Matson (MATX) investor relations material

Executive summary

• Q3 results exceeded expectations, led by strong China-service demand and elevated freight rates; domestic ocean trades and Logistics were steady.

• China demand and rates are expected to remain strong through year-end and into early 2027, supporting higher Q4 operating income; the full-year outlook was raised.

Financial highlights

• Q3 revenue rose 26.5% YoY to $1,113.5 million; operating income increased 58.5% to $255.2 million.

• Q3 net income rose 55.5% YoY to $209.4 million; diluted EPS was $6.96 versus $4.24.

• Q3 EBITDA was $310.6 million versus $212.3 million; 9M EBITDA was $634.9 million versus $507.6 million.

• 9M revenue increased 14.0% to $2,840.7 million, operating income rose 33.5% to $475.5 million, and net income increased 31.1% to $395.4 million.

• Q3 operating costs and expenses rose 19.4% YoY to $858.3 million, below revenue growth.

Outlook and guidance

• Q4 consolidated operating income is expected ~50% above Q4 2025's $143.7 million; Ocean Transportation operating income is expected ~50% above $136.0 million.

• Q4 Logistics operating income is expected modestly above $7.7 million; China vessels are expected full or nearly full, with elevated rates through year-end and into early 2027.

• FY26 D&A is forecast at ~$205 million, including ~$35 million dry-docking amortization; dry-docking payments are expected at ~$45 million.

• FY26 interest income is expected at ~$20 million, net interest expense at ~$6 million, and other income at ~$10 million.

• Q4 effective tax rate is expected at ~20% versus 5.2% in Q4 2025, which included a one-time $18.5 million tax adjustment, or $0.59 per share.