Document

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, “The Partnership reported adjusted EBITDA of $19.3 million for the quarter, and while third quarter results are typically our weakest based on seasonal factors, earnings for the quarter were well below our internal projections in both our marine and grease businesses.”

“In the Specialty Products segment, sales volumes in the grease business continued to lag expectations. While recent activity is showing early signs of improvement, muted sales make achieving our prior guidance for this business remote. Results from the lubricants business were slightly below expectations; however, we expect performance to strengthen in the next quarter as the lubricants market adjusts to the exit of a large competitor in south Louisiana.”

“Lastly, in the Transportation segment, our land transportation business met expectations for the quarter and remains positioned to deliver steady results over the remainder of the year. Conversely, the marine transportation business experienced a significant decline in demand for inland barge fuel transportation which was unexpected entering the quarter. Barge utilization also declined significantly as refineries favored lighter crude slates, shifting transportation demand away from barges and into pipelines.”

“As of September 30, 2025, our adjusted leverage ratio increased to 4.63 times, when compared to 4.20 times on June 30, 2025. While we anticipated leverage would remain consistent over these periods, even though third quarter activity would increase our debt levels, our forecast did not include a significant decrease in adjusted EBITDA resulting in a higher leverage ratio. Importantly, the Partnership was in compliance with all our debt covenants on September 30, 2025, and while we are not providing ongoing guidance, we expect to remain in compliance with our debt covenants going forward. Although earnings were pressured this quarter, we remain firmly focused on strengthening the balance sheet through disciplined capital allocation.”


	Operating Income (Loss) ($M)				Adjusted EBITDA ($M)
	Three Months Ended September 30,
	2025		2024		2025		2024
	(Amounts may not add or recalculate due to rounding)
Business Segment:
Transportation	$	2.8	$	8.6	$	5.3	$	11.6
Terminalling and Storage	4.6		2.7		9.7		8.4
Sulfur Services	0.2		1.3		3.9		4.2
Specialty Products	3.2		3.9		3.9		4.6
Indirect Selling, General and Administrative Expenses	(3.9)		(3.7)		(3.6)		(3.7)
	$	6.9	$	12.7	$	19.3	$	25.1

Terminalling and Storage Adjusted EBITDA increased by $1.3 million. At our Smackover refinery, Adjusted EBITDA remained consistent at $3.8 million. In the underground NGL storage division, Adjusted EBITDA increased by $1.4 million due to increased storage and throughput volumes. In our specialty terminals division, Adjusted EBITDA declined by $0.4 million due to lower service revenue, partially offset by reduced operating expenses. Adjusted EBITDA in our shore-based terminals division increased $0.1 million due to lower operating expenses.

Sulfur Services Adjusted EBITDA decreased by $0.3 million. In the fertilizer division, Adjusted EBITDA increased by $1.0 million due to reservation fees related to the DSM Semichem joint venture and higher sales volume. In the pure sulfur business, Adjusted EBITDA decreased by $0.7 million due to a reduction in sales volume. In the sulfur prilling business, Adjusted EBITDA decreased by $0.6 million, reflecting a volume-driven reduction in operating fees.

Specialty Products Adjusted EBITDA decreased by $0.7 million. In the grease division, Adjusted EBITDA decreased by $0.9 million, primarily due to lower margins associated with a higher mix of lower-margin product sales. The lubricants division increased by $0.2 million, reflecting a reduction in operating expenses. Adjusted EBITDA in the propane division decreased by $0.2 million due to lower volumes and margins, while the NGL division increased by $0.2 million, reflecting reduced operating expenses.


(in millions)	Transportation		Terminalling & Storage		Sulfur Services		Specialty Products		Indirect SG&A		Interest Expense		3Q 2025 Actual
Net income (loss)	$	2.8	$	4.6	$	0.2	$	3.2	$	(4.6)	$	(14.6)	$	(8.4)
Interest expense add back	–		–		–		–		–		$	14.6	$	14.6

Income tax expense	–		–		–		–		$	0.7	–		$	0.7
Operating Income (loss)	$	2.8	$	4.6	$	0.2	$	3.2	$	(3.9)	$	–	$	6.9
Depreciation and amortization	$	2.9	$	5.1	$	3.5	$	0.8	–		–		$	12.3
Gain on sale or disposition of property, plant, and equipment	$	(0.4)	–		–		–		–		–		$	(0.4)
Transaction expenses related to the unsuccessful merger with Martin Resource Management Corporation	–		–		–		–		$	0.2	–		$	0.2
Non-cash contractual revenue deferral adjustment	–		–		$	0.2	–		–		–		$	0.2
Unit-based compensation	–		–		–		–		0.1		–		0.1
Adjusted EBITDA	$	5.3	$	9.7	$	3.9	$	3.9	$	(3.6)	$	–	$	19.3


(in millions)	Transportation		Terminalling & Storage		Sulfur Services		Specialty Products		Indirect SG&A		Interest Expense		3Q2024 Actual
Net income (loss)	$	8.6	$	2.7	$	1.3	$	3.9	$	(5.1)	$	(14.6)	$	(3.3)
Interest expense add back	–		–		–		–		–		$	14.6	$	14.6
Income tax expense	–		–		–		–		$	1.4	–		$	1.4
Operating Income (loss)	$	8.6	$	2.7	$	1.3	$	3.9	$	(3.7)	$	–	$	12.7
Depreciation and amortization	$	3.2	$	5.7	$	2.9	$	0.8	–		–		$	12.6
Gain on sale or disposition of property, plant, and equipment	$	(0.1)	–		–		(0.1)		–		–		$	(0.2)
Unit-based compensation	–		–		–		–		–		–		–
Adjusted EBITDA	$	11.6	$	8.4	$	4.2	$	4.6	$	(3.7)	$	–	$	25.1

EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information." The Partnership has also included below tables entitled "Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA” and “Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow” in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.


	September 30, 2025		December 31, 2024
	($ in millions)
Debt Outstanding:
Revolving Credit Facility, Due November 2027 1	$	53.5	$	53.5
Finance lease obligations	0.1		0.1
11.50% Senior Secured Notes, Due February 2028	400.0		400.0
Total Debt Outstanding:	$	453.6	$	453.6

Summary Credit Metrics:
Revolving Credit Facility - Total Capacity	$	130.0	$	150.0
Revolving Credit Facility - Available Liquidity	$	11.4	$	80.7
Total Adjusted Leverage Ratio 2	4.63x		3.96x
Senior Leverage Ratio 2	0.55x		0.47x
Interest Coverage Ratio 2	1.85x		2.14x

This release is intended to serve as qualified notice under Treasury Regulation Section 1.1446-4(b)(4) and (d). Brokers and nominees should treat one hundred percent (100%) of MMLP’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, MMLP’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. For purposes of Treasury Regulation section 1.1446(f)-4(c)(2)(iii), brokers and nominees should treat one hundred percent (100%) of the distributions as being in excess of cumulative net income for purposes of determining the amount to withhold. Nominees, and not Martin Midstream Partners L.P., are treated as withholding agents responsible for any necessary withholding on amounts received by them on behalf of foreign investors.

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. MMLP’s primary business lines include: (1) terminalling, processing, and storage services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marketing, distribution, and transportation services for natural gas liquids and blending and packaging services for specialty lubricants and grease. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn, Facebook, and X.

Statements about the Partnership’s outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment, (ii) uncertainties relating to the Partnership’s future cash flows and operations, (iii) the Partnership’s ability to pay future distributions, (iv) future market conditions, (v) current and future governmental regulation, (vi) future taxation, and (vii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.

To assist management in assessing our business, we use the following non-GAAP financial measures: earnings before interest, taxes, and depreciation and amortization ("EBITDA"), Adjusted EBITDA (as defined below), distributable cash flow available to common unitholders (“Distributable Cash Flow”), and free cash flow after growth capital expenditures and principal payments under finance lease obligations ("Adjusted Free Cash Flow"). Our management uses a variety of financial and operational measurements other than our financial statements prepared in accordance with U.S. GAAP to analyze our performance.

EBITDA and Adjusted EBITDA. We define Adjusted EBITDA as EBITDA before unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments, and transaction costs associated with business combination, merger, and divestiture activities. Adjusted EBITDA is used as a supplemental performance and liquidity measure by our management and by external users of our financial statements, such as investors, commercial banks, research analysts, and others, to assess:

The GAAP measures most directly comparable to Adjusted EBITDA are Net Income (Loss) and Net Cash Provided by (Used In) Operating Activities. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, Net Income (Loss), Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate Adjusted EBITDA in the same manner.

Adjusted EBITDA does not include interest expense, income tax expense, and depreciation and amortization. Because we have borrowed money to finance our operations, interest expense is a necessary element of our costs and our ability to generate cash available for distribution. Because we have capital assets, depreciation and amortization are also necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, we believe that it is important to consider Net Income (Loss) and Net cash Provided by (Used in) Operating Activities as determined under GAAP, as well as Adjusted EBITDA, to evaluate our overall performance.

Distributable Cash Flow. We define Distributable Cash Flow as Net Cash Provided by (Used in) Operating Activities less cash received (plus cash paid) for closed commodity derivative positions included in Accumulated Other Comprehensive Income (Loss), plus changes in operating assets and liabilities which (provided) used cash, less maintenance capital expenditures and plant turnaround costs. Distributable Cash Flow is a significant performance measure used by our management and by external users of our financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions we expect to pay unitholders. Distributable Cash Flow is also an important financial measure for our unitholders since it serves as an indicator of our success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not we are generating cash flow at a level that can sustain or support an increase in our quarterly distribution rates. Distributable Cash Flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is

Adjusted Free Cash Flow. We define Adjusted Free Cash Flow as Distributable Cash Flow less growth capital expenditures and principal payments under finance lease obligations. Adjusted Free Cash Flow is a significant performance measure used by our management and by external users of our financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. We believe that Adjusted Free Cash Flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. Our calculation of Adjusted Free Cash Flow may or may not be comparable to similarly titled measures used by other entities.

The GAAP measure most directly comparable to Distributable Cash Flow and Adjusted Free Cash Flow is Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow should not be considered alternatives to, or more meaningful than, Net Income (Loss), Operating Income (Loss), Net Cash Provided by (Used in) Operating Activities, or any other measure of liquidity presented in accordance with GAAP. Distributable Cash Flow and Adjusted Free Cash Flow have important limitations because they exclude some items that affect Net Income (Loss), Operating Income (Loss), and Net Cash Provided by (Used in) Operating Activities. Distributable Cash Flow and Adjusted Free Cash Flow may not be comparable to similarly titled measures of other companies because other companies may not calculate these non-GAAP metrics in the same manner. To compensate for these limitations, we believe that it is important to consider Net Cash Provided by (Used in) Operating Activities determined under GAAP, as well as Distributable Cash Flow and Adjusted Free Cash Flow, to evaluate our overall liquidity.


	September 30, 2025		December 31, 2024
	(Unaudited)		(Audited)
Assets
Cash	$	49	$	55
Accounts and other receivables, less allowance for doubtful accounts of $310 and $940, respectively	55,269		53,569

Inventories	46,870		51,707
Due from affiliates	3,364		13,694

Other current assets	11,765		11,454

Total current assets	117,317		130,479

Property, plant and equipment, at cost	966,412		954,059
Accumulated depreciation	(674,641)		(648,609)
Property, plant and equipment, net	291,771		305,450

Goodwill	16,671		16,671
Right-of-use assets	67,211		67,140
Investment in DSM Semichem LLC	6,509		7,314
Deferred income taxes, net	9,255		9,946
Other assets, net	1,388		1,509
Total assets	$	510,122	$	538,509

Liabilities and Partners’ Capital (Deficit)
Current installments of long-term debt and finance lease obligations	$	14	$	14
Trade and other accounts payable	50,711		61,599
Product exchange payables	—		798
Due to affiliates	8,479		4,927
Income taxes payable	1,277		1,283

Other accrued liabilities	37,136		46,880
Total current liabilities	97,617		115,501

Long-term debt, net	441,292		437,635
Finance lease obligations	43		55
Operating lease liabilities	46,462		47,815
Other long-term obligations	7,441		7,942
Total liabilities	592,855		608,948

Commitments and contingencies
Partners’ capital (deficit)	(82,733)		(70,439)

Total liabilities and partners' capital (deficit)	$	510,122	$	538,509


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenues:
Terminalling and storage *	$	23,930	$	22,562	$	67,883	$	67,454
Transportation *	49,709		56,506		156,520		172,489
Sulfur services	4,073		3,477		12,369		10,431
Product sales: *
Specialty products	62,443		67,206		192,066		200,819
Sulfur services	28,562		21,183		113,098		85,102

	91,005		88,389		305,164		285,921
Total revenues	168,717		170,934		541,936		536,295

Costs and expenses:
Cost of products sold: (excluding depreciation and amortization)
Specialty products *	54,844		58,409		167,608		173,192
Sulfur services *	20,899		12,545		76,215		52,178
Terminalling and storage *	—		23		—		65
	75,743		70,977		243,823		225,435
Expenses:
Operating expenses *	64,882		62,363		193,718		191,655
Selling, general and administrative *	9,257		12,494		31,913		32,108


Depreciation and amortization	12,336		12,608		37,790		37,944
Total costs and expenses	162,218		158,442		507,244		487,142

Gain on disposition or sale of property, plant and equipment	395		159		1,487		1,320

Operating income	6,894		12,651		36,179		50,473

Other income (expense):
Interest expense, net	(14,614)		(14,592)		(43,329)		(42,811)


Equity in earnings (loss) of DSM Semichem LLC	20		(314)		(805)		(314)
Other, net	3		2		19		20
Total other expense	(14,591)		(14,904)		(44,115)		(43,105)

Net income before taxes	(7,697)		(2,253)		(7,936)		7,368
Income tax expense	(715)		(1,066)		(3,916)		(3,634)


Net income (loss)	(8,412)		(3,319)		(11,852)		3,734
Less general partner's interest in net income (loss)	(168)		(66)		(237)		75

Less income (loss) allocable to unvested restricted units	(35)		(14)		(49)		14
Limited partners' interest in net income (loss)	$	(8,209)	$	(3,239)	$	(11,566)	$	3,645

Net income (loss) per unit attributable to limited partners - basic and diluted	$	(0.21)	$	(0.08)	$	(0.30)	$	0.09

Weighted average limited partner units - basic	38,892,348		38,832,222		38,889,260		38,831,064
Weighted average limited partner units - diluted	38,892,348		38,832,222		38,889,260		38,909,976


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Revenues:*
Terminalling and storage	$	18,622	$	17,785	$	54,105	$	54,412
Transportation	6,521		7,975		21,811		24,894

Product Sales	947		91		3,287		343
Costs and expenses:*
Cost of products sold: (excluding depreciation and amortization)
Specialty products	7,973		8,401		21,260		23,342
Sulfur services	3,303		3,014		9,611		8,926
Terminalling and storage	—		23		—		65
Expenses:
Operating expenses	27,857		26,153		83,245		79,077
Selling, general and administrative	7,133		12,215		23,160		27,716


	Partners’ Capital (Deficit)
	Common Limited			General Partner Amount
	Units	Amount				Total
Balances - June 30, 2025	39,055,086	$	(75,548)	$	1,361		$	(74,187)
Net loss	—	(8,244)		(168)			(8,412)




Cash distributions	—	(196)		(4)			(200)
Unit-based compensation	—	66		—			66




Balances - September 30, 2025	39,055,086	(83,922)		1,189			(82,733)

Balances - December 31, 2024	39,001,086	$	(71,877)	$	1,438		$	(70,439)
Net loss	—	(11,615)		(237)			(11,852)

Issuance of restricted units	54,000	—		—			—


Cash distributions	—	(586)		(12)			(598)
Unit-based compensation	—	156		—			156




Balances - September 30, 2025	39,055,086	$	(83,922)	$	1,189		$	(82,733)


	Partners’ Capital (Deficit)
	Common Limited			General Partner Amount
	Units	Amount				Total
Balances - June 30, 2024	39,001,086	$	(59,557)	$	1,691		$	(57,866)
Net loss	—	(3,253)		(66)			(3,319)




Cash distributions	—	(195)		(4)			(199)
Unit-based compensation	—	42		—			42




Balances - September 30, 2024	39,001,086	(62,963)		1,621			(61,342)

Balances - December 31, 2023	38,914,806	$	(66,182)	$	1,558		$	(64,624)
Net income	—	3,659		75			3,734

Issuance of restricted units	86,280	—		—			—


Cash distributions	—	(585)		(12)			(597)
Unit-based compensation	—	145		—			145




Balances - September 30, 2024	39,001,086	$	(62,963)	$	1,621		$	(61,342)


	Nine Months Ended
	September 30,
	2025		2024
Cash flows from operating activities:
Net income (loss)	$	(11,852)	$	3,734
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	37,790		37,944
Amortization of deferred debt issuance costs	2,533		2,311
Amortization of debt discount	1,800		1,800

Deferred income tax expense	691		157
Gain on disposition or sale of property, plant and equipment, net	(1,487)		(1,320)







Equity in loss of DSM Semichem LLC	805		314
Non cash unit-based compensation	156		145
Change in current assets and liabilities, excluding effects of acquisitions and dispositions:
Accounts and other receivables	(1,700)		(16,748)

Inventories	4,837		591
Due from affiliates	10,330		(15,598)
Other current assets	(1,396)		(373)
Trade and other accounts payable	(9,654)		9,867
Product exchange payables	(798)		(426)
Due to affiliates	3,552		(4,946)
Income taxes payable	(6)		663
Other accrued liabilities	(11,131)		(12,632)
Change in other non-current assets and liabilities	(787)		701


Net cash provided by operating activities	23,683		6,184

Cash flows from investing activities:
Payments for property, plant and equipment	(17,905)		(34,058)

Payments for plant turnaround costs	(5,996)		(9,599)

Investment in DSM Semichem LLC	—		(6,938)
Proceeds from sale of property, plant and equipment	1,496		953


Net cash used in investing activities	(22,405)		(49,642)

Cash flows from financing activities:
Payments of long-term debt	(177,000)		(173,000)
Payments under finance lease obligations	(10)		(5)
Proceeds from long-term debt	177,000		217,077




Payment of debt issuance costs	(676)		(15)

Cash distributions paid	(598)		(597)
Net cash provided by (used in) financing activities	(1,284)		43,460

Net increase (decrease) in cash	(6)		2
Cash at beginning of period	55		54
Cash at end of period	$	49	$	56

Non-cash additions to property, plant and equipment	$	1,427	$	2,418
Non-cash contribution of land to DSM Semichem LLC	$	—	$	1,000


	Three Months Ended September 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Revenues	$	53,790	$	60,196	$	(6,406)	(11)	%
Operating expenses	47,012		45,138		1,874		4	%
Selling, general and administrative expenses	1,465		3,423		(1,958)		(57)	%


Depreciation and amortization	2,907		3,182		(275)		(9)	%
	2,406		8,453		(6,047)		(72)	%
Gain on disposition or sale of property, plant and equipment	382		130		252		194	%
Operating income	$	2,788	$	8,583	$	(5,795)	(68)	%


	Nine Months Ended September 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Revenues	$	168,966	$	183,705	$	(14,739)	(8)	%
Operating expenses	140,058		139,562		496		—	%
Selling, general and administrative expenses	7,102		8,150		(1,048)		(13)	%


Depreciation and amortization	8,755		10,039		(1,284)		(13)	%
	$	13,051	$	25,954	$	(12,903)	(50)	%
Gain on disposition or sale of property, plant and equipment	1,460		496		964		194	%
Operating income	$	14,511	$	26,450	$	(11,939)	(45)	%


	Three Months Ended September 30,				Variance		Percent Change
	2025		2024
	(In thousands, except BBL per day)

Revenues	$	25,799	$	24,414	$	1,385	6	%



Cost of products sold	—		23		(23)		(100)	%
Operating expenses	15,341		14,857		484		3	%
Selling, general and administrative expenses	736		1,130		(394)		(35)	%
Depreciation and amortization	5,143		5,695		(552)		(10)	%
	4,579		2,709		1,870		69	%
Loss on disposition or sale of property, plant and equipment	(2)		(34)		32		94	%

Operating income	$	4,577	$	2,675	$	1,902	71	%

Shore-based throughput volumes (gallons)	43,555		42,242		1,313		3	%
Smackover refinery throughput volumes (guaranteed minimum BBL per day)	6,500		6,500		—		—	%


	Nine Months Ended September 30,				Variance		Percent Change
	2025		2024
	(In thousands, except BBL per day)

Revenues	$	73,441	$	73,101	$	340	—	%
Cost of products sold	—		65		(65)		(100)	%
Operating expenses	45,233		45,414		(181)		—	%
Selling, general and administrative expenses	2,405		2,232		173		8	%
Depreciation and amortization	16,123		16,819		(696)		(4)	%
	9,680		8,571		1,109		13	%
Gain on disposition or sale of property, plant and equipment	7		1,063		(1,056)		(99)	%

Operating income	$	9,687	$	9,634	$	53	1	%

Shore-based throughput volumes (gallons)	129,245		130,502		(1,257)		(1)	%
Smackover refinery throughput volumes (guaranteed minimum) (BBL per day)	6,500		6,500		—		—	%


	Three Months Ended September 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Revenues:
Services	$	4,073	$	3,477	$	596	17	%
Products	28,562		21,183		7,379		35	%
Total revenues	32,635		24,660		7,975		32	%

Cost of products sold	24,115		15,292		8,823		58	%
Operating expenses	3,265		3,089		176		6	%
Selling, general and administrative expenses	1,531		2,091		(560)		(27)	%
Depreciation and amortization	3,531		2,937		594		20	%
	193		1,251		(1,058)		(85)	%
Gain on disposition or sale of property, plant and equipment	2		3		(1)		(33)	%
Operating income	$	195	$	1,254	$	(1,059)	(84)	%

Sulfur (long tons)	157		113		44		39	%
Fertilizer (long tons)	44		29		15		52	%
Total sulfur services volumes (long tons)	201		142		59		42	%


	Nine Months Ended September 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Revenues:
Services	$	12,369	$	10,431	$	1,938	19	%
Products	113,098		85,103		27,995		33	%
Total revenues	125,467		95,534		29,933		31	%

Cost of products sold	85,428		60,246		25,182		42	%
Operating expenses	10,752		8,773		1,979		23	%
Selling, general and administrative expenses	4,766		5,111		(345)		(7)	%
Depreciation and amortization	10,644		8,697		1,947		22	%
	13,877		12,707		1,170		9	%
Gain (loss) on disposition or sale of property, plant and equipment	3		(305)		308		101	%

Operating income	$	13,880	$	12,402	$	1,478	12	%

Sulfur (long tons)	434		296		138		47	%
Fertilizer (long tons)	209		165		44		27	%
Total sulfur services volumes (long tons)	643		461		182		39	%


	Three Months Ended September 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Products revenues	$	62,482	$	67,225	$	(4,743)	(7)	%
Cost of products sold	56,852		60,445		(3,593)		(6)	%
Operating expenses	—		30		(30)		(100)	%
Selling, general and administrative expenses	1,687		2,135		(448)		(21)	%
Depreciation and amortization	755		794		(39)		(5)	%
	3,188		3,821		(633)		(17)	%
Gain on disposition or sale of property, plant and equipment	13		60		(47)		(78)	%
Operating income	$	3,201	$	3,881	$	(680)	(18)	%

NGL sales volumes (Bbls)	608		582		26		4	%
Other specialty products volumes (Bbls)	100		91		9		10	%
Total specialty products volumes (Bbls)	708		673		35		5	%


	Nine Months Ended September 30,				Variance		Percent Change
	2025		2024
	(In thousands)
Products revenues	$	192,151	$	200,888	$	(8,737)	(4)	%

Cost of products sold	174,063		179,800		(5,737)		(3)	%
Operating expenses	—		81		(81)		(100)	%
Selling, general and administrative expenses	5,257		5,300		(43)		(1)	%
Depreciation and amortization	2,268		2,389		(121)		(5)	%
	10,563		13,318		(2,755)		(21)	%
Gain on disposition or sale of property, plant and equipment	17		66		(49)		(74)	%
Operating income	$	10,580	$	13,384	$	(2,804)	(21)	%

NGL sales volumes (Bbls)	1,843		1,744		99		6	%
Other specialty products volumes (Bbls)	271		263		8		3	%
Total specialty products volumes (Bbls)	2,114		2,007		107		5	%


	Three Months Ended September 30,				Nine Months Ended September 30,

	2025		2024		2025		2024
	(in thousands)				(in thousands)
Net income (loss)	$	(8,412)	$	(3,319)	$	(11,852)	$	3,734
Adjustments:
Interest expense	14,614		14,592		43,329		42,811
Income tax expense	715		1,066		3,916		3,634
Depreciation and amortization	12,336		12,608		37,790		37,944
EBITDA	19,253		24,947		73,183		88,123
Adjustments:
Gain on disposition or sale of property, plant and equipment	(395)		(159)		(1,487)		(1,320)
Transaction expenses related to the terminated merger with Martin Resource Management Corporation	194		—		1,021		—
Equity in (earnings) loss of DSM Semichem LLC	(20)		314		805		314
Non-cash contractual revenue adjustment	175		—		571		—
Unit-based compensation	66		42		156		145
Adjusted EBITDA	$	19,273	$	25,144	$	74,249	$	87,262


	Three Months Ended September 30,				Nine Months Ended September 30,

	2025		2024		2025		2024
	(in thousands)				(in thousands)
Net cash provided by (used in) operating activities	$	(1,213)	$	(15,753)	$	23,683	$	6,184
Interest expense 1	13,037		13,220		38,996		38,700
Current income tax expense	(130)		935		3,225		3,477
Transaction expenses related to the terminated merger with Martin Resource Management Corporation	194		—		1,021		—
Non-cash contractual revenue adjustment	175		—		571		—
Changes in operating assets and liabilities which (provided) used cash:
Accounts and other receivables, inventories, and other current assets	(6,074)		22,489		(12,071)		32,128
Trade, accounts and other payables, and other current liabilities	11,013		4,032		18,037		7,474
Other	2,271		221		787		(701)
Adjusted EBITDA	19,273		25,144		74,249		87,262
Adjustments:
Interest expense	(14,614)		(14,592)		(43,329)		(42,811)
Income tax expense	(715)		(1,066)		(3,916)		(3,634)
Deferred income taxes	845		131		691		157
Amortization of debt discount	600		600		1,800		1,800
Amortization of deferred debt issuance costs	977		772		2,533		2,311
Payments for plant turnaround costs	(4,197)		(2,894)		(5,996)		(9,599)
Maintenance capital expenditures	(5,574)		(5,738)		(13,677)		(17,949)
Distributable Cash Flow	(3,405)		2,357		12,355		17,537
Principal payments under finance lease obligations	(3)		(4)		(10)		(5)
Investment in DSM Semichem LLC	—		—		—		(6,938)
Expansion capital expenditures	(1,273)		(3,903)		(2,994)		(15,584)
Adjusted Free Cash Flow	$	(4,681)	$	(1,550)	$	9,351	$	(4,990)


Period	Net Income (Loss)		Net Income (Loss) Per Unit		Adjusted EBITDA		Net Cash Provided by (Used in) Operating Activities		Distributable Cash Flow		Revenues
Three Months Ended September 30, 2025	$	(8.4)	$	(0.21)	$	19.3	$	23.7	$	(3.4)	$	168.7
Three Months Ended September 30, 2024	$	(3.3)	$	(0.08)	$	25.1	$	(15.8)	$	2.4	$	170.9