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Lamb Weston, Inc. Proprietary 1 | © 2025 Lamb Weston. All Rights Reserved. Lamb Weston Fiscal Q4 and Full Year 2025 Earnings July 23, 2025
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Lamb Weston, Inc. Proprietary 2 | © 2025 Lamb Weston. All Rights Reserved. Forward-looking Statements Important Notice This presentation contains forward-looking statements within the meaning of the federal securities laws. Words such as “expect, ”“execute, ” “support, ” “drive, ” “deliver, ” “create, ” “unlock, ” “enhance, ” “build, ” “implement, ” “remain, ” “focus, ” “win, ” “will, ” “strengthen, ” “achieve, ” “expand, ” “increase, ” “invest, ” “target, ” “reduce, ” “decline, ” “outlook, ” 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; the Company’s plans and strategies and anticipated benefits therefrom, including restructuring plans, Focus to Win and other cost-savings or efficiency initiatives; pricing and trade; capital expenditures and investments; costs; working capital; dividends; share repurchases; cash flows; liquidity; leverage; potato crop; and anticipated conditions in the Company’s 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 25, 2025, 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 impacts of foreign currency exchange rates and unrealized derivative activities and other 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 the Company’s core operating performance across periods, 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 consideredtogether 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 third 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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Today’s Presenters Mike Smith President and Chief Executive Officer Bernadette Madarieta Chief Financial Officer © 2025 Lamb Weston, Inc. All Rights Reserved3
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Lamb Weston, Inc. Proprietary 4 | © 2025 Lamb Weston. All Rights Reserved. Key Messages FY25 Was a Year of Substantial Change For Lamb Weston Acting with Urgency to Capitalize on Opportunities Seeing Results from Efforts to Build Momentum With Customers Controlling What We Can Control Readying Customer Centric Organization to Accelerate Performance When Restaurant Traffic Demand Growth Returns
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©2025 Lamb Weston, Inc. All Rights Reserved Building Customer Momentum 5 Results ahead of updated expectations Ended the year with momentum in customer wins and retention Lamb Weston team executing at a high level Ongoing support for customers combined with our long-standing commitment to quality, service and innovation, are driving success with customers globally 5
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Lamb Weston, Inc. Proprietary 6 | © 2025 Lamb Weston. All Rights Reserved. Fourth Quarter F25 Highlights Q4 F25 GAAP Adjusted Net Sales $1,676M +4% Income from Operations $186M (13)% $188M (2)% Net Income $120M (7)% $123M +8% Diluted EPS $0.85 (5)% $0.87 +12% EBITDA N/A $285M +1% Adjusted numbers are Non-GAAP See GAAP to Non-GAAP reconciliations at the end of the presentation % change versus Q4 F24 Continued momentum in customer wins and retention Volume up 8% Price/mix down 4% Inventory down $100M – 8-day year end reduction of inventory days
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Lamb Weston, Inc. Proprietary 7 | © 2025 Lamb Weston. All Rights Reserved. Full Year 2025 Highlights FY25 GAAP Adjusted Net Sales $6,451M - % Income from Operations $665M (38)% $817M (25)% Net Income $357M (51)% $479M (35)% Diluted EPS $2.50 (50)% $3.35 (34)% EBITDA N/A $1,221M (14)% Volume up 2% despite consumer pressure and soft restaurant traffic headwinds Fully replaced combined regional, small, and retail customer volume lost in prior year ERP transition Price/mix declined 2% Profit impacted by support of customers with price, higher costs from production curtailments and higher inventories and inflation Lapped effects of the 2024 ERP implementation and potato write-off from excess potatoes Delivered cost savings of ~$60M of pre-tax savings in FY25 and on track for $85M in FY26 Adjusted numbers are Non-GAAP See GAAP to Non-GAAP reconciliations at the end of the presentation % change versus FY24
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Lamb Weston, Inc. Proprietary 8 | © 2025 Lamb Weston. All Rights Reserved. Driving Change with Urgency: January to Today ASSESS PLAN EXECUTE End-to-end review of Lamb Weston’s markets and capabilities • Process aided by 3rd party resources with experience in category • Zero-Based budget analysis • Consolidated financial review • Everything on the table Create strategic plan to drive decision-making and actions • Assess and prioritize markets, channels, and product segments • Identify non-core assets for strategic review • Outline requirements to win and current gaps • Design organization and operating model • Revamp commercial engagement strategy Execute strategic actions to unlock near- and long-term value • Deliver Cost Savings Program • Drive value-add innovation • Enhance commercial capabilities • Build high-performance sales org and tools • Implement technology enhancements Complete Nearly Complete Kicking Off in Q2 F26
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Lamb Weston, Inc. Proprietary 9 | © 2025 Lamb Weston. All Rights Reserved. Evolving Market Dynamics High Growth in Lower Margin Markets Supply / DemandEvolution of Consumer Behavior Capacity announced in Europe and Asia following tight market conditions post COVID Realization (and timing) of potential new capacity unclear; industry consolidation and cancellations may reduce expansion below announced levels Not all capacity is created equal Continued rise of the middle class in emerging markets is driving demand QSR formats growing rapidly – new geographies, new channels and new products Food delivery apps have changed dining dynamics QSR is growing through chicken, Mexican, and Asian concepts Air Fryer penetration continues to enable Retail fry sales
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©2025 Lamb Weston, Inc. All Rights Reserved Our Strategic Framework: Focus to Win WHERE TO PLAY Focusing Resources and Efforts on the Most Attractive Growth Opportunities Across Markets, Channels and Product Segments HOW TO WIN Lining up the capabilities to win in those markets through stronger customer relationships, execution excellence, and setting the pace for innovation 10
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Lamb Weston, Inc. Proprietary 11 | © 2025 Lamb Weston. All Rights Reserved. Focus to Win: A Reinforcing Cycle to Drive Growth & Margin We will maximize profitable growth through focused investments in priority global markets and segments. We'll invigorate what our team does better than anyone else – serving as customers' #1 partner, a world-class potato company, and an industry- leading innovator. Prioritize Markets & Channels Achieve Executional Excellence Set the Pace for Innovation Strengthen Customer Partnerships
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Lamb Weston, Inc. Proprietary 12 | © 2025 Lamb Weston. All Rights Reserved. Prioritize Markets & Channels Achieve Executional Excellence Set the Pace for Innovation Strengthen Customer Partnerships Focus to Win: Focusing Where We Can Differentiate and Lead Where we’ll play Geographies In Locations with Strong Profitability, Growth Potential, and Market Balance Products Innovative Solutions That Set Us Apart and Drive Market Leadership Channel Meeting Partners Who Particularly Value Our Strengths Actions Concentrate on markets and segments where we have the strongest competitive advantage Close gaps in organization capabilities to differentiate us in the market Redirect investment and teams toward customers who value the full LW product and service offering Prioritize Markets & Channels
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Lamb Weston, Inc. Proprietary 13 | © 2025 Lamb Weston. All Rights Reserved. Prioritize Markets & Channels Achieve Executional Excellence Set the Pace for Innovation Strengthen Customer Partnerships Focus to Win: Transforming How We Operate & Deliver How we’ll win Achieve Executional Excellence Our Actions: • Advantaged Global Footprint, Cost Structure and SG&A (Ways of Working, ZBB) • Simplify and standardize our global operating model • Invest in enhanced capabilities (processes, technologies, expertise) • Exceed customer expectations for performance and deliver service excellence Our Actions: • Extend top-tier partnerships • Enhance sales go-to-market and incentives • Expand consumer insights and analytics outside North America • Strengthen functional connectivity with customers (Supply Chain, Culinary, etc.) Strengthen Customer Partnerships Set the Pace for Innovation Our Actions: • Build Customer and Consumer Innovation ecosystem • Redefine our approach to innovation, including creating global innovation hubs • Partner with key customers to tailor product roadmap
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Lamb Weston, Inc. Proprietary 14 | © 2025 Lamb Weston. All Rights Reserved. Focus to Win: Lowering the Cost Base for Competitive Advantage 2025 Restructuring Plan Cost Savings Program Working Capital $85M expected cost savings by year end fiscal 2026 $60M delivered year end fiscal 2025 - above $55M target At least $250M in targeted annualized run rate savings by fiscal year end 2028 • ~75% in Gross Profit • ~25% in SG&A $70M-$100M pretax costs to achieve 4-5% Savings % of Total FY25 Costs $120M By fiscal year end 2027 compared to current working capital levels Inventory reduction target • ~5 days in F26 • ~5 days in F27 Focus to Win
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Lamb Weston, Inc. Proprietary 15 | © 2025 Lamb Weston. All Rights Reserved. Focus to Win: Controlling the Controllables Prioritize Markets & Channels Achieve Executional Excellence Set the Pace for Innovation Strengthen Customer Partnerships Streamline organization – aligning resources and assets with the right markets, customers and products Implement Zero Based Budgeting discipline to reset our cost base Achieve Executional Excellence through operations optimization and footprint rationalization Strategic investments to increase productivity and strengthen our manufacturing network Clear ownership of financial targets with aligned compensation metrics
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©2025 Lamb Weston, Inc. All Rights Reserved Financials & Outlook Measuring Success 16
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Lamb Weston, Inc. Proprietary 17 | © 2025 Lamb Weston. All Rights Reserved. Q4'24 NA Volume Intl Volume NA Price/Mix Intl Price/Mix Q4'25 Q4’25 vs. Q4’24 Net Sales $1,676M $1,612M Total LW +4% Volume +8% Price/Mix (4)% North America (1)% Volume +4%: Customer wins, partially offset by low single-digit YOY declines in restaurant traffic in the fiscal quarter Price/Mix (5)%: Supporting customers and trade in an increasingly competitive market, partially offset by favorable channel and product mix International +15% Volume +16%: Growth in all regions and to a lesser extent, lapping the impact of the voluntary product withdrawal in the prior year, partially offset by declining restaurant traffic YOY in the UK and relatively flat traffic for other major markets Price/Mix (1)%: Pricing investments in response to a continued competitive environment
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Lamb Weston, Inc. Proprietary| © 2024 Lamb Weston, Inc. All Rights Reserved18 Q4'24 Adjusted Gross Profit Equity Earnings Adjusted SG&A D&A Q4'25 $283M1 $285M1 Q4’25 vs. Q4’24 Adjusted EBITDA 1See GAAP to Non-GAAP reconciliations at the end of the presentation. Adjusted EBITDA +$1.5M Adjusted Gross Profit declined $19M Unfavorable price/mix due primarily to supporting customers and trade investments Higher sales volume Favorable manufacturing costs Lapped ~$40M voluntary product withdrawal in prior year Lower raw potato costs, partially offset by Low single-digit inflation, other than potato input cost Higher depreciation expense and factory burden Adjusted SG&A declined $16M Lower advertising and promotion expenses Lapping ERP costs in prior year Benefit of cost savings Partially offset by the timing of compensation and benefit accruals ($19M) ($7M) $16M $12M
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Lamb Weston, Inc. Proprietary| © 2024 Lamb Weston, Inc. All Rights Reserved19 Q4'24 North America International Unallocated SG&A Q4'25 $283M1 $285M1 Q4’25 vs. Q4’24 Adjusted EBITDA By Segment 1See GAAP to Non-GAAP reconciliations at the end of the presentation Adjusted EBITDA +$1.5M North America segment Adjusted EBITDA -7% or $19M Supporting customers and trade $17M incremental fixed factory burden Partially offset by lapping $19M voluntary product withdrawal charge and lower SG&A International segment Adjusted EBITDA +55% or $22M Higher sales Lower manufacturing costs per pound Includes lapping $21 million voluntary product withdrawal charge Lower SG&A ($19M) $22M ($2M)
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Lamb Weston, Inc. Proprietary 20 | © 2025 Lamb Weston. All Rights Reserved. ~$71M cash and equivalents $1.2B availability under revolving credit facility Liquidity, Leverage and Cash Flow Liquidity1 Leverage1 FY25 Cash Flow (1) As of May 25, 2025 (2) See GAAP to Non-GAAP reconciliations at the end of the presentation. (3) Net of proceeds from blue chip swap transactions. ~$4.1B net debt2 3.3X Net Debt to Adjusted EBITDA leverage ratio2 ~$868M net cash provided by operating activities $651M capital expenditures3 Returned $489M to shareholders: • $207M in dividends • $282M of share repurchases Reduced Capital Intensity with expansion projects near completion • Shifting from growth spend to modernization, maintenance, and environmental • FY25 below forecast due to capital discipline, project timing and timing of cash payments • FY26 forecasted to be ~$500M
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Lamb Weston, Inc. Proprietary 21 | © 2025 Lamb Weston. All Rights Reserved. Capital Expenditures: Shifting From Growth Investments 287 307 334 208 161 306 736 974 651 500 9.1% 9.0% 8.9% 5.5% 4.4% 7.5% 13.8% 15.1% 10.1% 7.7% Capital Expenditures1 Capital Expenditures as % Net Sales ~$500M reduction forecasted by FY26 vs. FY24 Maintenance CapEx level ~3% revenue 2026 Estimate includes ~$400M for modernization and maintenance and ~$100M for environmental investments, primarily for wastewater treatment; 2026 CapEx as % of Net Sales is at mid-point of guidance range $ millions 1Net of proceeds from blue chip swap transactions
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Lamb Weston, Inc. Proprietary 22 | © 2025 Lamb Weston. All Rights Reserved. $27 $138 $251 $372 $508 $646 $792 $966 $1,173 $32 $55 $80 $231 $276 $486 $768 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends Share Repurchases Returning Cash to Shareholders Fiscal 2025 Returned $489M to Shareholders Cumulative Cash Returned to Shareholders ($ in millions) $1.9B Dividend Policy Paid $207M in dividends in FY25 Board declared quarterly dividend of $0.37 per share of Lamb Weston common stock to be paid on August 29, 2025 8 consecutive years of increase in dividend per share since spin-off Share Repurchases Repurchased $100M during Q4 FY251 Repurchased $282M in FY251 $358M remains available under the plan Opportunistic repurchases based on available cash using a disciplined approach (1) Excluding shares repurchased as a result of stock compensation.
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Lamb Weston, Inc. Proprietary 23 | © 2025 Lamb Weston. All Rights Reserved. Potato Crop Update Balance of the 2024 raw storage crop is holding well North America Contract negotiations for the 2025 crop are complete Mid-single digit raw potato percent price decline, beginning during Q2 Started harvesting and processing early potato varieties Early varieties slightly above historical averages Will begin harvesting main crop in the fall Weather conditions during the balance of the growing season will influence the main crop outcome Europe Expected to be an average crop; favorable growing conditions Expect potato costs to be flat to slightly down YOY in all regions except the UK, which we expect to see a low single digit increase for crop year 2025 Raw Potato price declines expected to be offset by inflation in other inputs
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©2025 Lamb Weston, Inc. All Rights Reserved Fiscal 2026 Outlook FY 2026 OUTLOOK Net Sales $6.35B - $6.55B Adjusted EBITDA* $1.0B- $1.2B Capital Expenditures ~$500M Additional Guidance Items: • Interest Expense ~$190M • Depreciation & Amortization ~$390M • FY Tax Rate ~26% • 1H High 20s • 2H Low 20s driven by expected Q4 discrete item timing • Guidance does not include additional impacts of evolving trade policies, including additional changes in tariffs and retaliatory countermeasures *Beginning in fiscal 2026, the Company is implementing changes in its reporting of Adjusted SG&A and Adjusted EBITDA, which ar e non-GAAP financial measures. These adjusted measures currently exclude unrealized mark-to-market derivative gains and losses, foreign currency exchange gains and losses, gains on bl ue chip swap transactions, and items affecting comparability, and in fiscal 2026 the items have been changed to exclude the net non -cash expenses arising from share-based compensation awards. The changes will be applied starting with the Company's quarterly report for the first quarter of fiscal 2026 and prior periods will be conformed to this presentation. 24
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Lamb Weston, Inc. Proprietary| © 2024 Lamb Weston, Inc. All Rights Reserved25 FY’26 Adjusted EBITDA Outlook Bridge 1Adjusted numbers are Non-GAAP. See GAAP to Non-GAAP reconciliations at the end of the presentation In FY26, we are implementing changes in our reporting of Adjusted SG&A and Adjusted EBITDA to exclude share-based compensation expense • In FY25, stock compensation expense was $40M FY26 Adjusted EBITDA Outlook • $1B to $1.2B, including the reporting change Adjusted Gross Profit will decrease: • Carryover pricing and FY26 pricing • Low single-digit inflation, including the benefit of lower raw potato costs • Higher fixed factory burden and start up costs in our International segment, primarily related to our new plant in Argentina Higher Adjusted SG&A, before cost savings • Normalize incentive compensation expense • Strategic investments Offset by cost savings • FY25 Restructuring Plan • Cost Savings Program announced today • ~75% of the benefits in gross profit and 25% in SG&A $1.2B $1.26B $1.0B -$1.2B$40M
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©2025 Lamb Weston, Inc. All Rights Reserved Focus to Win 26 We will maximize profitable growth through focused investments in priority global markets and segments. We’ll focus on the value-added, high-margin areas where we can stand apart. We'll invigorate what our team does better than anyone else – serving as customers' #1 partner, a world-class potato company, and an industry-leading innovator. ©2025 Lamb Weston, Inc. All Rights Reserved 26
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Lamb Weston, Inc. Proprietary 27 | © 2025 Lamb Weston. All Rights Reserved. Q&A
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APPENDIX 28
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Lamb Weston, Inc. Proprietary 29 | © 2025 Lamb Weston. All Rights Reserved. GAAP to Non-GAAP reconciliation for the thirteen weeks ended May 25, 2025 and May 26, 2024
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Lamb Weston, Inc. Proprietary 30 | © 2025 Lamb Weston. All Rights Reserved. GAAP to Non-GAAP reconciliation for the fifty-two weeks ended May 25, 2025 and May 26, 2024
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Lamb Weston, Inc. Proprietary 31 | © 2025 Lamb Weston. All Rights Reserved. GAAP to Non-GAAP Adjusted EBITDA reconciliation for the thirteen and fifty-two weeks ended May 25, 2025 and May 26, 2024
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Lamb Weston, Inc. Proprietary 32 | © 2025 Lamb Weston. All Rights Reserved. GAAP to Non-GAAP Adjusted EBITDA reconciliation for the thirteen and fifty-two weeks ended May 25, 2025 and May 26, 2024, footnotes
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Lamb Weston, Inc. Proprietary 33 | © 2025 Lamb Weston. All Rights Reserved. GAAP to Non-GAAP reconciliation leverage ratio