Lamb Weston Holdings, Inc. · NYSE:LW

Lamb Weston — Q1 2026 Earnings Presentation

25 slides from Lamb Weston's earnings presentation, Sep 30, 2025

  1. Slide 1: Lamb Weston Fiscal First Quarter 2026 Earnings

    Lamb Weston Fiscal First Quarter 2026 Earnings September 30, 2025 © 2025 Lamb Weston, Inc. All Rights Reserved 1

  2. 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 “implement,” “focus,” improve,” “reaffirm,” “outlook,” “drive,” “will,” “maximize,” “invest,” “invigorate,” “prioritize,” “strengthen,” “

  3. Slide 3: Today's Presenters

    Today’s Presenters Mike Smith Bernadette Madarieta President and Chief Executive Officer Chief Financial Officer © 2025 Lamb Weston, Inc. All Rights Reserved 3

  4. Slide 4: Key Messages

    Key Messages Continued volume growth and customer momentum Acting with urgency to implement Focus to Win including Cost Savings Program New innovative products and a more customer-centric Lamb Weston Restarting a curtailed line in response to sustained volume growth in North America Positioning Lamb

  5. Slide 5: Fiscal First Quarter 2026 Highlights

    Q1 F26 GAAP Adjusted(1) Fiscal First Quarter 2026 Highlights Net Sales $1,659M --% (1)% Constant Currency Continued momentum in customer wins and retention Diluted EPS $0.46 $0.74 (48)% (5)% Volume up 6%* Price/mix down 7%* in constant currency N/A $302M EBITDA Adjusted EBITDA(1) up 1% +1% Strong fr

  6. Slide 6: Lamb Weston Has a Leadership Position in a Strong Category – With Real Opportunity

    Lamb Weston Has a Leadership Position in a Strong Category – With Real Opportunity Fries are the Most Ordered Fries Drive Profitability Attachment Rate is Resilient Food 1 in 3 #1 22.8% operators (34%) consider fries most ordered food U.S. fry attach rate the single most profitable item at U.S. rest

  7. Slide 7: Focus to Win: A Reinforcing Cycle to Drive Growth & Margin

    Focus to Win: A Reinforcing Cycle to Drive Growth & Margin We will maximize profitable growth through focused Strengthen investments in priority global Customer Partnerships markets and segments. We'll invigorate what our Prioritize Achieve Executional team does better than Markets & Excellence anyo

  8. Slide 8: Focus to Win Progress

    Focus to Win Progress Strengthen Customer Achieve Executional Set the Pace for Innovation Partnerships Excellence Realigned commercial teams Undertaken programs across NA and International Innovation around our priorities manufacturing, logistics and Hubs Augmenting our successful direct procurement

  9. Slide 9: Potato Crop Update

    Potato Crop Update Balance of 2024 raw storage crop held well and no major concerns transitioning to new crop harvest North America Mid-single digit raw potato percent price decline, beginning during latter part of Q2 Early crop above average yields and quality Weather conditions during the balance

  10. Slide 10: Financials & Outlook

    Measuring Success Financials & Outlook ©2025 Lamb Weston, Inc. All Rights Reserved 10

  11. Slide 11: Q1 '26 vs. Q1 '25 Net Sales

    Q1 ’26 vs. Q1 ’25 Net Sales Total LW Q1 ’26 Net Sales Flat vs. Q1 ’25, including a favorable foreign currency impact of $24 million Sales (1)% at constant currency(1) Volume +6% Price/Mix (7)% at constant currency; in line with our expectations $1,654 $1,659 North America (2)% Volume +5%: Customer w

  12. Slide 12: Q1 '26 vs. Q1 '25 Adjusted EBITDA

    Q1 ’26 vs. Q1 ’25 Adjusted EBITDA(1) +$3M Adjusted EBITDA Adjusted Gross Profit(1) declined $14M Unfavorable price/mix due primarily to supporting customers and trade investments $299 $24 $5 $302 Higher sales volume $(14) Favorable manufacturing costs per pound $(12) Cost savings benefits Lapped ~$3

  13. Slide 13: Q1 '26 vs. Q1 '25 Adjusted EBITDA by segment

    Q1 ’26 vs. Q1 ’25 Adjusted EBITDA +$3M Adjusted EBITDA North America segment Adjusted EBITDA -6% or -$18M by segment Unfavorable price/mix Partially offset by $299 $15 $302 Higher sales volumes $6 Lower manufacturing costs per pound $(18) Lower Adjusted SG&A Benefit of cost savings initiatives Lappi

  14. Slide 14: Focus on Cash Flow and Disciplined Capital Deployment

    Focus on Cash Flow and Disciplined Capital Deployment Q1’26 Liquidity(1) Leverage(2) Cash Flow Returned $62M to shareholders: ~$352M net cash • $52M in dividends provided by • $10M of share repurchases ~$99M cash ~$3.9B net operating and equivalents debt(2) activities Reduced capital intensity with

  15. Slide 15: Returning Cash to Shareholders: $2B+ Returned Since Spin-off

    Returning Cash to Shareholders $2B+ Returned Since Spin-off Cumulative Cash Returned to Shareholders Share Repurchases ($ in millions) Repurchased $10M in Q1 20261 $2B $348M remains available under the plan Opportunistic repurchases based on available cash $778 using a disciplined approach $768 Divi

  16. Slide 16: Reaffirming Fiscal 2026 Outlook

    Reaffirming Fiscal 2026 Outlook FY 2026 OUTLOOK Additional Guidance Items: • Interest Expense ~$190M Net Sales $6.35B - $6.55B • Depreciation & Amortization ~$390M • Updated: FY Tax Rate 26-27% Adjusted • 1H Low 30s $1.0B - $1.2B EBITDA* • 2H Low 20s driven by expected Q4 discrete item timing • Outl

  17. Slide 17: Lamb Weston is

    Lamb Weston is Acting with urgency to implement Focus to Win including Cost Savings Program Driving continued volume growth and customer momentum Delivering new innovative products and a more customer-centric Lamb Weston Focused on improving capital efficiency and cash flows Bringing innovative prod

  18. Slide 18: Q&A

    Q&A © 2025 Lamb Weston, Inc. All Rights Reserved 18

  19. Slide 19: Appendix

    Appendix © 2025 Lamb Weston, Inc. All Rights Reserved 19

  20. Slide 20: GAAP to Non-GAAP reconciliation for the thirteen weeks ended August 24, 2025

    GAAP to Non-GAAP reconciliation for the thirteen weeks ended August 24, 2025 and August 25, 2024 © 2025 Lamb Weston, Inc. All Rights Reserved 20

  21. Slide 21: Adjusted EBITDA reconciliation for the thirteen weeks ended August 24, 2025

    GAAP to Non-GAAP Adjusted EBITDA reconciliation for the thirteen weeks ended August 24, 2025 and August 25, 2024 © 2025 Lamb Weston, Inc. All Rights Reserved 21

  22. Slide 22: Adjusted EBITDA reconciliation footnotes

    GAAP to Non-GAAP Adjusted EBITDA reconciliation for the thirteen weeks ended August 24, 2025 and August 25, 2024, footnotes © 2025 Lamb Weston, Inc. All Rights Reserved 22

  23. Slide 23: Adjusted EBITDA reconciliation for the Last Twelve Months

    GAAP to Non-GAAP Adjusted EBITDA reconciliation for the Last Twelve Months © 2025 Lamb Weston, Inc. All Rights Reserved 23

  24. Slide 24: Net Sales at Constant Currency, net debt, leverage and free cash flow reconciliations

    GAAP to Non-GAAP reconciliation of Net Sales at Constant Currency for the thirteen weeks ended August 24, 2025 GAAP to Non-GAAP reconciliations of net debt, leverage ratio and free cash flow © 2025 Lamb Weston, Inc. All Rights Reserved 24

  25. Slide 25: Lamb Weston

    LambWeston POSSIBILITIES IN POTATOES @@

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