Matson (MATX) investor relations material

Executive summary

• Q1 2026 net income was $56.6 million, down 21.7% year-over-year, with EPS at $1.85; consolidated revenue was $757.8 million, a 3.1% decrease, as Ocean Transportation operating income exceeded expectations on strong post-Lunar New Year China demand, while domestic tradelanes saw lower volumes.

• Logistics segment operating income declined year-over-year, mainly from lower supply chain management contributions.

• No operational impact from the Iran conflict, but higher fuel prices affected all markets; lag in cost recovery expected to impact near-term earnings.

• Full-year outlook for consolidated operating income raised, now expected to modestly exceed 2025 levels, driven by continued strength in China service.

• Approximately 0.4 million shares were repurchased in Q1 2026, and the share repurchase program was expanded by 3 million shares in April.

Financial highlights

• Q1 2026 consolidated operating income was $61.4 million, down 25.2% year-over-year; Ocean Transportation operating income was $54.6 million, down 25.8%; Logistics operating income was $6.8 million, down 20%.

• Net income for Q1 2026 was $56.6 million; diluted EPS was $1.85; weighted average diluted shares outstanding decreased 7.8% year-over-year.

• EBITDA for Q1 2026 was $113.3 million, down from $131.7 million in Q1 2025.

• Interest income was $6.1 million (vs. $9.4 million prior year); effective tax rate was 16.6% (vs. 21.6%).

• Cash and cash equivalents at March 31, 2026 were $100.1 million, down from $141.9 million at year-end 2025.

Outlook and guidance

• Full-year 2026 consolidated operating income expected to modestly exceed 2025, with most fuel cost recovery in Q3; Q2 2026 operating income projected to be $20 million higher than Q2 2025.

• Ocean Transportation operating income for Q2 2026 expected to be ~$20 million higher than Q2 2025; Logistics operating income for full-year 2026 expected to approach 2025 levels.

• Depreciation and amortization for 2026 projected at ~$210 million; interest income ~$16 million; interest expense ~$6 million; effective tax rate ~21%.

• Maintenance CapEx for 2026 projected at $150–$170 million; new vessel construction milestone payments expected at $400 million; dry-docking at $45 million.

• Three new vessels expected to be delivered in 1Q27, 3Q27, and 2Q28.