#1Matson Fourth Quarter 2022 Earnings Conference Call February 21, 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 February 21, 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 26-37 of our Form 10-Q filed on November 3, 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. 2 Fourth Quarter 2022 Earnings Conference Call#33 Opening Remarks In 4Q22, Matson's Ocean Transportation and Logistics business segments performed well in a difficult business environment • Matson is in a solid financial position. ● - Low leverage - Currently, ~$622 million in Capital Construction Fund for new vessel program (1) - In FY2022, returned $445 million in cash to shareholders. • Ocean Transportation 4Q22: - Our China service achieved lower year-over-year volume and freight rates which contributed to the decline in our consolidated operating income - Lower year-over-year volumes in Hawaii, Alaska and Guam compared to year ago period Logistics 4Q22: - Lower YoY operating income primarily due to lower contribution from supply chain management consistent with lower demand in Transpacific tradelane (1) Based on CCF balance of $518 million as of December 31, 2022, $4 million in interest income on CCF cash deposits year-to-date in 2023 and $100 million cash deposit in February 2023. Matson. Fourth Quarter 2022 Earnings Conference Call#44 Hawaii Service ● ● ● Fourth Quarter 2022 Performance Container volume decreased 13.0% YoY - Lower retail- and hospitality-related demand compared to elevated pandemic levels in 4Q21 - Extra week in 4Q21 - 4Q22 volume lower than volume achieved in 4Q19 During 4Q22, tourist arrivals remained relatively strong although a little softer in December Full Year 2022 Performance Container volume decreased 5.8% YoY - Lower retail-related demand compared to elevated pandemic levels in FY2021 Extra week in 4Q21 Fourth 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) Q2 12021 2022 Note: 4Q21 volume figure includes the benefit of a 53rd week. Q1 Q3 Q4 (13.0)% Matson.#55 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 A Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Unemployment Rate (not seasonally adjusted) (1) Visitor Arrivals by Air (1) 1,000 900 800 700 600 500 400 300 200 100 0 Fourth Quarter 2022 Earnings Conference Call Visitor Arrivals ('000s) (1) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2022-12-state.xls (2) Source: https://uhero.hawaii.edu/wp-content/uploads/2022/12/22Q4_Forecast.pdf Real GDP Construction Jobs Growth Population Growth UHERO Projections (2) Unemployment Rate Visitor Arrivals ('000s) % change ● ● 2021 6.3% 0.6% (0.7)% 5.8% 6,777.0 150.2% 2022 2023P 2.0% (1.1)% (0.2)% 3.8% 9,277.0 36.9% 2.8% 2.5% 0.0% 3.6% 9,652.9 4.1% 2024P 1.3% Commentary To date in 2023, have seen a steadier level of retail-related freight demand consistent with pre-pandemic trends Expect economic growth in near-term supported by: Continued strength in tourism 1.0% 0.1% 3.8% 9,491.6 (1.7)% Low unemployment rate Economic growth trajectory is uncertain given negative trends as a result of higher inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income Matson.#66 China Service ● ● Fourth Quarter 2022 Performance Container volume decreased 47.2% YoY - Lower demand for our CLX and CLX+ services No CCX service in 4Q22 • CCX service discontinued in 3Q22 - Extra week in 4Q21 Full Year 2022 Performance Container volume decreased 11.7% YoY - Lower demand for the CLX and CLX+ services and an extra week in 4Q21 - Partially offset by incremental volume on the CCX service Fourth 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) 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 (47.2)% Q4 Matson.#7● ● China Service - Current Business Trends Currently in the Transpacific marketplace, business conditions remain challenging - Retailers continue to right-size inventories amid weakening consumer demand, increasing interest rates and economic uncertainty Expect our CLX and CLX+ services in 1Q23 and 1H23 to reflect freight demand levels below normalized conditions with lower YoY volumes and a lower rate environment • Absent an economic "hard landing" in the U.S., expect improved trade dynamics in 2H23 as the Transpacific marketplace transitions to a more normalized level of demand Regardless of the economic environment, we operate the two fastest and most reliable ocean services and, as a result, we expect to continue to earn a significant rate premium to the SCFI 7 Fourth Quarter 2022 Earnings Conference Call Matson.#88 Guam Service ● ● ● ● Fourth Quarter 2022 Performance Container volume decreased 14.0% YoY primarily due to lower retail-related demand - No impact from 53rd week in 4Q21 - 4Q22 volume higher than volume achieved in 4Q19 Full Year 2022 Performance Container volume decreased 3.7% YoY primarily due to lower retail-related demand Current Business Trends Expect continued improvement in economy with increasing tourism and a low unemployment rate Economic growth trajectory is uncertain given negative trends as a result of higher inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income Fourth 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 Q3 Q4 (14.0)% Matson.#99 Alaska Service ● ● Fourth Quarter 2022 Performance Container volume decreased 7.7% YoY Lower northbound volume primarily due to one less sailing and one less week - Lower southbound volume primarily due to lower domestic seafood volume and one less week Higher Alaska-Asia Express (AAX) export seafood volume 4Q22 volume higher than volume achieved in 4Q19 Full Year 2022 Performance Container volume increased 8.6% YoY - Higher export seafood volume from AAX - Higher northbound volume primarily due to: Higher retail-related demand and volume related to a competitor's dry-docking Partially offset by one less week Higher southbound volume primarily due to higher domestic seafood volume ● Fourth 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) Q2 12021 2022 Note: 4Q21 volume figure includes the benefit of a 53rd week. Q1 Q3 T Q4 (7.7)% Matson.#1010 ● ● ● Alaska Service - Current Business Trends Alaska economy continues to show good growth and improvement in key indicators from the depths of the pandemic Low unemployment rate In the near-term, we expect continued economic growth in the State Continued jobs growth ● Federal infrastructure bill expected to lead to more employment growth - Increased energy-related exploration and production activity as a result of elevated oil prices However, economic growth trajectory is uncertain given negative trends as a result of higher inflation, higher interest rates and the end of the pandemic-era stimulus helping personal income (1) Source: https://labor.alaska.gov/trends/jan23.pdf (2) Source: https://live.laborstats.alaska.gov/labforce/000000/01/ces.html (3) Source: https://live.laborstats.alaska.gov/pop/estimates/data/Components OfChangeAK.xls Fourth Quarter 2022 Earnings Conference Call 4.0% 2.0% 0.0% -2.0% € -4.0% -6.0% -8.0% -10.0% YoY Growth in Employment YoY Growth in Population Alaska Employment Growth (1)(2) 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% -0.2% -0.4% -0.6% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E 2023P Alaska Population Growth and Net Migration (³) ||....² Population Growth Net Migration 25,000 20,000 15,000 10,000 5,000 0 Net Migration (5,000) (10,000) Matson.#1111 SSAT Joint Venture ● ● ● Fourth Quarter 2022 Performance Terminal joint venture contribution was $1.0 million; YOY decrease of $20.3 million - Primarily due to lower other terminal revenue, lower lift volume and higher operating costs Full Year 2022 Performance Terminal joint venture contribution was $83.1 million; YoY increase of $26.8 million - Primarily due to higher other terminal revenue Current Business Trends Expect 1H23 lift volume to reflect challenging environment in Transpacific tradelane • Absent an economic "hard landing," expect to trend to pre-pandemic profitability levels in 2H23 For the year, expect significantly lower other terminal revenue due to easing of port congestion Fourth Quarter 2022 Earnings Conference Call in millions SA Equity in Income of Joint Venture $40.0 $35.0 $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 Q1 Q2 12021 12022 Q3 Q4 Matson.#1212 Matson Logistics ● ● Fourth Quarter 2022 Performance Operating income of $12.8 million; YoY decrease of $2.0 million - Primarily due to lower contribution from supply chain management consistent with lower demand in Transpacific tradelane Full Year 2022 Performance Operating income of $72.4 million; YoY increase of $22.6 million - Higher contributions from transportation brokerage and freight forwarding Current Business Trends Expect continued growth in Alaska to be supportive of freight forwarding demand Expect supply chain management to track the China service challenging 1H23 Expect transportation brokerage to weaken from pandemic highs as freight demand normalizes, modal shifts with improved rail conditions and retail customers continue to manage down inventories Fourth 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.#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 Fourth Quarter 2022 Earnings Conference Call YTD Ended 12/31 2022 2021 $3,544.6 798.4 $4,343.0 $1,281.2 72.4 $ 1,353.6 8.2 (18.0) 8.5 (288.4) $ 1,063.9 $ 27.07 $164.1 $3,132.8 792.5 $ 3,925.3 $ 1,137.7 49.8 $ 1,187.5 (22.6) 6.4 (243.9) $ 927.4 $ 21.47 $ 156.4 $ 1,526.2 $1,350.3 See the Addendum for a reconciliation of GAAP to non-GAAP Financial Metrics. A $ $ 411.8 5.9 $ 417.7 $143.5 22.6 $ 166.1 $136.5 $5.60 $7.7 $175.9 Fourth Quarter Quarters Ended 12/31 2022 2021 $ 633.0 168.6 $801.6 $79.8 12.8 $92.6 6.9 (3.7) 2.2 (20.0) $78.0 $ 2.10 $41.6 $136.4 $1,025.9 241.1 $1,267.0 $460.7 14.8 $ 475.5 (4.7) 1.7 (78.0) $ 394.5 $9.39 $40.5 $ 517.7 A $ ($ 392.9) (72.5) ($ 465.4) ($ 380.9) (2.0) ($ 382.9) ($ 316.5) ($ 7.29) $ 1.1 ($ 381.3) Matson.#1414 Cash Generation and Uses of Cash $ in millions $1,400.0 $ 1,200.0 $1,000.0 $ 800.0 $ 600.0 $ 400.0 $ 200.0 $ 0.0 ($ 200.0) $ 1,271.9 Last Twelve Months Ended December 31, 2022 Cash Flow from Operations ($ 111.5) ($ 146.9) ($ 62.4) Paydown of Maintenance & New Vessel Borrowings, Other Capex (1) net Capex Fourth Quarter 2022 Earnings Conference Call ($ 518.2) Capital Construction Fund (2) ($ 48.0) Dividends ($ 397.0) Share Repurchase ($21.9) Other Cash Flows (1) Includes capitalized interest and owner's items. (2) Includes cash deposits into Capital Construction Fund (CCF) and interest income on cash deposits in CCF, net of withdrawals for milestone payments. ($ 34.0) Net Change in Cash Matson.#1515 Financial Results - Summary Balance Sheet December 31, December 31, 2022 2021 ($ 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 ● $ 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 Current balance in CCF of ~$622 million (²) $ 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 Share Repurchase •4Q22:~1.5 million shares repurchased for total cost of $101.9 million ● ● ● ● FY2022: -5.0 million shares repurchased for total cost of $397.0 million Debt Levels Total Debt of $517.5 million (1) - In 2022, reduced total debt by $111.5 million - Prepaid $50.4 million in debt in 3Q22 In January 2023, prepaid $14.3 million for all outstanding principal on Maunawili Title XI Plan to prepay in March 2023 $12.1 million for all outstanding principal on Manukai Title XI 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. Based on CCF balance of $518 million as of December 31, 2022, $4 million in interest income on CCF cash deposits year-to-date in 2023 and $100 million cash deposit in February 2023. Fourth Quarter 2022 Earnings Conference Call Matson.#1616 Capital Construction Fund (CCF) ● • In February 2023, deposited $100 million in cash into CCF and pledged. accounts receivable to reduce taxable income in 2022 ● - Following $100 million cash deposit, will have cash deposits in the CCF to cover -66% (1) of the current remaining milestone payments for new vessel program CCF Cash Balance (12/31/2022) CCF Interest Income YTD 2023 CCF Cash Deposit in February 2023 Total Restricted Cash Current Remaining Milestone Payments % Funded with Restricted Cash ● - $518 million -$4 million $100 million ~$622 million -$949 million -66% (1) Currently don't expect to make additional cash contributions to the CCF for milestone payments until 2026 • Interest income on CCF cash deposits to be tax-advantaged and help pay for milestone payments. Continue to expect a tax refund for the $565 million in cash deposited into the CCF last year (1) Calculation excludes cash and cash equivalents on the balance sheet, which was $249.8 million as of December 31, 2022. Fourth Quarter 2022 Earnings Conference Call Matson.#1717 Review of 2022 Capital Expenditures Capitalized vessel construction expenditures Maintenance and other capital expenditures Total capital expenditures Fourth Quarter 2022 Earnings Conference Call FY 2022 $62.4 million $146.9 million $209.3 million Comments $11.9 million for new inter-island barge placed into service in 3Q22 $50.5 million for new vessel milestone payment in 4Q22 and other related costs ● ● • $60.5 million in equipment capex to support ● new tradelane services and provide fluidity in the network ● • $21.3 million in capex for LNG installations on Daniel K. Inouye, Kaimana Hila and Manukai $65.1 million in other maintenance capex for a variety of projects ● Matson.#1818 Capital Expenditures Update ($ in millions) Maintenance and other capital expenditures New vessel construction milestone payments and related costs LNG installations and reengining on existing vessels Total FY 2023 $80-90 $55 $60-65 $195 - 210 Fourth Quarter 2022 Earnings Conference Call FY 2024 FY 2025 $80-90 $80-90 $75 $50 - 55 $205 - 220 $360 $440 - 450 Comments Includes Phase II and III work at Sand Island, Honolulu ● ● ● ● ● Cash on deposit in CCF to pay for milestone payments in 2023 through 2025 Includes owner's items and capitalized interest expense Daniel K. Inouye LNG install started in early 1Q23 and expected to last ~5 months (current estimated total cost -$35 million) Re-engine Manukai to operate on LNG and conventional fuels (current estimated total cost - $60 million) - currently scheduled following Daniel K. Inouye install and to take ~1 year to complete Kaimana Hila LNG install currently expected to start in 2Q24 and last ~5 months (current estimated total cost -$35 million) Matson.#1919 Closing Thoughts We expect the financial performance in 1Q23 to be the weakest of the year - Normal seasonality returns to our domestic tradelanes and Logistics - Expect our China service to experience freight demand below normalized conditions ● In the near-term, we expect: - Continued economic growth in Hawaii, Alaska and Guam to be supportive of freight demand, but recognize the potential economic overhang - Continued challenges in Transpacific tradelane in 1H23 with freight. demand below normalized conditions; improved trade dynamics in 2H23 as the market transitions to a more normalized level of demand Fourth Quarter 2022 Earnings Conference Call Matson.#2020 Closing Thoughts (continued) • Matson is well-positioned financially and operationally to capitalize on opportunities as they emerge - The Matson brand has never been stronger - Matson is in a solid financial position • Investment grade balance sheet with low leverage ● Nearly two-thirds of current remaining milestone payments for new vessel program funded with cash deposits in the CCF Regardless of the economic environment, we will continue to maintain discipline in 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 ● In the last 2 years, repurchased ~7.5 million shares for nearly $600 million Fourth Quarter 2022 Earnings Conference Call Matson.#21atson CASTON 16 Mason MATU latson 5142 641 4581 CAUTION W Matso MA Matson Appendix#2222 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 $ Fourth Quarter 2022 Earnings Conference Call $ $ 2022 Three Months Ended December 31, 2021 78.0 $ 394.5 $ (6.9) 3.7 20.0 35.3 6.3 136.4 2022 1,063.9 (8.2) 18.0 288.4 139.2 24.9 1,526.2 $ 4.7 78.0 34.2 6.3 517.7 Years Ended December 31, 2021 927.4 $ 22.6 243.9 132.1 24.3 $ 1,350.3 $ Change (316.5) (6.9) (1.0) (58.0) 1.1 (381.3) Change 136.5 (8.2) (4.6) 44.5 7.1 0.6 175.9 (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.