MATX 8-K
Matson, Inc. (MATX)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 3, 2025 (
(Exact Name of Registrant as Specified in its Charter)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01.Regulation FD Disclosure.
Matson, Inc. (“Matson” or the “Company”) will present an overview of the Company at the Jefferies Industrials Conference in New York, New York on September 3, 2025. Matson will be using the presentation materials attached as Exhibit 99.1 to this Form 8-K. Additionally, the presentation materials will be available on Matson’s website at www.matson.com, under the “Events and Presentations” tab on September 3, 2025. The information set forth in these materials speaks only as of the date of the materials.
Statements in this Form 8-K and the attached exhibit that are not historical facts are “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Factors that could cause actual results to differ materially from those contemplated in the statements include, without limitation, those described on pages 24-35 of the Form 10-Q filed by Matson on May 6, 2025. These forward-looking statements are not guarantees of future performance. Actual results could differ materially from those anticipated in the forward-looking statements and future results could differ materially from historical performance.
Item 9.01.Financial Statements and Exhibits.
(a) - (c) Not applicable.
(d) Exhibits.
The exhibit listed below is being furnished with this Form 8-K.
99.1 | |
104 | Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MATSON, INC. | |
/s/ Joel M. Wine | |
Joel M. Wine | |
Executive Vice President and Chief Financial Officer | |
Dated: September 3, 2025 |
| Investor Presentation September 2025 |
| 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 September 3, 2025. 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 24-35 of our Form 10-Q filed on May 6, 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. Forward-Looking Statements Investor Presentation │September 2025 |
| $264 $424 $1,350 $1,526 $517 $739 $780 $0 $300 $600 $900 $1,200 $1,500 $1,800 2019 2020 2021 2022 2023 2024 LTM 2Q25 Operating Income EBITDA 3 Matson: At-a-Glance • A leading U.S. carrier in the Pacific • Lifeline to economies of Hawaii, Alaska, Guam and other Pacific islands • Niche, premium, expedited services from China and Southeast Asia to Southern California • 35% ownership in SSAT joint venture, which operates terminals on the U.S. West Coast Ocean Transportation Logistics Consolidated Operating Income & EBITDA ($ in millions) • Leading integrated, asset-light logistics services • Freight forwarding, transportation brokerage, warehousing, and supply chain management services • Leverages Matson and Span Alaska brands • Scalable model with high ROIC Net Income & Diluted EPS ($ in millions, except EPS) $14.85 $0 $6 $12 $18 $24 $30 $36 $0 $300 $600 $900 $1,200 $1,500 $1,800 2019 2020 2021 2022 2023 2024 LTM 2Q25 Net Income Diluted EPS Net Income Diluted EPS Investor Presentation │September 2025 See Appendix for a reconciliation of GAAP to non-GAAP financial metrics. |
| 4 Investor Presentation │September 2025 Matson Today: Connecting the Pacific |
| 5 Investment Highlights Unique Network Connecting the Pacific • Providing critical supply lifelines to economies throughout the Pacific • Strong market positions in attractive niche markets with multi-decade customer relationships • Dual head-haul economics on China-to-Long Beach Express (CLX) service • Logistics’ business lines complement ocean services and drive high ROIC opportunities World-Class Operator and Premium Service Provider • Fastest transit and cargo availability creates competitive advantage and premium rates for China service ‒ CLX and MAX are the fastest and second fastest ocean services in the Transpacific tradelane • Fastest transit time to Guam from U.S. West Coast with superior on-time performance • Well-maintained fleet with industry-leading on-time performance • Dedicated terminals with best-in-class truck turns and unmatched cargo availability • Hawaii Neighbor Island barge fleet and Micronesia feeder vessels create hub-and-spoke efficiency Increasingly Diversified Cash Flows • Increasingly diversified cash flows from: ‒ Distinct ocean tradelane service routes ‒ Transshipment service in Asia diversifies freight origins ‒ A niche provider of logistics services complementing the tradelane services ‒ An equity investment in SSAT, a leading U.S. West Coast terminal operator Organic Growth Opportunities • Announced ~$1 billion new vessel program on November 2, 2022 – new Aloha Class vessels in CLX to provide meaningful lift to net income, operating income and EBITDA ‒ As of 6/30/25, our cash and cash equivalents and Capital Construction Fund (CCF) combined exceed our remaining milestone payments(1) • Pursue opportunities that leverage the combined services of Ocean Transportation and Logistics Commitment to Returning Cash to Shareholders • Repurchased ~29% of our stock from August 3, 2021 through June 30, 2025 for a total cost of ~$1.1 billion • Compelling dividend yield with dividend growth history Strong Balance Sheet • Financial strength to invest to grow the core businesses, pursue strategic opportunities and return capital to shareholders • Investment grade-credit metrics with total debt(2) / LTM EBITDA leverage ratio of 0.5x • Balance sheet strength leads to low-cost of capital See Appendix for a reconciliation of GAAP to non-GAAP financial metrics. (1) As of 6/30/25, remaining milestone payments are $713.4 million, CCF balance is $656.7 million, and cash and cash equivalents is $59.1 million. (2) Total debt is presented before any reduction for deferred loan fees as required by GAAP. Investor Presentation │September 2025 |
| 6 • 5 U.S. West Coast departures and 3 arrivals in Honolulu per week • Dedicated neighbor island barge service Hawaii Service Overview of Service Market Overview Matson’s Focus 9-ship deployment • Competitors: ─ Pasha ─ Barges ─ Air freight • Maintain best-in-class on-time arrival and cargo availability • Dedicated terminals and fully-integrated cargo delivery to major neighbor islands Investor Presentation │September 2025 |
| 7 China Service • CLX and MAX are premium services providing an alternative to deferred air freight and other ocean carriers • Dedicated terminal space in Long Beach with off-dock container yard • Feeder services from other Asian port origins • Door-to-door services in coordination with Matson Logistics Overview of Services Market Overview Matson’s Focus Service Frequency US West Coast Ports CLX (started Feb 2006) Weekly from Ningbo/Shanghai Long Beach MAX (started May 2020) Weekly from Ningbo/Shanghai Long Beach • Continue to differentiate services with reliability • Attract new customers away from air freight • Competitors: ─ Other transpacific carriers ─ Air freight carriers Port of Long Beach CLX and MAX are the fastest and second fastest in the Transpacific tradelane • Expedited, 10-day transit from Shanghai • Exclusive terminal (for CLX) – unrivaled speed • Next day cargo availability at off-dock facility Investor Presentation │September 2025 |
| 8 China Service – Elements of Demand • CLX is the fastest • MAX is the second fastest • Significant cost savings for 5 to 7 days of additional transit time Unmatched Destination Services: The consistency of our service is a significant differentiator in the marketplace • High level of service at origin and destination Economically Advantageous Compared to Air Freight: “High Touch” Customer Service: Fast, Reliable Ocean Transit: • Dedicated terminal operations under SSAT JV • 24-hour cargo availability at Shippers Transport with customs bonded and non-bonded locations • No customer appointments necessary for pickup • Ownership and control of our chassis Demand for Matson’s China Service Investor Presentation │September 2025 |
| 9 • Twice weekly service to Anchorage and Kodiak • Weekly service into Dutch Harbor • Matson is the only U.S. containership operator serving Kodiak and Dutch Harbor Alaska Service Overview of Service Market Overview Matson’s Focus • Competitors: TOTE, barges, air freight and OTR trucking • Air freight rates are very high relative to the cost of goods being shipped • NB volume growth tied to Alaska’s economy • SB and Alaska-to-Asia Express (AAX) volume tied to seasonality of seafood harvests • Maintain excellence in on-time cargo availability • Expand premium SB service differentiation • Market AAX service Investor Presentation │September 2025 |
| 10 • Weekly service to Guam as part of CLX service • 3-to-5 day ocean transit advantage from U.S. West Coast Guam Service Overview of Service Market Overview Matson’s Focus • Competitors: ─ APL (U.S. flagged service) ▪ Trans-ships in Yokohama, Japan and Busan, South Korea to Guam via a 2-ship feeder service ─ International carriers with Asia direct services ─ Air freight • Maintain superior service and on-time performance Investor Presentation │September 2025 |
| 11 SSAT Joint Venture • Matson owns a 35% interest in SSA Terminals, LLC (SSAT) ─ SSAT currently provides terminal and stevedoring services to carriers in Long Beach, Oakland, Seattle, and Tacoma SSAT JV Equity Income ($ in millions) Overview ($10) $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 2019 2020 2021 2022 2023 2024 LTM 2Q25 Investor Presentation │September 2025 |
| 12 Matson Logistics Operating Income & Margin ($ in millions) Overview of Services Transportation Brokerage • Domestic and international rail intermodal • Long-haul and regional highway trucking • Less-than-truckload and expedited freight Supply Chain Management and Other • PO management, freight forwarding and NVOCC services • Organically grown from Matson’s CLX service • Over 1.5 million sq. ft. across 4 buildings in attractive port-based locations • Mix of contract and public warehouses Warehousing & Distribution Freight Forwarding • LCL consolidation and freight forwarding primarily to the Alaska market through Span Alaska 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% $0 $10 $20 $30 $40 $50 $60 $70 $80 Operating Income Margin Operating Income Operating Income Operating Income Margin Investor Presentation │September 2025 |
| Appendix |
| 14 Appendix − Non-GAAP Measures Matson reports financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period. These non-GAAP measures include, but are not limited to, Earnings Before Interest Expense, Interest Income, Income Taxes, Depreciation and Amortization (“EBITDA”), and Return on Invested Capital (“ROIC”). ($ in millions, except ROIC) 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 Total debt (6) $ 381.0 $ 400.9 $ 440.6 $ 517.5 $ 629.0 $ 760.1 $ 958.4 $ 856.4 $ 857.1 $ 738.9 $ 429.9 $ 373.6 $ 286.1 $ 319.1 Net income $ 494.1 $ 476.4 $ 297.1 $ 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 130.8 123.0 75.9 288.4 243.9 65.9 25.1 38.7 (105.8) 49.1 74.8 51.9 32.2 33.0 Add: interest expense 6.6 7.5 12.2 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 (38.1) (48.3) (36.0) (8.2) - - - - - - - - - - Add: depreciation and amortization 186.5 180.3 167.5 164.1 156.4 137.3 134.0 130.9 146.6 135.4 105.8 90.1 91.0 95.4 EBITDA 779.9 738.9 516.7 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 $ 494.1 $ 476.4 $ 297.1 $ 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) (30.1) (38.4) (28.7) (6.5) - - - - - - - - - - Add: interest expense (tax-effected) (4) 5.2 6.0 9.7 14.2 17.9 20.4 16.7 14.2 14.9 15.1 10.7 10.0 9.0 7.2 Total return (A) 469.2 444.0 278.1 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) $ 400.9 $ 420.8 $ 479.1 $ 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 2,508.3 2,526.4 2,348.8 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 (B) 2,909.2 2,947.2 2,827.9 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 = (A)/(B) 16.1% 15.1% 9.8% 41.9% 47.1% 12.3% 5.9% 7.8% 17.8% 9.1% 14.1% 11.9% 10.3% 9.9% For the years ended December 31, (6) Total debt is presented before any reduction for deferred loan fees as required by U.S. GAAP. (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 2012-2024 and LTM 2Q25 were 38.8%, 37.5%, 42.3%, 42.1%, 37.6%, (84.5%), 26.2%, 23.3%, 25.4%, 20.8%, 21.3%, 20.3%, 20.5%, and 20.9% 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. (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 2Q25 (2) (3) (2) (3) (5) (5) (5) (1) (1) Investor Presentation │September 2025 |
