Slide 1: Investor Presentation September 2025
Investor Presentation September 2025
Slide 2: Forward-Looking Statements
2 Statements made during this presentation that set forth expectations, predictions, projections or are about future events are based on facts and situations that are known to us as of September 3, 2025. We believe that our expectations and assumptions are reasonable. Actual results may differ mater
Slide 3: Matson: At-a-Glance
$264 $424 $1,350 $1,526 $517 $739 $780 $0 $300 $600 $900 $1,200 $1,500 $1,800 2019 2020 2021 2022 2023 2024 LTM 2Q25 Operating Income EBITDA 3 Matson: At-a-Glance • A leading U.S. carrier in the Pacific • Lifeline to economies of Hawaii, Alaska, Guam and other Pacific islands • Niche, premium, exped
Slide 4: Matson Today: Connecting the Pacific
4 Investor Presentation │September 2025 Matson Today: Connecting the Pacific
Slide 5: Investment Highlights
5 Investment Highlights Unique Network Connecting the Pacific • Providing critical supply lifelines to economies throughout the Pacific • Strong market positions in attractive niche markets with multi-decade customer relationships • Dual head-haul economics on China-to-Long Beach Express (CLX) servi
Slide 6: Hawaii Service
6 • 5 U.S. West Coast departures and 3 arrivals in Honolulu per week • Dedicated neighbor island barge service Hawaii Service Overview of Service Market Overview Matson’s Focus 9-ship deployment • Competitors: ─ Pasha ─ Barges ─ Air freight • Maintain best-in-class on-time arrival and cargo availabi
Slide 7: China Service
7 China Service • CLX and MAX are premium services providing an alternative to deferred air freight and other ocean carriers • Dedicated terminal space in Long Beach with off-dock container yard • Feeder services from other Asian port origins • Door-to-door services in coordination with Matson Logis
Slide 8: China Service – Elements of Demand
8 China Service – Elements of Demand • CLX is the fastest • MAX is the second fastest • Significant cost savings for 5 to 7 days of additional transit time Unmatched Destination Services: The consistency of our service is a significant differentiator in the marketplace • High level of service at ori
Slide 9: Alaska Service
9 • Twice weekly service to Anchorage and Kodiak • Weekly service into Dutch Harbor • Matson is the only U.S. containership operator serving Kodiak and Dutch Harbor Alaska Service Overview of Service Market Overview Matson’s Focus • Competitors: TOTE, barges, air freight and OTR trucking • Air freig
Slide 10: Guam Service
10 • Weekly service to Guam as part of CLX service • 3-to-5 day ocean transit advantage from U.S. West Coast Guam Service Overview of Service Market Overview Matson’s Focus • Competitors: ─ APL (U.S. flagged service) ▪ Trans-ships in Yokohama, Japan and Busan, South Korea to Guam via a 2-ship feeder
Slide 11: SSAT Joint Venture
11 SSAT Joint Venture • Matson owns a 35% interest in SSA Terminals, LLC (SSAT) ─ SSAT currently provides terminal and stevedoring services to carriers in Long Beach, Oakland, Seattle, and Tacoma SSAT JV Equity Income ($ in millions) Overview ($10) $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 2019 2020 20
Slide 12: Matson Logistics Operating Income & Margin
12 Matson Logistics Operating Income & Margin ($ in millions) Overview of Services Transportation Brokerage • Domestic and international rail intermodal • Long-haul and regional highway trucking • Less-than-truckload and expedited freight Supply Chain Management and Other • PO management, freight fo
Slide 13: Appendix
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Slide 14: Appendix − Non-GAAP Measures
14 Appendix − Non-GAAP Measures Matson reports financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur