FT Markets Data
Martin Midstream Partners LP

Martin Midstream Partners Reports Fourth Quarter and Full Year 2025 Financial Results and Releases 2026 Guidance

  • Reported net loss of $2.9 million and $14.8 million for the fourth quarter and full year ended December 31, 2025, respectively
  • Reported Adjusted EBITDA of $24.8 million and $99.0 million for the fourth quarter and full year ended December 31, 2025, respectively
  • Provides 2026 Adjusted EBITDA guidance of $96.5 million, growth capital expenditures of $4.1 million, and maintenance capital expenditures of $32.4 million
  • Declared quarterly cash dividend of $0.005 per common unit

KILGORE, Texas--(BUSINESS WIRE)--Feb. 18, 2026-- Martin Midstream Partners L.P. (Nasdaq: MMLP) (“MMLP” or the “Partnership”) today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, “In 2025, the Partnership demonstrated the resilience of our diversified asset base, generating Adjusted EBITDA of $99.0 million for the full year and $24.8 million in the fourth quarter. While our GAAP net loss reflects non-cash items and specific segment headwinds, our focus remained on balance sheet discipline. We ended the year with total debt outstanding of approximately $439.1 million, liquidity of $31.4 million under our revolving credit facility, and an adjusted leverage ratio of 4.43 times based on Credit Adjusted EBITDA.”

“Our 2025 results within the Terminalling and Storage segment, our pure sulfur services business, and our land transportation business delivered stable performance, underscoring the durability of our fixed-fee contracts within these businesses. This stability was partially offset by a decline in marine utilization during the third quarter, a softer fertilizer market in the fourth quarter, and headwinds in our grease business throughout the year.”

2026 Guidance

“Turning to 2026 full-year guidance, Mr. Bondurant said, “The Partnership anticipates generating Adjusted EBITDA of $96.5 million in 2026, with capital expenditures for growth, maintenance, and plant turnaround activities expected to total $36.5 million, compared to $31.6 million in 2025. Capital spending is elevated in 2026, driven primarily by scheduled refinery turnaround activity. This higher spending is expected to result in adjusted free cash flow of approximately $5.8 million for the fiscal year.”

“The Terminalling and Storage segment Adjusted EBITDA forecast of $31.6 million reflects normalized operating performance.”

“The Transportation segment is projected to generate $31.4 million of Adjusted EBITDA in 2026, similar to 2025 performance. Land transportation results are expected to track relatively flat year over year. The inland marine division is expected to improve versus 2025, while the offshore division is projected to experience reduced utilization due to planned downtime from regulatory inspections.”

“The Sulfur Services segment is projected to deliver Adjusted EBITDA of $30.3 million in 2026, consistent with prior-year results. The fertilizer market is expected to remain compressed due to rising sulfur input costs. Cash flow contributions from ELSA are expected to hold steady with the prior year, reflecting ongoing reservation fee revenue.”

“The Specialty Products segment is projected to generate $17.6 million of Adjusted EBITDA in 2026. The lubricants and NGL businesses are expected to track in line with the prior year, while the grease business is projected to improve modestly in the back half of the year driven by higher sales volumes.”

 

FOURTH QUARTER 2025 OPERATING RESULTS BY BUSINESS SEGMENT 

 

 

Operating Income

(Loss) ($M)

 

Credit Adjusted

EBITDA ($M)

 

Adjusted EBITDA ($M)

 

Three Months Ended December 31,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

(Amounts may not add or recalculate due to rounding)

Business Segment:

 

 

 

 

 

 

 

 

 

 

 

Transportation

$

6.5

 

 

$

3.7

 

 

$

8.9

 

 

$

6.5

 

 

$

8.9

 

 

$

6.5

 

Terminalling and Storage

 

4.9

 

 

 

1.5

 

 

 

10.1

 

 

 

7.4

 

 

 

10.1

 

 

 

7.4

 

Sulfur Services

 

2.0

 

 

 

6.1

 

 

 

5.7

 

 

 

9.4

 

 

 

5.7

 

 

 

9.4

 

Specialty Products

 

2.8

 

 

 

3.7

 

 

 

3.6

 

 

 

4.5

 

 

 

3.6

 

 

 

4.5

 

Unallocated Selling, General and Administrative Expense

 

(3.5

)

 

 

(8.2

)

 

 

(3.5

)

 

 

(4.4

)

 

 

(3.5

)

 

 

(4.4

)

 

$

12.7

 

 

$

6.8

 

 

$

24.8

 

 

$

23.3

 

 

$

24.8

 

 

$

23.3

 

 

Transportation Adjusted EBITDA increased by $2.4 million. In our marine division, Adjusted EBITDA increased by $2.1 million, reflecting higher inland utilization and offshore day rates, combined with lower employee-related expenses. These impacts were partially offset by lower inland day rates. In our land division, Adjusted EBITDA increased by $0.3 million, reflecting increased service revenue and transportation rates, combined with lower operating expenses. These impacts were partially offset by fewer miles.

Terminalling and Storage Adjusted EBITDA increased by $2.7 million. At our Smackover refinery, Adjusted EBITDA increased by $1.6 million, reflecting lower insurance-related costs combined with higher throughput and reservation fees. In our underground NGL storage division, Adjusted EBITDA increased by $0.6 million, driven by higher storage revenue, partially offset by increased operating expenses. In our specialty terminals division, Adjusted EBITDA rose by $0.3 million, reflecting decreased operating expenses. In our shore-based terminals division, Adjusted EBITDA increased by $0.2 million, reflecting a reduction in operating expenses.

Sulfur Services Adjusted EBITDA decreased by $3.7 million. In our fertilizer division, Adjusted EBITDA declined by $4.1 million, driven by lower margins. In our pure sulfur business, Adjusted EBITDA increased by $0.3 million, reflecting reduced operating expenses. Adjusted EBITDA in our sulfur prilling business remained steady at $1.9 million.

Specialty Products Adjusted EBITDA decreased by $0.9 million. In our lubricants division, Adjusted EBITDA increased by $0.7 million, reflecting higher sales volume combined with a reduction in operating expenses. In our grease division, Adjusted EBITDA decreased by $1.7 million, reflecting a volume-driven reduction in margins. In our propane division, Adjusted EBITDA increased by $0.1 million, primarily due to higher margins. In our NGL division, Adjusted EBITDA remained steady at $0.3 million, reflecting consistent volumes and margins.

Unallocated selling, general, and administrative expense decreased by $0.9 million, reflecting lower insurance-related costs.

 

FULL YEAR 2025 OPERATING RESULTS BY BUSINESS SEGMENT 

 

 

Operating Income

(Loss) ($M)

 

Credit Adjusted

EBITDA ($M)

 

Adjusted EBITDA ($M)

 

Twelve Months Ended December 31,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

(Amounts may not add or recalculate due to rounding)

Business Segment:

 

 

 

 

 

 

 

 

 

 

 

Transportation

$

21.0

 

 

$

30.2

 

 

$

30.8

 

 

$

42.5

 

 

$

30.8

 

 

$

42.5

 

Terminalling and Storage

 

14.6

 

 

 

11.1

 

 

 

35.9

 

 

 

32.8

 

 

 

35.9

 

 

 

32.8

 

Sulfur Services

 

15.8

 

 

 

18.5

 

 

 

30.8

 

 

 

33.5

 

 

 

30.8

 

 

 

30.8

 

Specialty Products

 

13.4

 

 

 

17.0

 

 

 

16.4

 

 

 

20.2

 

 

 

16.4

 

 

 

20.2

 

Unallocated Selling, General and Administrative Expense

 

(16.0

)

 

 

(19.6

)

 

 

(14.7

)

 

 

(14.6

)

 

 

(14.8

)

 

 

(15.7

)

 

$

48.9

 

 

$

57.3

 

 

$

99.2

 

 

$

114.4

 

 

$

99.0

 

 

$

110.6

 

 

Transportation Adjusted EBITDA decreased by $11.7 million. In our land division, Adjusted EBITDA declined by $7.6 million, reflecting decreased freight revenue as a result of lower miles, partially offset by increased transportation rates. In our marine division, Adjusted EBITDA decreased by $4.1 million, reflecting lower inland transportation rates and utilization, offset by lower operating cost and higher offshore transportation rates and utilization.

Terminalling and Storage Adjusted EBITDA increased by $3.1 million. At our Smackover refinery, Adjusted EBITDA increased by $2.5 million, reflecting lower insurance-related costs combined with higher throughput and reservation fees, partially offset by higher operating expenses. In our underground NGL storage division, Adjusted EBITDA increased by $1.1 million, driven by higher storage revenue, partially offset by increased operating expenses. In our shore-based terminals division, Adjusted EBITDA increased by $0.1 million, reflecting lower operating expenses, partially offset by a decrease in service revenue. In our specialty terminals division, Adjusted EBITDA declined by $0.6 million, driven by higher operating expenses combined with a decline in service revenue, partially offset by higher storage and throughput revenue.

Sulfur Services Adjusted EBITDA remained consistent at $30.8 million. In our fertilizer division, Adjusted EBITDA rose by $2.1 million, driven by reservation fees from our new DSM Semichem joint venture, partially offset by lower margins. In our sulfur division, Adjusted EBITDA decreased by $0.7 million. Within this division, our pure sulfur business saw a $0.4 million decline in Adjusted EBITDA due to higher operating expenses and slightly lower margins. In our sulfur prilling business, Adjusted EBITDA fell by $0.3 million, primarily due to a volume-driven decrease in operating fees, partially offset by lower operating expenses.

Specialty Products Adjusted EBITDA decreased by $3.8 million. In our lubricants division, Adjusted EBITDA increased by $1.1 million, reflecting higher sales volume. In our grease division, Adjusted EBITDA decreased by $5.3 million, driven by a volume-driven reduction in margins. In our NGL division, Adjusted EBITDA increased $0.2 million, reflecting increased volume. In our propane division, Adjusted EBITDA increased by $0.1 million, reflecting higher margins.

Unallocated selling, general, and administrative expense decreased by $0.9 million, reflecting lower insurance-related costs and professional fees.

 

RESULTS OF OPERATIONS SUMMARY
(in millions, except per unit amounts) 

 

Period

 

Net

Income

(Loss)

 

Net

Income

(Loss) Per

Unit

 

Adjusted

EBITDA

 

Credit

Adjusted

EBITDA

 

Net Cash

Provided by

Operating

Activities

 

Distributable

Cash Flow

 

Revenues

 

Three Months Ended December 31, 2025

 

$

(2.9

)

 

$

(0.07

)

 

$

24.8

 

$

24.8

 

$

22.4

 

$

4.1

 

$

174.2

Three Months Ended December 31, 2024

 

$

(8.9

)

 

$

(0.22

)

 

$

23.3

 

$

23.3

 

$

42.2

 

$

2.8

 

$

171.3

Twelve Months Ended December 31, 2025

 

$

(14.7

)

 

$

(0.37

)

 

$

99.0

 

$

99.2

 

$

46.1

 

$

16.6

 

$

716.1

Twelve Months Ended December 31, 2024

 

$

(5.2

)

 

$

(0.13

)

 

$

110.6

 

$

114.4

 

$

48.4

 

$

24.1

 

$

707.6

 
 

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Credit Adjusted EBITDA for the Three Months Ended December 31, 2025 

 

(in millions)

 

Transportation

 

Terminalling

& Storage

 

Sulfur

Services

 

Specialty

Products

 

SG&A

 

Interest

Expense

 

4Q 2025

A ctual

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

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

0.3

 

 

 

–

 

 

 

0.3

 

Income tax expense

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

0.9

 

 

 

–

 

 

 

0.9

 

Operating income (loss)

 

 

6.5

 

 

 

4.9

 

 

2.0

 

 

2.8

 

 

(3.5

)

 

 

–

 

 

 

12.7

 

Depreciation and amortization

 

 

3.0

 

 

 

5.1

 

 

3.6

 

 

0.8

 

 

–

 

 

 

–

 

 

 

12.4

 

(Gain) loss on sale or disposition of property, plant, and equipment

 

 

(0.6

)

 

 

0.1

 

 

–

 

 

–

 

 

–

 

 

 

–

 

 

 

(0.6

)

Non-cash contractual revenue deferral adjustment

 

 

–

 

 

 

–

 

 

0.2

 

 

–

 

 

–

 

 

 

–

 

 

 

0.2

 

Unit-based compensation

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

–

 

 

 

–

 

 

 

–

 

Adjusted EBITDA and Credit Adjusted EBITDA

 

$

8.9

 

 

$

10.1

 

$

5.7

 

$

3.6

 

$

(3.5

)

 

$

–

 

 

$

24.8

 

 
 

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Credit Adjusted EBITDA for the Twelve Months Ended December 31, 2025 

 

(in millions)

 

Transportation

 

Terminalling

& Storage

 

Sulfur

Services

 

Specialty

Products

 

SG&A

 

Interest

Expense

 

2025

A ctual

Net income (loss)

 

$

21.0

 

 

$

14.6

 

$

15.8

 

$

13.4

 

$

(21.9

)

 

$

(57.8

)

 

$

(14.7

)

Interest expense add back

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

–

 

 

 

57.8

 

 

$

57.8

 

Equity in loss of DSM Semichem LLC

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

1.1

 

 

 

–

 

 

$

1.1

 

Income tax expense

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

4.8

 

 

 

–

 

 

$

4.8

 

Operating income (loss)

 

 

21.0

 

 

 

14.6

 

 

15.8

 

 

13.4

 

 

(16.0

)

 

 

–

 

 

 

48.9

 

Depreciation and amortization

 

 

11.8

 

 

 

21.2

 

 

14.2

 

 

3.0

 

 

–

 

 

 

–

 

 

 

50.2

 

(Gain) loss on sale or disposition of property, plant, and equipment

 

 

(2.1

)

 

 

0.1

 

 

–

 

 

–

 

 

–

 

 

 

–

 

 

 

(2.0

)

Transaction expenses related to the potential merger with Martin Resource Management Corporation

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

1.0

 

 

 

–

 

 

 

1.0

 

Non-cash contractual revenue deferral adjustment

 

 

–

 

 

 

–

 

 

0.7

 

 

–

 

 

–

 

 

 

–

 

 

 

0.7

 

Unit-based compensation

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

0.2

 

 

 

–

 

 

 

0.2

 

Adjusted EBITDA

 

 

30.8

 

 

 

35.9

 

 

30.8

 

 

16.4

 

 

(14.8

)

 

 

–

 

 

 

99.0

 

Capitalized interest

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

0.1

 

 

 

–

 

 

 

0.1

 

Credit Adjusted EBITDA

 

$

30.8

 

 

$

35.9

 

$

30.8

 

$

16.4

 

$

(14.7

)

 

$

–

 

 

$

99.2

 

 
 

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Credit Adjusted EBITDA for the Three Months Ended December 31, 2024 

 

(in millions)

 

Transportation

 

Terminalling

& Storage

 

Sulfur

Services

 

Specialty

Products

 

SG&A

 

Interest

Expense

 

4Q 2024

A ctual

Net income (loss)

 

$

3.7

 

 

$

1.5

 

$

6.1

 

$

3.7

 

$

(9.1

)

 

$

(14.9

)

 

$

(9.0

)

Interest expense add back

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

–

 

 

 

14.9

 

 

 

14.9

 

Equity in loss of DSM Semichem LLC

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

0.3

 

 

 

–

 

 

 

0.3

 

Income tax expense

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

0.6

 

 

 

–

 

 

 

0.6

 

Operating Income (loss)

 

 

3.7

 

 

 

1.5

 

 

6.1

 

 

3.7

 

 

(8.2

)

 

 

–

 

 

 

6.8

 

Depreciation and amortization

 

 

3.0

 

 

 

5.9

 

 

3.1

 

 

0.8

 

 

–

 

 

 

–

 

 

 

12.8

 

Gain on sale or disposition of property, plant, and equipment

 

 

(0.2

)

 

 

–

 

 

–

 

 

–

 

 

–

 

 

 

–

 

 

 

(0.1

)

Transaction expenses related to the terminated Merger with Martin Resource Management Corporation

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

3.7

 

 

 

–

 

 

 

3.7

 

Non-cash contractual revenue deferral adjustment

 

 

–

 

 

 

–

 

 

0.2

 

 

–

 

 

–

 

 

 

–

 

 

 

0.2

 

Unit-based compensation

 

 

–

 

 

 

–

 

 

–

 

 

–

 

 

–

 

 

 

–

 

 

 

–

 

Adjusted EBITDA and Credit Adjusted EBITDA

 

$

6.5

 

 

$

7.4

 

$

9.4

 

$

4.5

 

$

(4.4

)

 

$

–

 

 

$

23.3

 

 
 

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Credit Adjusted EBITDA for the Twelve Months Ended December 31, 2024 

 

(in millions)

 

Transportation

 

Terminalling

& Storage

 

Sulfur

Services

 

Specialty

Products

 

SG&A

 

Interest

Expense

 

FY 2024

A ctual

Net income (loss)

 

$

30.2

 

 

$

11.1

 

 

$

18.5

 

$

17.0

 

 

$

(24.4

)

 

$

(57.7

)

 

$

(5.2

)

Interest expense add back

 

 

–

 

 

 

–

 

 

 

–

 

 

–

 

 

 

–

 

 

 

57.7

 

 

$

57.7

 

Equity in loss of DSM Semichem LLC

 

 

–

 

 

 

–

 

 

 

 

 

 

 

0.6

 

 

 

 

$

0.6

 

Income tax expense

 

 

–

 

 

 

–

 

 

 

–

 

 

–

 

 

 

4.2

 

 

 

–

 

 

$

4.2

 

Operating Income (loss)

 

 

30.2

 

 

 

11.1

 

 

 

18.5

 

 

17.0

 

 

 

(19.6

)

 

 

–

 

 

 

57.3

 

Depreciation and amortization

 

 

13.0

 

 

 

22.8

 

 

 

11.8

 

 

3.2

 

 

 

–

 

 

 

–

 

 

 

50.8

 

Gain on sale or disposition of property, plant, and equipment

 

 

(0.7

)

 

 

(1.1

)

 

 

0.3

 

 

(0.1

)

 

 

–

 

 

 

–

 

 

 

(1.6

)

Transaction expenses related to the terminated Merger with Martin Resource Management Corporation

 

 

–

 

 

 

–

 

 

 

–

 

 

–

 

 

 

3.7

 

 

 

–

 

 

 

3.7

 

Non-cash contractual revenue deferral adjustment

 

 

–

 

 

 

–

 

 

 

0.2

 

 

–

 

 

 

–

 

 

 

–

 

 

 

0.2

 

Unit-based compensation

 

 

–

 

 

 

–

 

 

 

–

 

 

–

 

 

 

0.2

 

 

 

–

 

 

 

0.2

 

Adjusted EBITDA

 

 

42.5

 

 

 

32.8

 

 

 

30.8

 

 

20.2

 

 

 

(15.7

)

 

 

–

 

 

 

110.6

 

Pro-forma adjustment related to ELSA project

 

 

–

 

 

 

–

 

 

 

2.7

 

 

–

 

 

 

–

 

 

 

–

 

 

 

2.7

 

Capitalized interest

 

 

–

 

 

 

–

 

 

 

–

 

 

–

 

 

 

1.1

 

 

 

–

 

 

 

1.1

 

Credit Adjusted EBITDA

 

$

42.5

 

 

$

32.8

 

 

$

33.5

 

$

20.2

 

 

$

(14.6

)

 

$

–

 

 

$

114.4

 

 
 

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, Adjusted EBITDA, and Credit Adjusted EBITDA” and “Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Credit Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow” in order to illustrate 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 to which this announcement is included contains a comparison of the Partnership’s Adjusted EBITDA for the fourth quarter and full-year 2025 to the Partnership's Adjusted EBITDA for the fourth quarter and full-year 2024.

 
 

CAPITALIZATION 

 

 

December 31,

2025

 

December 31,

2024

 

($ in millions)

Debt Outstanding:

 

 

 

Revolving Credit Facility, Due February 20271

$

39.0

 

$

53.5

Finance lease obligations

 

0.1

 

 

0.1

11.50% Senior Secured Notes, Due February 2028

 

400.0

 

 

400.0

Total Debt Outstanding:

$

439.1

 

$

453.6

 

 

 

 

Summary Credit Metrics:

 

 

 

Revolving Credit Facility - Total Capacity

$

130.0

 

$

150.0

Revolving Credit Facility - Available Liquidity

$

31.4

 

$

80.7

Total Adjusted Leverage Ratio 2

4.43x

 

3.96x

Senior Leverage Ratio 2

0.39x

 

0.47x

Interest Coverage Ratio 2

1.90x

 

2.14x

 

1 The Partnership was in compliance with all debt covenants as of December 31, 2025 and December 31, 2024. 

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 December 31, 2025, or $0.02 per common unit on an annualized basis. The distribution was paid 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 was February 6, 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, Facebook, and X.

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, and (vii) 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 Third 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, plus changes in operating assets and liabilities which (provided) used cash, transaction costs associated with business combination, merger, and divestiture activities, and non-cash contractual revenue deferral adjustments, 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 BALANCE SHEETS
(Dollars in thousands) 

 

 

December 31,

 

 

2025

 

 

 

2024

 

Assets

 

 

 

Cash

$

49

 

 

$

55

 

Trade and accrued accounts receivable, less allowance for doubtful accounts of $310 and $940, respectively

 

58,371

 

 

 

53,569

 

Inventories

 

50,248

 

 

 

51,707

 

Due from affiliates

 

8,942

 

 

 

13,694

 

Other current assets

 

12,298

 

 

 

11,454

 

Total current assets

 

129,908

 

 

 

130,479

 

 

 

 

 

Property, plant and equipment, at cost

 

970,753

 

 

 

954,059

 

Accumulated depreciation

 

(681,527

)

 

 

(648,609

)

Property, plant and equipment, net

 

289,226

 

 

 

305,450

 

 

 

 

 

Goodwill

 

16,671

 

 

 

16,671

 

Right-of-use assets

 

69,938

 

 

 

67,140

 

Investment in DSM Semichem LLC

 

6,198

 

 

 

7,314

 

Deferred income taxes, net

 

9,026

 

 

 

9,946

 

Intangibles and other assets, net

 

1,451

 

 

 

1,509

 

 

$

522,418

 

 

$

538,509

 

Liabilities and Partners’ Capital (Deficit)

 

 

 

Current portion of long term debt and finance lease obligations

$

15

 

 

$

14

 

Trade and other accounts payable

 

57,814

 

 

 

61,599

 

Product exchange payables

 

169

 

 

 

798

 

Due to affiliates

 

13,286

 

 

 

4,927

 

Income taxes payable

 

1,580

 

 

 

1,283

 

Other accrued liabilities

 

51,279

 

 

 

46,880

 

Total current liabilities

 

124,143

 

 

 

115,501

 

 

 

 

 

Long-term debt, net

 

428,008

 

 

 

437,635

 

Finance lease obligations

 

39

 

 

 

55

 

Operating lease liabilities

 

48,353

 

 

 

47,815

 

Other long-term obligations

 

7,670

 

 

 

7,942

 

Total liabilities

 

608,213

 

 

 

608,948

 

Commitments and contingencies

 

 

 

Partners’ capital (deficit)

 

(85,795

)

 

 

(70,439

)

Total partners’ capital (deficit)

 

(85,795

)

 

 

(70,439

)

 

$

522,418

 

 

$

538,509

 

 
 
 
 

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit amounts) 

 

 

Year Ended December 31,

 

 

2025

 

 

 

2024

 

 

 

2023

 

Revenues:

 

 

 

 

 

Terminalling and storage *

$

90,831

 

 

$

89,067

 

 

$

86,514

 

Transportation *

 

212,509

 

 

 

223,934

 

 

 

223,677

 

Sulfur services

 

16,441

 

 

 

14,572

 

 

 

13,430

 

Product sales: *

 

 

 

 

 

Specialty products

 

248,694

 

 

 

264,850

 

 

 

346,777

 

Sulfur services

 

147,638

 

 

 

115,199

 

 

 

127,565

 

 

 

396,332

 

 

 

380,049

 

 

 

474,342

 

Total revenues

 

716,113

 

 

 

707,622

 

 

 

797,963

 

 

 

 

 

 

 

Costs and expenses:

 

 

 

 

 

Cost of products sold: (excluding depreciation and amortization)

 

 

 

 

 

Specialty products *

 

217,157

 

 

 

228,600

 

 

 

305,903

 

Sulfur services *

 

101,466

 

 

 

68,364

 

 

 

83,702

 

Terminalling and storage *

 

—

 

 

 

72

 

 

 

75

 

 

 

318,623

 

 

 

297,036

 

 

 

389,680

 

Expenses:

 

 

 

 

 

Operating expenses *

 

258,431

 

 

 

255,586

 

 

 

252,211

 

Selling, general and administrative *

 

42,004

 

 

 

48,502

 

 

 

40,826

 

Depreciation and amortization

 

50,197

 

 

 

50,787

 

 

 

49,895

 

Total costs and expenses

 

669,255

 

 

 

651,911

 

 

 

732,612

 

Other operating income (loss), net

 

2,039

 

 

 

1,584

 

 

 

1,373

 

Operating income

 

48,897

 

 

 

57,295

 

 

 

66,724

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

Interest expense, net

 

(57,787

)

 

 

(57,706

)

 

 

(60,290

)

Equity in loss of DSM Semichem LLC

 

(1,116

)

 

 

(624

)

 

 

—

 

Loss on extinguishment of debt

 

—

 

 

 

—

 

 

 

(5,121

)

Other, net

 

33

 

 

 

25

 

 

 

56

 

Total other income (expense)

 

(58,870

)

 

 

(58,305

)

 

 

(65,355

)

Net income (loss) before taxes

 

(9,973

)

 

 

(1,010

)

 

 

1,369

 

Income tax expense

 

(4,772

)

 

 

(4,197

)

 

 

(5,918

)

Net loss

 

(14,745

)

 

 

(5,207

)

 

 

(4,549

)

Less general partner's interest in net loss

 

295

 

 

 

104

 

 

 

91

 

Less loss allocable to unvested restricted units

 

61

 

 

 

25

 

 

 

14

 

Limited partners' interest in net loss

$

(14,389

)

 

$

(5,078

)

 

$

(4,444

)

 

 

 

 

 

 

Net loss per unit attributable to limited partners - basic and diluted

$

(0.37

)

 

$

(0.13

)

 

$

(0.11

)

Weighted average limited partner units - basic and diluted

 

38,890,039

 

 

 

38,831,355

 

 

 

38,771,657

 

 

*Related Party Transactions Shown Below 

 
 
 
 

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per unit amounts) 

 

*Related Party Transactions Included Above 

 

 

Year Ended December 31,

 

2025

 

2024

 

2023

Revenues:

 

 

 

 

 

Terminalling and storage

$

72,244

 

$

71,799

 

$

72,138

Transportation

 

30,428

 

 

33,250

 

 

29,276

Sulfur Services

 

—

 

 

664

 

 

—

Product sales

 

4,243

 

 

457

 

 

8,767

Costs and expenses:

 

 

 

 

 

Cost of products sold: (excluding depreciation and amortization)

 

 

 

 

 

Specialty products

 

28,626

 

 

31,789

 

 

35,930

Sulfur services

 

12,885

 

 

11,915

 

 

11,182

Terminalling and storage

 

—

 

 

72

 

 

75

Expenses:

 

 

 

 

 

Operating expenses

 

111,169

 

 

106,831

 

 

100,851

Selling, general and administrative

 

31,698

 

 

39,385

 

 

32,021

 
 
 
 

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CAPITAL
(Dollars in thousands) 

 

 

 

Partners’ Capital (Deficit)

 

 

 

Common

 

General Partner

Amount

 

 

 

 

Units

 

Amount

 

 

Total

Balances – December 31, 2022

 

38,850,750

 

$

(61,110

)

 

$

1,665

 

 

 

(59,445

)

 

 

 

 

 

 

 

 

 

Net loss

 

—

 

 

(4,458

)

 

 

(91

)

 

 

(4,549

)

Issuance of time-based restricted units

 

64,056

 

 

—

 

 

 

—

 

 

 

—

 

Cash distributions

 

—

 

 

(777

)

 

 

(16

)

 

 

(793

)

Unit-based compensation

 

—

 

 

163

 

 

 

—

 

 

 

163

 

Balances – December 31, 2023

 

38,914,806

 

 

(66,182

)

 

 

1,558

 

 

 

(64,624

)

 

 

 

 

 

 

 

 

 

Net loss

 

—

 

 

(5,103

)

 

 

(104

)

 

 

(5,207

)

Issuance of time-based restricted units

 

86,280

 

 

—

 

 

 

—

 

 

 

—

 

Cash distributions

 

—

 

 

(779

)

 

 

(16

)

 

 

(795

)

Unit-based compensation

 

—

 

 

187

 

 

 

—

 

 

 

187

 

Balances – December 31, 2024

 

39,001,086

 

 

(71,877

)

 

 

1,438

 

 

 

(70,439

)

 

 

 

 

 

 

 

 

 

Net loss

 

—

 

 

(14,450

)

 

 

(295

)

 

 

(14,745

)

Issuance of time-based restricted units

 

54,000

 

 

—

 

 

 

—

 

 

 

—

 

Cash distributions

 

—

 

 

(781

)

 

 

(16

)

 

 

(797

)

Unit-based compensation

 

—

 

 

186

 

 

 

—

 

 

 

186

 

Balances – December 31, 2025

 

39,055,086

 

$

(86,922

)

 

$

1,127

 

 

$

(85,795

)

 
 
 
 

MARTIN MIDSTREAM PARTNERS L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands) 

 

 

Year Ended December 31,

 

 

2025

 

 

 

2024

 

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

 

Net loss

$

(14,745

)

 

$

(5,207

)

 

$

(4,549

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

50,197

 

 

 

50,787

 

 

 

49,895

 

Amortization and write-off of deferred debt issue costs

 

3,280

 

 

 

3,085

 

 

 

3,978

 

Amortization of discount on notes payable

 

2,400

 

 

 

2,400

 

 

 

2,200

 

Deferred income tax expense

 

920

 

 

 

254

 

 

 

4,186

 

Gain on disposition or sale of property, plant, and equipment

 

(2,039

)

 

 

(1,584

)

 

 

(1,373

)

Loss on extinguishment of debt

 

—

 

 

 

—

 

 

 

5,121

 

Equity in loss of DSM Semichem LLC

 

1,116

 

 

 

624

 

 

 

—

 

Unit-based compensation

 

186

 

 

 

187

 

 

 

163

 

Change in current assets and liabilities, excluding effects of acquisitions and dispositions:

 

 

 

 

 

Accounts and other receivables

 

(4,802

)

 

 

(276

)

 

 

26,348

 

Inventories

 

1,459

 

 

 

(8,079

)

 

 

65,976

 

Due from affiliates

 

4,752

 

 

 

(5,770

)

 

 

86

 

Other current assets

 

(2,880

)

 

 

88

 

 

 

4,739

 

Trade and other accounts payable

 

(3,270

)

 

 

10,228

 

 

 

(17,539

)

Product exchange payables

 

(629

)

 

 

372

 

 

 

394

 

Due to affiliates

 

8,359

 

 

 

(1,407

)

 

 

(2,613

)

Income taxes payable

 

297

 

 

 

631

 

 

 

(13

)

Other accrued liabilities

 

1,663

 

 

 

600

 

 

 

2,880

 

Change in other non-current assets and liabilities

 

(138

)

 

 

1,418

 

 

 

(2,411

)

Net cash provided by operating activities

 

46,126

 

 

 

48,351

 

 

 

137,468

 

Cash flows from investing activities:

 

 

 

 

 

Payments for property, plant, and equipment

 

(24,768

)

 

 

(42,008

)

 

 

(34,317

)

Payments for plant turnaround costs

 

(7,368

)

 

 

(10,897

)

 

 

(4,825

)

Investment in DSM Semichem LLC

 

—

 

 

 

(6,938

)

 

 

—

 

Proceeds from sale of property, plant, and equipment

 

2,123

 

 

 

1,242

 

 

 

5,482

 

Net cash used in investing activities

 

(30,013

)

 

 

(58,601

)

 

 

(33,660

)

Cash flows from financing activities:

 

 

 

 

 

Payments of long-term debt

 

(235,500

)

 

 

(244,500

)

 

 

(632,197

)

Payments under finance lease obligations

 

(14

)

 

 

(9

)

 

 

(9

)

Proceeds from long-term debt

 

221,000

 

 

 

255,578

 

 

 

543,489

 

Payments of debt issuance costs

 

(808

)

 

 

(23

)

 

 

(14,289

)

Cash distributions paid

 

(797

)

 

 

(795

)

 

 

(793

)

Net cash provided by (used in) financing activities

 

(16,119

)

 

 

10,251

 

 

 

(103,799

)

 

 

 

 

 

 

Net increase (decrease) in cash

 

(6

)

 

 

1

 

 

 

9

 

Cash at beginning of year

 

55

 

 

 

54

 

 

 

45

 

Cash at end of year

$

49

 

 

$

55

 

 

$

54

 

 
 
 
 

MARTIN MIDSTREAM PARTNERS L.P.
SEGMENT OPERATING INCOME
(Dollars and volumes in thousands, except BBL per day) 

 

Terminalling and Storage Segment  

 

Comparative Results of Operations for the Years Ended December 31, 2025 and 2024  

 

 

Year Ended

December 31,

 

Variance

 

Percent

Change

 

2025

 

2024

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

Revenues

$

98,287

 

 

$

96,555

 

$

1,732

 

 

2

%

Cost of products sold

 

—

 

 

 

72

 

 

(72

)

 

(100

)%

Operating expenses

 

59,182

 

 

 

60,409

 

 

(1,227

)

 

(2

)%

Selling, general and administrative expenses

 

3,239

 

 

 

3,324

 

 

(85

)

 

(3

)%

Depreciation and amortization

 

21,209

 

 

 

22,757

 

 

(1,548

)

 

(7

)%

 

 

14,657

 

 

 

9,993

 

 

4,664

 

 

47

%

Other operating income (loss), net

 

(67

)

 

 

1,105

 

 

(1,172

)

 

(106

)%

Operating income

$

14,590

 

 

$

11,098

 

$

3,492

 

 

31

%

 

 

 

 

 

 

 

 

Shore-based throughput volumes (gallons)

 

164,479

 

 

 

170,407

 

 

(5,928

)

 

(3

)%

Smackover refinery throughput volumes (guaranteed minimum BBL per day)

 

6,500

 

 

 

6,500

 

 

—

 

 

—

%

 

Transportation Segment  

 

Comparative Results of Operations for the Years Ended December 31, 2025 and 2024  

 

 

Year Ended

December 31,

 

Variance

 

Percent

Change

 

2025

 

2024

 

 

 

(In thousands)

 

 

Revenues

$

229,009

 

$

239,807

 

$

(10,798

)

 

(5

)%

Operating expenses

 

188,437

 

 

185,813

 

 

2,624

 

 

1

%

Selling, general and administrative expenses

 

9,820

 

 

11,496

 

 

(1,676

)

 

(15

)%

Depreciation and amortization

 

11,768

 

 

13,027

 

 

(1,259

)

 

(10

)%

 

 

18,984

 

 

29,471

 

 

(10,487

)

 

(36

)%

Other operating income, net

 

2,057

 

 

713

 

 

1,344

 

 

188

%

Operating income

$

21,041

 

$

30,184

 

$

(9,143

)

 

(30

)%

 
 
 
 

MARTIN MIDSTREAM PARTNERS L.P.
SEGMENT OPERATING INCOME
(Dollars and volumes in thousands, except BBL per day) 

 

Sulfur Services Segment  

 

Comparative Results of Operations for the Years Ended December 31, 2025 and 2024  

 

 

Year Ended

December 31,

 

Variance

 

Percent

Change

 

2025

 

2024

 

 

 

(In thousands)

 

 

Revenues:

 

 

 

 

 

 

 

Services

$

16,441

 

$

14,572

 

 

$

1,869

 

 

13

%

Products

 

147,638

 

 

115,200

 

 

 

32,438

 

 

28

%

Total revenues

 

164,079

 

 

129,772

 

 

 

34,307

 

 

26

%

 

 

 

 

 

 

 

 

Cost of products sold

 

113,766

 

 

79,984

 

 

 

33,782

 

 

42

%

Operating expenses

 

13,875

 

 

12,178

 

 

 

1,697

 

 

14

%

Selling, general and administrative expenses

 

6,410

 

 

7,012

 

 

 

(602

)

 

(9

)%

Depreciation and amortization

 

14,197

 

 

11,769

 

 

 

2,428

 

 

21

%

 

 

15,831

 

 

18,829

 

 

 

(2,998

)

 

(16

)%

Other operating income (loss), net

 

15

 

 

(298

)

 

 

313

 

 

105

%

Operating income

$

15,846

 

$

18,531

 

 

$

(2,685

)

 

(14

)%

 

 

 

 

 

 

 

 

Sulfur (long tons)

 

556.0

 

 

407.0

 

 

 

149.0

 

 

37

%

Fertilizer (long tons)

 

277.0

 

 

223.0

 

 

 

54.0

 

 

24

%

Sulfur services volumes (long tons)

 

833.0

 

 

630.0

 

 

 

203.0

 

 

32

%

 

Specialty Products Segment  

 

Comparative Results of Operations for the Years Ended December 31, 2025 and 2024  

 

 

Year Ended

December 31,

 

Variance

 

Percent

Change

 

2025

 

2024

 

 

 

(In thousands)

 

 

Products revenues

$

248,803

 

$

264,945

 

 

(16,142

)

 

(6

)%

Cost of products sold

 

225,736

 

 

237,403

 

 

(11,667

)

 

(5

)%

Operating expenses

 

—

 

 

102

 

 

(102

)

 

(100

)%

Selling, general and administrative expenses

 

6,673

 

 

7,232

 

 

(559

)

 

(8

)%

Depreciation and amortization

 

3,023

 

 

3,234

 

 

(211

)

 

(7

)%

 

 

13,371

 

 

16,974

 

 

(3,603

)

 

(21

)%

Other operating income, net

 

34

 

 

64

 

 

(30

)

 

(47

)%

Operating income

$

13,405

 

$

17,038

 

$

(3,633

)

 

(21

)%

 

 

 

 

 

 

 

 

NGL sales volumes (Bbls)

 

2,432

 

 

2,307

 

 

125

 

 

5

%

Other specialty products volumes (Bbls)

 

363

 

 

346

 

 

17

 

 

5

%

Total specialty products volumes (Bbls)

 

2,795

 

 

2,653

 

 

142

 

 

5

%

 

Indirect Selling, General and Administrative Expenses  

 

Comparative Results of Operations for the Years Ended December 31, 2025 and 2024  

 

 

Year Ended

December 31,

 

Variance

 

Percent

Change

 

2025

 

2024

 

 

 

(In thousands)

 

 

Indirect selling, general and administrative expenses

$

15,985

 

$

19,556

 

$

(3,571

)

 

(18

)%

 
 
 
 

Non-GAAP Financial Measures 

 

The following table reconciles the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the quarters and years ended December 31, 2025 and 2024, which represents EBITDA, Adjusted EBITDA, Credit Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow: 

 

Reconciliation of Net Loss to EBITDA, Adjusted EBITDA, and Credit Adjusted EBITDA 

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

(in thousands)

Net income (loss)

$

(2,893

)

 

$

(8,941

)

 

$

(14,745

)

 

$

(5,207

)

Adjustments:

 

 

 

 

 

 

 

Interest expense

 

14,458

 

 

 

14,895

 

 

 

57,787

 

 

 

57,706

 

Income tax expense

 

856

 

 

 

563

 

 

 

4,772

 

 

 

4,197

 

Depreciation and amortization

 

12,407

 

 

 

12,843

 

 

 

50,197

 

 

 

50,787

 

EBITDA

 

24,828

 

 

 

19,360

 

 

 

98,011

 

 

 

107,483

 

Adjustments:

 

 

 

 

 

 

 

Gain on disposition of property, plant and equipment

 

(552

)

 

 

(264

)

 

 

(2,039

)

 

 

(1,584

)

Transaction expenses related to the terminated merger with Martin Resource Management Corporation

 

—

 

 

 

3,674

 

 

 

1,021

 

 

 

3,674

 

Equity in loss of DSM Semichem LLC

 

311

 

 

 

221

 

 

 

1,116

 

 

 

624

 

Non-cash contractual revenue deferral adjustment

 

175

 

 

 

310

 

 

 

746

 

 

 

221

 

Unit-based compensation

 

30

 

 

 

42

 

 

 

186

 

 

 

187

 

Adjusted EBITDA

 

24,792

 

 

 

23,343

 

 

 

99,041

 

 

 

110,605

 

Adjustments:

 

 

 

 

 

 

 

Capitalized interest

 

—

 

 

 

—

 

 

 

137

 

 

 

1,153

 

Pro-forma adjustment related to ELSA project

 

—

 

 

 

—

 

 

 

—

 

 

 

2,655

 

Credit Adjusted EBITDA

$

24,792

 

 

$

23,343

 

 

$

99,178

 

 

$

114,413

 

 
 
 
 

Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Credit Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow 

 

 

Three Months Ended December 31,

 

Year Ended December 31,

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

 

(in thousands)

 

(in thousands)

Net cash provided by operating activities

$

22,443

 

 

$

42,167

 

 

$

46,126

 

 

$

48,351

 

Interest expense 1

 

13,111

 

 

 

13,521

 

 

 

52,107

 

 

 

52,221

 

Current income tax expense

 

627

 

 

 

466

 

 

 

3,852

 

 

 

3,943

 

Transaction expenses related to the terminated merger with Martin Resource Management Corporation

 

—

 

 

 

3,674

 

 

 

1,021

 

 

 

3,674

 

Non-cash contractual revenue deferral adjustment

 

175

 

 

 

221

 

 

 

746

 

 

 

221

 

Changes in operating assets and liabilities which (provided) used cash:

 

 

 

 

 

 

 

Accounts and other receivables, inventories, and other current assets

 

13,542

 

 

 

(18,091

)

 

 

1,471

 

 

 

14,037

 

Trade, accounts and other payables, and other current liabilities

 

(24,457

)

 

 

(17,898

)

 

 

(6,420

)

 

 

(10,424

)

Other

 

(649

)

 

 

(717

)

 

 

138

 

 

 

(1,418

)

Adjusted EBITDA

 

24,792

 

 

 

23,343

 

 

 

99,041

 

 

 

110,605

 

Pro-forma adjustment related to ELSA project

 

—

 

 

 

—

 

 

 

—

 

 

 

2,655

 

Capitalized interest

 

—

 

 

 

—

 

 

 

137

 

 

 

1,153

 

Credit Adjusted EBITDA

 

24,792

 

 

 

23,343

 

 

 

99,178

 

 

 

114,413

 

Adjustments:

 

 

 

 

 

 

 

Interest expense

 

(14,458

)

 

 

(14,895

)

 

 

(57,787

)

 

 

(57,706

)

Income tax expense

 

(856

)

 

 

(563

)

 

 

(4,772

)

 

 

(4,197

)

Deferred income taxes

 

229

 

 

 

97

 

 

 

920

 

 

 

254

 

Amortization of deferred debt issuance costs

 

747

 

 

 

774

 

 

 

3,280

 

 

 

3,085

 

Amortization of discount on notes payable

 

600

 

 

 

600

 

 

 

2,400

 

 

 

2,400

 

Payments for plant turnaround costs

 

(1,372

)

 

 

(1,298

)

 

 

(7,368

)

 

 

(10,897

)

Maintenance capital expenditures

 

(5,608

)

 

 

(5,284

)

 

 

(19,285

)

 

 

(23,233

)

Distributable Cash Flow

 

4,074

 

 

 

2,774

 

 

 

16,566

 

 

 

24,119

 

Principal payments under finance lease obligations

 

(4

)

 

 

(4

)

 

 

(14

)

 

 

(9

)

Investment in DSM Semichem LLC

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,938

)

Expansion capital expenditures

 

(1,974

)

 

 

(2,909

)

 

 

(4,968

)

 

 

(18,493

)

Adjusted Free Cash Flow

$

2,096

 

 

$

(139

)

 

$

11,584

 

 

 

(1,321

)

 

(1) Net of amortization of debt issuance costs and discount, which are included in interest expense but not included in net cash provided by (used in) operating activities. 

 
 

 

Investor Contact:
ir@mmlp.com
(877) 256-6644
Danny Cavin - Director, FP&A and Investor Relations

Source: Martin Midstream Partners L.P.