Martin Midstream Partners Reports Third Quarter 2025 Financial Results, Declares Quarterly Cash Distribution and Withdraws Guidance

• Net loss of $8.4 million and $11.9 million for the three and nine months ended September 30, 2025, respectively
• Adjusted EBITDA of $19.3 million and $74.3 million for the three and nine months ended September 30, 2025, respectively
• Declares quarterly cash dividend of $0.005 per common unit

Martin Midstream Partners L.P. (NASDAQ:MMLP) ("MMLP" or the "Partnership") today announced its financial results for the third 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 $19.3 million for the quarter, and while third quarter results are typically our weakest based on seasonal factors, earnings for the quarter were well below our internal projections in both our marine and grease businesses."

"Our Terminalling and Storage segment delivered results consistent with our internal projections, and we expect stable performance to continue through year-end as the majority of the cash flows in this segment are generated from long-term fee-based contracts."

"The Sulfur Services segment faced modest headwinds in sales, as operations resumed following our annual planned turnarounds at our fertilizer plants. We anticipate a return to full operations with improved results in the coming quarter."

"In the Specialty Products segment, sales volumes in the grease business continued to lag expectations. While recent activity is showing early signs of improvement, muted sales make achieving our prior guidance for this business remote. Results from the lubricants business were slightly below expectations; however, we expect performance to strengthen in the next quarter as the lubricants market adjusts to the exit of a large competitor in south Louisiana."

"Lastly, in the Transportation segment, our land transportation business met expectations for the quarter and remains positioned to deliver steady results over the remainder of the year. Conversely, the marine transportation business experienced a significant decline in demand for inland barge fuel transportation which was unexpected entering the quarter. Barge utilization also declined significantly as refineries favored lighter crude slates, shifting transportation demand away from barges and into pipelines."

"Given this challenging operating environment, the Partnership is withdrawing full year 2025 guidance amid current demand softness impacting inland barge utilization. We believe this is the prudent action to take, and do not intend to provide new guidance until there is greater visibility into the factors impacting demand in this segment."

"As of September 30, 2025, our adjusted leverage ratio increased to 4.63 times, when compared to 4.20 times on June 30, 2025. While we anticipated leverage would remain consistent over these periods, even though third quarter activity would increase our debt levels, our forecast did not include a significant decrease in adjusted EBITDA resulting in a higher leverage ratio. Importantly, the Partnership was in compliance with all our debt covenants on September 30, 2025, and while we are not providing ongoing guidance, we expect to remain in compliance with our debt covenants going forward. Although earnings were pressured this quarter, we remain firmly focused on strengthening the balance sheet through disciplined capital allocation."

Transportation Adjusted EBITDA decreased by $6.3 million. In the land division, Adjusted EBITDA declined by $1.3 million, primarily due to lower miles and reduced transportation rates, partially offset by lower operating expenses. In the marine division, Adjusted EBITDA decreased by $5.0 million, driven by reduced demand for inland barge fuel transportation combined with lower day rates.

Terminalling and Storage Adjusted EBITDA increased by $1.3 million. At our Smackover refinery, Adjusted EBITDA remained consistent at $3.8 million. In the underground NGL storage division, Adjusted EBITDA increased by $1.4 million due to increased storage and throughput volumes. In our specialty terminals division, Adjusted EBITDA declined by $0.4 million due to lower service revenue, partially offset by reduced operating expenses. Adjusted EBITDA in our shore-based terminals division increased $0.1 million due to lower operating expenses.

Sulfur Services Adjusted EBITDA decreased by $0.3 million. In the fertilizer division, Adjusted EBITDA increased by $1.0 million due to reservation fees related to the DSM Semichem joint venture and higher sales volume. In the pure sulfur business, Adjusted EBITDA decreased by $0.7 million due to a reduction in sales volume. In the sulfur prilling business, Adjusted EBITDA decreased by $0.6 million, reflecting a volume-driven reduction in operating fees.

Specialty Products Adjusted EBITDA decreased by $0.7 million. In the grease division, Adjusted EBITDA decreased by $0.9 million, primarily due to lower margins associated with a higher mix of lower-margin product sales. The lubricants division increased by $0.2 million, reflecting a reduction in operating expenses. Adjusted EBITDA in the propane division decreased by $0.2 million due to lower volumes and margins, while the NGL division increased by $0.2 million, reflecting reduced operating expenses.

Indirect selling, general, and administrative expenses decreased by $0.1 million, primarily due to lower professional fees.

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 third quarter 2025 to the Partnership's Adjusted EBITDA for the third quarter 2024.

WITHDRAWAL OF 2025 GUIDANCE

The Partnership is withdrawing its previously issued 2025 guidance, consisting of Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow, due to uncertainty in the Transportation segment related to demand softness for inland barge fuel transportation. Investors are cautioned that all prior 2025 guidance should no longer be relied upon.

QUARTERLY CASH DISTRIBUTION

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

• 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.

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.

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.

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