Genesis Energy L P : 1Q 2026 Earnings Supplement

Published: 2026-05-07 06:25:14 ET GEL

Published on 05/07/2026 at 06:25 am EDT

1Q 2026 Earnings Supplement

May 7, 2026

Long-term outlook and value proposition for Genesis remains intact with continued line of sight to Adjusted EBITDA(a) growth and increasing amounts of free cash flow(b) and financial flexibility

Reported Adjusted EBITDA(a) of $140.9 million in the first quarter

Quarter included longer than expected producer turnaround at major host facility, along with some decline in production from Shenandoah to optimize production levels, which should result in stronger volumes over time vs. the alternative ($12 - $15 million impact to full year 2026 results)

Salamanca progressing with 4th well on-line in the first quarter and a 5th well scheduled for late 2026

Heavy dry-docking schedule with our blue water fleet impacted first quarter with 16% less operating days available; market conditions across both our brown-water and blue-water fleets remain balanced as broader structural tailwinds for marine remain intact

Expect to deliver full-year 2026 Adjusted EBITDA(a) at or near the midpoint of our previous guidance of plus or minus 15%-20% growth over our normalized 2025 Adjusted EBITDA baseline of $500 - $510 million(c)

Took several steps during the first quarter to further strengthen our balance sheet, increase our financial flexibility and reduce the ongoing financing cost of our business

Issued $750 million of 6.75% unsecured notes due 2034; used proceeds to full tender and redeem the ~$679 million of 7.75% unsecured notes due 2028

Successfully amended and extended our senior secured credit facility, increasing the borrowing capacity from $800 million to $900 million and extending

the maturity date to March of 2031

Repurchased $135 million of our high-cost Series A corporate preferred securities, reducing the outstanding face value to ~$394 million

Capital allocation remains a core focus for management and the board

Our approach continues to balance three clear priorities: strengthening the balance sheet, opportunistically addressing our high-cost corporate preferred securities, and thoughtfully and prudently growing distributions to common unitholders over time

Will exercise patience, discipline and balance to maintain sufficient financial flexibility, as well as liquidity, to evaluate any accretive incremental growth opportunities should they opportunistically emerge

First quarter distribution held flat at $0.18 per common unit in April 2026

Board will continue to evaluate future distribution growth as we realize increasing Adjusted EBITDA(a) and benefit from reduced cash obligations

Committed to maintaining adequate financial flexibility while not losing focus on our long-term leverage ratio(d)

Senior secured credit facility matures in March 2031; nearest unsecured maturity now in early 2029

Exited 1Q with bank leverage ratio(d) of 5.38x; improving the balance sheet and maintaining leverage ratio(d) at or near 4.0x remains a top priority

Repurchased $135 million of Class A convertible preferred securities in 2026; to date repurchased $460 million of Class A convertible preferred securities and 114,900 common units at average price of $9.09 per unit

Adjusted EBITDA is a non-GAAP financial measure. We are unable to provide a reconciliation of the forward-looking Adjusted EBITDA projections contained in this presentation to its most directly comparable GAAP financial measure because the information necessary for quantitative reconciliations of Adjusted EBITDA to its most directly comparable GAAP financial measure is not available to us without unreasonable efforts. The probable significance of providing these forward-looking Adjusted EBITDA measures without directly comparable GAAP financial measures may be materially different from the corresponding GAAP financial measures.

After certain cash obligations, including cash interest payments, preferred and existing common unit distributions, maintenan ce capital requirements, and cash taxes.

Excludes two months of contribution from our former Alkali business in the first quarter and assumes 10 days of weather-related downtime for hurricane season in the third quarter 2025. 2

As calculated under our senior secured credit facility.

Financial Results

1Q 2026 ($M)

Offshore Pipeline Transportation

$107,088

Marine Transportation

27,917

Onshore Transportation & Services

21,435

Total Segment Margin

$156,440

Adjusted EBITDA(a)

$140,862

Leverage Ratio(b)

5.38x

Offshore Pipeline Transportation

Four Phase 1 Shenandoah wells on-line and producing; observed some decline in volumes during 1Q as the result of optimizing and preserving long-term volumes

Expect first Monument well on-line by the end of 2026 and second well in early 2027, followed by two additional Shenandoah wells

Shenandoah South progressing on schedule for first oil in 1H 2028

Salamanca continues to progress

4th well was brought on-line in the first quarter, ahead of schedule

Continue to expect a 5th well to be drilled as early as 4Q 2026, which could increase production to 50-60 kbd

Aware of several additional development or subsea tie-back wells to be tied back to our infrastructure over the next 12-15 months

Marine Transportation

Delivered results largely in line with our expectations despite blue water heavy dry-docking schedule in the first quarter

2 of 4 scheduled blue water dry-dockings completed in 1Q

3rd vessel is currently in the yard and is expected to exit towards end of May with 4th and final vessel scheduled to start in June and exit mid-3Q

Believe these two remaining blue water vessels will re-contract into a stable, if not improving, rate environment when they return to service

Not seeing any material impact from Jones Act waivers

Continue to see no significant net additions of Jones Act equipment

Onshore Transportation & Services

Saw strong volumes through both our Texas and Raceland pipelines and terminals, along with steady demand for intermediate product movements through our Baton Rouge terminal

Legacy sulfur services business impacted in 1Q by operational challenges with our largest host refinery; continue to monitor competitive landscape with competing products from China

As calculated under our senior secured credit facility. 3

($ in 000s)

3/31/2026

Senior secured credit facility

$74,100

Senior unsecured notes, net of debt issuance costs and discount

3,102,076

Less: Outstanding inventory financing sublimit borrowings

(17,900)

Less: Cash and cash equivalents

(3,046)

Adjusted Debt(a)

$3,155,230

Pro Forma LTM

3/31/2026

Consolidated EBITDA (per our senior secured credit facility)

$553,507

Consolidated EBITDA Adjustments(b)

33,473

Adjusted Consolidated EBITDA (per our senior secured credit facility)(c)

$586,980

Adjusted Debt / Adjusted Consolidated EBITDA

5.38x

Q1 2026

Q1 2026 Reported Available Cash Before Reserves $43,769

Q1 2026 Common Unit Distributions 22,044

Common Unit Distribution Coverage Ratio 1.99x

We define Adjusted Debt as the amounts outstanding under our senior secured credit facility and senior unsecured notes (inclu ding any unamortized discounts or issuance costs) less the amount outstanding under our inventory financing sublimit, and less cash and cash equivalents on hand at the end of the period from our restricted subsidiaries.

This amount reflects adjustments we are permitted to make under our senior secured credit facility for purposes of calculatin g compliance with our leverage ratio. It includes a pro rata portion of projected future annual EBITDA associated with contractu al minimum cash commitments we expect to receive from material organic growth projects that are in-service. These adjustments may not be indicative of future results.

Adjusted Consolidated EBITDA for the four-quarter period ending with the most recent quarter, as calculated under our senior secured credit facility.

($ in 000s)

YTD

2026 3/31/2025 6/30/2025 9/30/2025 12/31/2025 2025

Income (loss) from continuing operations before income taxes

$19,257

($36,417)

$10,356

$23,029

34,343

$31,311

Net income attributable to noncontrolling interests

(12,345)

(8,769)

(10,417)

(13,569)

(14,408)

(47,163)

Corporate general and administrative expenses

17,238

41,676

15,068

15,992

16,759

89,495

Depreciation, amortization and accretion

61,148

59,011

59,746

65,615

243,383

Interest expense, net

67,978

70,038

60,754

66,407

67,530

264,729

Adjustment to include distributable cash generated by equity investees not included in income and exclude equity in investees net income (a)

5,521

6,092

5,595

5,233

4,989

21,909

Unrealized losses (gains) on derivative transactions excluding fair value hedges, net of changes in inventory value

815

(71)

(133)

136

(49)

(117)

Other non-cash items

(4,618)

(2,722)

(4,229)

(3,307)

(5,318)

(15,576)

Loss on extinguishment of debt

3,540

844

8,935

9,779

Differences in timing of cash receipts for certain contractual arrangements(b) (2,094) (8,287) (9,071) (7,091) 4,552 (19,897)

Total Segment Margin(c) $156,440 $121,395 $135,869 $146,576 $174,013 $577,853

Includes distributions attributable to the quarter and received during or promptly following such quarter.

Includes the difference in timing of cash receipts from customers during the period and the revenue we recognize in accordance with GAAP on our related contracts.

See definition of Segment Margin in our 1Q 2026 earnings press release and Form 10-Q. 6

($ in 000s)

YTD

2026

3/31/2025

6/30/2025

9/30/2025

12/31/2025

2025

Net income (loss) attributable to Genesis Energy, L.P.

$6,800

($469,075)

($406)

$9,207

$19,871

($440,403)

Interest expense, net

67,978

70,038

60,754

66,407

67,530

264,729

Income tax expense

112

144

345

253

806

Depreciation, amortization and accretion

61,148

59,011

59,746

65,615

243,383

Loss from disposal of discontinued operations

432,193

Interest expense,net and income tax expense from discontinued operations

4,195

Other non-cash items from discontinued operations, net(a)

15,584

EBITDA

136,038

112,090

119,704

135,613

153,080

520,487

Plus (minus) Select Items, net(b)

4,824

19,589

3,195

(3,656)

4,709

23,837

Adjusted EBITDA(c)

140,862

131,679

122,899

131,957

157,789

544,324

Maintenance capital utilized(d)

(15,250)

(16,900)

(14,750)

(14,900)

(14,950)

(61,500)

Interest expense, net

(67,978)

(70,038)

(60,754)

(66,407)

(67,530)

(264,729)

Cash tax expense

(300)

(257)

(300)

624

(233)

Distributions to preferred unitholders(e)

(13,565)

(19,942)

(14,868)

(64,546)

Interest expense and income tax expense from discontinued operations

(4,195)

Available Cash before Reserves(f )

$43,769

$20,347

$32,227

$35,482

$61,065

$149,121

Common Unit Distributions

$22,044

$20,207

$22,044

$82,665

Common Unit Distribution Coverage Ratio

1.99x

1.01x

1.59x

1.76x

2.77x

1.80x

Includes non-cash items such as depreciation, depletion and amortization and unrealized gains or losses on derivative transactions, amongst other non-cash items attributable to discontinued operations.

Refer to additional detail of Select Items in our 1Q 2026 earnings press release and Form 10-Q.

See definition of Adjusted EBITDA in our 1Q 2026 earnings press release.

Maintenance capital expenditures for the 2026 Quarter and 2025 Quarter were $16.7 million and $22.6 million, respectively, which excludes maintenance capital expenditures of $4.6 million for the 2025 Quarter associated with the Alkali Business that was sold on February 28, 2025. Our continuing maintenance capital expenditures are principally associated with our marine transportation business.

Distributions attributable to preferred unitholders associated with the 2026 Quarter include $2.5 million paid during the 2026 Quarter and $11.1 million that is payable on May 15, 2026 to unitholders of record at close of business on April 30, 2026.

Represents the Available Cash before Reserves to common unitholders.

($ in 000s)

Long-term debt

3/31/2026

12/31/2025

Senior secured credit facility

$74,100

$6,400

Senior unsecured notes, net of debt issuance costs, discount and premium

3,102,076

3,040,415

Less: Outstanding inventory financing sublimit borrowings

(17,900)

(28,100)

Less: Cash and cash equivalents

(3,046)

(6,318)

Adjusted Debt(a)

$3,155,230

$3,012,397

Consolidated EBITDA (per our senior secured credit facility)

$553,507

$544,324

Consolidated EBITDA Adjustments(b)

33,473

43,773

Adjusted Consolidated EBITDA (per our senior secured credit facility)(c)

$586,980

$588,097

Adjusted Debt-to-Adjusted Consolidated EBITDA

5.38x

5.12x

This amount reflects adjustments we are permitted to make under our senior secured credit facility for purposes of calculatin g compliance with our leverage ratio. It includes a pro rata portion of projected future annual EBITDA associated with contractu al minimum cash commitments we expect to receive from material organic growth projects that are in-service. Additionally, it includes the pro forma adjustments to Adjusted Consolidated EBITDA (using historical amounts in the test period) associated with the sale of the Alkali Business. These adjustments may not be indicative of future results.

Adjusted Consolidated EBITDA for the four-quarter period ending with the most recent quarter, as calculated under our senior secured credit facility. 8

($ in 000s)

3/31/2026

3/31/2025

6/30/2025

9/30/2025

12/31/2025

2025

Applicable to all Non-GAAP Measures

Differences in timing of cash receipts for certain contractual arrangements(a)

($2,094)

($8,287)

($9,071)

($7,091)

$4,552

($19,897)

Unrealized losses (gains) on derivative transactions excluding fair value

hedges, net of changes in inventory value

815

(71)

(133)

136

(49)

($117)

Loss on debt extinguishment

3,540

844

8,935

$9,779

Adjustment regarding equity investees(b)

5,521

6,092

5,595

5,233

4,989

$21,909

Other

(4,618)

(2,722)

(4,229)

(3,307)

(5,318)

($15,576)

Sub-total Select Items, net(c)

$3,164

($4,144)

$1,097

($5,029)

$4,174

($3,902)

Applicable only to Adjusted EBITDA and Available Cash before Reserves

Certain transaction costs

3,122

25,208

310

329

1,110

$26,957

Other

(1,462)

(1,475)

1,788

1,044

(575)

$782

Total Select Items, net(d)

$4,824

$19,589

$3,195

($3,656)

$4,709

$23,837

Includes the difference in timing of cash receipts from or billings to customers during the period and the revenue we recogni ze in accordance with GAAP on our related contracts. For purposes of our non-GAAP measures, we add those amounts in the period of payment and deduct them in the period in which GAAP recognizes them.

Represents the net effect of adding distributions from equity investees and deducting earnings of equity investees net to us.

Represents Select Items applicable to all Non-GAAP measures.

Represents Select Items applicable to Adjusted EBITDA and Available Cash before Reserves.

Disclaimer

Genesis Energy LP published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 10:24 UTC.