Tyson Foods Q1 2023 Financial Results

Chicken 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

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