#1H TM Tyson 1Q Fiscal 2023 Supplemental Information February 6, 2023#2Forward-Looking Statements Non-GAAP Financial Measures Certain information in this presentation constitutes forward-looking statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, current views and estimates of our outlook for fiscal 2023, other future economic circumstances, industry conditions in domestic and international markets, our performance and financial results (e.g., debt levels, return on invested capital, value-added product growth, capital expenditures, tax rates, access to foreign markets and dividend policy). These forward-looking statements are subject to a number of factors and uncertainties that could cause our actual results and experiences to differ materially from anticipated results and expectations expressed in such forward-looking statements. We wish to caution readers not to place undue reliance on any forward-looking statements, which are expressly qualified in their entirety by this cautionary statement and speak only as of the date made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Among the factors that may cause actual results and experiences to differ from anticipated results and expectations expressed in such forward-looking statements are the following: (i) the COVID-19 pandemic and associated responses thereto have had an adverse impact on our business and operations, and the extent that the COVID-19 pandemic continues to impact us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the COVID-19 related impacts on the market, including production delays, labor shortages and increases in costs and inflation; (ii) the effectiveness of our financial excellence programs; (iii) access to foreign markets together with foreign economic conditions, including currency fluctuations, import/export restrictions and foreign politics; (iv) cyber attacks, other cyber incidents, security breaches or other disruptions of our information technology systems; (v) risks associated with our failure to consummate favorable acquisition transactions or integrate certain acquisitions' operations; (vi) the Tyson Limited Partnership's ability to exercise significant control over the Company; (vii) fluctuations in the cost and availability of inputs and raw materials, such as live cattle, live swine, feed grains (including corn and soybean meal) and energy; (viii) market conditions for finished products, including competition from other global and domestic food processors, supply and pricing of competing products and alternative proteins and demand for alternative proteins; (ix) outbreak of a livestock disease (such as African swine fever (ASF), avian influenza (AI) or bovine spongiform encephalopathy (BSE)), which could have an adverse effect on livestock we own, the availability of livestock we purchase, consumer perception of certain protein products or our ability to conduct our operations; (x) changes in consumer preference and diets and our ability to identify and react to consumer trends; (xi) effectiveness of advertising and marketing programs; (xii) significant marketing plan changes by large customers or loss of one or more large customers; (xiii) our ability to leverage brand value propositions; (xiv) changes in availability and relative costs of labor and contract farmers and our ability to maintain good relationships with team members, labor unions, contract farmers and independent producers providing us livestock, including as a result of our plan to relocate certain corporate team members to our world headquarters in Springdale, Arkansas; (xv) issues related to food safety, including costs resulting from product recalls, regulatory compliance and any related claims or litigation; (xvi) the effect of climate change and any legal or regulatory response thereto; (xvii) compliance with and changes to regulations and laws (both domestic and foreign), including changes in accounting standards, tax laws, environmental laws, agricultural laws and occupational, health and safety laws; (xviii) adverse results from litigation; (xix) risks associated with leverage, including cost increases due to rising interest rates or changes in debt ratings or outlook; (xx) impairment in the carrying value of our goodwill or indefinite life intangible assets; (xxi) our participation in a multiemployer pension plan; (xxii) volatility in capital markets or interest rates; (xxiii) risks associated with our commodity purchasing activities; (xxiv) the effect of, or changes in, general economic conditions; (xxv) impacts on our operations caused by factors and forces beyond our control, such as natural disasters, fire, bioterrorism, pandemics, armed conflicts or extreme weather; (xxvi) failure to maximize or assert our intellectual property rights; (xxvii) effects related to changes in tax rates, valuation of deferred tax assets and liabilities, or tax laws and their interpretation; and (xxviii) the other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including those included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Annual Report on Form 10-K and Quarterly reports on Form 10-Q. This presentation contains the financial measures "EBITDA," "Adjusted EBITDA," "Adjusted EPS", "Adjusted Operating Income" and "Adjusted Operating Margin" which are not calculated in accordance with U.S. GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure has been provided in the Appendix. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results.#3Diverse portfolio and strategic management deliver topline growth 1 Delivered solid YoY revenue and volume growth; adjusted operating income was lower than expected 2 Leveraged diverse protein portfolio across multiple channels and brands 3 4 to serve an estimated market-leading 1/5th of US protein consumption Executed revenue management and achieved productivity savings, including investment in automation to mitigate inflationary costs Continued investment in team member experience to become the "most sought-after place to work" Tyson EST 1934. HILLSHIRE FARM A STATE FAIR DJimmy Dean™ Ball Park BACON THE WRIGHT WAY. WRIGHT BRAND 19 W 22 Our Priorities 1| Win with team 2| Win with customers and 3| Win with excellence in members consumers execution CHEF BRUCE aidells H HILLSHIRE SNACKING AIR-CHILLED SMART CHICKEN TYSON FOODS, INC. FEBRUARY 6, 2023 3#4Strengthening our position as a global protein leader Imperatives 1 Transforming our team member experience Actions Making investments in health, safety, and well-being of team members Maintaining competitive wages and innovative benefit offerings like childcare and in-house healthcare Investing in team member experience 2 Outpacing the market by enhancing our portfolio and capacity to serve demand growth Expanding capacity to meet market demand Leader in majority of our retail core categories, delivering both dollar and pound share growth Gaining share in foodservice in value-added chicken and breakfast sausage 3 Driving operational and functional excellence and purposefully investing in digital and automation On track to exceed the promised $1 billion in productivity program savings in fiscal year 2023 Accelerating program delivery and employing programmatic approach to automation across organizational operations 4 Aggressively restoring our competitiveness in Chicken Operational improvement continues to deliver improving internal production Focusing on optimization of our portfolio to maximize profitability High single digit sales growth versus 1Q22 5 Leveraging our financial strength to invest in the business and return cash to shareholders Invested $589M in capital expenditures in 1Q23 Returned $482M in cash to shareholders via dividends and share repurchases in 1Q23 TTyson TYSON FOODS, INC. FEBRUARY 6, 2023 1 Represents a non-GAAP financial measure. Adjusted operating income and adjusted operating margin are explained and reconciled to comparable GAAP measures in the Appendix. 4#51Q Sales Performance YoY Positive momentum building as sales revenue grew for the Total Company and in key growth segments Revenue¹ (billion $) Total Company +2.5% Chicken +9.6% Prepared Foods 12.93 13.26 3.89 4.26 2.33 2.54 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 Beef -5.6% Pork 5.00 4.72 1.63 1.53 1Q22 1Q23 1Q22 1Q23 +8.8% -6.0% International / Other +11.3% 0.55 0.61 1Q22 1Q23 H (T) Tyson 1 Intersegment sales totaling $0.47 billion for 1Q22 and $0.41 billion for 1Q23 are eliminated from Total Company sales but are included in total segment sales and represent an aggregate reduction to sales relative to the sum of component parts illustrated above TYSON FOODS, INC. FEBRUARY 6, 2023 5#6Outpacing the industry and our peers in retail consumption growth Latest 13 Weeks Volume Sales % Change Among Top Branded Food Companies > $5B vs. YAG vs. 3YAG -0.5% 2.8% Total Food & Beverage 19.9% 10.2% 9.1% 7.8% 6.6% 3.7% 2.5% 3.4% 4.6% 2.2% -0.6% -1.5%-1.1% -0.9% -2.6% 3.1% -4.6% -5.2% -5.6% -5.9% Core Bus. Lines Total Tyson Kellogg's PEPSICO Campbells Kraft Heinz General Mills CONAGRA THE J.M. SMUCKER CO Nestle BRANDS. T Tyson TM T Tyson TM Source: Nielsen Total U.S. XAOC Fixed Weight Volume EQ Sales Latest 13 weeks ending 12/31/2022 Food & Beverage = All Nielsen Edible Food and Beverage Categories TYSON FOODS, INC. FEBRUARY 6, 2023 6#7Strength of our retail brands enables continued growth in both dollar and pound share across all dayparts Tyson Core Business Lines Share Growth I Dollar Pound +2.2 +2.0 Share Growth vs. Year Ago by Day Part Brand Strength Relative to Competition % Favorite Brand Among Category Buyers Dollar Pound Tyson 43% Frozen Nuggets 9% +3.7 +3.0 +2.8 Morning Tyson 38% Frozen Strips 7% +4.1 Jimmy Dean 33% Frozen Breakfast Sandwiches 7% Jimmy Dean 41% +1.0 Afternoon +0.5 Raw Breakfast Sausage 7% HILLSHIRE FARM Lunchmeat 27% 14% Smoked Sausage Rope HILLSHIRE FARM 15% +1.3 Evening Ball Park Hot Dogs Share Pt. Chg. vs. YAG 26% 24% Share Pt. Chg. vs. 3YAG +0.2 Tyson Top Branded Competitor 41% Source: Tyson Proprietary Brand Health Tracking, Q1 FY23; Nielsen IQ, Total U.S. XAOC, Dollar and EQ Volume Shares, Custom Database, 13 weeks ending 12/31/2022; Share Growth by Daypart based on relevant businesses per occasion consumption skews and respective categories TYSON FOODS, INC. FEBRUARY 6, 2023 7#8Positive retail share trajectory, fueled by continued strength of business fundamentals Tyson Core Business Lines Share Growth Pound Share Pt. Chg. vs. YAG, by Period Q3 -0.3 Q4 0.3 FY23 Q1 2.2 1.8 1.9 1.3 -0.8 -1.2 -1.4 Period 4/30 6/4 7/2 7/30 9/3 10/1 10/29 12/3 12/31 Ending Improved Fill Rate & On-Shelf Availability Tyson Core Business Lines 27.7% Pound Share Highest Share Performance in Past 5 Years Narrowing Price Gaps Relative To Competition Strategic Spend to Support Long-Term Health of Brands Source: NielsenIQ, Total U.S. XAOC, EQ Volume Share Chg. vs. YAG, Custom Database, Fiscal months, data ending 12/31/2022 TYSON FOODS, INC. FEBRUARY 6, 2023 8#9Outpacing foodservice broadline industry recovery, and growing share in our Focus 6 categories 5.8% Latest 52 Weeks vs. YAG vs. 3YAG 11.7% 9.7% Volume Sales % Change Latest 13 Weeks vs. YAG vs. 3YAG 5.6% 5.5% 2.7% 3.3% 2.9% Share +0.6 Share +1.7 -2.4% Share Share +0.0 +1.3 -1.1% -4.8% T Tyson -3.8% T Tyson Total Broadline Focus 6 Categories Focus 6 Total Broadline Focus 6 Categories Focus 6 Focus 6 = Chicken Value Added, Breakfast Sausage, Dinner Sausage, Pepperoni Pizza Topping, Bacon, Philly Steak Source: NPD Supply Track®, Month Ending December 2022. L13 week comp change vs. 3 YAG, L52 week comp change vs. CY2019 given data availability TYSON FOODS, INC. FEBRUARY 6, 2023 9#10Becoming the most sought-after place to work through investments in Team Member Experience Focus Areas 1 Health, safety and wellbeing 2 Total rewards and growth 3 Culture & Digitalization Actions Investing over $20M to strengthen benefits and provide our U.S. team members access to healthcare benefits on first day of employment Expanded access to mental health services for our team members and dependents Continuing to increase utilization of eight Bright Blue health centers offering comprehensive health services in rural locations T Tyson Granted $50M in year-end bonuses for U.S.-based hourly, frontline team members Received prestigious Keeper of the American Dream award from the National Immigration Forum for our Tyson Immigration Program Strengthening our commitment to immigrant team members by providing free legal services and counseling to over 2500 team members to date Expanding commitment to free education and development through Upward Academy online and newly launched LinkedIn Learning offerings Shaping our OneTyson future through consolidation of campuses and leveraging a talent attraction and retention strategy focused on internal and external talent solutions, leadership, diversity, and organizational synergies Invested in childcare programs in 2022 to meet the needs of our team members and announced a new world headquarters childcare center Accelerating digital enablement talent strategies to advance team member capabilities for new and future roles as well as innovative solutioning RAMMER TYSON FOODS, INC. FEBRUARY 6, 2023 10#11Productivity Program on-track Targeting $300M+ of productivity gains in FY23 to achieve a total of $1B+ in recurring savings $300 - 400M $1B+ FY23 FY22-23 Actions will lead to sustainable productivity savings in three key focus areas Operational & Functional Excellence and Agility 。 Instituted new mechanical and electrical rebuild programs for our plant assets 。 Streamlined ingredient suppliers across dry blends and seasonings Supply Chain & Digital Solutions 。 Leveraged data to improve inventory visibility and mitigate distress in Prepared Foods 。 Further scaled our distribution network of the future while also increasing direct plant shipment to our customers Automation Installed and scaled new automation capabilities in Prepared Foods' sandwich and snacking operations Piloted automated tray pack capabilities with early positive results TYSON FOODS, INC. FEBRUARY 6, 2023 11#12Feeding the world as a recognized global protein leader and delivering long- term shareholder value Balanced portfolio where each segment has a clear and compelling financial path forward Leveraging a broad portfolio of market- leading brands to win with consumers Focusing on advantaged, global channels to win with customers Modernizing our operations through our productivity program to win with excellence in execution Becoming the most sought-after place to work to win with team members Track record of delivering strong earnings growth and cash flow generation#13Sales, AOI and EPS performance First Quarter 2023 vs First Quarter 2022 SALES (in millions of dollars) $12,933 +3% $13,260 ADJUSTED OPERATING INCOME 1 (in millions of dollars) $1,432 ADJUSTED EPS1 (in dollars per share) -68% $453 $2.87 -70% $0.85 1Q22 1Q23 • • Chicken and Prepared Foods drove sales growth Volumes up 0.8% driven by all segments except Pork • Average sales price up 1.7% due to recovery actions to address cost of goods increases partially offset by a decline in Beef average sales price 1Q22 1Q23 Both lower Revenue and higher COGS in Beef and Pork drove the decrease in adjusted operating margin 1Q22 1Q23 Lower operating income led to the decrease in adjusted EPS 1 Represents a non-GAAP financial measure. Adjusted EPS, adjusted operating income and adjusted operating margin are explained and reconciled to comparable GAAP measures in the Appendix. TYSON FOODS, INC. FEBRUARY 6, 2023 13#14Adjusted Operating Income Bridge YoY First Quarter 2023 $ millions $222 -$1,289 $16 $1,432 Q1 2022 AOI¹ Gross Margin Volume Sales Price/Mix $72 $453 2 3 COGS Price/Mix SG&A Q1 2023 AO1 Represents a non-GAAP financial measure. Adjusted operating income is explained and reconciled to comparable GAAP measures in the Appendix. 2 Excludes the impacts of production facilities fire insurance proceeds, net of costs incurred of $35 million and restructuring and related charges of $8 million in Q1'23 and $23 million of production facilities fire insurance proceeds, net of costs incurred recorded in Cost of Sales in Q1'22. 3 Excludes the impact of $13 million of restructuring and related charges in Q1'23. Highlights Volumes increased slightly due to growth across all segments except Pork • Sales Price/mix increased due to recovery actions to address cost of goods increases COGS price/mix up due to raw material, labor, and supply chain cost pressures SG&A cost improvement reflects elimination of non value-added spend partially offset by increased investment in marketing, advertising and promotions to support our brands Productivity savings had a positive impact on margins TYSON FOODS, INC. FEBRUARY 6, 2023 14#15Softer domestic demand and higher live cattle costs in Beef First Quarter 2023 vs First Quarter 2022 $5,002 SALES (in millions of dollars) -6% ADJUSTED OPERATING INCOME1 (in millions of dollars) $4,723 $956 HIGHLIGHTS 。 Sales volume increased driven by improved staffing supporting higher head throughput o Average sales price decreased due to softer domestic demand for beef products o As expected, operating income decreased from a record high in the prior year quarter due to lower sales revenue and higher live cattle costs o Increase in live cattle costs of approximately $530 million -87% $129 1Q22 1Q23 1Q22 1Q23 Sales Development Volume Price 1Q23 vs 1Q22 ↑ 2.9% ↓ (8.5)% Adj Operating Margin¹ 1Q22 19.1% 1Q23 2.7% 1 Represents a non-GAAP financial measure. Adjusted EPS, adjusted operating income and adjusted operating margin are explained and reconciled to comparable GAAP measures in the Appendix. TYSON FOODS, INC. FEBRUARY 6, 2023 15#16Pork remains challenged by industry headwinds First Quarter 2023 vs First Quarter 2022 SALES (in millions of dollars) $1,626 -6% ADJUSTED OPERATING INCOME 1 (in millions of dollars) $1,529 $164 HIGHLIGHTS 。 Sales volume decreased due to balancing supply with customer demand o Average sales price increased driven by higher prices in specialty products Operating income decreased due to lower revenue, higher incurred hog costs, and an unfavorable derivative impact of approximately $35M o Increase in live hog costs of approximately $55 million -112% 1Q22 1Q23 1Q22 -$19 1Q23 Adj Operating Margin¹ Sales Development Volume Price 1Q23 vs 1Q22 ↓ (7.4)% 1Q22 1Q23 ↑ 1.4% 10.1% (1.2)% Represents a non-GAAP financial measure. Adjusted EPS, adjusted operating income and adjusted operating margin are explained and reconciled to comparable GAAP measures in the Appendix. CR CHAIRMAN'S RESERVE TYSON FOODS, INC. FEBRUARY 6, 2023 16#17Chicken overcoming commodity market headwinds First Quarter 2023 vs First Quarter 2022 SALES (in millions of dollars) $3,890 +10% ADJUSTED OPERATING INCOME 1 (in millions of dollars) $4,263 $117 -34% $77 HIGHLIGHTS Sales volume increased due to improved domestic production partially offset by strategic initiative mix impact and inventory build 。 Average sales price increased driven by pricing initiatives in an elevated inflationary cost environment Operating income decreased due to higher operating costs and an unfavorable derivative impact of approximately $40M o Feed ingredient and grow-out expenses partially offset by reduced outside meat purchases increased approximately $175M 1Q22 1Q23 1Q22 1Q23 Tyson 100% ALL NATURAL CRISPY CHICKEN STRIPS Sales Development Volume Price 1Q23 vs 1Q22 ↑ 2.5% ↑ 7.1% Adj Operating Margin¹ 1Q22 3.0% 1Q23 1.8% 1 Represents a non-GAAP financial measure. Adjusted EPS, adjusted operating income and adjusted operating margin are explained and reconciled to comparable GAAP measures in the Appendix. Tyson daytizens Tyson Boneless Chicken Grilled &Ready OVEN ROASTED DICED CHICKEN BREAST REAL SIMPLE BITES Adfile Style 12 PROTE More to Love Tyson TYSON FOODS, INC. FEBRUARY 6, 2023 17#18Strength of Retail Brands drives growth in Prepared Foods First Quarter 2023 vs First Quarter 2022 $2,333 SALES (in millions of dollars) +9% $2,538 ADJUSTED OPERATING INCOME1 (in millions of dollars) $186 +43% $266 HIGHLIGHTS Sales volume increased driven by the strength of our retail brands and improved order fulfillment o Average sales price increased due to pricing actions taken in prior periods, capitalizing on brand pricing power 。 Operating income increased driven by topline growth and productivity savings 1Q22 1Q23 1Q22 1Q23 Sales Development Volume Price Adj Operating Margin¹ 1Q22 1Q23 1Q23 vs 1Q22 ↑ 1.2% ↑ 7.6% 8.0% 10.5% PLATES PROSCIUTTO BENOA SALAME PLATES HILLSHIR SNACKING- Jimmy Dean BREAKFAST BOWL Meat Lovers Potatoes, Sausage, Eggs, ddar Cheese acon HARGA Jimmy Dean -MORNING- COMBOS HILLS Jimmy Dean Simple Scrambler Turkey Sausage 3q MAPLE PANCAKES SAGE BITES 1 Represents a non-GAAP financial measure. Adjusted EPS, adjusted operating income and adjusted operating margin are explained and reconciled to comparable GAAP measures in the Appendix. TYSON FOODS, INC. FEBRUARY 6, 2023 18#19Utilizing financial strength to invest in our business and return cash to shareholders OPERATING CASH FLOW (in billions of dollars) $1.43 1Q22 BUILD FINANCIAL STRENGTH Manage our leverage ratio to be at or below our long-term target $0.76 INVEST IN OUR BUSINESS Disciplined investments to modernize and expand capacity and support growth RETURN CASH TO SHAREHOLDERS Committed to returning cash to shareholders through dividends and share repurchases 1Q23 1 Represents a non-GAAP financial measure. Net debt/adjusted EBITDA is explained and reconciled to comparable GAAP measures in the Appendix. Leverage Ratio (Net Debt/Adj. EBITDA)1 <2.0x 1.6x 1Q23 Target Capital Expenditures (in billions) $0.6 $0.4 1Q22 Dividends (in millions) $164 $169 1Q23 Share Repurchases (in millions) $348 $313 1Q22 1Q23 1Q22 1Q23 TYSON FOODS, INC. FEBRUARY 6, 2023 19#20Maintaining sales guidance on lower margin expectations FY2023 Guidance² Sales Sales Growth % 1Q22 1Q23 Prior Indication $12.9 billion $13.3 billion $55 $57 billion 23.6% 2.5% 3 -7% growth Revised Indication Unchanged Unchanged 3.0% 1.8% 6-8% 2-4% Chicken AOI Margin¹ Prepared Foods AOI Margin¹ 8.0% 10.5% 8-10% Unchanged Beef AOI Margin¹ 19.1% 2.7% 5-7%* 2-4% Pork AOI Margin¹ 10.1% (1.2)% 2-4% 0-2% Capital Expenditures Net Interest Expense Effective Tax Rate³ $408 million $589 million ~$2.5 billion Unchanged $97 million $75 million ~$320 million ~$330 million 20.2% 26.1% -23% ~24% (T) Tyson *Margin expected to be at or below the low end of the normalized range of 5-7% 1 Represents a non-GAAP financial measure. Adjusted EPS, adjusted operating income and adjusted operating margin are explained and reconciled to comparable GAAP measures in the Appendix. 2 The Company is not able to reconcile its full-year fiscal 2023 projected adjusted results to its fiscal 2023 projected GAAP results because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of the number of future adjustments, such as legal contingency accruals and other significant items which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort. Adjusted operating margin should not be considered a substitute for operating margin or any other measures of financial performance reported in accordance with GAAP. Investors should rely primarily on the Company's GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. 3 The effective tax rate for FY22 includes the impact of approximately $36 million related to the tax benefit from remeasurement of net deferred tax liabilities at lower enacted state tax rates recorded in 1Q22. The FY2022 guidance effective tax rate is presented on an adjusted basis, and therefore, excludes the impact of this benefit.#21Donnie King President & CEO H TM Tyson Q & A John R. Tyson Executive Vice President Brady Stewart & CFO Fresh Meats Group President, Stewart Glendinning Group President, Prepared Foods Wes Morris Group President, Poultry Amy Tu President International & Chief Administrative Officer#22Appendix#23Sales improvement across all channels in Chicken and Prepared Foods partially offset by declines in Beef and Pork First Quarter 2023 $ millions $12,933 $205 Retail $373 -$279 Retail Retail $631 $13,260 -$97 $62 Foodservice Retail Export Foodservice Foodservice Export Industrial/ Other Export Foodservice Industrial/ Other Industrial/ Other Channel Highlights • . Retail improved by $324M, led by increases in Chicken up $248M and Prepared Foods up $180M Foodservice decreased $71M, driven by Beef's decline of $107M partially offset by the increase in Chicken of $46M. International² decreased $34M, due to Beef's decline of $159M offset by gains in Other of $62M, Pork of $28M, and Chicken of $25M Industrial and other improved $108M driven by Beef up $85M and Chicken up $65M offset by Pork down $48M 1Q22 Export Industrial/ Other Prepared Foods Chicken Beef Pork International/Other Intersegment 1Q23 1 The amount of intersegment sales decreased on a year-over-year basis, which is an addition to total company sales 2 Includes sales to international markets for internationally produced products or export sales of domestically produced products TYSON FOODS, INC. FEBRUARY 6, 2023 23#24EPS Reconciliations $ in millions, except per share data (Unaudited) Pretax Impact 2023 2022 Reported net income per share attributable to Tyson (GAAP EPS) (Less)/Add: Production facilities fire insurance proceeds, net of costs Add: Restructuring and related charges 4 (35) 21 Less: Remeasurement of net deferred tax liabilities at lower enacted state tax rates Adjusted net income per share attributable to Tyson (Adjusted EPS) SA First Quarter $ (45) EPS Impact 2023 2022 0.88 $ 3.07 (0.07) (0.10) 0.04 (0.10) 0.85 $ 2.87 Adjusted net income per share attributable to Tyson (Adjusted EPS) is presented as a supplementary measure of our financial performance that is not required by, or presented in accordance with, GAAP. We use Adjusted EPS as an internal performance measurement and as one criterion for evaluating our performance relative to that of our peers. We believe Adjusted EPS is meaningful to our investors to enhance their understanding of our financial performance and is frequently used by securities analysts, investors and other interested parties to compare our performance with the performance of other companies that report Adjusted EPS. Further, we believe that Adjusted EPS is a useful measure because it improves comparability of results of operations from period to period. Adjusted EPS should not be considered a substitute for net income per share attributable to Tyson or any other measure of financial performance reported in accordance with GAAP. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. Our calculation of Adjusted EPS may not be comparable to similarly titled measures reported by other companies. 4 Relates to fires at production facilities in Chicken in the fourth quarter of fiscal 2021 and Beef in the fourth quarter of fiscal 2019. Amount includes insurance proceeds, net of costs incurred, of $35 million recognized in Cost of Sales in the first quarter of fiscal 2023 and $23 million recognized in Cost of Sales and $22 million net proceeds recognized in Other, net in the first quarter of fiscal 2022. (T) Tyson TYSON FOODS, INC. FEBRUARY 6, 2023 24#25EBITDA Reconciliations $ in millions, except per share data (Unaudited) Net income Less: Interest income Add: Interest expense Add: Income tax expense Add: Depreciation Add: Amortization³ EBITDA Adjustments to EBITDA: (Less)/Add: Production facilities fire insurance proceeds, net of costs" Add: Restructuring and related charges Total Adjusted EBITDA Total gross debt Less: Cash and cash equivalents Less: Short-term investments Total net debt Ratio Calculations: Gross debt/EBITDA Net debt/EBITDA Gross debt/Adjusted EBITDA Net debt/Adjusted EBITDA Three Months Ended Fiscal Year Ended December 31, 2022 January 1, 2022 October 1, 2022 Twelve Months Ended December 31, 2022 320 1,126 $ 3,249 $ 2,443 (9) (3) (17) (23) 84 100 365 349 114 284 900 730 243 236 945 952 58 62 246 242 $ 810 $ 1,805 $ 5,688 $ 4,693 (35) (45) 45 (114) (104) $ 21 $ 796 $ $ $ 66 $ 87 1,760 $ 5,640 $ 4,676 $ 8,321 $ 8,349 (1,031) (654) (1) (2) $ 7,289 $ 7,693 1.5x 1.3x 1.5x 1.3x 1.8x 1.6x 1.8x 1.6x H (T) Tyson EBITDA is defined as net income before interest, income taxes, depreciation and amortization. Net debt to EBITDA (Adjusted EBITDA) represents the ratio of our debt, net of cash, cash equivalents and short-term investments, to EBITDA (and to Adjusted EBITDA). EBITDA, Adjusted EBITDA, net debt to EBITDA and net debt to Adjusted EBITDA are presented as supplemental financial measurements in the evaluation of our business. Adjusted EBITDA is a tool intended to assist our management and investors in comparing our performance on a consistent basis for purposes of business decision- making by removing the impact of certain items that management believes do not directly reflect our core operations on an ongoing basis. We believe the presentation of these financial measures helps management and investors to assess our operating performance from period to period, including our ability to generate earnings sufficient to service our debt, enhances understanding of our financial performance and highlights operational trends. These measures are widely used by investors and rating agencies in the valuation, comparison, rating and investment recommendations of companies; however, the measurements of EBITDA (and Adjusted EBITDA) and net debt to EBITDA (and to Adjusted EBITDA) may not be comparable to those of other companies, which may limit their usefulness as comparative measures. EBITDA (and Adjusted EBITDA) and net debt to EBITDA (and to Adjusted EBITDA) are not measures required by or calculated in accordance with GAAP and should not be considered as substitutes for net income or any other measure of financial performance reported in accordance with GAAP or as a measure of operating cash flow or liquidity. EBITDA (and Adjusted EBITDA) is a useful tool for assessing, but is not a reliable indicator of, our ability to generate cash to service our debt obligations because certain of the items added to net income to determine EBITDA (and Adjusted EBITDA) involve outlays of cash. As a result, actual cash available to service our debt obligations will be different from EBITDA (and Adjusted EBITDA). Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. 3 Excludes the amortization of debt issuance and debt discount expense of $2 million for the three months ended December 31, 2022 and January 1, 2022, and $11 million for the fiscal year ended October 1, 2022 and the twelve months ended December 31, 2022 as it is included in interest expense. 4 Relates to fires at production facilities in Chicken in the fourth quarter of fiscal 2021 and Beef in the fourth quarter of fiscal 2019. Amount includes insurance proceeds, net of costs incurred, of $35 million recognized in Cost of Sales in the first quarter of fiscal 2023 and $23 million recognized in Cost of Sales and $22 million net proceeds recognized in Other, net in the first quarter of fiscal 2022. TYSON FOODS, INC. FEBRUARY 6, 2023 25#26Segment Operating Income Reconciliations $ in millions (Unaudited) Reported operating income (loss) Less: Production facilities fire insurance proceeds, net of costs Add: Restructuring and related charges 4 Adjusted operating income (loss) Adjusted Segment Operating Income (Loss) (for the first quarter ended December 31, 2022) Beef Pork Chicken Prepared Foods 166 $ (21) $ 69 $ (42) 7 5 2 1 $ 129 $ (19) $ 77 $ 266 $ International/ Total Other 258 $ (5) $ 467 (35) 255 21 5 $ 453 Adjusted Segment Operating Income (Loss) (for the first quarter ended January 1, 2022) Beef Pork Chicken Reported operating income (loss) 956 $ 164 $ 4 Less: Production facilities fire insurance proceeds, net of costs Adjusted operating income (loss) $ 956 $ 164 $ 140 $ (23) 117 $ Prepared Foods 186 $ International/ Other Total 9 $ 1,455 (23) 186 $ 9 $ 1,432 4 Relates to fires at production facilities in Chicken in the fourth quarter of fiscal 2021 and Beef in the fourth quarter of fiscal 2019. Amount includes insurance proceeds, net of costs incurred, of $35 million recognized in Cost of Sales in the first quarter of fiscal 2023 and $23 million recognized in Cost of Sales and $22 million net proceeds recognized in Other, net in the first quarter of fiscal 2022. Adjusted operating income is presented as a supplementary measure in the evaluation of our business that is not required by, or presented in accordance with, GAAP. We use adjusted operating income as an internal performance measurement and as a criterion for evaluating our performance relative to that of our peers. We believe adjusted operating income is meaningful to our investors to enhance their understanding of our financial performance and is frequently used by securities analysts, investors and other interested parties to compare our performance with the performance of other companies that report adjusted operating income. Further, we believe that adjusted operating income is a useful measure because it improves comparability of results of operations from period to period. Adjusted operating income should not be considered as a substitute for operating income or any other measure of operating performance reported in accordance with GAAP. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. Our calculation of adjusted operating income may not be comparable to similarly titled measures reported by other companies. T Tyson TYSON FOODS, INC. FEBRUARY 6, 2023 26