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Chipotle's story from a single restaurant to a nationwide chain, through crisis and turnaround, built on one of the strongest models in the industry.
Martin Midstream Partners
Martin Midstream Partners (MMLP) investor relations material
Martin Midstream Partners Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor presentation summary5 May, 2026
Business overview and operating segments
Operates four key segments: terminalling & storage, transportation, sulfur services, and specialty products, with a focus on fee-based contracts and integrated services along the U.S. Gulf Coast.
Terminalling & storage includes 20 terminals, 2.6 MMBbl storage, and a naphthenic lube refinery with long-term tolling agreements.
Transportation segment operates ~600 tank trucks, 1,200 trailers, 27 marine barges, and 15 push boats, serving petroleum and chemical industries.
Sulfur services manufacture and market sulfur-based fertilizers, supply ELSA to the U.S. chip industry, and aggregate, store, and transport molten sulfur.
Specialty products include blending/packaging lubricants and greases, propane distribution, and NGL marketing and logistics.
Financial performance and guidance
2025 Credit Adjusted EBITDA was $99.2 million; 2026E guidance projects $90.0 million after unallocated SG&A.
2025 segment adjusted EBITDA: Transportation $30.8M, Terminalling & Storage $35.9M, Sulfur $30.8M, Specialty Products $16.4M.
2026E segment adjusted EBITDA: Transportation $28.2M, Terminalling & Storage $31.6M, Sulfur $27.0M, Specialty Products $17.6M.
Maintenance capex and plant turnaround costs for 2026E total $11.0M, with $4.6M for fertilizer plants and $6.4M for refinery turnaround.
Total distributable cash flow for 2026E is projected at $8.3M, with adjusted free cash flow at $4.0M.
Capital structure and credit metrics
Total debt as of March 31, 2026, is $468.1M, including $400M in senior secured notes due 2028 and $68M drawn on the revolver.
Book equity is negative at $(92.7)M, with total book capitalization of $375.3M.
Debt/EBITDA ratio improved to 4.43x in 2025 and is projected at 3.75x in 2026.
Revolver commitments reduced to $115M in March 2026, with amended leverage and interest coverage covenants.
Available liquidity as of March 31, 2026, is $45.4M, with covenant compliant liquidity at $37.6M.
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Latest events from Martin Midstream Partners
- Adjusted EBITDA fell to $20.8M and guidance was cut amid margin and operational pressures.MMLP
Q1 202627 Apr 2026 - 2025 adjusted EBITDA fell to $99M, with 2026 guidance at $96.5M and higher capex expected.MMLPQ4 202518 Feb 2026
- Q2 net income $3.8M, adjusted EBITDA $31.7M, buyout offer, and higher leverage ratio.MMLPQ2 20243 Feb 2026
- Q3 2024 saw a net loss, $25.1M EBITDA, and a pending $4.02/unit merger with MRMC.MMLPQ3 202419 Jan 2026
- Flexible $250M shelf registration supports growth, debt management, and ongoing Gulf Coast operations.MMLPRegistration Filing16 Dec 2025
- Unitholders will vote on a cash merger at $4.02 per unit, with board and committee unanimous support.MMLPProxy Filing1 Dec 2025
- Unitholders to vote on a $4.02 per unit cash merger; board and committee recommend approval.MMLPProxy Filing1 Dec 2025
- Unitholders are urged to approve a cash merger with MRMC at a 34% premium to market.MMLPProxy Filing1 Dec 2025
- Unitholders to vote on cash merger at $4.02/unit; board and committee unanimously recommend approval.MMLPProxy Filing1 Dec 2025
Next Martin Midstream Partners earnings date
Q2 202615 Jul, 2026
Martin Midstream Partners
Next Martin Midstream Partners earnings date
Q2 202615 Jul, 2026
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