Matson (NYSE: MATX) boosts Q4 profit and sets cautious 2026 earnings outlook
Rhea-AI Filing Summary
Matson, Inc. reported solid fourth quarter 2025 results with higher earnings but lower revenue. Net income for the quarter rose to
For full year 2025, revenue slipped to
The company generated
Positive
- None.
Negative
- None.
Insights
Matson delivers strong Q4 earnings, cautious but steady 2026 outlook.
Matson increased Q4 2025 net income to
For 2025 as a whole, revenue eased to
Capital deployment remains significant: operating cash flow of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 24, 2026 (
(Exact Name of Registrant as Specified in its Charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
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Item 2.02.Results of Operations and Financial Condition.
On February 24, 2026, Matson, Inc. (the “Company”) issued a press release announcing the Company’s earnings for the quarter ended December 31, 2025. A copy of the press release is attached hereto as Exhibit 99.1. In addition, the Company posted an investor presentation to its website. A copy of the investor presentation is attached hereto as Exhibit 99.2.
The information in this report (including Exhibits 99.1 and 99.2) is being furnished pursuant to Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
Item 9.01.Financial Statements and Exhibits.
(a) - (c) Not applicable.
(d) Exhibits.
The exhibits listed below are being furnished with this Form 8-K.
99.1 | Press Release issued by Matson, Inc., dated February 24, 2026 |
99.2 | Investor Presentation, dated February 24, 2026 |
104 | Cover Page Interactive Data File (formatted in Inline XBRL). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MATSON, INC. | |
/s/ Joel M. Wine | |
Joel M. Wine | |
Executive Vice President and Chief Financial Officer | |
Dated: February 24, 2026 |
Exhibit 99.1
Investor Relations inquiries: | News Media inquiries: |
Justin Schoenberg | Keoni Wagner |
Matson, Inc. | Matson, Inc. |
510.628.4234 | 510.628.4534 |
jschoenberg@matson.com | kwagner@matson.com |
FOR IMMEDIATE RELEASE
MATSON, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS; PROVIDES 2026 OUTLOOK
| ● | 4Q25 EPS of $4.60 |
| ● | Full Year 2025 EPS of $13.81 |
| ● | Full Year 2025 Net Income and EBITDA of $444.8 million and $704.7 million, respectively |
| ● | 1Q26 Consolidated Operating Income expected to be lower year-over-year |
| ● | 2026 Consolidated Operating Income expected to approach the level achieved in full year 2025 |
HONOLULU, Hawaii (February 24, 2026) – Matson, Inc. (“Matson” or the “Company”) (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $143.1 million, or $4.60 per diluted share, for the quarter ended December 31, 2025. Net income for the quarter ended December 31, 2024 was $128.0 million, or $3.80 per diluted share. Consolidated revenue for the fourth quarter 2025 was $851.9 million compared with $890.3 million for the fourth quarter 2024.
Matt Cox, Matson’s Chairman and Chief Executive Officer, commented, “Matson had a solid finish to the year with consolidated fourth quarter results that exceeded our expectations. For the quarter, Ocean Transportation operating income approached the level achieved in the prior year period primarily due to higher than expected freight rates and volume in our China service driven by strong e-commerce and e-goods demand. Our China service benefited from strong freight demand in our key customer segments as well as a more stable trading environment in the Transpacific tradelane as a result of the U.S.-China trade and economic deal announced on October 30, 2025, which reduced uncertainty regarding tariffs, port entry fees, global trade and other geopolitical factors. In our domestic ocean tradelanes, we saw higher year-over-year volumes in Hawaii and Guam and lower year-over-year volume in Alaska. In Logistics, quarterly operating income decreased year-over-year primarily due to a lower contribution from supply chain management. For the full year 2025, our consolidated operating income decreased year-over-year primarily due to lower volume and freight rates in our China service over the last three quarters as customers managed freight in a challenging environment marked by uncertainty and volatility arising from tariffs and global trade.”
Mr. Cox added, “Looking ahead, we expect Ocean Transportation operating income in the first quarter 2026 to be approximately $50 million, which is lower than the first quarter last year, primarily due to lower volume in our China service. For Logistics, we expect operating income in the first quarter 2026 to be modestly lower than the level achieved in the year ago period. For full year 2026, we expect consolidated operating income to approach the level achieved in full year 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane. For 2026 compared to 2025, we also expect to see a more normal operating income seasonality pattern with our second and third quarters being the strongest relative to the first and fourth quarters.”
Fourth Quarter 2025 Discussion and Outlook for 2026
Ocean Transportation: The Company’s container volume in the Hawaii service in the fourth quarter 2025 was 0.6 percent higher year-over-year primarily due to higher general demand. Hawaii’s economy remains sluggish as softer
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tourism and ongoing inflationary pressures, including elevated interest rates, more than offset strength in construction activity. The Company expects volume in full year 2026 to be comparable to the level achieved in 2025, reflecting similar economic conditions and stable market share.
In China, the Company’s container volume in the fourth quarter 2025 decreased 7.2 percent year-over-year. The Company saw higher than expected freight rates and volume driven by strong e-commerce and e-goods demand. The Company benefited from strong freight demand in its key customer segments as well as a more stable trading environment in the Transpacific tradelane as a result of the U.S.-China trade and economic deal announced on October 30, 2025, which reduced uncertainty regarding tariffs, port entry fees, global trade and other geopolitical factors. In the first quarter 2026, the Company expects lower volume compared to the prior year period. The Company expects volume in full year 2026 to be modestly higher than the level achieved in 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.
In Guam, the Company’s container volume in the fourth quarter 2025 increased 4.4 percent year-over-year primarily due to higher general demand. In the near term, the Company expects Guam’s economy to moderate reflecting a challenging tourism environment. For full year 2026, the Company expects volume to be comparable to the level achieved last year.
In Alaska, the Company’s container volume for the fourth quarter 2025 decreased 3.3 percent year-over-year. The decrease was primarily due to one less northbound sailing compared to the year ago period, partially offset by higher export seafood volume on AAX. In the near term, the Company expects continued economic growth in Alaska supported by a low unemployment rate, jobs growth and continued oil and gas exploration and production activity. For full year 2026, the Company expects volume to be comparable to the level achieved last year.
The contribution in the fourth quarter 2025 from the Company’s SSAT joint venture investment was $9.3 million, or $18.8 million higher than fourth quarter 2024. The increase was primarily due to an impairment charge related to the write-down of a terminal operating lease asset at SSAT which impacted fourth quarter 2024 operating income, net income and diluted earnings per share by $18.4 million, $14.0 million and $0.42 per share, respectively. For full year 2026, the Company expects the contribution from SSAT to be comparable to the $32.5 million achieved in full year 2025.
Based on the outlook trends noted above, the Company expects Ocean Transportation operating income for the first quarter 2026 to be approximately $50 million. For full year 2026, the Company expects Ocean Transportation operating income to approach the level achieved in full year 2025. For 2026 compared to 2025, the Company also expects to see a more normal operating income seasonality pattern with second and third quarters being the strongest relative to the first and fourth quarters.
Logistics: In the fourth quarter 2025, operating income for the Company’s Logistics segment was $7.7 million, or $2.4 million lower compared to the level achieved in the fourth quarter 2024. The decrease was primarily due to a lower contribution from supply chain management. For the first quarter 2026, the Company expects Logistics operating income to be modestly lower than the $8.5 million achieved in the first quarter 2025. For full year 2026, the Company expects Logistics operating income to approach the $44.2 million achieved in full year 2025.
Consolidated Operating Income: For the first quarter 2026, the Company expects consolidated operating income to be lower than the $82.1 million achieved in the first quarter 2025. For full year 2026, the Company expects consolidated operating income to approach the level achieved in full year 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment.
Depreciation and Amortization: For full year 2026, the Company expects depreciation and amortization expense to be approximately $210 million, inclusive of dry-docking amortization of approximately $35 million.
Interest Income: The Company expects interest income for the full year 2026 to be approximately $15 million.
Interest Expense: The Company expects interest expense for the full year 2026 to be approximately $6 million.
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Other Income (Expense): The Company expects full year 2026 other income (expense) to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans.
Income Taxes: In the fourth quarter 2025, the Company’s effective tax rate was 5.2 percent and benefited from a one-time tax adjustment of $18.5 million, or $0.59 per share, related to the Company’s deferred tax assets and liabilities. For the full year 2025, the Company’s effective tax rate was 16.7 percent. For the full year 2026, the Company expects its effective tax rate to be approximately 21.0 percent.
Capital and Vessel Dry-docking Expenditures: For the full year 2025, the Company made capital expenditure payments excluding new vessel construction expenditures of $149.1 million, new vessel construction expenditures (including capitalized interest and owner’s items) of $244.3 million, and dry-docking payments of $49.4 million. For the full year 2026, the Company expects to make other capital expenditure payments, including maintenance capital expenditures, of approximately $150 to $170 million, new vessel construction expenditures (including capitalized interest and owner’s items) of approximately $425 million, and dry-docking payments of approximately $45 million.
Results By Segment
Ocean Transportation — Three months ended December 31, 2025 compared with 2024
| | Three Months Ended December 31, |
| |||||||||
(Dollars in millions) | | 2025 | | 2024 | | Change |
| |||||
Ocean Transportation revenue | | $ | 704.2 | | $ | 742.1 | | $ | (37.9) | | (5.1) | % |
Operating costs and expenses | |
| (568.2) | |
| (604.7) | |
| 36.5 | | (6.0) | % |
Operating income | | $ | 136.0 | | $ | 137.4 | | $ | (1.4) | | (1.0) | % |
Operating income margin | | | 19.3 | % | | 18.5 | % | | | | | |
| | | | | | | | | | | | |
Volume (Forty-foot equivalent units (FEU)) (1) | | | | | | | | | | | | |
Hawaii containers | |
| 35,000 | |
| 34,800 | |
| 200 | | 0.6 | % |
Alaska containers | |
| 17,400 | |
| 18,000 | |
| (600) | | (3.3) | % |
China containers (2) | |
| 34,700 | | | 37,400 | |
| (2,700) | | (7.2) | % |
Guam containers | |
| 4,700 | |
| 4,500 | |
| 200 | | 4.4 | % |
Other containers (3) | |
| 4,800 | |
| 4,300 | |
| 500 | | 11.6 | % |
| (1) | Approximate volume included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period. |
| (2) | Includes containers from China and other Asia origins. |
| (3) | Includes containers from services in various islands in Micronesia and the South Pacific, and Okinawa, Japan. |
Ocean Transportation revenue decreased $37.9 million, or 5.1 percent, during the three months ended December 31, 2025, compared with the three months ended December 31, 2024. The decrease was primarily due to lower freight rates and volume in China.
On a year-over-year FEU basis, Hawaii container volume increased 0.6 percent primarily due to higher general demand; Alaska volume decreased 3.3 percent primarily due to one less northbound sailing compared to the year ago period, partially offset by higher export seafood volume on AAX; China volume was 7.2 percent lower; Guam volume increased 4.4 percent primarily due to higher general demand; and Other containers volume increased 11.6 percent.
Ocean Transportation operating income decreased $1.4 million, or 1.0 percent, during the three months ended December 31, 2025, compared with the three months ended December 31, 2024. The decrease was primarily due to a lower contribution from China, partially offset by a higher contribution from SSAT.
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The Company’s SSAT terminal joint venture investment contributed $9.3 million during the three months ended December 31, 2025, compared to a loss of $9.5 million during the three months ended December 31, 2024. The increase was primarily due to an impairment charge related to the write-down of a terminal operating lease asset at SSAT in the year ago period which impacted operating income by $18.4 million.
Ocean Transportation — Year ended December 31, 2025 compared with 2024
| | Years Ended December 31, |
| |||||||||
(Dollars in millions) | | 2025 | | 2024 | | Change |
| |||||
Ocean Transportation revenue | | $ | 2,735.5 | | $ | 2,809.7 | | $ | (74.2) | | (2.6) | % |
Operating costs and expenses | |
| (2,279.9) | |
| (2,308.8) | |
| 28.9 | | (1.3) | % |
Operating income | | $ | 455.6 | | $ | 500.9 | | $ | (45.3) | | (9.0) | % |
Operating income margin | |
| 16.7 | % |
| 17.8 | % | | | | | |
| | | | | | | | | | | | |
Volume (Forty-foot equivalent units (FEU)) (1) | | | | | | | | | | | | |
Hawaii containers | |
| 143,000 | |
| 140,700 | |
| 2,300 | | 1.6 | % |
Alaska containers | |
| 81,900 | |
| 80,500 | |
| 1,400 | | 1.7 | % |
China containers (2) | |
| 130,400 | |
| 144,100 | |
| (13,700) | | (9.5) | % |
Guam containers | |
| 18,000 | |
| 18,800 | |
| (800) | | (4.3) | % |
Other containers (3) | |
| 17,200 | |
| 17,000 | |
| 200 | | 1.2 | % |
| (1) | Approximate volume included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period. |
| (2) | Includes containers from China and other Asia origins. |
| (3) | Includes containers from services in various islands in Micronesia and the South Pacific, and Okinawa, Japan. |
Ocean Transportation revenue decreased $74.2 million, or 2.6 percent, during the year ended December 31, 2025, compared with the year ended December 31, 2024. The decrease was primarily due to lower volume in China.
On a year-over-year FEU basis, Hawaii container volume increased 1.6 percent primarily due to higher general demand and the dry-docking of a competitor’s vessel in the first half of 2025; Alaska volume increased 1.7 percent primarily due to higher export seafood volume on AAX, partially offset by one less northbound sailing; China volume decreased 9.5 percent primarily due to the difficult trading environment in the Transpacific in the last three quarters of 2025 marked by continued uncertainty and volatility arising from tariffs and global trade; Guam volume decreased 4.3 percent primarily due to lower general demand; and Other containers volume increased 1.2 percent.
Ocean Transportation operating income decreased $45.3 million, or 9.0 percent, during the year ended December 31, 2025, compared with the year ended December 31, 2024. The decrease was primarily due to a lower contribution from China, partially offset by a higher contribution from SSAT.
The Company’s SSAT terminal joint venture investment contributed $32.5 million during the year ended December 31, 2025, compared to a loss of $1.0 million during the year ended December 31, 2024. The increase was primarily due to an impairment charge related to the write-down of a terminal operating lease asset at SSAT in the year ago period which impacted operating income by $18.4 million and higher lift volume.
Logistics — Three months ended December 31, 2025 compared with 2024
| | Three Months Ended December 31, |
| |||||||||
(Dollars in millions) | | 2025 | | 2024 | | Change |
| |||||
Logistics revenue | | $ | 147.7 | | $ | 148.2 |
| $ | (0.5) | | (0.3) | % |
Operating costs and expenses | |
| (140.0) | |
| (138.1) |
|
| (1.9) | | 1.4 | % |
Operating income | | $ | 7.7 | | $ | 10.1 |
| $ | (2.4) | | (23.8) | % |
Operating income margin | | | 5.2 | % | | 6.8 | % | | | | | |
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Logistics revenue decreased $0.5 million, or 0.3 percent, during the three months ended December 31, 2025, compared with the three months ended December 31, 2024. The decrease was primarily due to lower revenue in supply chain management, partially offset by higher revenue in transportation brokerage.
Logistics operating income decreased $2.4 million, or 23.8 percent, during the three months ended December 31, 2025, compared with the three months ended December 31, 2024. The decrease was primarily due to a lower contribution from supply chain management.
Logistics — Year ended December 31, 2025 compared with 2024
| | Years Ended December 31, |
| |||||||||
(Dollars in millions) | | 2025 | | 2024 | | Change |
| |||||
Logistics revenue | | $ | 609.0 | | $ | 612.1 |
| $ | (3.1) | | (0.5) | % |
Operating costs and expenses | |
| (564.8) | |
| (561.7) |
|
| (3.1) | | 0.6 | % |
Operating income | | $ | 44.2 | | $ | 50.4 |
| $ | (6.2) | | (12.3) | % |
Operating income margin | |
| 7.3 | % |
| 8.2 | % | | | | | |
Logistics revenue decreased $3.1 million, or 0.5 percent, during the year ended December 31, 2025, compared with the year ended December 31, 2024. The decrease was primarily due to lower revenue in transportation brokerage and supply chain management, partially offset by higher revenue in freight forwarding.
Logistics operating income decreased $6.2 million, or 12.3 percent, during the year ended December 31, 2025, compared with the year ended December 31, 2024. The decrease was primarily due to lower contributions from freight forwarding and transportation brokerage.
Liquidity, Cash Flows and Capital Allocation
Matson’s Cash and Cash Equivalents decreased by $124.9 million from $266.8 million at December 31, 2024 to $141.9 million at December 31, 2025. As of December 31, 2025, there was $532.7 million of cash and cash equivalents and investments in fixed-rate U.S. Treasuries in the Capital Construction Fund. Matson generated net cash from operating activities of $547.1 million during the year ended December 31, 2025, compared to $767.8 million during the year ended December 31, 2024. The year-over-year decline in net cash from operating activities was due primarily to the receipt of a federal tax refund of $118.6 million in the second quarter 2024 related to the Company’s 2021 federal tax return. Capital expenditures (including capitalized vessel construction expenditures) totaled $393.4 million for the year ended December 31, 2025, compared with $310.1 million for the year ended December 31, 2024. Total debt decreased by $39.7 million during the year to $361.2 million as of December 31, 2025, of which $321.5 million was classified as long-term debt.1 As of December 31, 2025, Matson had available borrowings under its revolving credit facility of $544.3 million.
During the fourth quarter 2025, Matson repurchased approximately 0.7 million shares for a total cost of $78.1 million.2 As of December 31, 2025, there were approximately 1.1 million shares remaining in the Company’s share repurchase program. Matson’s Board of Directors also declared a cash dividend of $0.36 per share payable on March 5, 2026 to all shareholders of record as of the close of business on February 5, 2026.
Teleconference and Webcast
A conference call is scheduled on February 24, 2026 at 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson’s fourth quarter results.
Date of Conference Call: | Tuesday, February 24, 2026 |
Scheduled Time: | 4:30 p.m. ET / 1:30 p.m. PT / 11:30 a.m. HT |
1 Total debt is presented before any reduction for deferred loan fees as required by GAAP.
2 Includes stock repurchased during the quarter but not settled and taxes on share repurchases that will be paid after the quarter end.
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The conference call will be broadcast live along with an additional slide presentation on the Company’s website at www.matson.com, under Investors.
Participants may register for the conference call at:
https://register-conf.media-server.com/register/BI2f86b7aed35545c9bacf93a43078cde7
Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.
About the Company
Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides service to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson’s transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.
GAAP to Non-GAAP Reconciliation
This press release, the Form 8-K and the information to be discussed in the conference call include non-GAAP measures. While 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 service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”).
Forward-Looking Statements
Statements in this news release that are not historical facts are “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation those statements regarding outlook; operating income; depreciation and amortization, including dry-docking amortization; interest income; interest expense; other income (expense); tax rate; maintenance capital expenditures; capital and vessel dry-docking expenditures; volume and freight rates; yield and price; seasonality pattern; U.S. consumer demand; trading environment; tariffs; port entry fees; global trade; geopolitical factors; inventory levels; trade uncertainty; market uncertainty and volatility; economic growth and drivers in Hawaii, Alaska and Guam; interest rates; tourism levels; percentage of freight originating in Southeast Asia; unemployment rates; construction activity; jobs growth; inflation; oil and gas exploration and production activity; economic conditions; market share; contribution from SSAT; vessel transit and connection times; refleeting initiatives; timing and amount of cash contributions into or withdrawals from the Capital Construction Fund; timing and amount of milestone payments and related costs; delivery dates for new vessels; and the timing, manner and volume of repurchases of common stock pursuant to the repurchase program. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to risks and uncertainties relating to repeal, invalidation, substantial amendment or waiver of the Jones Act or changes in its application, or the Company were determined not to be a United States citizen under the Jones Act; changes in macroeconomic conditions, geopolitical developments, or governmental policies; our ability to offer a differentiated service in China for which customers are willing to pay a significant premium; new or
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increased competition; loss of or damage to key customer relationships; agreements with key vendors and third parties; fuel prices, our ability to collect fuel-related surcharges and/or the cost or limited availability of required fuels; evolving regulations and stakeholder expectations related to sustainability matters; timely or successful completion of fleet upgrade initiatives; the Company’s vessel construction agreements with Philly Shipyard; the occurrence of weather, natural disasters, maritime accidents, spill events and other physical and operating risks; transitional and other risks arising from climate change; actual or threatened health epidemics, outbreaks of disease, pandemics or other major health crises; significant operating agreements and leases that may not be renewed/replaced on favorable or acceptable terms; any unexpected dry-docking or repair costs; joint venture relationships; conducting business in foreign markets, including the imposition of tariffs or a change in international trade policies; modernization of terminals in Hawaii and Alaska; heightened security measures, war, actual or threatened terrorist attacks, efforts to combat terrorism and other acts of violence; consummating and integrating acquisitions; work stoppages or other labor disruptions caused by our unionized workers and other workers or their unions in related industries; loss of key personnel or failure to adequately manage human capital; the use of our information technology and communication systems; cybersecurity attacks; changes in our credit profile, disruptions of the credit markets or higher interest rates; our ability to access the debt capital markets; periodic revisions to the Company’s effective income tax rate; changes in the value of pension assets; exposure under multi-employer pension and post-retirement plans; continuation of the Title XI and CCF programs; costs to comply with and liability related to numerous safety, environmental, and other laws and regulations; and disputes, legal and other proceedings and government inquiries or investigations. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with our Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release. We do not undertake any obligation to update our forward-looking statements.
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MATSON, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Unaudited)
| | Three Months Ended |
| Years Ended | ||||||||
| | December 31, |
| December 31, | ||||||||
(In millions, except per share amounts) | | 2025 | | 2024 | | 2025 | | 2024 | ||||
Operating Revenue: | | | | | | | | | | | | |
Ocean Transportation | | $ | 704.2 | | $ | 742.1 | | $ | 2,735.5 | | $ | 2,809.7 |
Logistics | |
| 147.7 | |
| 148.2 | |
| 609.0 | |
| 612.1 |
Total Operating Revenue | |
| 851.9 | |
| 890.3 | |
| 3,344.5 | |
| 3,421.8 |
| | | | | | | | | | | | |
Costs and Expenses: | | | | | | | | | | | | |
Operating costs | |
| (640.5) | |
| (652.5) | |
| (2,583.1) | |
| (2,565.9) |
Income (Loss) from SSAT | |
| 9.3 | |
| (9.5) | |
| 32.5 | |
| (1.0) |
General and administrative | |
| (77.0) | |
| (80.8) | |
| (294.1) | |
| (303.6) |
Total Costs and Expenses | |
| (708.2) | |
| (742.8) | |
| (2,844.7) | |
| (2,870.5) |
| | | | | | | | | | | | |
Operating Income | |
| 143.7 | |
| 147.5 | |
| 499.8 | |
| 551.3 |
Interest income | | | 6.7 | | | 10.3 | | | 31.7 | | | 48.3 |
Interest expense | |
| (1.6) | |
| (1.4) | |
| (6.8) | |
| (7.5) |
Other income (expense), net | |
| 2.2 | |
| 1.8 | |
| 9.1 | |
| 7.3 |
Income before Taxes | |
| 151.0 | |
| 158.2 | |
| 533.8 | |
| 599.4 |
Income taxes | |
| (7.9) | |
| (30.2) | |
| (89.0) | |
| (123.0) |
Net Income | | $ | 143.1 | | $ | 128.0 | | $ | 444.8 | | $ | 476.4 |
| | | | | | | | | | | | |
Basic Earnings Per Share | | $ | 4.65 | | $ | 3.87 | | $ | 13.99 | | $ | 14.14 |
Diluted Earnings Per Share | | $ | 4.60 | | $ | 3.80 | | $ | 13.81 | | $ | 13.93 |
| | | | | | | | | | | | |
Weighted Average Number of Shares Outstanding: | | | | | | | | | | | | |
Basic | |
| 30.8 | |
| 33.1 | |
| 31.8 | |
| 33.7 |
Diluted | |
| 31.1 | |
| 33.7 | |
| 32.2 | |
| 34.2 |
8
MATSON, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
| | December 31, | | December 31, | ||
(In millions) | | 2025 | | 2024 | ||
ASSETS | | | | | | |
Current Assets: | | | | | | |
Cash and cash equivalents | | $ | 141.9 | | $ | 266.8 |
Other current assets | |
| 330.0 | |
| 342.8 |
Total current assets | |
| 471.9 | |
| 609.6 |
Long-term Assets: | | | | | | |
Investment in SSAT | |
| 96.2 | |
| 84.1 |
Property and equipment, net | |
| 2,499.4 | |
| 2,260.9 |
Goodwill | |
| 327.8 | |
| 327.8 |
Intangible assets, net | |
| 146.6 | |
| 159.4 |
Capital Construction Fund | |
| 532.7 | |
| 642.6 |
Other long-term assets | |
| 561.0 | |
| 511.0 |
Total long-term assets | | | 4,163.7 | | | 3,985.8 |
Total assets | | $ | 4,635.6 | | $ | 4,595.4 |
| | | | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | |
Current Liabilities: | | | | | | |
Current portion of debt | | $ | 39.7 | | $ | 39.7 |
Other current liabilities | |
| 487.7 | |
| 520.7 |
Total current liabilities | |
| 527.4 | |
| 560.4 |
Long-term Liabilities: | | | | | | |
Long-term debt, net of deferred loan fees | |
| 312.1 | |
| 350.8 |
Deferred income taxes, net | |
| 701.9 | |
| 693.4 |
Other long-term liabilities | |
| 335.2 | |
| 338.8 |
Total long-term liabilities | |
| 1,349.2 | |
| 1,383.0 |
| | | | | | |
Total shareholders’ equity | |
| 2,759.0 | |
| 2,652.0 |
Total liabilities and shareholders’ equity | | $ | 4,635.6 | | $ | 4,595.4 |
9
MATSON, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
| | Years Ended December 31, |
| |||||||
(In millions) | | 2025 | | 2024 | | 2023 |
| |||
Cash Flows From Operating Activities: | | | | | | | | | | |
Net income | | $ | 444.8 | | $ | 476.4 | | $ | 297.1 | |
Reconciling adjustments: | | | | | | | | | | |
Depreciation and amortization | |
| 166.9 | |
| 153.1 | |
| 142.2 | |
Amortization of operating lease right-of-use assets | | | 133.1 | | | 133.7 | | | 142.0 | |
Deferred income taxes, net | |
| 8.2 | |
| 20.9 | |
| 19.6 | |
(Gain) Loss on disposal of property and equipment | |
| (4.4) | |
| (2.3) | |
| 0.6 | |
Share-based compensation expense | |
| 22.7 | |
| 26.5 | |
| 23.8 | |
(Income) Loss from SSAT | |
| (32.5) | |
| 1.0 | |
| (2.2) | |
Distributions from SSAT | |
| 21.0 | |
| 14.0 | |
| — | |
Other | | | (7.0) | | | (10.3) | | | (0.5) | |
Changes in assets and liabilities: | | | | | | | | | | |
Accounts receivable, net | |
| 12.3 | |
| 9.8 | |
| (10.9) | |
Deferred dry-docking payments | |
| (49.4) | |
| (30.2) | |
| (24.1) | |
Deferred dry-docking amortization | |
| 28.9 | |
| 27.2 | |
| 25.3 | |
Prepaid expenses and other assets | |
| (24.9) | |
| 94.8 | |
| 33.5 | |
Accounts payable, accruals and other liabilities | |
| (33.8) | |
| (5.6) | |
| 10.9 | |
Operating lease assets and liabilities, net | | | (128.1) | | | (139.5) | | | (144.8) | |
Other long-term liabilities | |
| (10.7) | |
| (1.7) | |
| (2.0) | |
Net cash provided by operating activities | |
| 547.1 | |
| 767.8 | |
| 510.5 | |
| | | | | | | | | | |
Cash Flows From Investing Activities: | | | | | | | | | | |
Capitalized vessel construction expenditures | | | (244.3) | | | (95.6) | | | (52.9) | |
Capital expenditures (excluding vessel construction expenditures) | |
| (149.1) | |
| (214.5) | |
| (195.5) | |
Proceeds from disposal of property and equipment, net | |
| 9.1 | |
| 5.9 | |
| 1.2 | |
Payments for asset acquisitions | | | — | | | (0.8) | | | (12.4) | |
Cash and interest deposits into Capital Construction Fund | |
| (118.6) | |
| (120.7) | |
| (128.5) | |
Withdrawals from Capital Construction Fund | |
| 237.3 | |
| 89.6 | |
| 49.9 | |
Net cash used in investing activities | |
| (265.6) | |
| (336.1) | |
| (338.2) | |
| | | | | | | | | | |
Cash Flows From Financing Activities: | | | | | | | | | | |
Repayments of debt | | | (39.7) | |
| (39.7) | |
| (76.9) | |
Payments of deferred loan fees | | | (2.1) | |
| — | |
| — | |
Dividends paid | | | (44.9) | |
| (44.8) | |
| (45.0) | |
Repurchase of Matson common stock | | | (303.3) | | | (199.1) | | | (155.2) | |
Tax withholding related to net share settlements of restricted stock units | | | (16.4) | | | (17.6) | | | (12.6) | |
Net cash used in financing activities | |
| (406.4) | |
| (301.2) | |
| (289.7) | |
| | | | | | | | | | |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | |
| (124.9) | |
| 130.5 | |
| (117.4) | |
Cash, Cash Equivalents and Restricted Cash, Beginning of Year | |
| 266.8 | |
| 136.3 | |
| 253.7 | |
Cash, Cash Equivalents and Restricted Cash, End of Year | | $ | 141.9 | | $ | 266.8 | | $ | 136.3 | |
| | | | | | | | | | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash, End of Year: | | | | | | | | | | |
Cash and Cash Equivalents | | $ | 141.9 | | $ | 266.8 | | $ | 134.0 | |
Restricted Cash | | | — | | | — | | | 2.3 | |
Total Cash, Cash Equivalents and Restricted Cash, End of Year | | $ | 141.9 | | $ | 266.8 | | $ | 136.3 | |
| | | | | | | | | | |
Supplemental Cash Flow Information: | | | | | | | | | | |
Interest paid, net of capitalized interest | | $ | 5.3 | | $ | 5.9 | | $ | 11.1 | |
Income tax paid, net of income tax refunds (see Note 10) | | $ | 86.1 | | $ | (26.5) | | $ | 7.5 | |
| | | | | | | | | | |
Non-cash Information: | | | | | | | | | | |
Capital expenditures included in accounts payable, accruals and other liabilities | | $ | 2.3 | | $ | 7.9 | | $ | 10.8 | |
Non-cash payments for intangible asset acquisitions | | $ | — | | $ | — | | $ | 2.7 | |
10
MATSON, INC. AND SUBSIDIARIES
Net Income to EBITDA Reconciliations
(Unaudited)
| | | Three Months Ended | |||||||
| | | December 31, | |||||||
(In millions) | | | 2025 | | 2024 | | Change | |||
Net Income | | | $ | 143.1 | | $ | 128.0 | | $ | 15.1 |
Subtract: | Interest income | | | (6.7) | | | (10.3) | | | 3.6 |
Add: | Interest expense | |
| 1.6 | |
| 1.4 | |
| 0.2 |
Add: | Income taxes | |
| 7.9 | |
| 30.2 | |
| (22.3) |
Add: | Depreciation and amortization | |
| 43.0 | |
| 39.7 | |
| 3.3 |
Add: | Drydock amortization | |
| 8.2 | |
| 6.2 | |
| 2.0 |
EBITDA (1) | | | $ | 197.1 | | $ | 195.2 | | $ | 1.9 |
| | | Years Ended | |||||||
| | | December 31, | |||||||
(In millions) | | | 2025 | | 2024 | | Change | |||
Net Income | | | $ | 444.8 | | $ | 476.4 | | $ | (31.6) |
Subtract: | Interest income | | | (31.7) | | | (48.3) | | | 16.6 |
Add: | Interest expense | |
| 6.8 | |
| 7.5 | |
| (0.7) |
Add: | Income taxes | |
| 89.0 | |
| 123.0 | |
| (34.0) |
Add: | Depreciation and amortization | |
| 166.9 | |
| 153.1 | |
| 13.8 |
Add: | Drydock amortization | |
| 28.9 | |
| 27.2 | |
| 1.7 |
EBITDA (1) | | | $ | 704.7 | | $ | 738.9 | | $ | (34.2) |
| (1) | EBITDA is defined as earnings before interest, income taxes, depreciation and amortization (including deferred dry-docking amortization). EBITDA should not be considered as an alternative to net income (as determined in accordance with GAAP), as an indicator of our operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity. Our calculation of EBITDA may not be comparable to EBITDA as calculated by other companies, nor is this calculation identical to the EBITDA used by our lenders to determine financial covenant compliance. |
11
| 4Q 2025 Earnings Conference Call February 24, 2026 |
| 2 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 results may differ materially, due to risks and uncertainties, such as those described on pages 28-40 of our Form 10-Q filed on November 5, 2025 and other subsequent filings by Matson with the SEC. Statements made during this presentation are not guarantees of future performance. We do not undertake any obligation to update our forward-looking statements. 4Q 2025 Earnings Conference Call Forward-Looking Statements |
| 3 • 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 service driven by strong e-commerce and e-goods demand ─ Our China service benefited from strong freight demand in our key customer segments as well as a more stable trading environment in the Transpacific tradelane ▪ The U.S.-China trade and economic deal announced on October 30, 2025 reduced uncertainty regarding tariffs, port entry fees, global trade and other geopolitical factors ─ Our domestic ocean tradelanes saw higher YoY volumes in Hawaii and Guam and lower YoY volume in Alaska • Logistics 4Q25 operating income decreased YoY primarily due to a lower contribution from supply chain management • Full year 2025 consolidated operating income decreased YoY ─ Primarily due to lower volume and freight rates in our China service over the last three quarters as customers managed freight in a challenging environment marked by uncertainty and volatility arising from tariffs and global trade • For full year 2026, we expect consolidated operating income to approach the level achieved in full year 2025 ─ We also expect to see a more normal operating income seasonality pattern 4Q 2025 Earnings Conference Call Opening Remarks |
| 4 24,000 26,000 28,000 30,000 32,000 34,000 36,000 38,000 40,000 Q1 Q2 Q3 Q4 2024 2025 4Q 2025 Earnings Conference Call • Container volume increased 0.6% YoY primarily due to higher general demand • Expect volume to be comparable to the level achieved in 2025 reflecting: ─ Similar economic conditions as 2025 ─ Stable market share Hawaii Service 4Q25 Performance Container Volume (FEU Basis) Full Year 2026 Outlook Full Year 2025 Performance • Container volume increased 1.6% YoY primarily due to higher general demand and the dry-docking of a competitor’s vessel in 1H2025 |
| 0 100 200 300 400 500 600 700 800 900 1,000 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Unemployment Rate Visitor Arrivals (‘000s) Unemployment Rate and Visitor Arrivals by Air Hawaii Unemployment Rate (not seasonally adjusted) Hawaii Visitor Arrivals by Air Maui Visitor Arrivals by Air 5 Hawaii Service − Current Business Trends 4Q 2025 Earnings Conference Call • According to UHERO, the Hawaii economy remains sluggish ─ Softer tourism ▪ Visitor arrivals expected to decline in 2026 before recovering 2027 ─ Ongoing inflationary pressures, including elevated interest rates ─ Strength in construction activity 2025P 2026P 2027P Real GDP 2.0% 0.0% 1.3% Construction Jobs Growth 3.1% 1.2% (0.1)% Population Growth 0.0% (0.1)% (0.1)% Unemployment Rate 2.8% 3.0% 3.0% Visitor Arrivals (‘000s) % change 9,648.9 (0.6)% 9,523.5 (1.3)% 9,723.4 2.1% Select Hawaii Economic Indicators UHERO Projections(3) Commentary (1) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2025-12-state.xlsx (2) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2025-12-maui.xlsx (3) Source: https://uhero.hawaii.edu/wp-content/uploads/2025/12/UHEROForecastForTheStateOfHawaii25Q4.pdf (1) (1) (2) |
| 6 China Service 4Q 2025 Earnings Conference Call • Container volume decreased 7.2% YoY 4Q25 Performance Container Volume(1) (FEU Basis) 8,000 13,000 18,000 23,000 28,000 33,000 38,000 43,000 Q1 Q2 Q3 Q4 2024 2025 (1) Includes containers from China and other Asia origins. Full Year 2025 Performance • Container volume decreased 9.5% YoY ─ Primarily due to the difficult trading environment in the Transpacific in the last three quarters of 2025 marked by continued uncertainty and volatility arising from tariffs and global trade |
| 7 • 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 U.S.-China trade and economic deal announced on October 30, 2025 reduced uncertainty regarding tariffs, port entry fees, global trade and other geopolitical factors • So far in 2026, we have experienced stable freight demand up to the Lunar New Year holiday in mid-February • We did not see a traditional bump in demand prior to Lunar New Year, but we expect freight demand to increase post-holiday as workers return to the factories and production ramps • For 1Q26, we expect lower volume compared to the prior year period as we return to a more traditional Lunar New Year freight cycle 4Q 2025 Earnings Conference Call China Service − Current Business Trends |
| 8 • 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 normal seasonality pattern with 2Q26 and 3Q26 being the strongest relative to 1Q26 and 4Q26 • The premium rates in our China service are reflective of our unique value proposition relative to air freight and the consistency and reliability of our CLX and MAX services ─ CLX and MAX are the fastest and second-fastest ocean services from Shanghai to Long Beach • We remain focused on expanding our network in Southeast Asia • We continue to believe the maximum tariff uncertainty is behind us with continued cooperation between the U.S. and China 4Q 2025 Earnings Conference Call China Service − Current Business Trends (continued) |
| 9 Guam Service 4Q 2025 Earnings Conference Call • Container volume increased 4.4% YoY primarily due to higher general demand • Expect Guam’s economy to moderate reflecting a challenging tourism environment • Expect volume to be comparable to the level achieved last year 4Q25 Performance Container Volume (FEU Basis) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 Q1 Q2 Q3 Q4 2024 2025 Full Year 2026 Outlook Full Year 2025 Performance • Container volume decreased 4.3% YoY primarily due to lower general demand |
| 10 Alaska Service 4Q 2025 Earnings Conference Call • Container volume decreased 3.3% YoY primarily due to: ─ One less northbound sailing compared to the year ago period ─ Partially offset by higher export seafood volume on AAX 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 Q1 Q2 Q3 Q4 2024 2025 • Expect continued economic growth supported by a low unemployment rate, jobs growth and continued oil and gas exploration and production activity • Expect volume to be comparable to the level achieved last year 4Q25 Performance Container Volume (FEU Basis) Full Year 2026 Outlook Full Year 2025 Performance • Container volume increased 1.7% YoY primarily due to: ─ Higher export seafood volume on AAX ─ Partially offset by one less northbound sailing compared to the year ago period |
| (10.0)% (8.0)% (6.0)% (4.0)% (2.0)% 0.0% 2.0% 4.0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026P YoY Growth in Employment 11 Alaska Service – Current Business Trends 4Q 2025 Earnings Conference Call • Alaska economy continues to show good economic growth across key indicators despite flattish growth in population ─ Low unemployment rate ─ Job count returned to pre-pandemic levels • Oil and gas sector continues to be a key driver of Alaska’s economy Alaska Employment Growth(1)(2) (10,000) (5,000) 0 5,000 10,000 15,000 20,000 25,000 (0.6)% (0.3)% 0.0% 0.3% 0.6% 0.9% 1.2% 1.5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Migration YoY Growth in Population Population Growth Net Migration Alaska Population Growth and Net Migration(3) (1) Source: https://live.laborstats.alaska.gov/sites/default/files/trends-mag-file/Jan26.pdf (2) Source: https://live.laborstats.alaska.gov/labforce/000000/01/ces.html (3) Source: https://live.laborstats.alaska.gov/pop/estimates/data/ComponentsOfChangeAK.xlsx |
| 12 SSAT Joint Venture 4Q 2025 Earnings Conference Call • Terminal joint venture contribution was $9.3 million; YoY increase of $18.8 million ─ Primarily due to an impairment charge related to the write-down of a terminal operating lease asset at SSAT which impacted our 4Q24 operating income by $18.4 million ($15.0) ($10.0) ($5.0) $0.0 $5.0 $10.0 $15.0 Q1 Q2 Q3 Q4 2024 2025 4Q25 Performance Equity in Income of JV ($ in millions) • Expect the contribution from SSAT to be comparable to the $32.5 million achieved in 2025 Full Year 2026 Outlook Full Year 2025 Performance • Terminal joint venture contribution was $32.5 million; YoY increase of $33.5 million ─ Primarily due to the 4Q24 impairment charge noted above and higher lift volume |
| 13 Matson Logistics 4Q 2025 Earnings Conference Call • Operating income of $7.7 million; YoY decrease of $2.4 million ─ Primarily due to a lower contribution from supply chain management $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 Q1 Q2 Q3 Q4 2024 2025 • Expect operating income to approach the level achieved in 2025 4Q25 Performance Operating Income ($ in millions) Full Year 2026 Outlook Full Year 2025 Performance • Operating income of $44.2 million; YoY decrease of $6.2 million ─ Primarily due to lower contributions from freight forwarding and transportation brokerage |
| 14 4Q 2025 Earnings Conference Call Financial Results − Summary Income Statement (1) 4Q24 total operating income, net income and diluted EPS included an impairment charge related to the write-down of a terminal asset at SSAT, which impacted 4Q24 total operating income, net income and diluted EPS by $18.4 million, $14.0 million and $0.42 per share, respectively. For the full year 2024, the impairment charge impacted total operating income, net income and diluted EPS by $18.4 million, $14.0 million and $0.41 per share, respectively. (2) 4Q25 benefited from a one-time tax adjustment of $18.5 million related to the Company’s deferred tax assets and liabilities. Diluted EPS for 4Q25 and full year 2025 was impacted by $0.59 per share and $0.57 per share, respectively. See the Appendix for a reconciliation of GAAP to non-GAAP Financial Metrics. Year-to-Date Fourth Quarter YTD Ended 12/31 Δ Quarter Ended 12/31 Δ ($ 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) (0.5)% 147.7 148.2 (0.5) (0.3)% Total Revenue $3,344.5 $3,421.8 ($77.3) (2.3)% $851.9 $890.3 ($38.4) (4.3)% Operating Income Ocean Transportation(1) $455.6 $500.9 ($45.3) (9.0)% $136.0 $137.4 ($1.4) (1.0)% Logistics 44.2 50.4 (6.2) (12.3)% 7.7 10.1 (2.4) (23.8)% Total Operating Income(1) $499.8 $551.3 ($51.5) (9.3)% $143.7 $147.5 ($3.8) (2.6)% Interest income 31.7 48.3 (16.6) (34.4)% 6.7 10.3 (3.6) (35.0)% Interest expense (6.8) (7.5) 0.7 (9.3)% (1.6) (1.4) (0.2) 14.3% Other income (expense), net 9.1 7.3 1.8 24.7% 2.2 1.8 0.4 22.2% Income taxes(2) (89.0) (123.0) 34.0 (27.6)% (7.9) (30.2) 22.3 (73.8)% Net Income(1)(2) $444.8 $476.4 ($31.6) (6.6)% $143.1 $128.0 $15.1 11.8% 32.2 34.2 (2.0) (5.8)% 31.1 33.7 (2.6) (7.7)% GAAP EPS, diluted(1)(2) $13.81 $13.93 ($0.12) (0.9)% $4.60 $3.80 $0.80 21.1% $195.8 $180.3 $15.5 8.6% $51.2 $45.9 $5.3 11.5% EBITDA $704.7 $738.9 ($34.2) (4.6)% $197.1 $195.2 $1.9 1.0% Depreciation and Amortization (incl. dry-dock amortization) Weighted Average Number of Shares Outstanding (diluted) |
| 15 Strong Cash Flow Generation 4Q 2025 Earnings Conference Call Last Twelve Months Ended December 31, 2025 ($ in millions) $547.1 Maint. Capex $149.1 Dividends $44.9 Share Repurchases $303.3 $0.0 $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 Cash Flow from Operations Sum of Maintenance Capex, Dividends, and Share Repurchases $497.3 Strong cash flow from operations more than supports maintenance capex, dividends, and share repurchases Note: Other sources and uses of cash include the Capital Construction Fund (including cash deposits and interest income on cash deposits and fixed-income securities in the Capital Construction Fund, net of withdrawals for milestone payments), paydown of borrowings (net), new vessel construction capex (including capitalized interest and owner’s items), and other cash flow statement line items. |
| 16 Financial Results − Summary Balance Sheet 4Q 2025 Earnings Conference Call • 4Q25: approximately 0.7 million shares repurchased for total cost of $78.1 million(1) • FY2025: approximately 2.7 million shares repurchased for total cost of $307.4 million(2) • Total Debt of $361.2 million(3) ─ Decreased by $39.7 million in 2025 Share Repurchase Debt Levels (1) Includes stock repurchased during the quarter but not settled and taxes on share repurchases that will be paid after the quarter end. (2) Includes stock repurchased during the year but not settled and taxes on share repurchases that will be paid after the year end. (3) Total Debt is presented before any reduction for deferred loan fees as required by GAAP. ($ in millions) ASSETS Cash and cash equivalents $141.9 $266.8 Other current assets 330.0 342.8 Total current assets 471.9 609.6 Investment in SSAT 96.2 84.1 Property and equipment, net 2,499.4 2,260.9 Intangible assets, net 146.6 159.4 Capital Construction Fund (CCF) 532.7 642.6 Goodwill 327.8 327.8 Other long-term assets 561.0 511.0 Total assets $4,635.6 $4,595.4 LIABILITIES AND SHAREHOLDERS’ EQUITY Current portion of debt $39.7 $39.7 Other current liabilities 487.7 520.7 Total current liabilities 527.4 560.4 Long-term debt, net of deferred loan fees 312.1 350.8 Other long-term liabilities 1,037.1 1,032.2 Total long-term liabilities 1,349.2 1,383.0 Total shareholders’ equity 2,759.0 2,652.0 Total liabilities and shareholders’ equity $4,635.6 $4,595.4 December 31, December 31, 2025 2024 |
| ($ in millions) FY 2025 Comments Capitalized vessel construction expenditures $244.3 • Includes $7.0 million of capitalized interest and other costs Maintenance and other capital expenditures $149.1 • Includes approximately $20 million in early lease buyouts of equipment Total capital expenditures $393.4 17 4Q 2025 Earnings Conference Call Review of 2025 Capital Expenditures |
| 18 4Q 2025 Earnings Conference Call Capital Expenditures Update ($ in millions) FY 2026 FY 2027 FY 2028 Comments Expected New vessel construction milestone payments and related costs $425 $205 $25 • Includes owner’s items and capitalized interest expense Expected Maintenance and other capital expenditures $150 – $170 $100 – $120 $100 – $120 • 2026 capex includes approximately: – Approx. $20 million in equipment lease buyouts – Approx. $30 million more than normal in new equipment purchases due to current low prices Total $575 – $595 $305 – $325 $125 – $145 New Vessel Construction Milestone Payments ($ in millions) 1Q26 Approximately $16 2Q26 Approximately $213 3Q26 Approximately $34 4Q26 Approximately $110 Total 2026 Approximately $373 CCF(2) Approximately $533 Cash and Cash Equivalents(2) Approximately $142 • Cash and cash equivalents and Capital Construction Fund (CCF) combined exceed our remaining milestone payments – CCF covers approximately 92% of our remaining milestone payment obligations(1) • We continue to expect our three vessels to be delivered in 1Q27, 3Q27, and 2Q28 (1) Excludes future interest income and accretion earned on cash deposits and Treasury securities. (2) As of December 31, 2025. |
| 19 2026 Outlook 4Q 2025 Earnings Conference Call Ocean Transportation Operating Income To approach the $455.6 million achieved in 2025 Logistics Operating Income To approach the $44.2 million achieved in 2025 Consolidated Operating Income To approach the $499.8 million achieved in 2025 Depreciation and Amortization Approx. $210 million, including approx. $35 million in dry-dock amortization Interest Income Approximately $15 million Interest Expense(1) Approximately $6 million Other Income (Expense) Approximately $7 million GAAP Effective Tax Rate Approximately 21.0% Dry-Docking Payments Approximately $45 million 1Q26 Outlook Full Year 2026 Outlook Items Ocean Transportation Operating Income To be approximately $50 million Logistics Operating Income To be modestly lower than the $8.5 million achieved in 1Q25 Consolidated Operating Income To be lower than the $82.1 million achieved in 1Q25 (1) Interest expense excludes capitalized interest. |
| 20 Closing Thoughts 4Q 2025 Earnings Conference Call • 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 Southeast Asia ─ Supply chains are becoming more complex, making speed-to-market and schedule integrity paramount ─ Our premium rates reflect our unique value proposition relative to air freight and the consistency and reliability of our CLX and MAX services • We remain committed to looking for ways to grow, either organically or periodically through acquisition • We expect to continue to return capital to shareholders through dividends and our share repurchase program ─ We continue to expect to be steady buyers of our shares |
| Appendix |
| 22 4Q 2025 Earnings Conference Call 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 service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”). |
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