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--(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.

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.