Lamb Weston Highlights Continued Strong Execution of Strategic Growth Initiatives, Issues Long-Term Financial Targets, and Increases Share Repurchase Authorization

In connection with its 2023 Investor Day, Lamb Weston Holdings, Inc. (NYSE: LW) is highlighting its continued progress against its strategic growth initiatives, providing updated long-term financial targets, reaffirming its fiscal 2024 outlook, and announcing an increase to its share repurchase authorization. At the Investor Day, Lamb Weston President and CEO Tom Werner, Chief Operating Officer Mike Smith, and Chief Financial Officer Bernadette Madarieta will present a comprehensive overview of the Company’s strategies to drive sustainable, profitable growth and peer-leading shareholder returns.

Key to achieving the Company’s goal of continued shareholder value creation are the following competitive strengths and strategies:

• Focus on the attractive, growing frozen potato category;
• Leading market positions, including #1 in North America and #2 globally, to support customer growth across all regions and channels;
• Advantaged global manufacturing footprint with advanced production capabilities focused on higher-margin, premium products;
• Established, long-term customer relationships and product portfolio;
• Innovation leadership, which creates opportunities to drive growth and expand its total addressable market;
• Strong balance sheet to maintain financial flexibility; and
• Disciplined and balanced capital allocation priorities, including reinvesting in the business and returning cash to shareholders.

“Over the last several years, Lamb Weston has strengthened our position as a leading global producer, distributor and marketer of frozen potato products,” said Tom Werner, President and CEO. “Our global supply chain optimization and disciplined, results-driven capital allocation strategy have created a more profitable, high-growth business that we believe is well-positioned to support customers, leverage our global scale and create value for our shareholders. We are confident in our ability to build on our strong foundation, and remain committed to investing in our business to support sustainable, profitable growth over the long term.”

Long-Term Financial Targets

The Company is providing long-term targets that align with the Company’s objectives of delivering top- and bottom-line growth, including:

• Net sales growth in the low-to-mid-single digits, driven by a balance of volume growth and price and mix;
• Adjusted EBITDA⁽¹⁾ growth in the mid-to-high-single digits, supported by net price realization, mix improvement, supply chain productivity and SG&A leverage; and
• Adjusted Diluted EPS⁽¹⁾ growth in the high single digits driven by a flexible capital structure and execution of the Company’s capital allocation strategies, including share repurchases.

In addition, the Company is providing other long-term financial targets, including: