#1Matson Third Quarter 2022 Earnings Conference Call November 2, 2022#22 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 2, 2022. 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 13-24 of our Form 10-K filed on February 25, 2022 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. Third Quarter 2022 Earnings Conference Call#33 Opening Remarks ● ● ● Matson's differentiated ocean services performed well in 3Q22, but the Company achieved lower year-over-year consolidated operating income - Lower demand for expedited ocean services in the Transpacific tradelane compared to the high levels of freight demand during the pandemic in the year ago period. Ocean Transportation: - Our CLX, CLX+ and CCX services achieved lower year-over-year volumes which contributed to the decline in our consolidated operating income - Higher year-over-year volume in Alaska service; lower volumes in Hawaii and Guam services compared to year ago period Logistics: - Strength across all business lines - Continued to see favorable supply and demand fundamentals in our core markets Signed $1 billion in vessel construction agreements for three new LNG-ready Aloha Class vessels Pad Third Quarter 2022 Earnings Conference Call Matson.#44 Views on Current Market Environment Transpacific tradelane • In 3Q22, saw lower demand for expedited ocean services in the Transpacific tradelane ● ● - With less demand and easing port congestion in Southern California, the Company ended its temporary CCX service in early September, about six weeks earlier than expected • Currently, expect the next 2 quarters to be challenging in the Transpacific tradelane - Retailers' inventories adjusting to current consumer demand levels - Ocean liners reducing vessel capacity to meet lower demand levels. For remainder of this year and into 1Q23, expect to experience lower YoY freight demand and a lower rate environment for our CLX and CLX+ services ● Freight rates in a transitional decline from the pandemic highs experienced earlier this year Expect to continue to earn a significant rate premium to the SCFI due to our differentiated, reliable and fast ocean services - Brand enhanced during pandemic - Well-positioned for any market cycle with CLX as the fastest service and CLX+ as second. fastest service in the tradelane Third Quarter 2022 Earnings Conference Call Matson.#55 Views on Current Market Environment (continued) Domestic tradelanes • Local economies continue to show economic growth - Hawaii: tourism outlook remains strong with international visitor traffic picking up; tight labor market with low unemployment rate • But there are negative trends that create uncertainty in the economic recovery trajectory in each of the core markets - Alaska: increased energy-related exploration and production activity as a result of elevated oil prices; record permanent fund dividend in 4Q22 - Guam: expect continued improvement in tourism ● ● - Weakening economic conditions in the U.S. and global economies could negatively affect consumer spending and tourism Logistics • Continue to see a solid level of activity at Span Alaska Transportation Brokerage - softer freight volumes due to higher customer inventory levels; softness in TL spot rate market Trend in our Supply Chain business is consistent with the demand for our China service - Household discretionary income likely negatively affected by higher inflation, higher interest rates and lower personal income with end of pandemic-era stimulus Third Quarter 2022 Earnings Conference Call Matson.#66 Hawaii Service ● Third Quarter 2022 Performance Container volume decreased 7.1% YoY primarily due to lower retail-related demand - YoY decline impacted by pandemic spike in demand in 3Q21 - 3Q22 volume higher than volume achieved in 3Q19 During 3Q22, domestic tourist arrivals was strong and unemployment rate remained near pandemic lows Third Quarter 2022 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 12021 2022 Note: 4Q21 volume figure includes the benefit of a 53rd week. Q3 (7.1)% Q4 Matson.#77 China Service ● ● Third Quarter 2022 Performance Container volume decreased 15.1% YoY - Lower demand for our CLX, CLX+ and CCX services - One less sailing Expect lower YoY volume in 4Q22 - No CCX service in 4Q22 Third Quarter 2022 Earnings Conference Call 58,000 53,000 48,000 43,000 38,000 33,000 28,000 23,000 18,000 13,000 8,000 Container Volume (FEU Basis) (15.1)% Q1 Q2 12021 2022 Note: CCX service started in 3Q21 and ended in 3Q22. 4Q21 volume figure includes the benefit of a 53rd week. Q3 Q4 Matson.#88 Guam Service ● Third Quarter 2022 Performance Container volume decreased 1.8% YoY primarily due to lower retail-related demand - 3Q22 volume higher than volume achieved in 3Q19 Third Quarter 2022 Earnings Conference Call 6,000 5,500 5,000 4,500 4,000 3,500 3,000 Container Volume (FEU Basis) Q1 Q2 2021 2022 (1.8)% Q3 Q4 Matson.#99 Alaska Service ● Third Quarter 2022 Performance Container volume increased 10.6% YoY - Higher AAX export seafood volume - Higher northbound volume primarily due to higher retail-related demand and volume related to a competitor's dry-docking - Higher southbound volume primarily due to higher domestic seafood volume Third Quarter 2022 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) 10.6% Q1 Q2 12021 2022 Note: 4Q21 volume figure includes the benefit of a 53rd week. Q3 Q4 Matson.#1010 SSAT Joint Venture ● Third Quarter 2022 Performance Terminal joint venture contribution was $23.4 million; YoY change of $10.4 million. - Primarily due to higher other terminal revenue Third Quarter 2022 Earnings Conference Call in millions Equity in Income of Joint Venture $40.0 $35.0 $30.0 $25.0 $20.0 SA $15.0 $10.0 $5.0 $0.0 Q1 Q2 12021 12022 Q3 Q4 Matson.#11Matson Logistics Third Quarter 2022 Performance • Operating income of $20.1 million; YoY change of approximately $4.1 million • Higher YoY operating income contributions. from all business lines • Benefitted from favorable supply and ● demand fundamentals in core markets 11 Third Quarter 2022 Earnings Conference Call $25.0 $ in millions $20.0 2$ 15.0 $10.0 $5.0 $0.0 Operating Income Q1 Q2 2021 2022 Q3 Q4 Matson.#1212 Financial Results - Summary Income Statement ($ 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 Third Quarter 2022 Earnings Conference Call YTD Ended 9/30 2022 2021 $ 2,911.6 629.8 $ 3,541.4 $ 1,201.4 59.6 $ 1,261.0 1.3 (14.3) 6.3 (268.4) $ 985.9 $ 24.65 $122.5 $2,106.9 551.4 $ 2,658.3 $677.0 35.0 $ 712.0 (17.9) 4.7 (165.9) $532.9 $ 12.19 $ 1,389.8 See the Addendum for a reconciliation of GAAP to non-GAAP Financial Metrics. $115.9 $832.6 A $ $ 804.7 78.4 $ 883.1 $ 524.4 24.6 $ 549.0 $ 453.0 $ 12.46 $6.6 $ 557.2 Third Quarter Quarters Ended 9/30 2022 2021 $918.5 $863.5 208.1 196.3 $1,114.8 $1,071.6 $ 315.2 20.1 $335.3 1.3 (5.0) 2.5 (68.1) $ 266.0 $6.89 $39.6 $377.4 $361.9 16.0 $ 377.9 (5.1) 1.8 (91.4) $ 283.2 $ 6.53 $38.1 $ 417.8 A $ $55.0 (11.8) $43.2 ($ 46.7) 4.1 ($ 42.6) ($ 17.2) $ 0.36 $1.5 ($ 40.4) Matson.#1313 Cash Generation and Uses of Cash $ in millions $1,600.0 $1,400.0 $ 1,200.0 $1,000.0 $800.0 $ 600.0 $ 400.0 $ 200.0 $0.0 Last Twelve Months Ended September 30, 2022 $ 1,503.3 ($ 115.4) Cash Flow from Operations (1) Includes capitalized interest and owner's items. ($ 179.1) Paydown of Maintenance & New Vessel Borrowings, Other Capex (1) net Capex Third Quarter 2022 Earnings Conference Call ($26.8) ($ 565.0) Capital Construction Fund ($ 49.5) Dividends ($ 379.5) Share Repurchase ($ 22.5) Other Cash Flows $165.5 Net Increase in Cash Matson.#1414 Financial Results - Summary Balance Sheet ($ 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 September 30, December 31, 2021 2022 Third Quarter 2022 Earnings Conference Call $242.8 631.7 874.5 87.2 1,907.4 178.0 565.0 327.8 519.1 $ 4,459.0 $ 57.3 542.6 599.9 461.3 1,099.2 1,560.5 2,298.6 $ 4,459.0 $282.4 422.1 704.5 58.7 1,878.3 181.1 327.8 542.7 $ 3,693.1 $65.0 547.4 612.4 549.7 863.6 1,413.3 1,667.4 $ 3,693.1 See the Addendum for a reconciliation of GAAP to non-GAAP Financial Metrics. (1) Total Debt is presented before any reduction for deferred loan fees as required by GAAP. ● Share Repurchase • 3Q22: 1.1 million shares repurchased for total cost of $88.4 million On August 23rd, announced additional 3 million shares to existing program ● As of September 30th, ~3.0 million shares remaining in share repurchase program Debt Levels Total Debt of $538.1 million (1) ● • Prepaid $50.4 million for all outstanding principal on Prudential Series C-2 and C-3 notes Matson.#1515 Update on New Vessel and LNG Projects • On November 1st, signed agreements with Philly Shipyard, Inc. for construction of three new LNG-ready Aloha Class vessels ● - New vessels for CLX service; will move three existing CLX vessels into Alaska service after new vessels placed into service Overview of new Aloha Class vessels - LNG-ready; dual-fuel engines - State-of-the-art green technology features and a fuel-efficient. hull design. - 500 containers of additional capacity per voyage versus existing CLX vessels Expect the additional capacity to be a meaningful net income, operating income and EBITDA contributor - Vessel deliveries expected in 4Q26, 2Q27 and 4Q27 • Contract cost of $1 billion - P Made first milestone payment of $50 million from the CCF Third Quarter 2022 Earnings Conference Call Current Expected Milestone Payments ($ in millions) Year 2022 2023 2024 2025 2026 2027 2028 2029 TOTAL Payment -$50 50 71 351 307 157 10 3 -$999 Matson.#1616 Update on New Vessel and LNG Projects (continued) • Three new Aloha Class vessels and LNG projects are important steps towards achieving Matson's 2030 greenhouse emissions goal - Reduce Scope 1 greenhouse gas emissions from owned fleet by 40% by 2030 using a 2016 baseline • LNG installation projects on Daniel K. Inouye (DKI) and Manukai remain on track - Daniel K. Inouye: current estimated total cost ~$35 million - Manukai: current estimated total cost ~$60 million Moving forward with LNG installation project on Kaimana Hila (KMH) - Current estimated total cost on KMH is $35 million - Currently scheduled to enter dry-dock in 2Q24 and for install work to last - 5 months • Continue to evaluate LNG installation projects on Lurline and Matsonia - If move forward, installations would be in 2024 and 2025 - Current estimated total cost on both Kanaloa Class vessels is ~$85 million Third Quarter 2022 Earnings Conference Call Matson.#1717 Closing Thoughts ● ● Matson is well-positioned to capitalize on future opportunities in Ocean Transportation and Logistics - Leverage brand and portfolio of essential, high-quality businesses - CLX and CLX+ are the two fastest services in the Transpacific - expect these services to continue to create value over the long-term While there will always be some degree of uncertainty in the macro environment, we will maintain discipline and stick to our capital allocation strategy - Invest for the long-term to create value for shareholders - Find opportunities to extend the Matson brand and drive organic growth - Look for unique acquisition opportunities that meet our investment criteria - Return capital to shareholders Third Quarter 2022 Earnings Conference Call Matson.#18atson CASTON 16 Mason MATU latson 5142 641 4581 CAUTION W Matso MA Matson Appendix#1919 Hawaii Service - Current Business Trends Unemployment Rate Select Hawaii Economic Indicators 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% Unemployment Rate and Visitor Arrivals by Air ин Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Unemployment Rate (not seasonally adjusted) (1) Visitor Arrivals by Air (1) Third Quarter 2022 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/2022-09-state.xls (2) Source: https://uhero.hawaii.edu/wp-content/uploads/2022/09/22Q3_Forecast.pdf Real GDP UHERO Projections (2) Construction Jobs Growth Population Growth Unemployment Rate Visitor Arrivals ('000s) % change 2020 (11.1)% (2.3)% (0.3)% 12.0% 2021 4.6% 0.5% (0.7)% 5.8% 2022P 4.4% (2.9)% (0.3)% 4.2% 2,708.3 6,777.0 9,201.2 (73.9)% 150.0% 35.9% 2023P 1.9% 1.3% 0.0% 4.3% 9,709.8 5.5% Matson.#2020 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"). EBITDA RECONCILIATION (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 Depreciation and amortization Dry-dock amortization S Third Quarter 2022 Earnings Conference Call 2022 266.0 (1.3) 5.0 68.1 33.9 5.7 $ 377.4 Three Months Ended September 30, 2021 Last Twelve Change Months $ 283.2 $ (17.2) $ 1,380.4 (1.3) (1.3) 5.1 (0.1) 19.0 91.4 (23.3) 32.7 1.2 5.4 0.3 417.8 $ (40.4) $1,907.5 $ $ $ 2022 985.9 (1.3) 14.3 268.4 103.9 18.6 1,389.8 Nine Months Ended September 30, 2021 $ 532.9 $ 17.9 165.9 97.9 18.0 832.6 346.4 138.1 24.9 Change 453.0 (1.3) (3.6) 102.5 6.0 0.6 557.2 (1) EBITDA is defined as the sum of net income minus interest income plus interest expense, income taxes and 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.