Core Viewpoint - Martin Midstream Partners L.P. has made its 2025 tax package available for download, which includes Schedule K-1, indicating a proactive approach to investor communication and transparency [1] Group 1 - The 2025 tax package can be accessed through the Investor Relations section of the Partnership's website [1] - The Partnership will start mailing the 2025 tax package to unitholders on March 5, 2026 [1] - Unitholders can contact the company for additional information regarding the tax package [1]

Core Insights - The article promotes a free two-week trial for the investment group Distressed Value Investing, which offers exclusive research and access to a portfolio of over 1,000 reports on more than 100 companies [1]. Group 1 - Aaron Chow, known as Elephant Analytics, has over 15 years of analytical experience and is a highly rated analyst on TipRanks [2]. - Chow co-founded a mobile gaming company, Absolute Games, which was acquired by PENN Entertainment, showcasing his experience in the gaming sector [2]. - The investment group Distressed Value Investing focuses on value opportunities and distressed plays, particularly in the energy sector [2].

Financial Condition and Debt Management - The company may not have sufficient cash after establishing cash reserves and paying general partner expenses to enable quarterly distributions to unitholders [131]. - The company has significant capital needs and limited access to capital markets due to high debt levels and financial covenants [127]. - As of December 31, 2025, the company had approximately $439.0 million in principal amount of debt outstanding, including $39.0 million under its credit facility [138]. - The company's ability to service its debt will depend on future financial and operating performance, which may be affected by economic conditions and other factors beyond its control [138]. - The credit facility had $130.0 million in lender commitments at December 31, 2025, but borrowing was limited by financial covenants [140]. - A downgrade in credit ratings could increase borrowing costs and limit access to capital markets, negatively impacting liquidity [201][202]. - The company has a weighted-average interest rate of 7.66% on its credit facility as of December 31, 2025 [379]. - A 100 basis point increase in interest rates would lead to an annual increase in interest expense and a corresponding decrease in net income of approximately $0.4 million [379]. Market and Operational Risks - Demand for terminalling and storage services is substantially dependent on offshore oil and gas exploration, which has historically been volatile and subject to fluctuations [134]. - The price volatility of petroleum products could reduce liquidity and results of operations, adversely affecting distributions to unitholders [128]. - The company is exposed to counterparty credit risk, which could negatively impact revenues and cash flows [127]. - Future acquisitions may increase indebtedness and create integration difficulties, potentially affecting financial condition [127]. - The company faces risks from climate change that could increase operating costs and reduce demand for services [127]. - Adverse weather conditions could negatively impact operations and ability to make distributions to unitholders [127]. - The company is vulnerable to adverse weather conditions, including hurricanes and extreme cold, which could negatively impact operations and financial results [162]. - The competitive nature of the industry poses risks, as larger competitors may capture market share, adversely affecting the company's results and distributions [179]. - The company relies on third-party pipelines and facilities for operations, and any interruptions could adversely affect revenues and cash flow [192]. - Increasing energy prices could raise operating expenses, negatively impacting net income and cash flows, with uncertainty about passing these costs to customers [172]. Regulatory and Compliance Risks - Compliance with environmental laws may impose significant costs and liabilities, potentially impacting operations and financial position [180]. - The company operates under the Jones Act, which requires vessels to be U.S. built and manned by U.S. citizens, significantly increasing operational costs compared to foreign-flagged vessels [194]. - If the Jones Act is modified or eliminated, the company may need to lower service prices to compete with foreign competitors, adversely affecting cash flow and distributions to unitholders [195]. - The company is subject to the Merchant Marine Act, which allows the U.S. government to requisition vessels during national emergencies, potentially impacting operations and cash flow [196]. - Changes in U.S. foreign trade policies, including tariffs, could materially affect the company's operations and financial condition, with specific tariffs on imports from China and other countries announced in 2025 [197][198]. - The company faces increased costs and operational impacts due to evolving transportation regulations, including potential changes in fuel emissions limits and driver regulations [199]. - The SEC finalized climate-related disclosure rules that require significant expansion of climate-related disclosures in SEC filings [153]. Taxation and Financial Reporting - The company is organized as a limited partnership and must ensure that over 90% of its gross income qualifies under Section 7704 to maintain its partnership status for federal income tax purposes [239]. - If the company fails to meet the gross income requirement, it would be treated as a corporation, subjecting it to a maximum federal income tax rate of 21% and potentially reducing cash available for distribution to unitholders [241]. - The company is currently subject to a Texas margin tax at a maximum effective rate of 0.525% of its gross income apportioned to Texas from the prior year [244]. - The IRS could treat the company as a corporation for tax purposes, significantly reducing cash available for distribution to unitholders [238]. - The IRS may audit the company's tax returns, and any adjustments could significantly reduce cash available for distribution to unitholders [248]. - The company has obtained favorable private letter rulings from the IRS regarding qualifying income, which it expects to rely on until December 31, 2027 [246]. - Tax-exempt entities and non-U.S. persons face unique tax issues, including unrelated business taxable income (UBTI) on allocated income, which could result in adverse tax consequences [254]. - Distributions to non-U.S. persons will be subject to a 10% withholding tax on amounts realized, and they will be required to file U.S. federal income tax returns [255]. - A portion of the company's taxable income is earned through a C corporation subsidiary, which is subject to a federal income tax rate of 21%, reducing cash available for distribution [259]. - Unitholders may be allocated taxable income without corresponding cash distributions, particularly in cases of asset sales or debt management transactions [251]. - The company may face challenges from the IRS regarding its tax positions, which could adversely affect the tax benefits available to unitholders [258]. Internal Governance and Control - Unitholders have limited voting rights, with the ability to remove the general partner requiring a vote of at least 66 2/3% of outstanding units [217]. - The general partner may issue additional common units without unitholder approval, potentially diluting ownership interests [225]. - Cash reserves determined by the general partner may adversely affect the cash available for distribution to unitholders [220]. - The company may face substantial cash reimbursements to Martin Resource Management Corporation, reducing available cash for distributions [232]. - Failure to maintain effective internal controls could materially affect the unit price [231]. - The general partner has broad discretion in establishing financial reserves, impacting cash available for distributions [236]. - The company may be adversely affected if Martin Resource Management Corporation defaults on its obligations under its credit facility [237]. Technological and Cybersecurity Risks - Cybersecurity threats pose risks to the company's operations and data security, necessitating ongoing investments in technology security [205][206][207]. - The adoption of AI technologies introduces operational and compliance risks, which could increase costs and expose the company to liability [208][209]. Commodity Price and Revenue Fluctuations - The company experienced a significant impact on its transportation and sulfur services segments due to reduced activity, with the Smackover Refinery down approximately nine days [164]. - Extreme weather conditions have led to decreased demand for fertilizer, with unusually wet springs delaying planting and drought conditions reducing crop growth, adversely affecting net income and cash flow [165]. - Seasonal demand for sulfur-based fertilizer products leads to revenue fluctuations, with increased demand typically seen in the spring [178]. - The price volatility of petroleum products has negatively impacted liquidity and revenues, with adverse effects during periods of both decreasing and increasing prices [169]. - The company is subject to operating hazards that could result in significant liabilities, which may not be fully covered by insurance, adversely affecting operating results and cash flow [166].

Financial Performance - Martin Midstream Partners reported an Adjusted EBITDA of $99.0 million for the full year 2025 and $24.8 million for the fourth quarter[3]. - The company experienced a net loss of $2.9 million for Q4 2025 and $14.8 million for the full year 2025[5]. - For the twelve months ended December 31, 2025, net income reached $21.0 million, resulting in an adjusted EBITDA of $99.0 million[23]. - Net income for Q4 2025 was $6.5 million, with a total adjusted EBITDA of $24.8 million[22]. - The net loss for 2025 was $14,745,000, compared to a net loss of $5,207,000 in 2024 and $4,549,000 in 2023, reflecting increased financial challenges[50]. - Adjusted EBITDA for the year ended December 31, 2025 was $99,041,000, down from $110,605,000 in 2024[64]. - Distributable Cash Flow for the year ended December 31, 2025 was $16,566,000, down from $24,119,000 in 2024[65]. Segment Performance - The Terminalling and Storage segment is projected to deliver Adjusted EBITDA of $31.6 million in 2026, reflecting normalized operating performance[4]. - The Transportation segment is expected to generate $31.4 million of Adjusted EBITDA in 2026, similar to 2025 performance[4]. - The Sulfur Services segment is projected to deliver Adjusted EBITDA of $30.3 million in 2026, consistent with prior-year results[4]. - The Specialty Products segment is expected to generate $17.6 million of Adjusted EBITDA in 2026, with modest improvement in the grease business anticipated in the latter half of the year[4]. - Operating income for the terminalling and storage segment increased to $14,590,000 in 2025, up from $11,098,000 in 2024, indicating improved performance in this area[58]. - Operating income for the sulfur services segment decreased by 14% to $15,846,000 in 2025 from $18,531,000 in 2024[61]. - Operating income for the transportation segment fell by 30% to $21,041,000 in 2025 from $30,184,000 in 2024[59]. Revenue and Expenses - Total revenues for the year ended December 31, 2025, were $716,113,000, a slight increase from $707,622,000 in 2024, but a decrease from $797,963,000 in 2023[50]. - The total costs and expenses for 2025 were $669,255,000, compared to $651,911,000 in 2024 and $732,612,000 in 2023, indicating a reduction in overall expenses[50]. - Specialty product sales decreased to $248,694,000 in 2025 from $264,850,000 in 2024 and $346,777,000 in 2023, showing a significant decline in this segment[50]. - The cost of products sold for specialty products was $217,157,000 in 2025, down from $228,600,000 in 2024, but significantly higher than $305,903,000 in 2023[50]. - Cash flows from operating activities for 2025 were $46,126,000, a decrease from $48,351,000 in 2024 and a substantial drop from $137,468,000 in 2023[56]. Debt and Liquidity - Total debt outstanding at the end of 2025 was approximately $439.1 million, with liquidity of $31.4 million under the revolving credit facility[3]. - The adjusted leverage ratio was reported at 4.43 times based on Credit Adjusted EBITDA[3]. - Total debt outstanding decreased from $453.6 million in 2024 to $439.1 million in 2025, reflecting a reduction of approximately 3.8%[30]. - The total adjusted leverage ratio increased from 3.96x in 2024 to 4.43x in 2025, indicating a rise in leverage[30]. - The interest coverage ratio decreased from 2.14x in 2024 to 1.90x in 2025, suggesting a decline in the ability to cover interest expenses[30]. - The Partnership remains in compliance with all debt covenants as of December 31, 2025[30]. Dividends and Cash Distribution - The company declared a quarterly cash dividend of $0.005 per common unit[5]. - The quarterly cash distribution declared for Q4 2025 is $0.005 per unit, equating to an annualized rate of $0.02 per common unit[32].

Exhibit 99.2 Fourth Quarter 2025 Earnings Summary MMLP 4Q 2024 Adjusted EBITDA Reconciliation (in millions) Comparison (in millions) | | Transportation | Terminalling & Storage | Sulfur Services | Specialty Products | SG&A | Interest Expense | 4Q 2025 Actual | | --- | --- | --- | --- | --- | --- | --- | --- | | Net income (loss) | $6.5 | $4.9 | $2.0 | $2.8 | $(4.7) | $(14.5) | $(2.9) | | Interest expense add back | — | — | — | — | — | $14.5 | $14.5 | | Equity in loss of DSM Semichem LLC | — | — | — | — | $0 ...

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. ...

Core Viewpoint - Martin Midstream Partners L.P. announces the retirement of Senior Vice President Johnnie Murry and the promotion of John Scott to Vice President of Land Transportation, effective January 1, 2026, following Murry's 49-year career in the industry [1] Company Updates - Johnnie Murry will retire on December 31, 2025, after 49 years in the industry, with 38 years spent at Martin companies [1] - John Scott has been promoted to Vice President of Land Transportation, effective January 1, 2026 [1]

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