Exhibit 99.1

Lamb Weston Holdings, Inc.

Recast Financial Statements – Company Consolidated

(unaudited, in millions)


	For the Fifty-Two Weeks Ended
	May 28,		May 29,		May 30,
	2023		2022		2021
Net sales
North America	$	4,249.4	$	3,497.3	$	3,034.7
International		1,101.2		601.6		636.2
Total reported net sales	$	5,350.6	$	4,098.9	$	3,670.9

Segment Income (Loss) (a)
North America	$	989.8	$	552.1	$	512.8
International	$	554.6	$	(52.6)	$	63.3

Segment Adjusted EBITDA
North America	$	1,162.3	$	711.6	$	664.4
International	$	231.0	$	78.2	$	131.4


	For the Thirteen Weeks Ended
	August 28,		November 27,		February 26,		May 28,
	2022		2022		2023		2023
Net sales
North America	$	955.6	$	1,062.5	$	1,070.8	$	1,160.5
International		170.0		214.0		182.8		534.4
Total reported net sales	$	1,125.6	$	1,276.5	$	1,253.6	$	1,694.9

Segment Income (a)
North America	$	190.5	$	256.9	$	290.0	$	252.4
International	$	32.4	$	43.5	$	36.4	$	442.3

Segment Adjusted EBITDA
North America	$	231.8	$	299.6	$	333.0	$	297.9
International	$	33.1	$	60.2	$	54.1	$	83.6


	For the Thirteen Weeks Ended
	August 29,		November 28,		February 27,		May 29,
	2021		2021		2022		2022
Net sales
North America	$	820.9	$	872.3	$	814.6	$	989.5
International		163.3		134.3		140.4		163.6
Total net sales	$	984.2	$	1,006.6	$	955.0	$	1,153.1

Segment Income (Loss) (a)
North America	$	100.3	$	140.5	$	146.8	$	164.5
International	$	(9.4)	$	8.3	$	11.3	$	(62.8)

Segment Adjusted EBITDA
North America	$	138.5	$	180.9	$	186.8	$	205.4
International	$	8.9	$	23.9	$	27.0	$	18.4

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.

Lamb Weston Holdings, Inc.

Recast Financial Statements – Supplemental Net Sales Growth Information

(unaudited)


	For the Thirteen Weeks Ended
	August 28,	November 27,	February 26,	May 28,	Fiscal
	2022	2022	2023	2023	2023
Net sales growth (decline)
North America
Price/Mix	21%	31%	32%	23%	28%
Volume	(5)%	(9)%	(1)%	(6)%	(6)%
Year-over-year growth rates	16%	22%	31%	17%	22%
International
Price/Mix	9%	23%	26%	56%	30%
Volume	(5)%	36%	4%	171%	53%
Year-over-year growth rates	4%	59%	30%	227%	83%
Total Company
Price/Mix	19%	30%	31%	24%	26%
Volume	(5)%	(3)%	—	23%	5%
Year-over-year growth rates	14%	27%	31%	47%	31%


	For the Thirteen Weeks Ended
	August 29,	November 28,	February 27,	May 29,	Fiscal
	2021	2021	2022	2022	2022
Net sales growth (decline)
North America
Price/Mix	1%	5%	11%	17%	9%
Volume	11%	13%	2%	—	6%
Year-over-year growth rates	12%	18%	13%	17%	15%
International
Price/Mix	5%	7%	6%	—	5%
Volume	12%	(21)%	(27)%	—	(10)%
Year-over-year growth rates	17%	(14)%	(21)%	—	(5)%
Total Company
Price/Mix	2%	6%	12%	15%	9%
Volume	11%	6%	(5)%	(1)%	3%
Year-over-year growth rates	13%	12%	7%	14%	12%

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.

Lamb Weston Holdings, Inc.

Recast Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


	For the Fifty-Two Weeks Ended
	May 28,		May 29,		May 30,
	2023		2022		2021
Segment Income (Loss) (a)
North America	$	989.8	$	552.1	$	512.8
International		554.6		(52.6)		63.3
Unallocated corporate costs (b)		(201.7)		(65.8)		(49.5)
Income before interest and income taxes		1,342.7		433.7		526.6
Interest expense, net		109.2		161.0		118.3
Income tax expense		224.6		71.8		90.5
Net income	$	1,008.9	$	200.9	$	317.8


	For the Thirteen Weeks Ended
	August 28,		November 27,		February 26,		May 28,
	2022		2022		2023		2023
Segment Income (a)
North America	$	190.5	$	256.9	$	290.0	$	252.4
International		32.4		43.5		36.4		442.3
Unallocated corporate (costs) income (b)		108.7		(135.9)		(83.4)		(91.1)
Income before interest and income taxes		331.6		164.5		243.0		603.6
Interest expense, net		26.0		24.6		25.8		32.8
Income tax expense		73.7		36.8		42.1		72.0
Net income	$	231.9	$	103.1	$	175.1	$	498.8


	For the Thirteen Weeks Ended
	August 29,		November 28,		February 27,		May 29,
	2021		2021		2022		2022
Segment Income (Loss) (a)
North America	$	100.3	$	140.5	$	146.8	$	164.5
International		(9.4)		8.3		11.3		(62.8)
Unallocated corporate (costs) income (b)		(24.5)		(24.3)		5.4		(22.4)
Income before interest and income taxes		66.4		124.5		163.5		79.3
Interest expense, net		27.9		82.4		25.8		24.9
Income tax expense		8.7		9.6		31.1		22.4
Net income	$	29.8	$	32.5	$	106.6	$	32.0

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.

Lamb Weston Holdings, Inc.

Recast Annual Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Fifty-Two Weeks Ended May 28, 2023		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	989.8	$	22.3	$	164.0	$	1,131.5	$	22.3	$	8.5	$	1,162.3
Adjusted		989.8		22.3		164.0		1,131.5		22.3		8.5		1,162.3

International
As reported		554.6		469.5		52.2		137.3		469.5		22.1		628.9
Items impacting comparability:
Inventory step-up from acquisition (c)		27.0		—		—		27.0		—		—		27.0
Acquisition-related items, net (c)		0.9		—		—		0.9		—		—		0.9
Gain on acquisition of interest in joint ventures (c)		(425.8)		(425.8)		—		—		(425.8)		—		(425.8)
Adjusted		156.7		43.7		52.2		165.2		43.7		22.1		231.0

Unallocated corporate costs
As reported		(201.7)		(31.2)		2.1		(168.4)		(31.2)		(1.5)		(201.1)
Items impacting comparability:
Acquisition-related items, net (c)		(22.7)		—		—		(22.7)		—		—		(22.7)
Unrealized derivative losses (d)		74.4		32.7		—		41.7		32.7		—		74.4
Foreign currency exchange losses (f)		5.5		—		—		5.5		—		—		5.5
Adjusted		(144.5)		1.5		2.1		(143.9)		1.5		(1.5)		(143.9)
Total Company Adjusted	$	1,002.0	$	67.5	$	218.3	$	1,152.8	$	67.5	$	29.1	$	1,249.4

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information. Quarterly information shown after Notes.

Lamb Weston Holdings, Inc.

Recast Annual Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Fifty-Two Weeks Ended May 29, 2022		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	552.1	$	15.2	$	154.1	$	691.0	$	15.2	$	5.4	$	711.6
Adjusted		552.1		15.2		154.1		691.0		15.2		5.4		711.6

International
As reported		(52.6)		(56.4)		31.5		35.3		(56.4)		36.6		15.5
Items impacting comparability:
Write-off of net investment in Russia (e)		62.7		62.7		—		—		62.7		—		62.7
Adjusted		10.1		6.3		31.5		35.3		6.3		36.6		78.2

Unallocated corporate costs
As reported		(65.8)		30.5		1.7		(94.6)		30.5		—		(64.1)
Items impacting comparability:
Unrealized derivative losses (gains) (d)		(18.3)		(26.5)		—		8.2		(26.5)		—		(18.3)
Foreign currency exchange losses (gains)		(0.7)		(4.0)		—		3.3		(4.0)		—		(0.7)
Adjusted		(84.8)		—		1.7		(83.1)		—		—		(83.1)
Total Company Adjusted	$	477.4	$	21.5	$	187.3	$	643.2	$	21.5	$	42.0	$	706.7

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information. Quarterly information shown after Notes.

Lamb Weston Holdings, Inc.

Recast Annual Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Fifty-Two Weeks Ended May 30, 2021		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	512.8	$	20.6	$	146.4	$	638.6	$	20.6	$	5.2	$	664.4
Adjusted		512.8		20.6		146.4		638.6		20.6		5.2		664.4

International
As reported		63.3		18.1		34.2		79.4		18.1		33.9		131.4
Adjusted		63.3		18.1		34.2		79.4		18.1		33.9		131.4

Unallocated corporate costs
As reported		(49.5)		13.1		2.1		(60.5)		13.1		—		(47.4)
Items impacting comparability:
Unrealized derivative gains (d)		(31.2)		(11.3)		—		(19.9)		(11.3)		—		(31.2)
Foreign currency exchange gains		(3.1)		(1.8)		—		(1.3)		(1.8)		—		(3.1)
Adjusted		(83.8)		—		2.1		(81.7)		—		—		(81.7)
Total Company Adjusted	$	492.3	$	38.7	$	182.7	$	636.3	$	38.7	$	39.1	$	714.1

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information. Quarterly information shown after Notes.

Lamb Weston Holdings, Inc.

Recast Quarterly Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Thirteen Weeks Ended August 28, 2022		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	190.5	$	4.5	$	39.3	$	225.3	$	4.5	$	2.0	$	231.8
Adjusted		190.5		4.5		39.3		225.3		4.5		2.0		231.8

International
As reported		32.4		25.6		8.9		15.7		25.6		6.9		48.2
Items impacting comparability:
Gain on acquisition of interest in joint ventures (c)		(15.1)		(15.1)		—		—		(15.1)		—		(15.1)
Adjusted		17.3		10.5		8.9		15.7		10.5		6.9		33.1

Unallocated corporate costs
As reported		108.7		144.5		0.5		(35.3)		144.5		—		109.2
Items impacting comparability:
Unrealized derivative losses (gains) (d)		(140.5)		(144.5)		—		4.0		(144.5)		—		(140.5)
Foreign currency exchange losses		1.0		—		—		1.0		—		—		1.0
Adjusted		(30.8)		—		0.5		(30.3)		—		—		(30.3)
Total Company Adjusted	$	177.0	$	15.0	$	48.7	$	210.7	$	15.0	$	8.9	$	234.6

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.

Lamb Weston Holdings, Inc.

Recast Quarterly Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Thirteen Weeks Ended November 27, 2022		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	256.9	$	4.8	$	40.6	$	292.7	$	4.8	$	2.1	$	299.6
Adjusted		256.9		4.8		40.6		292.7		4.8		2.1		299.6

International
As reported		43.5		18.0		10.2		35.7		18.0		6.5		60.2
Adjusted		43.5		18.0		10.2		35.7		18.0		6.5		60.2

Unallocated corporate costs
As reported		(135.9)		(130.1)		0.4		(5.4)		(130.1)		—		(135.5)
Items impacting comparability:
Acquisition-related items, net (c)		(26.5)		—		—		(26.5)		—		—		(26.5)
Unrealized derivative losses (gains) (d)		129.7		130.1		—		(0.4)		130.1		—		129.7
Foreign currency exchange losses (f)		1.4		—		—		1.4		—		—		1.4
Adjusted		(31.3)		—		0.4		(30.9)		—		—		(30.9)
Total Company Adjusted	$	269.1	$	22.8	$	51.2	$	297.5	$	22.8	$	8.6	$	328.9

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.

Lamb Weston Holdings, Inc.

Recast Quarterly Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Thirteen Weeks Ended February 26, 2023		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	290.0	$	7.1	$	40.9	$	323.8	$	7.1	$	2.1	$	333.0
Adjusted		290.0		7.1		40.9		323.8		7.1		2.1		333.0

International
As reported		36.4		15.2		9.0		30.2		15.2		8.7		54.1
Adjusted		36.4		15.2		9.0		30.2		15.2		8.7		54.1

Unallocated corporate costs
As reported		(83.4)		(45.6)		0.3		(37.5)		(45.6)		(1.5)		(84.6)
Items impacting comparability:
Acquisition-related items, net (c)		(4.3)		—		—		(4.3)		—		—		(4.3)
Unrealized derivative losses (d)		52.2		47.1		—		5.1		47.1		—		52.2
Foreign currency exchange losses (f)		1.8		—		—		1.8		—		—		1.8
Adjusted		(33.7)		1.5		0.3		(34.9)		1.5		(1.5)		(34.9)
Total Company Adjusted	$	292.7	$	23.8	$	50.2	$	319.1	$	23.8	$	9.3	$	352.2

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.

Lamb Weston Holdings, Inc.

Recast Quarterly Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Thirteen Weeks Ended May 28, 2023		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	252.4	$	5.9	$	43.2	$	289.7	$	5.9	$	2.3	$	297.9
Adjusted		252.4		5.9		43.2		289.7		5.9		2.3		297.9

International
As reported		442.3		410.7		24.1		55.7		410.7		—		466.4
Items impacting comparability:
Inventory step-up from acquisition (c)		27.0		—		—		27.0		—		—		27.0
Acquisition-related items, net (c)		0.9		—		—		0.9		—		—		0.9
Gain on acquisition of interest in joint ventures (c)		(410.7)		(410.7)		—		—		(410.7)		—		(410.7)
Adjusted		59.5		—		24.1		83.6		—		—		83.6

Unallocated corporate costs
As reported		(91.1)		—		0.9		(90.2)		—		—		(90.2)
Items impacting comparability:
Acquisition-related items, net (c)		8.1		—		—		8.1		—		—		8.1
Unrealized derivative losses (d)		33.0		—		—		33.0		—		—		33.0
Foreign currency exchange losses (f)		1.3		—		—		1.3		—		—		1.3
Adjusted		(48.7)		—		0.9		(47.8)		—		—		(47.8)
Total Company Adjusted	$	263.2	$	5.9	$	68.2	$	325.5	$	5.9	$	2.3	$	333.7

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.

Lamb Weston Holdings, Inc.

Recast Quarterly Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Thirteen Weeks Ended August 29, 2021		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	100.3	$	4.4	$	37.0	$	132.9	$	4.4	$	1.2	$	138.5
Adjusted		100.3		4.4		37.0		132.9		4.4		1.2		138.5

International
As reported		(9.4)		(1.9)		8.5		1.0		(1.9)		9.8		8.9
Adjusted		(9.4)		(1.9)		8.5		1.0		(1.9)		9.8		8.9

Unallocated corporate costs
As reported		(24.5)		3.7		0.5		(27.7)		3.7		—		(24.0)
Items impacting comparability:
Unrealized derivative losses (gains) (d)		2.5		(4.3)		—		6.8		(4.3)		—		2.5
Foreign currency exchange losses		1.3		0.6		—		0.7		0.6		—		1.3
Adjusted		(20.7)		—		0.5		(20.2)		—		—		(20.2)
Total Company Adjusted	$	70.2	$	2.5	$	46.0	$	113.7	$	2.5	$	11.0	$	127.2

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.

Lamb Weston Holdings, Inc.

Recast Quarterly Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Thirteen Weeks Ended November 28, 2021		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	140.5	$	5.0	$	39.1	$	174.6	$	5.0	$	1.3	$	180.9
Adjusted		140.5		5.0		39.1		174.6		5.0		1.3		180.9

International
As reported		8.3		1.9		6.7		13.1		1.9		8.9		23.9
Adjusted		8.3		1.9		6.7		13.1		1.9		8.9		23.9

Unallocated corporate costs
As reported		(24.3)		3.2		0.4		(27.1)		3.2		—		(23.9)
Items impacting comparability:
Unrealized derivative losses (gains) (d)		2.5		(3.6)		—		6.1		(3.6)		—		2.5
Foreign currency exchange losses		1.1		0.4		—		0.7		0.4		—		1.1
Adjusted		(20.7)		—		0.4		(20.3)		—		—		(20.3)
Total Company Adjusted	$	128.1	$	6.9	$	46.2	$	167.4	$	6.9	$	10.2	$	184.5

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.

Lamb Weston Holdings, Inc.

Recast Quarterly Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Thirteen Weeks Ended February 27, 2022		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	146.8	$	4.2	$	38.7	$	181.3	$	4.2	$	1.3	$	186.8
Adjusted		146.8		4.2		38.7		181.3		4.2		1.3		186.8

International
As reported		11.3		4.7		7.5		14.1		4.7		8.2		27.0
Adjusted		11.3		4.7		7.5		14.1		4.7		8.2		27.0

Unallocated corporate costs
As reported		5.4		20.8		0.4		(15.0)		20.8		—		5.8
Items impacting comparability:
Unrealized derivative gains (d)		(23.3)		(19.6)		—		(3.7)		(19.6)		—		(23.3)
Foreign currency exchange losses (gains)		(0.7)		(1.2)		—		0.5		(1.2)		—		(0.7)
Adjusted		(18.6)		—		0.4		(18.2)		—		—		(18.2)
Total Company Adjusted	$	139.5	$	8.9	$	46.6	$	177.2	$	8.9	$	9.5	$	195.6

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.

Lamb Weston Holdings, Inc.

Recast Quarterly Financial Statements – Supplemental Non-GAAP Information

(unaudited, in millions)


Thirteen Weeks Ended May 29, 2022		Segment Income (Loss) (a)		Less: Equity Method Investment Earnings (Loss)		Depreciation and Amortization		EBITDA Excluding Unconsolidated Joint Ventures		Equity Method Investment Earnings (Loss)		Interest Expense, Income Tax Expense, and Depreciation and Amortization Included in Equity Method Investment Earnings (Loss)		EBITDA Including Unconsolidated Joint Ventures
North America
As reported	$	164.5	$	1.6	$	39.3	$	202.2	$	1.6	$	1.6	$	205.4
Adjusted		164.5		1.6		39.3		202.2		1.6		1.6		205.4

International
As reported		(62.8)		(61.1)		8.8		7.1		(61.1)		9.7		(44.3)
Items impacting comparability:
Write-off of net investment in Russia (e)		62.7		62.7		—		—		62.7		—		62.7
Adjusted		(0.1)		1.6		8.8		7.1		1.6		9.7		18.4

Unallocated corporate costs
As reported		(22.4)		2.8		0.4		(24.8)		2.8		—		(22.0)
Items impacting comparability:
Unrealized derivative losses (gains) (d)		—		1.0		—		(1.0)		1.0		—		—
Foreign currency exchange losses (gains)		(2.4)		(3.8)		—		1.4		(3.8)		—		(2.4)
Adjusted		(24.8)		—		0.4		(24.4)		—		—		(24.4)
Total Company Adjusted	$	139.6	$	3.2	$	48.5	$	184.9	$	3.2	$	11.3	$	199.4

See Notes to the Recast Financial Statements and Supplemental Non-GAAP Information.