Martin Midstream Partners (MMLP) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA for 2Q 2026 was $27.9 million, up from $27.1 million in 2Q 2025, reflecting stable operational performance across segments.

• Year-to-date (YTD) 2Q 2026 Adjusted EBITDA was $48.7 million, down from $55.0 million YTD 2Q 2025, primarily due to lower Sulfur Services and Transportation segment results.

• Net income for 2Q 2026 was $2.6 million, compared to a net loss of $2.4 million in 2Q 2025; net loss for the first half of 2026 was $4.1 million versus $3.4 million loss in the prior year period.

• Outperformance in three of four operating segments offset continued weakness in the fertilizer division.

• Quarterly cash distribution declared at $0.005 per common unit, payable August 14, 2026.

Financial highlights

• Q2 2026 revenues rose to $213.6 million, up from $180.7 million in Q2 2025.

• Operating income for Q2 2026 was $19.3 million, up from $14.9 million in Q2 2025.

• Transportation segment Adjusted EBITDA for 2Q 2026 was $8.0 million, down from $8.5 million in 2Q 2025; YTD 2Q 2026 was $14.0 million, down from $16.5 million YTD 2Q 2025.

• Terminalling & Storage Adjusted EBITDA for 2Q 2026 was $9.5 million, up from $8.4 million in 2Q 2025; YTD 2Q 2026 was $16.6 million, up from $16.1 million YTD 2Q 2025.

• Sulfur Services Adjusted EBITDA for 2Q 2026 was $8.7 million, down from $9.7 million in 2Q 2025; YTD 2Q 2026 was $15.5 million, down from $21.2 million YTD 2Q 2025.

Outlook and guidance

• Full-year 2026 Adjusted EBITDA guidance is $90.0 million, revised down from a prior estimate of $104.4 million.

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

• Fertilizer division weakness expected to persist through year-end, but pure sulfur business anticipated to offset some pressure.

• DSM Semichem joint venture generated first sales; stronger sales activity expected in 2027.

• Total distributable cash flow for 2026 is forecast at $8.3 million.