#1Matson Second Quarter 2023 Earnings Conference Call August 1, 2023#2Forward-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 August 1, 2023. 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 14-24 of our Form 10-K filed on February 24, 2023 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. 2 Second Quarter 2023 Earnings Conference Call#33 Opening Remarks • Matson's Ocean Transportation and Logistics business segments performed well despite a challenging business environment and sluggish economic growth • Ocean Transportation 2Q23: Our China service saw higher sequential quarterly freight demand but generated lower year-over-year volume and freight rates, which were the primary contributors to the decline in our consolidated operating income - Lower year-over-year volumes in Hawaii, Alaska and Guam compared to year ago period • Logistics 2Q23: ● - Lower YoY operating income primarily due to lower contributions from transportation brokerage and supply chain management Second Quarter 2023 Earnings Conference Call Matson.#44 Hawaii Service ● ● Second Quarter 2023 Performance Container volume decreased 7.1% YoY - Lower retail-related volume - 2Q23 volume 3.4% lower than volume achieved in 2Q19 During 2Q23, total visitor arrivals increased modestly YoY with an increase in international visitor arrivals partially offset by a decline in domestic visitor arrivals. Second Quarter 2023 Earnings Conference Call 41,000 39,000 37,000 35,000 33,000 31,000 29,000 27,000 25,000 Container Volume (FEU Basis) Q1 Q2 12022 (7.1)% 2023 Q3 Q4 Matson.#55 Hawaii Service - Current Business Trends Unemployment Rate Select Hawaii Economic Indicators 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Unemployment Rate and Visitor Arrivals by Air A Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 M Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Unemployment Rate (not seasonally adjusted) (1) Visitor Arrivals by Air (1) Second Quarter 2023 Earnings Conference Call 1,000 900 800 700 600 500 400 300 200 100 0 Visitor Arrivals ('000s) (1) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2023-06-state.xls (2) Source: https://uhero.hawaii.edu/wp-content/uploads/2023/05/23Q2_Forecast.pdf Real GDP UHERO Projections (2) Construction Jobs Growth Population Growth Unemployment Rate Visitor Arrivals ('000s) % change 2021 6.3% 0.8% (0.3)% 6.0% 2022 1.3% 0.8% (0.5)% 3.5% 2023P 2.6% 6.2% (0.1)% 3.9% 6,777.0 9,247.8 9,836.8 150.2% 36.5% 6.4% Commentary Expect economic growth in near-term supported by: Continued growth in visitor arrivals - Low unemployment rate 2024P 2.0% 1.9% 0.0% 4.2% 9,725.1 (1.1)% Matson.#66 China Service ● ● Second Quarter 2023 Performance Container volume decreased 24.6% YoY - No CCX service in 2Q 23 . CCX service discontinued in 3Q22 - Lower capacity in the CLX due to the dry-docking of Daniel K. Inouye - One less CLX+ sailing Lower average freight rates YoY, but well above 2Q19 rates Second Quarter 2023 Earnings Conference Call 53,000 48,000 43,000 38,000 33,000 28,000 23,000 18,000 13,000 8,000 Container Volume (FEU Basis) Q1 (24.6)% Q2 2022 2023 Note: CCX service started in 3Q21 and ended in 3Q22. Q3 Q4 Matson.#7China Service - Current Business Trends Currently in the Transpacific marketplace, we are seeing modest reductions in deployed capacity and retail inventories are in a relatively better position than earlier in the year, but retailers continue to carefully manage inventory levels in the face of lower consumer demand • We further expect the tradelane to experience a muted peak season, but for Matson, we expect our China service to be near full during the traditional peak season ● • Absent an economic "hard landing" in the U.S., we continue to expect trade dynamics to gradually improve for the remainder of the year as the Transpacific marketplace transitions to a more normalized level of consumer demand and retail inventory stocking levels. Regardless of the economic environment, we expect to continue to earn a significant rate premium to the Shanghai Containerized Freight Index (SCFI) reflecting our fast and reliable ocean services and unmatched destination services 7 Second Quarter 2023 Earnings Conference Call Matson.#8China Service - Elements of Demand 8 Economically Advantageous Compared to Air Freight: • Significant cost savings ● for 5 to 7 days of additional transit time $ D "High Touch" Customer Service: ● High level of service at origin and destination Demand for Matson's China Service Second Quarter 2023 Earnings Conference Call Fast, Reliable Ocean Transit: CLX is the fastest CLX+ is the second fastest ● ● Unmatched Destination Services: +₁² • 24-hour cargo availability Ownership and control of our chassis The consistency of our service is a significant differentiator in the marketplace. Only U.S. Customs bonded off-dock facility in LA/Long Beach providing quick turn times Matson.#99 Guam Service Second Quarter 2023 Performance • Container volume decreased 7.5% YoY primarily due to lower general demand. • 2Q23 volume 2.1% higher than volume achieved in 2Q19 Current Business Trends • In 2H23, expect continued improvement in the Guam economy - Low unemployment rate - Modest increase in tourism from low levels Second Quarter 2023 Earnings Conference Call 6,000 5,500 5,000 4,500 4,000 3,500 3,000 Container Volume (FEU Basis) Q1 Q2 12022 (7.5)% 2023 Q3 Q4 Matson.#1010 Alaska Service ● ● Second Quarter 2023 Performance Container volume decreased 7.2% YoY - Lower export seafood volume from AAX Lower northbound volume due to one less sailing - Lower southbound volume primarily due to lower household goods and domestic seafood volume 2Q23 volume 9.0% higher than volume achieved in 2Q19 Current Business Trends In the near-term, expect Alaska economy to continue to benefit from: - Low unemployment - Increased energy-related exploration. and production Second Quarter 2023 Earnings Conference Call 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 Container Volume (FEU Basis) Q1 Q2 12022 (7.2)% 2023 Q3 Q4 Matson.#1111 SSAT Joint Venture ● Second Quarter 2023 Performance Terminal joint venture contribution was $(1.4) million; YoY decrease of $26.1 million - Primarily due to lower demurrage revenue and lower lift volume Current Business Trends • Expect 2H23 lift volume to reflect a relatively challenging environment in Transpacific tradelane Second Quarter 2023 Earnings Conference Call $ in millions Equity in Income of Joint Venture $40.0 $35.0 $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $ 0.0 ($ 5.0) Q1 Q2 12022 2023 Q3 Q4 Matson.#1212 Matson Logistics ● ● ● Second Quarter 2023 Performance Operating income of $14.3 million; YoY decrease of approximately $8.8 million - Lower contributions from transportation brokerage and supply chain management Current Business Trends Expect continued growth in Alaska to be supportive of freight forwarding demand. Expect supply chain management to track the China service • Expect near-term challenges for transportation brokerage with lower freight demand, excess capacity and declining accessorial fees. Second Quarter 2023 Earnings Conference Call $25.0 $ in millions $20.0 2$ 15.0 $10.0 $5.0 $ 0.0 Operating Income Q1 Q2 12022 2023 Q3 Q4 Matson.#1313 Financial Results - Summary Income Statement ($ in millions, except per share data) Revenue Ocean Transportation Logistics Total Revenue Operating Income Ocean Transportation Logistics Total Operating Income Interest income Interest expense Other income (expense), net Income taxes Net Income GAAP EPS, diluted Depreciation and Amortization (incl. dry-dock amortization) EBITDA Year-to-Date Second Quarter 2023 Earnings Conference Call YTD Ended 6/30 2023 2022 $ 1,167.9 310.3 $ 1,478.2 $110.2 25.2 $ 135.4 16.9 (7.4) 3.6 (33.7) $ 114.8 $ 3.19 $83.2 $ 1,993.1 433.5 $ 2,426.6 $886.2 39.5 $ 925.7 (9.3) 3.8 (200.3) $ 719.9 $17.69 See the Appendix for a reconciliation of GAAP to non-GAAP Financial Metrics. $82.9 $ 222.2 $ 1,012.4 A $ ($ 825.2) (123.2) ($ 948.4) ($ 776.0) 14.3) ($ 790.3) ($ 605.1) ($ 14.50) $0.3 ($ 790.2) Second Quarter Quarters Ended 6/30 2023 2022 $616.9 156.5 $773.4 $ 82.4 14.3 $96.7 8.7 (2.9) 1.8 (23.5) $ 80.8 $ 2.26 $ 42.0 $140.5 $1,049.2 211.9 $1,261.1 $470.0 23.1 $ 493.1 (4.5) 1.8 (109.7) $380.7 $9.49 $41.1 $ 536.0 $ ($ 432.3) (55.4) ($ 487.7) ($ 387.6) 8.8) ($ 396.4) ($ 299.9) ($ 7.23) $0.9 ($ 395.5) Matson.#1414 Cash Generation and Uses of Cash $ in millions $1,000.0 $ 800.0 $ 600.0 $400.0 $ 200.0 $0.0 ($ 200.0) ($ 400.0) ($ 600.0) $ 827.3 Cash Flow from Operations Last Twelve Months Ended June 30, 2023 ($ 134.1) ($ 154.0) ($ 101.8) Paydown of Maintenance & New Vessel Borrowings, Other Capex (1) net Capex ($ 581.4) Capital Construction Fund (2) ($ 45.4) Dividends ($ 271.0) Share Repurchase (3) ($ 28.0) Other Cash Flows (1) Includes capitalized interest and owner's items. (2) Includes cash deposits into Capital Construction Fund (CCF) and interest income on cash deposits in CCF, net of withdrawals for milestone payments. (3) Includes taxes. Second Quarter 2023 Earnings Conference Call ($ 488.4) Net Change in Cash Matson.#1515 Financial Results - Summary Balance Sheet ($ in millions) ASSETS Cash and cash equivalents Other current assets Total current assets Investment in SSAT Property and equipment, net Intangible assets, net Capital Construction Fund (CCF) Goodwill Other long-term assets Total assets LIABILITIES AND SHAREHOLDERS' EQUITY Current portion of debt Other current liabilities Total current liabilities Long-term debt, net of deferred loan fees Other long-term liabilities Total long-term liabilities Total shareholders' equity Total liabilities and shareholders' equity June 30, 2023 Second Quarter 2023 Earnings Conference Call $122.0 455.8 577.8 80.1 2,029.0 184.4 583.9 327.8 435.1 $ 4,218.1 $41.7 507.3 549.0 408.5 970.6 1,379.1 2,290.0 $ 4,218.1 December 31, 2022 $249.8 509.8 759.6 81.2 1,962.5 174.9 518.2 327.8 505.8 $ 4,330.0 $76.9 504.7 581.6 427.7 1,023.8 1,451.5 2,296.9 $ 4,330.0 (1) Total Debt is presented before any reduction for deferred loan fees as required by GAAP. ● Share Repurchase 2Q23: -0.6 million shares repurchased for total cost of $42.4 million 1H23: 1.3 million shares repurchased for a total cost of $84.5 million ~ Debt Levels Total Debt of $462.4 million (1) - a reduction of $14.3 million from 1Q23 Matson.#1616 Other Financial Updates • CCF cash balance on 6/30/23 of $583.9 million - Nearly two-thirds of remaining milestone payments to be funded with restricted cash in CCF (1) ● ● P - Made a $50 million milestone payment from CCF in 2Q23 for the new vessel build program - Expect to make next milestone payment for new vessels in 2Q24 Continue to expect a general corporate tax refund of ~$120 million for cash deposited into the CCF for 2021 taxes Expect 3Q23 tax rate of ~15%, lower than 2Q23 rate of 22.5% primarily due to 2022 tax deduction related to foreign-derived intangible income (FDII) • Expect 4Q23 tax rate to revert to ~24% ● (1) Based on remaining milestone payments on August 1, 2023 of ~$899 million. Excludes any interest income on cash deposits that may be earned in future years. Second Quarter 2023 Earnings Conference Call Matson.#1717 Closing Thoughts ● ● We expect (i) the consolidated operating income in 3Q23 to be higher than the level achieved in 2Q23 and (ii) the consolidated operating income in 4Q23 to approach the level achieved in 1Q23 - Normal seasonality trends have returned to our domestic tradelanes and Logistics - Expect our China service to be near full during the traditional peak. season - Expect CLX and CLX+ freight rates in 2H23 to be well above pre- pandemic rates Solid 1H23 financial performance despite the challenging business environment • Feel very good about our market positioning in Ocean Transportation and Logistics Evaluating return of annual financial outlook with the release of 4Q23 earnings in February Second Quarter 2023 Earnings Conference Call Matson.#18atson CASTON 16 Mason MATU latson 5142 641 4581 CAUTION W Matso MA Matson Appendix#1919 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"). (In millions) Net Income Subtract: Add: Add: Add: Add: EBITDA (1) (In millions) Net Income Subtract: Add: Add: Add: Add: EBITDA (1) Interest income Interest expense Income taxes Depreciation and amortization Dry-dock amortization Interest income Interest expense Income taxes MATSON, INC. AND SUBSIDIARIES Net Income to EBITDA Reconciliations (Unaudited) Depreciation and amortization Dry-dock amortization Second Quarter 2023 Earnings Conference Call $ $ $ 2023 Three Months Ended June 30, 2022 380.7 80.8 $ (8.7) 2.9 2023 4.5 23.5 109.7 35.8 34.9 6.2 6.2 140.5 $ 536.0 $ (395.5) $ Six Months Ended June 30, 114.8 $ (16.9) 7.4 2022 719.9 Change $ (299.9) $ (8.7) (1.6) (86.2) 0.9 9.3 200.3 70.0 12.9 Last Twelve Months 458.8 (25.1) 16.1 121.8 140.0 24.4 736.0 Change $ (605.1) (16.9) (1.9) 33.7 (166.6) 70.8 0.8 12.4 (0.5) 222.2 $ 1,012.4 S (790.2) (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. Matson.