products segment also outperformed for the quarter, delivering results above our internal estimates, as continued momentum in our lubricants business more than offset softness in the grease business unit.”
“In our Transportation Services segment, results exceeded our internal forecast for the quarter. Our land transportation business delivered solid results and our marine equipment performed as anticipated. With regulatory inspections mostly completed, we expect our inland and offshore equipment utilization to return to projected operating percentages. While driver availability across the trucking industry remains challenged, we continue to focus on exceptional service and long-term customer relationships to protect the profitability of our land transportation business.”
“In our Sulfur Services segment, results fell short of our internal plan, driven entirely by the fertilizer division, where compressed margins reflected weak grower economics and elevated raw material input costs. Favorable performance from our pure sulfur business partially offset this shortfall. We expect the fertilizer weakness to persist through the balance of the year, but we anticipate our pure sulfur business will continue to help offset this pressure. Separately, the DSM Semichem joint venture reached a milestone this quarter, generating its first sales. While not financially material to 2026, qualification work with semiconductor fabrication customers is progressing well and supports our expectation of stronger sales activity in 2027.”
“As of June 30, 2026, total debt outstanding was approximately $462.0 million, liquidity under our revolving credit facility was approximately $48.3 million, and our leverage ratio was 4.96 times based on Credit Adjusted EBITDA. As forecasted, we spent the majority of our projected 2026 capital expenditures in the first six months of the year completing the Smackover Refinery turnaround as well as the bulk of the required regulatory inspections of our marine fleet.”
SECOND QUARTER 2026 OPERATING RESULTS BY BUSINESS SEGMENT
| Operating Income (Loss) ($M) | Adjusted EBITDA ($M) | ||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (Amounts may not add or recalculate due to rounding) | |||||||||||||||||||||||
| Business Segment: | |||||||||||||||||||||||
| Transportation | $ | 5.1 | $ | 6.2 | $ | 8.0 | $ | 8.5 | |||||||||||||||
| Terminalling and Storage | 8.8 | 3.0 | 9.5 | 8.4 | |||||||||||||||||||
| Sulfur Services | 4.4 | 6.0 | 8.7 | 9.7 | |||||||||||||||||||
| Specialty Products | 4.6 | 3.6 | 5.4 | 4.4 | |||||||||||||||||||
| Indirect Selling, General and Administrative Expenses | (3.7) | (3.9) | (3.6) | (3.9) | |||||||||||||||||||
| $ | 19.3 | $ | 14.9 | $ | 27.9 | $ | 27.1 | ||||||||||||||||
Transportation Adjusted EBITDA decreased by $0.5 million. In our land transportation division, Adjusted EBITDA remained consistent. In the marine division, Adjusted EBITDA decreased $0.5 million. Adjusted EBITDA in our offshore division declined $1.0 million as a result of downtime associated with regulatory inspections. Adjusted EBITDA in our inland division increased $0.4 million on higher day rates and utilization.
Terminalling and Storage Adjusted EBITDA increased by $1.1 million. In the underground NGL storage division, Adjusted EBITDA increased $1.1 million on higher throughput volumes. Adjusted EBITDA in our specialty terminals division increased $0.1 million on higher throughput and storage revenue. Our shore-based terminals division remained generally consistent. At our Smackover refinery, Adjusted EBITDA decreased $0.2 million as a result of higher expenses.
Sulfur Services Adjusted EBITDA decreased by $1.0 million. In the fertilizer division, Adjusted EBITDA decreased $4.6 million, driven by margin compression as a result of reduced demand, as higher input costs (principally for sulfur and ammonia) raised fertilizer prices, negatively impacting farmer affordability. In the pure sulfur business, Adjusted EBITDA increased $3.1 million, primarily reflecting increased margins resulting from higher prices. In the sulfur prilling business, Adjusted EBITDA increased $0.3 million on higher reservation fees and volumes. Adjusted EBITDA from our ELSA joint venture increased $0.2 million, as deliveries began late in the first quarter of 2026.
Specialty Products Adjusted EBITDA increased by $1.0 million. In the lubricants division, Adjusted EBITDA increased $1.4 million on higher sales volume. In the grease division, Adjusted EBITDA decreased $0.7 million, reflecting lower volume and margins. Adjusted EBITDA in our propane division increased $0.1 million on higher margins, and our natural gasoline division increased $0.1 million on higher volumes.
Indirect selling, general, and administrative expenses decreased by $0.3 million, primarily due to lower compensation expense, combined with lower legal and tax fees.
RESULTS OF OPERATIONS SUMMARY
(in millions, except per unit amounts)
| Period | Net Income (Loss) | Net Income (Loss) Per Unit | Adjusted EBITDA | Net Cash Provided by (Used in) Operating Activities | Distributable Cash Flow | Revenues | ||||||||||||||||||||||||||||||||
| Three Months Ended June 30, 2026 | $ | 2.6 | $ | 0.07 | $ | 27.9 | $ | 12.2 | $ | 2.1 | $ | 213.6 | ||||||||||||||||||||||||||
| Three Months Ended June 30, 2025 | $ | (2.4) | $ | (0.06) | $ | 27.1 | $ | 30.9 | $ | 6.7 | $ | 180.7 | ||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA for the Three Months Ended June 30, 2026 and 2025
| (in millions) | Transportation | Terminalling & Storage | Sulfur Services | Specialty Products | Indirect SG&A | Interest Expense | 2Q2026 Actual | ||||||||||||||||
| Net income (loss) | $ | 5.1 | $ | 8.8 | $ | 4.4 | $ | 4.6 | $ | (5.8) | $ | (14.5) | $ | 2.6 | |||||||||
| Interest expense add back | – | – | – | – | – | $ | 14.5 | $ | 14.5 | ||||||||||||||
| Equity in loss of DSM Semichem LLC | – | – | – | – | $ | 0.3 | – | $ | 0.3 | ||||||||||||||
| Income tax expense | – | – | – | – | $ | 1.9 | – | $ | 1.9 | ||||||||||||||
| Operating Income (loss) | $ | 5.1 | $ | 8.8 | $ | 4.4 | $ | 4.6 | $ | (3.7) | $ | – | $ | 19.3 | |||||||||
| Depreciation and amortization | $ | 3.1 | $ | 5.1 | $ | 4.1 | $ | 0.7 | – | – | $ | 13.1 | |||||||||||
| Gain on sale or disposition of property, plant, and equipment | $ | (0.2) | (4.5) | – | – | – | – | $ | (4.7) | ||||||||||||||
| Non-cash contractual revenue deferral adjustment | – | – | $ | 0.2 | – | – | – | $ | 0.2 | ||||||||||||||
| Unit-based compensation | – | – | – | – | – | – | – | ||||||||||||||||
| Adjusted EBITDA | $ | 8.0 | $ | 9.5 | $ | 8.7 | $ | 5.4 | $ | (3.6) | $ | – | $ | 27.9 | |||||||||
| (in millions) | Transportation | Terminalling & Storage | Sulfur Services | Specialty Products | Indirect SG&A | Interest Expense | 2Q2025 Actual | ||||||||||||||||
| Net income (loss) | $ | 6.2 | $ | 3.0 | $ | 6.0 | $ | 3.6 | $ | (6.6) | $ | (14.6) | $ | (2.4) | |||||||||
| Interest expense add back | – | – | – | – | – | $ | 14.6 | $ | 14.6 | ||||||||||||||
| Equity in loss of DSM Semichem LLC | – | – | – | – | $ | 0.6 | – | $ | 0.6 | ||||||||||||||
| Income tax expense | – | – | – | – | $ | 2.1 | – | $ | 2.1 | ||||||||||||||
| Operating Income (loss) | $ | 6.2 | $ | 3.0 | $ | 6.0 | $ | 3.6 | $ | (3.9) | $ | – | $ | 14.9 | |||||||||
| Depreciation and amortization | $ | 2.9 | $ | 5.4 | $ | 3.6 | $ | 0.8 | – | – | $ | 12.6 | |||||||||||
| Gain on sale or disposition of property, plant, and equipment | $ | (0.6) | – | – | – | – | – | $ | (0.6) | ||||||||||||||
| Non-cash contractual revenue deferral adjustment | – | – | $ | 0.2 | – | – | – | $ | 0.2 | ||||||||||||||
| Unit-based compensation | – | – | – | – | – | – | – | ||||||||||||||||
| Adjusted EBITDA | $ | 8.5 | $ | 8.4 | $ | 9.7 | $ | 4.4 | $ | (3.9) | $ | – | $ | 27.1 | |||||||||
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 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 second quarter of 2026 to the Partnership's Adjusted EBITDA for the second quarter of 2025.
CAPITALIZATION
| June 30, 2026 | December 31, 2025 | ||||||||||
| ($ in millions) | |||||||||||
| Debt Outstanding: | |||||||||||
Revolving Credit Facility, Due November 2027 1 | $ | 62.0 | $ | 39.0 | |||||||
| Finance lease obligations | — | 0.1 | |||||||||
| 11.50% Senior Secured Notes, Due February 2028 | 400.0 | 400.0 | |||||||||
| Total Debt Outstanding: | $ | 462.0 | $ | 439.1 | |||||||
| Summary Credit Metrics: | |||||||||||
| Revolving Credit Facility - Total Capacity | $ | 115.0 | $ | 130.0 | |||||||
| Revolving Credit Facility - Available Liquidity | $ | 48.3 | $ | 31.4 | |||||||
Total Adjusted Leverage Ratio 2 | 4.96x | 4.43x | |||||||||
Senior Leverage Ratio 2 | 0.67x | 0.39x | |||||||||
Interest Coverage Ratio 2 | 1.79x | 1.90x | |||||||||
1 The Partnership was in compliance with all debt covenants as of June 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 June 30, 2026. The distribution is payable on August 14, 2026, to common unitholders of record as of the close of business on August 7, 2026. The ex-dividend date for the cash distribution is August 7, 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 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 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 less cash received (plus cash paid) for closed commodity derivative positions included in Accumulated Other Comprehensive Income (Loss), plus changes in operating assets and liabilities which (provided) used cash, 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.
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)
| June 30, 2026 | December 31, 2025 | ||||||||||
| (Unaudited) | (Audited) | ||||||||||
| Assets | |||||||||||
| Cash | $ | 50 | $ | 49 | |||||||
Accounts and other receivables, less allowance for doubtful accounts of $287 and $310, respectively | 72,239 | 58,371 | |||||||||
| Inventories | 60,359 | 50,248 | |||||||||
| Due from affiliates | 17,189 | 8,942 | |||||||||
| Other current assets | 12,886 | 12,298 | |||||||||
| Total current assets | 162,723 | 129,908 | |||||||||
| Property, plant and equipment, at cost | 987,761 | 970,753 | |||||||||
| Accumulated depreciation | (700,048) | (681,527) | |||||||||
| Property, plant and equipment, net | 287,713 | 289,226 | |||||||||
| Goodwill | 16,671 | 16,671 | |||||||||
| Right-of-use assets | 63,470 | 69,938 | |||||||||
| Investment in DSM Semichem LLC | 5,637 | 6,198 | |||||||||
| Deferred income taxes, net | 8,488 | 9,026 | |||||||||
| Other assets, net | 2,731 | 1,451 | |||||||||
| Total assets | $ | 547,433 | $ | 522,418 | |||||||
| Liabilities and Partners’ Capital (Deficit) | |||||||||||
| Current installments of long-term debt and finance lease obligations | $ | 16 | $ | 15 | |||||||
| Trade and other accounts payable | 70,383 | 57,814 | |||||||||
| Product exchange payables | — | 169 | |||||||||
| Due to affiliates | 11,774 | 13,286 | |||||||||
| Income taxes payable | 1,248 | 1,580 | |||||||||
| Other accrued liabilities | 50,905 | 51,279 | |||||||||
| Total current liabilities | 134,326 | 124,143 | |||||||||
| Long-term debt, net | 453,748 | 428,008 | |||||||||
| Finance lease obligations | 32 | 39 | |||||||||
| Operating lease liabilities | 40,609 | 48,353 | |||||||||
| Other long-term obligations | 8,931 | 7,670 | |||||||||
| Total liabilities | 637,646 | 608,213 | |||||||||
| Commitments and contingencies | |||||||||||
| Partners’ capital (deficit) | (90,213) | (85,795) | |||||||||
| Total liabilities and partners' capital (deficit) | $ | 547,433 | $ | 522,418 | |||||||
MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollars in thousands, except per unit amounts)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Terminalling and storage * | $ | 23,743 | $ | 22,404 | $ | 46,180 | $ | 43,953 | |||||||||||||||
| Transportation * | 56,639 | 53,826 | 109,446 | 106,811 | |||||||||||||||||||
| Sulfur services | 4,253 | 4,073 | 8,627 | 8,296 | |||||||||||||||||||
| Product sales: * | |||||||||||||||||||||||
| Specialty products | 83,148 | 60,318 | 144,754 | 129,623 | |||||||||||||||||||
| Sulfur services | 45,817 | 40,055 | 92,267 | 84,536 | |||||||||||||||||||
| 128,965 | 100,373 | 237,021 | 214,159 | ||||||||||||||||||||
| Total revenues | 213,600 | 180,676 | 401,274 | 373,219 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of products sold: (excluding depreciation and amortization) | |||||||||||||||||||||||
| Specialty products * | 73,907 | 52,270 | 126,821 | 112,764 | |||||||||||||||||||
| Sulfur services * | 33,682 | 26,234 | 70,267 | 55,316 | |||||||||||||||||||
| 107,589 | 78,504 | 197,088 | 168,080 | ||||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Operating expenses * | 68,947 | 64,382 | 135,753 | 128,836 | |||||||||||||||||||
| Selling, general and administrative * | 9,407 | 10,882 | 20,219 | 22,656 | |||||||||||||||||||
| Depreciation and amortization | 13,052 | 12,638 | 25,923 | 25,454 | |||||||||||||||||||
| Total costs and expenses | 198,995 | 166,406 | 378,983 | 345,026 | |||||||||||||||||||
| Gain on disposition or sale of property, plant and equipment | 4,653 | 613 | 4,986 | 1,092 | |||||||||||||||||||
| Operating income | 19,258 | 14,883 | 27,277 | 29,285 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest expense, net | (14,491) | (14,608) | (28,452) | (28,715) | |||||||||||||||||||
| Equity in loss of DSM Semichem LLC | (260) | (616) | (561) | (825) | |||||||||||||||||||
| Other, net | 15 | 18 | 16 | 16 | |||||||||||||||||||
| Total other expense | (14,736) | (15,206) | (28,997) | (29,524) | |||||||||||||||||||
| Net income (loss) before taxes | 4,522 | (323) | (1,720) | (239) | |||||||||||||||||||
| Income tax expense | (1,875) | (2,084) | (2,393) | (3,201) | |||||||||||||||||||
| Net income (loss) | 2,647 | (2,407) | (4,113) | (3,440) | |||||||||||||||||||
| Less general partner's interest in net income (loss) | 53 | (48) | (82) | (69) | |||||||||||||||||||
| Less income (loss) allocable to unvested restricted units | 12 | (10) | (14) | (14) | |||||||||||||||||||
| Limited partners' interest in net income (loss) | $ | 2,582 | $ | (2,349) | $ | (4,017) | $ | (3,357) | |||||||||||||||
| Net income (loss) per unit attributable to limited partners - basic and diluted | $ | 0.07 | $ | (0.06) | $ | (0.10) | $ | (0.09) | |||||||||||||||
| Weighted average limited partner units - basic and diluted | 38,955,432 | 38,892,347 | 38,953,569 | 38,887,692 | |||||||||||||||||||
*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 | Six Months Ended | ||||||||||||||||||||||
| June 30, | June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues:* | |||||||||||||||||||||||
| Terminalling and storage | $ | 18,982 | $ | 18,221 | $ | 37,738 | $ | 35,483 | |||||||||||||||
| Transportation | 7,883 | 7,320 | 15,926 | 15,290 | |||||||||||||||||||
| Product Sales | 817 | 1,040 | 1,800 | 2,340 | |||||||||||||||||||
| Costs and expenses:* | |||||||||||||||||||||||
| Cost of products sold: (excluding depreciation and amortization) | |||||||||||||||||||||||
| Specialty products | 10,137 | 7,277 | 18,067 | 13,287 | |||||||||||||||||||
| Sulfur services | 3,318 | 3,187 | 6,606 | 6,308 | |||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Operating expenses | 27,286 | 27,823 | 54,582 | 55,388 | |||||||||||||||||||
| Selling, general and administrative | 7,753 | 8,135 | 16,020 | 16,027 | |||||||||||||||||||
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 - March 31, 2026 | 39,124,686 | $ | (93,697) | $ | 988 | $ | (92,709) | |||||||||||||||||||
| Net income | — | 2,594 | 53 | 2,647 | ||||||||||||||||||||||
| Cash distributions | — | (196) | (4) | (200) | ||||||||||||||||||||||
| Unit-based compensation | — | 49 | — | 49 | ||||||||||||||||||||||
| Balances - June 30, 2026 | 39,124,686 | (91,250) | 1,037 | (90,213) | ||||||||||||||||||||||
| Balances - December 31, 2025 | 39,055,086 | $ | (86,922) | $ | 1,127 | $ | (85,795) | |||||||||||||||||||
| Net loss | — | (4,031) | (82) | (4,113) | ||||||||||||||||||||||
| Issuance of restricted units | 69,600 | — | — | — | ||||||||||||||||||||||
| Cash distributions | — | (391) | (8) | (399) | ||||||||||||||||||||||
| Unit-based compensation | — | 94 | — | 94 | ||||||||||||||||||||||
| Balances - June 30, 2026 | 39,124,686 | $ | (91,250) | $ | 1,037 | $ | (90,213) | |||||||||||||||||||
| Partners’ Capital (Deficit) | ||||||||||||||||||||||||||
| Common Limited | General Partner Amount | |||||||||||||||||||||||||
| Units | Amount | Total | ||||||||||||||||||||||||
| Balances - March 31, 2025 | 39,055,086 | $ | (73,041) | $ | 1,413 | $ | (71,628) | |||||||||||||||||||
| Net loss | — | (2,359) | (48) | (2,407) | ||||||||||||||||||||||
| Cash distributions | — | (195) | (4) | (199) | ||||||||||||||||||||||
| Unit-based compensation | — | 47 | — | 47 | ||||||||||||||||||||||
| Balances - June 30, 2025 | 39,055,086 | (75,548) | 1,361 | (74,187) | ||||||||||||||||||||||
| Balances - December 31, 2024 | 39,001,086 | $ | (71,877) | $ | 1,438 | $ | (70,439) | |||||||||||||||||||
| Net loss | — | (3,371) | (69) | (3,440) | ||||||||||||||||||||||
| Issuance of restricted units | 54,000 | — | — | — | ||||||||||||||||||||||
| Cash distributions | — | (390) | (8) | (398) | ||||||||||||||||||||||
| Unit-based compensation | — | 90 | — | 90 | ||||||||||||||||||||||
| Balances - June 30, 2025 | 39,055,086 | $ | (75,548) | $ | 1,361 | $ | (74,187) | |||||||||||||||||||
MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollars in thousands)
| Six Months Ended | |||||||||||
| June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (4,113) | $ | (3,440) | |||||||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||||
| Depreciation and amortization | 25,923 | 25,454 | |||||||||
| Amortization of deferred debt issuance costs | 1,671 | 1,556 | |||||||||
| Amortization of debt discount | 1,200 | 1,200 | |||||||||
| Deferred income tax expense (benefit) | 538 | (154) | |||||||||
| Gain on disposition or sale of property, plant and equipment, net | (4,986) | (1,092) | |||||||||
| Equity in loss of DSM Semichem LLC | 561 | 825 | |||||||||
| Non cash unit-based compensation | 94 | 90 | |||||||||
| Change in current assets and liabilities, excluding effects of acquisitions and dispositions: | |||||||||||
| Accounts and other receivables | (13,868) | (3,933) | |||||||||
| Inventories | (10,111) | 5,583 | |||||||||
| Due from affiliates | (8,247) | 4,891 | |||||||||
| Other current assets | 1,060 | (544) | |||||||||
| Trade and other accounts payable | 10,800 | (6,181) | |||||||||
| Product exchange payables | (169) | 145 | |||||||||
| Due to affiliates | (1,512) | (1,226) | |||||||||
| Income taxes payable | (332) | 849 | |||||||||
| Other accrued liabilities | (1,451) | (611) | |||||||||
| Change in other non-current assets and liabilities | 1,365 | 1,484 | |||||||||
| Net cash provided by (used in) operating activities | (1,577) | 24,896 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Payments for property, plant and equipment | (17,008) | (11,222) | |||||||||
| Payments for plant turnaround costs | (9,378) | (1,799) | |||||||||
| Proceeds from sale of property, plant and equipment | 5,500 | 1,092 | |||||||||
| Net cash used in investing activities | (20,886) | (11,929) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Payments of long-term debt | (116,500) | (121,500) | |||||||||
| Payments under finance lease obligations | (7) | (7) | |||||||||
| Proceeds from long-term debt | 139,500 | 109,000 | |||||||||
| Payment of debt issuance costs | (130) | (70) | |||||||||
| Cash distributions paid | (399) | (398) | |||||||||
| Net cash provided by (used in) financing activities | 22,464 | (12,975) | |||||||||
| Net increase (decrease) in cash | 1 | (8) | |||||||||
| Cash at beginning of period | 49 | 55 | |||||||||
| Cash at end of period | $ | 50 | $ | 47 | |||||||
| Non-cash additions to property, plant and equipment | $ | 4,631 | $ | 1,263 | |||||||
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 June 30, 2026 and 2025
| Three Months Ended June 30, | Variance | Percent Change | |||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Revenues | $ | 61,257 | $ | 57,701 | $ | 3,556 | 6 | % | |||||||||||||||
| Operating expenses | 50,899 | 46,399 | 4,500 | 10 | % | ||||||||||||||||||
| Selling, general and administrative expenses | 2,343 | 2,769 | (426) | (15) | % | ||||||||||||||||||
| Depreciation and amortization | 3,062 | 2,916 | 146 | 5 | % | ||||||||||||||||||
| 4,953 | 5,617 | (664) | (12) | % | |||||||||||||||||||
| Gain on disposition or sale of property, plant and equipment | 184 | 600 | (416) | (69) | % | ||||||||||||||||||
| Operating income | $ | 5,137 | $ | 6,217 | $ | (1,080) | (17) | % | |||||||||||||||
Comparative Results of Operations for the Six Months Ended June 30, 2026 and 2025
| Six Months Ended June 30, | Variance | Percent Change | |||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Revenues | $ | 118,060 | $ | 115,176 | $ | 2,884 | 3 | % | |||||||||||||||
| Operating expenses | 99,177 | 93,046 | 6,131 | 7 | % | ||||||||||||||||||
| Selling, general and administrative expenses | 4,910 | 5,637 | (727) | (13) | % | ||||||||||||||||||
| Depreciation and amortization | 6,100 | 5,848 | 252 | 4 | % | ||||||||||||||||||
| 7,873 | 10,645 | (2,772) | (26) | % | |||||||||||||||||||
| Gain on disposition or sale of property, plant and equipment | 501 | 1,078 | (577) | (54) | % | ||||||||||||||||||
| Operating income | $ | 8,374 | $ | 11,723 | $ | (3,349) | (29) | % | |||||||||||||||
Terminalling and Storage Segment
Comparative Results of Operations for the Three Months Ended June 30, 2026 and 2025
| Three Months Ended June 30, | Variance | Percent Change | |||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (In thousands, except BBL per day) | |||||||||||||||||||||||
| Revenues | $ | 25,719 | $ | 24,228 | $ | 1,491 | 6 | % | |||||||||||||||
| Operating expenses | 15,940 | 15,079 | 861 | 6 | % | ||||||||||||||||||
| Selling, general and administrative expenses | 298 | 746 | (448) | (60) | % | ||||||||||||||||||
| Depreciation and amortization | 5,125 | 5,411 | (286) | (5) | % | ||||||||||||||||||
| 4,356 | 2,992 | 1,364 | 46 | % | |||||||||||||||||||
| Gain on disposition or sale of property, plant and equipment | 4,450 | 8 | 4,442 | 55,525 | % | ||||||||||||||||||
| Operating income | $ | 8,806 | $ | 3,000 | $ | 5,806 | 194 | % | |||||||||||||||
| Shore-based throughput volumes (gallons) | 33,908 | 47,199 | (13,291) | (28) | % | ||||||||||||||||||
| Smackover refinery throughput volumes (guaranteed minimum BBL per day) | 6,500 | 6,500 | — | — | % | ||||||||||||||||||
Comparative Results of Operations for the Six Months Ended June 30, 2026 and 2025
| Six Months Ended June 30, | Variance | Percent Change | |||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (In thousands, except BBL per day) | |||||||||||||||||||||||
| Revenues | $ | 50,107 | $ | 47,642 | $ | 2,465 | 5 | % | |||||||||||||||
| Operating expenses | 32,199 | 29,892 | 2,307 | 8 | % | ||||||||||||||||||
| Selling, general and administrative expenses | 1,279 | 1,669 | (390) | (23) | % | ||||||||||||||||||
| Depreciation and amortization | 10,079 | 10,980 | (901) | (8) | % | ||||||||||||||||||
| 6,550 | 5,101 | 1,449 | 28 | % | |||||||||||||||||||
| Gain on disposition or sale of property, plant and equipment | 4,459 | 9 | 4,450 | 49,444 | % | ||||||||||||||||||
| Operating income | $ | 11,009 | $ | 5,110 | $ | 5,899 | 115 | % | |||||||||||||||
| Shore-based throughput volumes (gallons) | 68,355 | 85,690 | (17,335) | (20) | % | ||||||||||||||||||
| 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 June 30, 2026 and 2025
| Three Months Ended June 30, | Variance | Percent Change | |||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Services | $ | 4,253 | $ | 4,073 | $ | 180 | 4 | % | |||||||||||||||
| Products | 45,817 | 40,055 | 5,762 | 14 | % | ||||||||||||||||||
| Total revenues | 50,070 | 44,128 | 5,942 | 13 | % | ||||||||||||||||||
| Cost of products sold | 37,271 | 29,311 | 7,960 | 27 | % | ||||||||||||||||||
| Operating expenses | 2,923 | 3,655 | (732) | (20) | % | ||||||||||||||||||
| Selling, general and administrative expenses | 1,407 | 1,638 | (231) | (14) | % | ||||||||||||||||||
| Depreciation and amortization | 4,120 | 3,556 | 564 | 16 | % | ||||||||||||||||||
| 4,349 | 5,968 | (1,619) | (27) | % | |||||||||||||||||||
| Gain on disposition or sale of property, plant and equipment | 19 | 1 | 18 | 1,800 | % | ||||||||||||||||||
| Operating income | $ | 4,368 | $ | 5,969 | $ | (1,601) | (27) | % | |||||||||||||||
| Sulfur (long tons) | 100 | 144 | (44) | (31) | % | ||||||||||||||||||
| Fertilizer (long tons) | 61 | 73 | (12) | (16) | % | ||||||||||||||||||
| Total sulfur services volumes (long tons) | 161 | 217 | (56) | (26) | % | ||||||||||||||||||
Comparative Results of Operations for the Six Months Ended June 30, 2026 and 2025
| Six Months Ended June 30, | Variance | Percent Change | |||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Services | $ | 8,627 | $ | 8,296 | $ | 331 | 4 | % | |||||||||||||||
| Products | 92,267 | 84,536 | 7,731 | 9 | % | ||||||||||||||||||
| Total revenues | 100,894 | 92,832 | 8,062 | 9 | % | ||||||||||||||||||
| Cost of products sold | 76,710 | 61,313 | 15,397 | 25 | % | ||||||||||||||||||
| Operating expenses | 5,980 | 7,487 | (1,507) | (20) | % | ||||||||||||||||||
| Selling, general and administrative expenses | 3,087 | 3,235 | (148) | (5) | % | ||||||||||||||||||
| Depreciation and amortization | 8,247 | 7,113 | 1,134 | 16 | % | ||||||||||||||||||
| 6,870 | 13,684 | (6,814) | (50) | % | |||||||||||||||||||
| Gain on disposition or sale of property, plant and equipment | 25 | 1 | 24 | 2,400 | % | ||||||||||||||||||
| Operating income | $ | 6,895 | $ | 13,685 | $ | (6,790) | (50) | % | |||||||||||||||
| Sulfur (long tons) | 228 | 277 | (49) | (18) | % | ||||||||||||||||||
| Fertilizer (long tons) | 148 | 170 | (22) | (13) | % | ||||||||||||||||||
| Total sulfur services volumes (long tons) | 376 | 447 | (71) | (16) | % | ||||||||||||||||||
Specialty Products Segment
Comparative Results of Operations for the Three Months Ended June 30, 2026 and 2025
| Three Months Ended June 30, | Variance | Percent Change | |||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Products revenues | $ | 83,192 | $ | 60,341 | $ | 22,851 | 38 | % | |||||||||||||||
| Cost of products sold | 76,111 | 54,166 | 21,945 | 41 | % | ||||||||||||||||||
| Operating expenses | — | (31) | 31 | 100 | % | ||||||||||||||||||
| Selling, general and administrative expenses | 1,726 | 1,821 | (95) | (5) | % | ||||||||||||||||||
| Depreciation and amortization | 745 | 755 | (10) | (1) | % | ||||||||||||||||||
| 4,610 | 3,630 | 980 | 27 | % | |||||||||||||||||||
| Gain on disposition or sale of property, plant and equipment | — | 4 | (4) | (100) | % | ||||||||||||||||||
| Operating income | $ | 4,610 | $ | 3,634 | $ | 976 | 27 | % | |||||||||||||||
| NGL sales volumes (Bbls) | 605 | 572 | 33 | 6 | % | ||||||||||||||||||
| Other specialty products volumes (Bbls) | 107 | 89 | 18 | 20 | % | ||||||||||||||||||
| Total specialty products volumes (Bbls) | 712 | 661 | 51 | 8 | % | ||||||||||||||||||
Comparative Results of Operations for the Six Months Ended June 30, 2026 and 2025
| Six Months Ended June 30, | Variance | Percent Change | |||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Products revenues | $ | 144,819 | $ | 129,669 | $ | 15,150 | 12 | % | |||||||||||||||
| Cost of products sold | 131,321 | 117,211 | 14,110 | 12 | % | ||||||||||||||||||
| Selling, general and administrative expenses | 3,861 | 3,570 | 291 | 8 | % | ||||||||||||||||||
| Depreciation and amortization | 1,497 | 1,513 | (16) | (1) | % | ||||||||||||||||||
| 8,140 | 7,375 | 765 | 10 | % | |||||||||||||||||||
| Gain on disposition or sale of property, plant and equipment | 1 | 4 | (3) | (75) | % | ||||||||||||||||||
| Operating income | $ | 8,141 | $ | 7,379 | $ | 762 | 10 | % | |||||||||||||||
| NGL sales volumes (Bbls) | 1,198 | 1,236 | (38) | (3) | % | ||||||||||||||||||
| Other specialty products volumes (Bbls) | 204 | 170 | 34 | 20 | % | ||||||||||||||||||
| Total specialty products volumes (Bbls) | 1,402 | 1,406 | (4) | — | % | ||||||||||||||||||
Indirect Selling, General and Administrative Expenses
Comparative Results of Operations for the three and Six Months Ended June 30, 2026 and 2025
| Three Months Ended June 30, | Variance | Percent Change | Six Months Ended June 30, | Variance | Percent Change | ||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||||||||||||||
| (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
| Indirect selling, general and administrative expenses | $ | 3,663 | $ | 3,937 | $ | (274) | (7) | % | $ | 7,142 | $ | 8,612 | $ | (1,470) | (17) | % | |||||||||||||||||||||||||||||||
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 six months ended June 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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | (in thousands) | ||||||||||||||||||||||
| Net income (loss) | $ | 2,647 | $ | (2,407) | $ | (4,113) | $ | (3,440) | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Interest expense | 14,491 | 14,608 | 28,452 | 28,715 | |||||||||||||||||||
| Income tax expense | 1,875 | 2,084 | 2,393 | 3,201 | |||||||||||||||||||
| Depreciation and amortization | 13,052 | 12,638 | 25,923 | 25,454 | |||||||||||||||||||
| EBITDA | 32,065 | 26,923 | 52,655 | 53,930 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Gain on disposition or sale of property, plant and equipment | (4,653) | (613) | (4,986) | (1,092) | |||||||||||||||||||
| Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation | — | — | — | 827 | |||||||||||||||||||
| Equity in loss of DSM Semichem LLC | 260 | 616 | 561 | 825 | |||||||||||||||||||
| Non-cash contractual revenue adjustment | 197 | 175 | 372 | 396 | |||||||||||||||||||
| Unit-based compensation | 49 | 47 | 94 | 90 | |||||||||||||||||||
| Adjusted EBITDA | $ | 27,918 | $ | 27,148 | $ | 48,696 | $ | 54,976 | |||||||||||||||
Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in thousands) | (in thousands) | ||||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 12,200 | $ | 30,915 | $ | (1,577) | $ | 24,896 | |||||||||||||||
Interest expense 1 | 13,152 | 13,229 | 25,581 | 25,959 | |||||||||||||||||||
| Current income tax expense | 1,479 | 2,024 | 1,855 | 3,355 | |||||||||||||||||||
| Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation | — | — | — | 827 | |||||||||||||||||||
| Non-cash contractual revenue adjustment | 197 | 175 | 372 | 396 | |||||||||||||||||||
| Changes in operating assets and liabilities which (provided) used cash: | |||||||||||||||||||||||
| Accounts and other receivables, inventories, and other current assets | 14,450 | (6,570) | 31,166 | (5,997) | |||||||||||||||||||
| Trade, accounts and other payables, and other current liabilities | (13,202) | (12,013) | (7,336) | 7,024 | |||||||||||||||||||
| Other | (358) | (612) | (1,365) | (1,484) | |||||||||||||||||||
| Adjusted EBITDA | 27,918 | 27,148 | 48,696 | 54,976 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Interest expense | (14,491) | (14,608) | (28,452) | (28,715) | |||||||||||||||||||
| Income tax expense | (1,875) | (2,084) | (2,393) | (3,201) | |||||||||||||||||||
| Deferred income taxes | 396 | 60 | 538 | (154) | |||||||||||||||||||
| Amortization of debt discount | 600 | 600 | 1,200 | 1,200 | |||||||||||||||||||
| Amortization of deferred debt issuance costs | 739 | 779 | 1,671 | 1,556 | |||||||||||||||||||
| Payments for plant turnaround costs | (1,589) | (977) | (9,378) | (1,799) | |||||||||||||||||||
| Maintenance capital expenditures | (9,588) | (4,246) | (12,652) | (8,103) | |||||||||||||||||||
| Distributable Cash Flow | 2,110 | 6,672 | (770) | 15,760 | |||||||||||||||||||
| Principal payments under finance lease obligations | (3) | (3) | (7) | (7) | |||||||||||||||||||
| Expansion capital expenditures | (2,987) | (792) | (6,125) | (1,721) | |||||||||||||||||||
| Adjusted Free Cash Flow | $ | (880) | $ | 5,877 | $ | (6,902) | $ | 14,032 | |||||||||||||||
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.
July 22, 2026 Second Quarter 2026 Earnings Summary MARTIN MIDSTREAM PARTNERS Exhibit 99.2
MMLP 2Q 2026 Adjusted EBITDA Reconciliation & Comparison (in millions) Page 2 Terminalling & Storage 2Q25A 2Q26A Smackover Refinery $3.9 $3.8 Specialty Terminals $2.9 $3.0 Shore-Based Terminals $1.5 $1.6 Underground Storage $0.1 $1.1 Total Terminalling & Storage $8.4 $9.5 Specialty Products 2Q25A 2Q26A Lubricants $2.7 $4.1 Grease $1.2 $0.5 Propane $0.3 $0.4 Natural Gasoline $0.3 $0.4 Total Specialty Products $4.4 $5.4 Adjusted EBITDA* $31.0 $31.5 Unallocated SG&A $(3.9) $(3.6) Total Adjusted EBITDA $27.1 $27.9 Sulfur Services 2Q25A 2Q26A Fertilizer $6.0 $1.4 ELSA $0.7 $0.9 Sulfur $3.0 $6.4 Total Sulfur Services $9.7 $8.7 Transportation 2Q25A 2Q26A Land $5.5 $5.5 Marine $3.1 $2.5 Total Transportation $8.5 $8.0 Note: numbers may not add due to rounding *Pre-Unallocated SG&A Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense 2Q 2026 Actual Net income (loss) $5.1 $8.8 $4.4 $4.6 $(5.8) $(14.5) $2.6 Interest expense add back — — — — — $14.5 $14.5 Equity in loss of DSM Semichem LLC — — — — $0.3 — $0.3 Income tax expense — — — — $1.9 — $1.9 Operating income (loss) $5.1 $8.8 $4.4 $4.6 $(3.7) $— $19.3 Depreciation and amortization $3.1 $5.1 $4.1 $0.7 — — $13.1 Gain on sale or disposition of property, plant, and equipment $(0.2) $(4.5) — — — — $(4.7) Non-cash contractual revenue deferral adjustment — — $0.2 — — — $0.2 Unit-based compensation — — — — — — — Adjusted EBITDA $8.0 $9.5 $8.7 $5.4 $(3.6) $— $27.9
MMLP 2Q 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 2Q 2025 Actual Net income (loss) $6.2 $3.0 $6.0 $3.6 $(6.6) $(14.6) $(2.4) Interest expense add back — — — — — $14.6 $14.6 Equity in loss of DSM Semichem LLC — — — — $0.6 — $0.6 Income tax expense — — — — $2.1 — $2.1 Operating income (loss) $6.2 $3.0 $6.0 $3.6 $(3.9) $— $14.9 Depreciation and amortization $2.9 $5.4 $3.6 $0.8 — — $12.6 Gain on sale or disposition of property, plant, and equipment $(0.6) — — — — — $(0.6) Non-cash contractual revenue deferral adjustment — — $0.2 — — — $0.2 Unit-based compensation — — — — — — $— Adjusted EBITDA $8.5 $8.4 $9.7 $4.4 $(3.9) $— $27.1
MMLP YTD 2Q 2026 Adjusted EBITDA Reconciliation & Comparison (in millions) Page 4 Terminalling & Storage YTD 25A YTD 26A Smackover Refinery $8.0 $7.5 Specialty Terminals $5.4 $5.1 Shore-Based Terminals $2.9 $2.8 Underground Storage $(0.3) $1.2 Total Terminalling & Storage $16.1 $16.6 Specialty Products YTD 25A YTD 26A Lubricants $4.2 $6.6 Grease $2.6 $0.9 Propane $1.5 $1.3 Natural Gasoline $0.6 $0.9 Total Specialty Products $8.9 $9.7 Adjusted EBITDA* $62.7 $55.7 Unallocated SG&A $(7.7) $(7.0) Total Adjusted EBITDA $55.0 $48.7 Sulfur Services YTD 25A YTD 26A Fertilizer $13.0 $3.0 ELSA $1.6 $1.7 Sulfur $6.6 $10.7 Total Sulfur Services $21.2 $15.5 Transportation YTD 25A YTD 26A Land $10.5 $9.7 Marine $6.0 $4.3 Total Transportation $16.5 $14.0 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) $8.4 $11.0 $6.9 $8.1 $(10.1) $(28.5) $(4.1) Interest expense add back — — — — — $28.5 $28.5 Equity in loss of DSM Semichem LLC — — — — $0.6 — $0.6 Income tax expense — — — — $2.4 — $2.4 Operating income (loss) $8.4 $11.0 $6.9 $8.1 $(7.1) $— $27.3 Depreciation and amortization $6.1 $10.1 $8.2 $1.5 — — $25.9 Gain on sale or disposition of property, plant, and equipment $(0.5) $(4.5) — — — — $(5.0) Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation — — — — — — $— Non-cash contractual revenue deferral adjustment — — $0.4 — — — $0.4 Unit-based compensation — — — — $0.1 — $0.1 Adjusted EBITDA $14.0 $16.6 $15.5 $9.7 $(7.0) $— $48.7
MMLP YTD 2Q 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 2Q 2025 Actual Net income (loss) $11.7 $5.1 $13.7 $7.4 $(12.6) $(28.7) $(3.4) Interest expense add back — — — — — $28.7 $28.7 Equity in loss of DSM Semichem LLC — — — — $0.8 — $0.8 Income tax expense — — — — $3.2 — $3.2 Operating income (loss) $11.7 $5.1 $13.7 $7.4 $(8.6) $— $29.3 Depreciation and amortization $5.8 $11.0 $7.1 $1.5 — — $25.5 Gain on sale or disposition of property, plant, and equipment $(1.1) — — — — — $(1.1) Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation — — — — $0.8 — $0.8 Non-cash contractual revenue deferral adjustment — — $0.4 — — — $0.4 Unit-based compensation — — — — $0.1 — $0.1 Adjusted EBITDA $16.5 $16.1 $21.2 $8.9 $(7.7) $— $55.0
Page 6 Note: numbers may not add due to rounding *Pre-Unallocated SG&A ** Expansion capital expenditures at June 30, 2026 do not include a capital recovery fee of approximately $3.1 million. MMLP Full-Year 2026E Revised Guidance (in millions) Actuals - Six Months Ended June 30, 2026 (Unaudited) Revised Guidance Year Ending December 31, 2026 (Unaudited) Adjusted EBITDA by segment: Transportation Segment $14.0 $28.2 Terminalling and Storage Segment $16.6 $31.6 Sulfur Services Segment $15.5 $27.0 Specialty Products Segment $9.7 $17.6 Total segment adjusted EBITDA * $55.7 $104.4 Unallocated SG&A $(7.0) $(14.4) Total adjusted EBITDA $48.7 $90.0 Maintenance capital expenditures and plant turnaround costs: Maintenance capital expenditures $(12.7) $(16.7) Plant turnaround costs $(9.4) $(11.0) Total maintenance capital expenditures and plant turnaround costs $(22.0) $(27.7) Interest expense, net of amortization of deferred debt issuance costs and discount on notes payable $(25.6) $(51.1) Income taxes, net of deferred $(1.9) $(2.9) Total distributable cash flow $(0.8) $8.3 Expansion capital expenditures** $(6.1) $(4.3) Principal payments under finance lease obligations $— $— Total adjusted free cash flow $(6.9) $4.0
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