Slide 1: 2Q 2025 Earnings Conference Call
2Q 2025 Earnings Conference Call July 31, 2025
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 July 31, 2025. We believe that our expectations and assumptions are reasonable. Actual res
Slide 3: Opening Remarks
Opening Remarks • 2Q25 exceeded our expectations amid the challenges of market uncertainty and volatility arising from tariffs and global trade • Ocean Transportation operating income in 2Q25 was lower YoY primarily due to lower YoY volume in our China service ─ In our domestic tradelanes, we saw hi
Slide 4: Hawaii Service
Hawaii Service 2Q25 Performance Container Volume (FEU Basis) • Container volume increased 2.6% YoY 40,000 due to higher general demand 38,000 36,000 34,000 32,000 Full Year 2025 Outlook 30,000 • Expect volume in 2025 to be modestly 28,000 higher than the level achieved last year reflecting: 26,000 ─
Slide 5: Hawaii Service − Current Business Trends
Hawaii Service − Current Business Trends Select Hawaii Economic Indicators UHERO Projections (3) Unemployment Rate and Visitor Arrivals by Air 2025P 2026P 2027P 4.5% 1,000 Real GDP 1.1% (0.3)% 0.9% 4.0% 900 Construction Jobs Growth 1.1% 0.1% (1.5)% 800 Population Growth 0.0% (0.1)% (0.1)% 3.5% 700 U
Slide 6: China Service
China Service 2Q25 Performance Container Volume (1) (FEU Basis) • Container volume decreased 14.6% YoY 43,000 primarily due to the challenges of market uncertainty and volatility from 38,000 tariffs and global trade • Freight rates were modestly higher YoY 33,000 28,000 23,000 18,000 13,000 8,000 Q1
Slide 7: China Service − Current Business Trends
China Service − Current Business Trends • At the onset of tariffs in April, we experienced significantly lower year-over-year freight demand as our customers held back less urgent shipments to work through the tariff impacts ─ Many of our customers were negotiating the tariffs with their trading par
Slide 8: China Service − Current Business Trends (continued)
China Service − Current Business Trends (continued) • During 2Q25, we moved with our customers as they shifted production throughout Asia in response to the tariffs, which resulted in higher container volume levels outside of China ─ The sequential quarterly increase is primarily due to higher custo
Slide 9: Guam Service
Guam Service 2Q25 Performance Container Volume (FEU Basis) • Container volume decreased 2.2% YoY 6,000 5,500 5,000 4,500 4,000 3,500 3,000 Full Year 2025 Outlook 2,500 2,000 • Expect Guam’s economy to remain stable with a slow recovery in tourism, a 1,500 low unemployment rate, and some 1,000 increa
Slide 10: Alaska Service
Alaska Service 2Q25 Performance Container Volume (FEU Basis) • Container volume increased 0.9% YoY 24,000 ─ Higher AAX volume, partially offset by two fewer northbound sailings 22,000 compared to the year ago period 20,000 18,000 16,000 Full Year 2025 Outlook • Expect continued economic growth 14,00
Slide 11: SSAT Joint Venture
SSAT Joint Venture 2Q25 Performance Equity in Income of JV ($ in millions) • Terminal joint venture contribution was $10.0 $7.3 million; YoY increase of $6.1 $8.0 million $6.0 ─ Primarily due to higher lift volume $4.0 $2.0 $0.0 ($2.0) Full Year 2025 Outlook ($4.0) • Expect the contribution from SSA
Slide 12: Matson Logistics
Matson Logistics 2Q25 Performance Operating Income ($ in millions) • Operating income of $14.4 million; YoY $18.0 decrease of approximately $1.2 million $16.0 ─ Lower contribution from transportation brokerage $14.0 $12.0 $10.0 $8.0 3Q25 and Full Year 2025 Outlook $6.0 • 3Q25: Expect operating incom
Slide 13: Financial Results − Summary Income Statement
Financial Results − Summary Income Statement Year-to-Date Second Quarter YTD Ended 6/30 Δ Quarter Ended 6/30 Δ ($ in millions, except per share data) 2025 2024 $ % 2025 2024 $ % Revenue Ocean Transportation $1,313.0 $1,268.9 $44.1 3.5% $675.6 $689.9 ($14.3) (2.1)% Logistics 299.5 300.6 (1.1) (0.4)%
Slide 14: Cash Generation and Uses of Cash
Cash Generation and Uses of Cash Last Twelve Months Ended June 30, 2025 ($ in millions) $700 $617.9 ($39.7) $600 ($199.0) $500 $400 ($161.5) $300 ($30.3) $200 ($45.0) ($239.4) $100 $0 ($14.5) ($100) ($111.5) ($200) Cash CashFlow from Flow Paydown of Paydown of Maint. Maint. New Vessel New Vessel Cap
Slide 15: Financial Results − Summary Balance Sheet
Financial Results − Summary Balance Sheet June 30, December 31, Share Repurchase ($ in millions) 2025 2024 ASSETS • 2Q25: approximately 0.9 million Cash and cash equivalents $59.1 $266.8 shares repurchased for total cost of Other current assets 365.4 342.8 Total current assets $93.7 million (1) 424.
Slide 16: 2025 Outlook
2025 Outlook 3Q25 Outlook Full Year 2025 Outlook Items Ocean Transportation To be meaningfully lower than the Ocean Transportation To be moderately lower than the Operating Income $226.9 million achieved in 3Q24 Operating Income $500.9 million achieved in 2024 Logistics To be comparable to the $15.4
Slide 17: Capital Expenditures Update
Capital Expenditures Update ($ in millions) FY 2025 Comments Expected New vessel construction milestone $305 • Includes owner’s items and capitalized interest expense payments and related costs Expected Maintenance and • 2025 capex includes approximately $19 million in equipment lease $100 – $120 ot
Slide 18: Closing Thoughts
Closing Thoughts • We are well-positioned in our tradelanes and in logistics as we manage through this period of market uncertainty and volatility ─ It is during uncertain times like these that Matson demonstrates its unique capabilities and service qualities across our organization • With our China
Slide 19: Appendix
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Slide 20: 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