Matson, Inc. (MATX) SEC Filings & Earnings Calls

Fuel Cost Exposure

“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.” · word for word

Tariff Impact on Transpacific Demand

“The prior year period included a market decline in Transpacific demand due to the tariffs imposed in April 2025.”

Iran conflict impacting fuel prices; company expects full recovery by year-end.

“Iran conflict has not impacted the Company’s operating performance or service levels; however, it has impacted fuel prices” · word for word

Q4 2026 demand expected to normalize vs elevated Q4 2025 due to trade agreement.

“demand to reflect a more traditional seasonality pattern compared to the elevated period of freight demand experienced in the Transpacific market in the fourth quarter 2025” · word for word

Domestic volume decline in Hawaii and Alaska may indicate softening demand in those markets.

“Hawaii container volume decreased 1.1 percent...Alaska container volume decreased 2.3 percent” · word for word

Fuel Cost Recovery Lag

“While the Company has effective mechanisms to recover the cost of fuel by the end of the year, for the second quarter the Company expects a negative impact from the lag in the recovery of fuel costs.” · word for word

Geopolitical Conflict Impact

“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.” · word for word

Tariff Impact on Trade Lanes

“In the second quarter 2026, the Company expects higher volume compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025.” · word for word

Iran conflict impacting fuel prices with lag in cost recovery

“Iran conflict has impacted fuel prices in all our markets; for Q2 we expect a negative impact from the lag in the recovery of fuel costs.”

Hawaii tourism remains soft with inflationary pressures

“Hawaii's economy expected to experience modest growth supported by construction activity, while tourism remains soft and inflationary pressures persist.”

Tariff uncertainty in Transpacific tradelane

“Q2 expects higher volume vs prior year which included market decline due to tariffs imposed in April 2025.”

Key commercial leadership departure without announced successor may create temporary uncertainty in commercial strategy.

“John P. Lauer, EVP and Chief Commercial Officer, will retire on July 1, 2026; no successor named.”

China trade volume and rate pressure

“The year-over-year decrease in EBITDA was primarily due to lower volume and freight rates in our China service over the last three quarters of 2025 as customers managed freight in a challenging environment.” · word for word

Tariff and global trade uncertainty

“In 2025, Matson performed well despite uncertainty and volatility arising from tariffs and global trade.” · word for word

Alaska EBITDA underperformance

“Alaska EBITDA (000s) Threshold $54,616; Target $60,684; Maximum $72,821; Actual $50,714.”

Jones Act Repeal Risk

“In February 2025, a lawsuit was filed in the U.S. District Court for the District of Columbia challenging the Jones Act, arguing that it violates the Port Preference Clause of the U.S. Constitution” · word for word

Tariff and Trade Tension Risk

“In the past, the U.S. Trade Representative has imposed entry fees on certain Chinese-owned, -operated, or -built vessels entering U.S. ports ... China has also imposed port entry fees on certain U.S.-owned or operated, or U.S.-flagged vessels entering Chinese ports.” · word for word

Competition Risk

“The shipping industry is competitive with limited barriers to entry. Ocean carriers can shift vessels in and out of tradelanes or charter vessels to manage capacity and meet customer demands.” · word for word

China volume decline and lower Q1 2026 guidance signal near-term demand weakness in key trade lane.

“China volume -7.2% YoY; Q1 2026 OI ~$50M, lower YoY.”

Hawaii economy remains sluggish with tourism and inflation headwinds, though construction activity provides offset.

“Hawaii's economy remains sluggish as softer tourism and ongoing inflationary pressures, including elevated interest rates, more than offset strength in construction activity.” · word for word

Tariff and trade uncertainty, though reduced by U.S.-China deal, remains a risk factor for volume and freight rates.

“U.S.-China trade and economic deal ... reduced uncertainty regarding tariffs, port entry fees, global trade and other geopolitical factors.” · word for word

China volume declined 7.2% YoY; reliance on e-commerce demand and trade stability for China service performance.

“China container volume was 7.2 percent lower ... our China service saw higher than expected freight rates and volume driven by strong e-commerce and e-goods demand.” · word for word

FY2026 outlook only 'approaches' FY2025 level, implying potential for flat or slightly lower earnings.

“for full year 2026 we expect consolidated operating income to approach the level achieved in full year 2025” · word for word

Tariff and trade policy uncertainty

“In China, the Company’s container volume in the third quarter 2025 decreased 12.8 percent year-over-year primarily due to the difficult environment marked by continued uncertainty and volatility arising from tariffs and global trade.” · word for word

Hawaii economic slowdown

“The Hawaii economy is softening as slowing tourism and high inflation and interest rates weigh against stronger construction activity.” · word for word

Tariff uncertainty and muted peak season impacting China service demand.

“difficult environment marked by continued uncertainty and volatility arising from tariffs and global trade.” · word for word

Hawaii economy softening with slowing tourism and high inflation/interest rates.

“Hawaii economy is softening as slowing tourism and high inflation and interest rates weigh against stronger construction activity.” · word for word