Lamb Weston Holdings, Inc. · NYSE:LW

Lamb Weston — Merger or Acquisition (October 2022)

12 slides from Lamb Weston's merger presentation, Oct 20, 2022

  1. Slide 1: Acquisition of Remaining Interest in Lamb-Weston/Meijer

    Acquisition of Remaining Interest in Lamb-Weston/Meijer October 20, 2022 1 | © 2022 Lamb Weston, Inc. All Rights Reserved

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Words such as “strengthen,” “enhance,” “enable,” “provide,” “grow,” “drive,” “expect,” “leverage,” “support,” “plans,” “will,” and variations of such words and similar

  3. Slide 3: 3 | © 2022 Lamb Weston, Inc. All Rights Reserved

    3 | © 2022 Lamb Weston, Inc. All Rights Reserved

  4. Slide 4: Lamb-Weston/Meijer Strategic Benefits

    Lamb-Weston/Meijer Strategic Benefits Strengthens Global Manufacturing Footprint Ability to fully leverage low-cost structure in Europe Aligned culture supports collaboration and best-in-class manufacturing practices Enhances Customer Centric Operating Model Single commercial voice to global custome

  5. Slide 5: Lamb-Weston/Meijer Snapshot

    Lamb-Weston/Meijer Snapshot Manufacturing Footprint EU Capacity Share LWM Channel Mix Industry Flakes 5% Retail 10% McCain, 29% All Other, 58% Restaurants & Foodservice 85% LWM, 13% 6 Processing Facilities #2 in EMEA by pounds $955M net sales(a) 2.0B pounds of capacity of capacity in FY22 (a) Reflec

  6. Slide 6: Combined Company FY22 Highlights

    Combined Company FY22 Highlights Lamb-Weston/ Lamb Weston Meijer Combined Capacity 6.0B Pounds 2.0B Pounds 8.0B Pounds Production Facilities 19 6 25 Net sales $4,099M(a) $955M(b) $5,054M Adjusted EBITDA(c) $657M $46M $703 Employees 7,800 1,500 9,300 (a) Lamb Weston net sales include $15M of net sale

  7. Slide 7: Transaction Summary

    Transaction Summary • Lamb Weston (LW) to acquire Meijer Frozen Foods' 50% interest in Lamb-Weston/Meijer Transaction (LWM) for €700M Structure • Upon completion of transaction, LW will own 100% of LWM • LW to consolidate LWM financials upon transaction closing (currently records 50% of Financial LW

  8. Slide 8: Key Takeaways

    Key Takeaways Strengthens Customer Enhance Fully Control Global Centric Position in Global Growth Manufacturing Operating EMEA Opportunities Footprint Model and Operating Strategies 8 | © 2022 Lamb Weston, Inc. All Rights Reserved

  9. Slide 9: 9 | © 2022 Lamb Weston, Inc. All Rights Reserved

    9 | © 2022 Lamb Weston, Inc. All Rights Reserved

  10. Slide 10: FY22 GAAP to non-GAAP reconciliation

    FY22 GAAP to non-GAAP reconciliation The following table reconciles net income to Adjusted EBITDA including unconsolidated joint ventures Fiscal year ended May 29, 2022 (unaudited) (in millions) Lamb Weston LWM Combined Net income $ 201 $ (39) Equity method investment (earnings) loss 11 — Interest e

  11. Slide 11: FY22 GAAP to non-GAAP reconciliation

    FY22 GAAP to non-GAAP reconciliation The following table reconciles net sales to net sales excluding LWM’s former joint venture in Russia Fiscal year ended May 29, 2022 (unaudited) (in millions) LWM € LWM $ Net sales € 954 $ 1,085 Less: Sales associated with Russian joint venture (a) (114) (130) Net

  12. Slide 12: GAAP to non-GAAP Reconciliation

    GAAP to non-GAAP Reconciliation The following table reconciles total debt to net debt As of August 28, 2022 (unaudited) Transaction Combined with (in millions) Lamb Weston (a) LWM Combined Adjustments (b) Transaction Adjustments Short-term borrowings $ 9 $ 94 $ 103 $ — $ 103 Current portion of long-

Lamb Weston Holdings — Merger or Acquisition (October 2022) on 6ix