Financial Analysis

COMMITMENTS, CONTINGENCIES, GUARANTEES, AND LEGAL PROCEEDINGS We have financial commitments and obligations that arise in the ordinary course of our business. These include long-term debt (discussed in Note 8, Debt and Financing Obligations), lease obligations (discussed in Note 9, Leases), purchase obligations and capital commitments for goods and services, and legal proceedings (discussed below). Purchase Obligations and Capital Commitments A summary of our purchase obligations and capital commitments that are enforceable and legally binding, as of May 31, 2026, are as follows. The expected timing of payments of the obligations in the table are estimated based on current information. Timing of payments and actual amounts paid may be different, depending on the time of receipt of goods or services, or changes to agreed-upon amounts for some obligations: (in millions) Purchase Obligations and Capital Commitments 2027 (a) 363.5 2028 103.6 2029 82.7 2030 70.6 2031 66.6 Thereafter 492.0 Total (b) $ 1,179.0 _____________________________________________________ (a) We had capital commitments of $152.8 million and $164.1 million as of May 31, 2026 and May 25, 2025, respectively, that represent commitments for construction of previously announced capacity expansions or factory modernization investments. While these commitments are intended to be paid within the next 12 months, we recognize that the timing of payments and actual amounts paid may be different, depending on the time of …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT AND FINANCING OBLIGATIONS The components of our debt, including financing obligations, were as follows: (in millions) May 31, 2026 May 25, 2025 Amount Interest Rate Amount Interest Rate Short-term borrowings: Revolving credit facility $ 215.7 3.830 % $ 333.2 5.940 % Other credit facilities (a) 33.7 (a) 37.6 (a) 249.4 370.8 Long-term debt: Term A-3 loan facility, due January 2030 (b) 382.5 6.060 405.0 6.900 Term A-4 loan facility, due May 2029 (b) 296.6 6.690 312.8 6.630 Term A-5 loan facility, due September 2031 (b) 468.8 5.660 493.8 5.650 RMB loan facility, due February 2027 (c) 143.8 4.040 RMB loan facility, due August 2029 20.7 3.800 19.6 3.960 RMB loan facility, due May 2031 (c) 103.5 3.800 Euro term loan facility, due May 2029 233.2 3.430 227.2 4.510 4.875% senior notes, due May 2028 500.0 4.875 500.0 4.875 4.125% senior notes, due January 2030 970.0 4.125 970.0 4.125 4.375% senior notes, due January 2032 700.0 4.375 700.0 4.375 3,675.3 3,772.2 Financing obligations: Lease financing obligations due on various dates through 2040 (d) 4.0 5.2 Total debt and financing obligations 3,928.7 4,148.2 Debt issuance costs (e) (13.5) (16.8) Short-term borrowings (249.4) (370.8) Current portion of long-term debt and financing obligations (70.6) (77.8) Long-term debt and financing obligations, excluding current portion $ 3,595.2 $ 3,682.8 _____________________________________________________ (a) Other credit facilities consist of short-term facilities at our subsidiaries used for …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

STOCK-BASED COMPENSATION The Compensation and Human Capital Committee (the Committee) of our Board of Directors (the Board) administers our stock compensation plan (Stock Plan). The Committee, in its discretion, authorizes grants of restricted stock units (RSUs), performance share awards payable upon the attainment of specified performance goals (Performance Shares), dividend equivalents, and other stock-based awards. At May 31, 2026, we had 10.0 million shares authorized for issuance under the Stock Plan, and 2.0 million shares were available for future grants. On February 2, 2026, the Committee adopted the Lamb Weston Holdings, Inc. 2026 Inducement Stock Plan (the Inducement Plan), pursuant to which the Committee may grant RSUs, Performance Shares, stock options, dividend equivalents and other stock-based awards to individuals who were not previously employees of the Company, or who are returning to employment following a bona fide period of non-employment with the Company, as an inducement material to such persons entering into employment with the Company. At May 31, 2026, we had 2,000,000 shares authorized for issuance under the Inducement Plan, and 0.5 million shares were available for future grants. On July 13, 2026, the Committee amended the plan to reduce the shares authorized for issuance under the plan to 1,538,000 shares of our common stock. RSUs and Performance Shares We grant RSUs to eligible employees and non-employee directors. The employee RSUs generally vest …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall: As of May 31, 2026 (in millions) Level 1 Level 2 Level 3 Fair Value of Assets (Liabilities) Derivative assets (a) 25.3 25.3 Derivative liabilities (a) (4.1) (4.1) Deferred compensation liabilities (b) (25.5) (25.5) Fair value, net $ $ (4.3) $ $ (4.3) As of May 25, 2025 (in millions) Level 1 Level 2 Level 3 Fair Value of Assets (Liabilities) Pension plan assets (c) $ 23.4 $ $ $ 23.4 Derivative assets (a) 10.2 10.2 Derivative liabilities (a) (7.0) (7.0) Deferred compensation liabilities (b) (27.0) (27.0) Fair value, net $ 23.4 $ (23.8) $ $ (0.4) _____________________________________________________ (a) Derivative assets and liabilities included in Level 2 primarily represent commodity swaps, option contracts, and currency contracts. The fair values of our Level 2 derivative assets were determined using valuation models that use market observable inputs including both forward and spot prices for commodities and foreign currencies. Derivative assets are presented within Prepaid expenses and other current assets on our Consolidated Balance Sheets and derivative liabilities are presented within Accrued liabilities on our Consolidated Balance Sheets. (b) The fair values of our Level 2 deferred compensation liabilities were valued using third-party valuation …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS The following table presents changes in goodwill balances, by segment, for fiscal years 2026 and 2025: (in millions) North America International Total Balance at May 27, 2024 $ 728.8 $ 331.1 $ 1,059.9 Foreign currency translation adjustment 24.4 5.9 30.3 Balance at May 25, 2025 $ 753.2 $ 337.0 $ 1,090.2 Foreign currency translation adjustment 27.1 12.8 39.9 Balance at May 31, 2026 $ 780.3 $ 349.8 $ 1,130.1 Other identifiable intangible assets were as follows: May 31, 2026 May 25, 2025 (in millions, except useful lives) Weighted Average Useful Life (in years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Useful Life (in years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Amortizing intangible assets (a) 12 $ 140.2 $ (51.5) $ 88.7 13 $ 140.8 $ (44.8) $ 96.0 Non-amortizing intangible assets (b) n/a 19.6 19.6 n/a 18.0 18.0 $ 159.8 $ (51.5) $ 108.3 $ 158.8 $ (44.8) $ 114.0 _____________________________________________________ (a) Amortizing intangible assets are primarily comprised of licensing agreements, brands, and customer relationships. Foreign intangible assets are affected by foreign currency translation. (b) Non-amortizing intangible assets represent brands, trademarks, and carbon credit purchases that are held and applied to settle environmental credit obligations within compliance periods. As of May 31, 2026 and May 25, 2025, we held $1.6 million and zero, …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"INCOME TAXES Pre-tax income (loss), inclusive of equity method investment earnings, consisted of the following: For the Fiscal Years Ended May (in millions) 2026 2025 2024 United States $ 500.8 $ 418.1 $ 807.8 Non-U.S. (82.7) 82.2 147.7 Total pre-tax income $ 418.1 $ 500.3 $ 955.5 The provision for income taxes included the following: For the Fiscal Years Ended May (in millions) 2026 2025 2024 Current U.S. federal $ 79.0 $ 85.7 $ 140.5 State and local 14.4 6.3 36.1 Non-U.S. (6.0) 50.7 54.8 Total current provision for taxes 87.4 142.7 231.4 Deferred U.S. federal 32.9 (1.3) 27.7 State and local 3.8 (0.6) (14.6) Non-U.S. 4.0 2.3 (14.5) Total deferred provision for taxes $ 40.7 $ 0.4 $ (1.4) Total provision for taxes $ 128.1 $ 143.1 $ 230.0 The following table reconciles the U.S. statutory tax rate of 21% on income before taxes, including equity method earnings, with the actual provision for income taxes: For the Fiscal Year Ended May (in millions) 2026 Amount ($) Percent Provision computed at U.S. Federal statutory rate $ 87.8 21.0 % Domestic federal tax effects: Tax credits (0.4) (0.1) % Effects of cross-border tax laws (2.3) (0.6) % Non-taxable or non-deductible items 6.2 1.5 % Other 0.2 % Domestic state and local income taxes, net of federal effect (a) 7.0 1.7 % Foreign tax effects: Argentina Tax rate differential (5.9) (1.4) % Non-deductible FX translation 9.9 2.4 % Change in valuation allowance 6.8 1.6 % Other 3.8 0.9 % Australia Change in valuation allowance 8.9 2.1 % Oth …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LEASES We lease various real estate, including certain operating facilities, warehouses, office space, and land. We also lease material handling equipment, vehicles, and certain other equipment. Our leases have remaining lease terms of one to 21 years. The components of total lease costs, net, consisted of the following: For the Fiscal Year Ended May (a) (in millions) 2026 2025 2024 Operating lease costs (b) $ 40.4 $ 36.2 $ 38.5 Short-term and variable lease costs 14.9 13.5 15.6 Sublease income (5.0) (4.3) (4.7) Finance lease costs: Amortization of lease assets 1.2 1.3 1.4 Interest on lease obligations 0.2 0.3 0.3 Total lease costs, net $ 51.7 $ 47.0 $ 51.1 _____________________________________________________ (a) Supply-chain-related lease costs are included in Cost of sales, and the remainder is recorded in Selling, general and administrative expenses, in our Consolidated Statements of Earnings. Interest on finance lease obligations is included in Interest expense, net, in our Consolidated Statements of Earnings. (b) Operating lease costs include farm lease expense and raw storage expense that are capitalized to inventory and subsequently expensed as part of our cost of sales calculations on a periodic basis. Operating and finance leases, with initial terms greater than one year, were as follows: (in millions) Classification May 31, 2026 May 25, 2025 Assets: Operating lease assets Operating lease assets $ 111.6 $ 113.2 Finance lease assets Property, plant and equipment, net …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New and Recently Issued Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance transparency and decision usefulness of income tax disclosures, particularly around rate reconciliations and income taxes paid information. We have prospectively adopted ASU 2023-09 for our Annual Report on Form 10-K for fiscal 2026 and additional required disclosures have been included within Note 3, Income Taxes. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) , which requires disaggregated disclosure of income statement expenses in public business entities. ASU 2024-03 is effective for our Annual Report on Form 10-K for the fiscal year ending May 28, 2028, and for our Quarterly Reports beginning fiscal year 2029, on a prospective basis, with early adoption permitted. We are evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal - Use Software (Subtopic 350-40): Targeted Improvements to Accounting for Internal-Use Software . This guidance provides criteria that must be met for entities to capitalize software development costs and factors to consider if there is significant uncertainty associated with the development activities …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

COST SAVINGS PROGRAM AND RESTRUCTURING We announced a cost savings program (the Cost Savings Program) in July 2025 and a restructuring plan (the Restructuring Plan) in October 2024. During fiscal 2026, we also undertook additional restructuring actions, including the permanent closure of certain production facilities to improve asset utilization in our International segment, and completed sales of certain non-core assets as part of our Focus to Win strategy, a strategic plan we announced in July 2025 to focus on four pillars including (1) prioritizing markets and channels, (2) strengthening customer partnerships, (3) achieving executional excellence and (4) setting the pace for industry-leading innovation. This strategic plan includes our Cost Savings Program. The restructuring activities undertaken in connection with our initiatives, including the Cost Savings Program and Restructuring Plan, are referred to collectively as the Plans. Amounts classified as Cost Savings Program and Restructuring expenses on our Consolidated Statement of Earnings for fiscal 2026 primarily relate to costs associated with the Cost Savings Program, restructuring activities related to facility closures to improve asset utilization, and net gains related to certain non-core asset sales. Expenses recorded in fiscal 2025 relate solely to the Restructuring Plan. We expect to recognize approximately $20 million to $30 million of pre-tax charges in fiscal 2027 in connection with the Plans. For the fifty- …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

SEGMENTS We manage operations in two geographical business segments, North America and International. As a result of how we manage the business, we have two operating segments, each of which is a reportable segment: North America and International. North America includes activity that occurs in the United States, Canada, and Mexico. International includes all activity that does not occur within the North America segment. Both segments primarily manufacture frozen potato products for sale to our customers. These reportable segments are each managed by a general manager and supported by a cross functional team assigned to support the segment. Our chief operating decision maker group (the CODM group) is made up of our executive chair and president and chief executive officer. The CODM group receives periodic management reports under our segment structure. The Company measures profit or loss for each reportable segment using segment adjusted earnings before interest, taxes, depreciation, amortization, unrealized mark-to-market derivative gains and losses (which are a component of both cost of goods sold and selling, general and administrative expenses), foreign currency exchange gains and losses (which are a component of selling, general and administrative expenses), blue chip swap transaction gains (which are a component of selling, general and administrative expenses), stock-based compensation expense (which is a component of selling, general and administrative expense), and co …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY Our certificate of incorporation authorizes 600,000,000 shares of common stock and 60,000,000 shares of preferred stock. We had 137,455,441 and 139,237,760 shares of common stock issued and outstanding as of May 31, 2026 and May 25, 2025, respectively. Each share of common stock entitles the holder to one vote on matters to be voted on by our stockholders. No preferred stock was issued or outstanding as of May 31, 2026 and May 25, 2025 . Share Repurchase Program Our Board has authorized a program, with no expiration date, to repurchase up to $750 million of our common stock. Repurchases under this share repurchase program may be made at our discretion from time to time on the open market, subject to applicable laws, including pursuant to a repurchase plan administered in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, or through privately negotiated transactions or accelerated share repurchases or other structured transactions. The following table summarizes common stock share repurchases for fiscal 2026. Fifty-Three Weeks Ended (in millions, except share and per share data) May 31, 2026 Common stock shares repurchased 2,344,468 Weighted average price per share $ 48.28 Total cost $ 113.2 Share repurchase plan, remaining authorized $ 245 Dividends During fiscal 2026, 2025, and 2024, we paid $207.5 million, $206.9 million , and $174.0 million, respectively, of cash dividends to common stockholders. On June 5, 2026, we paid $52.2 millio …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SUBSEQUENT EVENTS On June 1, 2026, our Board committed to a plan to close our manufacturing facility in Broekhuizenvorst, The Netherlands. The contemplated closure is intended to improve operational efficiency and better align our global manufacturing footprint with customer needs. In connection with the planned facility closure, we expect to incur total pre-tax charges of approximately $80 million to $110 million, substantially all of which are expected to be recognized in our fiscal year ending May 30, 2027. We estimate at least 20% of these charges will result in future cash expenditures. The charges primarily relate to the write-down of long-lived assets and inventory, employee severance and other one-time termination benefits, and other related costs.

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COMMITMENTS, CONTINGENCIES, GUARANTEES AND LEGAL PROCEEDINGS We have financial commitments and other obligations that arise in the ordinary course of our business. These include long-term debt, lease obligations, and purchase commitments for goods and services. There have been no material changes to the commitments, contingencies, and guarantees disclosed in Note 14, Commitments, Contingencies, Guarantees, and Legal Proceedings, of the Notes to Consolidated Financial Statements in Part II, Item 8. Financial Statements and Supplementary Data of the Form 10-K. Legal Proceedings In June 2024, two putative class actions were filed in the U.S. District Court for the District of Idaho against the Company and certain of our current and former executive officers alleging violations of the federal securities laws. The lawsuits were consolidated in November 2024. The amended consolidated complaint alleges the defendants made misrepresentations and omissions regarding the design and implementation of our enterprise resource planning system and the Companys pricing practices. The complaint asserts claims on behalf of a proposed class of purchasers of the Companys common stock between July 25, 2023 and December 19, 2024. On April 25, 2025, defendants filed a motion to dismiss. Briefing is complete and the motion remains pending. In June 2025, a purported Company stockholder filed a verified stockholder derivative complaint (nominally on behalf of the Company) against certain of our curren …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

DEBT AND FINANCING OBLIGATIONS The components of our debt, including financing obligations, were as follows: (in millions) February 22, 2026 May 25, 2025 Amount Interest Rate Amount Interest Rate Short-term borrowings: Revolving credit facility $ 236.4 3.830 % $ 333.2 5.940 % Other credit facilities (a) 32.8 37.6 269.2 370.8 Long-term debt: Term A-3 loan facility, due January 2030 (b) 388.1 6.190 405.0 6.900 Term A-4 loan facility, due May 2029 (b) 300.6 6.690 312.8 6.630 Term A-5 loan facility, due September 2031 (b) 475.0 5.660 493.8 5.650 RMB loan facility, due February 2027 (c) 143.3 3.800 143.8 4.040 RMB loan facility, due September 2029 20.4 3.800 19.6 3.960 Euro term loan facility, due May 2029 235.7 3.420 227.2 4.510 4.875% senior notes, due May 2028 500.0 4.875 500.0 4.875 4.125% senior notes, due January 2030 970.0 4.125 970.0 4.125 4.375% senior notes, due January 2032 700.0 4.375 700.0 4.375 3,733.1 3,772.2 Financing obligations: Lease financing obligations due on various dates through 2040 4.4 5.2 Total debt and financing obligations 4,006.7 4,148.2 Debt issuance costs (d) (14.0) (16.8) Short-term borrowings (269.2) (370.8) Current portion of long-term debt and financing obligations (80.6) (77.8) Long-term debt and financing obligations, excluding current portion $ 3,642.9 $ 3,682.8 ___________________________________________ (a) Other credit facilities consist of short-term facilities at our subsidiaries used for working capital purposes. Borrowings under these …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

FAIR VALUE MEASUREMENTS The fair values of cash equivalents, receivables, accounts payable, and short-term debt approximate their carrying amounts due to their short duration. The following table presents our financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall: As of February 22, 2026 (in millions) Level 1 Level 2 Level 3 Fair Value of Assets (Liabilities) Derivative assets (a) $ $ 8.7 $ $ 8.7 Derivative liabilities (a) (2.0) (2.0) Deferred compensation liabilities (b) (28.0) (28.0) Fair value, net $ $ (21.3) $ $ (21.3) As of May 25, 2025 (in millions) Level 1 Level 2 Level 3 Fair Value of Assets (Liabilities) Derivative assets (a) $ $ 10.2 $ $ 10.2 Derivative liabilities (a) (7.0) (7.0) Deferred compensation liabilities (b) (27.0) (27.0) Fair value, net $ $ (23.8) $ $ (23.8) ___________________________________________ (a) Derivative assets and liabilities included in Level 2 primarily represent commodity swaps, option contracts, and currency contracts. The fair value of these derivatives were determined using valuation models that use market observable inputs including both forward and spot prices. Derivative assets are presented within Prepaid expenses and other current assets on our Consolidated Balance Sheets and derivative liabilities are presented within Accrued liabilities on our Consolidated Balance Sheets. (b) The fair values of our Level 2 deferred …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

GOODWILL AND OTHER IDENTIFIABLE INTANGIBLE ASSETS The following table presents changes in goodwill balances, by segment, for the thirty-nine weeks ended February 22, 2026: (in millions) North America International Total Balance at May 25, 2025 $ 753.2 $ 337.0 $ 1,090.2 Foreign currency translation adjustment 30.6 14.2 44.8 Balance at February 22, 2026 $ 783.8 $ 351.2 $ 1,135.0 Other identifiable intangible assets were as follows: February 22, 2026 May 25, 2025 (in millions, except useful lives) Weighted Average Useful Life (in years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Weighted Average Useful Life (in years) Gross Carrying Amount Accumulated Amortization Intangible Assets, Net Non-amortizing intangible assets (a) n/a $ 18.0 $ $ 18.0 n/a $ 18.0 $ $ 18.0 Amortizing intangible assets (b) 12 141.1 (49.4) 91.7 13 140.8 (44.8) 96.0 $ 159.1 $ (49.4) $ 109.7 $ 158.8 $ (44.8) $ 114.0 ___________________________________________ (a) Non-amortizing intangible assets represent brands and trademarks. (b) Amortizing intangible assets are principally composed of licensing agreements, brands, and customer relationships. Foreign intangible assets are affected by foreign currency translation. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

INCOME TAXES Income tax expense for the periods presented were as follows: Thirteen Weeks Ended Thirty-Nine Weeks Ended (in millions) February 22, 2026 February 23, 2025 February 22, 2026 February 23, 2025 Income before income taxes and equity method earnings $ 81.6 $ 201.4 $ 289.3 $ 343.5 Equity method investment earnings $ 2.7 $ 2.1 $ 5.3 $ 15.5 Income tax expense $ 30.3 $ 57.5 $ 114.2 $ 121.7 Effective tax rate (a) 35.9% 28.3% 38.8% 33.9% ___________________________________________ (a) The effective income tax rate is calculated as the ratio of income tax expense to pre-tax income, inclusive of equity method investment earnings. The effective tax rate varies from the U.S. statutory tax rate of 21% principally due to the impact of U.S. state taxes, foreign taxes and currency, permanent differences, and discrete items. Income Taxes Paid Income taxes paid, net of refunds, were $100.9 million and $123.6 million during the thirty-nine weeks ended February 22, 2026 and February 23, 2025, respectively.

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Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to enhance transparency and decision usefulness of income tax disclosures, particularly around rate reconciliations and income taxes paid information. ASU 2023-09 is effective for our Annual Report on Form 10-K for the fiscal year ending May 31, 2026, on a prospective basis, with early adoption permitted. We adopted this guidance as of May 26, 2025, and will update disclosures within our fiscal 2026 Annual Report on Form 10-K. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) , which requires companies to provide more detailed information of certain income statement expenses within the footnotes to the financial statements. ASU 2024-03 is effective for our Annual Report on Form 10-K for the fiscal year ending May 28, 2028, and for our quarterly reports beginning fiscal year 2029, on a prospective basis, with early adoption permitted. We are evaluating the impact of adopting this ASU on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal - Use Software (Subtopic 350-40): Targeted Improvements to Accounting for Internal-Use Software. This guidance provides criteria that m …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

COST SAVINGS PROGRAM AND RESTRUCTURING We announced a cost savings program (the Cost Savings Program) in July 2025 and a restructuring plan (the Restructuring Plan) in October 2024. During fiscal 2026, we also undertook additional restructuring actions, including the permanent closure of certain production facilities to improve asset utilization in our International segment, and completed sales of certain non-core assets as part of our Focus to Win strategy. The restructuring activities undertaken in connection with these initiatives, including the Cost Savings Program and Restructuring Plan, are referred to collectively as the Plans. Amounts classified as Cost Savings Program and Restructuring expenses on our Consolidated Statement of Earnings for fiscal 2026 primarily relate to costs associated with the Cost Savings Program, restructuring activities related to facility closures to improve asset utilization, and net gains related to certain non-core asset sales. Expenses recorded in fiscal 2025 relate solely to the Restructuring Plan. We expect to recognize approximately $20 million of charges during the remainder of fiscal 2026 and $25 million to $50 million in fiscal 2027 in connection with the Plans. For the thirteen weeks ended February 22, 2026, we recorded $55.5 million of pre-tax charges, of which $9.0 million were cash and $46.5 million were non-cash. For the thirty-nine weeks ended February 22, 2026, we recorded $101.5 million of pre-tax charges, of which $55.1 mill …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

SEGMENTS We manage our operations in two business segments, North America and International. As a result of how we manage the business, we have two operating segments, each of which is a reportable segment: North America and International. North America includes activity that occurs in the United States, Canada, and Mexico. International includes all activity that does not occur within the North America segment. Both segments primarily manufacture frozen potato products for sale to our customers. These reportable segments are each managed by a general manager and supported by a cross-functional team assigned to support the segment. Our president and chief executive officer is our chief operating decision maker (the CODM). The CODM assesses the performance of our reportable segments and decides how to allocate resources based on segment adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). The adjustments to EBITDA include unrealized mark-to-market derivative gains and losses (which are a component of both cost of sales and selling, general and administrative expenses), foreign currency exchange gains and losses (which are a component of selling, general and administrative expenses), blue chip swap transaction gains (which are a component of selling, general and administrative expenses), stock-based compensation expense (which is a component of selling, general and administrative expenses), and other items impacting comparability (which are a compo …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

STOCKHOLDERS EQUITY Share Repurchase Program Our Board of Directors (the Board) has authorized a program, with no expiration date, to repurchase up to $750.0 million of our common stock. This authorization is open ended and repurchases under this share repurchase program may be made through open market transactions or pursuant to repurchase plans administered in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Thirteen Weeks Ended Thirty-Nine Weeks Ended (in millions, except share and per share data) February 22, 2026 February 22, 2026 Common stock shares repurchased 804,882 Weighted average price per share $ $ 62.12 Total cost $ $ 50.0 Share repurchase plan, remaining authorized $ 308.0 Subsequent to February 22, 2026, we repurchased 1,053,429 shares of common stock for an aggregate purchase price of $43.7 million as of March 30, 2026. As of that date, approximately $264 million remained authorized for repurchase under our share repurchase program. Dividends During the thirty-nine weeks ended February 22, 2026, we paid $154.7 million of cash dividends to our common stockholders. We also paid an additional $52.8 million cash dividend on February 27, 2026, to stockholders of record as of January 30, 2026. On March 31, 2026, the Board declared a cash dividend of $0.38 per share, payable on June 5, 2026, to stockholders of record on May 8, 2026. Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income, net of taxes, as of Feb …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing