Matson Announces Fourth Quarter 2022 Preliminary Results, Provides Business Update and Announces Fourth Quarter 2022 Earnings Date

• Ocean Freight Q4 2022 operating profit is $70.0 To $80 million

• Logistics Q4 2022 operating profit is $12.0 To $13 million

• Q4 2022 net income and diluted EPS are $69.9 To $74.8 million When $1.88 To $2.01Respectively

• Year-on-year decrease in consolidated operating income China service

• Approximately 1.5 million shares to be repurchased in Q4 2022

• Fourth Quarter Results Release Date Announced February 21, 2023

Honolulu, January 18, 2023 /PRNewswire/ — Matson, Inc. (“Matson” or the “Company”) (NYSE: MATX) today announced preliminary fourth-quarter financial results, providing an update on its business and fourth-quarter results. We announce that a financial results briefing will be held. February 21, 2023.

The Chairman and CEO said: Matt Cox“Among sea transport, our China Services were down year-on-year, and transportation volumes and freight rates declined, leading to a decline in consolidated operating income. As we noted in our November earnings call, Q4 2022 and Q1 2023 are expected to see retailer inventories adjusted to consumer demand levels and ocean liners experiencing lower demand levels. We expected it to be difficult in the Trans Pacific trade lanes as we cut vessel capacity to meet the demand. Currently, the business environment remains challenging in the Trans-Pacific market as retailers continue to right-size inventories amid weakening consumer demand, rising interest rates and economic uncertainty. I’m here. As such, we expect CLX and CLX+ services in the first quarter and first half of this year to reflect lower year-over-year freight volumes, a weaker rate environment and below-normal freight demand levels. Absent an economic “hard landing” in the US, trading dynamics are expected to improve in the second half of 2023 as demand in the Trans-Pacific market shifts to more normal levels. Regardless of the economic environment, we operate two of the fastest and most reliable ocean services and, as a result, we expect to continue to earn significant rate premiums to the Shanghai Container Freight Index. ”

Cox added: Hawaii, Alaska When Guam Year-over-year basis.year-on-year decrease Hawaii Sales were primarily driven by lower retail and hospitality-related demand compared to higher pandemic levels in the same period last year. The Logistics segment’s operating profit declined year-on-year, primarily due to lower contributions from supply he chain management coinciding with lower demand in the Trans-Pacific Trade Lane. As a result, Matson expects operating profit for the Ocean Freight segment in the fourth quarter to be: $70.0 To $80 million Logistics operating profit $12.0 To $13 millionIn addition, net income and diluted EPS for the fourth quarter of 2022 are: $69.9 To $74.8 million When $1.88 To $2.01, Respectively. “

Fourth Quarter Tradelane Volume (40 Foot Equivalent Units (FEU)) (1)(2):

3 months after December 31, 2022 For the three months ended December 31, 2021 and compared to FEU basis:

• Hawaii Container volume decreased 13.0%, mainly due to lower retail and hospitality demand and a shorter week.

• Alaska Quantities are mainly due to (i) a decrease in northbound volume, mainly due to one less voyage and one less week, and (ii) a decrease in southbound volume, mainly due to a decrease in domestic fish volume and one week decrease. It decreased by 7.7% due to the decrease in volume of travel. Alaska Asia Express (“AAX”);

• China Volume decreased 47.2% due to (i) lower demand for CLX and CLX+ services, (ii) retirement of CCX services in Q3 2022, and (iii) one less week.

• Guam Volume decreased by 14.0%, mainly due to lower retail demand.When

• Other container volumes decreased by 10.7%.

______________

⁽¹⁾ Approximate amounts included in periods are based on voyage departure dates, but revenues and operating income reflect the percentage of revenues and operating income generated during the reporting period for transit voyages at the end of each reporting period. is adjusted to

⁽²⁾ Other containers include containers from various island services Micronesia and the South Pacific, and Okinawa, Japan.

Liquidity, Debt and Share Buybacks

Matson’s current cash and cash equivalents December 31, 2022 was approximately $250 millionwhich excludes $518.2 million Cash deposits within the Capital Construction Fund.Total current debt December 31, 2022 was $517.5 million.

In the fourth quarter of 2022, Matson will repurchase approximately 1.5 million shares for a total cost of $101.9 million. Current December 31, 2022the Company had approximately 1.5 million shares remaining in its share repurchase program.

The slide presentation accompanying this press release is available from Investors on our website, www.matson.com.

conference calls and webcasts

A conference call is scheduled for February 21, 2023. 4:30 PM ET when Matt CoxChairman and Chief Executive Officer, and Joel WineExecutive Vice President and Chief Financial Officer, discusses Matson’s fourth quarter results.

The conference call will be broadcast live with additional slide presentations on our website www.matson.com under Investors.

Participants can register for the conference call:

https://register.vevent.com/register/BIfcad646d67d34b738acd1592c030b6bc

Registered attendees will receive a conference call dial-in number and a unique PIN code to access the live event. Although not required, it is recommended that you arrive 10 minutes before his event start time.A replay of the conference call will be available approximately two hours after the event on www.matson.com.[Investors]Available by visiting the webcast link below.

About the company

Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services.Matson provides critical lifeline to domestic non-adjacent economy Hawaii, AlaskaWhen Guam, and to other island nations of Micronesia. Matson also China To long beach, californiaprovide services Okinawa, Japan and operates international export services from various islands in the South Pacific. Dutch Harbor to Asia. The Company’s owned and chartered vessels include container ships, combination containers, roll-on/roll-off vessels, and custom-designed barges. Founded in 1987, Matson Logistics expands the geographic reach of his Matson transportation network throughout North America. Its integrated asset-light logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, Asia Supply Chain Services, and Transfers to Alaska. Additional information about the company is available at www.matson.com.

Forward-Looking Statements

Statements in this news release, which are not statements of historical fact, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding operating and financial results, volume and freight levels, retailer inventory including, but not limited to, descriptions of , consumer demand levels, vessel capacity, interest rates, economic uncertainty, trade dynamics, transpacific market business conditions, rate environment, and Matson’s rate premium to the Shanghai Containerized Freight Index. These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those envisioned by the related forward-looking statements. This includes, but is not limited to, the risks and uncertainties associated with the Jones Act or any repeal, substantial amendment or waiver thereof.Application or our failure to maintain our status America Citizens under the Jones Act. Changes in macroeconomic conditions, geopolitical developments, or government policies, including due to the COVID-19 pandemic.Our Ability to Provide Differentiated Services China If the customer is willing to pay a large premium. new or increased competition or improvement in the service levels of our competitors; Changes to Customer, Agent, Vendor and Partner Relationships and Related Agreements. fuel prices, our ability to collect fuel-related surcharges, and/or the cost or limited availability of fuel required; Changing stakeholder expectations related to environmental, social and governance issues. Timely or successful completion of fleet upgrade initiatives. the occurrence of other physical and operational risks, including those resulting from severe weather, natural disasters, marine accidents, spills and climate change; Transition risks and other risks arising from climate change. The magnitude and timing of the impact of public health crises, including COVID-19. Significant operating agreements and leases that may not be replaced on favorable terms. Unexpected drydock or repair costs. joint venture relationships; operating in foreign shipping markets, including imposing tariffs or changing international trade policies; delays or cost overruns associated with terminal modernization; war, terrorist attacks, or other acts of violence; Completion and Consolidation of Acquisitions. Union Relations; Satisfactory Negotiation and Renewal of Expired Collective Bargaining Agreements Without Significant Interruption to Matson’s Operations. loss of key personnel or failure to properly manage human capital; Use of our information technology and communication systems and cyber security attacks. changes in our credit profile and future financial performance; our ability to obtain future debt financing; Continuation of Title XI and CCF programs. The costs and responsibilities of complying with numerous safety, environmental, and other laws and regulations. Disputes, legal and other proceedings, government investigations or investigations. These forward-looking statements are not guarantees of future performance. This release should be read in conjunction with the quarterly report on Form 10-Q for the closed quarter. September 30, 2022 In addition, other documents filed with the SEC prior to the date of this release identify important factors that may affect the forward-looking statements in this release. We undertake no obligation to update any forward-looking statements.

View original content and download multimedia: https://www.prnewswire.com/news-releases/matson-announces-preliminary-4q22-results-provides-business-update-and-announces-4q22-earnings- call-date-301725151.html

Source Matson, Inc.