# EDGAR Filing Document

**Accession Number:** 0001176334
**File Stem:** 0001176334-25-000110
**Filing Date:** 2025-7
**Character Count:** 62583
**Document Hash:** 86e67c801cccfa4e7af53dea73cb4e38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001176334-25-000110.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0001176334-25-000110

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250716

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MARTIN MIDSTREAM PARTNERS L.P.
- **CENTRAL INDEX KEY:** 0001176334
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-PETROLEUM BULK STATIONS & TERMINALS [5171]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 050527861
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50056
- **FILM NUMBER:** 251127710

**BUSINESS ADDRESS:**
- **STREET 1:** 4200 STONE ROAD
- **CITY:** KILGORE
- **STATE:** TX
- **ZIP:** 75662
- **BUSINESS PHONE:** 9039836252

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 191
- **CITY:** KILGORE
- **STATE:** TX
- **ZIP:** 75663

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MARTIN MIDSTREAM PARTNERS LP
- **DATE OF NAME CHANGE:** 20020626

?xml version='1.0' encoding='ASCII'? mmlp-20250716

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of report (date of earliest event reported): July 16, 2025**

**MARTIN MIDSTREAM PARTNERS L.P.**

(Exact name of Registrant as specified in its charter)

---

| | | | |
|:---|:---|:---|:---|
| **Delaware** | **000-50056** | | **05-0527861** |
| (State of incorporation<br>or organization) | (Commission file number) | (I.R.S. employer identification number) | (I.R.S. employer identification number) |
| **4200 B Stone Road** | | | |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kilgore, Texas 75662**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code: (903) 983-6200

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Units representing limited partnership interests | MMLP | The NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act. □

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;On July 16, 2025, Martin Midstream Partners L.P. (the "Partnership") issued a press release reporting its financial results for the quarter ended June 30, 2025 A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and will be published on the Partnership's website at www.MMLP.com. In accordance with General Instruction B.2 of Form 8-K, the information set forth herein and in the press release is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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**(d)** &nbsp;&nbsp;&nbsp;&nbsp;**<u>Exhibits</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction B.2 of Form 8-K, the information set forth in the attached Exhibit 99.1 and Exhibit 99.2 are deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Exchange Act.

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| | |
|:---|:---|
| Exhibit<br>Number | Description |
| 99.1 | <u>[Press release dated July 16, 2025](exhibit991-06302025earning.htm)</u> |
| 99.2 | <u>[Supplemental information - Martin Midstream Partners L.P. Second Quarter Earnings Summary](mmlp2q2025earningssummar.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document (contained in Exhibit 101). |

---

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&nbsp;&nbsp;&nbsp;&nbsp;**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARTIN MIDSTREAM PARTNERS L.P.<br>By: Martin Midstream GP LLC,<br>Its General Partner |
| Date: July 16, 2025 | By: /s/ Sharon L. Taylor |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sharon L. Taylor |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President and Chief Financial Officer  |

---

## Exhibit 99.1

EXHIBIT 99.1

MARTIN MIDSTREAM PARTNERS REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS AND DECLARES QUARTERLY CASH DISTRIBUTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net loss of $2.4 million and $3.4 million for the three and six months ended June 30, 2025, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $27.1 million and $55.0 million for the three and six months ended June 30, 2025, respectively

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintains full year adjusted EBITDA guidance of $109.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Declares quarterly cash dividend of $0.005 per common unit

KILGORE, Texas, July 16, 2025 (BUSINESS WIRE) -- Martin Midstream Partners L.P. (Nasdaq: MMLP) ("MMLP" or the "Partnership") today announced its financial results for the second quarter of 2025.

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, "The Partnership reported adjusted EBITDA of $27.1 million for the quarter. Based on performance over the first half of the year, we are reaffirming our full year adjusted EBITDA guidance of $109.1 million. However, we remain cautious and continue to closely monitor the potential impacts of the proposed tariffs.

"For the quarter, our Sulfur Services segment delivered sales volumes and margins that exceeded our internal projections. This performance positioned the segment for a successful first half of the year as the Sulfur Services segment prepares to enter turnaround season during the third quarter.

"In the Transportation segment, utilization in the marine business was slightly below expectations due to equipment repairs, which reduced cash flow for the quarter. Results from land transportation partially offset the shortfall from marine operations. Land transportation rates continued to show signs of pressure compared to internal projections, but lower-than-expected operating expenses contributed to improved cash flow.

"Our Specialty Products segment faced temporary volume reductions this quarter in the grease business unit due to shifts in our customer portfolio, which we expect to normalize soon. At the same time, results from the lubricants business exceeded expectations and helped partially offset the underperformance in the grease business unit.

"Lastly, the Terminalling and Storage segment delivered results slightly below our internal projections for the quarter due to higher operating expenses. However, the segment remains fundamentally stable, and we anticipate favorable performance over the second half of the year.

"During the quarter, growth capital expenditures totaled $0.8 million and maintenance capital expenditures were $5.2 million. As of June 30, 2025, our adjusted leverage ratio was 4.20 times compared to 4.21 times as of March 31, 2025. We anticipate that leverage will remain at this level in the third quarter, which is typically our seasonally weakest period for cash flow. During this time, the Partnership is managing planned turnarounds, funding capital projects, and making the semi-annual interest payment on our outstanding notes, all of which contribute to higher debt levels. We expect leverage to decline in the fourth quarter as the Sulfur Services segment exits turnaround season and operational cash flows improve."

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**SECOND QUARTER 2025 OPERATING RESULTS BY BUSINESS SEGMENT**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Operating Income (Loss) ($M)** | **Operating Income (Loss) ($M)** | **Adjusted EBITDA ($M)** | **Adjusted EBITDA ($M)** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(Amounts may not add or recalculate due to rounding)** | **(Amounts may not add or recalculate due to rounding)** | **(Amounts may not add or recalculate due to rounding)** | **(Amounts may not add or recalculate due to rounding)** |
| **Business Segment:** |  |  |  |  |
| &nbsp;&nbsp;Transportation | $6.2 | $8.0 | $8.5 | $11.2 |
| &nbsp;&nbsp;Terminalling and Storage | 3.0 | 3.3 | 8.4 | 8.0 |
| &nbsp;&nbsp;Sulfur Services | 6.0 | 7.5 | 9.7 | 10.6 |
| &nbsp;&nbsp;Specialty Products | 3.6 | 4.9 | 4.4 | 5.7 |
| &nbsp;&nbsp;Unallocated Selling, General and Administrative Expense | (3.9) | (3.8) | (3.9) | (3.8) |
|  | $**14.9** | $**19.9** | $**27.1** | $**31.7** |

---

**Transportation** Adjusted EBITDA decreased by $2.7 million. In the land division, Adjusted EBITDA declined by $2.8 million, primarily due to lower miles and reduced transportation rates, partially offset by lower operating expenses. In the marine division, Adjusted EBITDA increased by $0.1 million, driven by higher day rates, partially offset by increased employee-related expenses.

**Terminalling and Storage** Adjusted EBITDA increased by $0.4 million. At our Smackover refinery, Adjusted EBITDA increased by $0.9 million, benefiting from higher throughput and reservation fees, combined with lower operating expenses. In the underground NGL storage division, Adjusted EBITDA decreased by $0.5 million due to lower throughput volumes. Adjusted EBITDA in our specialty terminals division remained flat at $2.9 million. Adjusted EBITDA in our shore-based terminals division held steady at $1.5 million.

**Sulfur Services** Adjusted EBITDA decreased by $0.9 million. In the fertilizer division, Adjusted EBITDA declined by $0.7 million due to margin compression from higher raw material costs, partially offset by reservation fees related to the DSM Semichem joint venture. In the pure sulfur business, Adjusted EBITDA decreased by $0.6 million due to a reduction in operating expenses in the second quarter of 2024 from our sulfur vessel going into the shipyard for regulatory maintenance, combined with increased repairs and maintenance expenses. In the sulfur prilling business, Adjusted EBITDA decreased by $0.2 million, reflecting a volume-driven reduction in operating fees.

**Specialty Products** Adjusted EBITDA decreased by $1.3 million. In the grease division, Adjusted EBITDA decreased by $1.5 million, primarily due to lower margins associated with a higher mix of lower-margin product sales. The lubricants division increased by $0.1 million, reflecting higher volumes partially offset by lower margins. Adjusted EBITDA in our propane and NGL divisions each remained flat at $0.3 million, reflecting stable volumes and margins.

**Unallocated selling, general, and administrative expense** increased by $0.1 million, due to an increase in allocated overhead expenses from Martin Resource Management Corporation.

------

**RESULTS OF OPERATIONS SUMMARY**

**(in millions, except per unit amounts)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Period** | **Net Income (Loss)** | **Net Income (Loss) Per Unit** | **Adjusted EBITDA** | **Net Cash Provided by (Used in) Operating Activities** | **Distributable Cash Flow** | **Revenues** |
| Three Months Ended June 30, 2025 | $(2.4) | $(0.06) | $27.1 | $30.9 | $6.7 | $180.7 |
| Three Months Ended June 30, 2024 | $3.8 | $0.09 | $31.7 | $11.8 | $9.5 | $184.5 |

---

**Reconciliation of Net Income (Loss) to Adjusted EBITDA** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Transportation** | **Terminalling & Storage** | **Sulfur Services** | **Specialty Products** | **SG&A** | **Interest Expense** | **2Q 2025<br>Actual** |
| **Net income (loss)** | $6.2 | $3 | $6 | $3.6 | $(6.6) | $(14.6) | $(2.4) |
| &nbsp;&nbsp;Interest expense add back | – | – | – | – | – | $14.6 | $14.6 |
| &nbsp;&nbsp;Equity in loss of DSM Semichem LLC | – | – | – | – | $0.6 | – | $0.6 |
| &nbsp;&nbsp;Income tax expense | – | – | – | – | $2.1 | – | $2.1 |
| **Operating Income (loss)** | $**6.2** | $**3.0** | $**6.0** | $**3.6** | $**(3.9)** | $**–** | $**14.9** |
| &nbsp;&nbsp;Depreciation and amortization | $2.9 | $5.4 | $3.6 | $0.8 | – | – | $12.6 |
| &nbsp;&nbsp;Gain on sale or disposition of property, plant, and equipment | $(0.6) | – | – | – | – | – | $(0.6) |
| &nbsp;&nbsp;Non-cash contractual revenue deferral adjustment | – | – | $0.2 | – | – | – | $0.2 |
| &nbsp;&nbsp;Unit-based compensation | – | – | – | – | – | – | – |
| **Adjusted EBITDA** | $**8.5** | $**8.4** | $**9.7** | $**4.4** | $**(3.9)** | $**–** | $**27.1** |

---

**NON-GAAP FINANCIAL MEASURES**

EBITDA, 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 below tables entitled "Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA" and "Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow" in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.

An attachment included in the Current Report on Form 8-K to which this announcement is included contains a comparison of the Partnership's Adjusted EBITDA for the second quarter 2025 to the Partnership's Adjusted EBITDA for the second quarter 2024.

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**CAPITALIZATION**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| | **($ in millions)** | **($ in millions)** |
| &nbsp;&nbsp;**Debt Outstanding:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Facility, Due February 2027 <sup>1</sup> | $41.0 | $53.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance lease obligations | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.50% Senior Secured Notes, Due February 2028 | 400.0 | 400.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Debt Outstanding:** | $441.1 | $453.6 |
| &nbsp;&nbsp;**Summary Credit Metrics:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Facility - Total Capacity | $150.0 | $150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Facility - Available Liquidity <sup>2</sup> | $31.3 | $80.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Adjusted Leverage Ratio <sup>3</sup> | 4.20x | 3.96x |
| &nbsp;&nbsp;&nbsp;&nbsp;Senior Leverage Ratio <sup>3</sup> | 0.39x | 0.47x |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest Coverage Ratio <sup>3</sup> | 1.97x | 2.14x |

---

<sup>1</sup> The Partnership was in compliance with all debt covenants as of June 30, 2025 and December 31, 2024.

<sup>2</sup> Effective March 31, 2025, in accordance with the terms of the Partnership's credit agreement, the maximum total leverage ratio under the credit facility stepped down from 4.75x to 4.50x.

<sup>3</sup> As calculated under the Partnership's revolving credit facility.

**QUARTERLY CASH DISTRIBUTION**

The Partnership has declared a quarterly cash distribution of $0.005 per unit for the quarter ended June 30, 2025. The distribution is payable on August 14, 2025, to common unitholders of record as of the close of business on August 7, 2025. The ex-dividend date for the cash distribution is August 7, 2025.

*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

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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), 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.

*EBITDA and 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, and transaction costs associated with business combination, merger, and divestiture activities. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial performance of our assets without regard to financing methods, capital structure, or historical cost basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our assets to generate cash sufficient to pay interest costs, support our indebtedness, and make cash distributions to our unitholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

The GAAP measures most directly comparable to Adjusted EBITDA are Net Income (Loss) and Net Cash Provided by (Used In) Operating Activities. 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 may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner.

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Adjusted EBITDA does not include interest expense, income tax expense, and depreciation and amortization. Because we have borrowed money to finance our operations, interest expense is a necessary element of our costs and our ability to generate cash available for distribution. Because we have capital assets, depreciation and amortization are also necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe that it is important to consider Net Income (Loss) and Net cash Provided by (Used in) Operating Activities as determined under GAAP, as well as Adjusted EBITDA, to evaluate our overall performance.

*Distributable Cash Flow.* We define Distributable Cash Flow as Net Cash Provided by (Used in) Operating Activities less cash received (plus cash paid) for closed commodity derivative positions included in Accumulated Other Comprehensive Income (Loss), plus changes in operating assets and liabilities which (provided) used cash, less maintenance capital expenditures and plant turnaround costs. Distributable Cash Flow is a significant performance measure used by our management and by external users of our financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay unitholders. Distributable Cash Flow is also an important financial measure for our unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Distributable Cash Flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.

*Adjusted Free Cash Flow.* We define Adjusted Free Cash Flow as Distributable Cash Flow less growth capital expenditures and principal payments under finance lease obligations. Adjusted Free Cash Flow is a significant performance measure used by our management and by external users of our financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. We believe that Adjusted Free Cash Flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. Our calculation of Adjusted Free Cash Flow may or may not be comparable to similarly titled measures used by other entities.

The GAAP measure most directly comparable to Distributable Cash Flow and Adjusted Free Cash Flow is Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow should not be considered alternatives to, or more meaningful than, Net Income (Loss), Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, or any other measure of liquidity presented in accordance with GAAP. Distributable Cash Flow and Adjusted Free Cash Flow have important limitations because they exclude some items that affect Net Income (Loss), Operating Income (Loss), and Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow may not be comparable to similarly titled measures of other companies because other companies may not calculate these non-GAAP metrics in the same manner. To compensate for these limitations, we believe that it is important to consider Net Cash Provided by (Used in) Operating Activities determined under GAAP, as well as Distributable Cash Flow and Adjusted Free Cash Flow, to evaluate our overall liquidity.

Contact:

Sharon Taylor - Executive Vice President & Chief Financial Officer

(877) 256-6644

ir@mmlp.com

MMLP-F

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**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED AND CONDENSED BALANCE SHEETS**

**(Dollars in thousands)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025**<br>**(Unaudited)** | **December 31, 2024**<br>**(Audited)** |
| **Assets** | | |
| Cash | $47 | $55 |
| Accounts and other receivables, less allowance for doubtful accounts of $1,319 and $940, respectively | 57502 | 53569 |
| Inventories | 46124 | 51707 |
| Due from affiliates | 8803 | 13694 |
| Other current assets | 9127 | 11454 |
| &nbsp;&nbsp;&nbsp;Total current assets | 121603 | 130479 |
| Property, plant and equipment, at cost | 960880 | 954059 |
| Accumulated depreciation | (666056) | (648609) |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 294824 | 305450 |
| Goodwill | 16671 | 16671 |
| Right-of-use assets | 64815 | 67140 |
| Investment in DSM Semichem LLC | 6489 | 7314 |
| Deferred income taxes, net | 10100 | 9946 |
| Other assets, net | 1130 | 1509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $515632 | $538509 |
| **Liabilities and Partners' Capital (Deficit)** |  |  |
| Current installments of long-term debt and finance lease obligations | $15 | $14 |
| Trade and other accounts payable | 54020 | 61599 |
| Product exchange payables | 943 | 798 |
| Due to affiliates | 3701 | 4927 |
| Income taxes payable | 2132 | 1283 |
| Other accrued liabilities | 46878 | 46880 |
| &nbsp;&nbsp;&nbsp;Total current liabilities | 107689 | 115501 |
| Long-term debt, net | 427821 | 437635 |
| Finance lease obligations | 47 | 55 |
| Operating lease liabilities | 44762 | 47815 |
| Other long-term obligations | 9500 | 7942 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 589819 | 608948 |
| Commitments and contingencies |  |  |
| Partners' capital (deficit) | (74187) | (70439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and partners' capital (deficit) | $515632 | $538509 |

---

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**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED AND CONDENSED STATEMENTS OF OPERATIONS**

**(Unaudited)**

**(Dollars in thousands, except per unit amounts)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Terminalling and storage \* | $22404 | $22375 | $43953 | $44892 |
| &nbsp;&nbsp;&nbsp;Transportation \* | 53826 | 57676 | 106811 | 115983 |
| &nbsp;&nbsp;&nbsp;Sulfur services | 4073 | 3477 | 8296 | 6954 |
| &nbsp;&nbsp;&nbsp;Product sales: \* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty products | 60318 | 67288 | 129623 | 133613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfur services | 40055 | 33715 | 84536 | 63919 |
|  | 100373 | 101003 | 214159 | 197532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 180676 | 184531 | 373219 | 365361 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of products sold: (excluding depreciation and amortization) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty products \* | 52270 | 57553 | 112764 | 114783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfur services \* | 26234 | 19234 | 55316 | 39633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminalling and storage \* |  | 24 |  | 42 |
|  | 78504 | 76811 | 168080 | 154458 |
| &nbsp;&nbsp;&nbsp;Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses \* | 64382 | 65358 | 128836 | 129292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative \* | 10882 | 10701 | 22656 | 19614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12638 | 12687 | 25454 | 25336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 166406 | 165557 | 345026 | 328700 |
| Gain on disposition or sale of property, plant and equipment | 613 | 953 | 1092 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 14883 | 19927 | 29285 | 37822 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (14608) | (14377) | (28715) | (28219) |
| &nbsp;&nbsp;&nbsp;Equity in loss of DSM Semichem LLC | (616) |  | (825) |  |
| &nbsp;&nbsp;&nbsp;Other, net | 18 | 2 | 16 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (15206) | (14375) | (29524) | (28201) |
| Net income before taxes | (323) | 5552 | (239) | 9621 |
| Income tax expense | (2084) | (1772) | (3201) | (2568) |
| Net income (loss) | (2407) | 3780 | (3440) | 7053 |
| Less general partner's interest in net income (loss) | (48) | 76 | (69) | 141 |
| Less income (loss) allocable to unvested restricted units | (10) | 16 | (14) | 28 |
| Limited partners' interest in net income (loss) | $(2349) | $3688 | $(3357) | $6884 |
| Net income (loss) per unit attributable to limited partners - basic | $(0.06) | $0.09 | $(0.09) | $0.18 |
| Net income (loss) per unit attributable to limited partners - diluted | $(0.06) | $0.09 | $(0.09) | $0.18 |
| Weighted average limited partner units - basic | 38892347 | 38832222 | 38887692 | 38833039 |
| Weighted average limited partner units - diluted | 38892347 | 38891375 | 38887692 | 38872192 |

---

\*Related Party Transactions Shown Below

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

**(Dollars in thousands, except per unit amounts)**

\*Related Party Transactions Included Above

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Terminalling and storage | $18221 | $18078 | $35483 | $36627 |
| &nbsp;&nbsp;&nbsp;Transportation | 7320 | 8318 | 15290 | 16919 |
| &nbsp;&nbsp;&nbsp;Product Sales | 1040 | 123 | 2340 | 252 |
| Costs and expenses:\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of products sold: (excluding depreciation and amortization) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty products | 7277 | 8368 | 13287 | 14941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sulfur services | 3187 | 2919 | 6308 | 5912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terminalling and storage |  | 24 |  | 42 |
| &nbsp;&nbsp;&nbsp;Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 27823 | 26501 | 55388 | 52924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 8135 | 8638 | 16027 | 15501 |

---

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED AND CONDENSED STATEMENTS OF CAPITAL (DEFICIT)**

**(Unaudited)**

**(Dollars in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Partners' Capital (Deficit)** | **Partners' Capital (Deficit)** | **Partners' Capital (Deficit)** | |
| | **Common Limited** | **Common Limited** | **General Partner Amount** | |
| | **Units** | **Amount** | **General Partner Amount** |<br>**Total** |
| Balances - March 31, 2025 | 39055086 | $(73041) | $1413 | $(71628) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  | (2359) | (48) | (2407) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash distributions |  | (195) | (4) | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-based compensation |  | 47 |  | 47 |
| Balances - June 30, 2025 | 39055086 | (75548) | 1361 | (74187) |
| Balances - December 31, 2024 | 39001086 | $(71877) | $1438 | $(70439) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  | (3371) | (69) | (3440) |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of restricted units | 54000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash distributions |  | (390) | (8) | (398) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-based compensation |  | 90 |  | 90 |
| Balances - June 30, 2025 | 39055086 | $(75548) | $1361 | $(74187) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Partners' Capital (Deficit)** | **Partners' Capital (Deficit)** | **Partners' Capital (Deficit)** | |
| | **Common Limited** | **Common Limited** | **General Partner Amount** | |
| | **Units** | **Amount** | **General Partner Amount** |<br>**Total** |
| Balances - March 31, 2024 | 39001086 | $(63115) | $1619 | $(61496) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss |  | 3704 | 76 | 3780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of restricted units |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash distributions |  | (195) | (4) | (199) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-based compensation |  | 49 |  | 49 |
| Balances - June 30, 2024 | 39001086 | (59557) | 1691 | (57866) |
| Balances - December 31, 2023 | 38914806 | $(66182) | $1558 | $(64624) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income |  | 6912 | 141 | 7053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issuance of restricted units | 86280 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General partner contribution |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash distributions |  | (390) | (8) | (398) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-based compensation |  | 103 |  | 103 |
| Balances - June 30, 2024 | 39001086 | $(59557) | $1691 | $(57866) |

---

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**CONSOLIDATED AND CONDENSED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

**(Dollars in thousands)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(3440) | $7053 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 25454 | 25336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 1556 | 1539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt discount | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | (154) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition or sale of property, plant and equipment, net | (1092) | (1161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in loss of DSM Semichem LLC | 825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non cash unit-based compensation | 90 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in current assets and liabilities, excluding effects of acquisitions and dispositions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and other receivables | (3933) | 2383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 5583 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from affiliates | 4891 | (14227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (544) | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other accounts payable | (6181) | 523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product exchange payables | 145 | (426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to affiliates | (1226) | (3065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 849 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | (611) | (1196) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other non-current assets and liabilities | 1484 | 922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 24896 | 21937 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Payments for property, plant and equipment | (11222) | (24194) |
| &nbsp;&nbsp;&nbsp;Payments for plant turnaround costs | (1799) | (6705) |
| &nbsp;&nbsp;&nbsp;Investment in DSM Semichem LLC |  | (6938) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant and equipment | 1092 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (11929) | (37099) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Payments of long-term debt | (121500) | (113000) |
| &nbsp;&nbsp;&nbsp;Payments under finance lease obligations | (7) | (1) |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 109000 | 128577 |
| &nbsp;&nbsp;&nbsp;Payment of debt issuance costs | (70) | (15) |
| &nbsp;&nbsp;&nbsp;Cash distributions paid | (398) | (398) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (12975) | 15163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash | (8) | 1 |
| Cash at beginning of period | 55 | 54 |
| Cash at end of period | $47 | $55 |
| Non-cash additions to property, plant and equipment | $1263 | $2641 |
| Non-cash contribution of land to DSM Semichem LLC | $— | $1000 |

---

------

**MARTIN MIDSTREAM PARTNERS L.P.**

**SEGMENT OPERATING INCOME**

**(Unaudited)**

**(Dollars and volumes in thousands, except BBL per day)**

***Transportation Segment***

***Comparative Results of Operations for the Three Months Ended June 30, 2025 and 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Variance** | **Percent Change** |
| | **2025** | **2024** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| Revenues | $57701 | $61467 | $(3766) | (6)% |
| Operating expenses | 46399 | 47783 | (1384) | (3)% |
| Selling, general and administrative expenses | 2769 | 2527 | 242 | 10% |
| Depreciation and amortization | 2916 | 3381 | (465) | (14)% |
|  | 5617 | 7776 | (2159) | (28)% |
| Gain on disposition or sale of property, plant and equipment | 600 | 260 | 340 | 131% |
| &nbsp;&nbsp;&nbsp;Operating income | $6217 | $8036 | $(1819) | (23)% |

---

***Comparative Results of Operations for the Six Months Ended June 30, 2025 and 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Variance** | **Percent Change** |
| | **2025** | **2024** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| Revenues | $115176 | $123509 | $(8333) | (7)% |
| Operating expenses | 93046 | 94424 | (1378) | (1)% |
| Selling, general and administrative expenses | 5637 | 4727 | 910 | 19% |
| Depreciation and amortization | 5848 | 6857 | (1009) | (15)% |
|  | $10645 | $17501 | $(6856) | (39)% |
| Gain on disposition or sale of property, plant and equipment | 1078 | 366 | 712 | 195% |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | $11723 | $17867 | $(6144) | (34)% |

---

------

***Terminalling and Storage Segment***

***Comparative Results of Operations for the Three Months Ended June 30, 2025 and 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Variance** | **Percent Change** |
| | **2025** | **2024** | **Variance** | **Percent Change** |
| | **(In thousands, except BBL per day)** | **(In thousands, except BBL per day)** | **(In thousands, except BBL per day)** | |
| Revenues | $24228 | $24402 | $(174) | (1)% |
| Cost of products sold |  | 24 | (24) | (100)% |
| Operating expenses | 15079 | 15522 | (443) | (3)% |
| Selling, general and administrative expenses | 746 | 820 | (74) | (9)% |
| Depreciation and amortization | 5411 | 5729 | (318) | (6)% |
|  | 2992 | 2307 | 685 | 30% |
| Gain on disposition or sale of property, plant and equipment | 8 | 995 | (987) | (99)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | $3000 | $3302 | $(302) | (9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shore-based throughput volumes (gallons) | 47199 | 42491 | 4708 | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smackover refinery throughput volumes (guaranteed minimum BBL per day) | 6500 | 6500 |  | —% |

---

***Comparative Results of Operations for the Six Months Ended June 30, 2025 and 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Variance** | **Percent Change** |
| | **2025** | **2024** | **Variance** | **Percent Change** |
| | **(In thousands, except BBL per day)** | **(In thousands, except BBL per day)** | **(In thousands, except BBL per day)** | |
| Revenues | $47642 | $48687 | $(1045) | (2)% |
| Cost of products sold |  | 42 | (42) | (100)% |
| Operating expenses | 29892 | 30557 | (665) | (2)% |
| Selling, general and administrative expenses | 1669 | 1102 | 567 | 51% |
| Depreciation and amortization | 10980 | 11124 | (144) | (1)% |
|  | 5101 | 5862 | (761) | (13)% |
| Gain on disposition or sale of property, plant and equipment | 9 | 1097 | (1088) | (99)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | $5110 | $6959 | $(1849) | (27)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shore-based throughput volumes (gallons) | 85690 | 88260 | (2570) | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smackover refinery throughput volumes (guaranteed minimum) (BBL per day) | 6500 | 6500 |  | —% |

---

------

***Sulfur Services Segment***

***Comparative Results of Operations for the Three Months Ended June 30, 2025 and 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Variance** | **Percent Change** |
| | **2025** | **2024** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Services | $4073 | $3477 | $596 | 17% |
| &nbsp;&nbsp;&nbsp;Products | 40055 | 33716 | 6339 | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 44128 | 37193 | 6935 | 19% |
| Cost of products sold | 29311 | 22183 | 7128 | 32% |
| Operating expenses | 3655 | 2744 | 911 | 33% |
| Selling, general and administrative expenses | 1638 | 1717 | (79) | (5)% |
| Depreciation and amortization | 3556 | 2778 | 778 | 28% |
|  | 5968 | 7771 | (1803) | (23)% |
| Gain (loss) on disposition or sale of property, plant and equipment | 1 | (308) | 309 | 100% |
| &nbsp;&nbsp;&nbsp;Operating income | $5969 | $7463 | $(1494) | (20)% |
| Sulfur (long tons) | 144 | 91 | 53 | 58% |
| Fertilizer (long tons) | 73 | 64 | 9 | 14% |
| Total sulfur services volumes (long tons) | 217 | 155 | 62 | 40% |

---

***Comparative Results of Operations for the Six Months Ended June 30, 2025 and 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Variance** | **Percent Change** |
| | **2025** | **2024** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Services | $8296 | $6954 | $1342 | 19% |
| &nbsp;&nbsp;&nbsp;Products | 84536 | 63920 | 20616 | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 92832 | 70874 | 21958 | 31% |
| Cost of products sold | 61313 | 44954 | 16359 | 36% |
| Operating expenses | 7487 | 5684 | 1803 | 32% |
| Selling, general and administrative expenses | 3235 | 3020 | 215 | 7% |
| Depreciation and amortization | 7113 | 5760 | 1353 | 23% |
|  | 13684 | 11456 | 2228 | 19% |
| Gain (loss) on disposition or sale of property, plant and equipment | 1 | (308) | 309 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | $13685 | $11148 | $2537 | 23% |
| Sulfur (long tons) | 277 | 182 | 95 | 52% |
| Fertilizer (long tons) | 170 | 136 | 34 | 25% |
| Total sulfur services volumes (long tons) | 447 | 318 | 129 | 41% |

---

------

***Specialty Products Segment***

***Comparative Results of Operations for the Three Months Ended June 30, 2025 and 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Variance** | **Percent Change** |
| | **2025** | **2024** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| Products revenues | $60341 | $67317 | $(6976) | (10)% |
| Cost of products sold | 54166 | 59711 | (5545) | (9)% |
| Operating expenses | (31) | 26 | (57) | (219)% |
| Selling, general and administrative expenses | 1821 | 1842 | (21) | (1)% |
| Depreciation and amortization | 755 | 799 | (44) | (6)% |
|  | 3630 | 4939 | (1309) | (27)% |
| Gain on disposition or sale of property, plant and equipment | 4 | 6 | (2) | (33)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | $3634 | $4945 | $(1311) | (27)% |
| NGL sales volumes (Bbls) | 572 | 540 | 32 | 6% |
| Other specialty products volumes (Bbls) | 89 | 93 | (4) | (4)% |
| Total specialty products volumes (Bbls) | 661 | 633 | 28 | 4% |

---

*&nbsp;&nbsp;&nbsp;&nbsp;*

*&nbsp;&nbsp;&nbsp;&nbsp;*

***Comparative Results of Operations for the Six Months Ended June 30, 2025 and 2024***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Variance** | **Percent Change** |
| | **2025** | **2024** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| Products revenues | $129669 | $133663 | $(3994) | (3)% |
| Cost of products sold | 117211 | 119355 | (2144) | (2)% |
| Operating expenses |  | 51 | (51) | (100)% |
| Selling, general and administrative expenses | 3570 | 3165 | 405 | 13% |
| Depreciation and amortization | 1513 | 1595 | (82) | (5)% |
|  | 7375 | 9497 | (2122) | (22)% |
| Gain on disposition or sale of property, plant and equipment | 4 | 6 | (2) | (33)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | $7379 | $9503 | $(2124) | (22)% |
| NGL sales volumes (Bbls) | 1236 | 1162 | 74 | 6% |
| Other specialty products volumes (Bbls) | 170 | 172 | (2) | (1)% |
| Total specialty products volumes (Bbls) | 1406 | 1334 | 72 | 5% |

---

***Indirect Selling, General and Administrative Expenses***

***Comparative Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Variance** | **Percent Change** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Variance** | **Percent Change** |
| | **2025** | **2024** | **Variance** | **Percent Change** | **2025** | **2024** | **Variance** | **Percent Change** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | | **(In thousands)** | **(In thousands)** | **(In thousands)** | |
| &nbsp;&nbsp;&nbsp;Indirect selling, general and administrative expenses | $3937 | $3819 | $118 | 3% | $8612 | $7655 | $957 | 13% |

---

------

**Non-GAAP Financial Measures**

The following tables reconcile the non-GAAP financial measurements used by management to our most directly comparable GAAP measures for the three and six months ended June 30, 2025 and 2024, which represents EBITDA, Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow:

**Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| &nbsp;&nbsp;&nbsp;**Net income (loss)** | $(2407) | $3780 | $(3440) | $7053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 14608 | 14377 | 28715 | 28219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2084 | 1772 | 3201 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12638 | 12687 | 25454 | 25336 |
| &nbsp;&nbsp;&nbsp;**EBITDA** | 26923 | 32616 | 53930 | 63176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposition or sale of property, plant and equipment | (613) | (953) | (1092) | (1161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses related to the terminated Merger with Martin Resource Management Corporation |  |  | 827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) loss of DSM Semichem LLC | 616 |  | 825 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash contractual revenue adjustment | 175 |  | 396 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit-based compensation | 47 | 49 | 90 | 103 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | $27148 | $31712 | $54976 | $62118 |

---

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Net cash provided by operating activities** | $30915 | $11828 | $24896 | $21937 |
| &nbsp;&nbsp;Interest expense <sup>1</sup> | 13229 | 13004 | 25959 | 25480 |
| &nbsp;&nbsp;&nbsp;Current income tax expense | 2024 | 1420 | 3355 | 2542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses related to the terminated Merger with Martin Resource Management Corporation |  |  | 827 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash contractual revenue adjustment | 175 |  | 396 |  |
| **Changes in operating assets and liabilities which (provided) used cash:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts and other receivables, inventories, and other current assets | (6570) | 9919 | (5997) | 9639 |
| &nbsp;&nbsp;&nbsp;Trade, accounts and other payables, and other current liabilities | (12013) | (3786) | 7024 | 3442 |
| &nbsp;&nbsp;&nbsp;Other | (612) | (673) | (1484) | (922) |
| **Adjusted EBITDA** | 27148 | 31712 | 54976 | 62118 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (14608) | (14377) | (28715) | (28219) |
| &nbsp;&nbsp;&nbsp;Income tax expense | (2084) | (1772) | (3201) | (2568) |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 60 | 352 | (154) | 26 |
| &nbsp;&nbsp;&nbsp;Amortization of debt discount | 600 | 600 | 1200 | 1200 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred debt issuance costs | 779 | 773 | 1556 | 1539 |
| &nbsp;&nbsp;&nbsp;Payments for plant turnaround costs | (977) | (745) | (1799) | (6705) |
| &nbsp;&nbsp;&nbsp;Maintenance capital expenditures | (4246) | (7009) | (8103) | (12211) |
| **Distributable Cash Flow** | 6672 | 9534 | 15760 | 15180 |
| &nbsp;&nbsp;&nbsp;Principal payments under finance lease obligations | (3) | (1) | (7) | (1) |
| &nbsp;&nbsp;&nbsp;Investment in DSM Semichem LLC |  | (6938) |  | (6938) |
| &nbsp;&nbsp;&nbsp;Expansion capital expenditures | (792) | (5450) | (1721) | (11681) |
| **Adjusted Free Cash Flow** | $5877 | $(2855) | $14032 | $(3440) |

---

<sup>1</sup> 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.

## Exhibit 99.2

![](mmlp2q2025earningssummar001.jpg)

July 16, 2025 Second Quarter 2025 Earnings Summary MARTIN MIDSTREAM PARTNERS Exhibit 99.2

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![](mmlp2q2025earningssummar002.jpg)

MMLP 2Q 2025 Adjusted EBITDA Reconciliation & Comparison (in millions) Page 2 Terminalling & Storage 2Q24A 2Q25A Smackover Refinery $3.1 $3.9 Specialty Terminals $2.9 $2.9 Shore-Based Terminals $1.5 $1.5 Underground Storage $0.6 $0.1 Total Terminalling & Storage $8.0 $8.4 Specialty Products 2Q24A 2Q25A Lubricants $2.5 $2.7 Grease $2.7 $1.2 Propane $0.3 $0.3 Natural Gasoline $0.3 $0.3 Total Specialty Products $5.7 $4.4 Adjusted EBITDA\* $35.5 $31.0 Unallocated SG&A $(3.8) $(3.9) Total Adjusted EBITDA $31.7 $27.1 Sulfur Services 2Q24A 2Q25A Fertilizer $6.7 $6.0 ELSA $— $0.7 Sulfur $3.8 $3.0 Total Sulfur Services $10.6 $9.7 Transportation 2Q24A 2Q25A Land $8.2 $5.5 Marine $2.9 $3.1 Total Transportation $11.2 $8.5 Note: numbers may not add due to rounding \*Pre-Unallocated SG&A Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense 2Q 2025 Actual Net income (loss) $6.2 $3.0 $6.0 $3.6 $(6.6) $(14.6) $(2.4) Interest expense add back — — — — — $14.6 $14.6 Equity in loss of DSM Semichem LLC — — — — $0.6 — $0.6 Income tax expense — — — — $2.1 — $2.1 Operating income (loss) $6.2 $3.0 $6.0 $3.6 $(3.9) $0.0 $14.9 Depreciation and amortization $2.9 $5.4 $3.6 $0.8 — — $12.6 Gain on sale or disposition of property, plant, and equipment $(0.6) — — — — — $(0.6) Non-cash contractual revenue deferral adjustment — — $0.2 — — — $0.2 Unit-based compensation — — — — — — $0.0 Adjusted EBITDA and Credit Adjusted EBITDA $8.5 $8.4 $9.7 $4.4 $(3.9) $0.0 $27.1

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![](mmlp2q2025earningssummar003.jpg)

MMLP 2Q 2024 Adjusted EBITDA Reconciliation (in millions) Page 3 Note: numbers may not add due to rounding \*Pre-Unallocated SG&A Transportation Terminalling & Storage Sulfur Services Specialty Products SG&A Interest Expense 2Q 2024 Actual Net income (loss) $8.0 $3.3 $7.5 $4.9 $(5.6) $(14.4) $3.8 Interest expense add back — — — — — $14.4 $14.4 Income tax expense — — — — $1.8 — $1.8 Operating income (loss) $8.0 $3.3 $7.5 $4.9 $(3.8) $0.0 $19.9 Depreciation and amortization $3.4 $5.7 $2.8 $0.8 — — $12.7 (Gain) loss on sale of property, plant, and equipment $(0.3) $(1.0) 0.3 — — — $(1.0) Unit-based compensation — — — — $0.1 — $0.1 Adjusted EBITDA $11.2 $8.0 $10.6 $5.7 $(3.8) $0.0 $31.7

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![](mmlp2q2025earningssummar004.jpg)

Page 4 Actuals - Six Months Ended June 30, 2025 Guidance Year Ending December 31, 2025 (Unaudited) Adjusted EBITDA by segment: Transportation Segment $16.5 $35.4 Terminalling and Storage Segment $16.1 $35.6 Sulfur Services Segment1 $21.2 $31.9 Specialty Products Segment $8.9 $20.8 Total segment adjusted EBITDA2 $62.7 $123.8 Unallocated SG&A $(7.7) $(14.7) Total adjusted EBITDA $55.0 $109.1 Maintenance capital expenditures and plant turnaround costs: Maintenance capital expenditures $(8.1) $(20.5) Plant turnaround costs $(1.8) $(5.4) Total maintenance capital expenditures and plant turnaround costs $(9.9) $(25.9) Interest expense, net of amortization of deferred debt issuance costs and discount on notes payable $(26.0) $(51.1) Income taxes, net of deferred $(3.4) $(4.2) Total distributable cash flow $15.7 $27.8 Expansion capital expenditures $(1.7) $(9.0) Principal payments under finance lease obligations $— $— Total adjusted free cash flow $14.0 $18.8 Note: numbers may not add due to rounding 1 Includes $2.8 million in adjusted EBITDA related to DSM Semichem LLC 2 Pre-Unallocated SG&A MMLP Full-Year 2025E Guidance (in millions) Included in maintenance capex is $5.4 million of turnaround costs

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![](mmlp2q2025earningssummar005.jpg)

Disclaimers Page 5 Use of Non-GAAP Financial Measures Forward Looking Statements This presentation includes certain non-GAAP financial measures such as Adjusted EBITDA. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for results prepared in accordance with accounting principles generally accepted in the United States (GAAP). A reconciliation of non-GAAP financial measures included in this presentation to the most directly comparable financial measures calculated and presented in accordance with GAAP is set forth in the Appendix of this presentation or on our web site at www.MMLP.com. MMLP's management believes that these non-GAAP financial measures may provide useful information to investors regarding MMLP's financial condition and results of operations as they provide another measure of the profitability and ability to service its debt and are considered important measures by financial analysts covering MMLP and its peers. The Partnership has not provided comparable GAAP financial information on a forward-looking basis because it would require the Partnership to create estimated ranges on a GAAP basis, which would entail unreasonable effort. Adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with reasonable certainty but may include, among others, costs related to debt amendments and unusual charges, expenses and gains. Some or all of those adjustments could be significant. 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 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.

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![](mmlp2q2025earningssummar006.jpg)

Martin Midstream Partners 4200 B Stone Road Kilgore, Texas 75662 903.983.6200 www.MMLP.com

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