Lamb Weston Holdings, Inc. (NYSE:LW) Q1 2022 Earnings Conference Call October 7, 2021 10:00 AM ET Company Participants Dexter Congbalay - Vice President of Investor Relations Tom Werner - President and Chief Executive Officer Bernadette Madarieta - Senior Vice President and Chief Financial Officer Conference Call Participants Tom Palmer - JPMorgan Adam Samuelson - Goldman Sachs Rob Dickerson - Jefferies Andrew Lazar - Barclays Peter Galbo - Bank of America Matt Smith - Stifel Operator Good day, and welcome ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 29, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-37830 LAMB WESTON HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 61-1797411 (S ...

Lamb Weston Holdings, Inc. (NYSE:LW) Q4 2021 Earnings Conference Call July 27, 2021 10:00 AM ET Company Participants Dexter Congbalay - Vice President of Investor Relations Tom Werner - President and Chief Executive Officer Rob McNutt - Senior Vice President and Chief Financial Officer Bernadette Madarieta - Vice President and Controller Conference Call Participants Thomas Palmer - J.P. Morgan Adam Samuelson - Goldman Sachs Robert Dickerson - Jefferies Peter Galbo - Bank of America Jenna Giannelli - Goldman ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended May 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-37830 LAMB WESTON HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of i ...

Lamb Weston Holdings, Inc. (NYSE:LW) Q3 2021 Earnings Conference Call April 7, 2021 10:00 AM ET Company Participants Dexter Congbalay - Vice President of Investor Relations Tom Werner - President and Chief Executive Officer Robert McNutt - Senior Vice President and Chief Financial Officer Conference Call Participants Andrew Lazar - Barclays Bryan Spillane - Bank of America Chris Growe - Stifel Adam Samuelson - Goldman Sachs Tom Palmer - JPMorgan Rob Dickerson - Jefferies Jenna Giannelli - Goldman Sachs Carl ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended February 28, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-37830 LAMB WESTON HOLDINGS, INC. (Address of principal executive offices) (Zip Code) (Former name, former ad ...

Financial Data and Key Metrics Changes - Net sales declined 12% to $896 million, with sales volume down 14% largely due to fry demand at restaurants and foodservice being negatively impacted by government restrictions and colder weather [24][25] - Gross profit declined by $62 million as lower sales and higher manufacturing costs offset the benefits of favorable price mix and productivity savings [26] - Diluted EPS was $0.66, down $0.29 largely due to lower income from operations and higher interest expense [36] Business Line Data and Key Metrics Changes - Global segment sales were down 12%, with volume down 11% due to softer demand for fries outside the home, especially in international markets [37] - Foodservice segment sales declined 21%, with volume down 25% as smaller chain and independent restaurants faced reduced traffic [40][41] - Retail segment sales increased 7%, driven by a 30% increase in branded product sales, although private label losses continued to be a headwind [44][46] Market Data and Key Metrics Changes - U.S. restaurant traffic stabilized at approximately 90% of pre-pandemic levels, but full-service restaurants saw traffic at 70% to 80% of prior year levels [8][9] - International sales were mixed, with shipments in China and Australia approaching prior year levels, while other parts of Asia and Latin America remained below prior year levels [39] - In Europe, fry demand softened to 75% to 85% of prior year levels due to reimposed social restrictions and colder weather [12] Company Strategy and Development Direction - The company believes the COVID-induced shock to demand is temporary and expects frozen potato demand to approach pre-pandemic levels by the end of calendar 2021 [17][21] - The company is focusing on operational efficiencies and unlocking capacity within its current manufacturing footprint to prepare for future demand [72][73] - The planned resumption of the share repurchase program and an increase in quarterly dividends reflect the company's confidence in its business fundamentals [19][48] Management's Comments on Operating Environment and Future Outlook - Management anticipates facing more challenging and volatile operating conditions in the near term due to COVID resurgence and colder weather impacting outdoor dining [16][14] - The company is optimistic about the gradual recovery of restaurant traffic as COVID vaccines become widely available [17][21] - Management emphasized the importance of being prepared for a potential demand snapback in the spring and summer [89][93] Other Important Information - The company experienced higher manufacturing costs due to input cost inflation, primarily related to edible oils and raw potatoes [29][60] - SG&A expenses declined by nearly $8 million due to lower incentive compensation and advertising expenses [33] - The company has over $760 million in cash on hand and a net debt to EBITDA ratio of 3.1 times [50] Q&A Session Summary Question: Signs of lasting shifts in competitive dynamics - Management stated that while the industry is navigating through the pandemic, their strategy remains unchanged and they are preparing to capture demand as it returns [68][69] Question: Incremental industry capacity additions - Management noted that while some competitors are expanding capacity, they are focused on unlocking hidden capacity within their current footprint [72][73] Question: Competitive activity in pricing - Management indicated that competitive activity is more pronounced in lower-end markets, particularly in Asia, but it does not represent a material piece of their business [81][84] Question: Current inventory levels and industry balance - Management expressed confidence in their inventory levels and the industry's balance, stating they are well-positioned to meet future demand [93][95] Question: Contract pressure with larger QSRs - Management confirmed that contract negotiations proceeded as expected, with no significant pressure reported [104] Question: Update on inflation and pricing - Management acknowledged input cost inflation in the low-single digits and indicated that they will assess the overall crop and pricing dynamics later in the year [116] Question: Innovation pipeline - Management confirmed a full innovation pipeline, with a focus on accelerating their Crispy on Delivery offering [118][119] Question: Supply of potatoes and future costs - Management stated they are balanced with raw needs and will process the current crop on a normal timeline, having moved past the challenges of older crop storage [123] Question: New business opportunities - Management indicated that they are actively seeking new customers and opportunities despite the challenges posed by the pandemic [133]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended November 29, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-37830 LAMB WESTON HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other juri ...

Lamb Weston Holdings, Inc. (NYSE:LW) Q1 2021 Results Earnings Conference Call October 7, 2020 10:00 AM ET Company Participants Dexter Congbalay - Vice President, Investor Relations Tom Werner - President & Chief Executive Officer Rob McNutt - Chief Financial Officer Conference Call Participants Chris Growe - Stifel Andrew Lazar - Barclays Bryan Spillane - Bank of America Tom Palmer - JPMorgan Rob Dickerson - Jefferies Adam Samuelson - Goldman Sachs Bryan Hunt - Wells Fargo Securities Operator Good day and w ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-37830 LAMB WESTON HOLDINGS, INC. (Exact name of registrant as specified in its charter) (State or other jurisd ...