Martin Midstream Partners L.p. · NASDAQ:MMLP
Martin Midstream Partners L.p — Q4 2025 Earnings Presentation
9 slides from Martin Midstream Partners L.p's earnings presentation, Feb 18, 2026
Slide 1: Fourth Quarter 2025 Earnings Summary
Exhibit 99.2 Fourth Quarter 2025 Earnings Summary MARTIN MIDSTREAM PARTNERS February 18, 2026
Slide 2: MMLP 4Q 2025 Adjusted EBITDA Reconciliation & Comparison
MMLP 4Q 2025 Adjusted EBITDA Reconciliation & Comparison (in millions) Terminalling & 4Q 2025 Transportation Sulfur Services Specialty Products SG&A Interest Expense Storage Actual 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 l
Slide 3: MMLP 4Q 2024 Adjusted EBITDA Reconciliation
MMLP 4Q 2024 Adjusted EBITDA Reconciliation (in millions) Terminalling & 4Q 2024 Transportation Sulfur Services Specialty Products SG&A Interest Expense Storage Actual Net income (loss) $3.7 $1.5 $6.1 $3.7 $(9.1) $(14.9) $(8.9) Interest expense add back — — — — — $14.9 $14.9 Equity in loss of DSM Se
Slide 4: MMLP Full-Year 2025 Adjusted EBITDA by Quarter
MMLP Full-Year 2025 Adjusted EBITDA by Quarter (in millions) Transportation 1Q25A 2Q25A 3Q25A 4Q25A 2025A Specialty Products 1Q25A 2Q25A 3Q25A 4Q25A 2025A Land $5.0 $5.5 $5.3 $5.7 $21.5 Lubricants $1.5 $2.7 $2.4 $2.6 $9.1 Marine $2.9 $3.1 $0.1 $3.2 $9.3 Grease $1.4 $1.2 $1.0 $0.2 $3.8 Total Transpor
Slide 5: MMLP Full-Year 2025 Adjusted EBITDA Reconciliation & Comparison
MMLP Full-Year 2025 Adjusted EBITDA Reconciliation & Comparison (in millions) Terminalling & 2025 Transportation Sulfur Services Specialty Products SG&A Interest Expense Storage Actual 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 E
Slide 6: MMLP Full-Year 2025 Adjusted EBITDA
MMLP Full-Year 2025 Adjusted EBITDA (in millions) Year Ended December 31, 2025 Adjusted EBITDA by segment: Transportation Segment $30.8 Terminalling and Storage Segment $35.9 Sulfur Services Segment $30.8 Specialty Products Segment $16.4 Total segment adjusted EBITDA1 $113.8 Unallocated SG&A $(14.8)
Slide 7: MMLP Full-Year 2026E Guidance
MMLP Full-Year 2026E Guidance (in millions) Guidance Year Ending December 31, 2026 (Unaudited) Adjusted EBITDA by segment: Transportation Segment $31.4 Terminalling and Storage Segment $31.6 Sulfur Services Segment $30.3 Specialty Products Segment $17.6 Total segment adjusted EBITDA 1 $110.9 Unalloc
Slide 8: Disclaimers: Use of Non-GAAP Financial Measures and Forward Looking Statements
Disclaimers Use of Non-GAAP Financial Measures 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 genera
Slide 9: Martin Midstream Partners
Martin Midstream Partners 4200 B Stone Road Kilgore, Texas 75662 903.983.6200 www.MMLP.com
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