Slide 1: 3Q 2025 Earnings Conference Call
3Q 2025 Earnings Conference Call November 4, 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 November 4, 2025. We believe that our expectations and assumptions are reasonable. Actual
Slide 3: Opening Remarks
Opening Remarks • Our business segments performed well in a difficult environment marked by continued uncertainty and volatility arising from tariffs and global trade • Ocean Transportation operating income was lower YoY primarily due to lower YoY freight rates and container volume in our China serv
Slide 4: Hawaii Service
Hawaii Service 3Q25 Performance Container Volume (FEU Basis) • Container volume increased 0.3% YoY 40,000 38,000 36,000 34,000 32,000 Full Year 2025 Outlook 30,000 • Expect volume to be comparable to the 28,000 level achieved last year reflecting: ─ Modest economic growth 26,000 ─ Stable market shar
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 1.7% 0.1% 1.1% 4.0% 900 Construction Jobs Growth 2.8% 1.3% (0.2)% 800 Population Growth 0.0% (0.1)% (0.1)% 3.5% 700 Une
Slide 6: China Service
China Service 3Q25 Performance Container Volume (1) (FEU Basis) • Container volume decreased 12.8% YoY 43,000 primarily due to the difficult environment marked by continued 38,000 uncertainty and volatility arising from tariffs and global trade 33,000 • Freight rates were lower YoY 28,000 23,000 18,
Slide 7: China Service − Current Business Trends
China Service − Current Business Trends • The Transpacific tradelane in 3Q25 experienced a muted peak season compared to the elevated demand levels last year ─ Businesses advanced cargo in late 2Q25 and early 3Q25 ahead of U.S. tariff deadlines, which led to lower 3Q25 demand for our expedited servi
Slide 8: China Service − Current Business Trends (continued)
China Service − Current Business Trends (continued) • On October 14th, U.S. and China port entry fee collections commenced ─ Matson customer communication advised: ▪ Our CLX and MAX services from China would not change ▪ No port entry fees would be passed on to our customers ─ Based on our initial a
Slide 9: Guam Service
Guam Service 3Q25 Performance Container Volume (FEU Basis) • Container volume decreased 4.2% YoY 6,000 due to lower general demand 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 moderate reflecting a challenging tourism 1,500 environment 1,000 • Exp
Slide 10: Alaska Service
Alaska Service 3Q25 Performance Container Volume (FEU Basis) • Container volume increased 4.1% YoY 24,000 ─ One additional northbound sailing compared to the year ago period 22,000 ─ Higher AAX volume 20,000 18,000 16,000 Full Year 2025 Outlook • Expect continued economic growth 14,000 supported by
Slide 11: SSAT Joint Venture
SSAT Joint Venture 3Q25 Performance Equity in Income of JV ($ in millions) • Terminal joint venture contribution was $15.0 $9.3 million; YoY increase of $2.4 million $10.0 ─ Primarily due to higher lift revenue $5.0 $0.0 Full Year 2025 Outlook ($5.0) • Expect the contribution from SSAT to be higher
Slide 12: Matson Logistics
Matson Logistics 3Q25 Performance Operating Income ($ in millions) • Operating income of $13.6 million; YoY $18.0 decrease of approximately $1.8 million $16.0 ─ Lower contributions from freight forwarding, transportation $14.0 brokerage, and supply chain management $12.0 $10.0 $8.0 4Q25 Outlook $6.0
Slide 13: Financial Results − Summary Income Statement
Financial Results − Summary Income Statement Year-to-Date Third Quarter YTD Ended 9/30 Δ Quarter Ended 9/30 Δ ($ in millions, except per share data) 2025 2024 $ % 2025 2024 $ % Revenue Ocean Transportation $2,031.3 $2,067.6 ($36.3) (1.8)% $718.3 $798.7 ($80.4) (10.1)% Logistics 461.3 463.9 (2.6) (0.
Slide 14: Strong Cash Flow Generation
Strong Cash Flow Generation Last Twelve Months Ended September 30, 2025 ($ in millions) Strong cash flow from operations more than supports maintenance capex, dividends, and share repurchases $600.0 $544.9 $500.0 $489.1 $400.0 Share Repurchases $257.5 $300.0 Dividends $200.0 $45.0 Maint. $100.0 Cape
Slide 15: Financial Results − Summary Balance Sheet
Financial Results − Summary Balance Sheet September 30, December 31, Share Repurchase ($ in millions) 2025 2024 ASSETS • 3Q25: approximately 0.6 million Cash and cash equivalents $92.7 $266.8 shares repurchased for total cost of Other current assets 354.4 342.8 $66.4 million (1) Total current assets
Slide 16: 2025 Outlook
2025 Outlook 4Q25 Outlook Full Year 2025 Outlook Items Ocean Transportation To be lower than the $137.4 Approx. $196 million, including Depreciation and Operating Income million achieved in 4Q24 approx. $28 million in dry-dock Amortization amortization Logistics To be modestly lower than the Interes
Slide 17: Solid Funding In Place For New Vessels
Solid Funding In Place For New Vessels • Capital Construction Fund (CCF) covers New Vessel Construction approximately 92% of our remaining milestone Milestone Payments ($ in millions) payment obligations (1) 4Q25 Approximately $101 – Expect approximately $28 million of additional 2026 Approximately
Slide 18: Closing Thoughts
Closing Thoughts • As we continue to navigate through this period of market uncertainty and volatility, Matson remains well positioned and diversified across its tradelanes and in logistics • We will continue to focus on what we can control ─ Across all our business lines, we continue to work closel
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