Financial Analysis

COMMITMENTS AND CONTINGENCIES Contingencies From time to time, the Partnership is subject to various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Partnership. On December 31, 2015, the Partnership received a demand from a customer in its lubricants packaging business for defense and indemnity in connection with various lawsuits filed against it, which generally alleged that the customer engaged in unlawful and deceptive business practices in connection with its marketing and advertising of its private label motor oil (the Marketing Lawsuits). The Partnership disputed and continues to dispute that it has any obligation to defend or indemnify the customer for the customers conduct. Accordingly, on January 7, 2016, the Partnership filed a Complaint for Declaratory Judgment in the Chancery Court of Davidson County, Tennessee (the Tennessee Court), under Case No. 16-0018-BC, requesting a judicial determination that the Partnership did not owe the customer the demanded defense and indemnity obligations (the Litigation). The Marketing Lawsuits pending in federal court against the customer were transferred to the U.S. District Court for the Western District of Missouri under the consolidated case MDL No. 2709 for pretrial proceedings (the Consolidated Lawsuits). On March 1, 2017, at the joint request of the customer and the Partnership, the Te …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following table disaggregates our revenue by major source: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Terminalling and storage segment Throughput and storage $ 23,743 $ 22,404 $ 46,180 $ 43,953 $ 23,743 $ 22,404 $ 46,180 $ 43,953 Transportation segment Land transportation $ 42,292 $ 38,942 $ 81,204 $ 77,621 Inland marine transportation 13,187 12,678 25,736 24,680 Offshore marine transportation 1,160 2,206 2,506 4,510 $ 56,639 $ 53,826 $ 109,446 $ 106,811 Sulfur services segment Sulfur product sales $ 12,522 $ 8,894 $ 23,326 $ 18,606 Fertilizer product sales 33,295 31,161 68,941 65,930 Sulfur services 4,253 4,073 8,627 8,296 $ 50,070 $ 44,128 $ 100,894 $ 92,832 Specialty products segment Natural gas liquids product sales $ 48,932 $ 32,976 $ 83,345 $ 75,096 Lubricant product sales 34,216 27,342 61,409 54,527 $ 83,148 $ 60,318 $ 144,754 $ 129,623

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"UNIT BASED AWARDS - LONG-TERM INCENTIVE PLANS The Partnership recognizes compensation costs related to unit-based awards to both employees and non-employees in its consolidated and condensed financial statements in accordance with certain provisions of ASC 718. Amounts recognized in operating expense and selling, general, and administrative expense in the consolidated and condensed financial statements with respect to these plans are as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Restricted unit Awards Non-employee directors $ 49 $ 47 $ 94 $ 90 Phantom unit Awards Employees (360) 313 505 1,106 Total unit-based compensation expense $ (311) $ 360 $ 599 $ 1,196 Long-Term Incentive Plans The Partnership's general partner has long-term incentive plans for employees and directors of the general partner and its affiliates who perform services for the Partnership. 2021 Phantom Unit Plan On July 21, 2021, the board of directors of the general partner of the Partnership (the ""Board"") and the compensation committee of the Board (the ""Compensation Committee"") approved the Martin Midstream Partners L.P. 2021 Phantom Unit Plan (the Plan), effective as of the same date. The Plan permits the awards of phantom units and phantom unit appreciation rights (collectively, ""phantom unit awards"") to any employee or non-employee director of the Partnership, including its executive officers. The awards may be time-based or performance-based and will be pai …

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FAIR VALUE MEASUREMENTS The Partnership uses a valuation framework based upon inputs that market participants use in pricing certain assets and liabilities. These inputs are classified into two categories: observable inputs and unobservable inputs. Observable inputs represent market data obtained from independent sources. Unobservable inputs represent the Partnership's own market assumptions. Unobservable inputs are used only if observable inputs are unavailable or not reasonably available without undue cost and effort. The two types of inputs are further prioritized into the following hierarchy: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that reflect the entity's own assumptions and are not corroborated by market data. The Partnership is required to disclose estimated fair values for its financial instruments. Fair value estimates are set forth below for these financial instruments. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Accounts and other receivables, trade and other accounts payable, accrued interest payable, other accrued liabilities, income taxes payable and due from/to affiliates: The carrying amounts approximate fair value due to the short maturity and highly liquid nature of these instruments, and as such these have been excl …

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"INCOME TAXES Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Provision for income taxes $ 1,875 $ 2,084 $ 2,393 $ 3,201 The operations of a partnership are generally not subject to income taxes, except for Texas margin tax, because its income is taxed directly to its partners. Current state income taxes attributable to the Texas margin tax relating to the operation of the Partnership of $242 and $270 were recorded in income tax expense for the three months ended June 30, 2026 and 2025, respectively. Current state income taxes attributable to the Texas margin tax relating to the operation of the Partnership of $282 and $687 were recorded in income tax expense for the six months ended June 30, 2026 and 2025, respectively. Deferred taxes applicable to the Texas margin tax relating to the operation of the Partnership are immaterial. MTI, a wholly owned subsidiary of the Partnership, is subject to income taxes due to its corporate structure (the ""Taxable Subsidiary""). Total income tax expense of $1,633 and $1,814, related to the operation of the Taxable Subsidiary, for the three months ended June 30, 2026 and 2025, resulted in an effective income tax rate (""ETR"") of 67.04% and 64.50%, respectively. Total income tax expense of $2,111 and $2,514, related to the operation of the Taxable Subsidiary, for the six months ended June 30, 2026 and 2025, resulted in an effective income tax rate of 56.44% and 50.84%, respectively. The increase in the effective t …

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"LEASES The Partnership has numerous operating leases primarily for terminal facilities and transportation and other equipment. The leases generally provide that all expenses related to the facilities and equipment are to be paid by the lessee. Operating lease Right-of-Use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because most of the Partnership's leases do not provide an implicit rate of return, the Partnership uses its imputed collateralized rate based on the information available at commencement date in determining the present value of lease payments. The estimated rate is based on a risk-free rate plus a risk-adjusted margin. Our leases have remaining lease terms of 1 year to 11 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year. The Partnership includes extension periods in its lease term if, at commencement, it is reasonably likely that the Par tnership will exercise the extension options. The components of lease expense for the three and six months ended June 30, 2026 and 2025, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Operating lease cost $ 7,103 $ 6,499 $ 14,291 $ 12,634 Finance lease cost: Amortization of right-of-use assets $ 4 $ 4 8 8 Interest on lease liabilities 1 1 2 2 Short-term lease cost 1,895 1,357 3,449 2,856 Varia …

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"DEBT At June 30, 2026 and December 31, 2025, long-term debt consisted of the following: June 30, 2026 December 31, 2025 $115,000 3 credit facility at variable interest rate (7.48% 1 weighted average at June 30, 2026), due November 2027 secured by substantially all of the Partnerships assets, including, without limitation, inventory, accounts receivable, vessels, equipment, fixed assets and the interests in the Partnerships operating subsidiaries, net of unamortized debt issuance costs of $1,256 and $1,787, respectively 2 $ 60,744 $ 37,213 $400,000 Senior notes, 11.5% interest, net of unamortized debt issuance costs of $3,196 and $4,205, respectively, including unamortized discount of $3,800 and $5,000, respectively, due February 2028, secured 2 393,004 390,795 Total 453,748 428,008 Less: current portion Total long-term debt, net of current portion $ 453,748 $ 428,008 1 The interest rate fluctuates based on Adjusted Term SOFR (set on the date of each advance) or the alternate base rate plus an applicable margin. The margin is set every three months. The applicable margin for revolving loans that are SOFR loans ranges from 2.75% to 3.75%, and the applicable margin for revolving loans that are alternate base rate loans ranges from 1.75% to 2.75%. The applicable margin for SOFR borrowings and alternate base rate borrowings at June 30, 2026 is 3.75% and 2.75%, respectively. The applicable margin for SOFR borrowings and alternate base rate borrowings effective July 22, 2026, is 3. …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"NEW ACCOUNTING PRONOUNCEMENTSIn November 2024, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (""ASU 2024-03""), as amended by ASU 2025-01, which requires public entities to disclose disaggregated information about certain income statement line items in the notes to the financial statements. For public entities, ASU 2024-03 is required to be adopted for annual periods beginning after December 15, 2026 and for interim periods beginning after December 15, 2027, with early adoption permitted. The Partnership is currently evaluating the impact that ASU 2024-03 will have on its consolidated and condensed financial statements."

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"RELATED PARTY TRANSACTIONS As of June 30, 2026, Martin Resource Management Corporation owns 7,874,446 of the Partnerships common units representing approximately 20.1% of the Partnerships outstanding limited partner units. Martin Resource Management Corporation controls the Partnership's general partner by virtue of its 100% voting interest in MMGP Holdings, LLC (""Holdings""), the sole member of the Partnership's general partner. The Partnerships general partner, MMGP, owns a 2% general partner interest in the Partnership. The Partnerships general partners ability, as general partner, to manage and operate the Partnership, and Martin Resource Management Corporations ownership as of June 30, 2026, of approximately 20.1% of the Partnerships outstanding limited partnership units, effectively gives Martin Resource Management Corporation the ability to veto some of the Partnerships actions and to control the Partnerships management. The following is a description of the Partnerships material related party agreements and transactions: Omnibus Agreement Omnibus Agreement . The Partnership and its general partner are parties to the Omnibus Agreement dated November 1, 2002, with Martin Resource Management Corporation that governs, among other things, potential competition and indemnification obligations among the parties to the agreement, related party transactions, the provision of general administration and support services by Martin Resource Management Corporation and the Partner …

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REVENUE The following table disaggregates our revenue by major source: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Terminalling and storage segment Throughput and storage $ 23,743 $ 22,404 $ 46,180 $ 43,953 $ 23,743 $ 22,404 $ 46,180 $ 43,953 Transportation segment Land transportation $ 42,292 $ 38,942 $ 81,204 $ 77,621 Inland marine transportation 13,187 12,678 25,736 24,680 Offshore marine transportation 1,160 2,206 2,506 4,510 $ 56,639 $ 53,826 $ 109,446 $ 106,811 Sulfur services segment Sulfur product sales $ 12,522 $ 8,894 $ 23,326 $ 18,606 Fertilizer product sales 33,295 31,161 68,941 65,930 Sulfur services 4,253 4,073 8,627 8,296 $ 50,070 $ 44,128 $ 100,894 $ 92,832 Specialty products segment Natural gas liquids product sales $ 48,932 $ 32,976 $ 83,345 $ 75,096 Lubricant product sales 34,216 27,342 61,409 54,527 $ 83,148 $ 60,318 $ 144,754 $ 129,623 Revenue is measured based on a consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties where the Partnership is acting as an agent. The Partnership recognizes revenue when the Partnership satisfies a performance obligation, which typically occurs when the Partnership transfers control over a product to a customer or as the Partnership delivers a service. The following is a description of the principal activities - separated by reportable segments - from which the Partnership generates revenue. Terminalling and Storage Segment Revenue is re …

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"BUSINESS SEGMENTS The Chief Operating Decision Maker (""CODM"") is a group of executives, comprised of the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of the Partnership's general partner. The CODM may use different operating measures to assess operating results and allocate resources among the Partnership's four segments (outlined below), however the measure that is most consistent with the amounts included in the consolidated financial statements is operating income. The CODM utilizes this measure to evaluate the current financial performance and project the future financial performance of each segment to determine the allocation of capital resources. The Partnership's four reportable segments are comprised of (1) Terminalling and Storage, (2) Transportation, (3) Sulfur Services and (4) Specialty Products. The operating segments within each of our reportable segments have been aggregated based on the similarity of their economic and other characteristics, including different product type and services. The Terminalling and Storage segment generates revenue by providing terminalling, processing, and storage services for petroleum products and by-products. Storage revenue is earned through contracted monthly tank fixed fees, while throughput revenue is based on the volume moved through the Partnerships terminals at contracted rates. Tolling revenue is derived from contracted monthly reservation fees and throughput volumes processed at the faci …

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SUBSEQUENT EVENTS Quarterly Distribution. On July 22, 2026, the Partnership declared a quarterly cash distribution of $0.005 per common unit for the second quarter of 2026, or $0.020 per common unit on an annualized basis, which will be paid on August 14, 2026 to unitholders of record as of August 7, 2026.

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