Slide 1: 4Q 2025 Earnings Conference Call
4Q 2025 Earnings Conference Call February 24, 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 February 24, 2026. We believe that our expectations and assumptions are reasonable. Actual
Slide 3: Opening Remarks
Opening Remarks • Matson had a solid finish to the year with consolidated 4Q25 results that exceeded our expectations • Ocean Transportation ─ 4Q25 operating income approached the level achieved in the prior year period ▪ Primarily due to higher than expected freight rates and volume in our China se
Slide 4: Hawaii Service
Hawaii Service 4Q25 Performance Container Volume (FEU Basis) • Container volume increased 0.6% YoY 40,000 primarily due to higher general demand 38,000 Full Year 2025 Performance 36,000 • Container volume increased 1.6% YoY primarily due to higher general demand 34,000 and the dry-docking of a compe
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 2.0% 0.0% 1.3% 4.0% 900 Construction Jobs Growth 3.1% 1.2% (0.1)% 800 Population Growth 0.0% (0.1)% (0.1)% 3.5% 700 Unem
Slide 6: China Service
China Service 4Q25 Performance Container Volume(1) (FEU Basis) • Container volume decreased 7.2% YoY 43,000 38,000 Full Year 2025 Performance 33,000 • Container volume decreased 9.5% YoY ─ Primarily due to the difficult trading 28,000 environment in the Transpacific in the last three quarters of 202
Slide 7: China Service − Current Business Trends
China Service − Current Business Trends • In 4Q25, we saw higher than expected freight rates and volume driven by strong e-commerce and e-goods demand ─ Benefited from strong freight demand in our key customer segments as well as a more stable trading environment in the Transpacific tradelane ─ The
Slide 8: China Service − Current Business Trends (continued)
China Service − Current Business Trends (continued) • For the full year 2026, we expect volume to be modestly higher than the level achieved in 2025 based on: ─ Continued solid U.S. consumer demand ─ Stable trading environment in the Transpacific tradelane ─ We expect to see a return to a more norma
Slide 9: Guam Service
Guam Service 4Q25 Performance Container Volume (FEU Basis) • Container volume increased 4.4% YoY 6,000 primarily due to higher general demand 5,500 5,000 Full Year 2025 Performance 4,500 • Container volume decreased 4.3% YoY 4,000 primarily due to lower general demand 3,500 3,000 Full Year 2026 Outl
Slide 10: Alaska Service
Alaska Service 4Q25 Performance Container Volume (FEU Basis) • Container volume decreased 3.3% YoY 24,000 primarily due to: ─ One less northbound sailing compared 22,000 to the year ago period ─ Partially offset by higher export seafood volume on AAX 20,000 Full Year 2025 Performance 18,000 • Contai
Slide 11: Alaska Service – Current Business Trends
Alaska Service – Current Business Trends • Alaska economy continues to show good Alaska Employment Growth(1)(2) economic growth across key indicators 4.0% despite flattish growth in population YoY Growth in Employment 2.0% 0.0% ─ Low unemployment rate (2.0)% ─ Job count returned to pre-pandemic (4.0
Slide 12: SSAT Joint Venture
SSAT Joint Venture 4Q25 Performance Equity in Income of JV ($ in millions) • Terminal joint venture contribution was $15.0 $9.3 million; YoY increase of $18.8 million ─ Primarily due to an impairment charge related to the write-down of a $10.0 terminal operating lease asset at SSAT which impacted ou
Slide 13: Matson Logistics
Matson Logistics 4Q25 Performance Operating Income ($ in millions) • Operating income of $7.7 million; YoY $18.0 decrease of $2.4 million ─ Primarily due to a lower contribution $16.0 from supply chain management $14.0 $12.0 Full Year 2025 Performance $10.0 • Operating income of $44.2 million; YoY d
Slide 14: Financial Results − Summary Income Statement
Financial Results − Summary Income Statement Year-to-Date Fourth Quarter YTD Ended 12/31 Δ Quarter Ended 12/31 Δ ($ in millions, except per share data) 2025 2024 $ % 2025 2024 $ % Revenue Ocean Transportation $2,735.5 $2,809.7 ($74.2) (2.6)% $704.2 $742.1 ($37.9) (5.1)% Logistics 609.0 612.1 (3.1) (
Slide 15: Strong Cash Flow Generation
Strong Cash Flow Generation Last Twelve Months Ended December 31, 2025 ($ in millions) Strong cash flow from operations more than supports maintenance capex, dividends, and share repurchases $600.0 $547.1 $497.3 $500.0 $400.0 Share Repurchases $300.0 $303.3 $200.0 Dividends $44.9 $100.0 Maint. Capex
Slide 16: Financial Results − Summary Balance Sheet
Financial Results − Summary Balance Sheet December 31, December 31, Share Repurchase ($ in millions) 2025 2024 • 4Q25: approximately 0.7 million ASSETS Cash and cash equivalents shares repurchased for total cost $141.9 $266.8 Other current assets 330.0 342.8 of $78.1 million(1) Total current assets
Slide 17: Review of 2025 Capital Expenditures
Review of 2025 Capital Expenditures ($ in millions) FY 2025 Comments Capitalized vessel $244.3 • Includes $7.0 million of capitalized interest construction expenditures and other costs Maintenance and other $149.1 • Includes approximately $20 million in early capital expenditures lease buyouts of eq
Slide 18: Capital Expenditures Update
Capital Expenditures Update ($ in millions) FY 2026 FY 2027 FY 2028 Comments Expected New vessel $425 $205 $25 • Includes owner’s items and capitalized interest construction expense milestone payments and related costs Expected $150 – $170 $100 – $120 $100 – $120 • 2026 capex includes approximately:
Slide 19: 2026 Outlook
2026 Outlook 1Q26 Outlook Full Year 2026 Outlook Items Ocean Transportation Ocean Transportation To approach the $455.6 million To be approximately $50 million Operating Income Operating Income achieved in 2025 Logistics To be modestly lower than the Logistics To approach the $44.2 million Operating
Slide 20: Closing Thoughts
Closing Thoughts • Matson is well-positioned across its business lines • We remain focused on what we can control, including vessel schedule integrity, reliability of our operations, and delivering a high-quality service for our customers • China tradelane: ─ Focused on expanding our network in Sout
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