Believes Lamb Weston Has Taken Important Steps Forward and Is Well Positioned to Deliver Meaningfully Greater Shareholder Value

Sees a Clear Opportunity to Structurally Increase Earnings Power by Expanding Margins

Urges Company to Double the Amount of Previously Announced Cost Savings Initiatives – With Particular Focus on Reducing SG&A

Encourages Strategic Review of International Portfolio, Including Potential Divestiture of Select APAC Assets

Looks Forward to Working Constructively with the Company to Unlock Its Full Potential for the Benefit of All Shareholders

NEW YORK--(BUSINESS WIRE)--Mar. 9, 2026-- Starboard Value LP (together with its affiliates, “Starboard”), a significant stockholder of Lamb Weston Holdings Inc. (“Lamb Weston” or the “Company”) (NYSE: LW), today announced that it has delivered a letter to Michael Smith, the Company’s Chief Executive Officer, with a copy to the Company’s Board of Directors.

The full text of Starboard's letter to the Company can be viewed here.

About Starboard Value LP

Starboard Value LP is an investment adviser with a focused and differentiated fundamental approach to investing in publicly traded companies. Starboard invests in deeply undervalued companies and actively engages with management teams and boards of directors to identify and execute on opportunities to unlock value for the benefit of all shareholders.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260308070052/en/

Investor:
Peter Feld, (212) 201-4878
Gavin Molinelli, (212) 201-4828
www.starboardvalue.com

Media:
Longacre Square Partners
Greg Marose / Joe Germani, (646) 386-0091
starboard@longacresquare.com

Source: Starboard Value LP