Martin Midstream Partners L.P. announced its financial results for the second quarter of 2026, reporting net income of $2.6 million for the three months ended June 30, 2026, and a net loss of $4.1 million for the six months ended June 30, 2026. The Partnership generated Adjusted EBITDA of $27.9 million for the quarter, ahead of internal expectations and modestly above the $27.1 million recorded in the second quarter of 2025. Total revenues for the quarter reached $213.6 million, compared to $180.7 million in the prior-year period.

Key Financial Highlights

The following table summarizes the Partnership's key financial metrics for the three and six months ended June 30, 2026 and 2025:

Segment Operating Performance

Outperformance across three of the four operating segments drove the quarter's results. The following table presents operating income (loss) and Adjusted EBITDA by segment for the three months ended June 30, 2026 and 2025 (amounts in $M; amounts may not add or recalculate due to rounding):

Transportation Services

Transportation Adjusted EBITDA decreased by $0.5 million quarter-over-quarter. Within the marine division, Adjusted EBITDA decreased $0.5 million, with the offshore division declining $1.0 million due to downtime associated with regulatory inspections, partially offset by a $0.4 million increase in the inland division on higher day rates and utilization. Land transportation Adjusted EBITDA remained consistent. With regulatory inspections mostly completed, management expects inland and offshore equipment utilization to return to projected operating percentages.

Terminalling and Storage

Terminalling and Storage Adjusted EBITDA increased by $1.1 million, driven by a $1.1 million increase in the underground NGL storage division on higher throughput volumes and a $0.1 million increase in the specialty terminals division on higher throughput and storage revenue. The Smackover refinery saw a $0.2 million decline in Adjusted EBITDA due to higher expenses. Shore-based terminals remained generally consistent.

Sulfur Services

Sulfur Services Adjusted EBITDA decreased by $1.0 million. The fertilizer division saw a $4.6 million decline, driven by margin compression resulting from reduced demand as higher input costs—principally for sulfur and ammonia—raised fertilizer prices and negatively impacted farmer affordability. The pure sulfur business partially offset this, with Adjusted EBITDA increasing $3.1 million on higher prices, while the sulfur prilling business contributed an additional $0.3 million increase on higher reservation fees and volumes. The DSM Semichem joint venture reached a milestone during the quarter, generating its first sales, though the contribution is not financially material to 2026.

Specialty Products

Specialty Products Adjusted EBITDA increased by $1.0 million. The lubricants division contributed a $1.4 million increase on higher sales volume, while the grease division declined $0.7 million on lower volume and margins. The propane and natural gasoline divisions each contributed $0.1 million increases.

Indirect SG&A

Indirect selling, general, and administrative expenses decreased by $0.3 million, primarily due to lower compensation expense combined with lower legal and tax fees.

Balance Sheet and Capitalization

The following table presents key capitalization and credit metrics as of June 30, 2026 and December 31, 2025:

The Partnership was in compliance with all debt covenants as of June 30, 2026 and December 31, 2025. Management noted that the majority of projected 2026 capital expenditures were spent in the first six months of the year, primarily to complete the Smackover Refinery turnaround and the bulk of required regulatory inspections of the marine fleet.

Quarterly Cash Distribution

The Partnership declared a quarterly cash distribution of $0.005 per unit for the quarter ended June 30, 2026. The distribution is payable on August 14, 2026, to common unitholders of record as of the close of business on August 7, 2026. The ex-dividend date for the cash distribution is August 7, 2026.

Full-Year Guidance

The Partnership maintained its full-year 2026 Adjusted EBITDA guidance of $90.0 million. Management stated that first-half results keep the Partnership on pace to achieve this target, supported by continued contributions from the pure sulfur business even as fertilizer division weakness is expected to persist through the balance of the year.

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. The Partnership's primary business lines include terminalling, processing, and storage services for petroleum products and by-products; land and marine transportation services; sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and marketing, distribution, and transportation services for natural gas liquids along with blending and packaging services for specialty lubricants and grease.

Martin Midstream Partners L.P. has scheduled the release of its second quarter 2026 financial results for Wednesday, July 22, 2026, after the market closes. The announcement will provide investors with details regarding the partnership's operational performance for the quarter. The press release will be made available under the Investor Relations tab at www.MMLP.com .

Business Operations

Martin Midstream Partners L.P. is a publicly traded limited partnership headquartered in Kilgore, Texas. Its operations are primarily concentrated in the Gulf Coast region of the United States. The partnership manages a diverse portfolio of services across the petroleum and chemical sectors.

Key Business Lines

The partnership's primary business activities are segmented into four main areas:

Investors seeking further information can visit the company's website or connect via LinkedIn and Facebook. Investor relations inquiries can be directed to Danny Cavin, Director, FP&A and Investor Relations, at ir@mmlp.com .