Slide 1: 2Q 2026 Earnings Conference Call
2Q 2026 Earnings Conference Call August 3, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 August 3, 2026. We believe that our expectations and assumptions are reasonable. Actual re
Slide 3: Opening Remarks
Opening Remarks • Matson had a strong 2Q26 and is raising our full year outlook ─ The momentum in our China service carried over from the post-Lunar New Year period ─ Our China service saw higher-than-expected freight rates and demand ─ Steady performance in our domestic tradelanes ─ Logistics opera
Slide 4: Hawaii Service
Hawaii Service 2Q26 Performance Container Volume (FEU Basis) • Container volume decreased 1.1% YoY 40,000 primarily due to lower general demand 38,000 36,000 34,000 32,000 30,000 Full Year 2026 Outlook • Expect volume to approach the level 28,000 achieved in 2025 based on expectations of: 26,000 ─ S
Slide 5: Hawaii Service − Current Business Trends
Hawaii Service − Current Business Trends Select Hawaii Economic Indicators UHERO Projections(4) Unemployment Rate and Visitor Arrivals by Air 2026P 2027P 2028P 4.5% 1,000 Real GDP 1.0% 1.3% 1.6% 4.0% 900 Construction Jobs Growth 3.2% (0.2)% (0.6)% 800 Population Growth (0.1)% (0.1)% (0.1)% 3.5% 700
Slide 6: China Service
China Service 2Q26 Performance Container Volume(1) (FEU Basis) • Container volume increased 15.2% YoY 43,000 ─ Primarily due to significantly higher demand compared to the prior year 38,000 period ─ 2Q25 included a market decline in 33,000 Transpacific demand due to the tariffs imposed in April 2025
Slide 7: China Service − Current Business Trends
China Service − Current Business Trends Review of 2Q26 • Momentum in our China service carried over from the post-Lunar New Year period • For 2Q26, our CLX and MAX services saw higher-than-expected freight rates and demand across e-commerce, garments and e-goods against a backdrop of tighter supply
Slide 8: China Service − Current Business Trends
China Service − Current Business Trends Looking Ahead at 3Q26 and 4Q26 • We continue to expect our China service to be at or near capacity through peak season • For 4Q26, we expect demand to reflect a more traditional seasonality pattern compared to the elevated period of freight demand experienced
Slide 9: China Service − Southeast Asia
China Service − Southeast Asia • We are encouraged by the continued growth of our regional service across Vietnam, Thailand and the broader Southeast Asia region ─ While this expansion was initially driven by our customers’ needs, it has also enabled us to diversify our cargo mix ─ Weekly Southeast
Slide 10: Guam Service
Guam Service 2Q26 Performance Container Volume (FEU Basis) • Container volume increased 4.4% YoY 6,000 5,500 5,000 4,500 4,000 3,500 3,000 Full Year 2026 Outlook 2,500 • Expect Guam’s economy to remain stable 2,000 • Expect volume to be comparable to the 1,500 level achieved last year 1,000 500 0 Q1
Slide 11: Alaska Service
Alaska Service 2Q26 Performance Container Volume (FEU Basis) • Container volume decreased 2.3% YoY 24,000 primarily due to: ─ Lower export seafood volume on AAX 22,000 ─ Partially offset by one additional northbound sailing 20,000 18,000 16,000 14,000 Full Year 2026 Outlook • Expect Alaska’s economy
Slide 12: SSAT Joint Venture
SSAT Joint Venture 2Q26 Performance Equity in Income of JV ($ in millions) • Terminal joint venture contribution was $10.0 $4.8 million; YoY decrease of $2.5 million ─ Primarily due to lower lift volume and $9.0 higher operating expenses $8.0 $7.0 $6.0 $5.0 $4.0 $3.0 Full Year 2026 Outlook $2.0 • Ex
Slide 13: Matson Logistics
Matson Logistics 2Q26 Performance Operating Income ($ in millions) • Operating income of $14.9 million; YoY $16.0 increase of $0.5 million primarily due to: ─ Higher contributions from freight $14.0 forwarding and transportation brokerage $12.0 ─ Partially offset by a lower contribution from warehou
Slide 14: Financial Results − Summary Income Statement
Financial Results − Summary Income Statement Year-to-Date Second Quarter YTD Ended 6/30 Δ Quarter Ended 6/30 Δ ($ in millions, except per share data) 2026 2025 $ % 2026 2025 $ % Revenue Ocean Transportation $1,373.9 $1,313.0 $60.9 4.6% $767.4 $675.6 $91.8 13.6% Logistics 353.3 299.5 53.8 18.0% 202.0
Slide 15: Strong Cash Flow Generation
Strong Cash Flow Generation Last Twelve Months Ended June 30, 2026 ($ in millions) Strong cash flow from operations more than supports maintenance capex, dividends, and share repurchases $700.0 $584.1 $600.0 $500.0 $440.7 $400.0 Share $300.0 Repurchases $262.7 $200.0 Dividends $44.6 $100.0 Maint. Ca
Slide 16: Financial Results − Summary Balance Sheet
Financial Results − Summary Balance Sheet June 30, December 31, Share Repurchase ($ in millions) 2026 2025 • 2Q26: approximately 0.3 million ASSETS shares repurchased for total cost Cash and cash equivalents $119.3 $141.9 of $67.8 million(1) Other current assets 416.7 330.0 Total current assets 536.
Slide 17: 2026 Outlook
2026 Outlook 3Q26 Outlook 4Q26 Outlook Ocean Ocean To be approximately 45% higher than To be modestly lower than the $136.0 Transportation Transportation the $147.4 million achieved in 3Q25 million achieved in 4Q25 Operating Income Operating Income Logistics To be modestly higher than the $13.6 Logi
Slide 18: Capital Expenditures Update
Capital Expenditures Update ($ in millions) FY 2026 Comments Expected vessel construction $400 • Includes owner’s items and capitalized interest expense milestone payments and related costs Expected Maintenance and $150 – $170 • 2026 capex includes approximately: other capital expenditures – Approx.
Slide 19: Vessel Construction Update
Vessel Construction Update • Our targeted delivery schedule for our three new Aloha Class vessels remains unchanged July 2026: The bow section was mounted on Makua, our first Aloha Class vessel expected to be delivered in 1Q27 19 2Q 2026 Earnings Conference Call
Slide 20: Closing Thoughts
Closing Thoughts • We are well-positioned heading into the second half of the year ─ Our China service continues to perform at or near capacity, and we are optimistic that the U.S. consumer remains resilient and supportive of freight demand in the Transpacific for the remainder of the year ─ All tog
Slide 21: Appendix
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Slide 22: Appendix − Non-GAAP Measures
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 and