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FOR IMMEDIATE RELEASE darlingingredientslogo.jpg
July 30, 2026


Darling Ingredients Inc. Reports Second Quarter 2026 Results

•Net income of $387.3 million, or $2.41 per GAAP diluted share, compared to net income of $12.7 million, or $0.08 per GAAP diluted share for the second quarter 2025
•Total net sales were $1.7 billion, compared to $1.5 billion for second quarter 2025
•Combined Adjusted EBITDA was $741.7 million, compared to $249.5 million for second quarter 2025
•Received $280.0 million in cash distributions from Diamond Green Diesel
•Reduced net debt by $223.0 million
•Repurchased $73.0 million in common stock

IRVING, TEXAS - Darling Ingredients Inc. (NYSE: DAR) today reported net income of $387.3 million or $2.41 per GAAP diluted share for the second quarter of 2026, compared to net income of $12.7 million, or $0.08 per GAAP diluted share, for the second quarter of 2025. The company also reported total net sales of $1.7 billion for the second quarter of 2026, compared with total net sales of $1.5 billion for the same period a year ago.

“Momentum continues to build across our business, which is reflected in our strong second quarter performance,” said Randall C. Stuewe, Chairman and Chief Executive Officer. “We stayed focused on the things we can control, including strong operational execution and margin management, which enabled us to generate strong cash flow, pay down debt, repurchase shares and further strengthen our financial position.”

For the six months ended July 4, 2026, Darling Ingredients reported net income of $521.6 million, or $3.24 per GAAP diluted share, compared to a net loss of $13.5 million, or ($0.09) per GAAP diluted share for the same period a year ago. Net sales for the first six months of 2026 were $3.3 billion, compared to $2.9 billion for the same period in 2025.

For the three months ended June 30, 2026, Diamond Green Diesel (DGD) sold 348.8 million gallons of renewable fuels at an average of $2.23 per gallon EBITDA. For the first six months of 2026, DGD sold 621.2 million gallons of renewable fuels at an average of $1.74 per gallon EBITDA. The company received approximately $211 million in dividends and approximately $69 million from Production Tax Credit sales from DGD.

Combined Adjusted EBITDA for the second quarter of 2026 was $741.7 million, compared to $249.5 million for the same period in 2025. For the first six months ending July 4, 2026, combined adjusted EBITDA was $1.15 billion, compared to $445.3 million for the same period in 2025.

As of July 4, 2026, Darling Ingredients had $160.7 million in cash and cash equivalents, and $1.3 billion available under its committed revolving credit agreement. Total debt outstanding as of July 4, 2026, was $3.9 billion. The preliminary leverage ratio as measured by the company’s bank covenant was 2.3X as of July 4, 2026. Capital expenditures were approximately $224.0 million year-to-date 2026. The company estimates capital expenditures to be approximately $450.0 million for fiscal year 2026.

During the quarter, the company closed on the acquisition of three rendering facilities from the Patense Group in Brazil for approximately $122 million. On July 22, 2026, the company closed on the sale of a majority of its non-core grease trap environmental services business for approximately $90.0 million to Waste Resource Management.

“Importantly, we believe the opportunities we outlined at Investor Day remain ahead of us, and our second-quarter performance demonstrates meaningful progress toward capturing that value. We feel very good about the balance of 2026 and the outlook for 2027. The fundamentals of our business remain strong, and we are well positioned to deliver continued earnings growth, cash generation and value for our shareholders,” Stuewe said.

The company expects to continue to deleverage and anticipates ending fiscal year 2026 with net debt at or below $3 billion and bank leverage ratio below 2X.
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As previously announced, Darling Ingredients will provide financial guidance exclusively for its core ingredients business (all segments excluding DGD). For third quarter 2026, the company estimates core ingredients business Adjusted EBITDA to be approximately $325-340 million.
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Darling Ingredients Inc. and Subsidiaries
Consolidated Statements of Operations
For the Three and Six Months Ended July 4, 2026 and June 28, 2025
(in thousands, except per share data, unaudited)

Three Months EndedSix Months Ended
$ Change$ Change
July 4,June 28,FavorableJuly 4,June 28,Favorable
20262025(Unfavorable)20262025(Unfavorable)
Net sales to third parties$1,310,614 $1,189,988 $120,626 $2,612,753 $2,352,630 $260,123 
Net sales to related party - Diamond Green Diesel413,464 291,530 121,934 662,146 509,482 152,664 
Total net sales1,724,078 1,481,518 242,560 3,274,899 2,862,112 412,787 
Costs and expenses: 
Cost of sales and operating expenses (excludes depreciation and amortization, shown separately below)1,220,705 1,135,601 (85,104)2,366,605 2,204,844 (161,761)
(Gain)/loss on sale of assets(116)952 1,068 87 1,014 927 
Selling, general and administrative expenses150,950 138,069 (12,881)300,017 259,625 (40,392)
Restructuring and asset impairment charges3,933 — (3,933)4,297 — (4,297)
     Acquisition and integration costs13,218 3,383 (9,835)18,188 4,917 (13,271)
Change in fair value of contingent consideration— 12,583 12,583 — 18,024 18,024 
Depreciation and amortization130,180 121,062 (9,118)261,089 244,897 (16,192)
Total costs and expenses1,518,870 1,411,650 (107,220)2,950,283 2,733,321 (216,962)
Equity in net income/(loss) of Diamond Green Diesel350,030 6,000 344,030 457,393 (24,523)481,916 
Operating income555,238 75,868 479,370 782,009 104,268 677,741 
Other expense:
Interest expense(55,526)(51,873)(3,653)(109,643)(109,840)197 
Loss on early retirement of debt— (2,978)2,978 — (2,978)2,978 
Foreign currency gain/(loss)208 1,313 (1,105)3,351 (49)3,400 
Other expense, net(1,918)(6,526)4,608 (4,928)(3,193)(1,735)
Total other expense(57,236)(60,064)2,828 (111,220)(116,060)4,840 
Equity in net income of other unconsolidated subsidiaries1,905 2,526 (621)4,800 5,154 (354)
Income/(loss) from operations before income taxes499,907 18,330 481,577 675,589 (6,638)682,227 
Income tax expense110,638 4,065 (106,573)149,264 2,911 (146,353)
Net income/(loss)389,269 14,265 375,004 526,325 (9,549)535,874 
Net income attributable to noncontrolling interests(1,957)(1,604)(353)(4,700)(3,950)(750)
Net income/(loss) attributable to Darling$387,312 $12,661 $374,651 $521,625 $(13,499)$535,124 
Basic income/(loss) per share:$2.44 $0.08 $2.36 $3.29 $(0.09)$3.38 
Diluted income/(loss) per share:$2.41 $0.08 $2.33 $3.24 $(0.09)$3.33 
Number of diluted common shares:160,627 159,734 160,830 158,436 









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Segment Financial Tables (in thousands, unaudited)
Feed IngredientsFood IngredientsFuel IngredientsCorporateTotal
Three Months Ended July 4, 2026
Total net sales$1,149,490 $408,514 $166,074 $— $1,724,078 
Cost of sales and operating expenses829,513 260,196 130,996 — 1,220,705 
Gross margin319,977 148,318 35,078 — 503,373 
Loss/(gain) on sale of assets(243)412 (285)— (116)
Selling, general and administrative expenses79,723 39,426 9,394 22,407 150,950 
Restructuring and asset impairment charges— 3,933 — — 3,933 
Acquisition and integration costs— — — 13,218 13,218 
Depreciation and amortization89,812 29,635 9,229 1,504 130,180 
Equity in net income of Diamond Green Diesel— — 350,030 — 350,030 
Segment operating income/(loss)$150,685 $74,912 $366,770 $(37,129)$555,238 
Equity in net income of other unconsolidated subsidiaries1,905 — — — 1,905 
Segment income/(loss)152,590 74,912 366,770 (37,129)557,143 
— 
Segment Adjusted EBITDA (Non-GAAP)$240,497 $108,480 $25,969 $(22,407)$352,539 
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)— — 389,203 — 389,203 
Combined Adjusted EBITDA (Non-GAAP)$240,497 $108,480 $415,172 $(22,407)$741,742 
Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income/(loss) attributable to Darling$152,590 $74,912 $366,770 $(206,960)$387,312 
Net income attributable to noncontrolling interests— — — 1,957 1,957 
Income tax expense— — — 110,638 110,638 
Interest expense— — — 55,526 55,526 
Foreign currency gain— — — (208)(208)
Other expense, net— — — 1,918 1,918 
Segment income/(loss)$152,590 $74,912 $366,770 $(37,129)$557,143 
Restructuring and asset impairment charges— 3,933 — — 3,933 
Acquisition and integration costs— — — 13,218 13,218 
Depreciation and amortization89,812 29,635 9,229 1,504 130,180 
Equity in net income of Diamond Green Diesel— — (350,030)— (350,030)
Equity in net income of other unconsolidated subsidiaries(1,905)— — — (1,905)
Segment Adjusted EBITDA (Non-GAAP)$240,497 $108,480 $25,969 $(22,407)$352,539 
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *— — 389,203 — 389,203 
Combined Adjusted EBITDA (Non-GAAP)$240,497 $108,480 $415,172 $(22,407)$741,742 
*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations

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Feed IngredientsFood IngredientsFuel IngredientsCorporateTotal
Three Months Ended June 28, 2025
Total net sales$936,532 $386,142 $158,844 $— $1,481,518 
Cost of sales and operating expenses722,081 282,233 131,287 — 1,135,601 
Gross margin214,451 103,909 27,557 — 345,917 
Loss (gain) on sale of assets1,085 (24)(109)— 952 
Selling, general and administrative expenses77,464 33,987 9,027 17,591 138,069 
Acquisition and integration costs— — — 3,383 3,383 
Change in fair value of contingent consideration12,583 — — — 12,583 
Depreciation and amortization83,419 27,391 8,763 1,489 121,062 
Equity in net income of Diamond Green Diesel— — 6,000 — 6,000 
Segment operating income/(loss)$39,900 $42,555 $15,876 $(22,463)$75,868 
Equity in net income of other unconsolidated subsidiaries2,526 — — — 2,526 
Segment income/(loss)42,426 42,555 15,876 (22,463)78,394 
Segment Adjusted EBITDA (Non-GAAP)$135,902 $69,946 $18,639 $(17,591)$206,896 
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)— — 42,648 — $42,648 
Combined Adjusted EBITDA (Non-GAAP)$135,902 $69,946 $61,287 $(17,591)$249,544 
Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income/(loss) attributable to Darling$42,426 $42,555 $15,876 $(88,196)$12,661 
Net income attributable to noncontrolling interests— — — 1,604 1,604 
Income tax expense— — — 4,065 4,065 
Interest expense— — — 51,873 51,873 
Loss on early retirement of debt— — — 2,978 2,978 
Foreign currency gain— — — (1,313)(1,313)
Other expense, net— — — 6,526 6,526 
Segment income/(loss)$42,426 $42,555 $15,876 $(22,463)$78,394 
Acquisition and integration costs— — — 3,383 3,383 
Change in fair value of contingent consideration12,583 — — — 12,583 
Depreciation and amortization83,419 27,391 8,763 1,489 121,062 
Equity in net income of Diamond Green Diesel— — (6,000)— (6,000)
Equity in net income of other unconsolidated subsidiaries(2,526)— — — (2,526)
Segment Adjusted EBITDA (Non-GAAP)$135,902 $69,946 $18,639 $(17,591)$206,896 
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *— — 42,648 — 42,648 
Combined Adjusted EBITDA (Non-GAAP)$135,902 $69,946 $61,287 $(17,591)$249,544 
*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations






Page 5

Feed IngredientsFood IngredientsFuel IngredientsCorporateTotal
Six Months Ended July 4, 2026
Total net sales$2,134,828 $813,747 $326,324 $— $3,274,899 
Cost of sales and operating expenses1,565,867 548,172 252,566 — 2,366,605 
Gross margin568,961 265,575 73,758 — 908,294 
Loss/(gain) on sale of assets92 476 (481)— 87 
Selling, general and administrative expenses159,641 75,841 19,526 45,009 300,017 
Restructuring and asset impairment charges— 4,297 — — 4,297 
Acquisition and integration costs— — — 18,188 18,188 
Depreciation and amortization180,733 59,216 18,161 2,979 261,089 
Equity in net income of Diamond Green Diesel— — 457,393 — 457,393 
Segment operating income/(loss)$228,495 $125,745 $493,945 $(66,176)$782,009 
Equity in net income of other unconsolidated subsidiaries4,800 — — — 4,800 
Segment income/(loss)233,295 125,745 493,945 (66,176)786,809 
— 
Segment Adjusted EBITDA (Non-GAAP)$409,228 $189,258 $54,713 $(45,009)$608,190 
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)— — 540,373 — 540,373 
Combined Adjusted EBITDA (Non-GAAP)$409,228 $189,258 $595,086 $(45,009)$1,148,563 
Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income/(loss) attributable to Darling$233,295 $125,745 $493,945 $(331,360)$521,625 
Net income attributable to noncontrolling interests— — — 4,700 4,700 
Income tax expense— — — 149,264 149,264 
Interest expense— — — 109,643 109,643 
Foreign currency gain— — — (3,351)(3,351)
Other expense, net— — — 4,928 4,928 
Segment income/(loss)$233,295 $125,745 $493,945 $(66,176)$786,809 
Restructuring and asset impairment charges— 4,297 — — 4,297 
Acquisition and integration costs— — — 18,188 18,188 
Depreciation and amortization180,733 59,216 18,161 2,979 261,089 
Equity in net income of Diamond Green Diesel— — (457,393)— (457,393)
Equity in net income of other unconsolidated subsidiaries(4,800)— — — (4,800)
Segment Adjusted EBITDA (Non-GAAP)$409,228 $189,258 $54,713 $(45,009)$608,190 
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *— — 540,373 — 540,373 
Combined Adjusted EBITDA (Non-GAAP)$409,228 $189,258 $595,086 $(45,009)$1,148,563 
*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations
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Feed IngredientsFood IngredientsFuel IngredientsCorporateTotal
Six Months Ended June 28, 2025
Total net sales$1,832,815 $735,382 $293,915 $— $2,862,112 
Cost of sales and operating expenses1,436,096 529,014 239,734 — 2,204,844 
Gross margin396,719 206,368 54,181 — 657,268 
Loss/(gain) on sale of assets1,200 31 (217)— 1,014 
Selling, general and administrative expenses149,035 65,459 17,568 27,563 259,625 
Acquisition and integration costs— — — 4,917 4,917 
Change in fair value of contingent consideration18,024 — — — 18,024 
Depreciation and amortization167,549 56,953 17,352 3,043 244,897 
Equity in net loss of Diamond Green Diesel— — (24,523)— (24,523)
Segment operating income/(loss)$60,911 $83,925 $(5,045)$(35,523)$104,268 
Equity in net income of other unconsolidated subsidiaries5,154 — — — 5,154 
Segment income/(loss)66,065 83,925 (5,045)(35,523)109,422 
— 
Segment Adjusted EBITDA (Non-GAAP)$246,484 $140,878 $36,830 $(27,563)$396,629 
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)— — 48,683 — 48,683 
Combined Adjusted EBITDA (Non-GAAP)$246,484 $140,878 $85,513 $(27,563)$445,312 
Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income/(loss) attributable to Darling$66,065 $83,925 $(5,045)$(158,444)$(13,499)
Net income attributable to noncontrolling interests— — — 3,950 3,950 
Income tax expense— — — 2,911 2,911 
Interest expense— — — 109,840 109,840 
Loss on early retirement of debt— — — 2,978 2,978 
Foreign currency loss— — — 49 49 
Other expense, net— — — 3,193 3,193 
Segment income/(loss)$66,065 $83,925 $(5,045)$(35,523)$109,422 
Acquisition and integration costs— — — 4,917 4,917 
Change in fair value of contingent consideration18,024 — — — 18,024 
Depreciation and amortization167,549 56,953 17,352 3,043 244,897 
Equity in net loss of Diamond Green Diesel— — 24,523 — 24,523 
Equity in net income of other unconsolidated subsidiaries(5,154)— — — (5,154)
Segment Adjusted EBITDA (Non-GAAP)$246,484 $140,878 $36,830 $(27,563)$396,629 
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *— — 48,683 — 48,683 
Combined Adjusted EBITDA (Non-GAAP)$246,484 $140,878 $85,513 $(27,563)$445,312 
*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations
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Darling Ingredients Inc. and Subsidiaries
Balance Sheet Disclosures
As of July 4, 2026 and January 3, 2026
(in thousands)
(unaudited)
July 4,January 3,
20262026
Cash and cash equivalents$160,742 $88,671 
Property, plant and equipment, net$2,828,494 $2,796,139 
Current portion of long-term debt$96,761 $75,217 
Long-term debt, net of current portion$3,850,963 $3,862,243 
Other Financial Data
As of July 4, 2026
(unaudited)
July 4,
2026
Net debt (1)$3,786,982 
Revolver availability$1,308,043 
Capital expenditures - YTD$223,626 
Preliminary Leverage Ratio2.30X
(1) Total debt less cash and cash equivalents.
Page 8

Diamond Green Diesel Joint Venture
Consolidated Statements of Operations
For the Three and Six Months Ended June 30, 2026 and June 30, 2025
(in thousands, unaudited)


Three Months EndedSix Months Ended
​
June 30,June 30,June 30,June 30,
2026202520262025
Revenues:
Operating revenues$2,681,999 $1,097,831 $4,096,045 $1,997,740 
Expenses:
Total costs and expenses less lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense1,896,706 1,119,445 3,097,797 2,096,551 
Lower of cost or market (LCM) inventory valuation adjustment— (111,245)(96,720)(202,249)
Depreciation, amortization and accretion expense71,020 61,529 148,948 129,001 
Total costs and expenses1,967,726 1,069,729 3,150,025 2,023,303 
Operating income/(loss)714,273 28,102 946,020 (25,563)
Other income3,697 2,181 5,211 5,883 
Interest and debt expense, net(10,739)(12,844)(21,895)(22,150)
Income/(loss) before income tax expense707,231 17,439 929,336 (41,830)
Income tax expense$284 $1,105 $328 $1,144 
Net income/(loss)$706,947 $16,334 $929,008 $(42,974)
Reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA:
Net income/(loss)$706,947 $16,334 $929,008 $(42,974)
Income tax expense284 1,105 328 1,144 
Interest and debt expense, net10,739 12,844 21,895 22,150 
Other income(3,697)(2,181)(5,211)(5,883)
Operating income/(loss)714,273 28,102 946,020 (25,563)
Depreciation, amortization and accretion expense71,020 61,529 148,948 129,001 
DGD Adjusted EBITDA (Non-GAAP)785,293 89,631 1,094,968 103,438 
Less: Discount and Broker Fees(6,887)(4,335)(14,222)(6,073)
DGD Adjusted EBITDA (Non-GAAP) after Discount and Broker Fees778,406 85,2961,080,74697,365
Darling's Share 50%50 %50 %50 %50 %
DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)$389,203 $42,648 $540,373 $48,683 






Page 9

Diamond Green Diesel Joint Venture
Consolidated Balance Sheets
June 30, 2026 and December 31, 2025
(in thousands)


June 30,December 31,
20262025
(unaudited)
Assets:
Cash$387,284 $195,765 
Total other current assets2,175,210 1,199,194 
Property, plant and equipment, net3,601,119 3,702,254 
Other assets122,119 139,765 
Total assets$6,285,732 $5,236,978 
Liabilities and members' equity:
Revolver$— $— 
Total other current portion of long term debt28,443 29,487 
Total other current liabilities630,098 332,256 
Total long term debt663,293 677,671 
Total other long term liabilities17,796 17,748 
Total members' equity4,946,102 4,179,816 
Total liabilities and members' equity$6,285,732 $5,236,978 































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Reconciliation of Net Income/(Loss) to (Non-GAAP) Adjusted EBITDA to (Non-GAAP) Pro Forma
Adjusted EBITDA to Foreign Currency and to (Non-GAAP) Combined Adjusted EBITDA
For the Three and Six Months Ended July 4, 2026 and June 28, 2025
(in thousands, unaudited)


Three Months EndedSix Months Ended
Adjusted EBITDAJuly 4,June 28,July 4,June 28,
(U.S. dollars in thousands)2026202520262025
Net income/(loss) attributable to Darling$387,312 $12,661 $521,625 $(13,499)
Depreciation and amortization130,180 121,062 261,089 244,897 
Interest expense55,526 51,873 109,643 109,840 
Income tax expense110,638 4,065 149,264 2,911 
Restructuring and asset impairment charges3,933 — 4,297 — 
Acquisition and integration costs13,218 3,383 18,188 4,917 
Change in fair value of contingent consideration— 12,583 — 18,024 
Foreign currency loss/(gain)(208)(1,313)(3,351)49 
Other expense, net1,918 6,526 4,928 3,193 
Loss on early retirement of debt— 2,978 — 2,978 
Equity in net (income)/loss of Diamond Green Diesel(350,030)(6,000)(457,393)24,523 
Equity in net income of other unconsolidated subsidiaries(1,905)(2,526)(4,800)(5,154)
Net income attributable to noncontrolling interests1,957 1,604 4,700 3,950 
Adjusted EBITDA (Non-GAAP)$352,539 $206,896 $608,190 $396,629 
Foreign currency exchange impact(4,029)(1)— (18,478)(2)— 
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)$348,510 $206,896 $589,712 $396,629 
DGD Joint Venture Adjusted EBITDA (Darling's share) (Non-GAAP)$389,203 $42,648 $540,373 $48,683 
Combined Adjusted EBITDA (Non-GAAP)$741,742 $249,544 $1,148,563 $445,312 
(1) The average rates for the three months ended July 4, 2026 were €1.00:$1.16 R$1.00:$0.20 and C$1.00:$0.72 as compared to the average rates for the three months ended June 28, 2025 of €1.00:$1.13, R$1.00:$0.18 and C$1.00:$0.72, respectively.
(2) The average rates for the six months ended July 4, 2026 were €1.00:$1.17, R$1.00:$0.19 and C$1.00:$0.73 as compared to the average rates for the six months ended June 28, 2025 of €1.00:$1.09, R$1.00:$0.17 and C$1.00:$0.71, respectively.

About Darling Ingredients
A pioneer in circularity, Darling Ingredients Inc. (NYSE: DAR) takes material from the animal agriculture and food industries, and transforms them into valuable ingredients that nourish people, feed animals and crops, and fuel the world with renewable energy. The company operates over 260 facilities in more than 15 countries and processes about 15% of the world’s animal agricultural by-products, produces about 30% of the world’s collagen (both gelatin and hydrolyzed collagen), and is one of the largest producers of renewable energy. To learn more, visit darlingii.com. Follow us on LinkedIn.

Darling Ingredients will host a conference call on July 30, 2026, at 9 a.m. Eastern Time (8 a.m. Central Time) to discuss second quarter financial results and provide an update on company operations.

To access the call as a listener, please register for the audio-only webcast.

To join the call as a participant to ask a question, please register in advance to receive a confirmation email with the dial-in number and PIN for immediate access on July 30 or call 833-461-5787 (United States) or 626-884-3620 (international) using access code 745365725.

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A replay of the call will be available online via the webcast registration link two hours after the call ends. A transcript will be posted at darlingii.com/investors within 24 hours.



Use of Non-GAAP Financial Measures:

Segment Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income/(loss), as a measure of operating results, or as an alternative to cash flow as a measure of liquidity. It is presented here not as an alternative to net income (loss), but rather as a measure of the segment’s operating performance. Segment Adjusted EBITDA consists of net income/(loss) plus depreciation and amortization, restructuring and asset impairment charges, acquisition and integration costs, change in fair value of contingent consideration, foreign currency loss/(gain), net income/(loss) attributable to noncontrolling interests, interest expense, income tax provision, other income/(expense), equity in net (income)/loss of unconsolidated subsidiaries and equity in net (income)/loss of Diamond Green Diesel. Management believes that Segment Adjusted EBITDA is useful in evaluating the segment’s operating performance because the calculation of Segment Adjusted EBITDA generally eliminates non-cash and certain other items for reasons unrelated to overall operating performance and also believes this information is useful to investors.

Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity. It is presented here not as an alternative to net income, but rather as a measure of the Company's operating performance. Since EBITDA (generally, net income plus interest expense, taxes, depreciation and amortization) is not calculated identically by all companies, the presentation in this report may not be comparable to EBITDA or Adjusted EBITDA presentations disclosed by other companies. Adjusted EBITDA is calculated above and represents for any relevant period, net income/(loss) plus depreciation and amortization, restructuring and asset impairment charges, acquisition and integration costs, change in fair value of contingent consideration, foreign currency loss/(gain), net income/(loss) attributable to non-controlling interests, interest expense, income tax expense, loss on early retirement of debt, other income/(expense) and equity in net (income)/loss of unconsolidated subsidiaries. Management believes that Adjusted EBITDA is useful in evaluating the Company's operating performance compared to that of other companies in its industry because the calculation of Adjusted EBITDA generally eliminates the effects of financing, income taxes, non-cash and certain other items that may vary for different companies for reasons unrelated to overall operating performance and also believes this information is useful to investors.

The Company’s management uses Adjusted EBITDA as a measure to evaluate performance and for other discretionary purposes. In addition to the foregoing, management also uses or will use Adjusted EBITDA to measure compliance with certain financial covenants under the Company’s Senior Secured Credit Facilities, 6% Notes, 5.25% Notes and 4.5% Notes that were outstanding at July 4, 2026. However, the amounts shown above for Adjusted EBITDA differ from the amounts calculated under similarly titled definitions in the Company’s Senior Secured Credit Facilities, 6% Notes, 5.25% Notes and 4.5% Notes, as those definitions permit further adjustments to reflect certain other nonrecurring costs, non-cash charges and cash dividends from the DGD Joint Venture.

Information reconciling forward-looking Adjusted EBITDA to net income is unavailable to the Company without unreasonable effort. The Company is not able to provide reconciliations of forward-looking Adjusted EBITDA to net income because certain items required for such reconciliations are outside of the Company’s control and/or cannot be reasonably predicted, such as the impact of volatile commodity prices on the Company’s operations, impact of foreign currency exchange fluctuations, depreciation and amortization and the provision for income taxes. Preparation of such reconciliations for Darling Ingredients Inc. would require a forward-looking balance sheet, statement of operations and statement of cash flows, prepared in accordance with GAAP for each entity, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. The Company provides guidance for its Adjusted EBITDA outlook that it believes will be achieved; however, it cannot accurately predict all the components of the Adjusted EBITDA calculation.

Pro forma Adjusted EBITDA to Foreign Currency is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity. It is presented here not as an alternative to net income, but rather as a measure of the Company's operating performance. Management believes Pro forma Adjusted EBITDA to Foreign Currency is useful in evaluating the Company’s operating performance on a constant currency basis and also believes this information is useful to investors.

DGD Adjusted EBITDA is not reflected in the Adjusted EBITDA or the Pro forma Adjusted EBITDA to Foreign Currency. DGD Adjusted EBITDA is not a recognized accounting measure under GAAP; it should not be considered as an alternative to net income/(loss) or equity in net income/(loss) of Diamond Green Diesel, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity and is not intended to be a presentation in accordance with GAAP. The Company calculates DGD Adjusted EBITDA by taking DGD’s net income/(loss) plus income tax expense/(benefit), interest and debt
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expense, net, and DGD’s depreciation, amortization and accretion expense less other income. Management believes that DGD Adjusted EBITDA is useful in evaluating the Company’s operating performance because the calculation of DGD Adjusted EBITDA generally eliminates non-cash and certain other items at DGD unrelated to overall operating performance and also believes this information is useful to investors. The Company calculates Darling’s Share of DGD Adjusted EBITDA by taking DGD Adjusted EBITDA, net of discount and broker fees, and then multiplying by 50% to get Darling’s Share of DGD’s Adjusted EBITDA.

Combined Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity. It is presented here not as an alternative to net income, but rather as a measure of the Company’s operating performance. Combined Adjusted EBITDA consists of Adjusted EBITDA plus DGD Adjusted EBITDA (Darling’s Share). When Combined Adjusted EBITDA is presented by segment, Combined Adjusted EBITDA consists of Segment Adjusted EBITDA plus DGD Adjusted EBITDA (Darling’s Share). Management believes that Combined Adjusted EBITDA is useful in evaluating the Company's operating performance compared to that of other companies in its industry because the calculation of Combined Adjusted EBITDA generally eliminates the effects of financing, income taxes, non-cash and certain other items that may vary for different companies for reasons unrelated to overall operating performance and also believes this information is useful to investors.

Adjusted EBITDA per gallon is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income or equity in income of Diamond Green Diesel, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity and is not intended to be a presentation in accordance with GAAP. Adjusted EBITDA per gallon is presented here not as an alternative to net income or equity in income of Diamond Green Diesel, but rather as a measure of Diamond Green Diesel's operating performance. Since Adjusted EBITDA per gallon (generally, net income plus interest expense, taxes, depreciation and amortization divided by total gallons sold) is not calculated identically by all companies, this presentation may not be comparable to Adjusted EBITDA per gallon presentations disclosed by other companies. Management believes that Adjusted EBITDA per gallon is useful in evaluating Diamond Green Diesel's operating performance compared to that of other companies in its industry because the calculation of Adjusted EBITDA per gallon generally eliminates the effects of financing, income taxes and non-cash and certain other items presented on a per gallon basis that may vary for different companies for reasons unrelated to overall operating performance.

Cautionary Statements Regarding Forward-Looking Information:
This media release includes “forward-looking” statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. Statements that are not statements of historical facts are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “guidance,” “outlook,” “project,” “planned,” “contemplate,” “potential,” “possible,” “proposed,” “intend,” “believe,” “anticipate,” “expect,” “may,” “will,” “would,” “should,” “could,” and similar expressions are intended to identify forward-looking statements. All statements other than statements of historical facts included in this release are forward-looking statements. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. The Company cautions readers that any such forward-looking statements it makes are not guarantees of future performance and that actual results may differ materially from anticipated results or expectations expressed in its forward-looking statements as a result of a variety of factors, including many that are beyond the Company's control.

Important factors that could cause actual results to differ materially from the Company’s expectations include: existing and unknown future limitations on the ability of the Company's direct and indirect subsidiaries to make their cash flow available to the Company for payments on the Company's indebtedness or other purposes; reduced demands or prices for biofuels, biogases or renewable electricity; global demands for grain and oilseed commodities, which have exhibited volatility, and can impact the cost of feed for cattle, hogs and poultry, thus affecting available rendering feedstock and selling prices for the Company’s products; reductions in raw material volumes available to the Company due to weak margins in the meat production industry as a result of higher feed costs, reduced consumer demand, reduced volume due to government regulations affecting animal production or other factors, reduced volume from food service establishments, or otherwise; reduced demand for animal feed; reduced finished product prices, including a decline in fat, used cooking oil, protein or collagen (including, without limitation, collagen peptides and gelatin) finished product prices; changes to government policies around the world relating to renewable fuels and greenhouse gas (“GHG”) emissions that adversely affect prices, margins or markets (including for the DGD Joint Venture), including programs like renewable fuel standards, low carbon fuel standards, renewable fuel mandates and tax credits for biofuels, or loss or diminishment of tax credits due to failure to satisfy any eligibility requirements, including, without limitation, in relation to the blenders tax credit or the Clean Fuels Production Credit (“CFPC”); climate related adverse results, including with respect to the Company’s climate goals, targets or commitments; possible product recall resulting from developments relating to the discovery of unauthorized adulterations to food or food additives or products which do not meet specifications, contract requirements or regulatory standards; the occurrence of 2009 H1N1 flu (initially known as “Swine Flu”), highly pathogenic strains of avian influenza (collectively known as “Bird Flu”), severe acute respiratory syndrome
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(“SARS”), bovine spongiform encephalopathy (or “BSE”), porcine epidemic diarrhea (“PED”) or other diseases associated with animal origin in the U.S. or elsewhere, such as the outbreak of African Swine Fever in China and elsewhere; the occurrence of pandemics, epidemics or disease outbreaks; unanticipated costs and/or reductions in raw material volumes related to the Company’s compliance with the existing or unforeseen new U.S. or foreign (including, without limitation, China) regulations (including new or modified animal feed, Bird Flu, SARS, PED, BSE or ASF or similar or unanticipated regulations) affecting the industries in which the Company operates or its value added products; risks associated with the DGD Joint Venture, including possible unanticipated operating disruptions and/or a decline in margins on the products produced by the DGD Joint Venture; risks and uncertainties relating to international sales and operations, including imposition of tariffs, quotas, trade barriers and other trade protections by the U.S. or foreign countries; tax changes, such as global minimum tax measures, or issues related to administration, guidance and/or regulations associated with biofuel policies, including CFPC, and risks associated with the qualification and sale of such credits; difficulties or a significant disruption (including, without limitation, due to cyber-attack) in the Company’s information systems, networks or the confidentiality, availability or integrity of our data or failure to implement new systems and software successfully; risks relating to possible third-party claims of intellectual property infringement; increased contributions to the Company’s pension and benefit plans, including multiemployer and employer-sponsored defined benefit pension plans as required by legislation, regulation or other applicable U.S. or foreign law or resulting from a U.S. mass withdrawal event; bad debt write-offs; loss of or failure to obtain necessary permits and registrations; the potential for future terrorist attacks, responses to terrorist attacks and other acts of war or hostility, including the ongoing conflicts in the Middle East, Africa, North Korea and Ukraine; uncertainty regarding any administration changes in the U.S. or elsewhere around the world, including, without limitation, impacts to trade, tariffs and/or policies impacting the Company (such as biofuel policies and mandates); and/or unfavorable export or import markets. These factors, coupled with volatile prices for natural gas and diesel fuel, inflation rates, climate conditions, currency exchange fluctuations, general performance of the U.S. and global economies, disturbances in world financial, credit, commodities and stock markets, and any decline in consumer confidence and discretionary spending, including the inability of consumers and companies to obtain credit due to lack of liquidity in the financial markets, among others, could cause actual results to vary materially from the forward-looking statements included in this media release or negatively impact the Company’s results of operations. Among other things, future profitability may be affected by the Company’s ability to grow its business, which faces competition from companies that may have substantially greater resources than the Company. The Company’s announced share repurchase program may be suspended or discontinued at any time and purchases of shares under the program are subject to market conditions and other factors, which are likely to change from time to time. For more detailed discussion of these factors and other risks and uncertainties regarding the Company, its business and the industries in which it operates, see the Company’s filings with the SEC, including the Risk Factors discussion in Item 1A of Part I of the Company's Annual Report on Form 10-K for the fiscal year ended January 3, 2026. The Company cautions readers that all forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of changes in circumstances, new events or otherwise.
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Darling Ingredients Contacts
Investors:    Suann Guthrie
Senior VP, Investor Relations and Global Affairs
(469) 214-8202; suann.guthrie@darlingii.com

Media:        Jillian Fleming
Director, Global Communications
(972) 541-7115; jillian.fleming@darlingii.com
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