Martin Midstream Partners (MMLP) Investor presentation summary

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.