Form 8-K

8-K — Matson, Inc.

Accession: 0001104659-26-089794

Filed: 2026-08-03

Period: 2026-08-03

CIK: 0000003453

SIC: 4400 (WATER TRANSPORTATION)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — matx-20260803x8k.htm (Primary)

EX-99.1 (matx-20260803xex99d1.htm)

EX-99.2 (matx-20260803xex99d2.htm)

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8-K

8-K (Primary)

Filename: matx-20260803x8k.htm · Sequence: 1

Matson, Inc._August 3, 2026

0000003453false00000034532026-08-032026-08-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 3, 2026 (August 3, 2026)

Matson, Inc.

(Exact Name of Registrant as Specified in its Charter)

_____________________

Hawaii

001-34187

99-0032630

(State or Other Jurisdiction of

Incorporation)

(Commission File Number)

(I.R.S. Employer Identification

No.)

1411 Sand Island Parkway

Honolulu, Hawaii

96819

(Address of principal executive offices)

(zip code)

Registrant’s telephone number, including area code: (808) 848-1211

(Former Name or former address, if changed since last report)

_____________________

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:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, without par value

MATX

New York Stock Exchange

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 ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.Results of Operations and Financial Condition.

On August 3, 2026, Matson, Inc. (the “Company”) issued a press release announcing the Company’s earnings for the quarter ended June 30, 2026. 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 August 3, 2026

99.2

Investor Presentation, dated August 3, 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: August 3, 2026

EX-99.1

Filename: matx-20260803xex99d1.htm · Sequence: 2

Exhibit 99.1

Investor Relations inquiries:

News Media inquiries:

Justin Schoenberg

Keoni Wagner

Matson, Inc.

510.628.4234

510.628.4534

jschoenberg@matson.com

kwagner@matson.com

FOR IMMEDIATE RELEASE

MATSON, INC. ANNOUNCES SECOND QUARTER 2026 RESULTS AND RAISES FULL YEAR OUTLOOK

● 2Q26 EPS of $4.27 versus $2.92 in 2Q25

● 2Q26 Net Income of $129.4 million versus $94.7 million in 2Q25

● 2Q26 Consolidated Operating Income of $158.9 million versus $113.0 million in 2Q25

● 2Q26 EBITDA of $211.0 million versus $163.6 million in 2Q25

● Repurchased approximately 0.3 million shares in 2Q26

● Raises full year outlook

HONOLULU, Hawaii (August 3, 2026) – Matson, Inc. (“Matson” or the “Company”) (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $129.4 million, or $4.27 per diluted share, for the quarter ended June 30, 2026. Net income for the quarter ended June 30, 2025 was $94.7 million, or $2.92 per diluted share. Consolidated revenue for the second quarter 2026 was $969.4 million, compared with $830.5 million for the second quarter 2025.

Matt Cox, Matson’s Chairman and Chief Executive Officer, commented, “Matson had a strong second quarter with momentum in our China service carrying over from the post-Lunar New Year period. Our CLX and MAX services saw higher-than-expected freight rates and demand across e-commerce, garments and e-goods against a backdrop of tighter supply conditions in the Transpacific tradelane.”

Mr. Cox added, “In our domestic ocean tradelanes, we saw lower year-over-year volumes in Hawaii and Alaska and higher year-over-year volume in Guam. In Logistics, operating income increased year-over-year primarily due to higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing.”

“Looking ahead, we expect our China service to be at or near capacity through peak season. For the fourth quarter 2026, we expect demand to reflect a more traditional seasonality pattern compared to the elevated period of freight demand experienced in the Transpacific market in the fourth quarter 2025 following the U.S.-China trade and economic agreement announced on October 30, 2025. To date, the Iran conflict has not impacted the Company’s operating performance or service levels; however, it has impacted fuel prices in all of the Company’s markets. We continue to expect to fully recover our fuel costs by the end of the year. As a result, we expect Ocean Transportation operating income in the third quarter 2026 to be approximately 45 percent higher than the level achieved in the year ago period. We also expect Ocean Transportation operating income in the fourth quarter 2026 to be modestly lower than the level achieved last year. For Logistics, we expect operating income in the third and fourth quarters 2026 to be modestly higher than the levels achieved last year. For full year 2026, we expect consolidated operating income to be higher than 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.”

Second Quarter 2026 Discussion and Outlook for 2026

Ocean Transportation: The Company’s container volume in the Hawaii service in the second quarter 2026 was 1.1 percent lower year-over-year primarily due to lower general demand. Hawaii’s economy remains stable, supported by strong construction activity and modest growth in tourist arrivals, but continues to face headwinds from higher energy-related inflation. The Company expects volume in full year 2026 to approach the level achieved in 2025, based on the Company’s expectation of similar economic conditions and stable market share.

In the China service, the Company’s container volume in the second quarter 2026 increased 15.2 percent year-over-year primarily due to significantly higher demand compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025. In the second quarter 2026, momentum in the China service carried over from the post-Lunar New Year period, and the Company’s CLX and MAX services saw higher-than-expected freight rates and demand across e-commerce, garments and e-goods against a backdrop of tighter supply conditions in the Transpacific tradelane. The Company expects its China service to be at or near capacity through peak season. For the fourth quarter 2026, the Company expects demand to reflect a more traditional seasonality pattern compared to the elevated period of freight demand experienced in the Transpacific market in the fourth quarter 2025 following the U.S.-China trade and economic agreement announced on October 30, 2025. As such, the Company expects volume in full year 2026 to be higher than the level achieved in 2025 based on the Company’s expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.

In the Guam service, the Company’s container volume in the second quarter 2026 increased 4.4 percent year-over-year. In the near term, the Company expects Guam’s economy to remain stable. For full year 2026, the Company expects volume to be comparable to the level achieved last year.

In the Alaska service, the Company’s container volume in the second quarter 2026 decreased 2.3 percent year-over-year primarily due to lower export seafood volume on AAX, partially offset by one additional northbound sailing. In the near term, the Company expects Alaska’s economy to remain stable supported by a low unemployment rate, steady job market and continued oil and gas exploration and production activity. For full year 2026, the Company expects volume to approach the level achieved last year.

The contribution from the Company’s SSAT joint venture investment was $4.8 million in the second quarter 2026, or $2.5 million lower than second quarter 2025. The decrease was primarily due to lower lift volume and higher operating expenses. For full year 2026, the Company expects the contribution from SSAT to be lower than the $32.5 million achieved in full year 2025.

Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the third quarter 2026 to be approximately 45 percent higher than the $147.4 million achieved in the third quarter 2025. The Company also expects Ocean Transportation operating income in the fourth quarter 2026 to be modestly lower than the $136.0 million achieved in the fourth quarter 2025. For full year 2026, the Company expects Ocean Transportation operating income to be higher than the $455.6 million achieved in full year 2025.

Logistics: Operating income for the Company’s Logistics segment was $14.9 million in the second quarter 2026, or $0.5 million higher compared to the level achieved in the second quarter 2025. The increase was primarily due to higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing. For the third and fourth quarters 2026, the Company expects Logistics operating income to be modestly higher than the $13.6 million and $7.7 million achieved in the third and fourth quarters 2025, respectively. For full year 2026, the Company expects Logistics operating income to be higher than the $44.2 million achieved in full year 2025.

Consolidated Operating Income: To date, the Iran conflict has not impacted the Company’s operating performance or service levels; however, it has impacted fuel prices in all of the Company’s markets. The Company continues to expect to fully recover fuel costs by the end of the year. For the third quarter 2026, the Company expects consolidated operating income to be approximately 45 percent higher than the level achieved in the third quarter 2025. For full year 2026, the Company expects consolidated operating income to be higher than the level achieved in full year 2025 based

on the Company’s expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.

Depreciation and Amortization: For full year 2026, the Company expects depreciation and amortization expense to be approximately $205 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 $18 million.

Interest Expense, Net: The Company expects interest expense, net for the full year 2026 to be approximately $6 million.

Other Income (Expense), Net: The Company expects full year 2026 other income (expense), net 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: For the second quarter 2026, the Company’s effective tax rate was 21.0 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 second quarter 2026, the Company made capital expenditure payments excluding vessel construction expenditures of $25.4 million, vessel construction expenditures (including capitalized interest and owner’s items) of $181.8 million, and dry-docking payments of $12.7 million. For the full year 2026, the Company expects to make capital expenditure payments, including maintenance capital expenditures, of approximately $150 to $170 million, vessel construction expenditures (including capitalized interest and owner’s items) of approximately $400 million, and dry-docking payments of approximately $45 million.

Results By Segment

Ocean Transportation — Three months ended June 30, 2026 compared with 2025

Three Months Ended June 30,

(Dollars in millions)

2026

2025

Change

Ocean Transportation revenue

767.4

675.6

91.8

13.6

Operating costs and expenses

(623.4)

(577.0)

(46.4)

8.0

Operating income

144.0

98.6

45.4

46.0

Operating income margin

18.8

14.6

Volume by Service (Forty-foot equivalent units (FEU)) (1)

Hawaii containers

35,600

36,000

(400)

(1.1)

Alaska containers

21,200

21,700

(500)

(2.3)

China containers (2)

37,200

32,300

4,900

15.2

Guam containers

4,700

4,500

200

4.4

Other containers (3)

3,900

4,400

(500)

(11.4)

(1) Approximate volume included for the period is 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 increased $91.8 million, or 13.6 percent, during the three months ended June 30, 2026, compared with the three months ended June 30, 2025. The increase was primarily due to higher volume and freight rates in the China service.

On a year-over-year FEU basis, Hawaii service container volume decreased 1.1 percent primarily due to lower general demand; Alaska service volume decreased 2.3 percent primarily due to lower export seafood volume on AAX, partially offset by one additional northbound sailing; China service volume increased 15.2 percent primarily due to significantly

higher demand compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025; Guam service volume increased 4.4 percent; and Other containers volume decreased 11.4 percent.

Ocean Transportation operating income increased $45.4 million, or 46.0 percent, during the three months ended June 30, 2026, compared with the three months ended June 30, 2025. The increase was primarily due to a higher contribution from the China service, partially offset by higher vessel operating expense primarily due to higher fuel-related costs.

The Company’s SSAT terminal joint venture investment contributed $4.8 million during the three months ended June 30, 2026, compared to $7.3 million during the three months ended June 30, 2025. The decrease was primarily due to lower lift volume and higher operating expenses.

Ocean Transportation — Six months ended June 30, 2026 compared with 2025

Six Months Ended June 30,

(Dollars in millions)

2026

2025

Change

Ocean Transportation revenue

1,373.9

1,313.0

60.9

4.6

Operating costs and expenses

(1,175.3)

(1,140.8)

(34.5)

3.0

Operating income

198.6

172.2

26.4

15.3

Operating income margin

14.5

13.1

Volume by Service (Forty-foot equivalent units (FEU)) (1)

Hawaii containers

69,300

71,700

(2,400)

(3.3)

Alaska containers

40,500

41,400

(900)

(2.2)

China containers (2)

63,000

60,800

2,200

3.6

Guam containers

8,900

8,700

200

2.3

Other containers (3)

7,200

7,800

(600)

(7.7)

(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 increased $60.9 million, or 4.6 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The increase was primarily due to higher freight rates and volume in the China service.

On a year-over-year FEU basis, Hawaii service container volume decreased 3.3 percent primarily due to lower general demand; Alaska service volume decreased 2.2 percent primarily due to lower general demand; China service volume increased 3.6 percent primarily due to significantly higher demand in the second quarter 2026 compared to the second quarter 2025, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025; Guam service volume increased 2.3 percent; and Other containers volume decreased 7.7 percent.

Ocean Transportation operating income increased $26.4 million, or 15.3 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The increase was primarily due to a higher contribution from the China service, partially offset by higher vessel operating expense primarily due to higher fuel-related costs.

The Company’s SSAT terminal joint venture investment contributed $9.8 million during the six months ended June 30, 2026, compared to $13.9 million during the six months ended June 30, 2025. The decrease was primarily due to lower lift volume.

Logistics — Three months ended June 30, 2026 compared with 2025

Three Months Ended June 30,

(Dollars in millions)

2026

2025

Change

Logistics revenue

202.0

154.9

47.1

30.4

Operating costs and expenses

(187.1)

(140.5)

(46.6)

33.2

Operating income

14.9

14.4

0.5

3.5

Operating income margin

7.4

9.3

Logistics revenue increased $47.1 million, or 30.4 percent, during the three months ended June 30, 2026, compared with the three months ended June 30, 2025. The increase was primarily due to higher revenue in transportation brokerage.

Logistics operating income increased $0.5 million, or 3.5 percent, during the three months ended June 30, 2026, compared with the three months ended June 30, 2025. The increase was primarily due to higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing.

Logistics — Six months ended June 30, 2026 compared with 2025

Six Months Ended June 30,

(Dollars in millions)

2026

2025

Change

Logistics revenue

353.3

299.5

53.8

18.0

Operating costs and expenses

(331.6)

(276.6)

(55.0)

19.9

Operating income

21.7

22.9

(1.2)

(5.2)

Operating income margin

6.1

7.6

Logistics revenue increased $53.8 million, or 18.0 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The increase was primarily due to higher revenue in transportation brokerage.

Logistics operating income decreased $1.2 million, or 5.2 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The decrease was primarily due to a lower contribution from warehousing, partially offset by a higher contribution from freight forwarding.

Liquidity, Cash Flows and Capital Allocation

Matson’s Cash and Cash Equivalents decreased by $22.6 million from $141.9 million at December 31, 2025 to $119.3 million at June 30, 2026. As of June 30, 2026, there was $345.8 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 $231.6 million during the six months ended June 30, 2026, compared to $194.6 million during the six months ended June 30, 2025. Capital expenditures (including capitalized vessel construction expenditures) totaled $255.5 million for the six months ended June 30, 2026, compared with $175.5 million for the six months ended June 30, 2025. Total debt decreased by $19.9 million during the six months to $341.3 million as of June 30, 2026, of which $301.6 million was classified as long-term debt.1 As of June 30, 2026, Matson had available borrowings under its revolving credit facility of $544.2 million.

During the second quarter 2026, Matson repurchased approximately 0.3 million shares for a total cost of $67.8 million.2 On April 23, 2026, Matson’s Board of Directors approved an additional 3.0 million shares of common stock to be added to the Company’s existing share repurchase program and extended the program to December 31, 2029. As of June 30, 2026, there were approximately 3.4 million shares remaining in the Company’s share repurchase program. On June 25, 2026, Matson’s Board of Directors also declared a cash dividend of $0.38 per share payable on September 3, 2026 to all shareholders of record as of the close of business on August 6, 2026.

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.

Teleconference and Webcast

A conference call is scheduled on August 3, 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 second quarter results.

Date of Conference Call:

Monday, August 3, 2026

Scheduled Time:

4:30 p.m. ET / 1:30 p.m. PT / 10:30 a.m. HT

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/BIb1df4ff4daa14ab9936f4360acc3071b

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 services 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, net; other income (expense), net; tax rate; maintenance and other capital expenditures; capital and vessel dry-docking expenditures; volume; traditional seasonality patterns; capacity through peak season; impacts from the Iran conflict and tariffs; timing to recover fuel costs; freight demand; consumer demand and spending; trading environment; growth in Southeast Asia; geopolitical uncertainty; economic growth and drivers in Hawaii, Alaska and Guam; tourism levels; unemployment rates; construction activity; steady job market; energy-related inflation; oil and gas exploration and production activity; market share; contribution from SSAT; refleeting initiatives; 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 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; performance under the Company’s vessel construction agreements with Hanwha 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 Annual Report on Form 10-K for the year ended December 31, 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.

MATSON, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Unaudited)

Three Months Ended

Six Months Ended

June 30,

(In millions, except per share amounts)

2026

2025

2026

2025

Operating Revenue:

Ocean Transportation

767.4

675.6

1,373.9

1,313.0

Logistics

202.0

154.9

353.3

299.5

Total Operating Revenue

969.4

830.5

1,727.2

1,612.5

Costs and Expenses:

Operating costs

(737.3)

(650.4)

(1,361.2)

(1,281.5)

Income from SSAT

4.8

7.3

9.8

13.9

General and administrative

(78.0)

(74.4)

(155.5)

(149.8)

Total Costs and Expenses

(810.5)

(717.5)

(1,506.9)

(1,417.4)

Operating Income

158.9

113.0

220.3

195.1

Interest income

5.0

8.0

11.1

17.4

Interest expense, net

(1.6)

(1.7)

(3.2)

(3.4)

Other income (expense), net

1.6

2.4

3.6

4.8

Income before Taxes

163.9

121.7

231.8

213.9

Income taxes

(34.5)

(27.0)

(45.8)

(46.9)

Net Income

129.4

94.7

186.0

167.0

Basic Earnings Per Share

4.30

2.95

6.16

5.14

Diluted Earnings Per Share

4.27

2.92

6.10

5.09

Weighted Average Number of Shares Outstanding:

Basic

30.1

32.1

30.2

32.5

Diluted

30.3

32.4

30.5

32.8

MATSON, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

June 30,

December 31,

(In millions)

2026

2025

ASSETS

Current Assets:

Cash and cash equivalents

119.3

141.9

Other current assets

416.7

330.0

Total current assets

536.0

471.9

Long-term Assets:

Investment in SSAT

106.2

96.2

Property and equipment, net

2,680.3

2,499.4

Goodwill

327.8

Intangible assets, net

140.3

146.6

Capital Construction Fund

345.8

532.7

Other long-term assets

577.1

561.0

Total long-term assets

4,177.5

4,163.7

Total assets

4,713.5

4,635.6

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities:

Current portion of debt

39.7

Other current liabilities

564.1

487.7

Total current liabilities

603.8

527.4

Long-term Liabilities:

Long-term debt, net of deferred loan fees

292.7

312.1

Deferred income taxes, net

704.4

701.9

Other long-term liabilities

339.5

335.2

Total long-term liabilities

1,336.6

1,349.2

Total shareholders’ equity

2,773.1

2,759.0

Total liabilities and shareholders’ equity

4,713.5

4,635.6

MATSON, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Six Months Ended June 30,

(In millions)

2026

2025

Cash Flows From Operating Activities:

Net income

186.0

167.0

Reconciling adjustments:

Depreciation and amortization

84.3

81.8

Amortization of operating lease right-of-use assets

68.8

66.9

Deferred income taxes, net

2.5

0.3

Share-based compensation expense

11.7

Income from SSAT

(9.8)

(13.9)

Other

(0.1)

(4.7)

Changes in assets and liabilities:

Accounts receivable, net

(78.6)

(19.7)

Deferred dry-docking payments

(24.6)

(23.8)

Deferred dry-docking amortization

16.1

13.6

Prepaid expenses and other assets

(9.2)

(10.6)

Accounts payable, accruals and other liabilities

50.3

(3.0)

Operating lease assets and liabilities, net

(63.6)

(67.8)

Other long-term liabilities

(2.2)

(3.2)

Net cash provided by operating activities

231.6

194.6

Cash Flows From Investing Activities:

Vessel construction expenditures

(199.8)

(104.1)

Capital expenditures (excluding vessel construction expenditures)

(55.7)

(71.4)

Proceeds from disposal of property and equipment, net

(0.1)

0.5

Cash and interest deposited into the Capital Construction Fund

(9.5)

(109.1)

Withdrawals from Capital Construction Fund

197.7

100.7

Net cash used in investing activities

(67.4)

(183.4)

Cash Flows From Financing Activities:

Repayments of debt

(19.9)

Dividends paid

(22.0)

(22.3)

Repurchase of Matson common stock

(119.8)

(160.4)

Tax withholding related to net share settlements of restricted stock units

(25.1)

(16.3)

Net cash used in financing activities

(186.8)

(218.9)

Net Decrease in Cash and Cash Equivalents

(22.6)

(207.7)

Cash and Cash Equivalents, Beginning of the Period

141.9

266.8

Cash and Cash Equivalents, End of the Period

119.3

59.1

Supplemental Cash Flow Information:

Interest paid, net of capitalized interest

2.5

2.7

Income taxes paid, net of income tax refunds

31.7

40.7

Non-cash Information:

Capital expenditures included in accounts payable, accruals and other liabilities

3.8

4.0

Accrued dividends

11.4

MATSON, INC. AND SUBSIDIARIES

Net Income to EBITDA Reconciliations

(Unaudited)

Three Months Ended

June 30,

Last Twelve

(In millions)

2026

2025

Change

Months

Net Income

129.4

94.7

34.7

463.8

Subtract:

Interest income

(5.0)

(8.0)

3.0

(25.4)

Add:

Interest expense, net

1.6

1.7

(0.1)

6.6

Add:

Income taxes

34.5

27.0

7.5

87.9

Add:

Depreciation and amortization

42.1

41.2

0.9

169.4

Add:

Deferred dry-docking amortization

8.4

7.0

1.4

31.4

EBITDA (1)

211.0

163.6

47.4

733.7

Six Months Ended

June 30,

(In millions)

2026

2025

Change

Net Income

186.0

167.0

19.0

Subtract:

Interest income

(11.1)

(17.4)

6.3

Add:

Interest expense, net

3.2

3.4

(0.2)

Add:

Income taxes

45.8

46.9

(1.1)

Add:

Depreciation and amortization

84.3

81.8

2.5

Add:

Deferred dry-docking amortization

16.1

13.6

2.5

EBITDA (1)

324.3

295.3

29.0

(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.

EX-99.2

Filename: matx-20260803xex99d2.htm · Sequence: 3

Exhibit 99.2

2Q 2026 Earnings Conference Call

August 3, 2026

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 3, 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 12-23 of our Form 10-K filed on

February 27, 2026 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.

2Q 2026 Earnings Conference Call

Forward-Looking Statements

• Matson had a strong 2Q26 and is raising our full year outlook

─ The momentum in our China service carried over from the post-Lunar

New Year period

─ Our China service saw higher-than-expected freight rates and demand

─ Steady performance in our domestic tradelanes

─ Logistics operating income increased YoY

• We are optimistic about 2H 2026 and expect higher performance versus

2H 2025

2Q 2026 Earnings Conference Call

Opening Remarks

4 2Q 2026 Earnings Conference Call

• Container volume decreased 1.1% YoY

primarily due to lower general demand

• Expect volume to approach the level

achieved in 2025 based on expectations

of:

─ Similar economic conditions as 2025

─ Stable market share

Hawaii Service

2Q26 Performance Container Volume (FEU Basis)

Full Year 2026 Outlook

24,000

26,000

28,000

30,000

32,000

34,000

36,000

38,000

40,000

Q1 Q2 Q3 Q4

2025 2026

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

Jan-26

Mar-26

May-26

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

Hawaii Service − Current Business Trends

2Q 2026 Earnings Conference Call

• According to UHERO, Hawaii’s economy

remains stable

─ Supported by strong construction

activity

─ Modest growth in tourist arrivals

─ Headwinds from higher energy-related

inflation

2026P 2027P 2028P

Real GDP 1.0% 1.3% 1.6%

Construction Jobs Growth 3.2% (0.2)% (0.6)%

Population Growth (0.1)% (0.1)% (0.1)%

Unemployment Rate 2.4% 2.5% 2.5%

Visitor Arrivals (‘000s)

% change

9,841.5

2.0%

9,860.2

0.2%

10,125.0

2.7%

Select Hawaii Economic Indicators UHERO Projections(4)

Commentary

(1) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2026-06-state.xlsx

(2) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2026-05-maui.xlsx

(3) Source: https://dbedt.hawaii.gov/blog/26-50/

(4) Source: https://uhero.hawaii.edu/wp-content/uploads/2026/05/UHEROForecastForTheStateOfHawaii26Q2.pdf

(1)

(1)(3)

(2)(3)

China Service

2Q 2026 Earnings Conference Call

• Container volume increased 15.2% YoY

─ Primarily due to significantly higher

demand compared to the prior year

period

─ 2Q25 included a market decline in

Transpacific demand due to the

tariffs imposed in April 2025

2Q26 Performance Container Volume(1) (FEU Basis)

(1) Includes containers from China and other Asia origins.

8,000

13,000

18,000

23,000

28,000

33,000

38,000

43,000

Q1 Q2 Q3 Q4

2025 2026

• Momentum in our China service carried over from the post-Lunar New Year period

• For 2Q26, our CLX and MAX services saw higher-than-expected freight rates and

demand across e-commerce, garments and e-goods against a backdrop of tighter

supply conditions in the Transpacific tradelane

• The elevated demand grew throughout 2Q26 in both China and Southeast Asia

─ Mix of strong e-commerce demand, inventory replenishment and some pull

forward of seasonal goods

─ Shippers opted to get ahead of general rate increases and higher fuel surcharges

while also de-risking upcoming tariff discussions and uncertainty related to the Iran

conflict

2Q 2026 Earnings Conference Call

China Service − Current Business Trends

Review of 2Q26

• We continue to expect our China service to be at or near capacity through peak season

• For 4Q26, we expect demand to reflect a more traditional seasonality pattern

compared to the elevated period of freight demand experienced in the Transpacific

market in 4Q25 following the U.S.-China trade and economic agreement announced

on October 30, 2025

─ The agreement helped ease tariff and port entry fee uncertainty for shippers that

had constrained freight flows and led to prolonged demand with strong volume

and high freight rates lasting later in the quarter than normal

• For full year 2026, we expect volume to be higher than the level achieved in 2025

─ Expect continued solid U.S. consumer demand and a stable trading environment

in the Transpacific tradelane

2Q 2026 Earnings Conference Call

China Service − Current Business Trends

Looking Ahead at 3Q26 and 4Q26

• We are encouraged by the continued growth of our regional service across Vietnam,

Thailand and the broader Southeast Asia region

─ While this expansion was initially driven by our customers’ needs, it has also

enabled us to diversify our cargo mix

─ Weekly Southeast Asia cargo now represents 20% to 25% of the China service

volume, which is significantly higher than the level at the beginning of 2025

• We believe we have the right regional partners to support our growth and build an

integrated transportation network

─ These partners share our commitment to schedule integrity and premium service

levels

• We continue to look for opportunities to grow with our customers, expand our

geographic footprint, and capture market share as Southeast Asia becomes a larger

part of our weekly China service volume

2Q 2026 Earnings Conference Call

China Service − Southeast Asia

Guam Service

2Q 2026 Earnings Conference Call

• Container volume increased 4.4% YoY

• Expect Guam’s economy to remain stable

• Expect volume to be comparable to the

level achieved last year

2Q26 Performance Container Volume (FEU Basis)

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

2025 2026

Full Year 2026 Outlook

Alaska Service

2Q 2026 Earnings Conference Call

• Container volume decreased 2.3% YoY

primarily due to:

─ Lower export seafood volume on AAX

─ Partially offset by one additional

northbound sailing

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

Q1 Q2 Q3 Q4

2025 2026

• Expect Alaska’s economy to remain stable

supported by a low unemployment rate,

steady job market and continued oil and

gas exploration and production activity

• Expect volume to approach the level

achieved last year

2Q26 Performance Container Volume (FEU Basis)

Full Year 2026 Outlook

SSAT Joint Venture

2Q 2026 Earnings Conference Call

• Terminal joint venture contribution was

$4.8 million; YoY decrease of $2.5 million

─ Primarily due to lower lift volume and

higher operating expenses

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

$9.0

$10.0

Q1 Q2 Q3 Q4

2025 2026

2Q26 Performance Equity in Income of JV ($ in millions)

• Expect the contribution from SSAT to be

lower than the $32.5 million achieved in

full year 2025

Full Year 2026 Outlook

Matson Logistics

2Q 2026 Earnings Conference Call

• Operating income of $14.9 million; YoY

increase of $0.5 million primarily due to:

─ Higher contributions from freight

forwarding and transportation

brokerage

─ Partially offset by a lower

contribution from warehousing

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

Q1 Q2 Q3 Q4

2025 2026

• Expect operating income to be higher

than the level achieved in full year 2025

2Q26 Performance Operating Income ($ in millions)

Full Year 2026 Outlook

14 2Q 2026 Earnings Conference Call

Financial Results − Summary Income Statement

See the Appendix for a reconciliation of GAAP to non-GAAP Financial Metrics. Year-to-Date Second Quarter

YTD Ended 6/30 Δ Quarter Ended 6/30 Δ

($ in millions, except per share data) 2026 2025 $ % 2026 2025 $ %

Revenue

Ocean Transportation $1,373.9 $1,313.0 $60.9 4.6% $767.4 $675.6 $91.8 13.6%

Logistics 353.3 299.5 53.8 18.0% 202.0 154.9 47.1 30.4%

Total Revenue $1,727.2 $1,612.5 $114.7 7.1% $969.4 $830.5 $138.9 16.7%

Operating Income

Ocean Transportation $198.6 $172.2 $26.4 15.3% $144.0 $98.6 $45.4 46.0%

Logistics 21.7 22.9 (1.2) (5.2)% 14.9 14.4 0.5 3.5%

Total Operating Income $220.3 $195.1 $25.2 12.9% $158.9 $113.0 $45.9 40.6%

Interest income 11.1 17.4 (6.3) (36.2)% 5.0 8.0 (3.0) (37.5)%

Interest expense, net (3.2) (3.4) 0.2 (5.9)% (1.6) (1.7) 0.1 (5.9)%

Other income (expense), net 3.6 4.8 (1.2) (25.0)% 1.6 2.4 (0.8) (33.3)%

Income taxes (45.8) (46.9) 1.1 (2.3)% (34.5) (27.0) (7.5) 27.8%

Net Income $186.0 $167.0 $19.0 11.4% $129.4 $94.7 $34.7 36.6%

30.5 32.8 (2.3) (7.0)% 30.3 32.4 (2.1) (6.5)%

GAAP EPS, diluted $6.10 $5.09 $1.01 19.8% $4.27 $2.92 $1.35 46.2%

$100.4 $95.4 $5.0 5.2% $50.5 $48.2 $2.3 4.8%

EBITDA $324.3 $295.3 $29.0 9.8% $211.0 $163.6 $47.4 29.0%

Depreciation and Amortization

(incl. deferred dry-docking amortization)

Weighted Average Number of Shares

Outstanding (diluted)

Strong Cash Flow Generation

2Q 2026 Earnings Conference Call

Last Twelve Months Ended June 30, 2026 ($ in millions)

$584.1

Maint.

Capex

$133.4

Dividends

$44.6

Repurchases

$262.7

$0.0

$100.0

$200.0

$300.0

$400.0

$500.0

$600.0

$700.0

Cash Flow from Operations Sum of Maintenance Capex,

Dividends, and Share Repurchases

$440.7

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.

Financial Results − Summary Balance Sheet

2Q 2026 Earnings Conference Call

• 2Q26: approximately 0.3 million

shares repurchased for total cost

of $67.8 million(1)

• On April 23rd, announced addition

of 3.0 million shares to our existing

share repurchase authorization

• Total Debt of $341.3 million(2)

─ Decreased by $9.8 million

from 1Q26

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) Total Debt is presented before any reduction for deferred loan fees as required by GAAP.

($ in millions)

ASSETS

Cash and cash equivalents $119.3 $141.9

Other current assets 416.7 330.0

Total current assets 536.0 471.9

Investment in SSAT 106.2 96.2

Property and equipment, net 2,680.3 2,499.4

Intangible assets, net 140.3 146.6

Capital Construction Fund (CCF) 345.8 532.7

Goodwill 327.8 327.8

Other long-term assets 577.1 561.0

Total assets $4,713.5 $4,635.6

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current portion of debt $39.7 $39.7

Other current liabilities 564.1 487.7

Total current liabilities 603.8 527.4

Long-term debt, net of deferred loan fees 292.7 312.1

Other long-term liabilities 1,043.9 1,037.1

Total long-term liabilities 1,336.6 1,349.2

Total shareholders’ equity 2,773.1 2,759.0

Total liabilities and shareholders’ equity $4,713.5 $4,635.6

June 30, December 31,

2026 2025

• For full year 2026, we expect:

─ Recovery of fuel costs by the end of the year

2026 Outlook

2Q 2026 Earnings Conference Call

3Q26 Outlook

Ocean

Transportation

Operating Income

To be approximately 45% higher than

the $147.4 million achieved in 3Q25

Logistics

Operating Income

To be modestly higher than the $13.6

million achieved in 3Q25

Consolidated

Operating Income

To be approximately 45% higher than

the $161.0 million achieved in 3Q25

(1) Interest expense excludes capitalized interest.

Full Year 2026 Outlook Items

Depreciation and

Amortization

Approx. $205 million, including

approx. $35 million in dry-docking amortization

Interest Income Approximately $18 million

Interest Expense, Net(1) Approximately $6 million

Other Income

(Expense), Net Approximately $7 million

GAAP Effective

Tax Rate Approximately 21.0%

Dry-Docking Payments Approximately $45 million

Ocean

Transportation

Operating Income

To be higher than the $455.6 million

achieved in 2025

Logistics

Operating Income

To be higher than the $44.2 million

achieved in 2025

Consolidated

Operating Income

To be higher than the $499.8 million

achieved in 2025

4Q26 Outlook

Ocean

Transportation

Operating Income

To be modestly lower than the $136.0

million achieved in 4Q25

Logistics

Operating Income

To be modestly higher than the $7.7

million achieved in 4Q25

18 2Q 2026 Earnings Conference Call

Capital Expenditures Update

($ in millions) FY 2026 Comments

Expected vessel construction

milestone payments and

related costs

$400 • Includes owner’s items and capitalized interest expense

Expected Maintenance and

other capital expenditures

$150 – $170 • 2026 capex includes approximately:

– Approx. $20 million in equipment lease buyouts

– Approx. $30 million more than normal in new equipment purchases due

to lower pricing

Total $550 – $570

New Vessel Construction

Milestone Payments ($ in millions)

3Q26 Approximately $50

4Q26 Approximately $127

Total Approximately $177

CCF(2) Approximately $346

Cash and Cash

Equivalents(2) Approximately $119

• Paid approximately $180 million in milestone payments

in 2Q26 from Capital Construction Fund (CCF)

• Cash and cash equivalents and CCF combined exceed

our remaining milestone payments

– CCF covers approximately 90% of our remaining

milestone payment obligations(1)

(1) Excludes future interest income and accretion earned on cash deposits and Treasury securities.

(2) As of June 30, 2026.

19 2Q 2026 Earnings Conference Call

Vessel Construction Update

• Our targeted delivery schedule for our three new Aloha Class vessels remains unchanged

July 2026: The bow section was mounted on Makua, our first Aloha Class vessel

expected to be delivered in 1Q27

Closing Thoughts

2Q 2026 Earnings Conference Call

• We are well-positioned heading into the second half of the year

─ Our China service continues to perform at or near capacity, and we are optimistic

that the U.S. consumer remains resilient and supportive of freight demand in the

Transpacific for the remainder of the year

─ All together, these factors support our expectation for a particularly strong 3Q26

• We continue to navigate geopolitical uncertainty related to the Iran conflict and tariffs

─ Our business has historically performed well when global supply chains are

disrupted or become congested and where schedule reliability and high service

standards are paramount

• Southeast Asia expansion continues to be a key strategic priority for Matson, and we

expect to grow with our customers as they diversify and expand their manufacturing

base in the region

─ Made tremendous progress in building out our regional service offering into a

viable extension of our China service

─ Product offering has resonated with customers needing speed and reliability on

the water

Appendix

22 2Q 2026 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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Document and Entity Information

Aug. 03, 2026

Document and Entity Information [Abstract]

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8-K

Document Period End Date

Aug. 03, 2026

Entity File Number

001-34187

Entity Registrant Name

Matson, Inc.

Entity Incorporation, State or Country Code

Entity Tax Identification Number

99-0032630

Entity Address, Address Line One

1411 Sand Island Parkway

Entity Address, State or Province

Entity Address, City or Town

Honolulu

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96819

City Area Code

808

Local Phone Number

848-1211

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Common Stock, without par value

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MATX

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