Slide 1: 1Q 2026 Earnings Conference Call
1Q 2026 Earnings Conference Call May 4, 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 May 4, 2026. We believe that our expectations and assumptions are reasonable. Actual resul
Slide 3: Opening Remarks
Opening Remarks • 1Q26 results: ─ Ocean Transportation operating income exceeded our expectations primarily due to higher freight demand post-Lunar New Year in our China service ▪ In our domestic tradelanes, we saw lower YoY volume in Hawaii and Alaska ─ Logistics operating income was lower YoY prim
Slide 4: Hawaii Service
Hawaii Service 1Q26 Performance Container Volume (FEU Basis) • Container volume decreased 5.6% YoY 40,000 primarily due to: ─ Lower general demand 38,000 ─ Dry-docking of a competitor’s vessel 36,000 in the year ago period 34,000 32,000 30,000 Full Year 2026 Outlook • Expect volume to be comparable
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 2026P 2027P 2028P 4.5% 1,000 Real GDP 1.6% 1.4% 1.3% 4.0% 900 Construction Jobs Growth 1.9% 0.1% (0.8)% 800 Population Growth 0.0% (0.1)% 0.0% 3.5% 700 Unempl
Slide 6: China Service
China Service 1Q26 Performance Container Volume(1) (FEU Basis) • Container volume decreased 9.5% YoY 38,000 ─ Primarily due to lower general demand from a more traditional Lunar New Year freight cycle 33,000 28,000 23,000 18,000 13,000 8,000 Q1 Q2 Q3 Q4 2025 2026 (1) Includes containers from China a
Slide 7: China Service − Current Business Trends
China Service − Current Business Trends • In 1Q26, we did not see a traditional bump in demand prior to Lunar New Year. Post holiday, the freight demand exceeded our expectations and was driven by: ─ Higher demand across several of our key market segments such as e-commerce, e-goods, and garments ─
Slide 8: Guam Service
Guam Service 1Q26 Performance Container Volume (FEU Basis) • Container volume was flat 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 Q2 Q3
Slide 9: Alaska Service
Alaska Service 1Q26 Performance Container Volume (FEU Basis) • Container volume decreased 2.0% YoY 24,000 primarily due to: ─ Lower general demand 22,000 ─ Partially offset by an additional northbound sailing and an additional AAX sailing compared to the year 20,000 ago period 18,000 16,000 14,000 F
Slide 10: SSAT Joint Venture
SSAT Joint Venture 1Q26 Performance Equity in Income of JV ($ in millions) • Terminal joint venture contribution was $10.0 $5.0 million; YoY decrease of $1.6 million ─ Primarily due to lower lift volume $9.0 $8.0 $7.0 $6.0 $5.0 $4.0 $3.0 Full Year 2026 Outlook $2.0 • Expect the contribution from SSA
Slide 11: Matson Logistics
Matson Logistics 1Q26 Performance Operating Income ($ in millions) • Operating income of $6.8 million; YoY $16.0 decrease of $1.7 million ─ Primarily due to a lower contribution $14.0 from supply chain management $12.0 $10.0 $8.0 $6.0 $4.0 Full Year 2026 Outlook • Expect operating income to approach
Slide 12: Fuel Price Volatility
Fuel Price Volatility • We expect fuel price volatility to impact our near-term earnings due to a timing lag between when we incur fuel costs and when we can fully recover these costs • Our mechanisms are very effective at recovering the cost of fuel over time ─ Historically in our maritime business
Slide 13: Financial Results − Summary Income Statement
Financial Results − Summary Income Statement First Quarter Quarter Ended 3/31 Δ ($ in millions, except per share data) 2026 2025 $ % Revenue Ocean Transportation $606.5 $637.4 ($30.9) (4.8)% Logistics 151.3 144.6 6.7 4.6% Total Revenue $757.8 $782.0 ($24.2) (3.1)% Operating Income Ocean Transportati
Slide 14: Strong Cash Flow Generation
Strong Cash Flow Generation Last Twelve Months Ended March 31, 2026 ($ in millions) Strong cash flow from operations more than supports maintenance capex, dividends, and share repurchases $600.0 $552.1 $490.7 $500.0 $400.0 Share Repurchases $300.0 $289.2 Dividends $200.0 $44.6 $100.0 Maint. Capex $1
Slide 15: Financial Results − Summary Balance Sheet
Financial Results − Summary Balance Sheet March 31, December 31, Share Repurchase ($ in millions) 2026 2025 ASSETS • 1Q26: approximately 0.4 million Cash and cash equivalents $100.1 $141.9 shares repurchased for total cost Other current assets 336.3 330.0 of $54.4 million(1) Total current assets 436
Slide 16: 2026 Outlook
2026 Outlook 2Q26 Outlook To be approximately $20 million To be approximately $20 million Ocean Transportation Consolidated higher than the $98.6 million higher than the $113.0 million Operating Income Operating Income achieved in 2Q25 achieved in 2Q25 • For 2Q26, we expect: Logistics To approach th
Slide 17: Capital Expenditures Update
Capital Expenditures Update ($ in millions) FY 2026 Comments Expected New vessel $400 • Includes owner’s items and capitalized interest expense construction milestone payments and related costs Expected Maintenance and $150 – $170 • 2026 capex includes approximately: other capital expenditures – App
Slide 18: Closing Thoughts
Closing Thoughts • We continue to navigate a period of geopolitical tension and uncertainty ─ While we’ve seen higher fuel prices, we are confident in our ability to recover our increased fuel costs ─ Our focus is on what we can control, which is to put our customers first, maintain operational exce
Slide 19: Appendix
<e z 7S Appendix ——
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