1 Matson 概述 Matson, Inc. 业务概览财务概览 • 领先的海运和物流服务提供商 • 为 夏威夷、阿拉斯加和关岛提供重要的海运服务生命线 • 运营从中国到美国的优质加急服务 西海岸 — 最快的过境和货运供应为中国创造了有竞争力的 优势和溢价服务 • Logistics 的业务线补充了海运服务并带动 高投资回报率机会 投资亮点 • 强劲 我们的每条核心远洋贸易航道都具有竞争优势的市场地位 • 在过去两年中，随着新的海运服务的增加 ，实现了显著的有机增长 • 资本成本低的投资级资产负债表 • 多元化的现金流流 • 专注于投资回报的管理团队；在过去两年中， 股东获得了可观的资本回报 NYSE：MATX 市值约31亿美元 (a) (1) 包括290万美元或摊薄每股0.07美元的非现金税收优惠，该优惠与离散调整有关，这是应用 的结果《减税和就业法》的规定。 (2) 有关GAAP与非公认会计准则财务指标的对账情况，请参阅附录。 (3) LTM每股收益，根据LTM期内已发行股票的摊薄后平均值进行摊薄。 (4) GAAP要求在递延贷款费用减免之前列报的债务总额。 本演示文稿中陈述预期或预测的陈述基于截至2023年9月26日我们所知道的事实和情况。本演示文稿中的陈述并不能保证 未来的表现。我们不承担任何更新前瞻性陈述的义务。 (a) 基于2023年9月25日的股价为88.68美元，截至2023年6月30日的已发行基本股为3530万股。 （百万美元，每股收益除外）2019 2021 2022 年收入 2,203 2,383 美元 3,3925 美元 4,343 美元 3,395 营业收入 129 280 1,188 1,354 563 净收入 83 193 927 1,064 459 息税折旧摊销前利润 (2) 264 424 1,350 1,526 736 每股收益，摊薄 (3) 1.84 美元 4.44 美元 21.47 美元 27.07 美元运营现金流 249 430 984 美元 1,272 美元 827 美元投资回报率 (2) 11% 22% 71% 54% 21% ROIC (2) 6% 12% 47% 42% 17% 资本回报： 股息 37 美元 39 美元 46 美元 48 美元 45 美元股票回购——200 397 275 总资本回报率 37 美元 246 45 320 美元债务总额 (4) 958 美元 60 629 518 462 美元现金及现金等价物 (21) (14) (282) (250) (122) 净负债 (2) 937 746 347 美元 268 美元 340 美元债务总额/息税折旧摊销前利润 3.63 x 1.79 x 0.47 x 0.34 x 0.63 x 截至12月31日的年度，LTM 23年第二季度 (1) (1)

2 Matson 概述 Matson Today：连接太平洋

3 Matson Overview Appendix – Non-GAAP Measures 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 service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest Expense, Interest Income, Income Taxes, Depreciation and Amortization (“EBITDA”), Net Debt, Return on Invested Capital (“ROIC”) and Return on Equity (“ROE”). For the years ended December 31, ($ in millions, except ROIC and ROE) 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Total debt (6) $ 462.4 $ 517.5 $ 629.0 $ 760.1 $ 958.4 $ 856.4 $ 857.1 $ 738.9 $ 429.9 $ 373.6 $ 286.1 $ 319.1 Less: total cash and cash equivalents (122.0) (249.8) (282.4) (14.4) (21.2) (19.6) (19.8) (13.9) (25.5) (293.4) (114.5) (19.9) Net debt 340.4 267.7 346.6 745.7 937.2 836.8 837.3 725.0 404.4 80.2 171.6 299.2 Net income $ 458.8 $ 1,063.9 $ 927.4 $ 193.1 $ 82.7 $ 109.0 $ 231.0 $ 81.4 $ 103.0 $ 70.8 $ 53.7 $ 45.9 Add: loss from discontinued operations - - - - - - - - - - - 6.1 Add: income tax expense 121.8 288.4 243.9 65.9 25.1 38.7 (105.8) 49.1 74.8 51.9 32.2 33.0 Add: interest expense 16.1 18.0 22.6 27.4 22.5 18.7 24.2 24.1 18.5 17.3 14.4 11.7 Subtract: interest income (25.1) (8.2) - - - - - - - - - - Add: depreciation and amortization 164.4 164.1 156.4 137.3 134.0 130.9 146.6 135.4 105.8 90.1 91.0 95.4 EBITDA 736.0 1,526.2 1,350.3 423.7 264.3 297.3 296.0 290.0 302.1 230.1 191.3 192.1 Net income (A) $ 458.8 $ 1,063.9 $ 927.4 $ 193.1 $ 82.7 $ 109.0 $ 231.0 $ 81.4 $ 103.0 $ 70.8 $ 53.7 $ 45.9 Add: loss from discontinued operations - - - - - - - - - - - 6.1 Subtract: interest income (tax-effected) (4) (19.5) (6.5) - - - - - - - - - - Add: interest expense (tax-effected) (4) 12.6 14.2 17.9 20.4 16.7 14.2 14.9 15.1 10.7 10.0 9.0 7.2 Total return (B) 451.9 1,071.6 945.3 213.5 99.4 123.2 245.9 96.5 113.7 80.8 62.7 59.2 Average total debt (6) $ 529.5 $ 573.3 $ 694.6 $ 859.3 $ 907.4 $ 856.8 $ 798.0 $ 584.4 $ 401.8 $ 329.9 $ 302.6 $ 319.1 Average shareholders' equity (C) 2,211.8 1,982.2 1,314.3 883.5 780.5 716.3 586.1 472.8 407.1 351.0 309.1 279.9 Total invested capital (D) 2,741.3 2,555.5 2,008.9 1,742.8 1,687.9 1,573.1 1,384.1 1,057.2 808.9 680.9 611.7 599.0 ROIC = (B)/(D) 16.5% 41.9% 47.1% 12.3% 5.9% 7.8% 17.8% 9.1% 14.1% 11.9% 10.3% 9.9% ROE = (A)/(C) 20.7% 53.7% 70.6% 21.9% 10.6% 15.2% 39.4% 17.2% 25.3% 20.2% 17.4% 16.4% (6) Total debt is presented before any reduction for deferred loan fees as required by U.S. GAAP. (5) The 2012 calculation is based on total invested capital as of December 31, 2012 due to the timing of the separation from Alexander & Baldwin. LTM as of 06/30/23 (1) Includes a non-cash tax benefit of $2.9 million related to discrete adjustments as a result of applying the provisions of the Tax Cuts and Jobs Act (the "Tax Act"). (2) Includes a non-cash tax expense of $2.9 million related to discrete adjustments as a result of applying the provisions of the Tax Act. (3) Includes the benefit of a one-time, non-cash adjustment of $154.0 million related to the enactment of the Tax Act. (4) The effective tax rates each year in the period 2012-2022 and LTM 2Q23 were 38.8%, 37.5%, 42.3%, 42.1%, 37.6%, (84.5%), 26.2%, 23.3%, 25.4%, 20.8%, 21.3% and 21.0%, respectively. The effective tax rates for 2017, 2018 and 2019 excluding adjustments related to the Tax Act, would have been 38.5%, 24.2% and 26.0%, respectively. (2) (3) (2) (3) (5) (5) (5) (1) (1)