8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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) May 8, 2019

DARLING INGREDIENTS INC.

(Exact Name of Registrant as Specified in Charter)

Delaware	001-13323	36-2495346
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

251 O’CONNOR RIDGE BLVD., SUITE 300, 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))

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. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock $0.01 par value per share	DAR	New York Stock Exchange (“NYSE”)

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Item 2.02. Results of Operations and Financial Condition.

On May 8, 2019, Darling Ingredients Inc. (the “Company”) issued a press release announcing financial results for the first quarter ended March 30, 2019. A copy of this press release is attached hereto as Exhibit 99.1.

The Company will hold a conference call and webcast on Thursday, May 9, 2019 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 attached hereto as Exhibit 99.2.

The Company is making reference to non-GAAP financial measures in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

The information in this Item 2.02, including the exhibits attached 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 May 8, 2019 (furnished pursuant to Item 2.02).
99.2	Slide Presentation for May 9, 2019 Earnings Call (furnished pursuant to Item 2.02).

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:  May 8, 2019	By:	/s/ John F. Sterling
		John F. Sterling
		Executive Vice President, General Counsel

3

EX-99.1

EXHIBIT 99.1

News Release

DARLING INGREDIENTS INC. REPORTS FIRST QUARTER 2019 FINANCIAL RESULTS:

Robust Global Food Segment, Steady Fuel Segment Performance

May 8, 2019 - IRVING, TEXAS - Darling Ingredients Inc. (NYSE: DAR), a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy, and fertilizer industries, today announced financial results for the 2019 first quarter ended March 30, 2019.

First Quarter 2019 Overview

• Revenue of $835.1 million

• Net income of $18.0 million

• Adjusted EBITDA of $103.4 million

• Difficult winter and North America flooding impacted operations

• Continued strong global raw material volumes, up 2.7 percent year over year

• High global slaughter volumes, China trade disruptions and African Swine Fever (ASF) created lower pricing environment for Feed segment fats and proteins

• Collagen business drove record Food segment earnings

• Diamond Green Diesel (“DGD”) JV issued $17.7 million partner dividend in early April

• Launched and priced U.S. Bonds refinance in late March, extending maturity from 2022 to 2027 with more favorable terms

For the first quarter of 2019, the Company reported net sales of $835.1 million, as compared with net sales of $875.4 million for the first quarter of 2018. Net income attributable to Darling for the three months ended March 30, 2019 was $18.0 million, or $0.11 per diluted share, compared to a net income of $97.3 million, or $0.58 per diluted share, for the first quarter of 2018. The year-over-year decrease in net income for the first quarter 2019 is primarily due to the inclusion of the 2017 retroactive blenders tax credit (“BTC”) in the results for the first quarter 2018, as compared to no BTC, to date, in 2019. Additionally, lower pet grade protein margins, higher energy costs due to a difficult winter, FX variance and costs associated with North America flooding negatively impacted earnings.

Comments on the First Quarter 2019

“Our teams executed well during the first quarter 2019 despite headwinds impacting our finished product pricing, challenging weather events disrupting some of our operations in North America and African Swine Fever pressuring the global marketplace,” said Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients Inc. “Global volumes trended higher, the Food segment reported record results, and we delivered overall improved adjusted EBITDA when adjusting the prior year for the BTC and a stronger U.S. dollar.”

“Construction is underway on Super Diamond that increases annual production capacity at our Diamond Green Diesel JV to 675 million gallons of renewable diesel plus additional renewable naphtha. We anticipate completion in fourth quarter 2021,” Stuewe concluded.

News Release May 8, 2019 Page 2

Operational Update by Segment

• Feed Ingredients - Pricing environment pressured by ample oilseed supplies with slight improvement in fats pricing. China trade disruptions and ASF weighed on protein values along with seasonally weaker demand for North America pet food. Extreme weather events, including Midwest flooding, disrupted logistics and plant operations in North America. Strong slaughter drove global volumes up 3 percent year-over-year.

• Food Ingredients - Rousselot collagen business excelled operationally and gained market share, delivering robust earnings led by volume growth in new product mix changes and improved margins, which more than offset lower CTH casings margins from decreased sales volumes. Lower segment sales resulted from the 2018 Argentina collagen plant closure while China and South American markets performed as expected. Strengthening Euro tempered margins at European operations. Deflationary global palm oil markets pressured Sonac edible fats margins.

• Fuel Ingredients - Segment showed consistent performance absent the $12.6 million BTC that was made retroactive for 2017 and booked in February 2018. Ecoson bioenergy operations delivered improved performance with the addition of our Belgium digester contributing solid earnings. Rendac, our European disposal rendering business, reflected softened results with lower livestock and slaughter volumes. North American biodiesel facilities reported steady earnings without the BTC.

• Diamond Green Diesel Joint Venture (DGD) - DGD met expectations with first quarter earnings impacted by the reversal of hedge gain realized in the 2018 fourth quarter. Results reflect entity level EBITDA of $0.84 per gallon on 71.1 million gallons of sales. Since its latest expansion to 275 million gallons, DGD is tracking on target when averaging Q4 2018 and Q1 2019 EBITDA per gallon to a net run rate of $1.24 EBITDA per gallon. JV partner dividend of $17.7 million received early April 2019. Super Diamond phase three expansion is underway and on schedule, expanding capacity by 400 million gallons in a parallel plant, which will increase annual production to 675 million gallons of renewable diesel plus an additional 50-60 million gallons of renewable naphtha for green gasoline markets. Estimated expansion costs of $1.1 billion is expected to be substantially funded by entity’s cash flows.

Financial Update by Segment

Feed Ingredients	Three Months Ended
($ thousands)	March 30, 2019		March 31, 2018
Net sales	$	495,819	$	485,798
Selling, general and administrative expenses	48,831		48,265
Depreciation and amortization	49,369		46,789
Segment operating income	15,151		21,656
EBITDA	$	64,520	$	68,445
*EBITDA calculated by adding depreciation and amortization to segment operating income.

• Feed Ingredients operating income for the three months ended March 30, 2019 was $15.2 million, a decrease of $6.5 million or (30.0)% as compared to the three months ended March 31, 2018. Feed Ingredients segment operating income was down in the three months ended March 30, 2019 as compared to the same period in fiscal 2018 due to an increase in raw material prices relative to the sales price in the domestic markets and less favorable

News Release May 8, 2019 Page 3

supply volume mix which compressed margins in the international markets that more than offset higher volumes and higher prices in North American markets.

Food Ingredients	Three Months Ended
($ thousands)	March 30, 2019		March 31, 2018
Net sales	$	279,164	$	305,520
Selling, general and administrative expenses	21,887		23,861
Depreciation and amortization	19,511		20,640
Segment operating income	23,648		11,834
EBITDA	$	43,159	$	32,474
*EBITDA calculated by adding depreciation and amortization to segment operating income.

• Food Ingredients operating income was $23.6 million for the three months ended March 30, 2019, an increase of $11.8 million or 100.0% as compared to the three months ended March 31, 2018. The increase was primarily due to improved results in gelatin and collagen markets. The Company’s edible fat prices were lower as a result of lower competing fat markets as compared to the same period in fiscal 2018. The casings business delivered lower earnings due to lower sales volumes and lower margins as compared to the same period in fiscal 2018.

Fuel Ingredients	Three Months Ended
($ thousands)	March 30, 2019			March 31, 2018
Net sales	$	60,121		$	84,056
Selling, general and administrative expenses	(754		)	(1,398		)
Depreciation and amortization	7,798			8,471
Segment operating income	3,000			17,157
EBITDA	$	10,798		$	25,628
*EBITDA calculated by adding depreciation and amortization to segment operating income.

• Exclusive of the DGD Joint Venture, the Company’s Fuel Ingredients segment income for the three months ended March 30, 2019 was $3.0 million, a decrease of $14.2 million or (82.6)% as compared to the same period in fiscal 2018. The decrease in earnings is primarily related to the fiscal 2017 blenders tax credits recorded in the first quarter of fiscal 2018 in North America as compared to no blenders tax credits booked in the same period of fiscal 2019.

News Release May 8, 2019 Page 4

Darling Ingredients Inc. and Subsidiaries

Consolidated Operating Results

For the Periods Ended March 30, 2019 and March 31, 2018

(in thousands, except per share data)

(unaudited)

	Three Months Ended
							$ Change
	March 30,			March 31,			Favorable
	2019			2018			(Unfavorable)
Net sales	$	835,104		$	875,374		$	(40,270	)
Costs and expenses:
Cost of sales and operating expenses	646,663			678,099			31,436
Selling, general and administrative expenses	85,003			86,902			1,899
Depreciation and amortization	79,164			78,619			(545		)
Total costs and expenses	810,830			843,620			32,790
Operating income	24,274			31,754			(7,480		)
Other expense:
Interest expense	(19,876		)	(23,124		)	3,248
Foreign currency loss	(732		)	(1,481		)	749
Other expense, net	(2,525		)	(2,516		)	(9		)
Total other expense	(23,133		)	(27,121		)	3,988
Equity in net income of unconsolidated subsidiaries	23,773			97,154			(73,381		)
Income before income taxes	24,914			101,787			(76,873		)
Income taxes expense	5,274			3,712			(1,562		)
Net income	19,640			98,075			(78,435		)
Net income attributable to noncontrolling interests	(1,628		)	(770		)	(858		)
Net income attributable to Darling	$	18,012		$	97,305		$	(79,293	)
Basic income per share:	$	0.11		$	0.59		$	(0.48	)
Diluted income per share:	$	0.11		$	0.58		$	(0.47	)
Number of diluted common shares:	168,660			167,742

News Release May 8, 2019 Page 5

Darling Ingredients Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

March 30, 2019 and December 29, 2018

(in thousands)

		March 30,		December 29,
		2019		2018
ASSETS		(unaudited)
Current assets:
	Cash and cash equivalents	$	95,716	$	107,262
	Restricted cash	107		107
	Accounts receivable, net	371,339		385,737
	Inventories	339,882		341,028
	Prepaid expenses	39,070		35,247
	Income taxes refundable	4,102		6,462
	Other current assets	20,959		22,099
	Total current assets	871,175		897,942
Property, plant and equipment, less accumulated depreciation, net		1,691,558		1,687,858
Intangible assets, net		579,313		595,862
Goodwill		1,222,382		1,229,159
Investment in unconsolidated subsidiaries		433,381		410,177
Operating lease right-of-use assets		129,721		—
Other assets		53,487		53,375
Deferred income taxes		14,037		14,981
		$	4,995,054	$	4,889,354
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Current portion of long-term debt	$	23,693	$	7,492
	Accounts payable, principally trade	192,511		219,479
	Income taxes payable	8,861		4,043
	Current operating lease liabilities	39,776		—
	Accrued expenses	281,331		309,484
	Total current liabilities	546,172		540,498
Long-term debt, net of current portion		1,663,763		1,666,940
Long-term operating lease liabilities		89,100		—
Other non-current liabilities		113,984		115,032
Deferred income taxes		225,336		231,063
	Total liabilities	2,638,355		2,553,533
Commitments and contingencies
Total Darling's stockholders' equity:		2,290,539		2,273,048
Noncontrolling interests		66,160		62,773
	Total stockholders' equity	$	2,356,699	$	2,335,821
		$	4,995,054	$	4,889,354

News Release May 8, 2019 Page 6

Darling Ingredients Inc. and Subsidiaries

Consolidated Statement of Cash Flows

Three Months Ended March 30, 2019 and March 31, 2018

(in thousands)

(unaudited)

	Three Months Ended
	March 30,			March 31,
Cash flows from operating activities:	2019			2018
Net income	$	19,640		$	98,075
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	79,164			78,619
Gain on disposal of property, plant, equipment and other assets	(4,250		)	(462		)
Gain on insurance proceeds from insurance settlements	(845		)	(503		)
Deferred taxes	(2,901		)	(2,649		)
Increase in long-term pension liability	646			159
Stock-based compensation expense	10,327			8,992
Write-off deferred loan costs	27			—
Deferred loan cost amortization	1,574			2,939
Equity in net income of unconsolidated subsidiaries	(23,773		)	(97,154		)
Distribution of earnings from unconsolidated subsidiaries	—			—
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	11,692			(14,590		)
Income taxes refundable/payable	7,270			(1,384		)
Inventories and prepaid expenses	(5,063		)	(10,182		)
Accounts payable and accrued expenses	(43,016		)	(38,422		)
Other	(1,891		)	3,486
Net cash provided by operating activities	48,601			26,924
Cash flows from investing activities:
Capital expenditures	(84,269		)	(56,587		)
Acquisition, net of cash acquired	(1,431		)	—
Investment of unconsolidated subsidiaries	—			(3,500		)
Proceeds from sale of investment in subsidiary	—			2,805
Gross proceeds from disposal of property, plant and equipment and other assets	7,868			1,479
Proceeds from insurance settlement	845			503
Payments related to routes and other intangibles	(2,778		)	(15		)
Net cash used by investing activities	(79,765		)	(55,315		)
Cash flows from financing activities:
Proceeds from long-term debt	2,138			3,876
Payments on long-term debt	(10,974		)	(9,622		)
Borrowings from revolving credit facility	156,829			135,184
Payments on revolving credit facility	(138,147		)	(80,019		)
Net cash overdraft financing	14,525			(331		)
Deferred loan costs	—			(1,094		)
Issuance of common stock	12			182
Minimum withholding taxes paid on stock awards	(3,190		)	(2,018		)
Net cash provided by financing activities	21,193			(46,158		)
Effect of exchange rate changes on cash	(1,575		)	(1,672		)
Net increase in cash, cash equivalents and restricted cash	(11,546		)	16,095
Cash, cash equivalents and restricted cash at beginning of period	107,369			106,916
Cash, cash equivalents and restricted cash at end of period	$	95,823		$	123,011
Supplemental disclosure of cash flow information:
Accrued capital expenditures	$	(8,623	)	$	(1,934	)
Cash paid during the period for:
Interest, net of capitalized interest	$	21,602		$	19,142
Income taxes, net of refunds	$	2,894		$	7,120
Non-cash financing activities:
Operating lease right of use asset	$	4,794		$	—
Debt issued for assets	$	—		$	17

News Release May 8, 2019 Page 7

Selected financial information for the Company's Diamond Green Diesel Joint Venture is as follows:

Diamond Green Diesel Joint Venture

Condensed Consolidated Balance Sheets

March 31, 2019 and December 31, 2018

(in thousands)

	March 31,		December 31,
	2019		2018
Assets:
Total current assets	$	225,948	$	186,258
Property, plant and equipment, net	591,927		576,384
Other assets	26,427		24,601
Total assets	$	844,302	$	787,243
Liabilities and members' equity:
Total current portion of long term debt	$	276	$	189
Total other current liabilities	44,440		40,619
Total long term debt	9,010		8,485
Total other long term liabilities	4,612		539
Total members' equity	785,964		737,411
Total liabilities and members' equity	$	844,302	$	787,243

Diamond Green Diesel Joint Venture

Operating Financial Results

Three Months Ended March 31, 2019 and March 31, 2018

(in thousands)

(unaudited)

	Three Months Ended
							$ Change
	March 31,			March 31,			Favorable
	2019			2018			(Unfavorable)
Revenues:
Operating revenues	$	302,718		$	150,321		$	152,397
Expenses:
Total costs and expenses less depreciation, amortization and accretion expense	243,063			(49,821		)	(292,884		)
Depreciation, amortization and accretion expense	11,418			6,120			(5,298		)
Total costs and expenses	254,481			(43,701		)	(298,182		)
Operating income	48,237			194,022			(145,785		)
Other income	641			377			264
Interest and debt expense, net	(324		)	—			(324		)
Net income	$	48,554		$	194,399		$	(145,845	)

News Release May 8, 2019 Page 8

Darling Ingredients Inc. reports Adjusted EBITDA results, which is a Non-GAAP financial measure, as a complement to results provided in accordance with generally accepted accounting principles (GAAP) (for additional information, see “Use of Non-GAAP Financial Measures” included later in this media release). The Company believes that Adjusted EBITDA provides additional useful information to investors. Adjusted EBITDA, as the Company uses the term, is calculated below:

Reconciliation of Net Income to (Non-GAAP) Adjusted EBITDA and (Non-GAAP) Pro forma Adjusted EBITDA

First Quarter 2019 as compared to First Quarter 2018

	Three Months Ended - Year over Year
Adjusted EBITDA	March 30,			March 31,
(U.S. dollars in thousands)	2019			2018
Net income attributable to Darling	$	18,012		$	37,305
Depreciation and amortization	79,164			78,619
Interest expense	19,876			23,124
Income tax expense	5,274			3,712
Foreign currency loss	732			1,481
Other expense, net	2,525			2,516
Equity in net (income) of unconsolidated subsidiaries	(23,773		)	(97,154		)
Net income attributable to noncontrolling interests	1,628			770
Adjusted EBITDA	$	103,438		$	110,373
Foreign currency exchange impact (1)	6,056			—
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	109,494		$	110,373
DGD Joint Venture Adjusted EBITDA (Darling's share)	$	29,828		$	100,071
(1) The average rates assumption used in the calculation was the actual fiscal average rate for the three months ended March 30, 2019 of €1.00:USD$1.14 and CAD$1.00:USD$0.75 as compared to the average rate for the three months ended March 31, 2018 of €1.00:USD$1.23 and CAD$1.00:USD $0.80, respectively.

About Darling

Darling Ingredients Inc. is a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, nutraceutical, food, pet food, feed, industrial, fuel, bioenergy and fertilizer industries.  With operations on five continents, the Company collects and transforms all aspects of animal by-product streams into useable and specialty ingredients, such as gelatin, edible fats, feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstocks, green energy, natural casings and hides. The Company also recovers and converts recycled oils (used cooking oil and animal fats) into valuable feed and fuel ingredients, and collects and processes residual bakery products into feed ingredients.  In addition, the Company provides environmental services, such as grease trap collection and disposal services to food service establishments and disposal services for waste solids from the wastewater treatment

News Release May 8, 2019 Page 9

systems of industrial food processing plants. The Company sells its products domestically and internationally and operates within three industry segments: Feed Ingredients, Food Ingredients and Fuel Ingredients. For additional information, visit the Company's website at http://www.darlingii.com.

Darling Ingredients Inc. will host a conference call to discuss the Company’s first quarter 2019 financial results at 8:30 am Eastern Time (7:30 am Central Time) on Thursday, May 9, 2019. To listen to the conference call, participants calling from within North America should dial 1-844-868-8847; international participants should dial 1-412-317-6593. Please refer to access code 10130603. Please call approximately ten minutes before the start of the call to ensure that you are connected.

The call will also be available as a live audio webcast that can be accessed on the Company website at http://ir.darlingii.com. Beginning one hour after its completion, a replay of the call can be accessed through May 16, 2019, by dialing 1-877-344-7529 (U.S. callers), 855-669-9658 (Canada) and 1-412-317-0088 (international callers). The access code for the replay is 10130603. The conference call will also be archived on the Company’s website.

Use of Non-GAAP Financial Measures:

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 and is not intended to be a presentation in accordance with GAAP. Adjusted EBITDA 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 expenses, taxes, depreciation and amortization) is not calculated identically by all companies, this presentation may not be comparable to EBITDA or Adjusted EBITDA presentations disclosed by other companies. Adjusted EBITDA is calculated in this presentation and represents, for any relevant period, net income/(loss) plus depreciation and amortization, goodwill and long-lived asset impairment, interest expense, (income)/loss from discontinued operations, net of tax, income tax provision, other income/(expense) and equity in net loss of unconsolidated subsidiary. 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 and certain non-cash and other items that may vary for different companies for reasons unrelated to overall operating performance.

As a result, 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 and 5.375% Notes and 4.75% Notes that were outstanding at March 30, 2019. However, the amounts shown in this presentation for Adjusted EBITDA differ from the amounts calculated under similarly titled definitions in the Company’s Senior Secured Credit Facilities and 5.375% Notes and 4.75% Notes, as those definitions permit further adjustments to reflect certain other non-recurring costs, non-cash charges and cash dividends from the DGD Joint Venture. Additionally, the Company evaluates the impact of foreign exchange impact on operating cash flow, which is defined as segment operating income (loss) plus depreciation and amortization.

Cautionary Statements Regarding Forward-Looking Information:

{This media release contains “forward-looking” statements that are subject to risks and uncertainties that could cause the actual results of Darling Ingredients Inc. (the “Company”) 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,” “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. 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. These factors include, among others, 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; global demands for bio-fuels and 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 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 and used cooking oil finished product prices; changes to worldwide government policies relating to renewable fuels and greenhouse gas(“GHG”) emissions that adversely affect programs like the U.S. government’s renewable fuel standard, low carbon fuel standards (“LCFS”) and tax credits for biofuels both in the Unites States and abroad; possible product recall resulting from developments relating to the discovery of unauthorized adulterations to food or food additives; the occurrence of 2009 H1N1

News Release May 8, 2019 Page 10

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 United States or elsewhere, such as the recent African Swine Fever (“ASF”) outbreak in China; 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 issues relating to the announced expansion project; risks and uncertainties relating to international sales and operations, including imposition of tariffs, quotas, trade barriers and other trade protections imposed by foreign countries; difficulties or a significant disruption in our information systems or failure to implement new systems and software successfully, including our ongoing enterprise resource planning project; 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; continued or escalated conflict in the Middle East, North Korea, Ukraine or elsewhere; uncertainty regarding the likely exit of the U.K. from the European Union; and/or unfavorable export or import markets. These factors, coupled with volatile prices for natural gas and diesel fuel, 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 presentation 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. Other risks and uncertainties regarding Darling Ingredients Inc., its business and the industries in which it operates are referenced from time to time in the Company’s filings with the Securities and Exchange Commission. Darling Ingredients Inc. is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.}

For More Information, contact:
Melissa A. Gaither, VP IR and Global Communications 251 O’Connor Ridge Blvd., Suite 300, Irving, Texas 75038	Email : mgaither@darlingii.com Phone : 972-281-4478

EX-99.2

EXHIBIT – 99.2 Randall C. Stuewe, Chairman and CEO Brad Phillips, EVP Chief Financial Officer Melissa A. Gaither, VP IR and Global Communications

2 This presentation contains “forward-looking” statements that are subject to risks and uncertainties that could cause the actual results of Darling Ingredients Inc. (the “Company”) 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,” “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. 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. These factors include, among others, 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; global demands for bio-fuels and 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 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 and used cooking oil finished product prices; changes to worldwide government policies relating to renewable fuels and greenhouse gas(“GHG”) emissions that adversely affect programs like the U.S. government’s renewable fuel standard, low carbon fuel standards (“LCFS”) and tax credits for biofuels both in the Unites States and abroad; possible product recall resulting from developments relating to the discovery of unauthorized adulterations to food or food additives; 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 United States or elsewhere, such as the recent African Swine Fever (“ASF”) outbreak in China; 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 issues relating to the announced expansion project; risks and uncertainties relating to international sales and operations, including imposition of tariffs, quotas, trade barriers and other trade protections imposed by foreign countries; difficulties or a significant disruption in our information systems or failure to implement new systems and software successfully, including our ongoing enterprise resource planning project; 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; continued or escalated conflict in the Middle East, North Korea, Ukraine or elsewhere; uncertainty regarding the likely exit of the U.K. from the European Union; and/or unfavorable export or import markets. These factors, coupled with volatile prices for natural gas and diesel fuel, 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 presentation 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. Other risks and uncertainties regarding Darling Ingredients Inc., its business and the industries in which it operates are referenced from time to time in the Company’s filings with the Securities and Exchange Commission. Darling Ingredients Inc. is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Consolidated Earnings 3 Q1 Q2 Q3 Q4 Total Q1 Q1 2019 Overview US$ (millions) except per share price 2018 2018 2018 2018 2018 2019 Revenue $ 875.4 $ 846.6 $812.6 $853.1 $3,387.7 $ 835.1 • Global volumes up 2.7% year over year Gross Margin 197.3 193.6 164.5 185.2 740.6 188.4 • Tough winter and N. America flooding impacted Gross Margin % 22.5% 22.9% 20.2% 21.7% 21.9% 22.6% performance SG&A 86.9 78.6 67.4 76.4 309.3 85.0 SG&A Margin % 9.9% 9.3% 8.3% 9.0% 9.1% 10.2% • Q1 2018 adjusted EBITDA includes $12.6 million Restructuring and impairment charges 0.0 (15.0) 0.0 0.0 (15.0) 0.0 of blenders tax credit (BTC) and $6.1 million of FX Operating Income 31.8 21.7 18.2 23.5 95.2 24.3 impact compared to Q1 2019 Adj. EBITDA (1) 110.4 115.1 97.0 108.9 431.4 103.4 Adj. EBITDA Margin % 12.6% 13.6% 11.9% 12.8% 12.7% 12.4% • DGD produced 67.6 million gallons in Q1 2019 Interest Expense (23.1) (23.0) (20.1) (20.2) (86.4) (19.9) Debt Extinguishment costs 0.0 (23.5) 0.0 0.0 (23.5) 0.0 • Launched a refinance of the 5.375% senior U.S. notes to 5.25% - lowering interest cost and Foreign Currency (loss)/gain (1.5) (3.5) (2.1) 0.7 (6.4) (0.7) extending terms through 2027. Issued on April 3, Gain/(Loss) on Disposal of Subsidiaries 0.0 (15.5) 3.0 0.0 (12.5) 0.0 2019. Other Expense (2) (2.6) 1.2 (2.7) (3.6) (7.7) (2.6) Equity in net income/(loss) of unconsolidated 97.2 15.2 (2.8) 49.6 159.2 23.8 • SG&A reflects performance compensation subsidiaries Income Tax (Expense)/Benefit (3.7) (1.7) 1.4 (8.0) (12.0) (5.3) Net income attributable to noncontrolling Subsequent Event (0.8) (1.3) (0.9) (1.4) (4.4) (1.6) interests Net income/(loss) attributable to Darling $ 97.3 $ (30.4) $ (6.0) $ 40.6 $ 101.5 $ 18.0 • Received $17.7 million partner dividend from Diamond Green Diesel (DGD) JV in April 2019 Earnings per share (fully diluted) $ 0.58 $ (0.18) $ (0.04) $ 0.24 $ 0.60 $ 0.11 (1) Does not include Unconsolidated Subsidiaries EBITDA (2) Rounding captured in Other Expense

First Quarter 2019 Financial Summary 4 $ in millions Gross Profit and Margin % Q1 2019 Overview • Net sales - $835.1 million • Net income - $18.0 million • EPS at $0.11 per diluted share • Adjusted EBITDA - $ 103.4 million • Diamond Green Diesel JV EBITDA - $ 59.7 million (Entity without BTC) $ 29.8 million (Darling’s share) Strong Free Cash Flow Generation $ in millions Quarterly Adjusted EBITDA $140 0 $120 $25 $120 $40 $115.1 $100 $115 $116.9 $110.4 $80 $110 $108.9 $108.9 $115.1 $103.4 $108.2 $110.4 $60 $103.4 $105 $97.0 $40.7 $40 $82.5 $100 $22.4 $97.0 $19.1 $74.6 $57.6 $53.8 $20 $84.3 $95 $56.6 $0 $90 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 1Q18 2Q18 3Q18 4Q18 1Q19 Adjusted EBITDA is a Non-U.S. GAAP Measure (See slide 17) Adjusted EBITDA Capex Free Cash Flow (Adjusted EBITDA plus DGD cash dividend after Capex) 2018 DGD cash dividend

Feed Segment 5 US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 (millions) 2018 2018 2018 2018 2018 2019 Adj. EBITDA Bridge Q1-2018 to Q1-2019 (millions) Revenue $485.8 $498.8 $482.7 $485.3 $1,952.6 $495.8 100 Gross Margin 116.7 128.0 98.9 110.2 453.8 113.4 $14.5 80 $5.2 $68.5 Gross Margin % 24.0% 25.7% 20.5% 22.7% 23.2% 22.9% $66.1 $64.5 ($20.9) SG&A 48.3 43.9 39.7 44.8 176.7 48.8 60 ($1.2) ($1.6) SG&A Margin % 9.9% 8.8% 8.2% 9.2% 9.0% 9.8% 40 Operating Income 21.7 37.3 11.9 11.9 82.8 15.2 20 Adj. EBITDA (1) $68.5 $84.1 $59.2 $65.3 $277.1 $64.5 0 Raw Material Processed EBITDA Price / Volumes Cost of Other Adjusted FX EBITDA 2.12 2.13 2.17 2.18 8.60 2.18 Q1 18 Yield Sales EBITDA Impact Q1 19 (million metric tons) (1) Does not include Unconsolidated Subsidiaries EBITDA Note: Cost of Sales includes raw material costs, collection costs and factory costs. Non-GAAP Adj. EBITDA Margin Key Drivers: Feed • Global raw material volumes up approximately 3.0% over Q1 2018. • Fat pricing improved slightly; high N. American slaughter volumes and ample supply of global soybean oil and palm oil continued to put pressure on the market. • Protein pricing remained under pressure globally due to affects from African Swine Fever (AFS) and trade disruptions in China.

Food Segment 6 US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 Adj. EBITDA Bridge Q1-2018 to Q1-2019 (millions) 2018 2018 2018 2018 2018 2019 (millions) 50 $46.7 ($3.5) Revenue $305.5 $276.7 $265.2 $291.7 $1,139.1 $279.2 $43.2 $0.2 40 $3.4 ($6.8) Gross Margin 56.3 51.9 54.5 58.6 221.3 65.0 $32.4 30 Gross Margin % 18.4% 18.8% 20.6% 20.1% 19.4% 23.3% $17.5 SG&A 23.9 22.2 21.8 23.6 91.5 21.9 20 SG&A Margin % 7.8% 8.0% 8.2% 8.1% 8.0% 7.8% 10 Operating Income 11.8 9.3 (1) 13.0 14.6 48.7 (1) 23.6 0 EBITDA Price / Volumes Cost of Other Adjusted FX EBITDA Adj. EBITDA $32.4 $29.7 (1) $32.7 $34.9 $129.7 (1) $43.2 Q1 18 Yield Sales EBITDA Impact Q1 19 Raw Material Processed 0.28 0.28 0.29 0.26 1.11 0.28 Note: Cost of Sales includes raw material costs, collection costs and factory costs. (million metric tons) (1) Adjusted for restructuring charges of $15.0 million for closure of Argentina collagen plant Non-GAAP Adj. EBITDA Margin Key Drivers: Food • Global collagen business showed robust earnings over Q1 2018 and sequentially led by improved margins and volume growth in new product mix changes. • CTH, our natural casings business, reported lower earnings mainly due to decreased sales volumes and compressed margins. • Edible fat refining margins remained under pressure due to lower palm oil markets year over year.

7 Fuel Segment (Does not include Diamond Green Diesel JV) US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 (millions) 2018 2018 2018 2018 2018 2019 Adj. EBITDA Bridge Q1-2018 to Q1-2019 Revenue $84.1 $71.1 $64.6 $76.2 $296.0 $60.1 (millions) Gross Margin 24.2 13.7 11.1 16.5 65.5 10.0 30 Gross Margin % 28.8% 19.3% 17.1% 21.7% 22.1% 16.7% $25.6 ($10.1) ($12.6) SG&A (1.4) 0.2 (2.8) (0.8) (4.8) (0.8) 20 $5.8 $11.8 SG&A Margin % -1.7% 0.2% -4.3% -1.0% -1.6% -1.3% $3.5 $10.8 Operating Income 17.2 5.0 4.5 8.6 35.3 3.0 10 ($0.4) ($1.0) Adj. EBITDA (1) $13.0 (2) $13.6 $13.9 $17.2 $57.7 (2) $10.8 0 Raw Material Processed * EBITDA Price / Volumes Cost of 2017 Other Adjusted FX EBITDA 0.30 0.27 0.29 0.32 1.18 0.31 (million metric tons) Q1 18 Yield Sales BTC EBITDA Impact Q1 19 (1) Doe s not inc lude Dia mond Gre e n Die se l EBITDA (2 ) Re fle c ts move of $ 12 .6 million 2 0 17 re trospe c tive ble nde rs ta x c re dit from Q1 2 0 18 a pprove d in Note: Cost of Sales includes raw material costs, collection costs and factory costs. Fe brua ry 2 0 18 to tota l 2 0 17 EBITDA * Exc lude s ra w ma te ria l proc e sse d a t the DGD joint ve nture . Key Drivers: Non-GAAP Adj. EBITDA Margin Fuel 25% • Ecoson, European bioenergy business, delivered improved 21.5% 22.6% 19.1% 18.0% performance over Q1 2018. Bio-fat refining showed strong 20% 15.5% results while new earnings came from our digester in Belgium. 15% • N. American biodiesel reports steady earnings to Q1 2018 10% without the BTC. Potential additional estimated $4.0 million to EBITDA if BTC is made retroactive for first quarters of 2018 and 5% 2019 total. 0% Q1 Q2 Q3 Q4 Q1 • Rendac, European disposal rendering business, reports lower 2018 2018 2018 2018 2019 earnings with decreased livestock and slaughter volumes year Note: Moved $12.6 million of 2017 retrospective blenders tax credit from Q1 2018 approved in February over year. 2018 to total 2017 EBITDA

8 DGD – ENTITY LEVEL ➢ Construction underway for Super Diamond expansion for parallel 400 million gallon plant increasing our annual capacity to 675 million gallons of renewable diesel plus additional 50–60 million gallons of renewable naphtha gallons for the green gasoline markets ➢ Super Diamond estimated expansion costs of $1.1 billion ➢ Q1 2019 Entity EBITDA of $59.7 million or $0.84/gallon on 71.1 million gallons of sales ➢ Earnings impacted by Q1 hedge loss. Averaging Q4 2018 and Q1 2019, actual run rate is $1.24 per gallon ➢ Potential for additional $157.4 million entity EBITDA if Diamond Green Diesel (50% Joint Venture) BTC made retroactive for 2018 and another $71.1 Q1 million for first quarter 2019 (assuming BTC at US$ (millions) 2014 2015 2016 2017 2018 2019 $1.00/gallon of renewable diesel sold) EBITDA (Entity) $163.3 $177.0 $174.4 * $246.8 $187.6 $59.7 ➢ $ 17.7 million dividend received in April 2019 EBITDA (Darling's share) 81.6 88.5 87.2 * 123.4 93.8 29.8 (Darling’s partner dividend) Gallons Produced 127.3 158.8 158.1 161.3 160.3 67.6 Gallons Sold 126.2 156.6 161.0 160.4 157.4 71.1 *Includes 2017 retroactive blenders tax credit of $160.4 million that was approved in February 2018 and recorded in Q1 2018 Source: Company Financials

Balance Sheet Highlights and Debt Summary 9 Reaffirmed (US$,Balance in thousands) Sheet HighlightsJune 30, 2018 Debt Summary S&P Ratings 3/27/2019 Cash(US$, in(includes thousands) restricted cash Marchof $142) 30, 2019 (US$, in thousands) March 30, 2019 $104,262 Term Loan B - BBB- Cash (includes restricted cash of $107) $ 95,823 Amended Credit Agreement Corporate Family - BB+ Accounts receivable 371,291 Revolver & Term Loan A - BBB- Accounts receivable 371,339 Revolving Credit Facility $ 50,061 Total Inventories 370,555 U.S. Bonds - BB+ Total Inventories 339,882 Term Loan A 60,714 Net working capital 338,672 Euro Bonds - BB+ Net working capital 252,873 Term Loan B 486,259 Net property, plant and equipment Moody's Ratings Reaffirmed Net property, plant and equipment 1,691,558 3/27/2019 1,624,354 5.375% Senior Notes due 2022 495,497 Total assets 4,995,054 3.625% Senior Notes due 2026 570,618 Term Loan B - Ba1 Total assets 4,856,916 Corporate Family - Ba2 Total debtTotal debt 1,695,289 1,687,456 Other Notes and Obligations 24,307 Revolver & Term Loan A - Ba1 Total Debt: $ 1,687,456 U.S. Bonds - Ba3 Shareholders'Shareholders' equity equity $2,238,031$ 2,356,699 Euro Bonds - Ba3 Historical Leverage Ratios 2014 – Q1 2019 Leverage Ratio Credit March 30, 2019 Actual Agreement Total Debt to EBITDA: 3.25 5.50x Note: Leverage ratio calculated per bank covenant

10 Appendix – Additional Information

11 History of the Biodiesel Tax Credit Year Credit In place Passed 2004 10/22/2004 2005 all year 08/08/2005 2006 all year 2007 all year 2008 all year 10/03/2008 2009 all year 2010 Retroactive 12/17/2010 2011 all year 2012 Retroactive 01/02/2013 2013 all year 2014 Retroactive 12/19/2014 2015 Retroactive 12/18/2015 2016 all year 2/9/2018 2017 Retroactive ??? 2018/2019 Lapsed ?????

12 US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 (millions) 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 Revenue $552.6 $549.1 $575.5 $562.3 $2,239.5 $485.8 (1) $498.8 (1) $482.7 (1) $485.3 (1) $1,952.6 $495.8 Gross Margin 120.0 126.9 126.0 122.0 494.9 116.7 128.0 98.9 110.2 453.8 113.4 Gross Margin % 21.7% 23.1% 21.9% 21.7% 22.1% 24.0% 25.7% 20.5% 22.7% 23.2% 22.9% SG&A 44.8 42.9 44.8 45.8 178.3 48.3 43.9 39.7 44.8 176.7 48.8 SG&A Margin % 8.1% 7.8% 7.8% 8.1% 8.0% 9.9% 8.8% 8.2% 9.2% 9.0% 9.8% Operating Income 31.5 39.7 34.2 26.9 132.3 21.7 37.3 11.9 11.9 82.8 15.2 Adj. EBITDA (2) $75.2 $84.0 $81.1 $76.1 $316.5 $68.5 $84.1 $59.2 $65.3 $277.1 $64.5 Adj. EBITDA Margin % 13.6% 15.3% 14.1% 13.5% 14.1% 14.1% 16.9% 12.3% 13.5% 14.2% 13.0% Raw Material 2.05 2.02 2.04 2.13 8.24 2.12 2.13 2.17 2.18 8.60 2.18 Processed (1) Reflects freight revenue reclass and deconsolidation of BestHides (2) Does not include Unconsolidated Subsidiaries EBITDA

Feed Ingredients Segment – Net Sales 13 Change in Net Sales – Year over Year Three Months Ended March 31, 2018 over March 30, 2019 Rendering Sales Used Change in Net Sales - 1Q18 to 1Q19 Total Cooking Fats Proteins Other (1) Rendering Oil Bakery Other (2) Total Net Sales Three Months Ended March 31, 2018 $ 143.5 $ 203.4 $ 31.4 $ 378.3 $ 36.6 $ 46.8 $ 24.1 $ 485.8 Changes: Increase/(Decrease) in sales volumes 5.3 16.0 - 21.3 8.5 (2.1) - 27.7 Increase/(Decrease) in finished product prices (1.7) (7.1) - (8.8) 0.4 1.0 - (7.4) Increase/(Decrease) due to currency exchange rates (2.2) (6.5) (0.4) (9.1) (0.1) - - (9.2) Other change - - 10.2 10.2 - - (11.3) (1.1) Total Change: 1.4 2.4 9.8 13.6 8.8 (1.1) (11.3) 10.0 Net Sales Three Months Ended March 30, 2019 $ 144.9 $ 205.8 $ 41.2 $ 391.9 $ 45.4 $ 45.7 $ 12.8 $ 495.8 (1) Rendering Net Sales- Other category includes hides, pet food, and service charges (2) Other Net Sales category includes trap services and industrial residual services through May 21, 2018 (Sale of TRS)

Jacobsen, Wall Street Journal and Thomson Reuters 14 Historical Pricing QTR. Over QTR. Year Over Year 2019 Finished Product Pricing 2019 Average Jacobsen Prices (USD) Comparison Q4-2018 Q1-2019 % Q1-2018 Q1-2019 % Feed Segment Ingredients January February March Q1 Avg. April Bleachable Fancy Tallow - Chicago Renderer / cwt $27.00 $27.00 $27.00 $27.00 $28.55 Average Jacobsen Prices (USD) Avg. Avg. Change Avg. Avg. Change Yellow Grease - Illinois / cwt $20.89 $20.84 $20.48 $20.72 $21.22 Bleachable Fancy Tallow - Chicago Renderer / cwt $25.80 $27.00 4.7% $26.14 $27.00 3.3% Meat and Bone Meal - Ruminant - Illinois / ton $250.00 $250.00 $250.00 $250.00 $249.52 Yellow Grease - Illinois / cwt $19.91 $20.72 4.1% $19.61 $20.72 5.7% Poultry By-Product Meal - Feed Grade - Mid South/ton $267.86 $270.00 $270.00 $269.26 $245.95 Meat and Bone Meal - Ruminant - Illinois / ton $250.18 $250.00 -0.1% $250.61 $250.00 -0.2% Poultry By-Product Meal - Pet Food - Mid South/ton $657.14 $712.24 $686.79 $684.51 $637.50 Poultry By-Product Meal - Feed Grade - Mid South / ton $267.19 $269.26 0.8% $250.16 $269.26 7.6% Feathermeal - Mid South / ton $457.02 $458.29 $429.17 $447.83 $364.17 Poultry By-Product Meal - Pet Food - Mid South / ton $540.68 $684.51 26.6% $781.27 $684.51 -12.4% 2019 Cash Corn Pricing 2019 Average Wall Street Journal Prices (USD) Feathermeal - Mid South / ton $405.90 $447.83 10.3% $409.26 $447.83 9.4% Competing Ingredient for Bakery Feeds and Fats January February March Q1 Avg. April Average Wall Street Journal Prices (USD) Corn - Track Central IL #2 Yellow / bushel $3.54 $3.51 $3.41 $3.49 $3.37 Corn - Track Central IL #2 Yellow / bushel $3.37 $3.49 3.6% $3.41 $3.49 2.3% 2019 European Benchmark Pricing 2019 Average Thomson Reuters Prices (USD) Average Thomson Reuters Prices (USD) 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 Palm oil - CIF Rotterdam / metric ton $497 $550 10.7% $675 $550 -18.5% Palm oil - CIF Rotterdam / metric ton $555 $562 $532 $550 $535 Soy meal - CIF Rotterdam / metric ton $368 $353 -1.5% $412 $353 -14.3% Soy meal - CIF Rotterdam / metric ton $361 $353 $345 $353 $341 2018 Finished Product Pricing 2018 Average Jacobsen Prices (USD) 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. Bleachable Fancy Tallow - Chicago Renderer / cwt $26.60 $25.57 $26.20 $26.14 $25.31 $24.80 $27.11 $25.72 $28.64 $28.39 $25.82 $27.70 $24.33 $26.29 $27.00 $25.80 $26.34 Yellow Grease - Illinois / cwt $20.25 $19.58 $19.00 $19.61 $19.00 $20.94 $22.05 $20.69 $22.38 $22.52 $21.53 $22.19 $19.52 $19.78 $20.43 $19.91 $20.60 Meat and Bone Meal - Ruminant - Illinois / ton $222.50 $235.26 $292.62 $250.61 $312.02 $297.16 $291.67 $301.43 $280.00 $263.26 $250.00 $264.77 $250.00 $250.00 $250.00 $250.18 $266.75 Poultry By-Product Meal - Feed Grade - Mid South/ton $235.00 $240.92 $273.69 $250.16 $295.00 $286.02 $273.10 $285.56 $262.86 $271.74 $269.61 $268.13 $267.61 $270.00 $263.68 $267.19 $267.76 Poultry By-Product Meal - Pet Food - Mid South/ton $700.24 $793.42 $851.31 $781.27 $860.95 $747.73 $597.62 $734.53 $557.14 $557.61 $557.89 $556.48 $504.89 $519.38 $551.32 $540.68 $649.17 Feathermeal - Mid South / ton $362.86 $389.87 $473.21 $409.26 $536.19 $542.95 $532.86 $540.50 $520.00 $453.59 $380.53 $453.58 $384.67 $409.00 $426.71 $405.90 $452.31 2018 Cash Corn Pricing 2018 Average Wall Street Journal Prices (USD) 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 $3.28 $3.42 $3.53 $3.41 $3.54 $3.74 $3.39 $3.56 $3.23 $3.25 $3.11 $3.20 $3.28 $3.34 $3.48 $3.37 $3.39 2018 European Benchmark Pricing 2018 Average Thomson Reuters Prices (USD) 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 $676 $668 $681 $675 $664 $656 $632 $651 $589 $560 $549 $566 $530 $475 $487 $497 $597.00 Soy meal - CIF Rotterdam / metric ton $375 $417 $445 $412 $460 $461 $423 $448 $407 $390 $377 $391 $379 $367 $359 $368 $405.00

Food Segment - Historical 15 US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 (millions) 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 Revenue (1) $266.2 $278.4 $298.9 $313.5 $1,157.0 $305.5 (2) $276.7 (2) $265.2 (2) $291.7 (2) $1,139.1 $279.2 (2) Gross Margin 56.8 56.0 60.2 63.6 236.6 56.3 51.9 54.5 58.6 221.3 65.0 Gross Margin % 21.3% 20.1% 20.1% 20.3% 20.4% 18.4% 18.8% 20.6% 20.1% 19.4% 23.3% SG&A 25.0 26.7 25.5 27.4 104.6 23.9 22.2 21.8 23.6 91.5 21.9 SG&A Margin % 9.4% 9.6% 8.5% 8.7% 9.0% 7.8% 8.0% 8.2% 8.1% 8.0% 7.8% Operating Income 14.3 11.1 15.1 16.4 56.9 11.8 9.3 (3) 13.0 (3) 14.6 (3) 48.7 23.6 Adj. EBITDA $31.9 $29.3 $34.6 $36.1 $131.9 $32.4 $29.7 (3) $32.7 (3) $34.9 (3) $129.7 $43.2 Adj. EBITDA Margin % 12.0% 10.5% 11.6% 11.5% 11.4% 10.6% 10.7% 12.3% 12.0% 11.4% 15.5% Raw Material Processed 0.27 0.28 0.29 0.28 1.12 0.28 0.28 0.29 0.26 1.11 0.28 (millions of metric tons) (1) Revenue adjusted for Brazil VAT reclass 2017 (2) Reflects freight revenue reclass (3) Adjusted for restructuring and impairment charges of $15.0 million for closure of Argentina collagen plant

Fuel Segment - Historical 16 US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 (millions) 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 Revenue $59.7 $67.4 $61.9 $76.8 $265.8 $84.1 $71.1 $64.6 $76.2 $296.0 $60.1 Gross Margin 13.7 12.7 7.6 21.4 55.4 24.2 13.7 11.1 16.5 65.5 10.0 Gross Margin % 22.9% 18.8% 12.3% 27.9% 20.8% 28.8% 19.3% 17.1% 21.7% 22.1% 16.7% SG&A 3.3 2.9 (0.5) 4.7 10.4 (1.4) 0.2 (2.8) (0.8) -4.8 (0.8) SG&A Margin % 5.5% 4.3% -0.8% 6.1% 3.9% -1.7% 0.2% -4.3% -1.7% -1.6% -1.3% Operating Income 3.6 2.1 0.2 8.1 14.0 17.2 5.0 4.5 8.6 35.3 3.0 Adj. EBITDA $10.4 $9.9 $8.1 $16.6 $45.0 $25.6 (1) $13.6 $13.9 $17.2 $70.3 $10.8 Adj. EBITDA Margin % 17.4% 14.7% 13.1% 21.6% 16.9% 30.4% 19.1% 21.5% 22.6% 23.8% 18.0% Pro forma Adjusted EBITDA (2) $13.2 $13.1 $11.2 $20.1 $57.6 $14.9 $16.2 $16.2 $19.1 $66.4 $12.1 Raw Material Processed * 0.30 0.29 0.28 0.32 1.19 0.30 0.27 0.29 0.32 1.18 0.31 (millions of metric tons) *Excludes raw material processed at the DGD joint venture. Diamond Green Diesel (50% Joint Venture) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 US$ (millions) 2017 2017 2017 2017 2017 2018 2018 2018 2018 2018 2019 EBITDA (Entity) - in quarter recorded $10.0 $24.8 $21.2 $30.4 $86.4 $200.1 $36.3 $1.0 $110.6 $348.0 $59.7 EBITDA (Darling's share) 5.0 12.4 10.6 15.2 43.2 100.1 18.2 0.5 55.3 174.0 29.8 Pro forma Adjusted EBITDA (2) (Darling's share) 21.4 32.7 32.1 37.3 123.5 36.6 35.6 12.0 88.3 172.5 65.4 Total Gallons Produced 32.6 43.7 41.7 43.3 161.3 37.1 33.2 17.2 72.8 160.3 67.6 Total Gallons Sold/Shipped 32.7 40.5 43.0 44.3 160.4 33.4 34.8 23.1 66.1 157.4 71.1 (1) Q1 2018 Adj. EBITDA contains $12.6 M retroactive 2017 blenders tax credit approved in February 2018 (2) Pro forma Adjusted EBITDA assumes blenders tax credit was received during quarters earned in 2017, 2018 and 2019

17 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, and is not intended to be a presentation in accordance with GAAP. Adjusted EBITDA 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 expenses, taxes, depreciation and amortization) is not calculated identically by all companies, this presentation may not be comparable to EBITDA or Adjusted EBITDA presentations disclosed by other companies. Adjusted EBITDA is calculated in this presentation and represents, for any relevant period, net income/(loss) plus depreciation and amortization, goodwill and long-lived asset impairment, interest expense, (income)/loss from discontinued operations, net of tax, income tax provision, other income/(expense) and equity in net loss of unconsolidated subsidiary. 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 and certain non-cash and other items that may vary for different companies for reasons unrelated to overall operating performance. As a result, 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 and 5.375% Notes and 3.25% Notes that were outstanding at March 30, 2019. However, the amounts shown in this presentation for Adjusted EBITDA differ from the amounts calculated under similarly titled definitions in the Company’s Senior Secured Credit Facilities and 5.375% Notes and 3.25% Notes, as those definitions permit further adjustments to reflect certain other non-recurring costs, non-cash charges and cash dividends from the DGD Joint Venture. Additionally, the Company evaluates the impact of foreign exchange impact on operating cash flow, which is defined as segment operating income (loss) plus depreciation and amortization.

Adjusted EBITDA 18 Adjusted EBITDA and Pro Forma Adjusted EBITDA Three Months Ended - Year over Year (US$ in thousands) March 30, March 31, 2019 2018 Net income/(loss) attributable to Darling $ 18,012 $ 97,305 Depreciation and amortization 79,164 78,619 Interest expense 19,876 23,124 Income tax expense/(benefit) 5,274 3,712 Foreign currency loss 732 1,481 Other expense, net 2,525 2,516 Equity in net (income)/loss of unconsolidated subsidiaries (23,773) (97,154) Net income attributable to noncontrolling interests 1,628 770 Adjusted EBITDA $ 103,438 $ 110,373 Foreign currency exchange impact 6,056 - Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) $ 109,494 $ 110,373 DGD Joint Venture Adjusted EBITDA (Darling's Share) $ 29,828 $ 100,071 (1) The average rates assumption used in this calculation was the actual fiscal average rate for the three months ended March 30, 2019 of €1.00:USD$1.14 and CAD$1.00:USD$0.75 as compared to the average rate for the three months ended March 31, 2018 of €1.00:USD $1.23 and CAD$1.00:USD$0.80, respectively. Note: See slide 17 for information regarding Darling’s use of Non-GAAP measures.

19 Citi 2019 Global Energy and Utilities Conference May 14, 2019 Intercontinental Hotel – Boston, MA BMO Farm to Market Conference May 15, 2019 Grand Hyatt – New York, NY Roth International Conference June 18, 2019 Dorchester Hotel – London, UK