LW Q2 2025 Earnings Presentation

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| © 2024 Lamb Weston, Inc. All Rights Reserved2 Lamb Weston, Inc. Proprietary Forward-looking Statements Important Notice This presentation contains forward-looking statements within the meaning of the federal securities laws. Words such as “expect,” “will,” “adapt,” “remove,” “manage,” “decline,” “remain,” “return,” “increase,” “drive,” “improve,” “outlook,” “target,” and variations of such words and similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding the Company’s business and financial outlook and prospects, plans and strategies and anticipated benefits therefrom, including with respect to the Restructuring Plan, capital expenditures and investments, dividends, share repurchases, cash flows, liquidity, leverage, and conditions in the Company’s operating environment, industry and the global economy. These forward-looking statements are based on management’s current expectations and are subject to uncertainties and changes in circumstances. Investors should understand that these statements are not guarantees of performance or results. Many factors could affect these forward-looking statements and the Company’s actual financial results and cause them to vary materially from the expectations contained in the forward-looking statements. Investors should refer to the Company’s Annual Report on Form 10-K for the year ended May 26, 2024, and the Company’s other filings with the SEC for a discussion of such factors and certain risks and uncertainties to which the Company is subject. The Company cautions readers not to place undue reliance on any forward- looking statements included in this presentation, which speak only as of the date of this presentation. The Company undertakes no responsibility for updating these statements, except as required by law. In addition to U.S. GAAP financial information, this presentation includes certain non-GAAP financial measures that should be viewed in addition to, and not as an alternative for, financial measures prepared in accordance with GAAP. These non-GAAP measures are not substitutes for their comparable GAAP financial measures, such as net income or other measures prescribed by GAAP, and there are limitations to using non-GAAP financial measures. For example, the non-GAAP financial measures included in this presentation may differ from similarly titled non-GAAP financial measures presented by other companies, and other companies may not define these non-GAAP financial measures the same way as the Company does. Management uses these non-GAAP financial measures to assist in analyzing what management views as the Company's core operating performance for purposes of business decision-making. Management believes that presenting these non-GAAP financial measures provides investors with useful supplemental information because they (i) provide meaningful supplemental information regarding financial performance by excluding certain items affecting comparability between periods, (ii) permit investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate historical performance, and (iii) otherwise provide supplemental information that may be useful to investors in evaluating the Company's financial results. In addition, the Company believes that the presentation of these non-GAAP financial measures, when considered together with the most directly comparable GAAP financial measures and the reconciliations to those GAAP financial measures, provides investors with additional tools to understand the factors and trends affecting the Company's underlying business than could be obtained absent these disclosures. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure set forth in the Appendix to this presentation. This presentation also contains statistical data that has been obtained from industry publications and reports generated by t hird parties. Although the Company believes that the publications and reports are reliable, the Company has not independently verified this statistical data and, accordingly, cannot guarantee its accuracy or completeness.

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| © 2024 Lamb Weston, Inc. All Rights Reserved4 Lamb Weston, Inc. Proprietary Today’s Key Messages Changes in industry dynamics have impacted both sales and EBITDA in the near-term Incremental industry capacity added since Investor Day Ongoing pressure on demand We are acting proactively to address these changes, including removing capacity from the market and aggressively managing our cost base We expect capital expenditures will decline as we complete our strategic expansions at the end of this year and shift capital spending to maintenance, modernization, and environmental expenditures We remain committed to returning excess capital to our shareholders through steady dividend increase and share repurchase

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Lamb Weston, Inc. Proprietary| © 2024 Lamb Weston, Inc. All Rights Reserved5 A olume Intl olume A Price Mix Intl Price Mix ’ vs. ’ et Sales Total LW (8)% Volume (6)% Price/Mix (2)% North America (8)% Volume (5)%: Pressure on restaurant traffic and carryover impact of prior-year share losses, net of gains Price/Mix (3)%: Planned investments in price and unfavorable mix International (6)% Volume (6)%: Pressure on restaurant traffic, incremental customer share losses in key international markets, and carryover impact of prior-year exits of low- margin business in EMEA Price/Mix flat: Incremental pricing actions in more competitive environment in key international markets $1,732M $1,601M

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Lamb Weston, Inc. Proprietary| © 2024 Lamb Weston, Inc. All Rights Reserved6 Decline driven by lower net sales and adjusted gross profit Adjusted gross profit decline reflects: Lower price/mix Higher manufacturing costs per pound Incremental production costs related to inefficiencies from unplanned factory downtimes and new plant start-up costs Higher depreciation expense SG&A favorability driven by aggressive expense reduction initiatives orth America International nallocated S A $377M1 $282M1 (1) See GAAP to Non-GAAP reconciliations at the end of this presentation. ’ vs. ’ Adjusted EBITDA

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| © 2024 Lamb Weston, Inc. All Rights Reserved7 Lamb Weston, Inc. Proprietary Liquidity, Leverage and Cash Flow Liquidity1 Leverage1 H1’25 Cash Flow ~$80M cash and equivalents $1.2B availability under revolving credit facility ~$4.0B net debt2 3.4x leverage ratio2 ~$430M net cash provided by operating activities $486M capital expenditures3 (1) As of November 24, 2024. (2) See GAAP to Non-GAAP reconciliations at the end of the presentation. (3) Net of proceeds rom blue chip swap transactions.

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| © 2024 Lamb Weston, Inc. All Rights Reserved8 Lamb Weston, Inc. Proprietary Capacity Reset: Capacity Announcements (lbs. in millions; calendar years) Normalized Period Rapid Expansion in Industry Capacity Lamb Weston expanded early to meet demand ~50% incremental volume announced located in Europe 4% 2% 3% 30,000 35,000 40,000 2016 2017 2019 2021 2022 2023 2024 Peers LW Demand Growth % 2 3.5bn+ lbs. of capacity announced post October 2023 Investor Day Utilization Rate (%) 2019: 100% 2022: 99% 2023: 97% 2024: 91% 2017: 100% 2021: 97% 2016: 98% 2018 Lamb Weston permanently closed Connell, WA facility in 2024, reducing ~300mm lbs. of capacity 2020 COVID 6% 4% 4% (9)% 13% (1) Source: Press release, company filings. (2) Net of the Lamb Weston reduction of ~300 million lbs. from the permanent closure of manufacturing facility in Connell, WA, effective October 1, 2024.

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| © 2024 Lamb Weston, Inc. All Rights Reserved9 Lamb Weston, Inc. Proprietary Implied Capacity Utilization Annual Demand Growth 2% 90% 87% 85% 85% 85% 3% 91% 89% 88% 88% 90% 4% 92% 90% 90% 92% 94% 8.6 billion lbs. of incremental capacity vs. 3.6 – 7.4 billion lbs. of incremental demand3 (projections do not reflect potential industry capacity reduction) (lbs. in millions; calendar years) (1) Sources of supply data: A-Insights, company press releases and filings, press reports, and Lamb Weston estimates. (2) Sources of demand data: GlobalData, A-Insights, Global Trade Atlas, NielsenIQ, Circana Group/PotatoTrack, and Lamb Weston estimates. (3) 3.6 billion lbs. reflects incremental demand by 2028E assuming 2% annual demand growth and. 7.4 billion lbs. assuming 4% annual demand growth. 99% Actual Capacity Utilization 97% Supply1 / Demand2 Reset 2022 2023 2024E 2025E 2026E 2027E 2028E LW Peers Peers Post Investor Day 34,428 35,638 38,460 40,839 42,781 43,616 44,276 91% 90%

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| © 2024 Lamb Weston, Inc. All Rights Reserved10 Lamb Weston, Inc. Proprietary Cost Cutting Initiatives Previously Announced Incremental Initiatives Reduction in operating expenses, including headcount reductions approximating 4% of the Company’s global workforce and the elimination of certain unfilled job positions FY’ : approximately $55 million in pre-tax cost savings and reduction in working capital About 1/3 benefiting cost of sales and 2/3 benefiting SG&A expenses FY’ 6: estimated annualized savings of about $85 million Continue to review every area of business to add efficiency and further cost reduction Sylvia Wilks joined recently as new Chief Supply Chain Officer Multiple opportunities identified to drive cost savings and improve performance Permanent closure of the manufacturing facility in Connell, WA Reducing ~300 million pounds of capacity and representing more than a 5% reduction of total capacity in North America Temporary curtailment of certain production lines and schedules across manufacturing network in North America Implemented first stage of lean manufacturing program across all North America production Will roll full program out to all new international production lines as they open Manufacturing Cost Reduction

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| © 2024 Lamb Weston, Inc. All Rights Reserved11 Lamb Weston, Inc. Proprietary FY 2025 Outlook Net Sales % Growth Prior Outlook Updated Outlook Net Sales % Growth $6.6B – $6.8B 2% – 5% $6.35B – $6.45B (2%) – 0% Adj. EBITDA ~$1.38B $1.17B – $1.21B Adj. Diluted EPS $4.15 – $4.35 $3.05 – $3.20 Capital Expenditures ~$750M ~$750M Incorporates shortfall to ’ expectations Sales change primarily due to reduction in forecasted volume Adjusted EBITDA change primarily due to lower volumes, more competitive environment affecting ability to counter inflation with price, and higher production costs, partially offset by cost reduction initiatives Capital expenditures target unchanged, continuing to target ~$ 0M in FY’ 61 (1) Excluding expenditures related to ERP restart.

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Lamb Weston, Inc. Proprietary| © 2024 Lamb Weston, Inc. All Rights Reserved12 FY’ et Sales Outlook pdate Drivers of Change in Sales Outlook ’ sales shortfall drives one fourth of change orth America Segment in H ’ : Volume reduction primarily reflects unexpected loss of chain customer, net of customer wins, and downsizing of serving sizes Modest reduction in Price/Mix due to less favorable outlook for mix International Segment in H ’ : Volume reduction reflects incremental share losses and softer restaurant traffic Price/Mix reduction reflects incremental price investments in key international markets in response to more competitive environment Prior Outlook Impact A olume Intl olume A Price Mix Intl Price Mix Current Outlook $6.6B - $6.8B $6.35B - $6.45B pdated H ’ E Outlook

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Lamb Weston, Inc. Proprietary| © 2024 Lamb Weston, Inc. All Rights Reserved13 FY’ Adj. EBITDA Outlook pdate Drivers of Change in EBITDA Outlook ’ sales shortfall drives one third of change International Segment in H ’ : Increased competitive dynamics on volume and price orth America Segment in H ’ : Reduced sales volume Less favorable mix Significant cost reduction initiatives in place Prior Outlook Impact orth America International nallocated S A Current Oultook ~$1.38B $1.17B - $1.21B pdated H ’ E Outlook

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Lamb Weston, Inc. Proprietary| © 2024 Lamb Weston, Inc. All Rights Reserved14 H2'24 H2'25E H ’ E Outlook H2'24 H2'25E $3.1B $3.1B – $3.2B Net Sales $627M1 $600M – $640M Adjusted EBITDA Adjusted EBITDA as % Net Sales H2'24 H2'25E 20.4%1 19.5% – 20% (1) See GAAP to Non-GAAP reconciliations at the end of this presentation.

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| © 2024 Lamb Weston, Inc. All Rights Reserved15 Lamb Weston, Inc. Proprietary Capex underinvestment during COVID-19 Delayed capex spend Post Covid $287 $307 $337 $208 $163 $306 $736 $992 $750 $400 $350- 400 $150 9.1% 9.0% 9.0% 5.5% 4.4% 7.5% 13.8% 15.3% 11.2% 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E Long Term Base Target $75 Capital Expenditures $ Millions (as % of Net Sales) Pre-covid Avg. : 9% Capital Expenditures Outlook COVID-19 Delayed capex spend from underinvestment during COVID-19 $160Free Cash Flow1 ($ mm) $174 $347 $366 $390 $112 $26 $(176) 9% 6-8% $100 million reduction in FY’ capital expenditures from previous estimate at FY’ Base capital and modernization efforts (Excluding expenditures related to ERP restart) Environmental capital (1) See GAAP to Non-GAAP reconciliations at the end of this presentation.

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| © 2024 Lamb Weston, Inc. All Rights Reserved16 Lamb Weston, Inc. Proprietary $27 $138 $251 $372 $508 $646 $792 $966 $1,069 $32 $55 $80 $231 $276 $486 $568 2017 2018 2019 2020 2021 2022 2023 2024 1H 2025 Dividends Share Repurchases Capital Return Outlook Cumulative Cash Returned to Shareholders ($ in millions) $1.6bn Dividend Policy Declared a quarterly dividend of $0.37 per share of Lamb Weston common stock ($0.01 increase per quarter) 8 consecutive years of increase in dividend per share since spin-off Target payout ratio of 25% to 35% Share Repurchases Increase share repurchase authorization to $750 million from $500 million, of which ~$190 million has been utilized Opportunistic repurchase based on available cash using a disciplined approach $82 million shares repurchased in 1H 20251 (1) Excluding shares repurchased as a result of stock compensation.

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| © 2024 Lamb Weston, Inc. All Rights Reserved17 Lamb Weston, Inc. Proprietary Today’s Key Messages The operating environment in the near term will remain challenging as additional capacity expansions are announced during a period of ongoing pressure on demand We’re proactively adapting to this dynamic environment by strategically adjusting our capacity footprint, reducing capital expenditures, managing our cost structure and improving cash flow We remain committed to returning capital to our shareholders through opportunistic share repurchases and steady increases in our dividend, while continuing to maintain and modernize our production assets

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Q&A

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Appendix (1) Numbers may vary due to rounding.

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| © 2024 Lamb Weston, Inc. All Rights Reserved20 Lamb Weston, Inc. Proprietary GAAP to Non-GAAP Reconciliations Thirteen Weeks Ended Q2'25 vs. Q2'24 Adjusted EBITDA November 24, November 26, (in millions) 2024 2023 Net income (loss) $ (36) $ 215 Interest expense, net 43 29 Income tax expense 13 66 Income from operations including equity method investment earnings 21 310 Depreciation and amortization (a) 93 71 Unrealized derivative losses (gains) 3 2 Foreign currency exchange losses (gains) 10 (2) Blue chip swap transaction gains (b) (3) (7) Items impacting comparability: Restructuring Plan expenses (c) 159 — Shareholder activism expense (d) 0 — Inventory step-up from acquisition — (2) Integration and acquisition-related items, net — 5 Adjusted EBITDA $ 282 $ 377 (a) Depreciation and amortization include interest expense, income tax expense, and depreciation and amortization from equity method investments of $2 million and $2 million for the thirteen weeks ended November24, 2024 and November 26, 2023, respectively. Depreciation expense does not include the accelerated depreciation related to our Connell facility closure referred to in (c) below. (b) We enter into blue chip swap transactions to transfer U.S. dollars into and out of Argentina primarily related to funding our announced capacity expansion in Argentina. The blue chip swap rate can diverge significantly from Argentina's official exchange rate. (c) On October 1, 2024 we announced the Restructuring Plan. For more information about the Restructuring Plan, see Note 4, Restructuring Plan, of these Condensed Notes to Consolidated Financial Statements in "Part I, Item 1. Financial Statements" of this report. Restructuring Plan expenses include $29 million of accelerated depreciation related to the closure of our manufacturing facility in Connell, Washington. (d) Represents advisory fees related to shareholder activism matters.

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| © 2024 Lamb Weston, Inc. All Rights Reserved21 Lamb Weston, Inc. Proprietary GAAP to Non-GAAP Reconciliations Thirteen Weeks Ended Last twelve months Adjusted EBITDA November 24, August 25, May 26, February 25, Last Twelve (in millions) 2024 2024 2024 2024 Months Net income (loss) (a) $ (36) $ 127 $ 130 $ 146 $ 367 Interest expense, net 43 45 40 36 165 Income tax expense 13 51 51 43 158 Income from operations including equity method investment earnings 21 223 221 225 690 Depreciation and amortization (b) 93 91 84 80 348 Unrealized derivative losses (gains) 3 (9) (27) 27 (5) Foreign currency exchange losses (gains) 10 1 11 13 34 Blue chip swap transaction gains (c) (3) (17) (7) (4) (31) Items impacting comparability: — Restructuring Plan expenses (d) 159 — — — 159 Shareholder activism expense (e) 0 — — — 0 Integration and acquisition-related items, net — — 2 2 4 Adjusted EBITDA $ 282 $ 290 $ 283 $ 344 $ 1,199

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| © 2024 Lamb Weston, Inc. All Rights Reserved22 Lamb Weston, Inc. Proprietary GAAP to Non-GAAP Reconciliations (a) Net income (loss) included the following: The thirteen weeks ended August 25, 2024 include an approximately $39 million loss related to the voluntary product withdrawal that ocurred in the first quarter of fiscal 2025. An estimated $40 million loss was related to the voluntary product withdrawal, for the thirteen weeks ended May 26, 2024. The total charge to the reporting segments was $19 million to the North America segment and $21 million to the International segment. A $25 million charge for the write-off of excess raw potatoes in North America for the thirteen weeks ended February 25, 2024. For the thirteen weeks ended February 25, 2024, we recorded a $21 million charge in cost of sales, and a $5 million charge in equity method investment earnings. The total charge to the reporting segments was as follows: $23 million to the North America segment; and $3 million to the International segment. For the thirteen weeks ended February 25, 2024, our results were negatively impacted by the ERP transition, which we estimate impacted net sales by approximately $135 million, with $123 million and $12 million in our North America and International segments, respectively. We estimate net income was impacted by approximately $95 million ($72 million after taxes), including approximately $55 million ($42 million after taxes) related to lower order fulfillment rates and approximately $40 million ($30 million after taxes) of incremental costs and expenses, of which approximately $7 million ($5 million after taxes) was a reduction in gross sales, and included accrued fees and charges for delayed or unfilled customer orders; approximately $26 million ($20 million after taxes) was recorded in cost of sales, and included reduced fixed cost coverage and inefficiencies resulting from planned downtime at our processing facilities, as well as additional freight charges; and approximately $7 million ($5 million after taxes) was recorded in SG&A, and largely included consulting expenses to restore order fulfillment rates. We estimate that approximately $83 million impacted the North America segment, approximately $5 million impacted the International segment, and approximately $7 million impacted unallocated corporate costs. (b) Depreciation and amortization include interest expense, income tax expense, and depreciation and amortization from equity method investments of $2 million each of the thirteen weeks ended November 24, 2024, August 25, 2024, May 26, 2024, and February 25, 2024, respectively. Depreciation expense for the thirteen weeks ended November24, 2024 does not include the accelerated depreciation related to our Connell facility closure referred to in (d) below. (c) We enter into blue chip swap transactions to transfer U.S. dollars into and out of Argentina primarily related to funding our announced capacity expansion in Argentina. The blue chip swap rate can diverge significantly from Argentina's official exchange rate. (d) On October 1, 2024 we announced the Restructuring Plan. For more information about the Restructuring Plan, see Note 4, Restructuring Plan, of these Condensed Notes to Consolidated Financial Statements in "Part I, Item 1. Financial Statements" of this report. Restructuring Plan expenses include $29 million of accelerated depreciation related to the closure of our manufacturing facility in Connell, Washington. (e) Represents advisory fees related to shareholder activism matters.

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| © 2024 Lamb Weston, Inc. All Rights Reserved23 Lamb Weston, Inc. Proprietary GAAP to Non-GAAP Reconciliations Thirteen Weeks Ended H2’24 Adjusted EBITDA May 26, February 25, H2 (in millions) 2024 2024 2024 Net income (loss) (a) $ 130 $ 146 $ 276 Interest expense, net 40 36 76 Income tax expense 51 43 94 Income from operations including equity method investment earnings 221 225 446 Depreciation and amortization (b) 84 80 164 Unrealized derivative losses (gains) (27) 27 — Foreign currency exchange losses (gains) 11 13 23 Blue chip swap transaction gains (c) (7) (4) (11) Items impacting comparability: Integration and acquisition-related items, net 2 2 5 Adjusted EBITDA $ 283 $ 344 $ 627 Net Sales $ 1,612 $ 1,458 $ 3,070 Adjusted EBITDA as a % of sales 17.6% 23.6% 20.4%

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| © 2024 Lamb Weston, Inc. All Rights Reserved24 Lamb Weston, Inc. Proprietary GAAP to Non-GAAP Reconciliations (a) Net income (loss) included the following: An estimated $40 million loss was related to the voluntary product withdrawal, for the thirteen weeks ended May 26, 2024. The total charge to the reporting segments was $19 million to the North America segment and $21 million to the International segment. A $25 million charge for the write-off of excess raw potatoes in North America for the thirteen weeks ended February 25, 2024. For the thirteen weeks ended February 25, 2024, we recorded a $21 million charge in cost of sales, and a $5 million charge in equity method investment earnings. The total charge to the reporting segments was as follows: $23 million to the North America segment; and $3 million to the International segment. For the thirteen weeks ended February 25, 2024, our results were negatively impacted by the ERP transition, which we estimate impacted net sales by approximately $135 million, with $123 million and $12 million in our North America and International segments, respectively. We estimate net income was impacted by approximately $95 million ($72 million after taxes), including approximately $55 million ($42 million after taxes) related to lower order fulfillment rates and approximately $40 million ($30 million after taxes) of incremental costs and expenses, of which approximately $7 million ($5 million after taxes) was a reduction in gross sales, and included accrued fees and charges for delayed or unfilled customer orders; approximately $26 million ($20 million after taxes) was recorded in cost of sales, and included reduced fixed cost coverage and inefficiencies resulting from planned downtime at our processing facilities, as well as additional freight charges; and approximately $7 million ($5 million after taxes) was recorded in SG&A, and largely included consulting expenses to restore order fulfillment rates. We estimate that approximately $83 million impacted the North America segment, approximately $5 million impacted the International segment, and approximately $7 million impacted unallocated corporate costs. (b) Depreciation and amortization include interest expense, income tax expense, and depreciation and amortization from equity method investments of $2 million for each of the thirteen weeks ended May 26, 2024, and February 25, 2024, respectively. (c) We enter into blue chip swap transactions to transfer U.S. dollars into and out of Argentina primarily related to funding our announced capacity expansion in Argentina. The blue chip swap rate can diverge significantly from Argentina's official exchange rate.

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| © 2024 Lamb Weston, Inc. All Rights Reserved25 Lamb Weston, Inc. Proprietary GAAP to Non-GAAP Reconciliations Leverage Ratio November 24, ($ in billions) 2024 Total Debt $ 4.1 Cash $ 0.1 Net Debt $ 4.0 TTM Adjusted EBITDA $ 1.2 Net Debt/Adj. EBITDA 3.4 x

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| © 2024 Lamb Weston, Inc. All Rights Reserved26 Lamb Weston, Inc. Proprietary GAAP to Non-GAAP Reconciliations Free Cash Flow (in millions) 2017 2018 2019 2020 2021 2022 2023 2024 1Q 2025 2Q 2025 Operating Cash Flow $ 447 481 $ 681 $ 574 $ 553 $ 418 $ 762 $ 798 $ 330 $ 99 Capital Expenditures 287 307 334 208 163 306 736 974 336 151 Additions to PPE 287 307 334 168 147 290 654 930 326 149 Additions to LTA - - - 41 16 16 82 62 26 5 Gains from Blue Chip Swaps - - - - - - - (18) (17) (3) Total Free Cash Flow $ 160 $ 174 $ 347 $ 366 $ 390 $ 112 $ 26 $ (176) $ (5) $ (52)

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