Lamb Weston Holdings, Inc. · NYSE:LW
Lamb Weston — Q3 2026 Earnings Presentation
27 slides from Lamb Weston's earnings presentation, Apr 1, 2026
Slide 1: Lamb Weston Fiscal Third Quarter 2026 Earnings
Lamb Weston Fiscal Third Quarter 2026 Earnings April 1, 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 “continue,” “increase,” “take,” “manage,” “act,” “reduce,” “exceed,” “reinvest,” “support,” “deliver,” “improve,” “strengthen,” “achieve,
Slide 3: Today's Presenters
Today’s Presenters © 2026 Lamb Weston, Inc. All Rights Reserved 3
Slide 4: Key Messages
Key Messages • Delivered another solid quarter: Continue to do what we said we would do • Updated guidance: Increasing midpoint for Net Sales and Adjusted EBITDA • North America momentum: Volume up 12% and Net Sales increased 5% • Managing International business in the near term and protecting profi
Slide 5: First Year Progress
First First Year Year Progress Progress • Launched Focus to Win strategy for targeted decision-making and actions • Established aggressive cost savings targets - On track to exceed $250M target • Selectively reinvested savings in support of customers • Improvements in execution to deliver high consi
Slide 6: Focus to Win Progress
Focus to Win Progress Strengthen Customer Achieve Executional Partnerships Excellence • Streamlined U.S. commercial • Building an agile and best-in- go-to-market strategy in initial class supply chain Focus to Win strategy • Operating efficiently and • Direct sales team positively consistently impac
Slide 7: Focus to Win Progress
Focus to Win Progress Set the Pace for Innovation • Grown In Idaho new brand positioning launch • Foundational consumer research • Brand rooted in REAL and created for people who value where their food comes from • New packaging rolling out © 2026 Lamb Weston, Inc. All Rights Reserved 7
Slide 8: Potato Crop Update
Potato Crop Update • North America • Contract negotiations for 2026 crop nearly complete • Expect a low to mid-single digit percent decline in price in the aggregate • Largely secured the targeted number of acres across our primary growing regions • Planting on schedule for the early potato varietie
Slide 9: Focus to Win: Strategy Taking Hold
Focus to Win: Strategy Taking Hold • Focus on our customers • Executing exceptionally Strengthen Customer Partnerships • Delivering cost savings • Culture of accountability Prioritize and continuous Achieve Executional Markets & improvement Channels Excellence • See further opportunities for structu
Slide 10: Financials & Outlook
Measuring Success Financials & Outlook (1) Numbers may vary due to rounding 10 © 2026 Lamb Weston, Inc. All Rights Reserved
Slide 11: Q3 '26 vs Q3 '25 Net Sales
Q3 '26 vs Q3 '25 Net Sales • Total LW Q3 ’26 Net Sales +3% vs. Q3 ’25, including foreign currency +$47M • Sales flat on constant currency(1) basis • Volume +7% $1,521 $1,565 • Price/Mix (7)% (constant currency)(2) • North America Net Sales +5%: • Volume +12%: Customer wins, share gains and strong re
Slide 12: Q3 '26 vs Q3 '25 Adjusted EBITDA
Q3 '26 vs Q3 '25 Adjusted EBITDA(1) • Adjusted EBITDA declined $101M (1) • Adjusted Gross Profit(1) declined $93M • Unfavorable price/mix $373 • Higher manufacturing costs per pound due to: • $33M net pre-tax write-off of excess raw potatoes in the International segment $272 • Higher fixed factory a
Slide 13: Driving SG&A Efficiency
Driving SG&A Efficiency • SG&A Review • Engaged outside advisors to review SG&A efficiency • Developed targeted action plans to reduce overall Adj. SG&A and Normalized SG&A as a % of Net Sales SG&A through Cost Savings Program 10.0% 9.8% • Revenue-linked A&P and royalties relatively flat as a 9.1% p
Slide 14: Q3 '26 vs Q3 '25 Adjusted EBITDA by Segment
Q3 '26 vs Q3 '25 Adjusted EBITDA • Adjusted EBITDA(1) declined $101M • North America Segment by Segment • Adjusted EBITDA (4)% or $13M • Higher sales volumes $373 • Lower manufacturing costs per pound • Lower Adjusted SG&A • Benefits from cost savings initiative • More than offset by: $272 • Price a
Slide 15: Strong Operating Cash Flow and Capital Discipline
Strong Operating Cash Flow and Capital Discipline Fiscal 2026 YTD Liquidity(1) Leverage(2) Cash Flow • $596M of net cash provided • Strong operating cash flow and by operating activities • Balanced leverage efficient use of capital • $110M increase vs FY25 • Strong working capital • Strong liquidity
Slide 16: Shareholder Value Through Consistent Capital Returns
Shareholder Value Through Consistent Capital Returns $2.1B+ Returned Since Spin-off YTD Capital Returned to Shareholders • $205M in dividends and share repurchases Cumulative Cash Returned to Shareholders Share Repurchases ($ in millions) • Repurchased ~$50M through Q3 2026 $2.1B+ • 10b5-1 plan init
Slide 17: Updating Fiscal 2026 Outlook
Updating Fiscal 2026 Outlook Prior Fiscal 2026 Updated Fiscal 2026 Additional Guidance Items: Guidance Guidance Updated • Interest Expense ~$180M Net Sales $6.35B - $6.55B $6.45B - $6.55B • Depreciation & Amortization ~$395M • FY Tax Rate ~28% The Company's net sales guidance includes an approximate
Slide 18: Closing Remarks
Closing Remarks • Delivered another solid quarter: Continue to do what we said we would do in evolving environment • North America executing well, with room to grow • Fortifying international focus and taking actions to manage costs and competitive position • Controlling what we can control, acting
Slide 19: Q&A
Q&A © 2026 Lamb Weston, Inc. All Rights Reserved 19
Slide 20: Appendix
Appendix (1) Numbers may vary due to rounding © 2026 Lamb Weston, Inc. All Rights Reserved 20
Slide 21: GAAP to non-GAAP reconciliation for the thirteen weeks ended February 22, 2026 and February 23, 2025
GAAP to non-GAAP reconciliation for the thirteen weeks ended February 22, 2026 and February 23, 2025 Cost Savings Equity Program and Income Income Method Restructuring From Interest Tax Expense Investment Diluted Thirteen Weeks Ended February 22, 2026 Gross Profit SG&A Expenses Operations Expense (B
Slide 22: GAAP to non-GAAP reconciliation of Adjusted and Normalized SG&A
GAAP to non-GAAP reconciliation of Adjusted and Normalized SG&A % of Net Sales FY19 FY23 SG&A 8.9 % 10.3 % Less: Unrealized derivative gains and losses —% 0.1 % Foreign currency gains and losses 0.1 % 0.2 % Stock-based compensation 0.6 % 0.6 % Integration and acquisition-related items, net —% (0.4)%
Slide 23: GAAP to non-GAAP reconciliation of Adjusted EBITDA for the thirteen weeks ended February 22, 2026
GAAP to non-GAAP reconciliation of Adjusted EBITDA for the thirteen weeks ended February 22, 2026 and February 23, 2025 Thirteen Weeks Ended February 22, February 23, 2026 2025 Net income $ 54 $ 146 Interest expense, net 45 47 Income tax expense 30 58 Income from operations including equity method i
Slide 24: GAAP to non-GAAP reconciliation of Adjusted EBITDA (footnotes)
GAAP to non-GAAP reconciliation of Adjusted EBITDA for the thirteen weeks ended February 22, 2026 and February 23, 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 Weston accounts for its investment in
Slide 25: GAAP to non-GAAP reconciliation of Adjusted EBITDA for the Last Twelve Months
GAAP to non-GAAP reconciliation of Adjusted EBITDA for the Last Twelve Months Thirteen Weeks Ended August 24, November 23, February 22, Last Twelve May 25, 2025(1) (in millions) 2025(2) 2025(3) 2026(4) Months Net income $ 120 $ 64 $ 62 $ 54 $ 300 Interest expense, net 44 44 44 45 177 Income tax expe
Slide 26: Reconciliation of Net Sales at Constant Currency, Net Debt, Leverage and Free Cash Flow
GAAP to non-GAAP reconciliation of Net Sales at Constant Currency for the thirteen weeks ended February 22, 2026(1) Net Sales at Constant Thirteen Weeks Ended February 22, 2026 Net Sales Currency Currency North America $ 1,035 $ (4) $ 1,031 International 530 (44) 486 $ 1,565 $ (47) $ 1,517 GAAP to n
Slide 27: Lamb Weston
LambWeston POSSIBILITIES IN POTATOES @ 2 @