PART I [Business](index=4&type=section&id=Item%201.%20Business) Matson, Inc, is a leading provider of ocean transportation and logistics services through two primary segments - Matson, Inc, is a holding company with two primary business segments: **Ocean Transportation and Logistics**[18](index=18&type=chunk) - The Ocean Transportation segment (MatNav) provides ocean freight services to Hawaii, Alaska, Guam, Micronesia, and operates an **expedited service from China to Long Beach, California**[19](index=19&type=chunk) - The Logistics segment (Matson Logistics) is an asset-light business offering transportation brokerage, freight forwarding, warehousing, and supply chain management services[21](index=21&type=chunk) - Matson holds a **35% ownership interest in SSA Terminals, LLC (SSAT)**, a key terminal and stevedoring services provider[20](index=20&type=chunk) [Company Overview](index=4&type=section&id=A.%20Company%20Overview) Matson, Inc, is a holding company providing ocean transportation and logistics services to U,S, and Pacific economies [Business Description](index=6&type=section&id=B.%20Business%20Description) The company details its Ocean Transportation and Logistics segments, including routes, fleet, and competitive landscape [Employees and Labor Relations](index=23&type=section&id=C.%20Employees%20and%20Labor%20Relations) The company details its workforce composition, human capital strategies, and significant union relationships - In 2022, Matson had **4,288 employees worldwide**, with 2,994 covered by collective bargaining agreements[94](index=94&type=chunk) - **70% of Matson's global workforce is unionized**, with the key PMA/ILWU agreement for U,S, West Coast longshore labor currently under negotiation after expiring on July 1, 2022[103](index=103&type=chunk)[104](index=104&type=chunk) - The company is focused on Diversity, Equity, and Inclusion (DE&I), with approximately **two-thirds of management promotions in 2022 being women and/or minority individuals**[96](index=96&type=chunk) - Matson contributes to several multi-employer pension and post-retirement plans and has no current intention of withdrawing from them[105](index=105&type=chunk) [Available Information](index=26&type=section&id=D.%20Available%20Information) The company's SEC filings are publicly available on its corporate website and the SEC's website - The company's SEC filings are available free of charge on its website, www,matson,com, and on the SEC's website, www,sec,gov[106](index=106&type=chunk)[107](index=107&type=chunk) [Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) The company faces material risks from Jones Act changes, macroeconomic conditions, labor disruptions, and climate change - **Repeal, substantial amendment, or waiver of the Jones Act** would adversely affect the company's business, as it protects its domestic Hawaii and Alaska services from foreign competition[110](index=110&type=chunk) - The business is susceptible to **macroeconomic downturns, inflation, and geopolitical tensions** that can reduce demand for transportation services[112](index=112&type=chunk)[113](index=113&type=chunk) - **Work stoppages or labor disruptions pose a significant risk**, especially as the collective bargaining agreement with the ILWU on the U,S, West Coast expired on July 1, 2022, and is under negotiation[148](index=148&type=chunk)[150](index=150&type=chunk) - The company faces **physical and transitional risks from climate change**, including severe weather events and the costs of complying with new environmental regulations like the IMO's EEXI and CII requirements[134](index=134&type=chunk)[138](index=138&type=chunk) - **Cybersecurity risks are a major concern**, as the shipping industry is a frequent target, and a breach could impair operations and lead to financial and reputational damage[156](index=156&type=chunk) [Unresolved Staff Comments](index=48&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company has no unresolved comments from the Securities and Exchange Commission staff - There are **no unresolved staff comments**[172](index=172&type=chunk)[173](index=173&type=chunk) [Properties](index=50&type=section&id=Item%202.%20Properties) Matson leases material terminal, warehouse, and cross-dock facilities in key locations across the U,S, and Guam Leased Terminal Facilities | Terminal Location | Acreage | | :--- | :--- | | Honolulu, Hawaii | 105 | | Anchorage, Alaska | 38 | | Dutch Harbor, Alaska | 18 | | Kodiak, Alaska | 6 | | Tacoma, Washington | 15 | | Polaris Point, Guam | 30 | - Other material facilities include warehouses in Georgia and California, and office/cross-dock facilities in Alaska and Washington[175](index=175&type=chunk) [Legal Proceedings](index=50&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in a non-material legal matter with CARB regarding at-berth emissions regulations - On November 10, 2021, CARB issued a Notice of Violation to Matson for alleged violations of **at-berth emissions regulations** at the Port of Long Beach in 2020[178](index=178&type=chunk) - The alleged violations were incurred by chartered CLX+ service vessels **not equipped with alternative maritime power (AMP) capability**[178](index=178&type=chunk) - Potential penalties for 2020, 2021, and 2022 violations could exceed $1 million in aggregate but are **not expected to be material** to the company's financial condition or results[178](index=178&type=chunk) [Mine Safety Disclosures](index=50&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's business operations - Not Applicable[180](index=180&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=52&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on the NYSE, and it maintains an active dividend and share repurchase program - Matson's common stock is traded on the NYSE under the ticker symbol **"MATX"**[183](index=183&type=chunk) Dividends Declared per Share | Dividends Declared per Share | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | First Quarter | $0,30 | $0,23 | $0,22 | | Second Quarter | $0,30 | $0,23 | $0,22 | | Third Quarter | $0,31 | $0,30 | $0,23 | | Fourth Quarter | $0,31 | $0,30 | $0,23 | | **Total** | **$1,22** | **$1,06** | **$0,90** | - During Q4 2022, the company repurchased **1,526,361 shares for a total of approximately $101,8 million**[188](index=188&type=chunk) - As of December 31, 2022, **1,533,371 shares remained authorized for repurchase** under the company's share repurchase program[188](index=188&type=chunk) [Removed and Reserved](index=54&type=section&id=Item%206.%20Removed%20and%20Reserved) This item has been removed and is reserved for future use [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=55&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses 2022 financial performance, segment results, liquidity, and critical accounting estimates [Historical Financial Information](index=56&type=section&id=HISTORICAL%20FINANCIAL%20INFORMATION) The company presents selected financial data for the five years ended December 31, 2022, showing significant growth Five-Year Selected Financial Data | (In millions, except per share amounts) | 2022 | 2021 | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | $4,343,0 | $3,925,3 | $2,383,3 | $2,203,1 | $2,222,8 | | **Total Operating Income** | 1,353,6 | 1,187,5 | 280,3 | 129,1 | 163,8 | | **Net Income** | $1,063,9 | $927,4 | $193,1 | $82,7 | $109,0 | | **Diluted EPS** | $27,07 | $21,47 | $4,44 | $1,91 | $2,53 | | **Total Debt (end of year)** | $517,5 | $629,0 | $760,1 | $958,4 | $856,4 | | **Total Shareholders' equity (end of year)** | $2,296,9 | $1,667,4 | $961,2 | $805,7 | $755,3 | [Fourth Quarter 2022 Discussion and Update on Business Conditions](index=58&type=section&id=FOURTH%20QUARTER%202022%20DISCUSSION%20AND%20UPDATE%20ON%20BUSINESS%20CONDITIONS) Q4 2022 saw volume declines across key services due to lower demand and a challenging Transpacific market - Hawaii service container volume **decreased 13,0% YoY** in Q4 2022 due to lower retail-related demand and one less week[196](index=196&type=chunk) - China service container volume **fell 47,2% YoY** in Q4 2022, attributed to lower demand for CLX/CLX+ services, the discontinuation of the CCX service, and one less week[197](index=197&type=chunk) - The contribution from the SSAT joint venture was $1,0 million in Q4 2022, a **decrease of $20,3 million** from Q4 2021[200](index=200&type=chunk) - Logistics operating income for Q4 2022 was $12,8 million, a **$2,0 million decrease** from Q4 2021[201](index=201&type=chunk) [Consolidated Results of Operations](index=59&type=section&id=CONSOLIDATED%20RESULTS%20OF%20OPERATIONS) For 2022, consolidated revenue and net income grew by 10,6% and 14,7% respectively, driven by both segments Consolidated Results (2022 vs 2021) | (Dollars in millions, except per share) | 2022 | 2021 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Operating revenue** | $4,343,0 | $3,925,3 | $417,7 | 10,6% | | **Operating income** | $1,353,6 | $1,187,5 | $166,1 | 14,0% | | **Net income** | $1,063,9 | $927,4 | $136,5 | 14,7% | | **Diluted earnings per share** | $27,07 | $21,47 | $5,60 | 26,1% | [Analysis of Operating Revenue and Income by Segment](index=61&type=section&id=ANALYSIS%20OF%20OPERATING%20REVENUE%20AND%20INCOME%20BY%20SEGMENT) Ocean Transportation income grew on higher rates, while Logistics income rose on improved brokerage performance Ocean Transportation Performance (2022 vs 2021) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $3,544,6M | $3,132,8M | 13,1% | | Operating Income | $1,281,2M | $1,137,7M | 12,6% | Logistics Performance (2022 vs 2021) | Metric | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $798,4M | $792,5M | 0,7% | | Operating Income | $72,4M | $49,8M | 45,4% | - The SSAT terminal joint venture contributed **$83,1 million in 2022**, up from $56,3 million in 2021, an increase of 47,6%[216](index=216&type=chunk) [Liquidity and Capital Resources](index=63&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintains a strong liquidity position with significant cash from operations and plans for capital expenditures - Net cash provided by operating activities was **$1,271,9 million in 2022**, an increase from $984,1 million in 2021[223](index=223&type=chunk) - Total debt **decreased by $111,5 million to $517,5 million** at year-end 2022[228](index=228&type=chunk) - The company repurchased approximately **5,0 million shares for $397,0 million** during 2022[235](index=235&type=chunk) Expected Capital Expenditures | (in millions) | 2023 | 2024 | 2025 | | :--- | :--- | :--- | :--- | | New vessel construction & related costs | $55 | $75 | $360 | | LNG installations & reengining | $60 - $65 | $50 - $55 | - | | Maintenance and other | $80 - $90 | $80 - $90 | $80 - $90 | | **Total Estimated Capital Expenditures** | **$195 - $210** | **$205 - $220** | **$440 - $450** | [Commitments, Contingencies and Off-Balance Sheet Arrangements](index=69&type=section&id=COMMITMENTS%2C%20CONTINGENCIES%20AND%20OFF-BALANCE%20SHEET%20ARRANGEMENTS) The company has significant commitments for new vessel construction but no material off-balance sheet arrangements Commitments and Contractual Obligations | (in millions) | Total | | :--- | :--- | | Standby letters of credit | $7,9 | | Bonds | $33,3 | | Vessel construction obligations | $949,0 | | Vendor and other obligations | $99,3 | - The company is not party to any material off-balance sheet arrangements[237](index=237&type=chunk) [Critical Accounting Estimates](index=69&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES) Management identifies key accounting estimates requiring significant judgment for assets, liabilities, and taxes - The company evaluates long-lived assets, intangible assets, and goodwill for impairment annually or when triggering events occur, with **no impairments recorded in 2020, 2021, or 2022**[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk) - Estimating reserves for insurance-related liabilities requires judgment based on historical claims and trends; these liabilities were **$45,4 million at the end of 2022**[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk) - Pension and post-retirement plan expenses and liabilities are estimated using various assumptions, including discount rates, expected return on plan assets, and health care cost trends[248](index=248&type=chunk) - Income tax expense calculations involve estimates for deferred tax assets and liabilities and judgments on the ability to realize these assets[250](index=250&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is from interest rate fluctuations, managed with a mix of debt types - The primary market risk is from **changes in interest rates** on the company's debt and investments, which is managed through a mix of fixed and variable-rate debt[252](index=252&type=chunk) - The transition from **LIBOR to the Secured Overnight Financing Rate (SOFR)** for its revolving credit facility is not expected to have a material impact[254](index=254&type=chunk) - **Foreign currency risk is considered immaterial** as transactions are primarily denominated in U,S, dollars[258](index=258&type=chunk) [Financial Statements and Supplementary Data](index=76&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's audited consolidated financial statements and the independent auditor's report - Includes the Consolidated Statements of Income and Comprehensive Income, Balance Sheets, Cash Flows, and Shareholders' Equity for the three years ended December 31, 2022[260](index=260&type=chunk) - Management's report confirms the **effectiveness of the company's internal control over financial reporting** as of December 31, 2022[261](index=261&type=chunk)[263](index=263&type=chunk) - The independent auditor, Deloitte & Touche LLP, issued an **unqualified opinion** on both the financial statements and the effectiveness of internal control over financial reporting[265](index=265&type=chunk)[266](index=266&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=135&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting or financial disclosure matters - None reported[452](index=452&type=chunk) [Controls and Procedures](index=135&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2022 - The company's disclosure controls and procedures were deemed **effective** as of the end of the period covered by the report[453](index=453&type=chunk) - **No material changes** were made to the internal control over financial reporting during the fourth quarter of 2022[455](index=455&type=chunk) [Other Information](index=135&type=section&id=Item%209B.%20Other%20Information) The company reports no other information under this item - None reported[456](index=456&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=135&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - None reported[457](index=457&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=136&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Required information is incorporated by reference from the company's 2023 Proxy Statement - Information required for this item is **incorporated by reference** from the company's 2023 Proxy Statement[460](index=460&type=chunk)[461](index=461&type=chunk)[462](index=462&type=chunk)[463](index=463&type=chunk) [Executive Compensation](index=136&type=section&id=Item%2011.%20Executive%20Compensation) Required information on executive compensation is incorporated by reference from the 2023 Proxy Statement - Information required for this item is **incorporated by reference** from the company's 2023 Proxy Statement[464](index=464&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=136&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides details on equity compensation plans, with other ownership data incorporated by reference Equity Compensation Plan Information | Plan Category | Shares to be issued upon exercise (a) | Shares remaining available for future issuance (c) | | :--- | :--- | :--- | | Equity compensation plans approved by shareholders | 545,953 | 2,117,506 | | **Total** | **545,953** | **2,117,506** | - Other information on security ownership is **incorporated by reference** from the company's 2023 Proxy Statement[466](index=466&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=138&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Required information is incorporated by reference from the company's 2023 Proxy Statement - Information required for this item is **incorporated by reference** from the company's 2023 Proxy Statement[468](index=468&type=chunk) [Principal Accountant Fees and Services](index=138&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Required information on accountant fees is incorporated by reference from the 2023 Proxy Statement - Information required for this item is **incorporated by reference** from the company's 2023 Proxy Statement[469](index=469&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=139&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements and exhibits filed with the report or incorporated by reference - The Consolidated Financial Statements are located in **Item 8 of Part II**[472](index=472&type=chunk) - All financial statement schedules are **omitted** because they are not required or the information is already included in the financial statements or notes[473](index=473&type=chunk) - A detailed list of exhibits required by Item 601 of Regulation S-K is provided, including material contracts and corporate governance documents[474](index=474&type=chunk) [Form 10-K Summary](index=147&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has elected not to provide a summary under this item - None provided[486](index=486&type=chunk)

Financial Data and Key Metrics Changes - For Q4 2022, consolidated operating income decreased by $382.9 million year-over-year to $92.6 million, primarily due to lower contributions from Ocean Transportation and logistics [25][24][15] - Operating income for the full year was $72.4 million, an increase of $22.6 million compared to 2021, driven by higher contributions from transportation brokerage and freight forwarding [24][27] - Interest income for the quarter was $6.9 million, attributed to higher cash investment rates compared to no interest income in the prior year [26] Business Line Data and Key Metrics Changes - Ocean Transportation saw a decline in operating income due to lower volume and average freight rates in China, with a significant drop in container volume of 47.2% year-over-year [18][25] - Logistics operating income decreased year-over-year primarily due to lower contributions from supply chain management, consistent with lower demand in the Transpacific tradelane [47][58] - Container volume in Hawaii decreased by 13% year-over-year, primarily due to lower retail and hospitality-related demand [5][4] Market Data and Key Metrics Changes - In Alaska, container volume for Q4 2022 decreased by 7.7% year-over-year, attributed to lower northbound and southbound volumes [10] - Guam's container volume decreased by 14% year-over-year in Q4 2022, primarily due to lower retail-related demand [52] - The Hawaii economy showed recovery signs with increasing tourist arrivals and a decline in unemployment rates, although retail customers managed inventories to lower consumer demand levels [6][48] Company Strategy and Development Direction - The company plans to allocate shareholder capital in a disciplined manner, focusing on long-term investments, including a $1 billion new vessel build program [37][39] - Matson is actively looking for acquisition opportunities in both Ocean Transportation and logistics, despite current high valuation expectations [38] - The company aims to maintain service reliability and high-quality customer service while managing costs effectively in a challenging economic environment [39][108] Management's Comments on Operating Environment and Future Outlook - Management expects the first half of 2023 to be challenging, with freight demand for China services below normalized conditions [35][51] - There is an expectation of continued economic growth in Hawaii, Alaska, and Guam, but potential economic overhang could negatively affect volumes [69][70] - The company anticipates a return to more normal seasonality trends in the second half of the year, with a focus on managing inventory levels [42][76] Other Important Information - The company ended 2022 with approximately $518 million in cash deposits in the capital construction fund, covering 66% of remaining milestone payments for the new vessel program [64][70] - Capital expenditures for 2022 totaled $209.3 million, with expectations of $195 million to $210 million in 2023 [32][34] - The company has repurchased approximately 7.5 million shares for nearly $600 million over the last two years [72][125] Q&A Session Summary Question: Will retail shippers return to normal ordering patterns by mid-year? - Management noted that while some retailers are managing inventory levels down, the pace of improvement varies among customers [74] Question: How should we think about seasonality in the first quarter? - The first quarter is expected to be the weakest of the year, with historical trends indicating lower margins compared to the fourth quarter [76] Question: What is the outlook for supply and demand balance in the market? - Management expects international ocean carriers to resize their fleets in response to lower demand, potentially leading to vessel scrapping [90][112] Question: How will interest expense trend in the coming quarters? - Interest income is expected to remain slightly above the fourth quarter levels, depending on fluctuations in container rates [98] Question: What is the pace of share repurchases moving forward? - The pace of share repurchases is expected to slow compared to the previous 18 months, aligning with more normalized cash flow levels [125]

latson Appendix - Non-GAAP Measures Three Months Ended Years Ended December 31, 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 sevice debt and to make capital expenditures, and to understand period operating results separate and apart from items that may, or could, have a disproportiona ...

Overview of Service • 3-to-5 day ocean transit advantage from U.S. West Coast • Maintain superior service and on-time performance Market Overview – APL (U.S. flagged service) – International carriers with Asia direct services 9 Investor Presentation │February 2023 Overview February 2023 We do not undertake any obligation to update our forward-looking statements. • A leading U.S. carrier in the Pacific • Top 10 integrated, asset-light logistics services 2018 2019 2020 2021 LTM 3Q22 | --- | --- | --- | --- | ...

Matson. 1 Investor Presentation │November 2022 Investor Presentation November 2022 Forward-Looking Statements 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 November 8, 2022. 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 26-37 of our Form 10-Q filed on N ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Not Applicable (Former name, former address, and former fiscal year, if changed since last report) Commission file number 001-34187 Matson, Inc. ...

Financial Data and Key Metrics Changes - Consolidated operating income decreased by $42.6 million year-over-year to $335.3 million, primarily due to a $46.7 million decline in Ocean Transportation, partially offset by a $4.1 million increase in Logistics [28][29] - Interest income was $1.3 million, up from no interest income in the prior year, while interest expense increased by $0.5 million due to premium payments and deferred fee write-offs [30] - The effective tax rate decreased to 20.4% from 24.4% in the previous year [30] Business Line Data and Key Metrics Changes - Ocean Transportation saw lower volumes in CLX, CLX+, and CCX services, contributing to the decline in operating income [7][8] - Logistics operating income increased to $20.1 million, driven by strong performance across all service lines [26] - Hawaii container volume decreased by 7.1% year-over-year, while Alaska container volume increased by 10.6% year-over-year [20][24] Market Data and Key Metrics Changes - Demand for expedited Ocean Services in the Transpacific tradelane decreased, leading to the early termination of the CCX service [10][11] - In Hawaii, domestic tourism was strong, with visitor arrivals projected to reach 90% of pre-pandemic levels in 2022 [15] - The Alaska economy is expected to benefit from increased energy-related activities due to elevated oil prices [16] Company Strategy and Development Direction - The company signed approximately $1 billion in vessel construction agreements for three new LNG-ready Aloha Class vessels, aimed at enhancing capacity and profitability [9][36] - The company is focused on maintaining a disciplined capital allocation strategy while investing for long-term growth [44] - The company aims to reduce greenhouse gas emissions from its fleet by 40% by 2030 [38] Management's Comments on Operating Environment and Future Outlook - Management expects challenging conditions in the Transpacific tradelane for the next two quarters due to lower demand and inventory adjustments by retailers [13] - The company remains confident in its ability to provide value through differentiated services despite macroeconomic uncertainties [42][48] - Management anticipates a gradual recovery in tourism and consumer spending in core markets, although risks remain due to inflation and interest rates [18] Other Important Information - The company repurchased approximately 1.1 million shares for $88.4 million during the third quarter [32] - Total debt at the end of the quarter was $538.1 million, with a prepayment of $50.4 million on outstanding principal [33] Q&A Session Summary Question: Consideration of Capacity Adjustments - Management indicated that they have already removed 25% of capacity by terminating the CCX service and believe current capacity is appropriate for market demand [54][56] Question: Customer Inventory Destocking - Management noted that customers are adjusting inventories, leading to lower cargo movement, but expect some level of cargo flow to continue [58][59] Question: Hawaii Lane Demand - Management expressed that demand in Hawaii is generally more stable due to reliance on ocean freight for daily goods, with continued strong demand expected [61][62] Question: Impact of Declining Rates - Management acknowledged that the impact of declining rates will be more pronounced in the fourth quarter, following the termination of the CCX service [65] Question: Cost Adjustments in Response to Rate Softening - Management confirmed that cost reductions are primarily focused on the elimination of the CCX service, with no significant adjustments planned for other services [69] Question: SSAT Contribution Normalization - Management expects the contribution from the SSAT joint venture to moderate due to lower volumes and congestion, but still anticipates adequate returns [73]

Third Quarter 2022 Earnings Conference Call 1 Third Quarter 2022 Earnings Conference Call November 2, 2022 Matson. Forward-Looking Statements 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 November 2, 2022. 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 1 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or other jurisdiction of incorporation or organization) 1411 Sand Island Parkway Honolulu, HI (Address of principal executive offices) For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commiss ...

Matson, Inc. (NYSE:MATX) Q2 2022 Results Conference Call August 1, 2022 4:30 PM ET Company Participants Lee Fishman - Senior Director of Investor Relations Matt Cox - Chairman & Chief Executive Officer Joel Wine - Executive Vice President & Chief Financial Officer Conference Call Participants Jack Atkins - Stephens Ben Nolan - Stifel Operator Welcome to the Matson Second Quarter 2022 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, ...