Lamb Weston Holdings, Inc. · NYSE:LW
Lamb Weston — Q1 2027 Earnings Presentation
30 slides from Lamb Weston's earnings presentation, Oct 6, 2026
Slide 1: Fiscal First Quarter 2027 Earnings
Lamb Weston Fiscal First Quarter 2027 Earnings October 6, 2026 © 2026 Lamb Weston, Inc. All Rights Reserved 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements Important Notice This presentation contains forward-looking statements within the meaning of the federal securities laws. Words such as “expect,” “continue,” “lower,” “build,” “improve,” “focus,” “execute,” “strengthen,” “grow,” “drive,” “balance,” “move,” “enable,” “optim
Slide 3: Today's Presenters
Today’s Presenters © 2026 Lamb Weston, Inc. All Rights Reserved 3
Slide 4: Executive Chair Perspective
Executive Chair Perspective Jan Craps Executive Chair © 2026 Lamb Weston, Inc. All Rights Reserved 4 Lamb Weston Proprietary
Slide 5: 3x3 Priorities: People, Strategy, and Resources
3x3 Priorities: People, Strategy, and Resources People • Leadership talent • Performance culture • Organization design 5
Slide 6: 3x3 Priorities: People, Strategy, and Resources
3x3 Priorities: People, Strategy, and Resources People Strategy • Leadership talent • Where to Play, How to Win – prioritize • Performance culture markets • Organization design • Renewed growth algorithm • Partnerships and divestitures 6
Slide 7: 3x3 Priorities: People, Strategy, and Resources
3x3 Priorities: People, Strategy, and Resources People Strategy Resources • Leadership talent • Where to Play, How to • Cost culture Win – prioritize • Performance culture markets • Supply chain efficiency • Organization design • Renewed growth algorithm • Prioritized technology • Partnerships and i
Slide 8: CEO Remarks
CEO Remarks Mike Smith President and Chief Executive Officer © 2026 Lamb Weston, Inc. All Rights Reserved 8 Lamb Weston Proprietary
Slide 9: Key Messages
Key Messages • Solid start to fiscal 2027: Net Sales, Adjusted Diluted EPS and Adjusted EBITDA ahead of guidance • Raising full-year fiscal 2027 outlook • 7th consecutive quarter of North America sales volume growth • Price/mix improved sequentially • Supply and demand harmonizing • Cost savings: pe
Slide 10: North America: Good Start to Fiscal 2027
North America: Good Start to Fiscal 2027 North America • Growing volume with existing Year-Over-Year % Change customers and new wins 15.0% +11.6% • Focus on strengthening 10.0% customer partnerships driving +7.6% +6.7% positive results +5.6% 5.0% +3.5% • Diverse QSR customer base: 4.9% 5.0% over ind
Slide 11: International EMEA
International EMEA Segment Q1 • Balancing network utilization to enable further cost optimization Performance ◦ Moving toward 90%+ utilization • Two announcements from other manufacturers reducing European industry In Line with capacity • Potato crop negatively impacted by heat and Guidance dry cond
Slide 12: Executing with Excellence: Advancing our Cost Culture
Executing with Excellence Advancing our Cost Culture & Simplifying the Organization • Driving additional cost savings and leveraging lowered cost base • Completed organizational diagnostic and implementing org design changes to drive greater speed, simplicity, accountability, and consistency across
Slide 13: Successfully Executing Focus to Win Strategy
Successfully Executing Focus to Win Strategy • Clear objectives with KPIs to measure and incentivize successful actions • Making progress across our strategic pillars • Sharpening prioritization of markets and channels - more to come early calendar 2027 13 © 2026 Lamb Weston, Inc. All Rights Reserve
Slide 14: Setting the Pace for Innovation
Setting the Pace for Innovation Meeting evolving consumer tastes, while driving menu innovation and traffic for our customers Expanding with current customers Limited Time Offers: Drives uniqueness on menus and premium margins worldwide Expanding available markets U.S. Education Market: Launched red
Slide 15: Financial Performance & Fiscal 2027 Outlook
Financial Performance & Fiscal 2027 Outlook Jim Gray Chief Financial Officer Numbers may vary due to rounding © 2026 Lamb Weston, Inc. All Rights Reserved 15
Slide 16: First Quarter Fiscal 2027 Financial Highlights
First Quarter Fiscal 2027 Financial Highlights Q1 F27 Reported Adjusted(1) $1,670M Net Sales +1% $82M $178M Income from Operations (47)% (14)% $29M $103M Net Income (55)% flat $0.21 $0.75 Diluted EPS (54)% +1% $286M EBITDA (5)% (1) Adjusted numbers are Non-GAAP financial measures. See GAAP to non-GA
Slide 17: First Quarter Net Sales up 1% Driven by North America Sales Volume Gains
First Quarter Net Sales up 1% Driven by North America Sales Volume Gains Net Sales Sales Volume Price/Mix FX Impact(1) % Change North America +6.7% (1.7)% nm +5% International (6.4)% (2.0)% nm (8)% Lamb Weston +2.2% (1.8)% nm +1% (1) nm is not meaningful; FX impact in Q1 FY27 was a favorable $4 mill
Slide 18: First Quarter Adjusted EBITDA
First Quarter Adjusted EBITDA(1) North America up 11%; International in line with expectations $400 Δ (16) $350 Δ +27 $302 $300 $286 $287 $260 $250 $200 $150 $100 Δ (30) $57 $50 $27 $— Lamb Weston(2) North America International Q1 FY26 Q1 FY27 (1) Adjusted EBITDA is a non-GAAP financial measure. See
Slide 19: YTD Cash from Operations and Capital Allocation
YTD Cash from Operations and Capital Allocation $ millions YTD 2026 YTD 2027 May 31, August 30, YTD CF $ millions 2026 2026 Impact Net Income $ 64 $ 29 A/R $ 779 $ 788 $ (9) Depreciation and amortization 95 101 Inventory 969 965 3 Working Capital 106 56 A/P(1) 537 596 59 Other 86 49 Other 2 Total ch
Slide 20: Updated Fiscal 2027 Outlook
Updated Fiscal 2027 Outlook: Increasing Net Sales and Adjusted EBITDA Outlook Fiscal 2026 (52-Week Prior Outlook Updated Outlook Adjusted) Fiscal 2027 Fiscal 2027 Net Sales(1) $6.485 billion Up 0.0% to 1.0% Up Low Single Digits Adjusted EBITDA(2) $1.118 billion $1.1 to $1.2 billion $1.125 to $1.215
Slide 21: Potato Crop Update
Potato Crop Update North America • In line with expectations with some regional variability • Production supports our outlook Europe • Prolonged heat and dry conditions negatively impacted the expected harvest quality and tonnage • Anticipating higher raw material costs to be mitigated through prici
Slide 22: First Dynamic Year Progress
First Dynamic Year Progress Start to the Year • Good first quarter in North America • Taking decisive actions to improve performance internationally • Executed organization redesign and cost savings to improve agility and cost of business • Addressing rising input costs through proactive cost saving
Slide 23: Q&A
Q&A © 2026 Lamb Weston, Inc. All Rights Reserved 23
Slide 24: Upcoming Investor Events
Upcoming Investor Events JP Morgan U.S. Opportunities Forum Miami, FL November 12-13, 2026 Stephens Annual Investment Conference Nashville, TN November 17-19, 2026 Fiscal Second Quarter Earnings Release January 2027 Lamb Weston Investor Day New York, NY January 2027 24 © 2026 Lamb Weston, Inc. All R
Slide 25: Appendix
Appendix (1) Numbers may vary due to rounding © 2026 Lamb Weston, Inc. All Rights Reserved 25
Slide 26: GAAP to non-GAAP reconciliation for the thirteen weeks ended August 30, 2026
GAAP to non-GAAP reconciliation for the thirteen weeks ended August 30, 2026 and August 24, 2025 Cost Savings Equity Program and Income Income Method Restructuring From Interest Tax Expense Investment Diluted Thirteen Weeks Ended August 30, 2026 Gross Profit SG&A Expenses Operations Expense (Benefit
Slide 27: GAAP to non-GAAP Adjusted EBITDA reconciliation for the thirteen weeks
GAAP to non-GAAP Adjusted EBITDA reconciliation for the thirteen weeks ended August 30, 2026 and August 24, 2025 Thirteen Weeks Ended August 30, August 24, 2026 2025 Net income $ 29 $ 64 Interest expense, net 42 44 Income tax expense 17 48 Income from operations including equity method investment ea
Slide 28: GAAP to non-GAAP Adjusted EBITDA reconciliation for the Last Twelve Months
GAAP to non-GAAP Adjusted EBITDA reconciliation for the Last Twelve Months Fourteen Thirteen Thirteen Weeks Ended Weeks Ended Weeks Ended November 23, February 22, August 30, Last Twelve May 31, 2026(3) (in millions) 2025(1) 2026(2) 2026(4) Months Net income $ 62 $ 54 $ 110 $ 29 $ 255 Interest expen
Slide 29: Net Sales excluding FX, net debt, leverage ratio and free cash flow
GAAP to non-GAAP reconciliation of Net Sales excluding FX for the thirteen weeks ended August 30, 2026(1) Thirteen Weeks Ended August 30, 2026 Net Sales FX Net Sales excl. FX North America $ 1,141 $ (2) $ 1,139 International 529 (2) 527 $ 1,670 $ (4) $ 1,666 GAAP to non-GAAP reconciliations of net d
Slide 30: Lamb Weston
LambWeston POSSIBILITIES IN POTATOES @ 2 @