Here are 1-3 brief analogies for Lamb Weston (LW):

• It's like ConAgra Brands, but singularly focused on being a global leader in frozen potato products like french fries and hash browns.
• Think of it as the Frito-Lay (part of PepsiCo) of frozen potatoes, a dominant global supplier of prepared potato products to restaurants and grocery stores.
• It's similar to McCormick & Company, but for frozen potato products rather than spices and seasonings, holding a leading position in its specialized food category.

• Frozen French Fries: A wide variety of pre-fried and frozen potato cuts, including shoestring, crinkle, straight, and steak fries, often with different coatings.
• Frozen Specialty Potato Products: Includes diverse processed potato items such as hash browns, potato wedges, tater tots, and diced potatoes.
• Sweet Potato Fries: A distinct line of fries and other processed products made from sweet potatoes.

Lamb Weston (LW) primarily sells its frozen potato products to other companies (B2B).

Major Customers:

• Sysco Corporation (SYY): Lamb Weston's annual reports (10-K) consistently identify Sysco as its largest customer, accounting for approximately 11% of consolidated net sales in recent fiscal years. Sysco is the global leader in selling, marketing, and distributing food products to restaurants, healthcare and educational facilities, hotels, and other foodservice and hospitality businesses.

While no other single customer is consistently disclosed in Lamb Weston's public filings as accounting for 10% or more of consolidated net sales, their business is significantly supported by a broad base of customers falling into the following major categories:

Other Key Customer Categories and Examples:

• Foodservice Distributors: These companies serve as crucial intermediaries, distributing Lamb Weston's products to a vast array of end-users in the foodservice industry. Examples of public companies operating in this category that are likely significant customers include:
  • US Foods Holding Corp. (USFD)
  • Performance Food Group Company (PFG)
• Large Restaurant Chains: Lamb Weston directly or indirectly supplies many national and international quick-service (QSR) and full-service restaurant chains with frozen potato products, often tailored to specific needs. These chains represent a significant volume of sales.
• Retail Grocery Chains: Major supermarket and hypermarket operators purchase Lamb Weston's branded products (e.g., Lamb Weston brand in some markets) and/or private label frozen potato products for sale to consumers. Examples of public companies operating in this category that are likely significant customers include:
  • The Kroger Co. (KR)
  • Walmart Inc. (WMT)

Michael J. Smith, President and Chief Executive Officer

Michael J. Smith was appointed President and Chief Executive Officer of Lamb Weston, effective January 3, 2025. He previously served as Lamb Weston's Chief Operating Officer since May 2023. His earlier roles at Lamb Weston include Senior Vice President and General Manager of Foodservice, Retail, Marketing, and Innovation, and Vice President and General Manager of Lamb Weston Retail. Prior to joining Lamb Weston, Mr. Smith held various brand management positions at Dean Foods Company and its WhiteWave division. He also served as Vice President and General Manager of Conagra's Private Brands and Vice President of Global Marketing at Conagra.

Bernadette Madarieta, Chief Financial Officer

Bernadette Madarieta has served as Senior Vice President and Chief Financial Officer of Lamb Weston since August 2021, overseeing the company's Finance and IT organizations. She joined Lamb Weston in 2016 as Vice President and Controller, where she established and led the Accounting, Tax, and Financial Planning & Analysis teams. With over 20 years of experience in corporate finance, Ms. Madarieta previously held finance executive positions in the paper/wood products industry at Boise Inc., Boise Cascade, and Packaging Corporation of America. Notably, she led the financial and system integration following the acquisition of Boise Inc. by Packaging Corporation of America in 2012. Her career also includes finance management and leadership roles at Big 5 public accounting firms, SPACs, and both public and privately held companies, with expertise in mergers, acquisitions, spin-offs, integrations, and capital market transactions. Ms. Madarieta is a Certified Public Accountant with a Bachelor of Business Administration in Accounting from Boise State University.

Eryk J. Spytek, General Counsel and Chief Compliance Officer

Eryk J. Spytek has been Lamb Weston's General Counsel and Chief Compliance Officer since October 2016. Before joining Lamb Weston, he served as Senior Vice President, General Counsel, and Secretary at SIRVA, Inc. from 2006 to 2009. Mr. Spytek also worked as a partner at Winston & Strawn LLP and held various legal leadership roles, including Vice President, Deputy General Counsel, and Assistant Secretary, at Mead Johnson Nutrition Company from 2009 to 2015.

Steven J. Younes, Chief Human Resources Officer

Steven J. Younes was appointed Chief Human Resources Officer of Lamb Weston in January 2022. Prior to this role, he was the Executive Vice President and Chief Human Resources Officer at Loews Hotels & Co from 2019 to 2021. From 2013 to 2018, Mr. Younes served as Senior Vice President of Human Resources at Ascension.

Marc J.P.H Schroeder, President, International

Marc J.P.H Schroeder serves as the President, International for Lamb Weston. In this role, he is responsible for the company's international operations and growth strategies.

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Lamb Weston's Addressable Markets for Frozen Potato Products

Global Market

North American Market

European Market

Asia Pacific Market

Here are 3 expected drivers of future revenue growth for Lamb Weston (LW) over the next 2-3 years:

1. Volume Growth from Customer Wins and Retention: Lamb Weston anticipates year-over-year volume growth driven by sustained customer momentum across both its North America and international segments. Recent results have shown strong volume increases, fueled by new customer contracts and effective customer retention strategies, particularly in North America and Asia. The company expects this trend to continue, indicating a focus on expanding its customer base and strengthening existing relationships to drive sales.
2. Expansion in Priority Global Markets and International Presence: The company is strategically focusing investments on priority global markets and segments, leveraging its expanded global footprint, including joint ventures and strategic acquisitions. This international presence allows Lamb Weston to cater to diverse consumer preferences across different regions, with a specific mention of growth in international segments like Asia. This geographic expansion is key to capturing new market opportunities.
3. Product Innovation and Portfolio Expansion: Lamb Weston is committed to ongoing product innovation and adapting to evolving customer needs. This includes launching new retail products to enhance its market presence and introducing innovative offerings such as fridge-friendly fries and premium potato bites to align with shifting consumer preferences. By continuously developing and expanding its product portfolio, Lamb Weston aims to stimulate demand and gain new business.

Share Repurchases

• In fiscal year 2025, Lamb Weston repurchased $282.0 million of common stock.
• As of the end of Q4 fiscal 2025, approximately $358 million remained authorized and available under the share repurchase program.

Share Issuance

• In February 2023, Lamb Weston issued 1,952,421 shares of common stock as part of the consideration for acquiring the remaining equity interests in its European joint venture, Lamb-Weston/Meijer.

Outbound Investments

• In February 2023, Lamb Weston completed the purchase of the remaining equity interests in its European joint venture with Meijer Frozen Foods B.V., with the transaction consideration including €525 million in cash and 1,952,421 shares of Lamb Weston common stock, resulting in 100% ownership and adding five manufacturing facilities.
• In fiscal year 2023, the company paid $610.4 million to acquire the remaining equity interest in LW EMEA and an additional 40% equity interest in LWAMSA.
• In September 2022, Lamb Weston increased its stake in the Argentine joint venture, Lamb Weston Alimentos Modernos, to 90% and invested US $240 million to establish a new French-fry line.

Capital Expenditures

• Capital expenditures for fiscal year 2025 were $650.7 million, a decrease of $323.1 million from the prior year, primarily due to the completion of strategic capacity expansion projects in China, the U.S., and the Netherlands.
• For fiscal year 2026, capital spending is expected to be approximately $500 million, with a primary focus on maintenance and modernization ($400 million) and environmental projects ($100 million for wastewater treatment).
• In fiscal year 2023, capital expenditures amounted to $736.0 million, increasing by 140% from fiscal year 2022, mainly driven by investments in capacity expansion for chopped and formed products, a new French fry processing line in Idaho, and a greenfield facility in China.