Darling Ingredients Inc. Reports Third Quarter 2026 Results

Darling Ingredients Inc. Reports Third Quarter 2026 Results IRVING, TEXAS--( BUSINESS WIRE)-- Darling Ingredients Inc. (NYSE: DAR) today reported net income attributable to Darling of $267.0 million or $1.67 per GAAP diluted share for the third quarter of 2026, compared to net income attributable to Darling of $19.4 million, or $0.12 per GAAP diluted share, for the third quarter of 2025. The company also reported total net sales of $1.8 billion for the third quarter of 2026, compared with total net sales of $1.6 billion for the same period a year ago.

“Our core business delivered another quarter of exceptional performance, demonstrating its resilience and strong cash flow generation,” said Randall C. Stuewe, Chairman and Chief Executive Officer. “This financial strength, bolstered by substantial cash from Diamond Green Diesel, enabled us to realize a $420 million reduction in net debt and return capital to our shareholders. With a strong balance sheet and a great outlook, the momentum is undeniable as we position the company for a successful 2027.”

For the nine months ended Oct. 3, 2026, the company reported net income attributable to Darling of $788.6 million, or $4.91 per GAAP diluted share, compared to a net income attributable to Darling of $5.9 million, or $0.04 per GAAP diluted share for the same period a year ago. Net sales for the first nine months of 2026 were $5.1 billion, compared to $4.4 billion for the same period in 2025.

In the three months ended Sept. 30, 2026, DGD sold/shipped 314.9 million gallons of renewable fuels. For the nine months ended Sept. 30, 2026, DGD sold/shipped 936.1 million gallons of renewable fuels. As determined on a stand-alone basis by Darling Ingredients, DGD Adjusted EBITDA per gallon for the three months ended Sept. 30, 2026, was $1.30. As determined on a stand-alone basis by Darling Ingredients, DGD Adjusted EBITDA per gallon for the nine months ended Sept. 30, 2026, was $1.59. The company received approximately $33.4 million in dividends and approximately $137.6 million from Production Tax Credit sales from DGD in the third quarter.

Combined Adjusted EBITDA for the third quarter of 2026 was $514.3 million, compared to $244.9 million for the same period in 2025. For the first nine months ending Oct. 3, 2026, combined adjusted EBITDA was approximately $1.7 billion, compared to $690.2 million for the same period in 2025.

As of October 3, 2026, Darling Ingredients had $121.7 million in cash and cash equivalents, and $1.7 billion available under its committed revolving credit agreement. Total debt outstanding as of Oct. 3, 2026, was $3.5 billion. The preliminary leverage ratio as measured by the company’s bank covenant was 1.7X as of Oct. 3, 2026. During the quarter, the company repurchased $75.9 million of its common stock, bringing its repurchases through the third quarter to $149.4 million. Capital expenditures were approximately $343.5 million year-to-date 2026. The company estimates capital expenditures to be approximately $450.0 million for fiscal year 2026.

Driven by an ongoing focus on deleveraging and confidence in the cash-generating power of its global operations, the company anticipates ending fiscal year 2026 with net debt at or below $3.0 billion, with a leverage ratio below 1.5X. Reflecting this financial strength, Darling Ingredients reaffirms fiscal year 2026 Combined Adjusted EBITDA guidance of $2.2-$2.3 billion, positioning the business to carry strong momentum into 2027.

Darling Ingredients Inc. and Subsidiaries

Consolidated Statements of Operations

For the Three and Nine Months Ended October 3, 2026 and September 27, 2025

(in thousands, except per share data, unaudited)

Three Months Ended

Nine Months Ended

$ Change

October 3,

September 27,

Favorable

October 3,

September 27,

Favorable

2026

2025

(Unfavorable)

2026

2025

(Unfavorable)

Net sales to third parties

1,359,115

1,221,846

137,269

3,971,868

3,574,476

397,392

Net sales to related party - Diamond Green Diesel

432,001

342,120

89,881

1,094,147

851,602

242,545

Total net sales

1,791,116

1,563,966

227,150

5,066,015

4,426,078

639,937

Costs and expenses:

Cost of sales and operating expenses (excludes depreciation and amortization, shown separately below)

1,313,572

1,176,957

(136,615

)

3,680,177

3,381,801

(298,376

)

(Gain)/loss on sale of assets

572

(375

)

(947

)

659

639

(20

)

Selling, general and administrative expenses

166,893

139,594

(27,299

)

466,910

399,219

(67,691

)

Restructuring and asset impairment charges

—

4,297

—

(4,297

)

Acquisition and integration costs

5,782

6,156

374

23,970

11,073

(12,897

)

Change in fair value of contingent consideration

995

—

(995

)

995

18,024

17,029

Depreciation and amortization

135,667

124,064

(11,603

)

396,756

368,961

(27,795

)

Total costs and expenses

1,623,481

1,446,396

(177,085

)

4,573,764

4,179,717

(394,047

)

Equity in net income/(loss) of Diamond Green Diesel

165,636

(45,844

)

211,480

623,029

(70,367

)

693,396

Operating income

333,271

71,726

261,545

1,115,280

175,994

939,286

Other expense:

Interest expense

(51,460

)

(56,925

)

5,465

(161,103

)

(166,765

)

5,662

Loss on early retirement of debt

—

(2,978

)

2,978

Foreign currency gain

462

1,067

(605

)

3,813

1,018

2,795

Gain on sale of businesses

63,473

1,686

61,787

63,473

1,686

61,787

Other expense, net

(3,000

)

(1,024

)

(1,976

)

(7,928

)

(4,217

)

(3,711

)

Total other income/(expense)

9,475

(55,196

)

64,671

(101,745

)

(171,256

)

69,511

Equity in net income of other unconsolidated subsidiaries

2,377

3,277

(900

)

7,177

8,431

(1,254

)

Income from operations before income taxes

345,123

19,807

325,316

1,020,712

13,169

1,007,543

Income tax expense/(benefit)

76,810

(1,248

)

(78,058

)

226,074

1,663

(224,411

)

Net income

268,313

21,055

247,258

794,638

11,506

783,132

Net income attributable to noncontrolling interests

(1,327

)

(1,692

)

365

(6,027

)

(5,642

)

(385

)

Net income attributable to Darling

266,986

19,363

247,623

788,611

5,864

782,747

Basic income per share:

1.70

0.12

1.58

4.98

0.04

4.94

Diluted income per share:

1.67

0.12

1.55

4.91

0.04

4.87

Number of diluted common shares:

160,134

159,947

160,598

160,067

Segment Financial Tables (in thousands, unaudited)

Feed

Ingredients

Food

Ingredients

Fuel

Ingredients

Corporate

Total

Three Months Ended October 3, 2026

Total net sales

1,206,702

415,798

168,616

—

1,791,116

Cost of sales and operating expenses

872,753

305,541

135,278

—

1,313,572

Gross margin

333,949

110,257

33,338

—

477,544

Loss/(gain) on sale of assets

287

317

(32

)

—

572

Selling, general and administrative expenses

85,953

36,126

9,628

35,186

166,893

Acquisition and integration costs

—

5,782

Change in fair value of contingent consideration

995

—

995

Depreciation and amortization

95,875

29,018

9,046

1,728

135,667

Equity in net income of Diamond Green Diesel

—

165,636

—

165,636

Segment operating income/(loss)

150,839

44,796

180,332

(42,696

)

333,271

Equity in net income of other unconsolidated subsidiaries

2,377

—

2,377

Segment income/(loss)

153,216

44,796

180,332

(42,696

)

335,648

—

Segment Adjusted EBITDA (Non-GAAP)

247,709

73,814

23,742

(35,186

)

310,079

DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)

—

204,205

—

204,205

Combined Adjusted EBITDA (Non-GAAP)

247,709

73,814

227,947

(35,186

)

514,284

Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:

Net income/(loss) attributable to Darling

153,216

44,796

180,332

(111,358

)

266,986

Net income attributable to noncontrolling interests

—

1,327

Income tax expense

—

76,810

Interest expense

—

51,460

Gain on sale of businesses

—

(63,473

)

(63,473

)

Foreign currency gain

—

(462

)

(462

)

Other expense, net

—

3,000

Segment income/(loss)

153,216

44,796

180,332

(42,696

)

335,648

Acquisition and integration costs

—

5,782

Change in fair value of contingent consideration

995

—

995

Depreciation and amortization

95,875

29,018

9,046

1,728

135,667

Equity in net income of Diamond Green Diesel

—

(165,636

)

—

(165,636

)

Equity in net income of other unconsolidated subsidiaries

(2,377

)

—

(2,377

)

Segment Adjusted EBITDA (Non-GAAP)

247,709

73,814

23,742

(35,186

)

310,079

DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *

—

204,205

—

204,205

Combined Adjusted EBITDA (Non-GAAP)

247,709

73,814

227,947

(35,186

)

514,284

*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations

Feed

Ingredients

Food

Ingredients

Fuel

Ingredients

Corporate

Total

Three Months Ended September 27, 2025

Total net sales

1,029,115

380,574

154,277

—

1,563,966

Cost of sales and operating expenses

779,306

275,751

121,900

—

1,176,957

Gross margin

249,809

104,823

32,377

—

387,009

Gain on sale of assets

(125

)

(65

)

(185

)

—

(375

)

Selling, general and administrative expenses

75,938

33,250

8,077

22,329

139,594

Acquisition and integration costs

—

6,156

Depreciation and amortization

83,590

29,839

9,129

1,506

124,064

Equity in net loss of Diamond Green Diesel

—

(45,844

)

—

(45,844

)

Segment operating income/(loss)

90,406

41,799

(30,488

)

(29,991

)

71,726

Equity in net income of other unconsolidated subsidiaries

3,277

—

3,277

Segment income/(loss)

93,683

41,799

(30,488

)

(29,991

)

75,003

Segment Adjusted EBITDA (Non-GAAP)

173,996

71,638

24,485

(22,329

)

247,790

DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)

—

(2,884

)

—

(2,884

)

Combined Adjusted EBITDA (Non-GAAP)

173,996

71,638

21,601

(22,329

)

244,906

Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:

Net income/(loss) attributable to Darling

93,683

41,799

(30,488

)

(85,631

)

19,363

Net income attributable to noncontrolling interests

—

1,692

Income tax benefit

—

(1,248

)

(1,248

)

Interest expense

—

56,925

Gain on sale of businesses

—

(1,686

)

(1,686

)

Foreign currency gain

—

(1,067

)

(1,067

)

Other expense, net

—

1,024

Segment income/(loss)

93,683

41,799

(30,488

)

(29,991

)

75,003

Acquisition and integration costs

—

6,156

Depreciation and amortization

83,590

29,839

9,129

1,506

124,064

Equity in net loss of Diamond Green Diesel

—

45,844

—

45,844

Equity in net income of other unconsolidated subsidiaries

(3,277

)

—

(3,277

)

Segment Adjusted EBITDA (Non-GAAP)

173,996

71,638

24,485

(22,329

)

247,790

DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *

—

(2,884

)

—

(2,884

)

Combined Adjusted EBITDA (Non-GAAP)

173,996

71,638

21,601

(22,329

)

244,906

*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations

Feed

Ingredients

Food

Ingredients

Fuel

Ingredients

Corporate

Total

Nine Months Ended October 3, 2026

Total net sales

3,341,530

1,229,545

494,940

—

5,066,015

Cost of sales and operating expenses

2,438,620

853,713

387,844

—

3,680,177

Gross margin

902,910

375,832

107,096

—

1,385,838

Loss/(gain) on sale of assets

379

793

(513

)

—

659

Selling, general and administrative expenses

245,594

111,967

29,154

80,195

466,910

Restructuring and asset impairment charges

—

4,297

—

4,297

Acquisition and integration costs

—

23,970

Change in fair value of contingent consideration

995

—

995

Depreciation and amortization

276,608

88,234

27,207

4,707

396,756

Equity in net income of Diamond Green Diesel

—

623,029

—

623,029

Segment operating income/(loss)

379,334

170,541

674,277

(108,872

)

1,115,280

Equity in net income of other unconsolidated subsidiaries

7,177

—

7,177

Segment income/(loss)

386,511

170,541

674,277

(108,872

)

1,122,457

—

Segment Adjusted EBITDA (Non-GAAP)

656,937

263,072

78,455

(80,195

)

918,269

DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)

—

744,579

—

744,579

Combined Adjusted EBITDA (Non-GAAP)

656,937

263,072

823,034

(80,195

)

1,662,848

Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:

Net income/(loss) attributable to Darling

386,511

170,541

674,277

(442,718

)

788,611

Net income attributable to noncontrolling interests

—

6,027

Income tax expense

—

226,074

Interest expense

—

161,103

Gain on sale of businesses

—

(63,473

)

(63,473

)

Foreign currency gain

—

(3,813

)

(3,813

)

Other expense, net

—

7,928

Segment income/(loss)

386,511

170,541

674,277

(108,872

)

1,122,457

Restructuring and asset impairment charges

—

4,297

—

4,297

Acquisition and integration costs

—

23,970

Change in fair value of contingent consideration

995

—

995

Depreciation and amortization

276,608

88,234

27,207

4,707

396,756

Equity in net income of Diamond Green Diesel

—

(623,029

)

—

(623,029

)

Equity in net income of other unconsolidated subsidiaries

(7,177

)

—

(7,177

)

Segment Adjusted EBITDA (Non-GAAP)

656,937

263,072

78,455

(80,195

)

918,269

DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *

—

744,579

—

744,579

Combined Adjusted EBITDA (Non-GAAP)

656,937

263,072

823,034

(80,195

)

1,662,848

*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations

Feed

Ingredients

Food

Ingredients

Fuel

Ingredients

Corporate

Total

Nine Months Ended September 27, 2025

Total net sales

2,861,930

1,115,956

448,192

—

4,426,078

Cost of sales and operating expenses

2,215,402

804,765

361,634

—

3,381,801

Gross margin

646,528

311,191

86,558

—

1,044,277

Loss/(gain) on sale of assets

1,075

(34

)

(402

)

—

639

Selling, general and administrative expenses

224,973

98,709

25,645

49,892

399,219

Acquisition and integration costs

—

11,073

Change in fair value of contingent consideration

18,024

—

18,024

Depreciation and amortization

251,139

86,792

26,481

4,549

368,961

Equity in net loss of Diamond Green Diesel

—

(70,367

)

—

(70,367

)

Segment operating income/(loss)

151,317

125,724

(35,533

)

(65,514

)

175,994

Equity in net income of other unconsolidated subsidiaries

8,431

—

8,431

Segment income/(loss)

159,748

125,724

(35,533

)

(65,514

)

184,425

—

Segment Adjusted EBITDA (Non-GAAP)

420,480

212,516

61,315

(49,892

)

644,419

DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)

—

45,799

—

45,799

Combined Adjusted EBITDA (Non-GAAP)

420,480

212,516

107,114

(49,892

)

690,218

Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:

Net income/(loss) attributable to Darling

159,748

125,724

(35,533

)

(244,075

)

5,864

Net income attributable to noncontrolling interests

—

5,642

Income tax expense

—

1,663

Interest expense

—

166,765

Loss on early retirement of debt

—

2,978

Gain on sale of businesses

—

(1,686

)

(1,686

)

Foreign currency gain

—

(1,018

)

(1,018

)

Other expense, net

—

4,217

Segment income/(loss)

159,748

125,724

(35,533

)

(65,514

)

184,425

Acquisition and integration costs

—

11,073

Change in fair value of contingent consideration

18,024

—

18,024

Depreciation and amortization

251,139

86,792

26,481

4,549

368,961

Equity in net loss of Diamond Green Diesel

—

70,367

—

70,367

Equity in net income of other unconsolidated subsidiaries

(8,431

)

—

(8,431

)

Segment Adjusted EBITDA (Non-GAAP)

420,480

212,516

61,315

(49,892

)

644,419

DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) *

—

45,799

—

45,799

Combined Adjusted EBITDA (Non-GAAP)

420,480

212,516

107,114

(49,892

)

690,218

*See reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Operations

Darling Ingredients Inc. and Subsidiaries

Balance Sheet Disclosures

As of October 3, 2026 and January 3, 2026

(in thousands)

(unaudited)

October 3,

January 3,

2026

Cash and cash equivalents

121,716

88,671

Property, plant and equipment, net

2,831,703

2,796,139

Current portion of long-term debt

74,009

75,217

Long-term debt, net of current portion

3,414,433

3,862,243

Other Financial Data

As of October 3, 2026

(unaudited)

October 3,

2026

Net debt (1)

3,366,726

Revolver availability

1,731,337

Capital expenditures - YTD

343,515

Preliminary Leverage Ratio

1.7X

(1) Total debt less cash and cash equivalents.

Diamond Green Diesel Joint Venture

Consolidated Statements of Operations

For the Three and Nine Months Ended September 30, 2026 and September 30, 2025

(in thousands, unaudited)

Three Months Ended

Nine Months Ended

September 30,

2026

2025

2026

2025

Revenues:

Operating revenues

2,392,927

1,203,732

6,488,972

3,201,472

Expenses:

Total costs and expenses less lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense

1,974,852

1,160,562

5,072,649

3,257,113

Lower of cost or market (LCM) inventory valuation adjustment

—

37,811

(96,720

)

(164,438

)

Depreciation, amortization and accretion expense

70,289

75,398

219,237

204,399

Total costs and expenses

2,045,141

1,273,771

5,195,166

3,297,074

Operating income/(loss)

347,786

(70,039

)

1,293,806

(95,602

)

Other income

2,881

1,621

8,092

7,504

Interest and debt expense, net

(10,593

)

(11,922

)

(32,488

)

(34,072

)

Income/(loss) before income tax expense

340,074

(80,340

)

1,269,410

(122,170

)

Income tax expense/(benefit)

(862

)

221

(534

)

1,365

Net income/(loss)

340,936

(80,561

)

1,269,944

(123,535

)

Reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjusted EBITDA:

Net income/(loss)

340,936

(80,561

)

1,269,944

(123,535

)

Income tax expense/(benefit)

(862

)

221

(534

)

1,365

Interest and debt expense, net

10,593

11,922

32,488

34,072

Other income

(2,881

)

(1,621

)

(8,092

)

(7,504

)

Operating income/(loss)

347,786

(70,039

)

1,293,806

(95,602

)

Depreciation, amortization and accretion expense

70,289

75,398

219,237

204,399

DGD Adjusted EBITDA (Non-GAAP)

418,075

5,359

1,513,043

108,797

Less: Discount and Broker Fees

(9,666

)

(11,126

)

(23,886

)

(17,199

)

DGD Adjusted EBITDA (Non-GAAP) after Discount and Broker Fees

408,409

(5,767

)

1,489,157

91,598

Darling's Share 50%

DGD Adjusted EBITDA (Darling's Share) (Non-GAAP)

204,205

(2,884

)

744,579

45,799

Diamond Green Diesel Joint Venture

Consolidated Balance Sheets

September 30, 2026 and December 31, 2025

(in thousands)

September 30,

December 31,

2026

2025

(unaudited)

Assets:

Cash

365,203

195,765

Total other current assets

1,646,653

1,199,194

Property, plant and equipment, net

3,545,312

3,702,254

Other assets

127,835

139,765

Total assets

5,685,003

5,236,978

Liabilities and members' equity:

Revolver

—

Total other current portion of long term debt

28,758

29,487

Total other current liabilities

272,614

332,256

Total long term debt

655,969

677,671

Total other long term liabilities

17,869

17,748

Total members' equity

4,709,793

4,179,816

Total liabilities and members' equity

5,685,003

5,236,978

Reconciliation of Net Income 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 Nine Months Ended October 3, 2026 and September 27, 2025

(in thousands, unaudited)

Three Months Ended

Nine Months Ended

Adjusted EBITDA

October 3,

September 27,

October 3,

September 27,

(U.S. dollars in thousands)

2026

2025

2026

2025

Net income attributable to Darling

266,986

19,363

788,611

5,864

Depreciation and amortization

135,667

124,064

396,756

368,961

Interest expense

51,460

56,925

161,103

166,765

Income tax expense/(benefit)

76,810

(1,248

)

226,074

1,663

Restructuring and asset impairment charges

—

4,297

—

Acquisition and integration costs

5,782

6,156

23,970

11,073

Change in fair value of contingent consideration

995

—

995

18,024

Foreign currency gain

(462

)

(1,067

)

(3,813

)

(1,018

)

Other expense, net

3,000

1,024

7,928

4,217

Loss on early retirement of debt

—

2,978

Gain on sale of businesses

(63,473

)

(1,686

)

(63,473

)

(1,686

)

Equity in net (income)/loss of Diamond Green Diesel

(165,636

)

45,844

(623,029

)

70,367

Equity in net income of other unconsolidated subsidiaries

(2,377

)

(3,277

)

(7,177

)

(8,431

)

Net income attributable to noncontrolling interests

1,327

1,692

6,027

5,642

Adjusted EBITDA (Non-GAAP)

310,079

247,790

918,269

644,419

Foreign currency exchange impact

2,857

(1)

—

(15,621

)

(2)

—

Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)

312,936

247,790

902,648

644,419

DGD Joint Venture Adjusted EBITDA (Darling's share) (Non-GAAP)

204,205

(2,884

)

744,579

45,799

Combined Adjusted EBITDA (Non-GAAP)

514,284

244,906

1,662,848

690,218

(1) The average rates for the three months ended October 3, 2026 were €1.00:$1.15 R$1.00:$0.19 and C$1.00:$0.71 as compared to the average rates for the three months ended September 27, 2025 of €1.00:$1.17, R$1.00:$0.18 and C$1.00:$0.73, respectively.

(2) The average rates for the nine months ended October 3, 2026 were €1.00:$1.16, R$1.00:$0.19 and C$1.00:$0.72 as compared to the average rates for the nine months ended September 27, 2025 of €1.00:$1.12, R$1.00:$0.18 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 Thursday, Oct. 29, 2026, at 9 a.m. Eastern Time (8 a.m. Central Time) to discuss third quarter 2026 financial results and provide an update on company operations. A presentation with accompanying supplemental financial data is available at darlingii.com/investors.

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 meeting ID for immediate access on Oct. 29 or call +1 833-461-5787 (Toll Free) or +1 626-884-3620 using meeting ID 827556345.

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, loss on early retirement of debt, gain on sale of businesses, 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 (Global Ingredients 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 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, gain on sale of businesses, 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 October 3, 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.

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 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 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.

Information reconciling forward-looking Combined 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 Combined Adjusted EBITDA outlook that it believes will be achieved; however, it cannot accurately predict all the components of the Combined Adjusted EBITDA calculation.

DGD Adjusted EBITDA per gallon is not a recognized accounting measurement 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. DGD Adjusted EBITDA per gallon is presented here not as an alternative to net income/(loss) or equity in net income/(loss) of Diamond Green Diesel, but rather as a measure of Diamond Green Diesel's operating performance. Since DGD Adjusted EBITDA per gallon (generally, DGD Adjusted EBITDA less Discount and Broker Fees 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 certain non-cash and 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 (“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.