Lamb Weston Holdings, Inc. · NYSE:LW

Lamb Weston — Q4 FY2026 Earnings Presentation

40 slides from Lamb Weston's earnings presentation, Jul 24, 2026

  1. Slide 1: Fiscal Fourth Quarter and Full Year 2026 Earnings

    Lamb Weston Fiscal Fourth Quarter and Full Year 2026 Earnings July 24, 2026 © 2026 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 “expect,” “will,” “unlock,” “grow,” "build," “focus,” “progress,” “manage,” “control,” “invest,” “strengthen,” “facilitate,” “deliver,” “

  3. Slide 3: Today's Presenters

    Today’s Presenters © 2026 Lamb Weston, Inc. All Rights Reserved 3

  4. Slide 4: Jan Craps, Executive Chair

    Jan Craps, Executive Chair • Joined Lamb Weston in February 2026 • 20+ years at Anheuser-Busch InBev • CEO and Co-Chair Budweiser APAC • APAC CEO ABI 4 LambWeston, © 2026 Lamb Weston,Inc. Inc.All AllRights RightsReserved Reserved 4 Lamb Weston Proprietary

  5. Slide 5: Unlock Clear Value Opportunities

    Unlock Clear Value Opportunities • Attractive and growing category • Scaled leader with an advantaged plant network • Seasoned board making swift and purposeful decisions 5 © 2026 © 2026Lamb LambWeston, Weston, Inc. Inc. AllAll Rights Rights Reserved Reserved 5 Lamb Weston Proprietary

  6. Slide 6: Executive Chair Key Responsibilities

    Executive Chair Key Responsibilities People Strategy Chair Board Mentor Development Set Company's Develop talent Work with Mike and "Where to Play" + "How to priorities and track its ELT Win" progress Build a performance culture Provide insights on Orchestrate strategic priority topics transactions

  7. Slide 7: First 100 Days

    First 100 Days • Getting to know teams and people • Visited 15+ plants - U.S., UK, Europe, China, Australia • Farms, customers and stores • Analysts, bankers, investors and industry players • Encouraged by rebound • Controlling the controllables • Leadership team embracing strategic clarity and choi

  8. Slide 8: Focus to Win and 2026 Performance Overview

    Focus to Win and 2026 Performance Overview © 2026 Lamb Weston, Inc. All Rights Reserved 8

  9. Slide 9: Meaningful Progress in First Year of Focus to Win

    Meaningful Progress in First Year of Focus to Win • Delivered solid quarter and year, led by North America strength • Q4 EMEA challenges due to Middle East disruption and volatile input cost inflation • Actively managing EMEA market conditions - controlling the controllables and setting a long-term

  10. Slide 10: Strengthening Customer Partnerships

    Strengthening First Year Progress Focus to Win Progress Customer Partnerships • Commercial teams focused on joint business partnerships and value-added relationships • Supply chain focused on quality, service and fill rates • Marketing arming customers with insights and innovation • Results: • Volum

  11. Slide 11: Supply Chain Facilitating Customer Success and Delivering Operating Efficiencies

    Supply Chain Facilitating Customer Success and Delivering Operating Efficiencies Achieve Executional Optimizing Supply Excellence Chain Assets Globally • Facilitated customer success • Latin America: Opened new state of the art production facility in • Delivered improved operating Mar del Plata Arge

  12. Slide 12: Executing with Excellence: Reducing our Cost Base

    Executing with Excellence: Reducing our Cost Base Focus to Win Cost Savings Program Reached Milestone Initial Target $250M+ $100M Program savings by Fiscal 2028 Exceeded FY26 savings milestone • Delivering structural savings to supply chain and eliminating SG&A • Reduced manufacturing cost per pound

  13. Slide 13: North America Price/Mix Moderated in Q4

    North America Price/Mix Moderated in Q4 Year-Over-Year % Change 15% +12% +11% 10% +8% 9% +5% 5% 5% 2% —% —% (2)% (2)% (5)% (7)% (7)% (8)% (10)% Q1 Q2 Q3 Q4(1) Sales Volume Price/Mix Net Sales Net Sales excl. Extra Week (1) Excluding the extra week, net sales was up 2%. Sales volume was up 4%, while

  14. Slide 14: Set the Pace for Innovation

    Set the Pace for Innovation New July Offering Innovation Principles • Deliver disruptive innovation • Drive traffic • Unlock new markets • Anticipate changing taste preferences • Growing % of net sales from recent introductions © 2026 Lamb Weston, Inc. All Rights Reserved 14

  15. Slide 15: Leading with People

    Leading with People 15 © 2026 Lamb Weston, Inc. All Rights Reserved

  16. Slide 16: Focus to Win: A Solid Year with Sustainable Results

    Focus to Win: A Solid Year with Sustainable Results • Strong recovery in North America • Meaningful progress in Focus to Win especially with Strengthen customers and executional Customer Partnerships excellence • Greater than anticipated cost savings Prioritize Achieve Executional Markets & Excellen

  17. Slide 17: Financial Performance & 2027 Outlook

    Financial Performance & 2027 Outlook Numbers may vary due to rounding 17 © 2026 Lamb Weston, Inc. All Rights Reserved

  18. Slide 18: Fourth Quarter Net Sales up 6% Driven by North America Sales Volume Gains

    Fourth Quarter Net Sales up 6% Driven by North America Sales Volume Gains Sales Net Sales (1) Price/Mix FX Impact % Change Volume North America +11% (2)% flat +9% International (2)% (4)% +4% (2)% Lamb Weston +7% (3)% +2% +6% (1) Q4'26 included benefit from an extra week of $127M; $86M for North Amer

  19. Slide 19: Slightly Lower Fourth Quarter Adjusted EBITDA

    Slightly Lower Fourth Quarter Adjusted EBITDA(1) Driven by Strong North America Results Offset by International Challenges $350 Δ ($6) Δ +$45 $305 $300 $294 $288 $260 $250 $200 $150 Δ ($52) $100 $64 $50 $12 $— Lamb Weston(2)(3) North America(3) International(3) Q4 FY25 Q4 FY26 (1) Adjusted EBITDA is

  20. Slide 20: Full Year 2026 Net Sales up 2%

    Full Year 2026 Net Sales up +2% with Growth in North America and International Sales Net Sales (1) Price/Mix FX Impact % Change Volume North America +9% (6)% flat +3% International +2% (6)% +5% +1% Lamb Weston +7% (6)% +1% +2% (1) FY'26 included benefit from an extra week of $127M; $86M for North Am

  21. Slide 21: Full Year 2026 Adjusted EBITDA Down 9%

    Full Year 2026 Adjusted EBITDA(1) Down (9)% Due to International Challenges only Partly Offset by 3% North America Growth $1,500 Δ ($113) Δ +$33 $1,260 $1,250 $1,147 $1,142 $1,109 $1,000 $750 $500 Δ ($143) $258 $250 $115 $— Lamb Weston(2)(3) North America(3) International(3) FY 2025 FY 2026 (1) Adju

  22. Slide 22: Strong Cash from Operations and more Effective Capital Investment Process

    Strong Cash from Operations and more Effective Capital Investment Process Fiscal 2026 Liquidity(1) Leverage(2) Cash Flow • $943M net cash provided by operating activities • $3.8B Net debt(2) • $410M capital • $1.3B availability expenditures(3) down under revolving • 3.4X Net debt to $241M vs. fiscal

  23. Slide 23: Returning Cash to Shareholders: $2.2B+ Returned Since Spin-off

    Returning Cash to Shareholders $2.2B+ Returned Since Spin-off Cumulative Cash Returned to Shareholders YTD Capital Returned to Shareholders ($ in millions) $2.2B+ • $321 million in dividends and share repurchases Share Repurchases(1) $881 • Repurchased $113M in fiscal 2026 $768 • $245M remains avail

  24. Slide 24: Fiscal 2027 Outlook: Earnings Growth Expected Ahead of Sales Growth

    Fiscal 2027 Outlook: Earnings Growth Expected Ahead of Sales Growth Fiscal 2026 Actual Fiscal 2026 Fiscal 2027 Guidance (53-Weeks Ended) (52-Week Adjusted) (52-Weeks Ended) Net Sales(1) $6.6 billion $6.5 billion Up 0.0% to 1.0% Adjusted EBITDA(2) $1.15 billion $1.1 billion $1.1 to $1.2 billion Adjus

  25. Slide 25: Full Year Segment Outlook and Key Assumptions

    Full Year(1) Segment Outlook and Key Assumptions • Restaurant traffic flat Key Assumptions • Middle East impacts on inflation primarily to 1H, FY27 • Continued supply chain optimization favorably impacting manufacturing cost per pound • Expect net sales flat to up low single-digits North America ◦ L

  26. Slide 26: Potato Crop: Off to a Good Start

    Potato Crop: Off to a Good Start North America • Crop year off to a strong start • Favorable weather and crop development ahead of historical timing • Contracted acreage modestly higher year-over-year Europe • Crop year off to a favorable start • Good growing conditions across key regions • Early in

  27. Slide 27: 3x3 Priorities: People, Strategy, and Resources

    3x3 Priorities: People, Strategy, and Resources People Strategy Resources • Performance culture • Where to Play, How to • Cost culture Win – prioritize • Leadership talent markets • Supply chain efficiency • Organization design • M&A, partnerships and divestitures • Prioritized technology • Renewed

  28. Slide 28: Priority 1: People

    Priority 1: People • Performance Culture • Enterprise, entity and individual targets • Leadership Talent • Key executive hires, elevated talent management process, succession planning • Organization Design • Emphasizes speed, simplicity, accountability 28 © 2026 Lamb Weston, Inc. All Rights Reserved

  29. Slide 29: Priority 2: Strategy

    Priority 2: Strategy • Where to Play, How to Win • Prioritize markets • M&A, Partnerships and Divestitures • Renewed Growth Algorithm • Sharper resource allocation 29 © 2026 Lamb Weston, Inc. All Rights Reserved 29 Lamb Weston Proprietary

  30. Slide 30: Priority 3: Resources

    Priority 3: Resources • Cost Culture • SG&A, Capital Expenditures, Working Capital • Supply Chain Efficiency • Plant rankings, adopting best practices • Prioritized Technology Investments • Leveraging the potential of AI, more efficient over time 30 © 2026 Lamb Weston, Inc. All Rights Reserved 30 La

  31. Slide 31: Looking Ahead

    Looking Ahead • Driving stronger outcomes in a business with more durable growth and less volatility • High sense of urgency in the organization to drive change and impact • Momentum and potential on key initiatives: • High-performance culture • Strategic clarity and growth algorithm • Cost discipli

  32. Slide 32: Lamb Weston Proprietary

    32 © 2026 Lamb Weston, Inc. All Rights Reserved 32 © 2026 Lamb Weston, Inc. All Rights Reserved Lamb Weston Proprietary

  33. Slide 33: Appendix

    Appendix Numbers may vary due to rounding © 2026 Lamb Weston, Inc. All Rights Reserved 33

  34. Slide 34: GAAP to non-GAAP reconciliation for the fourteen and thirteen weeks ended May 31, 2026

    GAAP to non-GAAP reconciliation for the fourteen and thirteen weeks ended May 31, 2026 and May 25, 2025 Cost Savings Equity Program and Income Income Method Restructuring From Interest Tax Expense Investment Diluted Fourteen Weeks Ended May 31, 2026 Gross Profit SG&A Expenses Operations Expense (Ben

  35. Slide 35: GAAP to non-GAAP reconciliation for the fiscal years ended May 31, 2026

    GAAP to non-GAAP reconciliation for the fiscal years ended May 31, 2026 and May 25, 2025 Cost Savings Program and Income Income Equity Method Restructuring From Interest Tax Expense Investment Diluted Fifty-Three Weeks Ended May 31, 2026 Gross Profit SG&A Expenses Operations Expense (Benefit)(1) Ear

  36. Slide 36: GAAP to non-GAAP Adjusted EBITDA reconciliation for the fourteen and thirteen weeks

    GAAP to non-GAAP Adjusted EBITDA reconciliation for the fourteen and thirteen weeks ended May 31, 2026 and May 25, 2025 Fourteen and Thirteen Weeks Ended Fifty-Three and Fifty-Two Weeks Ended May 31, May 25, May 31, May 25, 2026 2025 2026 2025 Net income $ 110 $ 120 $ 290 $ 357 Interest expense, net

  37. Slide 37: GAAP to non-GAAP Adjusted EBITDA reconciliation for the fourteen and thirteen weeks and fifty-three weeks

    GAAP to non-GAAP Adjusted EBITDA reconciliation for the fourteen and thirteen weeks and fifty-three and fifty-two weeks ended May 31, 2026 and May 25, 2025 (1) Lamb Weston holds a 50 percent equity interest in a U.S. potato processing joint venture, Lamb-Weston/RDO Frozen (“Lamb Weston RDO”). Lamb W

  38. Slide 38: 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 Weeks Thirteen Weeks Ended Ended August 24, November 23, February 22, Last Twelve May 31, 2026(4) 2025(1) 2025(2) 2026(3) Months (in millions) Net income $ 64 $ 62 $ 54 $ 110 $ 290 Interest expense, net 44 44 45 48 1

  39. Slide 39: GAAP to non-GAAP reconciliation of Net Sales excluding FX and Extra Week

    GAAP to non-GAAP reconciliation of Net Sales excluding FX and Extra Week for the Fourteen and Fifty-Three weeks ended May 31, 2026(1) Net Sales Net Sales excluding FX Fourteen Weeks Ended May 31, 2026 Net Sales FX Extra Week excluding FX and Extra Week North America $ 1,206 $ (3) $ 1,203 $ (86) $ 1,

  40. Slide 40: Lamb Weston

    LambWeston POSSIBILITIES IN POTATOES @ 2 @

Lamb Weston Holdings — Q4 FY2026 Earnings Presentation on 6ix