Martin Midstream Q4 net loss $2.9M; FY25 Adj. EBITDA $99.0M; 2026 guidance $96.5M

MARTIN MIDSTREAM PARTNERS L.P.

Q4 net loss $2.9M ($0.07/unit); FY net loss $14.8M ($0.37/unit) vs loss $5.2M in 2024.
Q4 Adjusted EBITDA $24.8M; FY $99.0M vs $110.6M in 2024, down 10.5% YoY.
Transportation segment FY Adj. EBITDA $30.8M (-$11.7M YoY); grease business down $5.3M.
2026 guidance: Adj. EBITDA $96.5M, total capex $36.5M (incl. $10M turnaround), adj. FCF $5.8M.
Ended 2025 with $439.1M debt, $31.4M liquidity, leverage ratio 4.43x; dividend held at $0.005/unit.

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