Matson (MATX) investor relations material

Executive summary

• Second quarter 2025 net income was $94.7M, down 16.3% year-over-year, with EPS at $2.92; revenue was $830.5M, down 2.0% from 2Q24.

• Six-month net income rose 11.9% year-over-year to $167.0M on revenue of $1.61B, up 2.7%.

• Hawaii and Alaska container volumes increased, while China and Guam volumes declined due to tariffs and market volatility.

• SSAT joint venture contributed $7.3M in Q2, up $6.1M year-over-year, driven by higher lift volume.

• Share repurchases totaled 0.9M shares in Q2 2025 for $93.7M; full-year outlook was raised, assuming no material changes in external conditions.

Financial highlights

• Q2 2025 operating income was $113.0M, down 9.3% year-over-year; six-month operating income was $195.1M, up 20.8%.

• Q2 2025 net income: $94.7M; diluted EPS: $2.92; EBITDA: $163.6M, down 4.6% year-over-year.

• Cash and cash equivalents at June 30, 2025: $59.1M, down from $266.8M at year-end 2024, mainly due to vessel construction and share repurchases.

• Capital expenditures for the first half totaled $175.5M, with $100.7M paid for new vessel construction.

• Total debt at June 30, 2025: $381.0M, down $19.9M from year-end.

Outlook and guidance

• Full-year 2025 consolidated and Ocean Transportation operating income expected to be moderately lower than 2024 but above prior guidance; logistics income to be comparable.

• Third quarter 2025 consolidated and Ocean Transportation operating income expected to be meaningfully lower year-over-year.

• Depreciation and amortization for 2025 projected at $200M; interest income $31M; interest expense $7M; effective tax rate ~22%.

• Full-year 2025 capex guidance: $100–$120M (maintenance/other), $305M (new vessel construction), $40M (dry-docking).

• Capex for 2025 expected at $405–$425M, including vessel construction.