Matson (MATX) investor relations material

Executive summary

• Q2 2026 delivered strong results, with consolidated revenue up 16.7% to $969.4M and net income rising 36.6% to $129.4M, driven by robust China service, higher freight rates, and strong e-commerce and logistics performance.

• Raised full-year 2026 outlook, expecting consolidated operating income and EPS to surpass 2025, supported by resilient U.S. consumer demand, stable Trans-Pacific trading, and ongoing Southeast Asia expansion, now 20–25% of China service volume.

• Share repurchase program expanded by 3.0M shares and extended to 2029, with 0.3M shares repurchased in Q2 for $67.8M.

• New Aloha Class vessel construction progressing: Makua (89% complete, Q1 2027 delivery), Malama (64%, Q3 2027), Makena (30%, Q2 2028).

Financial highlights

• Q2 2026 consolidated operating income rose 40.6% year-over-year to $158.9M; EBITDA reached $211.0M.

• Net income for Q2 2026 was $129.4M, with diluted EPS up 46.2% to $4.27.

• Q2 2026 total revenue was $969.4M, up 16.7% year-over-year; Ocean Transportation revenue up 13.6% to $767.4M; Logistics revenue up 30.4% to $202.0M.

• Cash flow from operations for the trailing 12 months was $584.1M; cash and equivalents at June 30, 2026: $119M; Capital Construction Fund: $346M.

• Total debt at Q2 end was $341.3M, down $9.8M sequentially.

Outlook and guidance

• Full-year 2026 consolidated operating income projected above $499.8M achieved in 2025; both logistics and ocean transportation segments expected to exceed prior year.

• Q3 2026 consolidated operating income expected to be ~45% higher year-over-year, driven by China service.

• Q4 2026 ocean transportation operating income expected to be modestly lower than Q4 2025 due to normalization after last year’s tariff-driven surge.

• Full-year 2026 depreciation and amortization expected at ~$205M; effective tax rate projected at ~21%.

• Expect to recover under-collected fuel costs by year-end, despite Iran conflict impacting fuel prices.