Martin Midstream Partners Reports Second Quarter 2026 Financial Results and Declares Quarterly Cash Distribution

View all news Martin Midstream Partners Reports Second Quarter 2026 Financial Results and Declares Quarterly Cash Distribution 07/22/2026 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 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 20271 $ 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 Ratio2 4.96x 4.43x Senior Leverage Ratio2 0.67x 0.39x Interest Coverage Ratio2 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; andour 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. 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 expense1 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. Investor Contacts: [email protected] (877) 256-6644 Danny Cavin - Director, FP&A and Investor Relations Source: Martin Midstream Partners L.P. Multimedia Files: View all news