Tyson Foods : First Quarter 2026 Q1 26 Supplemental Information

Q1 Fiscal 2026

Supplemental Information February 2, 2026

1Q26 Key Messages

Growth

Strong top-line momentum with sales up more than 6%1 YoY

Financial Strength

Strong cash generation and disciplined capital allocation supported further deleveraging and shareholder returns

Controlling the Controllables

Strong Chicken profitability and targeted operational actions in Beef underscore focused execution amid prolonged cattle supply headwinds

2 Sales of $14,313 million, up 5.1% from prior year; Sales up 6.2% excluding impact of $150 million increase in legal contingency accruals, which was recognized as a reduction to Sales

Protein Validated

New U.S. Dietary Guidelines validate protein as essential

nutrition, reinforcing Tyson's core mission

Protein at Scale

As the producer of one out of every five pounds of chicken, beef, and pork in the U.S., Tyson is uniquely positioned to meet growing protein demand

Protein is Essential

Protein remains an essential grocery purchase, with consumers continuing to favor beef, pork, and chicken

Real Food Leadership

Committed to continuing to provide consumers with food that tastes good and is made with ingredients they can find in their own pantries at home

Consumer Focus on Protein Latest 13 Week Volume Sales % Change

Tyson Foods Retail Branded1 volume up 2.1%

driven by key categories, far outpacing total Food & Beverage

+10.7%

driven by demand for high-quality fresh protein

+12.2%

+7.7%

+2.1%

+2.8%

+1.8%

+2.6%

Retail

Branded1,2

Frozen Value-

Added Chicken2

Smoked

Sausage2

Breakfast

Sausage2

Bacon2

Lunch

Meats2

+10.7%

Fresh Chicken2

-1.8%

Total Food & Beverage

Source: NielsenIQ Total U.S. xAOC Fixed Weight Volume EQ Latest 13 Weeks ending 12/27/2025; Food & Beverage = All NielsenIQ Edible Food and Beverage Categories; Circana, Total US, Mulo+, Volume EQ Latest 13 Weeks ending 12/28/2025

1Retail Branded products excluding Fresh and Frozen Protein (Poultry, Beef, and Pork), and Deli.

2All branded including regionals 5

Why it Matters

Sustained demand and share gains

Demonstrate Tyson Foods' competitive strength and momentum

Protein-centric portfolio and disciplined capital allocation

Drive efficient scale, operational excellence, and go-to-market strength

Ninety-year-old American company

Provide durability, trust, and strategic continuity across cycles

Disciplined execution delivers value

Creating outcomes for customers, consumers, team members, and shareholders

Compelling long-term investment profile

Portfolio strength supports sustainable earnings growth and shareholder returns

Profit Growth in Prepared Foods

$338

$2,673

1Q26

(in $m)

SOI1

Sales

1Q26

• Volume and mix-driven pricing drove sales growth

• Retail outpaced the category in volume and dollars, leading to share growth

vs PY

+8.1%

+$16

Volume: 0.2%

Price: +7.9%

SOI %1: 12.6%

YoY: (40) bps

1 Segment operating income (SOI), as adjusted, is a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial measure in the Appendix.

Strong Start to the Year in Chicken

$459

$4,212

1Q26

(in $m)

SOI1

Sales

vs PY

+3.6%

($12)

Volume: +3.7%

Price: (0.1)%

SOI %1: 10.9%

YoY: (70) bps

1Q26

• Fifth consecutive quarter of volume and net sales gains

• Sales growth driven by volume and strong consumer demand

Navigating a Challenging Market in Beef

($143)

$5,771

1Q26

(in $m)

SOI1

Sales

vs PY

+8.2%

($149)

Volume: (7.3)%

Price2: +17.2%

SOI %1,2: (2.4)%

YoY: (250) bps

1Q26

• Margins pressured by higher cattle costs

• Focused on controllable actions to optimize operations and improve long-term results

Sustained Strength in Pork

$111

$1,609

1Q26

(in $m)

SOI1

Sales

vs PY

(0.5)%

+$38

Volume: +1.6%

Price2: +1.6%

SOI %1,2: 6.7%

YoY: +220 bps

1Q26

• SOI margin increased YoY on network optimization and efficiencies

• Progress in raw material utilization supports branded products and strengthens end-to-end pork strategy

Segment Wrap-up 1Q26

Operational Progress

• Strong Q1 execution with continued opportunities to enhance efficiency and profitability across

  all segments in 2026

  Customer and Consumer Focus

• Driving category expansion through strategic partnerships while delivering value to customers, consumers, and shareholders

  Protein Leadership Position

• Capturing growing protein demand through market share gains and rising household

penetration across a diversified portfolio and strong brands

Segment Operating Income Definition 1Q26

Segment Operating Income (Loss) is defined as Operating Income (Loss) less corporate

expenses and amortization.

Corporate Expenses

Unallocated general and administrative costs, including the costs of corporate functions, that are shared across multiple segments.

Amortization

Includes amortization generated from intangible assets including brands and trademarks, customer relationships, supply arrangements, patents and intellectual property, land use rights and software.

Enterprise Sales, AOI1 and EPS Performance

First Quarter FY26 vs Comparable Prior Year Period

1Q ADJUSTED OPERATING INCOME1

in $m, except EPS

(in $ per share)

1Q26

Sales

$14,313

+6.2%2

vs PY

(in millions of dollars)

$20

$572

AOI1

$572

(13)%

vs PY

AOI

Margin1

4.0%

(80)bps

vs PY

$659

$38 $16 $0

($12) ($149)

1Q25	Pork SOI1	Prepared	International	Chicken SOI1	Beef SOI1	Corporate &	1Q26
		Foods SOI1	SOI1			Amortization

Adjusted

EPS1

$0.97

(15)%

vs PY

1 Adjusted operating income and Segment operating income (SOI), as adjusted, are non-GAAP financial measures. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial measure in the Appendix.

2 Sales of $14,313 million, up 5.1% from prior year; Sales up 6.2% excluding impact of $150 million increase in legal contingency accruals, which was recognized as a reduction to Sales

Strong Cash Management and Improving Financial Position

FREE CASH FLOW 1

(in millions of dollars)

$760

Build Financial

Strength

$690

Manage our leverage ratio to be at or below

our long-term target

Invest in our Business

Disciplined investments to modernize and expand capacity to support growth

Leverage Ratio

(Net Debt/Adj. LTM EBITDA)1

3.9x

3.6x

3.0x 2.6x

2.3x

2.3x

2.1x

2.1x

2.0x

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Capital Expenditures

(in millions)

267

263

248

271

287

193

227

252

354

1Q25 1Q26

Return Cash to Shareholders

Committed to returning cash to shareholders through dividends and opportunistic share repurchases

1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26

Return Cash to Shareholders

(in millions)

$190

$224

1Q25 1Q26

Dividend Share Repurchase

1 Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial measure in the Appendix.

FY26 Guidance1

	Sales Growth	2% - 4%
	Total AOI1	$2.1 - 2.3B
	Net Interest Expense	~$370M
	Adjusted Tax Rate1	~25%
	Capital Expenditures	$0.7 - 1.0B
	Free Cash Flow1	$1.1 - 1.7B

	SOI1 Guidance
	Prepared Foods	$1.25 - 1.35B
	Chicken	$1.65 - 1.90B
	Beef	$(500) - (250)M
	Pork	$250 - 300M
	International	$150 - 200M
	Corporate & Amortization	$(950) - (975)M

1 As our accounting cycle results in a 53-week year in fiscal 2026, as compared to a 52-week year in fiscal 2025, the fiscal 2026 outlook is based on a comparable 52-week year. The Company is not able to reconcile its full-year fiscal 2026 projected adjusted results to its fiscal 2026 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 items which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort. Segment operating income (SOI), as adjusted, adjusted operating income (AOI) and adjusted tax rate are non-GAAP financial measures and should not be considered a substitute for operating income, operating margin, effective tax rate 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.

Built for Long-term Growth

• Strong start to FY26 demonstrates benefit of our diversified portfolio

• Uniquely positioned to capitalize on protein demand as new Dietary Guidelines validate our strategy and consumer preferences continue favoring real food

• Growth-focused execution and disciplined capital allocation driving shareholder value in 2026+

3

Appendix

AOI Bridge by P&L Items

First Quarter FY26 vs Comparable Prior Year Period

$ millions

$883

- $3

$11

$572

- $978

$659

Q1 2025 AOI 1

Net Volume Impact 2

Sales Price/Mix 3

COGS Price/Mix 4

SG&A5

Q1 2026 AOI 1

1. Represents a non-GAAP financial measure. Non-GAAP financial measures are explained and reconciled to the most directly comparable GAAP financial measure in the Appendix.

2. Represents the net impact of the change in Sales and change in COGS attributable to increased sales volumes.

3. Excludes the impact of legal contingency accruals of $150 million in the first quarter of fiscal 2026.

4. Excludes the impacts of $105 million of restructuring and related charges and a $5 million legal contingency accrual in the first quarter of fiscal 2026, and $71 million of restructuring and related charges in the first quarter of fiscal 2025.

5. Excludes the impacts of $10 million of restructuring and related charges in the first quarter of fiscal 2026, and $6 million of brand and product line discontinuation charges and $2 million of restructuring and related charges in the first quarter of fiscal 2025.

Non-GAAP Financial Measures

Adjusted Operating Income (Loss), Adjusted Income before Income Taxes, Adjusted Income Tax Expense, Adjusted Net Income Attributable to Tyson and Adjusted EPS, EBITDA, Adjusted EBITDA, net debt to EBITDA, net debt to Adjusted EBITDA, Segment Operating Income (Loss), As Adjusted, Corporate Expenses, As Adjusted, Amortization, As Adjusted, and Free Cash Flow are presented as supplemental financial measures in the evaluation of our business that are not required by, or presented in accordance with GAAP. The non-GAAP financial measures are tools 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. These non-GAAP measures should not be a substitute for their comparable GAAP financial measures. Investors should rely primarily on our GAAP results and use non-GAAP financial measures only supplementally in making investment decisions. We believe the presentation of these non-GAAP 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. Our calculation of non-GAAP measures may not be comparable to similarly titled measures reported by other companies and other companies may not define these non-GAAP financial measures in the same way, which may limit their usefulness of comparative measures.

Definitions

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, Adjusted Operating Income (Loss), Adjusted Income (Loss) before Income Taxes, Adjusted Income Tax Expense (Benefit), Adjusted Net Income (Loss) Attributable to Tyson and Adjusted EPS are defined as EBITDA, Operating Income (Loss), Income (Loss) before Income Taxes, Income Tax Expense (Benefit), Net Income (Loss) Attributable to Tyson and diluted earnings per share, respectively, excluding the impacts of any items that management believes do not directly reflect our core operations on an ongoing basis.

Non-GAAP Financial Measures (Continued)

Definitions

Segment Operating Income (Loss) is defined as Operating Income (Loss) less corporate expenses and amortization. Corporate expenses are unallocated general and administrative costs, including the costs of corporate functions, that are shared across multiple segments. Amortization includes amortization generated from intangible assets including brands and trademarks, customer relationships, supply arrangements, patents and intellectual property, land use rights and software.

Segment Operating Income (Loss), As Adjusted is defined as Segment Operating Income (Loss) less the impact of items affecting comparability, which in management's judgment, affect the year-to-year assessment of operating results. Items affecting comparability include restructuring and related charges (including network optimization), plant closure and disposal charges (net of gains), goodwill and intangible impairments, brand and product line discontinuations, facility fire related costs (net of insurance proceeds), and certain non-ordinary course legal, regulatory and other matters.

Corporate Expenses, As Adjusted is defined as Corporate Expenses less the impact of items affecting comparability, which in management's judgment, affect the year-to-year assessment of operating results. Items affecting comparability include restructuring and related charges (including network optimization), corporate asset disposal charges (net of gains) and certain non-ordinary course legal, regulatory and other matters.

Amortization, As Adjusted is defined as Amortization less the impact of items affecting comparability, which in management's judgment, affect the year-to-year assessment of operating results. Items affecting comparability include accelerated amortization related to the discontinuance of intangible assets.

Free Cash Flow is defined as Cash Provided by Operating Activities minus payments for Property, Plant and Equipment.

GAAP Results to Non-GAAP Results Reconciliations

l

Results for the first quarter ended December 28, 2024

Results for the firtst quarter ended December 27, 2025

$ in millions, except per share data (Unaudited)

	Sales	Cost of Sales	Selling, General and Administrative	Operating Income	Other (Income) Expense	Income before Income Taxes	Income Tax Expense	Net Income Attributable to Tyson	EPS Impact
GAAP Results				$ 302	$	127 $	37 $	85	$ 0.24
Restructuring and related charges1	-	105	10	115	2	117	29	88	0.25
Legal contingency accruals2	150	5	-	155	-	155	37	118	0.33
Impairment of equity investments	-	-	-	-	73	73	19	54	0.15
Adjusted Non-GAAP Results				$ 572	$	472 $	122 $	345	$ 0.97

	Sales Cost of Sales	Selling, Genera and Administrative	Operating Income	Other (Income) Expense	Income before Income Taxes	Income Tax Expense	Net Income Attributable to Tyson	EPS Impact
GAAP Results			$ 580	$	478	$ 112	$ 359	$ 1.01
Facility fire related costs (insurance proceeds)3	- -	-	-	(7)	(7)	7	(14)	(0.04)
Brand and product line discontinuations	- -	6	6	-	6	2	4	0.01
Restructuring and related charges1	- 71	2	73	-	73	17	56	0.16
Adjusted Non-GAAP Results			$ 659	$	550	$ 138	$ 405	$ 1.14

1. Includes the Network Optimization Plan that commenced in fiscal 2025.

2. Includes a $5 million charge related to the 2015 sale of our Mexico operation.

3. Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facili ty in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell.

Segment Operating Income (Loss), As Adjusted and Adjusted Operating Income (Loss) Non-GAAP Reconciliations

$ in millions (Unaudited)

Results for the first quarter ended December 27, 2025
	Segment Operating Income (Loss)							Operating Income (Loss)
	Beef	Pork		Chicken	Prepared Foods	International	Total	Corporate Amortization Expenses		Total
As Reported	$ (319) $		50	$ 450	$ 322	$ 41	$ 544	$ (188) $	(54) $		302
Add: Restructuring and related charges1	86		1	9	16	-	112	3	-		115
Add: Legal contingency accruals2	90		60	-	-	5	155	-	-		155
As Adjusted	$ (143) $		111	$ 459	$ 338	$ 46	$ 811	$ (185) $	(54) $		572

Results for the first quarter ended December 28, 2024
	Segment Operating Income (Loss)						Operating Income (Loss)
	Beef	Pork	Chicken	Prepared Foods	International	Total	Corporate Expenses	Amortization	Total
As Reported	$ (26)	$ 73	$ 460	$ 297	$ 41	$ 845	$ (201)	$ (64)	$ 580
Add: Brand and product line discontinuations	-	-	-	-	-	-	-	6	6
Add: Restructuring and related charges1	32	-	11	25	5	73	-	-	73
As Adjusted	$ 6	$ 73	$ 471	$ 322	$ 46	$ 918	$ (201)	$ (58)	$ 659

1. Includes the Network Optimization Plan that commenced in fiscal 2025.

2. Includes a $5 million charge related to the 2015 sale of our Mexico operation.

EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

$ in millions (Unaudited)

Three Months Ended December 27, 2025 December 28, 2024			Fiscal Year Ended	Twelve Months Ended
			September 27, 2025		December 27, 2025
Net income	$ 90	$ 366	$ 507		$ 231
Less: Interest income	(13)	(25)	(73)		(61)
Add: Interest expense	104	120	449		433
Add: Income tax expense	37	112	262		187
Add: Depreciation	319	281	1,093		1,131
Add: Amortization1	54	64	257		247
EBITDA	$ 591	$ 918	$ 2,495		$ 2,168
Adjustments to EBITDA:
(Less): Facility fire related costs (insurance proceeds)2	$ -	$ (7)	$ (36)		$ (29)
Add: Brand and product line discontinuations	-	6	23		17
Add: Restructuring and related charges3	117	73	45		89
Add: Legal contingency accruals4	155	-	738		893
Add: Plant closure and disposal charges	-	-	17		17
Add: Goodwill and intangible impairments	-	-	343		343
Add: Product recall	-	-	41		41
Add: Impairment of equity investments	73	-	28		101
Less: Depreciation and amoritization included in EBITDA adjustments5	(57)	(29)	(62)		(90)
Total Adjusted EBITDA	$ 879	$ 961	$ 3,632		$ 3,550
Total gross debt			$ 8,830		$ 8,362
Less: Cash and cash equivalents			(1,229)		(1,278)
Less: Short-term investments			-		-
Total net debt			$ 7,601		$ 7,084
Ratio Calculations:
Gross debt/EBITDA			3.5x		3.9x
Net debt/EBITDA			3.0x		3.3x
Gross debt/Adjusted EBITDA			2.4x		2.4x
Net debt/Adjusted EBITDA			2.1x		2.0x

1. Excludes the amortization of debt issuance and debt discount expense of $3 million for the three months ended December 27, 2025 and December 28, 2024 and $11 million for the fiscal year ended September 27, 2025 and the twelve months ended December 27, 2025 as it is included in interest expense.

2. Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facility in the Netherlands in the first quarter of fiscal 204 that we subsequently decided to sell.

3. Includes the Network Optimization Plan that commenced in fiscal 2025.

4. Includes charges of $5 million, $40 million and $45 million related to the 2015 sale of our Mexico operation for the three months ended December 27, 2025, the fiscal year ended September 27, 2025 and the twelve months ended December 27, 2025, respecti vely.

5. Removal of accelerated depreciation of $57 million, $23 million, $39 million and $73 million related to restructuring and related charges for the three months ended December 27, 2025, the three months ended December 28, 2024, the fiscal year ended Sep tember 27, 2025 and the twelve months ended December 27, 2025, respectively, as they are already included in depreciation expense. Removal of accelerated amortization of $6 million, $23 million and $17 million related to brand discontinuation for the three months ended December 28, 2024, the fiscal year ended September 27, 2025 and the twelve months ended December 27, 2025, respectively, as they are already included in amortization expense.

   EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

   $ in millions (Unaudited)

   Nine Months Ended June 28, 2025 June 29, 2024			Fiscal Year Ended	Twelve Months Ended
   			September 28, 2024		June 28, 2025
   Net income	$ 449	$ 458	$ 822		$ 813
   Less: Interest income	(57)	(60)	(89)		(86)
   Add: Interest expense	343	351	481		473
   Add: Income tax expense	252	159	270		363
   Add: Depreciation	828	902	1,159		1,085
   Add: Amortization1	193	171	229		251
   EBITDA	$ 2,008	$ 1,981	$ 2,872		$ 2,899
   Adjustments to EBITDA:
   Add/(Less): Facility fire related costs (insurance proceeds)2	$ (21)	$ 61	$ (18)		$ (100)
   Add: Brand and product line discontinuations	17	-	8		25
   Add: Restructuring and related charges3	33	31	31		33
   Add: Legal contingency accruals	343	174	174		343
   Add: Plant closure and disposal charges4	17	155	182		44
   Add: Goodwill and intangible impairments	343	-	-		343
   Less: Depreciation and amoritization included in EBITDA adjustments5	(56)	(127)	(129)		(58)
   Total Adjusted EBITDA	$ 2,684	$ 2,275	$ 3,120		$ 3,529
   Total gross debt			$ 9,787		$ 9,065
   Less: Cash and cash equivalents			(1,717)		(1,547)
   Less: Short-term investments			(10)		(1)
   Total net debt			$ 8,060		$ 7,517
   Ratio Calculations:
   Gross debt/EBITDA			3.4x		3.1x
   Net debt/EBITDA			2.8x		2.6x
   Gross debt/Adjusted EBITDA			3.1x		2.6x
   Net debt/Adjusted EBITDA			2.6x		2.1x

   1. Excludes the amortization of debt issuance and debt discount expense of $8 million for the nine months ended June 28, 2025, $9 million for the nine months ended June 29, 2024, $12 million for the fiscal year ended September 28, 2024 and $11 million for the twelve months ended June 28, 2025 as it is included in interest expense.

   2. Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facili ty in the Netherlands in the first quarter of fiscal 204 that we subsequently decided to sell.

   3. Includes the Network Optimization Plan that commenced in fiscal 2025 and gain on sale of storage facilities in the third quarter of fiscal 2025, and the 2022 Program which completed in fiscal 2024.

   4. Includes China plant relocation remuneration and related EPS impact, net of $1 million associated with Net Income (Loss) Attributable to Noncontrolling Interests.

   5. Removal of accelerated depreciation of $39 million related to network optimization plan charges for the nine and twelve months ended June 28, 2025 and $127 million related to plant closures and disposals for the nine months ended June 29, 2024 and twelve months ended September 28, 2024 as they are already included in depreciation expense. Removal of accelerated amortization of $17 million, $2 million and $19 million related to brand discontinuation for the nine months ended June 28, 2025, the twelve months ended September 28, 2024 and the twelve months ended June 28, 2025, respectively, as they are already included in amortization expense.

EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

$ in millions (Unaudited)

	Six Months March 29, 2025	Ended March 30, 2024	Fiscal Year Ended	Twelve Months Ended
			September 28, 2024		March 29, 2025
Net income	$ 380	$ 262	$ 822		$ 940
Less: Interest income	(42)	(24)	(89)		(107)
Add: Interest expense	230	216	481		495
Add: Income tax expense	128	102	270		296
Add: Depreciation	566	602	1,159		1,123
Add: Amortization1	129	115	229		243
EBITDA	$ 1,391	$ 1,273	$ 2,872		$ 2,990
Adjustments to EBITDA:
Add/(Less): Facility fire related costs (insurance proceeds)2	$ (7)	$ 53	$ (18)		$ (78)
Add: Brand and product line discontinuations	12	-	8		20
Add: Restructuring and related charges3	116	31	31		116
Add: Legal contingency accruals	343	73	174		444
Add: Plant closure and disposal charges	23	114	182		91
Less: Depreciation and amortization included in EBITDA adjustments4	(51)	(92)	(129)		(88)
Total Adjusted EBITDA	$ 1,827	$ 1,452	$ 3,120		$ 3,495
Total gross debt			$ 9,787		$ 9,068
Less: Cash and cash equivalents			(1,717)		(992)
Less: Short-term investments			(10)		-
Total net debt			$ 8,060		$ 8,076
Ratio Calculations:
Gross debt/EBITDA			3.4x		3.0x
Net debt/EBITDA			2.8x		2.7x
Gross debt/Adjusted EBITDA			3.1x		2.6x
Net debt/Adjusted EBITDA			2.6x		2.3x

1. Excludes the amortization of debt issuance and debt discount expense of $5 million for the six months ended March 29, 2025 and March 30, 2024, and $12 million for the fiscal year ended September 28, 2024 and the twelve months ended March 29, 2025 as it is included in interest expense.

2. Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facili ty in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell.

3. Includes the Network Optimization Plan that commenced in fiscal 2025 and the 2022 Program which completed in fiscal 2024.

4. Removal of accelerated depreciation of $39 million related to network optimization plan charges for the six and twelve months ended March 29, 2025, $92 million related to plant closures and disposals for the six months ended March 30, 2024, $127 million related to plant closures and disposals for the twelve months ended September 28, 2024, and $35 million related to plant closures and disposals for the twelve months ended March 29, 2025 as they are already included in depreciation expense. Removal of accelerated amortization of $12 million, $2 million and $14 million related to brand discontinuation for the six months ended March 29, 2025, the twelve months ended September 28, 2024 and the twelve months ended March 29, 2025, respectively, as they are already included in amortization expense.

EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

$ in millions (Unaudited)

Three Months Ended December 28,2024 December 30, 2023			Fiscal Year Ended	Twelve Months Ended
			September 28, 2024		December 28,2024
Net income	$ 366	$ 114	$ 822		$ 1,074
Less: Interest income	(25)	(10)	(89)		(104)
Add: Interest expense	120	105	481		496
Add: Income tax expense	112	47	270		335
Add: Depreciation	281	312	1,159		1,128
Add: Amortization1	64	59	229		234
EBITDA	$ 918	$ 627	$ 2,872		$ 3,163
Adjustments to EBITDA:
Less: Facility fire related costs (insurance proceeds)2	$ (7)	$ (1)	$ (18)		$ (24)
Add: Brand and product line discontinuations	6	-	8		14
Add: Restructuring and related charges3	73	30	31		74
Add: Legal contingency accruals	-	73	174		101
Add: Plant closure and disposal charges	-	75	182		107
Less: Depreciation and amortization included in EBITDA adjustments4	(29)	(60)	(129)		(98)
Total Adjusted EBITDA	$ 961	$ 744	$ 3,120		$ 3,337
Total gross debt			$ 9,787		$ 9,806
Less: Cash and cash equivalents			(1,717)		(2,292)
Less: Short-term investments			(10)		(1)
Total net debt			$ 8,060		$ 7,513
Ratio Calculations:
Gross debt/EBITDA			3.4x		3.1x
Net debt/EBITDA			2.8x		2.4x
Gross debt/Adjusted EBITDA			3.1x		2.9x
Net debt/Adjusted EBITDA			2.6x		2.3x

1. Excludes the amortization of debt issuance and debt discount expense of $3 million and $2 million for the three months ended December 28, 2024 and December 30, 2023, respectively, and $12 million and $13 million for the fiscal year ended September 28, 2024 and the twelve months ended December 28, 2024, respectively, as it is included in interest expense.

2. Relates to a fire at a Chicken production facility in the fourth quarter of fiscal 2021 and a fire at our production facili ty in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell.

3. Includes the Network Optimization Plan that commenced in fiscal 2025 and the 2022 Program which completed in fiscal 2024.

4. Removal of accelerated depreciation of $23 million related to network optimization plan charges for the three and twelve months ended December 28, 2024, $60 million related to plant closures and disposals for the three months ended December 30, 2023, $127 million related to plant closures and disposals for the twelve months ended September 28, 2024, and $67 million related to plant closures and disposals for the twelve months ended December 28, 2024 as they are already included in depreciation expense. Removal of accelerated amortization of $6 million, $2 million and $8 million related to brand discontinuation for the three months ended December 28, 2024, the twelve months ended September 28, 2024 and the twelve months ended December 28, 2024, respectively, as they are already included in amortization expense.

EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

$ in millions, except per share data (Unaudited)

Nine Months Ended June 29, 2024 July 1, 2023			Fiscal Year Ended		Twelve Months Ended
			September 30, 2023		June 29, 2024
Net income (loss)	$ 458	$ (206)	$ (649)		$ 15
Less: Interest income	(60)	(22)	(30)		(68)
Add: Interest expense	351	262	355		444
Add/(Less): Income tax expense (benefit)	159	84	(29)		46
Add: Depreciation	902	762	1,100		1,240
Add: Amortization1	171	174	229		226
EBITDA	$ 1,981	$ 1,054	$ 976		$ 1,903
Adjustments to EBITDA:
Add/(Less): Facility fire related costs (insurance proceeds)2	$ 61	$ (79)	$ (75)		$ 65
Add: Brand and product line discontinuation	-	-	17		17
Add: Restructuring and related charges3	31	93	124		62
Add: Legal contingency accruals	174	38	156		292
Add: Plant closure and disposal charges4	155	107	303		351
Add: Goodwill and intangible impairments	-	448	781		333
Less: Depreciation included in EBITDA adjustments5	(127)	(38)	(133)		(222)
Total Adjusted EBITDA	$ 2,275	$ 1,623	$ 2,149		$ 2,801
Total gross debt			$ 9,506		$ 11,021
Less: Cash and cash equivalents			(573)		(2,569)
Less: Short-term investments			(15)		(13)
Total net debt			$ 8,918		$ 8,439
Ratio Calculations:
Gross debt/EBITDA			9.7x		5.8x
Net debt/EBITDA			9.1x		4.4x
Gross debt/Adjusted EBITDA			4.4x		3.9x
Net debt/Adjusted EBITDA			4.1x		3.0x

1. Excludes the amortization of debt issuance and debt discount expense of $9 million for the nine months ended June 29, 2024, $7 million for the nine months ended July 1, 2023, $10 million for the fiscal year ended September 30, 2023 and $12 million for the twelve months ended June 29, 2024 as it is included in interest expense.

2. Relates to fires at production facilities in Chicken in the fourth quarter of fiscal 2021, Beef in the fourth quarter of fiscal 2019, and our production facility in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell.

3. Relates to the 2022 Program which completed in fiscal 2024.

4. Includes China plant relocation remuneration.

5. Removal of accelerated depreciation of $127 million related to plant closures and disposals for the nine months ended June 29, 2024; $14 million related to restructuring and related charges and $24 million related to plant closures and disposals for th e nine months ended July 1, 2023; $19 million related to restructuring and related charges and $114 million related to plant closures and disposals for the twelve months ended September 30, 2023; and $5 million related to restructuring and related charges and $217 million related to plant closures and disposals for the twelve months ended June 29, 2024 as they are already included in depreciation expense.

EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

$ in millions, except per share data (Unaudited)

Six Months Ended March 30, 2024 April 1, 2023			Fiscal Year Ended		Twelve Months Ended
			September 30, 2023		March 30, 2024
Net income (loss)	$ 262	$ 229	$ (649)		$ (616)
Less: Interest income	(24)	(16)	(30)		(38)
Add: Interest expense	216	173	355		398
Add/(Less): Income tax expense (benefit)	102	75	(29)		(2)
Add: Depreciation	602	500	1,100		1,202
Add: Amortization1	115	115	229		229
EBITDA	$ 1,273	$ 1,076	$ 976		$ 1,173
Adjustments to EBITDA:
Add/(Less): Facility fire related costs (insurance proceeds)2	$ 53	$ (35)	$ (75)		$ 13
Add: Brand and product line discontinuations	-	-	17		17
Add: Restructuring and related charges3	31	43	124		112
Add: Legal contingency accruals	73	-	156		229
Add: Plant closure and disposal charges4	114	92	303		325
Add: Goodwill and intangible impairments	-	-	781		781
Less: Depreciation included in EBITDA adjustments5	(92)	(19)	(133)		(206)
Total Adjusted EBITDA	$ 1,452	$ 1,157	$ 2,149		$ 2,444
Total gross debt			$ 9,506		$ 10,960
Less: Cash and cash equivalents			(573)		(2,182)
Less: Short-term investments			(15)		(16)
Total net debt			$ 8,918		$ 8,762
Ratio Calculations:
Gross debt/EBITDA			9.7x		9.3x
Net debt/EBITDA			9.1x		7.5x
Gross debt/Adjusted EBITDA			4.4x		4.5x
Net debt/Adjusted EBITDA			4.1x		3.6x

1. Excludes the amortization of debt issuance and debt discount expense of $5 million for the six months ended March 30, 2024 and April 1, 2023, and $10 million for the fiscal year ended September 30, 2023 and the twelve months ended March 30, 2024 as it is included in interest expense.

2. Relates to fires at production facilities in Chicken in the fourth quarter of fiscal 2021, Beef in the fourth quarter of fi scal 2019, and our production facility in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell.

3. Relates to the 2022 Program which completed in fiscal 2024.

4. Includes China plant relocation remuneration.

5. Removal of accelerated depreciation of $92 million related to plant closures and disposals for the six months ended March 30, 2024; $10 million related to restructuring and related charges and $9 million related to plant closures and disposals for the six months ended April 1, 2023; $19 million related to restructuring and related charges and $114 million related to plant closures and disposals for the twelve months ended September 30, 2023; and $9 million related to restructuring and related charges and $197 million related to plant closures and disposal s for the twelve months ended March 30, 2024 as they are already included in depreciation expense.

EBITDA and Adjusted EBITDA Non-GAAP Reconciliations

$ in millions, except per share data (Unaudited)

Three Months Ended December 30,2023 December 31, 2022			Fiscal Year Ended		Twelve Months Ended
			September 30, 2023		December 30,2023
Net income (loss)	$ 114	$ 320	$ (649)		$ (855)
Less: Interest income	(10)	(9)	(30)		(31)
Add: Interest expense	105	84	355		376
Add/(Less): Income tax expense (benefit)	47	114	(29)		(96)
Add: Depreciation	312	243	1,100		1,169
Add: Amortization1	59	58	229		230
EBITDA	$ 627	$ 810	$ 976		$ 793
Adjustments to EBITDA:
Less: Facility fire related costs (insurance proceeds)2	$ (1)	$ (35)	$ (75)		$ (41)
Add: Brand and product line discontinuations	-	-	17		17
Add: Restructuring and related charges3	30	21	124		133
Add: Legal contingency accruals	73	-	156		229
Add: Plant closure and disposal charges4	75	-	303		378
Add: Goodwill and intangible impairments	-	-	781		781
Less: Depreciation included in EBITDA adjustments5	(60)	(6)	(133)		(187)
Total Adjusted EBITDA	$ 744	$ 790	$ 2,149		$ 2,103
Total gross debt			$ 9,506		$ 9,678
Less: Cash and cash equivalents			(573)		(1,484)
Less: Short-term investments			(15)		(15)
Total net debt			$ 8,918		$ 8,179
Ratio Calculations:
Gross debt/EBITDA			9.7x		12.2x
Net debt/EBITDA			9.1x		10.3x
Gross debt/Adjusted EBITDA			4.4x		4.6x
Net debt/Adjusted EBITDA			4.1x		3.9x

1. Excludes the amortization of debt issuance and debt discount expense of $2 million for the three months ended December 30, 2023 and December 31, 2022, and $10 million for the fiscal year ended September 30, 2023 and the twelve months ended December 30 , 2023 as it is included in interest expense.

2. Relates to fires at production facilities in Chicken in the fourth quarter of fiscal 2021, Beef in the fourth quarter of fi scal 2019, and our production facility in the Netherlands in the first quarter of fiscal 2024 that we subsequently decided to sell.

3. Relates to the 2022 Program which completed in fiscal 2024.

4. Includes China plant relocation remuneration.

5. Removal of accelerated depreciation of $60 million related to plant closures and disposals for the three months ended Decembe r 30, 2023; $6 million related to restructuring and related charges for the three months ended December 31, 2022; $19 million related to restructuring and related charges and

$114 million related to plant closures and disposals for the twelve months ended September 30, 2023; and $13 million related to restructuring and related charges and $174 million related to plant closures and disposals for the twelve months ended Decemb er 30, 2023 as they are already included in depreciation expense.