Lamb Weston Holdings, Inc. · NYSE:LW
Lamb Weston — Q2 2026 Earnings Presentation
25 slides from Lamb Weston's earnings presentation, Dec 19, 2025
Slide 1: Lamb Weston Fiscal Second Quarter 2026 Earnings
Lamb Weston Fiscal Second Quarter 2026 Earnings December 19, 2025 © 2025 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 “focus,” “deliver,” “execute,” “optimize,” “increase,” “drive,” “grow,” “achieve,” “prioritize,” “strengthen,” “will,” “maximize,” “invig
Slide 3: Today's Presenters
Today’s Presenters © 2025 Lamb Weston, Inc. All Rights Reserved 3
Slide 4: Key Messages
Key Messages • Building momentum and addressing areas of opportunity • Continued volume growth, share gains and customer momentum • Optimizing global supply chain - restarting curtailed production in North America to meet higher demand • Executing Focus to Win strategy including Cost Savings Program
Slide 5: 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 team does better than anyone Markets & Executional Excellen
Slide 6: Focus to Win Progress
Focus to Win Progress Strengthen Customer Partnerships • Momentum in customer wins and retention • Build partnerships around service, joint business planning, menu innovation and growth • Line of sight to volume growth for balance of the year • 90%+ open contract volume for fiscal 26 closed • All ma
Slide 7: International Market: Global Footprint is Competitive Advantage
International Market: Global Footprint is Competitive Advantage • Benefiting from strong execution and market strength in North America, which represents ~90%+ of profitability on average • Lamb Weston well positioned to capitalize on local production through its global footprint and supply network,
Slide 8: Focus to Win Progress
Focus to Win Progress Achieve Executional Set the Pace for Innovation Excellence • Cost Savings Program on track • Core pillar of our strategy • $100M of cost savings • New Snap Fries launched expected in fiscal 26 • Testing with airline • $250M by year end fiscal customers 2028 • Opens additional •
Slide 9: Potato Crop Update
Potato Crop Update • Harvest complete and processing from storage across growing regions • North America • Above average yields and average quality • Mid-single digit raw potato percent price decline, began late in Q2 • Europe • Growing conditions favorable leading to above average yield forecast fo
Slide 10: Financials & Outlook
Measuring Success Financials & Outlook (1) Numbers may vary due to rounding ©2025 Lamb Weston, Inc. All Rights Reserved 10
Slide 11: Q2 '26 vs Q2 '25 Net Sales
Q2 '26 vs Q2 '25 Net Sales • Total LW Q2 ’26 Net Sales +1% vs. Q2 ’25, including a favorable foreign currency impact of $24M • Sales flat on constant currency(1) basis • Volume +8% ▪ Price/Mix in constant currency (8)% • North America Net Sales were flat: ◦ Volume +8%: Customer wins and share gains;
Slide 12: Q2 '26 vs Q2 '25 Adjusted EBITDA
Q2 '26 vs Q2 '25 Adjusted EBITDA • Adjusted EBITDA(1) declined $9M - in line with expectations • Adjusted Gross Profit(1) declined $16M • Unfavorable price/mix, partially offset by • Higher sales volume • Benefit of cost savings • Lower manufacturing costs per pound • Adjusted SG&A(1) declined $8M •
Slide 13: Q2 '26 vs Q2 '25 Adjusted EBITDA by segment
Q2 '26 vs Q2 '25 • Adjusted EBITDA declined $9M Adjusted EBITDA • North America segment • Adjusted EBITDA increased 7% or $19M driven by by segment • Higher sales volumes • Lower manufacturing costs per pound • Lower Adjusted SG&A • Partially offset by price and trade in support of our customers Int
Slide 14: Focus on Cash Flow and Disciplined Capital Deployment
Focus on Cash Flow and Disciplined Capital Deployment 1H Fiscal 2026 Liquidity(1) Leverage(2) Cash Flow • Returned $92M to shareholders: • $52M in dividends • ~$530M net cash provided by • $40M of share repurchases • ~$83M cash and • ~$3.6B net operating • Reduced capital intensity with cash activit
Slide 15: Returning Cash to Shareholders: $2B+ Returned Since Spin-off
Returning Cash to Shareholders $2B+ Returned Since Spin-off Share Repurchases Cumulative Cash Returned to Shareholders • Repurchased approximately $50M 1H 2026 ($ in millions) • $308M remains available under the plan $2B+ • Year-to-date, we've repurchased sufficient shares to offset the expected equ
Slide 16: Reaffirming Fiscal 2026 Outlook
Reaffirming Fiscal 2026 Outlook Reaffirming Fiscal 2026 Volume and Price/mix Margins Outlook • Net Sales $6.35B to $6.55B • Volume growth and positive sales • Adjusted Gross Margin flat to momentum down vs 1H 20.4% • EBITDA $1.00B to $1.20B • North America • Price/mix to remain unfavorable, • Capita
Slide 17: Lamb Weston is
Lamb Weston is • Driving volume growth, share gains and customer momentum • Delivering quality, innovation and value • Embracing and executing our Focus to Win strategy • Delivering cost savings in line with our target • Optimizing global supply chain • Generating strong free cash flow • Returning c
Slide 18: Q&A
Q&A © 2025 Lamb Weston, Inc. All Rights Reserved 18
Slide 19: Appendix
Appendix (1) Numbers may vary due to rounding © 2025 Lamb Weston, Inc. All Rights Reserved 19
Slide 20: GAAP to non-GAAP reconciliation for the thirteen weeks ended November 23, 2025
GAAP to non-GAAP reconciliation for the thirteen weeks ended November 23, 2025 and November 24, 2024 Equity Income Income Method Restructuring From Interest Tax Expense Investment Net Income Diluted Thirteen Weeks Ended November 23, 2025 Gross Profit SG&A Expense Operations Expense (Benefit) (1) Ear
Slide 21: GAAP to non-GAAP Adjusted EBITDA reconciliation for the thirteen weeks
GAAP to non-GAAP Adjusted EBITDA reconciliation for the thirteen weeks ended November 23, 2025 and November 24, 2024 Thirteen Weeks Ended November 23, November 24, 2025 2024 Net income (loss) $ 62.1 $ (36.1) Interest expense, net 44.3 43.3 Income tax expense 36.0 13.4 Income from operations includin
Slide 22: GAAP to non-GAAP Adjusted EBITDA reconciliation (footnotes)
GAAP to non-GAAP Adjusted EBITDA reconciliation for the thirteen weeks ended November 23, 2025 and November 24, 2024 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 Weston accounts for its investment in Lam
Slide 23: GAAP to non-GAAP Adjusted EBITDA reconciliation for the Last Twelve Months
GAAP to non-GAAP Adjusted EBITDA reconciliation for the Last Twelve Months Thirteen Weeks Ended February 23, May 25, August 24, November 23, Last Twelve (in millions) 2025¹ 2025¹ 2025² 2025³ Months Net income $ 146 $ 120 $ 64 $ 62 $ 392 Interest expense, net 47 44 44 44 179 Income tax expense 58 21
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 November 23, 2025(1) Net Sales at Constant Thirteen Weeks Ended November 23, 2025 Net Sales Currency Currency North America $ 1,069.5 $ (1.8) $ 1,067.7 International 548.6 (22.6) 526.0 $ 1,618.1 $ (24.4) $
Slide 25: Lamb Weston
LambWeston POSSIBILITIES IN POTATOES @ 2 @