HORMEL FOODS TO HIGHLIGHT PROGRESS ON ITS STRATEGIC EVOLUTION AND DETAIL PLAN TO DELIVER EARNINGS GROWTH AT ITS 2023 INVESTOR DAY

AUSTIN, Minn., Oct. 12, 2023 /PRNewswire/ -- Hormel Foods Corporation (NYSE: HRL), a Fortune 500 global branded food company, will host its 2023 Investor Day this morning at the New York Stock Exchange in New York City. Jim Snee, chairman of the board, president and chief executive officer, and Jacinth Smiley, executive vice president and chief financial officer, will be joined by other members of the senior leadership team to provide an update on the Company's strategic evolution and present its plan to deliver earnings growth.

"We remain an uncommon global branded food company and leader in our industry," Snee said. "Through successful execution against our strategic priorities, we are a stronger, more balanced and less volatile company today. Over the next three years, we expect to accelerate investment, transformation and modernization initiatives, targeting meaningful earnings growth and a return to our historical earnings trajectory. Our proven strategies, inspired people and unique culture position us well to execute our plan and drive long-term value for our shareholders."

At the 2023 Investor Day, Snee will outline updated strategic priorities that are aligned with the Company's segments and enterprise objectives. These priorities include:

• Driving focus & growth in its Retail business
• Expanding leadership in Foodservice
• Aggressively developing its global presence
• Executing the enterprise entertaining & snacking vision
• Future-fitting its One Supply Chain
• Continuing to transform & modernize the Company

Additional presenters at today's event include Deanna Brady, executive vice president, Retail; Scott Aakre, group vice president and chief marketing officer, Retail; Mark Ourada, group vice president, Foodservice; and Mark Coffey, group vice president, supply chain.

The Company will provide details of fiscal 2023 fourth quarter results and its fiscal 2024 outlook on its upcoming earnings call on Nov. 29, 2023.

PRESENTATION
Today's event will start at 8:30 a.m. ET and conclude around noon. To view the live webcast of the event or access the presentations, go to the Company's website, www.hormelfoods.com/ click on "Investors," and you will find a link to the webcast and presentations. Additional information related to the Company's 2023 Investor Day can be found here: investorday.hormelfoods.com. If you are unable to view the live webcast, an archived version will be available on the Company's investor website, investor.hormelfoods.com, following the presentation.

ABOUT HORMEL FOODS – Inspired People. Inspired Food.™ 
Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $12 billion in annual revenue across more than 80 countries worldwide. Its brands include Planters® , Skippy® , SPAM® , Hormel® Natural Choice® , Applegate® , Justin's® , Wholly® , Hormel® Black Label® , Columbus® , Jennie-O® and more than 30 other beloved brands. The Company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the "Global 2000 World's Best Employers" list by Forbes magazine for three years, is one of Fortune magazine's most admired companies, has appeared on the "100 Best Corporate Citizens" list by 3BL Media 13 times, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The Company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world's most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com.

FORWARD-LOOKING STATEMENTS 
This news release contains "forward-looking" information within the meaning of the federal securities laws. The "forward-looking" information may include statements concerning the Company's outlook for the future as well as other statements of beliefs, future plans, strategies, or anticipated events and similar expressions concerning matters that are not historical facts. Words or phrases such as "should result," "believe," "intend," "plan," "are expected to," "targeted," "will continue," "will approximate," "is anticipated," "estimate," "project," or similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those anticipated or projected, which factors include, but are not limited to, risks related to the deterioration of economic conditions; the COVID-19 pandemic; risks associated with acquisitions and divestitures; potential disruption of operations including at comanufacturers, suppliers, logistics providers, customers, or other third-party service providers; risk of loss of a material contract; the Company's inability to protect information technology systems against, or effectively respond to, cyber attacks or security breaches; deterioration of labor relations, labor availability or increases to labor costs; general risks of the food industry, including food contamination; outbreaks of disease among livestock and poultry flocks; fluctuations in commodity prices and availability of raw materials and other inputs; fluctuations in market demand for the Company's products; damage to the Company's reputation or brand image; climate change, or legal, regulatory, or market measures to address climate change; risks of litigation; potential sanctions and compliance costs arising from government regulation; compliance with stringent environmental regulations and potential environmental litigation; and risks arising from the Company's foreign operations. Please refer to the cautionary statements regarding "Risk Factors" and "Forward-Looking Statements" that appear in our most recent Annual Report on Form 10-K and Quarterly reports on Form 10-Q, which can be accessed at www.hormelfoods.com in the "Investors" section, for additional information. In making these statements, the Company is not undertaking, and specifically declines to undertake, any obligation to address or update each or any factor in future filings or communications regarding the Company's business or results, and is not undertaking to address how any of these factors may have caused changes to discussions or information contained in previous filings or communications. Though the Company has attempted to list comprehensively these important cautionary risk factors, the Company wishes to caution investors and others that other factors may in the future prove to be important in affecting the Company's business or results of operations. The Company cautions readers not to place undue reliance on forward-looking statements, which represent current views as of the date made.

SOURCE Hormel Foods Corporation