Martin Midstream Partners (MMLP) Investor presentation summary

Business overview and operating segments

• Operates four key segments: terminalling and storage, transportation, sulfur services, and specialty products, with a strong presence along the U.S. Gulf Coast.

• Terminalling and storage includes 20 terminals, 2.6 MMBbl storage, and a naphthenic lube refinery with long-term, fee-based contracts.

• 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 adjusted EBITDA was $99.0 million after $14.8 million unallocated SG&A; 2026E guidance is $90.0 million.

• Segment adjusted EBITDA for 2026E: transportation $28.2M, terminalling/storage $31.6M, sulfur services $27.0M, specialty products $17.6M.

• Maintenance capital expenditures and plant turnaround costs for 2026E are projected at $27.7 million.

• Total debt as of June 30, 2026, is $462 million, with a leverage ratio of 4.96x LTM covenant compliance EBITDA.

• Distributable cash flow for 2026E is projected at $8.3 million.

Strategic positioning and customer relationships

• Majority of cash flows are from fee-based contracts, reducing commodity price exposure.

• Long-standing customer relationships, with weighted average relationship length up to 38 years in some segments.

• Strategic joint venture with DSM Semichem LLC to supply ELSA to U.S. semiconductor manufacturers.

• Asset base and operations are concentrated in high-growth, refinery-centric Gulf Coast locations.

• Stable, diversified customer base includes major refiners, oil and gas companies, and chemical manufacturers.