Martin Midstream Partners Reports Third Quarter 2026 Financial Results, Increases Full Year 2026 Adjusted EBITDA Guidance to $94 Million, and Declares Quarterly Cash Distribution

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC

“For the third quarter of 2026, the Partnership generated Adjusted EBITDA of $23.6 million, ahead of our internal forecast for the quarter and $4.3 million higher than the third quarter of 2025. Our pure sulfur and lubricants businesses were the primary drivers of the quarter, outweighing a difficult fertilizer market that also negatively impacted the land transportation business. Through the first nine months of the year, the Partnership has generated Adjusted EBITDA of $72.3 million, and we are revising our full-year 2026 Adjusted EBITDA guidance to $94 million along with increasing our estimated 2026 capital expenditures to capture increased spending from higher labor and material costs specifically related to third quarter turnaround costs at our fertilizer plants.”

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC

“Terminalling and Storage came in just short of plan for the quarter, as lighter activity at our specialty terminals outweighed gains at the Smackover Refinery and our underground storage facility. With the majority of the segment’s cash flow underpinned by fixed-fee agreements, we remain confident in its full-year outlook.”

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC

“Specialty Products results were ahead of plan, led by another strong quarter in lubricants, where margins expanded on higher sales volumes. The grease business, although with significant improvement quarter over quarter, continues below our forecasted volumes.”

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC

“Transportation Services finished the quarter slightly behind plan. Our marine fleet was a bright spot, with units operating at or above targeted utilization now that this year’s inspection cycle is behind us. Land transportation miles were lower, as our central Florida terminal experienced an extensive reduction in freight driven by reduced third party fertilizer production.”

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC

“Sulfur Services was the standout segment for the quarter, finishing well ahead of plan. Our pure sulfur business drove the outperformance, as the services we provide are highly valued in the current market. Our fertilizer business remains under pressure as growers’ cost structures and economics are not improving. We see no meaningful relief for fertilizer before year-end but expect sulfur to remain a reliable counterweight. Finally, the DSM Semichem joint venture continues to work through customer qualification ahead of an anticipated ramp in 2027.”

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC

“As of September 30, 2026, total debt outstanding was approximately $483.5 million, liquidity under our revolving credit facility was approximately $21.9 million, and our leverage ratio was 4.96 times, as calculated under the Partnership’s revolving credit facility. Third quarter cash flow is historically the lowest of the year, as our fertilizer facilities complete their annual maintenance turnarounds and the semi-annual interest payment on our senior notes comes due, both of which temporarily increase borrowings under our revolving credit facility. Despite these elevated borrowings, our leverage ratio was unchanged from the second quarter, as trailing twelve-month Credit Adjusted EBITDA improved for the second consecutive quarter.”