Executive Summary

Q3 2025 came in weak with Revenues $168.7M, Adjusted EBITDA $19.3M, and Net loss $(8.4)M ($(0.21) per unit); management withdrew full-year 2025 guidance, citing unexpected demand softness in inland barge fuel transportation and lower marine utilization .
Sequentially, Adjusted EBITDA fell from $27.1M in Q2 to $19.3M, and the adjusted leverage ratio rose to 4.63x from 4.20x at June 30, reflecting lower EBITDA alongside seasonally higher debt balances; covenants remained in compliance .
Terminalling & Storage performed stably (Adjusted EBITDA $9.7M vs $8.4M YoY), while Transportation was the main drag (Adjusted EBITDA $5.3M vs $11.6M YoY) due to inland barge demand and day rate pressure; grease sales in Specialty Products remained muted .
Consensus EBITDA for Q3 was $25.46M*, implying a miss vs actual EBITDA $19.25M; EPS and Revenue consensus appeared unavailable*, suggesting limited analyst coverage and a focus on non-GAAP EBITDA for this name .
Values retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

Terminalling & Storage delivered consistent, fee-based cash flows; Adjusted EBITDA increased YoY to $9.7M (Smackover steady at $3.8M; underground NGL storage up to $1.8M) .
Sulfur Services resumed operations post turnarounds with total volumes up (201K long tons, +42% YoY), aided by DSM Semichem reservation fees; management expects improved results next quarter .
Management highlighted potential tailwinds in lubricants as “the lubricants market adjusts to the exit of a large competitor in south Louisiana,” positioning for stronger performance next quarter .

What Went Wrong

Marine transportation demand for inland barge fuel fell sharply, with lower utilization and day rates; Transportation Adjusted EBITDA dropped ~$6.3M YoY to $5.3M (Land −$1.3M, Marine −$5.0M) .
Specialty Products’ grease unit lagged with weaker margins and mix; segment Adjusted EBITDA decreased to $3.9M vs $4.6M YoY .
Leverage rose to 4.63x vs 4.20x at Q2 due to the EBITDA shortfall; full-year guidance (Adjusted EBITDA, DCF, Adjusted FCF) was withdrawn given poor visibility in marine demand .

Financial Results

Quarterly summary vs prior periods

Metric	Q1 2025	Q2 2025	Q3 2025
Revenues ($M)	$192.5	$180.7	$168.7
Net Income (Loss) ($M)	$(1.0)	$(2.4)	$(8.4)
Net Income (Loss) per Unit ($)	$(0.03)	$(0.06)	$(0.21)
Adjusted EBITDA ($M)	$27.8	$27.1	$19.3
Net Cash Provided by (Used in) Operating Activities ($M)	$(6.0)	$30.9	$23.7
Distributable Cash Flow ($M)	$9.1	$6.7	$(3.4)

Year-over-year for Q3

Metric	Q3 2024	Q3 2025
Revenues ($M)	$170.9	$168.7
Adjusted EBITDA ($M)	$25.1	$19.3
Net Income (Loss) ($M)	$(3.3)	$(8.4)
Net Income (Loss) per Unit ($)	$(0.08)	$(0.21)

Segment breakdown (Adjusted EBITDA)

Segment	Q1 2025	Q2 2025	Q3 2025
Transportation	$8.0	$8.5	$5.3
Terminalling & Storage	$7.7	$8.4	$9.7
Sulfur Services	$11.5	$9.7	$3.9
Specialty Products	$4.5	$4.4	$3.9
Indirect SG&A	$(3.8)	$(3.9)	$(3.6)
Total Adjusted EBITDA	$27.8	$27.1	$19.3

KPIs and volumes

KPI	Q1 2025	Q2 2025	Q3 2025
Shore-based throughput volumes (gallons)	38,491K	47,199K	43,555K
Smackover refinery throughput (BBL/day, guaranteed minimum)	6,500	6,500	6,500
Sulfur volumes (long tons)	123K	144K	157K
Fertilizer volumes (long tons)	97K	73K	44K
Total sulfur services volumes (long tons)	220K	217K	201K
NGL sales volumes (Bbls)	663K	572K	609K
Other specialty products volumes (Bbls)	81K	89K	100K
Total specialty products volumes (Bbls)	744K	662K	709K

Results vs Wall Street consensus (S&P Global)

Metric	Period	Estimate	Actual
EBITDA ($M)	Q3 2025	$25.463*	$19.253
EPS ($)	Q3 2025	N/A*	$(0.21)
Revenue ($M)	Q3 2025	N/A*	$168.717

Values retrieved from S&P Global.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Adjusted EBITDA ($M)	FY 2025	$109.1	Withdrawn	Lowered/Withdrawn
Distributable Cash Flow ($M)	FY 2025	$27.8	Withdrawn	Lowered/Withdrawn
Adjusted Free Cash Flow ($M)	FY 2025	$18.8	Withdrawn	Lowered/Withdrawn
Maintenance Capex + Turnarounds ($M)	FY 2025	$25.9	No update provided	Maintained (implicit)
Quarterly Cash Distribution ($/unit)	Q3 2025	$0.005 (Q2)	$0.005 (declared for Q3)	Maintained

Management explicitly withdrew 2025 guidance “consisting of Adjusted EBITDA, Distributable Cash Flow, and Adjusted Free Cash Flow,” citing marine demand softness .

Earnings Call Themes & Trends

Note: An earnings call transcript for Q3 2025 was not found in the document catalog; themes reflect prepared remarks and press releases.

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3 2025)	Trend
Marine transportation demand/utilization	Q1: inland utilization and day rates were pressured; Q2: marine slightly below expectations due to equipment repairs	Significant decline in demand for inland barge fuel transportation and lower day rates; utilization down	Worsening
Tariffs/macro sensitivity	Caution on proposed tariffs potentially impacting refineries/customers (Q1, Q2)	No update on tariffs; macro impact manifested as barge demand softness and refinery crude slate shifts	Risk shifted from tariff talk to realized demand softness
Terminalling & Storage stability	Fee-based resilience; mixed expenses (Q1); stable/slightly up (Q2)	Delivered consistent results; stable expected through year-end	Stable/Positive
Specialty Products – Grease	Q1: tighter margins; Q2: temporary volume reductions, lower-margin mix	Sales volumes lag expectations; muted sales make prior guidance remote	Negative
Specialty Products – Lubricants	Q1: industry demand lower; Q2: exceeded expectations	Slightly below expectations but expected to strengthen post competitor exit	Improving outlook
Sulfur Services operations	Q1: strong volumes/margins; Q2: margins compressed, prilling fees down	Modest headwinds after turnarounds; expect improved results next quarter	Near-term recovery expected

Management Commentary

“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.” — Bob Bondurant (CEO)
“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.”
“Given this challenging operating environment, the Partnership is withdrawing full year 2025 guidance amid current demand softness impacting inland barge utilization.”
“We expect performance to strengthen in the next quarter as the lubricants market adjusts to the exit of a large competitor in south Louisiana.”
“As of September 30, 2025, our adjusted leverage ratio increased to 4.63 times… Importantly, the Partnership was in compliance with all our debt covenants.”

Q&A Highlights

An earnings call transcript for Q3 2025 was not available in the document set; no Q&A highlights could be reviewed. Results and commentary herein are based on the 8‑K press release and supplemental materials .

Estimates Context

Q3 2025 EBITDA missed S&P Global consensus ($25.46M* estimate vs $19.25M actual), reflecting the magnitude of the marine softness and seasonal turnarounds; EPS and Revenue estimates appeared unavailable*, suggesting limited coverage or focus on non-GAAP EBITDA .
Values retrieved from S&P Global.
S&P Global Target Price Consensus Mean stood at $4.00* (consensus rating text unavailable*), implying modest implied value vs current fundamentals and leverage trajectory; coverage may reassess post guidance withdrawal.
Values retrieved from S&P Global.

Key Takeaways for Investors

Guidance withdrawal is a clear negative catalyst; the marine demand downturn and refinery crude slate mix shift introduce uncertainty into Transportation earnings power near-term .
Fee-based Terminalling & Storage acts as ballast; underground NGL storage strength and Smackover stability partially offset Transportation volatility .
EBITDA disappointment vs consensus highlights limited near-term visibility; expect estimate cuts and model de-risking focused on marine utilization and day rates .
Leverage uptick to 4.63x increases sensitivity to EBITDA; covenant compliance remains intact, but deleveraging now hinges on a Q4 recovery and improved marine demand .
Specialty Products is mixed: grease remains challenged, but lubricants may improve on competitor exit; watch margin mix and volumes into Q4 seasonality .
Sulfur Services should rebound post turnarounds; DSM Semichem fees provide partial cushion, but prilling/business mix bears monitoring .
Distribution maintained ($0.005/unit); capital allocation remains disciplined with a focus on balance sheet health amid suspended guidance .

MARTIN MIDSTREAM PARTNERS L.P. (MMLP)·Q3 2025 Earnings Summary