Matson, Inc.

Previous wording

The Company, from time to time, may make or may have made certain forward-looking statements, whether orally or in writing, such as, among others, forecasts or projections of the Company’s future performance or statements of management’s plans and objectives. These statements are considered “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be contained in, among other things, Securities and Exchange Commission (“SEC”) filings such as Forms 10-K, 10-Q and 8-K, the Company’s Annual Report to Shareholders, the Company’s Sustainability Report, press releases made by the Company, the Company’s Internet websites (including websites of its subsidiaries), and oral statements made by officers of the Company. Except for historical information contained in these written or oral communications, all other statements are forward-looking statements. These include, for example, all references to 2026 or future years, including such references included under “Second Quarter 2026 Discussion and Outlook for 2026,” as well as statements generally identified through the inclusion of words such as “anticipate,” “believe,” “can,” “commit,” “estimate,” “expect,” “focus,” “goal,” “hope,” “intend,” “may,” “plan,” “seek,” “should,” “target,” and “will,” or similar statements or variations of such terms and other similar expressions. New risks or uncertainties may emerge from time to time, risks that the Company currently does not consider to be material could become material, and it is not possible for the Company to predict all such risks, nor can it assess the impact of all such risks on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements cannot be relied upon as a guarantee of future results or outcomes and involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those projected in the statements, including but not limited to the factors that are described in Part II, Item 1A under the caption “Risk Factors” of the Company’s Form 10-K for the year ended December 31, 2025. Except as required by law, the Company undertakes no obligation to revise or update publicly forward-looking statements or any factors that may affect actual results, whether as a result of new information, future events, circumstances occurring after the date of this report, or otherwise.

Current wording

The Company, from time to time, may make or may have made certain forward-looking statements, whether orally or in writing, such as, among others, forecasts or projections of the Company’s future performance or statements of management’s plans and objectives. These statements are considered “forward-looking” statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be contained in, among other things, Securities and Exchange Commission (“SEC”) filings such as Forms 10-K, 10-Q and 8-K, the Company’s Annual Report to Shareholders, the Company’s Sustainability Report, press releases made by the Company, the Company’s Internet websites (including websites of its subsidiaries), and oral statements made by officers of the Company. Except for historical information contained in these written or oral communications, all other statements are forward-looking statements. These include, for example, all references to 2026 or future years, including such references included under “Third Quarter 2026 Discussion and Outlook for 2026,” as well as statements generally identified through the inclusion of words such as “anticipate,” “believe,” “can,” “commit,” “estimate,” “expect,” “focus,” “goal,” “hope,” “intend,” “may,” “plan,” “seek,” “should,” “target,” and “will,” or similar statements or variations of such terms and other similar expressions. New risks or uncertainties may emerge from time to time, risks that the Company currently does not consider to be material could become material, and it is not possible for the Company to predict all such risks, nor can it assess the impact of all such risks on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results or outcomes, or the timing of results or outcomes, to differ materially from those contained in any forward-looking statements. Accordingly, forward-looking statements cannot be relied upon as a guarantee of future results or outcomes and involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those projected in the statements, including but not limited to the factors that are described in Part II, Item 1A under the caption “Risk Factors” below. Except as required by law, the Company undertakes no obligation to revise or update publicly forward-looking statements or any factors that may affect actual results, whether as a result of new information, future events, circumstances occurring after the date of this report, or otherwise.

Previous wording

SECOND** QUARTER 2026 DISCUSSION AND OUTLOOK FOR 2026**

Current wording

THIRD** QUARTER 2026 DISCUSSION AND OUTLOOK FOR 2026**

Previous wording

Ocean Transportation: The Company’s container volume in the Hawaii service in the second quarter 2026 was 1.1 percent lower year-over-year primarily due to lower general demand. Hawaii’s economy remains stable, supported by strong construction activity and modest growth in tourist arrivals, but continues to face headwinds from higher energy-related inflation. The Company expects volume in full year 2026 to approach the level achieved in 2025, based on the Company’s expectation of similar economic conditions and stable market share.

Current wording

Ocean Transportation: The Company’s container volume in the Hawaii service in the third quarter 2026 was 0.3 percent lower year-over-year primarily due to lower general demand. Hawaii’s economy has slowed as continued strength in construction has been offset by softer tourism and higher energy-related inflation. The Company expects volume in full year 2026 to be modestly lower than the level achieved in 2025, based on the Company’s expectation of similar economic conditions and stable market share.

Previous wording

In the Guam service, the Company’s container volume in the second quarter 2026 increased 4.4 percent year-over-year. In the near term, the Company expects Guam’s economy to remain stable. For full year 2026, the Company expects volume to be comparable to the level achieved last year.

Current wording

In the Guam service, the Company’s container volume in the third quarter 2026 increased 4.3 percent year-over-year. In the near term, the Company expects Guam’s economy to remain stable. For full year 2026, the Company expects volume to be modestly higher than the level achieved last year.

Previous wording

In the Alaska service, the Company’s container volume in the second quarter 2026 decreased 2.3 percent year-over-year primarily due to lower export seafood volume on AAX, partially offset by one additional northbound sailing. In the near term, the Company expects Alaska’s economy to remain stable supported by a low unemployment rate, steady job market and continued oil and gas exploration and production activity. For full year 2026, the Company expects volume to approach the level achieved last year.

Current wording

In the Alaska service, the Company’s container volume in the third quarter 2026 decreased 4.8 percent year-over-year primarily due to lower southbound seafood volume and an additional northbound sailing in the year ago period. In the near term, the Company expects Alaska’s economy to remain stable supported by a low unemployment rate, steady job market and continued oil and gas exploration and production activity. For full year 2026, the Company expects volume to be modestly lower than the level achieved last year.

Previous wording

The contribution from the Company’s SSAT joint venture investment was $4.8 million in the second quarter 2026, or $2.5 million lower than second quarter 2025. The decrease was primarily due to lower lift volume and higher operating expenses. For full year 2026, the Company expects the contribution from SSAT to be lower than the $32.5 million achieved in full year 2025.

Current wording

The contribution from the Company’s SSAT joint venture investment was $7.4 million in the third quarter 2026, or $1.9 million lower than third quarter 2025. The decrease was primarily due to lower lift volume. For full year 2026, the Company expects the contribution from SSAT to be lower than the $32.5 million achieved in full year 2025.

Previous wording

Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the third quarter 2026 to be approximately 45 percent higher than the $147.4 million achieved in the third quarter 2025. The Company also expects Ocean Transportation operating income in the fourth quarter 2026 to be modestly lower than the $136.0 million achieved in the fourth quarter 2025. For full year 2026, the Company expects Ocean Transportation operating income to be higher than the $455.6 million achieved in full year 2025.

Current wording

Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the fourth quarter 2026 to be approximately 50 percent higher than the $136.0 million achieved in the fourth quarter 2025.

Previous wording

Logistics: Operating income for the Company’s Logistics segment was $14.9 million in the second quarter 2026, or $0.5 million higher compared to the level achieved in the second quarter 2025. The increase was primarily due to higher contributions from freight forwarding and transportation brokerage, partially offset by a lower contribution from warehousing. For the third and fourth quarters 2026, the Company expects Logistics operating income to be modestly higher than the $13.6 million and $7.7 million achieved in the third and fourth quarters 2025, respectively. For full year 2026, the Company expects Logistics operating income to be higher than the $44.2 million achieved in full year 2025.

Current wording

Logistics: Operating income for the Company’s Logistics segment was $16.1 million in the third quarter 2026, or $2.5 million higher compared to the level achieved in the third quarter 2025. The increase was primarily due to higher contributions from transportation brokerage and freight forwarding, partially offset by a lower contribution from warehousing. For the fourth quarter 2026, the Company expects Logistics operating income to be modestly higher than the $7.7 million achieved in the fourth quarter 2025.

Previous wording

Consolidated Operating Income: To date, the Iran conflict has not impacted the Company’s operating performance or service levels; however, it has impacted fuel prices in all of the Company’s markets. The Company continues to expect to fully recover fuel costs by the end of the year. For the third quarter 2026, the Company expects consolidated operating income to be approximately 45 percent higher than the level achieved in the third quarter 2025. For full year 2026, the Company expects consolidated operating income to be higher than the level achieved in full year 2025 based on the Company’s expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.

Current wording

Consolidated Operating Income: For the fourth quarter 2026, the Company expects consolidated operating income to be approximately 50 percent higher than the $143.7 million achieved in the fourth quarter 2025.

Previous wording

*Interest Income:*The Company expects interest income for the full year 2026 to be approximately $18 million.

Current wording

*Interest Income:*The Company expects interest income for the full year 2026 to be approximately $20 million.

Previous wording

*Other Income (Expense), Net:*The Company expects full year 2026 other income (expense), net to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans.

Current wording

*Other Income (Expense), Net:*The Company expects full year 2026 other income (expense), net to be approximately $10 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans.

Previous wording

Income Taxes: For the second quarter 2026, the Company’s effective tax rate was 21.0 percent. For the full year 2026, the Company expects its effective tax rate to be approximately 21.0 percent.

Current wording

Income Taxes: For the third quarter 2026, the Company’s effective tax rate was 20.5 percent. For the fourth quarter 2026, the Company expects its effective tax rate to be approximately 20.0 percent compared to last year’s 5.2 percent, which benefited from a one-time tax adjustment of $18.5 million, or $0.59 per share, related to the Company’s deferred tax assets and liabilities.

Previous wording

Capital and Vessel Dry-docking Expenditures: For the second quarter 2026, the Company made capital expenditure payments excluding vessel construction expenditures of $25.4 million, vessel construction expenditures (including capitalized interest and owner’s items) of $181.8 million, and dry-docking payments of $12.7 million. For the full year 2026, the Company expects to make capital expenditure payments, including maintenance capital expenditures, of approximately $150 to $170 million, vessel construction expenditures (including capitalized interest and owner’s items) of approximately $400 million, and dry-docking payments of approximately $45 million.

Current wording

Capital and Vessel Dry-docking Expenditures: For the third quarter 2026, the Company made capital expenditure payments excluding vessel construction expenditures of $41.8 million, vessel construction expenditures (including capitalized interest and owner’s items) of $52.5 million, and dry-docking payments of $15.9 million. For the full year 2026, the Company expects to make capital expenditure payments, including maintenance capital expenditures, of approximately $130 million, vessel construction expenditures (including capitalized interest and owner’s items) of approximately $375 million, and dry-docking payments of approximately $45 million.

Previous wording

Consolidated Operating Revenues for the three months ended June 30, 2026 increased by $138.9 million, or 16.7 percent, compared to the three months ended June 30, 2025. Theincrease was due to an increase in Ocean Transportation revenue of $91.8 million and an increase in Logistics revenue of $47.1 million.

Current wording

Consolidated Operating Revenues for the three months ended September 30, 2026 increased by $233.4 million, or 26.5 percent, compared to the three months ended September 30, 2025. Theincrease was due to an increase in Ocean Transportation revenue of $173.0 million and an increase in Logistics revenue of $60.4 million.

Previous wording

Operating Costs and Expenses for the three months ended June 30, 2026 increased by $93.0 million, or 13.0 percent, compared to the three months ended June 30, 2025. The increase was due to an increase in Ocean Transportation operating costs and expenses of $46.4 million and an increase in Logistics operating costs and expenses of $46.6 million.

Current wording

Operating Costs and Expenses for the three months ended September 30, 2026 increased by $139.2 million, or 19.4 percent, compared to the three months ended September 30, 2025. The increase was due to an increase in Ocean Transportation operating costs and expenses of $81.3 million and an increase in Logistics operating costs and expenses of $57.9 million.

Previous wording

Interest Income was $5.0 million for the three months ended June 30, 2026, compared to $8.0 million for the three months ended June 30, 2025. The decrease in interest income for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was due to lower amounts of cash and cash equivalents, and CCF funds that were invested in interest bearing accounts during the three months ended June 30, 2026.

Current wording

Interest Income was $5.1 million for the three months ended September 30, 2026, compared to $7.6 million for the three months ended September 30, 2025. The decrease in interest income for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, was due to lower amounts of cash and cash equivalents, and CCF funds that were invested in interest bearing accounts during the three months ended September 30, 2026.

Previous wording

Interest Expense, Net was $1.6 million for the three months ended June 30, 2026, compared to $1.7 million for the three months ended June 30, 2025. Interest expense, net incurred during the quarter ended June 30, 2026 was lower due to a reduction in outstanding debt during the period, which was offset by a reduction in capitalized interest related to the construction of three new vessels for the three months ended June 30, 2026, compared to the three months ended June 30, 2025.

Current wording

Interest Expense, Net was $1.6 million for the three months ended September 30, 2026, compared to $1.8 million for the three months ended September 30, 2025. Interest expense, net incurred during the quarter ended September 30, 2026 was lower due to a reduction in outstanding debt during the period, and was offset by capitalized interest related to the construction of three new vessels for the three months ended September 30, 2026, compared to the three months ended September 30, 2025.

Previous wording

Other Income (Expense), Net was $1.6 million for the three months ended June 30, 2026, compared to $2.4 million for the three months ended June 30, 2025. Other income (expense), net relates to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans. The decrease in other income (expense), net was due to a decrease in the amortization of favorable adjustments related to the Company’s pension and post-retirement plan liabilities.

Current wording

Other Income (Expense), Net was $4.6 million for the three months ended September 30, 2026, compared to $2.1 million for the three months ended September 30, 2025. Other income (expense), net relates to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans. The increase in other income (expense), net was due to favorable adjustments recorded during the period related to the Company’s pension and post-retirement plan liabilities.

Previous wording

Income Taxes were $34.5 million, or 21.0 percent of income before taxes, for the three months ended June 30, 2026, compared to $27.0 million, or 22.2 percent of income before taxes, for the three months ended June 30, 2025. The effective tax rate for the three months ended June 30, 2026 benefited from higher discrete tax adjustments that lowered the effective tax rate for that period, compared to the same prior year period.

Current wording

Income Taxes were $53.9 million, or 20.5 percent of income before taxes, for the three months ended September 30, 2026, compared to $34.2 million, or 20.2 percent of income before taxes, for the three months ended September 30, 2025. The effective tax rates for the three months ended September 30, 2026 and September 30, 2025 benefited from discrete tax adjustments that lowered the effective tax rates for those periods.

Previous wording

Consolidated Operating Revenues for the six months ended June 30, 2026 increased by $114.7 million, or 7.1 percent, compared to the six months ended June 30, 2025. Theincrease was due to an increase in Ocean Transportation revenue of $60.9 million and an increase in Logistics revenue of $53.8 million.

Current wording

Consolidated Operating Revenues for the nine months ended September 30, 2026 increased by $348.1 million, or 14.0 percent, compared to the nine months ended September 30, 2025. Theincrease was due to an increase in Ocean Transportation revenue of $233.9 million and an increase in Logistics revenue of $114.2 million.

Previous wording

Operating Costs and Expenses for the six months ended June 30, 2026 increased by $89.5 million, or 6.3 percent, compared to the six months ended June 30, 2025. The increase was due to an increase in Ocean Transportation operating costs and expenses of $34.5 million and an increase in Logistics operating costs and expenses of $55.0 million.

Current wording

Operating Costs and Expenses for the nine months ended September 30, 2026 increased by $228.7 million, or 10.7 percent, compared to the nine months ended September 30, 2025. The increase was due to an increase in Ocean Transportation operating costs and expenses of $115.8 million and an increase in Logistics operating costs and expenses of $112.9 million.

Previous wording

Interest Income was $11.1 million for the six months ended June 30, 2026, compared to $17.4 million for the six months ended June 30, 2025. The decrease in interest income for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was due to lower amounts of cash and cash equivalents, and CCF funds that were invested in interest bearing accounts during the six months ended June 30, 2026.

Current wording

Interest Income was $16.2 million for the nine months ended September 30, 2026, compared to $25.0 million for the nine months ended September 30, 2025. The decrease in interest income for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was due to lower amount of CCF funds that were invested in interest bearing accounts during the nine months ended September 30, 2026.

Previous wording

Interest Expense, Net was $3.2 million for the six months ended June 30, 2026, compared to $3.4 million for the six months ended June 30, 2025. Interest expense, net incurred during the six months ended June 30, 2026 was lower due to a reduction in outstanding debt during the period, which was offset by a reduction in capitalized interest related to the construction of three new vessels for the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

Current wording

Interest Expense, Net was $4.8 million for the nine months ended September 30, 2026, compared to $5.2 million for the nine months ended September 30, 2025. Interest expense, net incurred during the nine months ended September 30, 2026 was lower due to a reduction in outstanding debt during the period, and was offset by capitalized interest related to the construction of three new vessels for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.

Previous wording

Other Income (Expense), Net was $3.6 million for the six months ended June 30, 2026, compared to $4.8 million for the six months ended June 30, 2025. Other income (expense), net relates to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans. The decrease in other income (expense), net was due to a decrease in the amortization of favorable adjustments related to the Company’s pension and post-retirement plan liabilities.

Current wording

Other Income (Expense), Net was $8.2 million for the nine months ended September 30, 2026, compared to $6.9 million for the nine months ended September 30, 2025. Other income (expense), net relates to the amortization of certain components of net periodic benefit costs or gains related to the Company’s pension and post-retirement plans. The increase in other income (expense), net was due to favorable adjustments recorded during the period related to the Company’s pension and post-retirement plan liabilities.

Previous wording

Income Taxes were $45.8 million, or 19.8 percent of income before taxes, for the six months ended June 30, 2026, compared to $46.9 million, or 21.9 percent of income before taxes, for the six months ended June 30, 2025. The effective tax rate for the six months ended June 30, 2026 benefited from higher discrete tax adjustments related to share-based payment awards and other adjustments that lowered the effective tax rate for that period, compared to the same prior year period.

Current wording

Income Taxes were $99.7 million, or 20.1 percent of income before taxes, for the nine months ended September 30, 2026, compared to $81.1 million, or 21.2 percent of income before taxes, for the nine months ended September 30, 2025. The effective tax rate for the nine months ended September 30, 2026, benefited from higher discrete tax adjustments related to share-based payment awards and other adjustments that lowered the effective tax rate for that period, compared to the same prior year period.

Previous wording

Ocean Transportation revenue increased $60.9 million, or 4.6 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The increase was primarily due to higher freight rates and volume in the China service.

Current wording

Ocean Transportation revenue increased $173.0 million, or 24.1 percent, during the three months ended September 30, 2026, compared with the three months ended September 30, 2025. The increase was primarily due to higher freight rates and volume in the China service and an increase in fuel-related surcharge revenue.

Previous wording

On a year-over-year FEU basis, Hawaii service container volume decreased 3.3 percent primarily due to lower general demand; Alaska service volume decreased 2.2 percent primarily due to lower general demand; China service volume increased 3.6 percent primarily due to significantly higher demand in the second quarter 2026 compared to the second quarter 2025, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025; Guam service volume increased 2.3 percent; and Other containers volume decreased 7.7 percent.

Current wording

On a year-over-year FEU basis, Hawaii service container volume decreased 0.3 percent primarily due to lower general demand; Alaska service volume decreased 4.8 percent primarily due to lower southbound seafood volume and an additional northbound sailing in the year ago period; China service volume increased 16.0 percent primarily due to strong freight demand, particularly compared with last year’s muted peak season; Guam service volume increased 4.3 percent; and Other containers volume decreased 6.5 percent.

Previous wording

Ocean Transportation operating income increased $45.4 million, or 46.0 percent, during the three months ended June 30, 2026, compared with the three months ended June 30, 2025. The increase was primarily due to a higher contribution from the China service, partially offset by higher vessel operating expense primarily due to higher fuel-related costs.

Current wording

Ocean Transportation operating income increased $91.7 million, or 62.2 percent, during the three months ended September 30, 2026, compared with the three months ended September 30, 2025. The increase was primarily due to a higher contribution from the China service and higher fuel-related surcharge revenue, partially offset by higher vessel operating expense primarily due to higher fuel-related costs.

Previous wording

The Company’s SSAT terminal joint venture investment contributed $4.8 million during the three months ended June 30, 2026, compared to $7.3 million during the three months ended June 30, 2025. The decrease was primarily due to lower lift volume and higher operating expenses.

Current wording

The Company’s SSAT terminal joint venture investment contributed $7.4 million during the three months ended September 30, 2026, compared to $9.3 million during the three months ended September 30, 2025. The decrease was primarily due to lower lift volume.

Previous wording

On a year-over-year FEU basis, Hawaii service container volume decreased 1.1 percent primarily due to lower general demand; Alaska service volume decreased 2.3 percent primarily due to lower export seafood volume on AAX, partially offset by one additional northbound sailing; China service volume increased 15.2 percent primarily due to significantly higher demand compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025; Guam service volume increased 4.4 percent; and Other containers volume decreased 11.4 percent.

Current wording

On a year-over-year FEU basis, Hawaii service container volume decreased 2.3 percent primarily due to lower general demand; Alaska service volume decreased 3.1 percent primarily due to lower seafood volume; China service volume increased 8.2 percent primarily due to significantly higher demand compared with the prior year, when the April 2025 tariffs disrupted Transpacific demand and contributed to a muted peak season; Guam service volume increased 3.0 percent; and Other containers volume decreased 7.3 percent.

Previous wording

Ocean Transportation operating income increased $26.4 million, or 15.3 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The increase was primarily due to a higher contribution from the China service, partially offset by higher vessel operating expense primarily due to higher fuel-related costs.

Current wording

Ocean Transportation operating income increased $118.1 million, or 37.0 percent, during the nine months ended September 30, 2026, compared with the nine months ended September 30, 2025. The increase was primarily due to a higher contribution from the China service and higher fuel-related surcharge revenue, partially offset by higher vessel operating expense primarily due to higher fuel-related costs.

Previous wording

The Company’s SSAT terminal joint venture investment contributed $9.8 million during the six months ended June 30, 2026, compared to $13.9 million during the six months ended June 30, 2025. The decrease was primarily due to lower lift volume.

Current wording

The Company’s SSAT terminal joint venture investment contributed $17.2 million during the nine months ended September 30, 2026, compared to $23.2 million during the nine months ended September 30, 2025. The decrease was primarily due to lower lift volume.

Previous wording

Logistics revenue increased $47.1 million, or 30.4 percent, during the three months ended June 30, 2026, compared with the three months ended June 30, 2025. The increase was primarily due to higher revenue in transportation brokerage.

Current wording

Logistics revenue increased $60.4 million, or 37.3 percent, during the three months ended September 30, 2026, compared with the three months ended September 30, 2025. The increase was primarily due to higher revenue in transportation brokerage.

Previous wording

Logistics revenue increased $53.8 million, or 18.0 percent, during the six months ended June 30, 2026, compared with the six months ended June 30, 2025. The increase was primarily due to higher revenue in transportation brokerage.

Current wording

Logistics revenue increased $114.2 million, or 24.8 percent, during the nine months ended September 30, 2026, compared with the nine months ended September 30, 2025. The increase was primarily due to higher revenue in transportation brokerage.

Previous wording

Changes in the Company’s cash and cash equivalents for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, are as follows:

Current wording

Changes in the Company’s cash and cash equivalents for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, are as follows:

Previous wording

Net income was $186.0 million for the six months ended June 30, 2026, compared to $167.0 million for the six months ended June 30, 2025. Income from SSAT was $9.8 million for the six months ended June 30, 2026, compared to $13.9 million for the six months ended June 30, 2025. The decrease in income from SSAT was primarily due to lower lift volume and higher operating expenses during the six months ended June 30, 2026, compared to the same prior year period. There were no distributions received from SSAT during the six months ended June 30, 2026 and 2025. Changes in accounts receivable, net were primarily due to an increase in revenue and the timing of collections associated with those receivables. Changes in accounts payable, accruals and other liabilities were due to higher liability balances resulting from higher operating costs and the timing of payments associated with those liabilities. Changes in operating lease assets and liabilities, net were primarily due to new operating lease additions and renewals, offset by operating lease payments and terminations. Deferred dry-docking payments for the six months ended June 30, 2026 were $24.6 million, compared to $23.8 million for the six months ended June 30, 2025. Changes in deferred dry-docking are primarily due to the timing of vessel dry-dock related activities and the payments associated with those activities.

Current wording

Net income was $395.4 million for the nine months ended September 30, 2026, compared to $301.7 million for the nine months ended September 30, 2025. Income from SSAT was $17.2 million for the nine months ended September 30, 2026, compared to $23.2 million for the nine months ended September 30, 2025. The decrease in income from SSAT was primarily due to lower lift volume during the nine months ended September 30, 2026, compared to the same prior year period. There were no distributions received from SSAT during the nine months ended September 30, 2026 and 2025. Changes in accounts receivable, net were primarily due to an increase in revenue and the timing of collections associated with those receivables. Changes in accounts payable, accruals and other liabilities were due to higher liability balances resulting from higher operating costs and the timing of payments associated with those liabilities. Deferred dry-docking payments for the nine months ended September 30, 2026 were $40.5 million, compared to $38.0 million for the nine months ended September 30, 2025. Changes in deferred dry-docking are primarily due to the timing of vessel dry-dock related activities and the payments associated with those activities.

Previous wording

Changes in net cash used in investing activities for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, were due to the following:

Current wording

Changes in net cash used in investing activities for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, were due to the following:

Previous wording

During the six months ended June 30, 2026, cash deposits into the CCF included $7.9 million of interest income and $1.6 million from the repurchase of assigned accounts receivable, compared to $8.4 million of interest income and $100.7 million from the repurchase of assigned accounts receivable for the same prior year period. During the six months ended June 30, 2026, cash withdrawals from the CCF for the payment of vessel construction milestone payments were $197.7 million, compared to $100.7 million for the same prior year period. The increase in vessel construction milestone payments was due to progress made in the construction of three new vessels and the timing of related milestone payments. Capital expenditures (excluding vessel construction expenditures) were $55.7 million for the six months ended June 30, 2026, compared to $71.4 million for the six months ended June 30, 2025. Capital expenditures (excluding vessel construction expenditures) primarily relate to vessel maintenance related expenditures, the acquisition of containers, chassis and other equipment, and expenditures on other capital related projects. The decrease in capital expenditures for the six months ended June 30, 2026, compared to the same prior year period primarily related to the timing of when vessel maintenance activities are performed and when expenditures on other capital related projects are incurred.

Current wording

During the nine months ended September 30, 2026, cash deposits into the CCF included $11.1 million of interest income and $2.2 million from the repurchase of assigned accounts receivable, compared to $13.8 million of interest income and $100.7 million from the repurchase of assigned accounts receivable for the same prior year period. During the nine months ended September 30, 2026, cash withdrawals from the CCF for the payment of vessel construction milestone payments were $248.7 million, compared to $136.5 million for the same prior year period. The increase in vessel construction milestone payments was due to progress made in the construction of three new vessels and the timing of related milestone payments. Capital expenditures (excluding vessel construction expenditures) were $97.5 million for the nine months ended September 30, 2026, compared to $117.0 million for the nine months ended September 30, 2025. Capital expenditures (excluding vessel construction expenditures) primarily relate to vessel maintenance related expenditures, the acquisition of containers, chassis and other equipment, and expenditures on other capital related projects. The decrease in capital expenditures for the nine months ended September 30, 2026, compared to the same prior year period primarily related to the timing of when vessel maintenance activities are performed and when expenditures on other capital related projects are incurred.

Previous wording

Changes in net cash used in financing activities for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, were due to the following:

Current wording

Changes in net cash used in financing activities for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, were due to the following:

Previous wording

During the six months ended June 30, 2026, the Company paid $119.8 million to repurchase Matson common stock, compared to $160.4 million during the six months ended June 30, 2025. During the six months ended June 30, 2026, the Company paid$19.9 million in scheduled fixed interest debt payments, compared to $19.9 million during the six months ended June 30, 2025. During the six months ended June 30, 2026, the Company paid $25.1 million in withholding taxes related to vested restricted stock units, compared to $16.3 million during the six months ended June 30, 2025. During the six months ended June 30, 2026, the Company paid $22.0 million in dividends, compared to $22.3 million during the six months ended June 30, 2025. The decrease in dividend payments was due to a reduction in common stock outstanding, partially offset by an increase in dividends declared per share of common stock by the Company.

Current wording

During the nine months ended September 30, 2026, the Company paid $180.1 million to repurchase Matson common stock, compared to $225.8 million during the nine months ended September 30, 2025. During the nine months ended September 30, 2026, the Company paid$30.0 million in scheduled fixed interest debt payments, compared to $30.0 million during the nine months ended September 30, 2025. During the nine months ended September 30, 2026, the Company paid $25.1 million in withholding taxes related to vested restricted stock units, compared to $16.3 million during the nine months ended September 30, 2025. During the nine months ended September 30, 2026, the Company paid $33.4 million in dividends, compared to $33.7 million during the nine months ended September 30, 2025. The decrease in dividend payments was due to a reduction in common stock outstanding, partially offset by an increase in dividends declared per share of common stock by the Company.