4Q 2025 Earnings Conference Call February 24, 2026

2 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 February 24, 2026. 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 28-40 of our Form 10-Q filed on November 5, 2025 and other subsequent filings by Matson with the SEC. Statements made during this presentation are not guarantees of future performance. We do not undertake any obligation to update our forward-looking statements. 4Q 2025 Earnings Conference Call Forward-Looking Statements

3 • Matson had a solid finish to the year with consolidated 4Q25 results that exceeded our expectations • Ocean Transportation ─ 4Q25 operating income approached the level achieved in the prior year period ▪ Primarily due to higher than expected freight rates and volume in our China service driven by strong e-commerce and e-goods demand ─ Our China service benefited from strong freight demand in our key customer segments as well as a more stable trading environment in the Transpacific tradelane ▪ The U.S.-China trade and economic deal announced on October 30, 2025 reduced uncertainty regarding tariffs, port entry fees, global trade and other geopolitical factors ─ Our domestic ocean tradelanes saw higher YoY volumes in Hawaii and Guam and lower YoY volume in Alaska • Logistics 4Q25 operating income decreased YoY primarily due to a lower contribution from supply chain management • Full year 2025 consolidated operating income decreased YoY ─ Primarily due to lower volume and freight rates in our China service over the last three quarters as customers managed freight in a challenging environment marked by uncertainty and volatility arising from tariffs and global trade • For full year 2026, we expect consolidated operating income to approach the level achieved in full year 2025 ─ We also expect to see a more normal operating income seasonality pattern 4Q 2025 Earnings Conference Call Opening Remarks

4 24,000 26,000 28,000 30,000 32,000 34,000 36,000 38,000 40,000 Q1 Q2 Q3 Q4 2024 2025 4Q 2025 Earnings Conference Call • Container volume increased 0.6% YoY primarily due to higher general demand • Expect volume to be comparable to the level achieved in 2025 reflecting: ─ Similar economic conditions as 2025 ─ Stable market share Hawaii Service 4Q25 Performance Container Volume (FEU Basis) Full Year 2026 Outlook Full Year 2025 Performance • Container volume increased 1.6% YoY primarily due to higher general demand and the dry-docking of a competitor’s vessel in 1H2025

0 100 200 300 400 500 600 700 800 900 1,000 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Unemployment Rate Visitor Arrivals (‘000s) Unemployment Rate and Visitor Arrivals by Air Hawaii Unemployment Rate (not seasonally adjusted) Hawaii Visitor Arrivals by Air Maui Visitor Arrivals by Air 5 Hawaii Service − Current Business Trends 4Q 2025 Earnings Conference Call • According to UHERO, the Hawaii economy remains sluggish ─ Softer tourism ▪ Visitor arrivals expected to decline in 2026 before recovering 2027 ─ Ongoing inflationary pressures, including elevated interest rates ─ Strength in construction activity 2025P 2026P 2027P Real GDP 2.0% 0.0% 1.3% Construction Jobs Growth 3.1% 1.2% (0.1)% Population Growth 0.0% (0.1)% (0.1)% Unemployment Rate 2.8% 3.0% 3.0% Visitor Arrivals (‘000s) % change 9,648.9 (0.6)% 9,523.5 (1.3)% 9,723.4 2.1% Select Hawaii Economic Indicators UHERO Projections(3) Commentary (1) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2025-12-state.xlsx (2) Source: https://files.hawaii.gov/dbedt/economic/data_reports/mei/2025-12-maui.xlsx (3) Source: https://uhero.hawaii.edu/wp-content/uploads/2025/12/UHEROForecastForTheStateOfHawaii25Q4.pdf (1) (1) (2)

6 China Service 4Q 2025 Earnings Conference Call • Container volume decreased 7.2% YoY 4Q25 Performance Container Volume(1) (FEU Basis) 8,000 13,000 18,000 23,000 28,000 33,000 38,000 43,000 Q1 Q2 Q3 Q4 2024 2025 (1) Includes containers from China and other Asia origins. Full Year 2025 Performance • Container volume decreased 9.5% YoY ─ Primarily due to the difficult trading environment in the Transpacific in the last three quarters of 2025 marked by continued uncertainty and volatility arising from tariffs and global trade

8 • For the full year 2026, we expect volume to be modestly higher than the level achieved in 2025 based on: ─ Continued solid U.S. consumer demand ─ Stable trading environment in the Transpacific tradelane ─ We expect to see a return to a more normal seasonality pattern with 2Q26 and 3Q26 being the strongest relative to 1Q26 and 4Q26 • The premium rates in our China service are reflective of our unique value proposition relative to air freight and the consistency and reliability of our CLX and MAX services ─ CLX and MAX are the fastest and second-fastest ocean services from Shanghai to Long Beach • We remain focused on expanding our network in Southeast Asia • We continue to believe the maximum tariff uncertainty is behind us with continued cooperation between the U.S. and China 4Q 2025 Earnings Conference Call China Service − Current Business Trends (continued)

9 Guam Service 4Q 2025 Earnings Conference Call • Container volume increased 4.4% YoY primarily due to higher general demand • Expect Guam’s economy to moderate reflecting a challenging tourism environment • Expect volume to be comparable to the level achieved last year 4Q25 Performance Container Volume (FEU Basis) 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 Q1 Q2 Q3 Q4 2024 2025 Full Year 2026 Outlook Full Year 2025 Performance • Container volume decreased 4.3% YoY primarily due to lower general demand

10 Alaska Service 4Q 2025 Earnings Conference Call • Container volume decreased 3.3% YoY primarily due to: ─ One less northbound sailing compared to the year ago period ─ Partially offset by higher export seafood volume on AAX 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 Q1 Q2 Q3 Q4 2024 2025 • Expect continued economic growth supported by a low unemployment rate, jobs growth and continued oil and gas exploration and production activity • Expect volume to be comparable to the level achieved last year 4Q25 Performance Container Volume (FEU Basis) Full Year 2026 Outlook Full Year 2025 Performance • Container volume increased 1.7% YoY primarily due to: ─ Higher export seafood volume on AAX ─ Partially offset by one less northbound sailing compared to the year ago period

12 SSAT Joint Venture 4Q 2025 Earnings Conference Call • Terminal joint venture contribution was $9.3 million; YoY increase of $18.8 million ─ Primarily due to an impairment charge related to the write-down of a terminal operating lease asset at SSAT which impacted our 4Q24 operating income by $18.4 million ($15.0) ($10.0) ($5.0) $0.0 $5.0 $10.0 $15.0 Q1 Q2 Q3 Q4 2024 2025 4Q25 Performance Equity in Income of JV ($ in millions) • Expect the contribution from SSAT to be comparable to the $32.5 million achieved in 2025 Full Year 2026 Outlook Full Year 2025 Performance • Terminal joint venture contribution was $32.5 million; YoY increase of $33.5 million ─ Primarily due to the 4Q24 impairment charge noted above and higher lift volume

13 Matson Logistics 4Q 2025 Earnings Conference Call • Operating income of $7.7 million; YoY decrease of $2.4 million ─ Primarily due to a lower contribution from supply chain management $0.0 $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0 $16.0 $18.0 Q1 Q2 Q3 Q4 2024 2025 • Expect operating income to approach the level achieved in 2025 4Q25 Performance Operating Income ($ in millions) Full Year 2026 Outlook Full Year 2025 Performance • Operating income of $44.2 million; YoY decrease of $6.2 million ─ Primarily due to lower contributions from freight forwarding and transportation brokerage

14 4Q 2025 Earnings Conference Call Financial Results − Summary Income Statement (1) 4Q24 total operating income, net income and diluted EPS included an impairment charge related to the write-down of a terminal asset at SSAT, which impacted 4Q24 total operating income, net income and diluted EPS by $18.4 million, $14.0 million and $0.42 per share, respectively. For the full year 2024, the impairment charge impacted total operating income, net income and diluted EPS by $18.4 million, $14.0 million and $0.41 per share, respectively. (2) 4Q25 benefited from a one-time tax adjustment of $18.5 million related to the Company’s deferred tax assets and liabilities. Diluted EPS for 4Q25 and full year 2025 was impacted by $0.59 per share and $0.57 per share, respectively. See the Appendix for a reconciliation of GAAP to non-GAAP Financial Metrics. Year-to-Date Fourth Quarter YTD Ended 12/31 Δ Quarter Ended 12/31 Δ ($ in millions, except per share data) 2025 2024 $ % 2025 2024 $ % Revenue Ocean Transportation $2,735.5 $2,809.7 ($74.2) (2.6)% $704.2 $742.1 ($37.9) (5.1)% Logistics 609.0 612.1 (3.1) (0.5)% 147.7 148.2 (0.5) (0.3)% Total Revenue $3,344.5 $3,421.8 ($77.3) (2.3)% $851.9 $890.3 ($38.4) (4.3)% Operating Income Ocean Transportation(1) $455.6 $500.9 ($45.3) (9.0)% $136.0 $137.4 ($1.4) (1.0)% Logistics 44.2 50.4 (6.2) (12.3)% 7.7 10.1 (2.4) (23.8)% Total Operating Income(1) $499.8 $551.3 ($51.5) (9.3)% $143.7 $147.5 ($3.8) (2.6)% Interest income 31.7 48.3 (16.6) (34.4)% 6.7 10.3 (3.6) (35.0)% Interest expense (6.8) (7.5) 0.7 (9.3)% (1.6) (1.4) (0.2) 14.3% Other income (expense), net 9.1 7.3 1.8 24.7% 2.2 1.8 0.4 22.2% Income taxes(2) (89.0) (123.0) 34.0 (27.6)% (7.9) (30.2) 22.3 (73.8)% Net Income(1)(2) $444.8 $476.4 ($31.6) (6.6)% $143.1 $128.0 $15.1 11.8% 32.2 34.2 (2.0) (5.8)% 31.1 33.7 (2.6) (7.7)% GAAP EPS, diluted(1)(2) $13.81 $13.93 ($0.12) (0.9)% $4.60 $3.80 $0.80 21.1% $195.8 $180.3 $15.5 8.6% $51.2 $45.9 $5.3 11.5% EBITDA $704.7 $738.9 ($34.2) (4.6)% $197.1 $195.2 $1.9 1.0% Depreciation and Amortization (incl. dry-dock amortization) Weighted Average Number of Shares Outstanding (diluted)