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  4. [8-K] DARLING INGREDIENTS INC. Reports Material Event

Darling Ingredients (NYSE: DAR) triples EBITDA on Q2 2026 Diamond Green Diesel strength

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Darling Ingredients Inc. reported a strong second quarter for 2026, with net income of $387.3 million, or $2.41 per diluted share, compared with $12.7 million, or $0.08 per diluted share, in the second quarter of 2025. Total net sales were $1.7 billion, up from $1.5 billion a year earlier. For the first six months of 2026, net income was $521.6 million, or $3.24 per diluted share, versus a net loss of $13.5 million, or ($0.09) per diluted share, on net sales of $3.3 billion versus $2.9 billion in 2025.

Non-GAAP performance also improved markedly. Combined Adjusted EBITDA for Q2 2026 was $741.7 million, compared with $249.5 million in Q2 2025, and $1.15 billion for the first half versus $445.3 million a year earlier. The Diamond Green Diesel joint venture sold 348.8 million gallons of renewable fuels in the quarter at an average $2.23 per gallon EBITDA, and 621.2 million gallons at $1.74 per gallon EBITDA year-to-date, generating approximately $211 million in dividends and $69 million from Production Tax Credit sales to Darling.

Liquidity and leverage improved. As of July 4, 2026, Darling held $160.7 million in cash and had $1.3 billion available under its revolving credit facility, with total debt of $3.9 billion and a preliminary leverage ratio of 2.3X. The company reduced net debt by $223.0 million, repurchased $73.0 million of common stock, and invested $224.0 million in capital expenditures year-to-date, with full-year 2026 capex estimated at $450.0 million. It acquired three rendering facilities in Brazil for approximately $122 million and sold a majority of its non-core grease trap environmental services business for approximately $90.0 million. Management expects to continue deleveraging, targeting year-end 2026 net debt at or below $3 billion and a bank leverage ratio below 2X, and estimates Q3 2026 core ingredients Adjusted EBITDA at approximately $325–340 million.

Positive

  • Q2 2026 net income surged to $387.3 million (diluted EPS $2.41), compared with $12.7 million (EPS $0.08) in Q2 2025, a reported 2,949.6% year-over-year increase in profitability.
  • Total net sales increased to $1.7 billion in Q2 2026 from $1.5 billion in Q2 2025, a 16.4% year-over-year rise, with first-half 2026 sales of $3.3 billion versus $2.9 billion a year earlier.
  • Combined Adjusted EBITDA (Non-GAAP) nearly tripled to $741.7 million in Q2 2026 from $249.5 million in Q2 2025, with first-half Combined Adjusted EBITDA of $1.15 billion versus $445.3 million.
  • Leverage and balance sheet metrics improved: net debt was reduced by $223.0 million, the preliminary leverage ratio declined to 2.3X from 2.9X, and the company repurchased $73.0 million of common stock while maintaining $1.3 billion of revolver availability.

Negative

  • None.

Filing Explained

Both disclosed structural changes remain incomplete, with no supplied terms to size their proceeds or ownership effects.

This Form 8-K reports the company’s second-quarter results and adds two structural updates: it signed a definitive agreement to sell the CTH casings business, with closing anticipated by the end of fiscal 2026, while the proposed joint venture with Tessenderlo Group NV remains in regulatory review.

The CTH sale is agreed but not completed, and the joint venture is only proposed; the filing provides no consideration or ownership terms for either transaction, so their financial or ownership effects cannot be sized from this disclosure.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Net Income $387.3 million Net income attributable to Darling for the quarter ended July 4, 2026 versus $12.7 million in Q2 2025
Q2 2026 Diluted EPS $2.41 per share GAAP diluted income per share for Q2 2026 compared with $0.08 in Q2 2025
Q2 2026 Total Net Sales $1.7 billion Total net sales of $1,724.1 million in Q2 2026 versus $1,481.5 million in Q2 2025
Q2 2026 Combined Adjusted EBITDA $741.7 million Combined Adjusted EBITDA (Non-GAAP) in Q2 2026 compared with $249.5 million in Q2 2025
DGD Q2 2026 Gallons Sold 348.8 million gallons Renewable fuels sold by Diamond Green Diesel in the three months ended June 30, 2026 at $2.23 per gallon EBITDA
Preliminary Leverage Ratio 2.30X Preliminary leverage ratio per the company’s bank covenant as of July 4, 2026, versus 2.9X at January 3, 2026
Q3 2026 Core Adjusted EBITDA Guidance $325–340 million Estimated core ingredients business Adjusted EBITDA for the third quarter of 2026
Combined Adjusted EBITDA financial
"Combined Adjusted EBITDA (Non-GAAP) for the second quarter of 2026 was $741.7 million"
Combined adjusted EBITDA is a measure of operating profit that adds together EBITDA (earnings before interest, taxes, depreciation and amortization) for multiple business units or merged entities and then strips out one-time or unusual items to show recurring cash-generating performance. Investors use it like checking a car’s engine performance without accessories or temporary fixes: it helps compare underlying operations, assess debt capacity and value a business without short-term noise.
Production Tax Credit financial
"approximately $69 million from Production Tax Credit sales from DGD"
A production tax credit is a government benefit that pays producers a fixed amount for each unit they make or sell — for example a set payment per megawatt-hour of electricity or per barrel of a commodity. It matters to investors because it directly raises a project’s cash flow and lowers the effective cost of production, much like a per‑unit coupon, which can change profitability, valuation and the attractiveness of financing or new investment.
Renewable Volume Obligation regulatory
"Renewable diesel margins have increased significantly since the Renewable Volume Obligation (RVO) was finalized"
RINs regulatory
"June RIN generation illustrated the industry’s ability to increase production in an improved margin environment"
RINs (Renewable Identification Numbers) are tradable compliance credits used to prove that a certain volume of transportation fuel comes from renewable sources under government mandates. Think of them as digital coupons companies must submit to show they met biofuel rules; their price swings can add or shave costs from refiners, fuel producers, and agriculture-linked businesses, so RIN markets can materially affect profit margins and investment value.
Implied Return on Replacement Value financial
"I-RORV (Implied Return on Replacement Value) Debt Cost Implied Net Cash (INC)"
Low Carbon Fuel Standard regulatory
"California LCFS and RIN Value History"
A low carbon fuel standard is a government rule that requires fuels to get cleaner over time by lowering the amount of greenhouse gas released per unit of energy. Think of it like a mileage test for fuels: producers who beat the target earn tradable credits, while those who fall short must buy credits or pay penalties. Investors care because the rule shifts costs and profits across fuel producers, creates new revenue from credits, and speeds demand for cleaner technologies and alternatives.
Q2 2026 Total Net Sales $1,724.1 million up 16.4% vs Q2 2025
Q2 2026 Net Income $387.3 million up 2,949.6% vs Q2 2025
Q2 2026 Diluted EPS $2.41 up 2,912.5% vs Q2 2025
Q2 2026 Combined Adjusted EBITDA $741.7 million up 197.3% vs Q2 2025
Guidance

For Q3 2026, the company estimates core ingredients business Adjusted EBITDA at approximately $325–340 million and expects to end fiscal 2026 with net debt at or below $3 billion and a bank leverage ratio below 2X.

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FAQ

What were Darling Ingredients (DAR) Q2 2026 earnings and EPS?
Darling Ingredients reported Q2 2026 net income of $387.3 million, or $2.41 per diluted share, compared with net income of $12.7 million, or $0.08 per diluted share, in Q2 2025. For the first half of 2026, net income was $521.6 million, or $3.24 per diluted share.

How did Darling Ingredients (DAR) revenue perform in Q2 2026 versus Q2 2025?
Total net sales in Q2 2026 were $1.7 billion, up from $1.5 billion in Q2 2025, a 16.4% year-over-year increase. For the first six months of 2026, net sales reached $3.3 billion compared with $2.9 billion for the same period in 2025.

What was Darling Ingredients’ Combined Adjusted EBITDA in Q2 2026?
Combined Adjusted EBITDA (Non-GAAP) for Q2 2026 was $741.7 million, compared with $249.5 million for Q2 2025, a 197.3% reported increase. For the first half of 2026, Combined Adjusted EBITDA totaled $1.15 billion versus $445.3 million a year earlier.

How did the Diamond Green Diesel joint venture impact DAR’s Q2 2026 results?
Diamond Green Diesel sold 348.8 million gallons of renewable fuels in Q2 2026 at an average $2.23 per gallon EBITDA. For the first half of 2026 it sold 621.2 million gallons at $1.74 per gallon EBITDA, and Darling received about $211 million in dividends and $69 million from Production Tax Credit sales.

What is Darling Ingredients’ (DAR) leverage and net debt position as of July 4, 2026?
As of July 4, 2026, Darling reported total debt of $3.9 billion, cash and equivalents of $160.7 million, and net debt of $3,786.982 thousand (in thousands of dollars), with a preliminary leverage ratio of 2.3X and revolver availability of $1.3 billion.

What guidance did Darling Ingredients (DAR) provide for Q3 2026?
Darling expects core ingredients business Adjusted EBITDA (excluding Diamond Green Diesel) of approximately $325–340 million for the third quarter of 2026. The company also expects to continue deleveraging and anticipates ending 2026 with net debt at or below $3 billion and a bank leverage ratio below 2X.

What strategic transactions did Darling Ingredients complete around Q2 2026?
During the quarter, Darling closed the acquisition of three rendering facilities in Brazil from the Patense Group for approximately $122 million. On July 22, 2026, it closed the sale of a majority of its non-core grease trap environmental services business for approximately $90.0 million.
0000916540false00009165402026-07-302026-07-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
      
FORM 8-K
       
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported)
July 30, 2026
DARLING INGREDIENTS INC.
(Exact Name of Registrant as Specified in Charter)
 
Delaware001-1332336-2495346
(State or Other Jurisdiction
of Incorporation)		(Commission
File Number)		(IRS Employer
Identification No.)
            5601 N. MacArthur Blvd., Irving, Texas 75038                    
                (Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: (972) 717-0300                

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock $0.01 par value per shareDARNew York Stock Exchange(“NYSE”)
NYSE Texas
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

1

Item 2.02.    Results of Operations and Financial Condition.

On July 30, 2026, Darling Ingredients Inc. (the “Company”) issued a press release announcing financial results for the second quarter ended July 4, 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (“Current Report”).

Item 7.01 Regulation FD Disclosure

The Company will hold a conference call and webcast on Thursday, July 30, 2026 to discuss these financial results. The Company will have a slide presentation available to augment management’s formal presentation, which will be accessible via the investor relations section of the Company’s website. A copy of this slide presentation is furnished as Exhibit 99.2 to this Current Report.

The Company is making reference to non-GAAP financial measures in the press release, slide presentation, and the conference call. Reconciliations of non-GAAP financial measures to GAAP financial measures and other disclosures with respect to non-GAAP financial measures are contained in the furnished press release and slide presentation.

The information in this Current Report, including the exhibits hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 9.01.     Financial Statements and Exhibits. 

(d)           Exhibits.
99.1 
Press Release dated July 30, 2026 (furnished pursuant to Item 2.02).
99.2 
Slide Presentation for July 30, 2026 Earnings Call (furnished pursuant to Item 7.01).
104 Cover Page Interactive Data File (embedded within Inline XBRL document)
2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  
 
 DARLING INGREDIENTS INC. 
    
Date: July 30, 2026By:/s/ Nick Kemphaus 
  Nick Kemphaus 
  Executive Vice President,
General Counsel		 

3

Exhibit 99.1    
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.
Page 1


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.
Page 2



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 









Page 3



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

Page 4

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.
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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 































Page 10


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
Page 12

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
Page 13

(“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.
# # #

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
Page 14
FINANCIAL RESULTS Q2 2026 July 30, 2026 Exhibit 99.2

 

This presentation includes “forward -looking” statements that are subject to risks and uncertainties that could cause actual resu lts 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 p rovisions 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 fact s included in this presentation are forward -looking statements. Forward - looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and ot her 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 unk nown 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 pu rpo ses; 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 fe ed 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 margin s 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 v olume 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 (i ncl uding, 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 ad versely 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 credit s f or 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 Fuel s P roduction 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 d isc overy 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 (in itially known as “Swine Flu”), highly pathogenic strains of avian influenza (collectively known as “Bird Flu”), severe acute respiratory syndrome (“SARS”), bovine spongiform encephalopathy (or “BSE”), por cine 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 pandem ics , 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, w ithout 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 operat es 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 Ven ture; 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 countr ies ; 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 q ual ification 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, avai lability 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 contributi ons 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 att acks 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 aroun d t he 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 fa cto rs, 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, di stu rbances 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 c red it 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 presentation or negatively impact t he 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 hav e 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 su bject 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 Compa ny, 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.

 

2Q 2026 Highlights Combined Adjusted EBITDA $742m Core Ingredients EBITDA $353m DGD EBITDA $389m Cash distributions received from DGD $280m $223m $73m Decrease in net debt DAR stock repurchased

 

Q2 2026 Earnings In millions, except per share Q2-2026* Q2-2025* % variance YTD 2026* YTD 2005* % variance Total Net Sales $1,724.1 $1,481.5 16.4% $3,274.9 $2,862.1 14.4% Gross Margin $503.4 $345.9 45.5% $908.3 $657.3 38.2% Gross Margin % 29.2% 23.3% 25.3% 27.7% 23.0% 20.4% Net Income $387.3 $12.7 2,949.6% $521.6 ($13.5) 3,963.7% EPS Diluted $2.41 $0.08 2,912.5% $3.24 ($0.09) 3,700.0% Combined Adjusted EBITDA (in millions) Q2-2026* Q2-2025* % variance YTD 2026* YTD 2025* % variance Feed $240.5 $135.9 77.0% $409.2 $246.5 66.0% Food $108.5 $69.9 0.6 $189.3 $140.9 34.4% Fuel (1) $415.2 $61.3 29.1% $595.1 $85.5 596.0% Corporate ($22.4) ($17.6) (27.3%) ($45.0) ($27.6) 63.0% Total combined adjusted EBITDA $741.7 $249.5 197.3% $1,148.6 $445.3 157.9% As of As of 7/4/2026* 1/3/2026 Cash and cash equivalents $ 161 $ 89 Revolver availability $ 1,308 $ 1,324 Total debt $ 3,947 $ 3,937 Net debt (2) $ 3,786 $ 3,848 Preliminary leverage ratio (3) 2.3X 2.9X Balance Sheet and Other Financial Data In millions, except ratio data * Unaudited (1) Includes Darling’s share of DGD EBITDA (2) Total debt less cash and cash equivalents (3) Per bank covenant

 

Combined Adjusted EBITDA (in millions, unaudited) 5 $165.0 $197.0 $197.6 $230.3 $189.7 $205.9 $247.8 $278.2 $255.6 $352.5 $115.1 $76.6 $39.1 $59.2 $6.0 $42.6 $(2.9) $57.9 $151.2 $389.2 -10 90 190 290 390 490 590 690 790 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 Combined Adjusted EBITDA Global Ingredients DGD $249.5 31.5% 14.2% 54.3% Q2 2026 % of Total Combined Adjusted EBITDA by Segment Feed Food Fuel $280.1 $273.6 $236.7 $289.5 $195.8 $244.9 $336.1 $406.8 $741.7

 

Feed Segment • Fat prices rallied and held firm due to strong demand from the biofuels sector • Protein values were strong, supported by increased poultry production in the U.S. and low global fish meal supply • Solid momentum expected to carry forward into Q3 with continued strong demand for fats and proteins • Closed on the acquisition of three rendering facilities from the Patense Group in Brazil for ~$122 • Post-quarter on July 22, 2026, closed on the sale on a majority of non -core grease trap environmental services business ~$90 million US$ (in thousands) Q2 2026* Q2 2025* YTD 2026* YTD 2025* Total Net sales $ 1,149,490 $ 936,532 $ 2,134,828 $ 1,832,815 Cost of sales and operating expenses 829,513 722,081 1,565,867 1,436,096 Gross margin 319,977 214,451 568,961 396,719 Loss/(gain) on sale of assets (243) 1,085 92 1,200 Selling, general and administrative expenses 79,723 77,464 159,641 149,035 Change in fair value of contingent consideration — 12,583 — 18,024 Depreciation and amortization 89,812 83,419 180,733 167,549 Segment operating income $ 150,685 $ 39,900 $ 228,495 $ 60,911 Equity in net income of other unconsolidated subsidiaries 1,905 2,526 4,800 5,154 Segment income $ 152,590 $ 42,426 $ 233,295 $ 66,065 Segment adjusted EBITDA $ 240,497 $ 135,902 $ 409,228 $ 246,484 Combined segment adjusted EBITDA (Non-GAAP) $ 240,497 $ 135,902 $ 409,228 $ 246,484 Raw material processed (mmts) 3.1 3.1 6.2 6.2 *Unaudited

 

Feed Segment Reconciliation of Net Income/(Loss) to (Non -GAAP) Segment Adjusted EBITDA *Unaudited ** When presented by Segment, no adjustments are necessary to reconcile Segment Income to Net Income/(Loss) for the Feed Segment. US $ (in thousands) Q2 2026* Q2 2025* YTD 2026* YTD 2025* Segment income** 152,590$ 42,426$ 233,295$ 66,065$ Change in fair value of contingent consideration — 12,583 — 18,024 Depreciation and amortization 89,812 83,419 180,733 167,549 Equity in net income of other unconsolidated subsidiaries (1,905) (2,526) (4,800) (5,154) Segment Adjusted EBITDA (Non-GAAP) $ 240,497 135,902 409,228 246,484

 

Food Segment *Unaudited • Sales improved year –over-year, with growing global collagen demand in U.S., Europe and Asia, as well as broader applications across food, nutrition and health products. • Q2 results include ~$18 million in IEEPA tariff recovery, which is net of expected customer refunds • Signed definitive agreement to sell the CTH casings business, anticipated closing by end of FY 2026 • Regulatory process continues to move forward for proposed joint venture with Tessenderlo Group NV US$ (in thousands) Q2 2026* Q2 2025* YTD 2026* YTD 2025* Total Net sales $ 408,514 $ 386,142 $ 813,747 $ 735,382 Cost of sales and operating expenses 260,196 282,233 548,172 529,014 Gross margin 148,318 103,909 265,575 206,368 Loss/(gain) on sale of assets 412 (24) 476 31 Selling, general and administrative expenses 39,426 33,987 75,841 65,459 Restructuring and asset impairment charges 3,933 — 4,297 — Depreciation and amortization 29,635 27,391 59,216 56,953 Segment operating income $ 74,912 $ 42,555 $ 125,745 $ 83,925 Segment income $ 74,912 $ 42,555 $ 125,745 $ 83,925 Segment adjusted EBITDA $ 108,480 $ 69,946 $ 189,258 $ 140,878 Combined segment adjusted EBITDA (Non-GAAP) $ 108,480 $ 69,946 $ 189,258 $ 140,878 Raw material processed (mmts) 331,000 324,000 664,000 653,000

 

Food Segment Reconciliation of Net Income/(Loss) to (Non -GAAP) Segment Adjusted EBITDA *Unaudited ** When presented by Segment, no adjustments are necessary to reconcile Segment Income to Net Income/(Loss) for the Food Segm ent . US $ (in thousands) Q2 2026* Q2 2025* YTD 2026* YTD 2025* Segment income** 74,912$ 42,555$ 125,745$ 83,925$ Restructuring and asset impairment charges 3,933$ —$ 4,297$ — Depreciation and amortization 29,635 27,371 59,216 56,953 Segment Adjusted EBITDA (Non-GAAP) $ 108,480 $ 69,946 $ 189,258 $ 140,878

 

Fuel Segment US$ (in thousands) Q2 2026* Q2 2025* YTD 2026* YTD 2025* Total Net sales $ 166,074 $ 158,844 $ 326,324 $ 293,915 Cost of sales and operating expenses 130,996 131,287 252,566 239,734 Gross margin 35,078 27,557 73,758 54,181 Gain on sale of assets (285) (109) (481) (217) Selling, general and administrative expenses 9,394 9,027 19,526 17,568 Depreciation and amortization 9,229 8,763 18,161 17,352 Equity in net income/(loss) of Diamond Green Diesel 350,030 6,000 457,393 (24,523) Segment operating income/(loss) $ 366,770 $ 15,876 $ 493,945 $ (5,045) Segment income/(loss) $ 366,770 $ 15,876 $ 493,945 $ (5,045) Segment adjusted EBITDA $ 25,969 $ 18,639 $ 54,713 $ 36,830 DGD adjusted EBITDA (Darling's Share) (Non-GAAP) 389,203 42,648 540,373 48,683 Combined segment adjusted EBITDA (Non-GAAP) $ 415,172 $ 61,287 $ 595,086 $ 85,513 Raw material processed (mmts) 368,000 338,000 738,000 712,000 *Unaudited • DGD produced ~356 million gallons • Renewable diesel margins have increased significantly since the Renewable Volume Obligation (RVO) was finalized April 1 • $280 million cash distributions from DGD – $211 million in dividends – $69 million from Production Tax Credit Sales • Q2 Results include a favorable IEEPA tariff recovery of ~$50.5 million at the entity level, or ~$25 million attributed to Darling Ingredients • Q3 estimated production ~335 million gallons

 

Fuel Segment *Unaudited ** When presented by Segment, no adjustments are necessary to reconcile Segment Income/(Loss) to Net Income/(Loss) for the Fuel Segment. Reconciliation of Net Income/(Loss) to (Non -GAAP) Segment Adjusted EBITDA Reconciliation of DGD Net Income/(Loss) to (Non -GAAP) DGD Adjusted EBITDA US $ (in thousands) Q2 2026* Q2 2025* YTD 2026* YTD 2025* Segment income/(loss)** 366,770$ 15,876$ 493,945$ (5,045)$ Depreciation and amortization 9,229 8,763 18,161 17,352 Equity in net (income)/loss of Diamond Green Diesel (350,030) (6,000) (457,393) 24,523 Segment Adjusted EBITDA (Non-GAAP) $ 25,969 $ 18,639 $ 54,713 $ 36,830 US $ (in thousands) Q2 2026* Q2 2025* YTD 2026* YTD 2025* Net income/(loss) 706,947$ $ 16,334 $ 929,008 $ (42,974) Income tax expense 284 1,105 328 1,144 Interest and debt expense, net 10,739 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 expense 71,020 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 Fees 778,406$ $ 85,296 $ 1,080,746 $ 97,365 Darling's Share 50% 50 % 50 % 50 % 50 % DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) $ 389,203 $ 42,648 $ 540,373 $ 48,683

 

Fuel Segment $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 Quarterly Avg. Prices D4 RINs (1.7 Multiple) & Yellow Grease - IL D4 RINs (x 1.7) (Right Axis) Yellow Grease - Illinois (Left Axis) $/lb Diamond Green Diesel (unaudited) US $ and gallons (in millions) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Pro forma Adjusted EBITDA (Darling’s share) $389.2 $42.6 $540.4 $48.7 Total gallons produced 355.9 266.1 611.6 482.2 Total gallons sold/shipped 348.8 248.6 621.2 467.8 EBITDA per gallon sold/shipped $2.23 $0.34 $1.74 $0.21

 

Appendix

 

14 • INC • (Implied Net Cash) Allocated based on book value (PP&E + Intangibles + Goodwill) + Average Working Capital Usage = Does not include growth CAPEX Metric providing an estimated comparable net cash result Metric confirming pricing discipline & competitiveness I-RORV (Implied Return on Replacement Value) Debt Cost Implied Net Cash (INC) ADJ. EBITDA Maintenance Capital - - = Gross Asset Value or regional value per pound of innage capacity, whichever is more reasonable Implied Net Cash (INC) I-RORV Replacement Value / Operating metrics centered on cash & returns

 

Multiple Levers to Enhance Feed Segment Profitability 15 • Rendering & UCO processing ~95% of Feed Segment ADJ. EBITDA • @ current I -RORV, still room to increase margins from current levels as many regions are at capacity • PPI industrial construction up 67% from 2019-2026: old contracts repricing to account for COVID inflation • I-RORV improvement focus ➢ Operational Efficiency ➢ Commercial Optimization ➢ Market Conditions ➢ Price Risk Management ➢ Contract Management @Current I-RORV% 1% 2% 3% Implied Return on Replacement Value (I -RORV) + + + ADJ. EBITDA INC $150 – 300 million potential improvement in ADJ. EBITDA & INC

 

16 65% 52% 35% 35% 48% 50% 15% 2020 2025 2030 ADJ. EBITDA Mix Gelatin Collagen Targeted Ingredients 80% 70% 64% 20% 30% 33% 3% 0% 20% 40% 60% 80% 100% 2020 2025 2030 Volume Mix Collagen/gelatin represents 80% of Food Segment ADJ. EDBITDA %’s reflected are approximate splits: 2020 & 2025 based on actual results and 2030 is estimated Food Segment Evolution Drives Higher Earnings Quality

 

17 Consistent Cash Generation Across Market Cycles ADJ. EBITDA Darling Non -DGD $900 $1050 $1200 DGD DAR 50% $200 $550 $900 TOTAL DARLING ADJ. EBITDA $1,100 $1,600 $2,100 CAPEX & EXPENSES CAPEX ($400) ($400) ($400) Interest + Taxes + Other ($300) ($325) ($350) TOAL CAPEX & EXPENSES ($700) ($725) ($750) DAR CASH AVAILABLE $400 $875 $1,350 Down -Cycle Mid -Cycle Up -CycleMillions USDs Market Scenarios • DGD $1.50 ADJ. EBITDA/gal • Tight global oilseed crops; vegoil & protein production; fat >$0.70/lb. • Limited tariff environment • DGD $0.92 ADJ. EBITDA/gal* • Balanced global oilseed crops; vegoil & protein production; fat $0.50 - $0.70/lb. • Limited tariff environment • Similar to Q1 2026 run -rate • DGD $0.33 ADJ. EBITDA/gal • Large global oilseed crops; vegoil & protein production; fat <$0.50/lb. • High tariff environment; limited international trade Down -Cycle Mid -Cycle Up -Cycle *$0.92 per gallon is not an estimate of future margins; rather it is an approximate average DGD EBTIDA per gallon from 2021 -2025

 

2026 – 2027 RVO is driving increased demand Darling Ingredients Takeaways • We believe the RVO is working as intended – increasing domestic feedstock demand and increasing domestic renewable fuel production • June RIN generation illustrated the industry’s ability to increase production in an improved margin environment • While margins have improved, we believe RINs need to remain supportive to continue to incentivize production and fulfill the RVO • We expect imported volumes to increase as supply chain takes longer to arrive • We believe that through continued production increases, imports, SREs and normal historical deficit carryforwards, the current RVO appears appropriately sized Sources • 2025 – June 2026 U.S. Production and imports based on EPA actuals • Supply from July 2026- 2027 assumes June 2026 EPA actuals held constant through 2027 • Bloomberg Intelligence 2025 2026 2027 billion RINs Beginning Net RIN Bank Pre SREs 0.85 -1.02 -4.07 2022 + Prior 0.95 0.95 0.95 2023 0.91 0.91 0.91 2024 0.93 0.93 0.93 2025 1.23 1.23 =Adj. Beginning RIN Bank 3.64 2.99 -0.06 Mandates + Exports (Demand) Conventional -15.72 -15.00 -15.00 Non Cellulosic Advanced -6.44 -9.46 -9.55 Exports -1.68 -1.26 -1.26 Other Retirements -0.11 -0.12 -0.13 Annual Mandated RINS -23.95 -25.84 -25.94 SRE Impact 1.23 RIN Generation (Supply) Ethanol 14.66 14.80 14.80 Biodiesel Dom 1.66 2.25 2.52 RD Dom 4.85 5.78 6.57 SAF Dom 0.37 0.49 0.53 Biodiesel Imp 0.05 0.09 0.15 RD+SAF Imp 0.25 0.17 0.21 Other Advanced 0.23 0.21 0.30 =Total Generation 22.07 23.78 25.08 Ending RIN Bank PRE REALLOCATION 0.93 -0.91 Reallocation % 70% 70% WITH Reallocation 2.99 (0.06) (1.95) 2025 2026F 2027F Ethanol 14.66 14.80 14.80 Biodiesel Dom 1.11 1.50 1.68 RD Dom 2.85 3.50 3.98 SAF Dom 0.22 0.30 0.32 Biodiesel Imp 0.03 0.06 0.10 RD+SAF Imp 0.15 0.10 0.13 Bln Gallons

 

California LCFS and RIN Value History $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2022 2023 2024 2025 2026 Biofuel RIN Values ($/RIN) Source: Argus D4 - Biomass-based diesel D6 - Ethanol $0 $50 $100 $150 Monthly Average LCFS Carbon Credit Price (USD/MT)

 

Feed Segment Historical (unaudited) US$ (in millions) Q1-2025 Q2-2025 Q3-2025 Q4-2025 Total 2025 Q1-2026 Q2-2026 Total Net Sales $ 896.3 $ 936.5 $ 1,029.1 $ 1,128.2 $ 3,990.1 $ 985.3 $ 1,149.5 Gross Margin 182.3 214.5 249.8 277.3 923.8 249.0 320.0 Gross Margin % 20.3% 22.9% 24.3% 24.6% 23.2% 25.3% 27.8% Loss (Gain) on sale of assets 0.1 1.1 (0.1) (0.2) 0.9 0.3 (0.2) SG&A 71.6 77.5 75.9 84.1 309.1 79.9 79.7 SG&A Margin % 8.0% 8.3% 7.4% 7.5% 7.7% 8.1% 6.9% Operating Income 21.0 39.9 90.4 63.9 215.2 77.8 150.7 Segment Adjusted EBITDA $ 110.6 $ 135.9 $ 174.0 $ 193.4 $ 613.9 $ 168.7 $ 240.5 Raw Material Processed (mmts) 3.1 3.1 3.2 3.4 12.7 3.1 3.1

 

Feed Segment Sales (unaudited) US $ (in millions) Fats Proteins Other Total Rendering Used Cooking Oils Bakery Other Total Net sales three months ended June 28, 2025 390.0$ 327.0$ 70.8$ 787.8$ 85.3$ 51.5$ 11.9$ 936.5$ Increase/(decrease) in sales volumes -24.3 11.5 0 (12.8) 21.2 (4.4) 0 4.0 Increase/(decrease) in finished goods prices 124.7 27.5 0 152.2 57.5 (0.1) - 209.6 Increase in currency exchange rates 3.1 4.9 0.5 8.5 8.5 Other change (8.3) (8.3) (0.8) (9.1) Total change 103.5 43.9 (7.8) 139.6 78.7 (4.5) (0.8) 213.0 Net sales three months ended July 4, 2026 493.5$ 370.9$ 63.0$ 927.4$ 164.0$ 47.0$ 11.1$ 1,149.5$ US $ (in millions) Fats Proteins Other Total Rendering Used Cooking Oils Bakery Other Total Net sales six months ended June 28, 2025 731.5$ 678.2$ 133.0$ 1,542.7$ 164.2$ 102.2$ 23.7$ 1,832.8$ Increase/(decrease) in sales volumes (18.6) 28.6 - 10.0 20.7 (11.1) - 19.6 Increase/(decrease) in finished goods prices 154.2 14.4 - 168.6 88.0 (2.7) - 253.9 Increase in currency exchange rates 11.0 15.7 0.5 27.2 0.6 - - 27.8 Other change - - 1.7 1.7 - - (1.0) 0.7 Total change 146.6 58.7 2.2 207.5 109.3 (13.8) (1.0) 302.0 Net sales six months ended July 4, 2026 878.1$ 736.9$ 135.2$ 1,750.2$ 273.5$ 88.4$ 22.7$ 2,134.8$

 

Food Segment Historical (unaudited) US$ (in millions) Q1-2025 Q2-2025 Q3-2025 Q4-2025 Total 2025 Q1-2026 Q2-2026 Total Net Sales $ 349.2 $ 386.1 $ 380.6 $ 429.1 $ 1,545.0 $ 405.2 $ 408.5 Gross Margin 102.5 103.9 104.8 116.9 428.1 117.3 148.3 Gross Margin % 29.3% 26.9% 27.5% 27.2% 27.7% 28.9% 36.3% Loss (gain) on sale of assets 0.1 0.0 0.0 (0.7) (0.7) 0.1 0.4 SG&A 29.6 34 33.3 35.1 133.8 36.4 39.4 SG&A Margin % 8.5% 8.8% 8.7% 8.2% 8.7% 9.0% 9.6% Operating Income 41.4 42.6 41.8 26.1 151.8 50.8 74.9 Segment Adjusted EBITDA 70.9 69.9 71.6 82.4 294.9 80.8 108.5 Raw Material Processed (mmts) 0.33 0.32 0.31 0.35 1.32 0.33 0.33

 

Fuel Segment Historical (unaudited) US$ (in millions) Q1-2025 Q2-2025 Q3-2025 Q4-2025 Total 2025 Q1-2026 Q2-2026 Total Net Sales $ 135.1 $ 158.8 $ 154.2 $ 152.6 $ 600.8 $ 160.3 $ 166.1 Gross Margin 26.6 27.6 32.3 35.0 121.6 38.7 35.1 Gross Margin % 19.7% 17.3% 20.9% 22.9% 20.2% 24.1% 21.1% Gain on sale of assets (0.1) (0.1) (0.2) (0.1) (0.5) (0.2) (0.3) SG&A 8.5 9.0 8.1 8.0 33.6 10.1 9.4 Depreciation and amortization 8.6 8.8 9.1 9.9 36.4 8.9 9.2 Equity in net income/(loss) of DGD (30.5) 6.0 (45.8) 21.6 (48.8) 107.4 350.0 Operating Income/(Loss) (20.9) 15.9 (30.5) 38.9 3.4 127.2 366.8 Segment adjusted EBITDA 18.2 18.6 24.5 27.2 88.5 28.7 26.0 DGD adjusted EBITDA (Darling's Share) 6.0 42.6 (2.9) 57.9 103.7 151.2 389.2 Combined adjusted EBITDA (1) $ 24.2 $ 61.3 $ 21.6 $ 85.1 $ 192.2 $ 179.9 $ 415.2 Raw Material Processed (mmts) (2) 0.37 0.34 0.35 0.39 1.5 0.37 0.38

 

2026 Finished Product Pricing Feed Segment Ingredients January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Yellow Grease - Illinois / cwt $34.00 $35.58 $40.30 $36.63 $48.00 $50.50 $53.74 $50.75 Used Cooking Oil (UCO) - Illinois / cwt $40.50 $43.71 $47.66 $43.96 $56.98 $69.05 $71.52 $65.84 Bleachable Fancy Tallow - Chicago Renderer / cwt $55.30 $57.22 $66.07 $59.53 $80.62 $89.70 $89.23 $86.51 Meat and Bone Meal - Ruminant - IL/ ton $284.50 $286.84 $292.73 $288.02 $306.19 $317.50 $322.86 $315.52 Poultry By-Product Meal - Feed Grade - Mid South/ton $352.50 $352.50 $378.52 $361.17 $398.81 $405.00 $467.14 $423.65 Poultry By-Product Meal - Pet Food - Mid South/ton $552.50 $561.05 $652.84 $588.80 $728.57 $782.50 $798.21 $769.76 2026 Vegetable Oils Pricing Competing Ingredient for Feed Segment fats & biofuel feedstock January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Soybean Oil (crude/de-gummed) - Central Illinois / cwt $49.40 $55.83 $66.08 $57.10 $72.57 $78.99 $77.05 $76.20 Soybean Oil (RBD) - Central Illinois / cwt $52.88 $59.42 $69.95 $60.75 $76.91 $83.16 $81.16 $80.41 Distiller's Corn Oil - IL/WI cwt $54.01 $59.41 $70.86 $61.43 $78.04 $85.43 $83.73 $82.39 2026 Cash Corn Pricing Competing Ingredient for Bakery Feeds and Fats January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Corn - Track Central IL #2 Yellow / bushel $4.11 $4.15 $4.39 $4.22 $4.33 $4.36 $3.96 $4.22 2026 European Benchmark Pricing Palm Oil - Competing ingredient for edible fats in Food Segment Soy meal - Competing ingredient for protein meals in Feed Segment January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Palm oil - CIF Rotterdam / metric ton $1,288 $1,353 $1,463 $1,368 $1,551 $1,448 $1,572 $1,524 Soy meal - CIF Rotterdam / metric ton $375 $388 $407 $390 $425 $428 $407 $420 QTR. over QTR. (Sequential) Year over Year (Q2) Comparison Q1-2026 Q2-2026 % Q2-2025 Q2-2026 % Average Jacobsen Prices (USD) Avg. Avg. Change Avg. Avg. Change Yellow Grease - Illinois / cwt $36.63 $50.75 38.5% $36.63 $50.75 38.5% Used Cooking Oil (UCO) - Illinois / cwt $43.96 $65.84 49.8% $45.31 $65.84 45.3% Bleachable Fancy Tallow - Chicago Renderer / cwt $59.53 $86.51 45.3% $57.16 $86.51 51.3% Meat and Bone Meal - Ruminant - Illinois / ton $288.02 $315.52 9.5% $272.00 $315.52 16.0% Poultry By-Product Meal - Feed Grade - Mid South / ton $361.17 $423.65 17.3% $275.40 $423.65 53.8% Poultry By-Product Meal - Pet Food - Mid South / ton $588.80 $769.76 30.7% $464.30 $769.76 65.8% Soybean Oil (crude/de-gummed) - Central Illinois / cwt $57.10 $76.20 33.5% $49.04 $76.20 55.4% Soybean Oil (RBD) - Central Illinois / cwt $60.75 $80.41 32.4% $53.19 $80.41 51.2% Distiller's Corn Oil - IL/WI per cwt $61.43 $82.39 34.1% $55.64 $82.39 48.1% Average Wall Street Journal Prices (USD) Corn - Track Central IL #2 Yellow / bushel $4.22 $4.22 0.0% $4.33 $4.22 -2.5% Average Thomson Reuters Prices (USD) Palm oil - CIF Rotterdam / metric ton $1,368 $1,524 11.4% $1,306 $1,524 16.7% Soy meal - CIF Rotterdam / metric ton $390 $420 7.7% $362 $420 16.0% 2026 Average Jacobsen Prices (USD) 2026 Average Jacobsen Prices (USD) 2026 Average Wall Street Journal Prices (USD) 2026 Average Thomson Reuters Prices (USD) Historical Pricing

 

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) (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 a ver age 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 av era ge 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. Adjusted EBITDA July 4, June 28, July 4, June 28, (U.S. dollars in thousands) 2026 2025 2026 2025 Net income/(loss) attributable to Darling 387,312 12,661 521,625 (13,499) Depreciation and amortization 130,180 121,062 261,089 244,897 Interest expense 55,526 51,873 109,643 109,840 Income tax expense 110,638 4,065 149,264 2,911 Restructuring and asset impairment charges 3,933 — 4,297 — Acquisition and integration costs 13,218 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, net 1,918 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 interests 1,957 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 Three Months Ended Six Months Ended

 

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 measur e o f 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 cos ts, 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), equit y 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 perfor man ce 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 inform ation 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 meas ure 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 oper ati ng 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 com par able 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 amortizat ion, 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 -controllin g 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 use ful 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, inc ome 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 a ddi tion 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% Not es 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 Se cured 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 V enture. 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 meas ure 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 a s 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 r eco gnized 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 ope rat ing 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 expense, net, and DGD’s depreciation, amortization and accretion expense less other income. Management believes that DGD Adjusted EBITDA is us efu l 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 p erformance 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. Non -U.S. GAAP Measures

 

Combined Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income, as a meas ure 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 Com pan y’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 con sists 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 compar ed 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 ac cor dance 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 performan ce. 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 pres ent ation 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 pe rformance 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. Non -U.S. GAAP Measures

 

FINANCIAL RESULTS Q2 2026 July 30, 2026

 

Source: View Original Filing on SEC EDGAR

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