KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) today announced it has declared a quarterly cash distribution of $0.005 per unit for the quarter ended December 31, 2025. The distribution is payable on February 13, 2026, to common unitholders of record as of the close of business on February 6, 2026. The ex-dividend date for the cash distribution is February 6, 2026. MMLP also announced that it will report its financial results for the fourth quarter of 2025 and re. ...

KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) today announced the retirement of Johnnie Murry, Senior Vice President, Land Transportation, effective December 31, 2025. Concurrently, the company is pleased to announce the promotion of John Scott to the role of Vice President, Land Transportation, effective January 1, 2026. Mr. Murry is stepping down after an extraordinary 49-year career in the industry, including 38 years with the Martin companies. He began his t. ...

Core Insights - Martin Midstream Partners L.P. announced the retirement of William "Jeff" Posey, Vice President of Fertilizer, effective December 31, 2025, with Michael W. Lawrence set to take over the fertilizer division [1][2][3] Group 1: Leadership Transition - William "Jeff" Posey has over two decades of service at Martin Midstream Partners, starting as Fertilizer Sales Manager in December 1999 and rising to Vice President of Fertilizer in June 2019 [2] - Michael W. Lawrence, currently Senior Vice President – Sulfur Services, will consolidate the sulfur and sulfur-based fertilizer operations under his leadership following Posey's retirement [1][4] Group 2: Michael W. Lawrence's Background - Michael W. Lawrence joined Martin in July 2008 as General Manager of the Sulfur Services division after nearly 10 years at Koch Industries [4] - He has held various leadership roles within The Sulphur Institute, including Vice Chair and Chair, and has been on the Board of Directors since 2009 [5] Group 3: Strategic Implications - The organizational alignment under Lawrence is expected to leverage technical and operational synergies between the sulfur and fertilizer divisions, positioning the core segment for continued success [6]

Group 1 - Martin Midstream Partners L.P. will participate in the Wells Fargo 24th Annual Energy and Power Symposium on December 9, 2025, in New York City [1] - The latest investor presentation is available on the Martin Midstream Partners website under the Investor Relations tab [1] Group 2 - Martin Midstream Partners L.P. is a publicly traded limited partnership based in Kilgore, Texas, with operations primarily in the Gulf Coast region of the United States [2] - The company's primary business lines include terminalling, processing, and storage services for petroleum products; transportation services for petroleum products and chemicals; processing and distribution of sulfur and sulfur-based products; and marketing and transportation services for natural gas liquids [2]

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated and condensed financial statements of Martin Midstream Partners L.P. for the periods ended September 30, 2025, and December 31, 2024, including balance sheets, statements of operations, capital (deficit), and cash flows, along with detailed notes explaining accounting policies, revenue disaggregation, debt, leases, related party transactions, segment performance, and other financial disclosures [Consolidated and Condensed Balance Sheets](index=4&type=section&id=Consolidated%20and%20Condensed%20Balance%20Sheets) | Metric | September 30, 2025 (Unaudited) (in thousands) | December 31, 2024 (Audited) (in thousands) | | :--------------------------------- | :------------------------------------ | :--------------------------------- | | Total Assets | $510,122 | $538,509 | | Total Liabilities | $592,855 | $608,948 | | Partners' Capital (Deficit) | $(82,733) | $(70,439) | - **Total assets** decreased by **$28,387 thousand** (5.3%) from December 31, 2024, to September 30, 2025. **Total liabilities** decreased by **$16,093 thousand** (2.6%) over the same period. **Partners' capital (deficit)** worsened by **$12,294 thousand** (17.5%) from December 31, 2024, to September 30, 2025[14](index=14&type=chunk) [Consolidated and Condensed Statements of Operations](index=5&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Operations) | Metric (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Total Revenues | $168,717 | $170,934 | $541,936 | $536,295 | | Operating Income | $6,894 | $12,651 | $36,179 | $50,473 | | Net Income (Loss) | $(8,412) | $(3,319) | $(11,852) | $3,734 | | Net Income (Loss) per unit attributable to limited partners - basic and diluted | $(0.21) | $(0.08) | $(0.30) | $0.09 | - For the three months ended September 30, 2025, **total revenues** decreased by **1.3% YoY**, **operating income** decreased by **45.5% YoY**, and **net loss** widened by **153.4% YoY**. For the nine months ended September 30, 2025, **total revenues** increased by **1.0% YoY**, **operating income** decreased by **28.3% YoY**, and the company reported a **net loss of $11,852 thousand** compared to a **net income of $3,734 thousand** in the prior year[16](index=16&type=chunk) [Consolidated and Condensed Statements of Capital (Deficit)](index=7&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Capital%20(Deficit)) | Metric (in thousands) | Balances - December 31, 2024 | Net loss (9 months) | Cash distributions (9 months) | Unit-based compensation (9 months) | Balances - September 30, 2025 | | :-------------------- | :--------------------------- | :------------------ | :---------------------------- | :--------------------------------- | :---------------------------- | | Total Partners' Capital (Deficit) | $(70,439) | $(11,852) | $(598) | $156 | $(82,733) | - **Partners' Capital (Deficit)** decreased from **$(70,439) thousand** at December 31, 2024, to **$(82,733) thousand** at September 30, 2025, primarily due to a **net loss of $11,852 thousand** and **cash distributions of $598 thousand**, partially offset by unit-based compensation[20](index=20&type=chunk) [Consolidated and Condensed Statements of Cash Flows](index=8&type=section&id=Consolidated%20and%20Condensed%20Statements%20of%20Cash%20Flows) | Cash Flow Activity (in thousands) | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :-------------------------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $23,683 | $6,184 | | Net cash used in investing activities | $(22,405) | $(49,642) | | Net cash provided by (used in) financing activities | $(1,284) | $43,460 | | Net increase (decrease) in cash | $(6) | $2 | - **Net cash provided by operating activities** significantly increased by **283%** to **$23,683 thousand** for the nine months ended September 30, 2025, compared to **$6,184 thousand** in the prior year. **Net cash used in investing activities** decreased by **55%** to **$(22,405) thousand**, while **net cash from financing activities** shifted from a **$43,460 thousand** inflow to a **$(1,284) thousand** outflow[23](index=23&type=chunk) [Notes to Consolidated and Condensed Financial Statements](index=9&type=section&id=Notes%20to%20Consolidated%20and%20Condensed%20Financial%20Statements) [NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION](index=9&type=section&id=NOTE%201.%20NATURE%20OF%20OPERATIONS%20AND%20BASIS%20OF%20PRESENTATION) The Partnership is a publicly traded limited partnership primarily operating in the U.S. Gulf Coast region, with four main business lines: terminalling, processing, and storage; land and marine transportation; sulfur and sulfur-based products; and NGL marketing/distribution and specialty lubricants/grease services. The financial statements are unaudited and prepared in accordance with U.S. GAAP for interim reporting - The Partnership's four primary business lines are: terminalling, processing, and storage services; land and marine transportation services; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marketing, distribution, and transportation services for natural gas liquids (NGL) and blending and packaging services for specialty lubricants and grease[24](index=24&type=chunk) - The unaudited consolidated and condensed financial statements are prepared in accordance with U.S. GAAP for interim financial reporting, with all necessary adjustments made for fair presentation[25](index=25&type=chunk) [NOTE 2. NEW ACCOUNTING PRONOUNCEMENTS](index=9&type=section&id=NOTE%202.%20NEW%20ACCOUNTING%20PRONOUNCEMENTS) The Partnership adopted ASU 2023-07, which enhances segment reporting disclosures, and plans to adopt ASU 2023-09, requiring disaggregated income tax information, for annual reporting periods beginning after December 15, 2024 - The Partnership adopted **ASU 2023-07** (Segment Reporting) in compliance with required adoption guidelines, which mandates enhanced disclosures about significant segment expenses[27](index=27&type=chunk) - **ASU 2023-09** (Improvements to Income Tax Disclosures) is effective for annual reporting periods beginning after December 15, 2024, and will require disaggregated information about effective tax rate reconciliation and income taxes paid[28](index=28&type=chunk) [NOTE 3. REVENUE](index=10&type=section&id=NOTE%203.%20REVENUE) Revenue is disaggregated by the Partnership's four major segments: Terminalling and Storage, Transportation, Sulfur Services, and Specialty Products, with specific recognition policies for each. The Partnership also discloses estimated future minimum revenue from unsatisfied performance obligations, totaling $406,863 thousand, with a significant portion from Terminalling and Storage | Segment (in thousands) | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :--------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Terminalling and storage | $23,930 | $22,562 | $67,883 | $67,454 | | Transportation | $49,709 | $56,506 | $156,520 | $172,489 | | Sulfur services | $32,635 | $24,660 | $125,467 | $95,533 | | Specialty products | $62,443 | $67,206 | $192,066 | $200,819 | | Total revenues | $168,717 | $170,934 | $541,936 | $536,295 | | Future Minimum Revenue (in thousands) | 2025 | 2026 | 2027 | 2028 | 2029 | Thereafter | Total | | :------------------------------------ | :------ | :------ | :------ | :------ | :------ | :--------- | :-------- | | Terminalling and storage | $11,237 | $46,117 | $47,500 | $4

Core Viewpoint - Martin Midstream Partners reported an expanded loss in Q3 and withdrew its earnings guidance due to weaker-than-expected lubricants performance and a sharp decline in barge utilization [1][2] Financial Performance - Revenue for Martin Midstream was $168.72 million, a year-over-year decrease of 1.3% [1] - The net loss per share widened from $0.08 in the same quarter last year to $0.21 [1] - Adjusted core profit fell by 23% to $19.3 million [1] Business Segment Analysis - The specialty products segment, particularly the lubricants business, continued to underperform, with sales volumes falling short of expectations [1] - Despite recent signs of improvement, weak sales have made previous guidance for this business unlikely to be met [1] - The lubricants business performance was slightly below expectations, but the company anticipates improved performance in the next quarter as the lubricants market adjusts to the exit of a major competitor in South Louisiana [1] - The sulfur services business faced mild resistance in sales due to the resumption of operations at fertilizer plants after scheduled maintenance [1] - The inland barge fuel transportation demand in the marine transportation business saw a significant decline, which was unexpected at the start of the quarter [1][2] Management Commentary - The President and CEO of Martin Midstream, Bob Bondurant, indicated that refineries' preference for lighter crude types has significantly reduced barge utilization, shifting transportation demand from barges to pipelines [2] - Given the challenging operating environment, the company withdrew its 2025 earnings guidance due to the current weak demand affecting inland barge utilization [2]

[Executive Summary & Q3 2025 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q3%202025%20Highlights) Martin Midstream Partners reported Q3 2025 adjusted EBITDA below projections, withdrew full-year guidance, and saw its leverage ratio increase [Q3 2025 Performance Overview](index=1&type=section&id=Q3%202025%20Performance%20Overview) Martin Midstream Partners reported Q3 2025 adjusted EBITDA of $19.3 million, which was below internal projections, primarily due to weaker performance in marine and grease businesses. The Partnership is withdrawing its full-year 2025 guidance due to demand softness in inland barge fuel transportation and an increased adjusted leverage ratio to 4.63x, though it remains compliant with debt covenants - Adjusted EBITDA for Q3 2025 was **$19.3 million**, falling below internal projections due to weaker performance in marine and grease businesses[2](index=2&type=chunk) - The Partnership is withdrawing its full-year 2025 guidance amid current demand softness impacting inland barge utilization in the Transportation segment[2](index=2&type=chunk)[22](index=22&type=chunk) - The adjusted leverage ratio increased to **4.63 times** as of September 30, 2025, up from **4.20 times** on June 30, 2025, though the Partnership remained in compliance with all debt covenants[2](index=2&type=chunk) [Key Financial Highlights](index=1&type=section&id=Key%20Financial%20Highlights) For the three months ended September 30, 2025, Martin Midstream Partners reported a net loss of $8.4 million and adjusted EBITDA of $19.3 million. The Partnership also declared a quarterly cash distribution of $0.005 per common unit - Net loss of **$8.4 million** for the three months ended September 30, 2025[3](index=3&type=chunk) - Adjusted EBITDA of **$19.3 million** for the three months ended September 30, 2025[3](index=3&type=chunk) - Declared a quarterly cash distribution of **$0.005 per common unit**[3](index=3&type=chunk)[24](index=24&type=chunk) [Operating Results by Business Segment](index=2&type=section&id=Operating%20Results%20by%20Business%20Segment) This section provides a detailed breakdown of operating income and Adjusted EBITDA across the Transportation, Terminalling and Storage, Sulfur Services, and Specialty Products segments [Segment Performance Summary](index=2&type=section&id=Segment%20Performance%20Summary) Overall Adjusted EBITDA for Q3 2025 decreased to $19.3 million from $25.1 million in Q3 2024. The Transportation and Specialty Products segments experienced declines, while Terminalling and Storage showed an increase, and Sulfur Services saw a modest decrease | Business Segment | Operating Income (Loss) (Millions of USD) 2025 | Operating Income (Loss) (Millions of USD) 2024 | Adjusted EBITDA (Millions of USD) 2025 | Adjusted EBITDA (Millions of USD) 2024 | | :----------------- | :--------------------------------------------- | :--------------------------------------------- | :------------------------------------- | :------------------------------------- | | Transportation | $2.8 | $8.6 | $5.3 | $11.6 | | Terminalling and Storage | $4.6 | $2.7 | $9.7 | $8.4 | | Sulfur Services | $0.2 | $1.3 | $3.9 | $4.2 | | Specialty Products | $3.2 | $3.9 | $3.9 | $4.6 | | Indirect Selling, General and Administrative Expenses | $(3.9) | $(3.7) | $(3.6) | $(3.7) | | **Total** | **$6.9** | **$12.7** | **$19.3** | **$25.1** | [Transportation Segment](index=2&type=section&id=Transportation%20Segment) The Transportation segment experienced a significant decline in Q3 2025, with Adjusted EBITDA decreasing by $6.3 million (54.3%) year-over-year, primarily due to reduced demand for inland barge fuel transportation and lower day rates in the marine division, and lower miles and rates in the land division - Adjusted EBITDA for the Transportation segment decreased by **$6.3 million (54.3%)** to **$5.3 million** in Q3 2025 from **$11.6 million** in Q3 2024[4](index=4&type=chunk)[6](index=6&type=chunk) - The marine division's Adjusted EBITDA decreased by **$5.0 million** due to reduced demand for inland barge fuel transportation and lower day rates[6](index=6&type=chunk) - Operating income for the Transportation segment decreased by **$5.795 million (68%)** to **$2.788 million** in Q3 2025 from **$8.583 million** in Q3 2024[51](index=51&type=chunk) [Terminalling and Storage Segment](index=2&type=section&id=Terminalling%20and%20Storage%20Segment) The Terminalling and Storage segment showed improved performance in Q3 2025, with Adjusted EBITDA increasing by $1.3 million (15.5%) year-over-year, driven by increased storage and throughput volumes in the underground NGL storage division. However, operating income saw a decline - Adjusted EBITDA for the Terminalling and Storage segment increased by **$1.3 million (15.5%)** to **$9.7 million** in Q3 2025 from **$8.4 million** in Q3 2024[4](index=4&type=chunk)[7](index=7&type=chunk) - The increase was primarily due to a **$1.4 million** rise in Adjusted EBITDA in the underground NGL storage division, driven by increased storage and throughput volumes[7](index=7&type=chunk) - Operating income decreased by **$1.902 million (71%)** to **$2.675 million** in Q3 2025 from **$4.577 million** in Q3 2024[53](index=53&type=chunk) [Sulfur Services Segment](index=2&type=section&id=Sulfur%20Services%20Segment) The Sulfur Services segment experienced a slight decrease in Adjusted EBITDA by $0.3 million (7.1%) in Q3 2025, primarily due to reduced sales volume in the pure sulfur and sulfur prilling businesses, despite an increase in the fertilizer division - Adjusted EBITDA for the Sulfur Services segment decreased by **$0.3 million (7.1%)** to **$3.9 million** in Q3 2025 from **$4.2 million** in Q3 2024[4](index=4&type=chunk)[8](index=8&type=chunk) - The fertilizer division's Adjusted EBITDA increased by **$1.0 million** due to reservation fees and higher sales volume, while pure sulfur and sulfur prilling businesses saw decreases[8](index=8&type=chunk) - Operating income decreased by **$1.059 million (84%)** to **$0.195 million** in Q3 2025 from **$1.254 million** in Q3 2024[54](index=54&type=chunk) [Specialty Products Segment](index=2&type=section&id=Specialty%20Products%20Segment) The Specialty Products segment's Adjusted EBITDA decreased by $0.7 million (15.2%) in Q3 2025, mainly due to lower margins from a higher mix of lower-margin product sales in the grease division, despite a slight increase in lubricants - Adjusted EBITDA for the Specialty Products segment decreased by **$0.7 million (15.2%)** to **$3.9 million** in Q3 2025 from **$4.6 million** in Q3 2024[4](index=4&type=chunk)[9](index=9&type=chunk) - The grease division's Adjusted EBITDA decreased by **$0.9 million**, primarily due to lower margins associated with a higher mix of lower-margin product sales[9](index=9&type=chunk) - Operating income decreased by **$0.680 million (18%)** to **$3.201 million** in Q3 2025 from **$3.881 million** in Q3 2024[56](index=56&type=chunk) [Indirect Selling, General and Administrative Expenses](index=2&type=section&id=Indirect%20Selling%2C%20General%20and%20Administrative%20Expenses) Indirect selling, general, and administrative expenses decreased by $0.1 million in Q3 2025, primarily due to lower professional fees - Indirect selling, general, and administrative expenses decreased by **$0.1 million** in Q3 2025, primarily due to lower professional fees[10](index=10&type=chunk) Indirect Selling, General and Administrative Expenses | Period | 2025 (Thousands of USD) | 2024 (Thousands of USD) | Variance | Percent Change | | :----- | :---------------------- | :---------------------- | :------- | :------------- | | 3 Months Ended Sep 30 | $3,860 | $3,742 | $118 | 3% | | 9 Months Ended Sep 30 | $12,472 | $11,397 | $1,075 | 9% | [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section provides an overview of the Partnership's consolidated balance sheets, statements of operations, capital, and cash flows for the reported periods [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2025, total assets decreased to $510.1 million from $538.5 million at December 31, 2024. Total liabilities also decreased, while partners' capital (deficit) widened Consolidated Balance Sheets | Metric | Sep 30, 2025 (Thousands of USD) | Dec 31, 2024 (Thousands of USD) | | :---------------------------------- | :------------------------------ | :------------------------------ | | Total current assets | $117,317 | $130,479 | | Property, plant and equipment, net | $291,771 | $305,450 | | Total assets | $510,122 | $538,509 | | Total current liabilities | $97,617 | $115,501 | | Long-term debt, net | $441,292 | $437,635 | | Total liabilities | $592,855 | $608,948 | | Partners' capital (deficit) | $(82,733) | $(70,439) | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended September 30, 2025, the Partnership reported a net loss of $8.4 million, a significant increase from the $3.3 million net loss in the prior year period. Total revenues slightly decreased, while total costs and expenses increased Consolidated Statements of Operations | Metric | 3 Months 2025 (Thousands of USD) | 3 Months 2024 (Thousands of USD) | 9 Months 2025 (Thousands of USD) | 9 Months 2024 (Thousands of USD) | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Total revenues | $168,717 | $170,934 | $541,936 | $536,295 | | Total costs and expenses | $162,218 | $158,442 | $507,244 | $487,142 | | Operating income | $6,894 | $12,651 | $36,179 | $50,473 | | Net income (loss) | $(8,412) | $(3,319) | $(11,852) | $3,734 | | Net income (loss) per unit | $(0.21) | $(0.08) | $(0.30) | $0.09 | [Consolidated Statements of Capital (Deficit)](index=11&type=section&id=Consolidated%20Statements%20of%20Capital%20%28Deficit%29) The Partners' Capital (Deficit) for common limited units widened to $(83,922) thousand as of September 30, 2025, from $(71,877) thousand at December 31, 2024, primarily due to net losses and cash distributions Consolidated Statements of Capital (Deficit) | Metric | Sep 30, 2025 (Thousands of USD) | Dec 31, 2024 (Thousands of USD) | | :-------------------------- | :------------------------------ | :------------------------------ | | Common Limited Units Amount | $(83,922) | $(71,877) | | General Partner Amount | $1,189 | $1,438 | | Total Partners' Capital (Deficit) | $(82,733) | $(70,439) | - The net loss of **$(8,244) thousand** for the three months ended September 30, 2025, contributed to the widening deficit[45](index=45&type=chunk) [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2025, net cash provided by operating activities significantly increased to $23.7 million from $6.2 million in the prior year period. However, net cash used in investing activities decreased, and net cash used in financing activities shifted from a net cash provided in 2024 to a net cash used in 2025 Consolidated Statements of Cash Flows | Metric | 9 Months 2025 (Thousands of USD) | 9 Months 2024 (Thousands of USD) | | :------------------------------------ | :------------------------------- | :------------------------------- | | Net cash provided by operating activities | $23,683 | $6,184 | | Net cash used in investing activities | $(22,405) | $(49,642) | | Net cash provided by (used in) financing activities | $(1,284) | $43,460 | | Net increase (decrease) in cash | $(6) | $2 | [Capitalization, Guidance & Distributions](index=4&type=section&id=Capitalization%2C%20Guidance%20%26%20Distributions) This section details the Partnership's capitalization, credit metrics, the withdrawal of 2025 guidance, and quarterly cash distribution information [Capitalization and Credit Metrics](index=4&type=section&id=Capitalization%20and%20Credit%20Metrics) Total debt outstanding remained stable at $453.6 million as of September 30, 2025. However, the total adjusted leverage ratio increased to 4.63x from 3.96x at December 31, 2024, while the interest coverage ratio declined. The Partnership remained in compliance with all debt covenants Capitalization and Credit Metrics | Metric | Sep 30, 2025 (Millions of USD) | Dec 31, 2024 (Millions of USD) | | :---------------------------------- | :----------------------------- | :----------------------------- | | Total Debt Outstanding | $453.6 million | $453.6 million | | Revolving Credit Facility - Available Liquidity | $11.4 million | $80.7 million | | Total Adjusted Leverage Ratio | 4.63x | 3.96x | | Senior Leverage Ratio | 0.55x | 0.47x | | Interest Coverage Ratio | 1.85x | 2.14x | - The Partnership was in compliance with all debt covenants as of September 30, 2025, and December 31, 2024[20](index=20&type=chunk) [Withdrawal of 2025 Guidance](index=4&type=section&id=Withdrawal%20of%202025%20Guidance) Martin Midstream Partners has withdrawn its previously issued full-year 2025 guidance for Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow. This decision was made due to significant uncertainty in the Transportation segment, specifically related to demand softness for inland barge fuel transportation - The Partnership is withdrawing its previously issued 2025 guidance, including Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow[22](index=22&type=chunk) - The withdrawal is due to uncertainty in the Transportation segment related to demand softness for inland barge fuel transportation[22](index=22&type=chunk) - New guidance will not be provided until there is greater visibility into the factors impacting demand in this segment[2](index=2&type=chunk) [Quarterly Cash Distribution](index=5&type=section&id=Quarterly%20Cash%20Distribution) The Partnership declared a quarterly cash distribution of $0.005 per unit for the quarter ended September 30, 2025, payable on November 14, 2025, to common unitholders of record as of November 7, 2025 - Declared a quarterly cash distribution of **$0.005 per unit** for the quarter ended September 30, 2025[24](index=24&type=chunk) - The distribution is payable on November 14, 2025, to common unitholders of record as of November 7, 2025[24](index=24&type=chunk) - Distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate[25](index=25&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) This section explains the Partnership's use of non-GAAP financial measures and provides reconciliations to their most directly comparable GAAP financial measures [Use of Non-GAAP Financial Information](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Information) The Partnership utilizes non-GAAP financial measures such as EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow to assess business performance and liquidity, providing insights into asset performance, cash generation for distributions, and comparative operating performance within the midstream energy sector. These measures are supplemental and should be considered alongside GAAP results due to inherent limitations - Non-GAAP financial measures used include EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow[17](index=17&type=chunk)[28](index=28&type=chunk) - These measures help assess financial performance without regard to financing methods, capital structure, or historical cost basis, and evaluate the ability to generate cash for interest, debt, and distributions[30](index=30&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - Non-GAAP measures have limitations as they exclude significant GAAP components like interest expense, income tax expense, and depreciation/amortization, and may not be comparable to similarly titled measures of other companies[29](index=29&type=chunk)[32](index=32&type=chunk)[37](index=37&type=chunk) [Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA](index=3&type=section&id=Reconciliation%20of%20Net%20Income%20%28Loss%29%20to%20EBITDA%20and%20Adjusted%20EBITDA) For the three months ended September 30, 2025, Adjusted EBITDA was $19.3 million, a decrease from $25.1 million in the prior year. For the nine months, Adjusted EBITDA was $74.2 million, down from $87.3 million, reflecting the overall financial performance Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA | Metric | 3 Months 2025 (Thousands of USD) | 3 Months 2024 (Thousands of USD) | 9 Months 2025 (Thousands of USD) | 9 Months 2024 (Thousands of USD) | | :-------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net income (loss) | $(8,412) | $(3,319) | $(11,852) | $3,734 | | EBITDA | $19,253 | $24,947 | $73,183 | $88,123 | | Adjusted EBITDA | $19,273 | $25,144 | $74,249 | $87,262 | [Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow](index=19&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Adjusted%20EBITDA%2C%20Distributable%20Cash%20Flow%2C%20and%20Adjusted%20Free%20Cash%20Flow) For the three months ended September 30, 2025, Distributable Cash Flow was $(3.4) million, a decrease from $2.4 million in the prior year, and Adjusted Free Cash Flow was $(4.7) million, down from $(1.6) million. For the nine months, Distributable Cash Flow was $12.4 million, and Adjusted Free Cash Flow was $9.4 million Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow | Metric | 3 Months 2025 (Thousands of USD) | 3 Months 2024 (Thousands of USD) | 9 Months 2025 (Thousands of USD) | 9 Months 2024 (Thousands of USD) | | :---------------------------------------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Net cash provided by (used in) operating activities | $(1,213) | $(15,753) | $23,683 | $6,184 | | Adjusted EBITDA | $19,273 | $25,144 | $74,249 | $87,262 | | Distributable Cash Flow | $(3,405) | $2,357 | $12,355 | $17,537 | | Adjusted Free Cash Flow | $(4,681) | $(1,550) | $9,351 | $(4,990) | [Corporate Information](index=5&type=section&id=Corporate%20Information) This section provides an overview of Martin Midstream Partners, outlines forward-looking statement disclaimers, and lists investor contact information [About Martin Midstream Partners](index=5&type=section&id=About%20Martin%20Midstream%20Partners) Martin Midstream Partners L.P. is a publicly traded limited partnership headquartered in Kilgore, Texas, with diverse operations primarily in the Gulf Coast region. Its main business lines include terminalling, processing, and storage; land and marine transportation; sulfur and sulfur-based products; and marketing, distribution, and transportation services for NGLs and specialty lubricants/grease - Headquartered in Kilgore, Texas, Martin Midstream Partners L.P. is a publicly traded limited partnership with diverse operations primarily in the Gulf Coast region[26](index=26&type=chunk) - Primary business lines include terminalling, processing, and storage services; land and marine transportation services; sulfur and sulfur-based products processing; and marketing, distribution, and transportation services for natural gas liquids and specialty lubricants/grease[26](index=26&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements regarding the Partnership's outlook and future events, which are subject to various uncertainties including commodity price volatility, future cash flows, ability to pay distributions, market conditions, governmental regulation, and taxation. The Partnership disclaims any intention or obligation to revise these statements unless required by law - Statements about the Partnership's outlook and future events are forward-looking statements[27](index=27&type=chunk) - These statements are subject to uncertainties such as commodity price volatility, future cash flows, ability to pay future distributions, market conditions, governmental regulation, and taxation[27](index=27&type=chunk) - The Partnership disclaims any intention or obligation to revise any forward-looking statements, except where required by law[27](index=27&type=chunk) [Investor Contacts](index=7&type=section&id=Investor%20Contacts) Investor relations inquiries can be directed to Danny Cavin, Director, FP&A and Investor Relations, or Sharon Taylor, EVP & Chief Financial Officer, via email at ir@mmlp.com or by phone at (877) 256-6644 - Investor contacts include Danny Cavin (Director, FP&A and Investor Relations) and Sharon Taylor (EVP & Chief Financial Officer)[38](index=38&type=chunk) - Contact information: ir@mmlp.com or (877) 256-6644[38](index=38&type=chunk)

Core Viewpoint - Martin Midstream Partners L.P. reported its financial results for Q3 2025, highlighting an adjusted EBITDA of $19.3 million, which reflects the seasonal nature of the business and typically weaker performance during this quarter [1] Financial Performance - The adjusted EBITDA for the third quarter was $19.3 million, indicating the financial impact of seasonal factors on earnings [1] - The company acknowledged that Q3 results are generally the weakest due to seasonal influences [1]

Financial Performance - Q3 2025 - Martin Midstream Partners (MMLP) reported an Adjusted EBITDA of $19.3 million for Q3 2025[3] - This is a decrease compared to the $25.1 million Adjusted EBITDA in Q3 2024[3,4] - Net loss for Q3 2025 was $8.4 million[3] Segment Performance - Q3 2025 vs Q3 2024 (Adjusted EBITDA) - Transportation segment decreased from $11.6 million in Q3 2024 to $5.3 million in Q3 2025[3] - Terminalling & Storage segment increased from $8.4 million in Q3 2024 to $9.7 million in Q3 2025[3] - Sulfur Services segment decreased from $4.2 million in Q3 2024 to $3.9 million in Q3 2025[3] - Specialty Products segment decreased from $4.6 million in Q3 2024 to $3.9 million in Q3 2025[3] Financial Performance - Year-to-Date (YTD) Q3 2025 - MMLP's YTD Q3 2025 Adjusted EBITDA was $74.3 million[5] - This is a decrease compared to the $87.3 million Adjusted EBITDA for YTD Q3 2024[5,6] - Net loss for YTD Q3 2025 was $11.9 million[5] Segment Performance - YTD Q3 2025 vs YTD Q3 2024 (Adjusted EBITDA) - Transportation segment decreased from $36.0 million in YTD Q3 2024 to $21.8 million in YTD Q3 2025[5] - Terminalling & Storage segment increased from $25.4 million in YTD Q3 2024 to $25.8 million in YTD Q3 2025[5] - Sulfur Services segment increased from $21.4 million in YTD Q3 2024 to $25.1 million in YTD Q3 2025[5] - Specialty Products segment decreased from $15.7 million in YTD Q3 2024 to $12.8 million in YTD Q3 2025[5]

Core Viewpoint - Martin Midstream Partners L.P. (MMLP) is set to announce its financial results for the third quarter of 2025 on October 15, 2025, after market close [1]. Company Overview - Martin Midstream Partners L.P. is headquartered in Kilgore, Texas, and operates as a publicly traded limited partnership with diverse operations primarily in the Gulf Coast region of the United States [2]. - The company's main 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. Processing, manufacturing, marketing, and distribution of sulfur and sulfur-based products 4. Marketing, distribution, and transportation services for natural gas liquids, along with blending and packaging services for specialty lubricants and grease [2].