8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported) November 9, 2021

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.)

            5601 N. MacArthur Blvd., Irving, Texas 75038                    

                (Address of Principal Executive Offices) (Zip Code)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each 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”)

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. ☐

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Item 2.02.    Results of Operations and Financial Condition.

    On November 9, 2021, Darling Ingredients Inc. (the “Company”) issued a press release announcing financial results for the third quarter ended October 2, 2021. A copy of this press release is attached hereto as Exhibit 99.1.

The Company will hold a conference call and webcast on Wednesday, November 10, 2021 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 November 9, 2021 (furnished pursuant to Item 2.02).
99.2	Slide Presentation for November 10, 2021 Earnings Call (furnished pursuant to Item 2.02).
104	Cover Page Interactive Data File (embedded within Inline XBRL document)

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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:  November 9, 2021	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 THIRD QUARTER 2021 FINANCIAL RESULTS

IRVING, TEXAS, November 9, 2021/PRNewswire/ Darling Ingredients Inc. (NYSE: DAR, “Darling”) --

Third Quarter 2021

•Net income of $146.8 million, or $0.88 per GAAP diluted share

•Net Sales of $1.2 billion

•Combined adjusted EBITDA of $289.6 million

•Global Ingredients business reported Q3 EBITDA of $229.6 million

•Renewable diesel JV, Diamond Green Diesel (DGD) contributed $60.0 million of EBITDA to Darling

•Darling repurchased approximately $22 million of common stock in the third quarter

Darling reported net sales of $1.2 billion for the third quarter of 2021, as compared with net sales of $851 million for the same period a year ago. Net income attributable to Darling for the three months ended October 2, 2021 was $146.8 million, or $0.88 per diluted share, compared to net income of $101.1 million, or $0.61 per diluted share, for the third quarter of 2020.

“We produced another strong quarterly earnings in our global ingredients business, reporting adjusted EBITDA of approximately $230 million for the third quarter,” said Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients Inc. “Demand for protein products and low carbon feedstocks around the world continue to provide positive tailwinds for our global platform, enabling us to deliver what we expect to be our best annual financial results in Darling Ingredients’ history and in line with our previous guidance of combined adjusted EBITDA of $1.275 billion for the year.”

“DGD’s Norco, Louisiana expansion project was completed ahead of schedule and continues to ramp up and should reach our expected operating capacity within the next week,” stated Mr. Stuewe. “Our Port Arthur DGD III project continues to make exceptional progress on construction and remains on target for completion in the first half of 2023.”

Under Darling’s current share repurchase authorization, the Company repurchased 319,330 shares of common stock during the third quarter for a total of $22.3 million. Darling has approximately $102 million remaining under its current authorization which was extended to August 13, 2022. For the first nine months of 2021, the Company has repurchased approximately $98 million of common stock.

For the nine months ended October 2, 2021, Darling reported net sales of $3.4 billion, as compared with net sales of $2.6 billion for the same period of 2020. Net Income attributable to Darling for the first nine months of 2021 was $495.2 million, or $2.96 per diluted share, as compared to a net income of $252.1 million, or $1.51 per diluted share, for the first nine months of 2020.

News Release November 9, 2021 Page 2

As of October 2, 2021, Darling had $67.4 million in cash and cash equivalents, and $912.6 million available under its committed revolving credit agreement. Total debt outstanding as of October 2, 2021 was $1.38 billion. Capital expenditures (exclusive of DGD investments) of $191.7 million were made during the first nine months of fiscal 2021, compared to $184.9 million in the first nine months of fiscal 2020.

Combined adjusted EBITDA was $289.6 million for the third quarter of 2021, compared to $218.5 million for the same period in 2020. On a year-to-date basis, combined adjusted EBITDA totaled $928.1 million for 2021, compared to $627.0 million on a year-to-date basis for 2020.

News Release November 9, 2021 Page 3

Segment Financial Tables(in thousands)

(unaudited)

Three Months Ended October 2, 2021	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total
Net sales	$	769,626	$	311,856	$	104,434	$	—	$	1,185,916
Cost of sales and operating expenses	553,662		241,308		64,634		—		859,604
Gross margin	$	215,964	$	70,548	$	39,800	$	—	$	326,312
Gain on sale of assets	(229)		(8)		(264)		—		(501)
Selling, general and administrative expenses	54,997		24,417		4,481		13,380		97,275
Depreciation and amortization	53,824		14,933		6,361		2,708		77,826
Equity in net income of Diamond Green Diesel	—		—		53,951		—		53,951
Segment operating income/(loss)	$	107,372	$	31,206	$	83,173	$	(16,088)	$	205,663
Equity in net income of other unconsolidated subsidiaries	$	1,647	$	—	$	—	$	—	$	1,647
Segment income/(loss)	$	109,019	$	31,206	$	83,173	$	(16,088)	$	207,310
Segment EBITDA	$	161,196	$	46,139	$	35,583	$	(13,380)	$	229,538
DGD Adjusted EBITDA (Darling's Share)	$	—	$	—	$	60,026	$	—	$	60,026
Combined adjusted EBITDA	$	161,196	$	46,139	$	95,609	$	(13,380)	$	289,564

Three Months Ended September 26, 2020	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total
Net sales	$	483,025	$	291,842	$	75,702	$	—	$	850,569
Cost of sales and operating expenses	361,576		226,745		50,047		—		638,368
Gross margin	$	121,449	$	65,097	$	25,655	$	—	$	212,201
Loss/(gain) on sale of assets	167		16		(61)		—		122
Selling, general and administrative expenses	49,028		23,366		5,038		12,561		89,993
Depreciation and amortization	53,764		20,648		8,633		2,685		85,730
Equity in net income of Diamond Green Diesel	—		—		91,099		—		91,099
Segment operating income/(loss)	$	18,490	$	21,067	$	103,144	$	(15,246)	$	127,455
Equity in net income of other unconsolidated subsidiaries	$	906	$	—	$	—	$	—	$	906
Segment income/(loss)	$	19,396	$	21,067	$	103,144	$	(15,246)	$	128,361
Segment EBITDA	$	72,254	$	41,715	$	20,678	$	(12,561)	$	122,086
DGD Adjusted EBITDA (Darling's Share)	$	—	$	—	$	96,435	$	—	$	96,435
Combined adjusted EBITDA	$	72,254	$	41,715	$	117,113	$	(12,561)	$	218,521

News Release November 9, 2021 Page 4

Segment Financial Tables(in thousands) continued

(unaudited)

Nine Months Ended October 2, 2021	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total
Net sales	$	2,193,002	$	926,952	$	311,347	$	—	$	3,431,301
Cost of sales and operating expenses	1,584,667		706,260		219,534		—		2,510,461
Gross margin	$	608,335	$	220,692	$	91,813	$	—	$	920,840
Gain on sale of assets	(490)		(1)		(302)		—		(793)
Selling, general and administrative expenses	162,594		75,150		13,822		42,239		293,805
Restructuring and asset impairment charges	—		—		778		—		778
Depreciation and amortization	162,404		45,666		19,214		8,298		235,582
Equity in net income of Diamond Green Diesel	—		—		281,964		—		281,964
Segment operating income/(loss)	$	283,827	$	99,877	$	340,265	$	(50,537)	$	673,432
Equity in net income of other unconsolidated subsidiaries	$	4,199	$	—	$	—	$	—	$	4,199
Segment income/(loss)	$	288,026	$	99,877	$	340,265	$	(50,537)	$	677,631
Segment EBITDA	$	446,231	$	145,543	$	78,293	$	(42,239)	$	627,828
DGD Adjusted EBITDA (Darling's Share)	$	—	$	—	$	300,227	$	—	$	300,227
Combined adjusted EBITDA	$	446,231	$	145,543	$	378,520	$	(42,239)	$	928,055

Nine Months Ended September 26, 2020	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total
Net sales	$	1,499,340	$	841,070	$	211,674	$	—	$	2,552,084
Cost of sales and operating expenses	1,117,931		652,334		147,358		—		1,917,623
Gross margin	$	381,409	$	188,736	$	64,316	$	—	$	634,461
Loss/(gain) on sale of assets	293		(30)		(53)		—		210
Selling, general and administrative expenses	153,459		71,406		10,645		40,869		276,379
Depreciation and amortization	159,968		60,925		24,705		8,113		253,711
Equity in net income of Diamond Green Diesel	—		—		252,411		—		252,411
Segment operating income/(loss)	$	67,689	$	56,435	$	281,430	$	(48,982)	$	356,572
Equity in net income of other unconsolidated subsidiaries	$	2,467	$	—	$	—	$	—	$	2,467
Segment income/(loss)	$	70,156	$	56,435	$	281,430	$	(48,982)	$	359,039
Segment EBITDA	$	227,657	$	117,360	$	53,724	$	(40,869)	$	357,872
DGD Adjusted EBITDA (Darling's Share)	$	—	$	—	$	269,177	$	—	$	269,177
Combined adjusted EBITDA	$	227,657	$	117,360	$	322,901	$	(40,869)	$	627,049

News Release November 9, 2021 Page 5

Darling Ingredients Inc. and Subsidiaries

Consolidated Balance Sheets

October 2, 2021 and January 2, 2021

(in thousands)

		October 2,		January 2,
		2021		2021
ASSETS		(unaudited)
Current assets:
	Cash and cash equivalents	$	67,188	$	81,617
	Restricted cash	172		103
	Accounts receivable, net	479,575		405,387
	Inventories	476,295		405,922
	Prepaid expenses	63,633		47,793
	Income taxes refundable	3,060		3,883
	Other current assets	13,721		42,289
	Total current assets	1,103,644		986,994
Property, plant and equipment, net		1,834,670		1,863,814
Intangible assets, net		417,409		473,680
Goodwill		1,232,179		1,260,240
Investment in unconsolidated subsidiaries		1,107,834		804,682
Operating lease right-of-use assets		160,660		146,563
Other assets		53,887		60,682
Deferred income taxes		15,437		16,676
		$	5,925,720	$	5,613,331
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Current portion of long-term debt	$	55,138	$	27,538
	Accounts payable, principally trade	272,844		255,340
	Income taxes payable	34,623		17,497
	Current operating lease liabilities	40,182		39,459
	Accrued expenses	353,410		335,471
	Total current liabilities	756,197		675,305
Long-term debt, net of current portion		1,325,736		1,480,531
Long-term operating lease liabilities		123,169		109,707
Other noncurrent liabilities		115,815		117,371
Deferred income taxes		335,566		276,208
	Total liabilities	2,656,483		2,659,122
Commitments and contingencies
Total Darling's stockholders' equity		3,205,524		2,891,909
Noncontrolling interests		63,713		62,300
	Total stockholders' equity	$	3,269,237	$	2,954,209
		$	5,925,720	$	5,613,331

News Release November 9, 2021 Page 6

Darling Ingredients Inc. and Subsidiaries

Consolidated Operating Results

For the Three-Month and Nine-Month Periods Ended October 2, 2021 and September 26, 2020

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	(unaudited)				$ Change		(unaudited)				$ Change
	October 2,		September 26,		Favorable		October 2,		September 26,		Favorable
	2021		2020		(Unfavorable)		2021		2020		(Unfavorable)
Net sales	$	1,185,916	$	850,569	$	335,347	$	3,431,301	$	2,552,084	$	879,217
Costs and expenses:
Cost of sales and operating expenses	859,604		638,368		(221,236)		2,510,461		1,917,623		(592,838)
Loss (gain) on sale of assets	(501)		122		623		(793)		210		1,003
Selling, general and administrative expenses	97,275		89,993		(7,282)		293,805		276,379		(17,426)
Restructuring and asset impairment charges	—		—		—		778		—		(778)
Depreciation and amortization	77,826		85,730		7,904		235,582		253,711		18,129
Total costs and expenses	1,034,204		814,213		(219,991)		3,039,833		2,447,923		(591,910)
Equity in net income of Diamond Green Diesel	53,951		91,099		(37,148)		281,964		252,411		29,553
Operating income	205,663		127,455		78,208		673,432		356,572		316,860
Other expense:
Interest expense	(15,409)		(18,793)		3,384		(47,105)		(55,803)		8,698
Foreign currency loss	(205)		(1,239)		1,034		(1,299)		(709)		(590)
Other expense, net	(853)		(1,912)		1,059		(3,210)		(5,278)		2,068
Total other expense	(16,467)		(21,944)		5,477		(51,614)		(61,790)		10,176
Equity in net income of other unconsolidated subsidiaries	1,647		906		741		4,199		2,467		1,732
Income before income taxes	190,843		106,417		84,426		626,017		297,249		328,768
Income tax expense	42,637		4,812		(37,825)		126,324		43,058		(83,266)
Net income	148,206		101,605		46,601		499,693		254,191		245,502
Net income attributable to noncontrolling interests	(1,394)		(480)		(914)		(4,533)		(2,117)		(2,416)
Net income attributable to Darling	$	146,812	$	101,125	$	45,687	$	495,160	$	252,074	$	243,086
Basic income per share:	$	0.91	$	0.62	$	0.29	$	3.04	$	1.55	$	1.49
Diluted income per share:	$	0.88	$	0.61	$	0.27	$	2.97	$	1.51	$	1.46
Number of diluted common shares:	166,770		166,997				167,374		166,974

News Release November 9, 2021 Page 7

Darling Ingredients Inc. and Subsidiaries

Consolidated Statement of Cash Flows

Periods Ended October 2, 2021 and September 26, 2020

(in thousands)

(unaudited)

	Nine Months Ended
	October 2,		September 26,
Cash flows from operating activities:	2021		2020
Net income	$	499,693	$	254,191
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	235,582		253,711
Loss/(gain) on disposal of property, plant and equipment and other assets	(793)		210
Asset impairment	138		—
Deferred taxes	67,272		13,362
Decrease in long-term pension liability	(1,118)		(7,960)
Stock-based compensation expense	18,413		19,202
Write-off deferred loan costs	1,130		2,419
Deferred loan cost amortization	3,044		4,242
Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries	(286,163)		(254,878)
Distribution of earnings from Diamond Green Diesel and other unconsolidated subsidiaries	3,322		207,165
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(85,822)		36,083
Income taxes refundable/payable	18,688		8,282
Inventories and prepaid expenses	(97,531)		(43,980)
Accounts payable and accrued expenses	46,912		(10,832)
Other	29,282		(10,804)
Net cash provided by operating activities	452,049		470,413
Cash flows from investing activities:
Capital expenditures	(191,738)		(184,919)
Acquisition, net of cash acquired	(2,059)		—
Investment in Diamond Green Diesel	(25,000)		—
Investment in other unconsolidated subsidiaries	(4,449)		—
Gross proceeds from disposal of property, plant and equipment and other assets	3,805		1,291
Payments related to routes and other intangibles	(274)		(3,712)
Net cash used by investing activities	(219,715)		(187,340)
Cash flows from financing activities:
Proceeds from long-term debt	31,088		24,085
Payments on long-term debt	(131,224)		(171,640)
Borrowings from revolving credit facility	287,000		390,971
Payments on revolving credit facility	(309,000)		(415,800)
Net cash overdraft financing	29,034		(33,385)
Deferred loan costs	—		(3,688)
Issuance of common stock	50		67
Repurchase of common stock	(97,924)		(55,044)
Minimum withholding taxes paid on stock awards	(45,260)		(7,980)
Acquisition of noncontrolling interest	—		(8,784)
Distributions to noncontrolling interests	(3,853)		(6,253)
Net cash used by financing activities	(240,089)		(287,451)
Effect of exchange rate changes on cash flows	(6,605)		(2,712)
Net decrease in cash, cash equivalents and restricted cash	(14,360)		(7,090)
Cash, cash equivalents and restricted cash at beginning of period	81,720		73,045
Cash, cash equivalents and restricted cash at end of period	$	67,360	$	65,955
Supplemental disclosure of cash flow information:
Accrued capital expenditures	$	3,008	$	(2,202)
Cash paid during the period for:
Interest, net of capitalized interest	$	32,430	$	39,481
Income taxes, net of refunds	$	36,709	$	24,868
Non-cash operating activities:
Operating lease right of use asset obtained in exchange for new lease liabilities	$	50,883	$	44,479
Non-cash financing activities:
Debt issued for service contract assets	$	66	$	21

News Release November 9, 2021 Page 8

Diamond Green Diesel Joint Venture

Condensed Consolidated Balance Sheets

September 30, 2021 and December 31, 2020

(in thousands)

	September 30,		December 31,
	2021		2020
	(unaudited)
Assets:
Total current assets	$	365,354	$	383,557
Property, plant and equipment, net	2,192,808		1,238,726
Other assets	44,657		36,082
Total assets	$	2,602,819	$	1,658,365
Liabilities and members' equity:
Total current portion of long term debt	$	106,423	$	517
Total other current liabilities	228,657		99,787
Total long term debt	108,952		8,705
Total other long term liabilities	17,048		3,758
Total members' equity	2,141,739		1,545,598
Total liabilities and members' equity	$	2,602,819	$	1,658,365

Diamond Green Diesel Joint Venture

Operating Financial Results

For the Three-Month and Nine-Month Periods Ended September 30, 2021 and September 30, 2020

(in thousands)

	Three Months Ended						Nine Months Ended
	(unaudited)				$ Change		(unaudited)				$ Change
	September 30,		September 30,		Favorable		September 30,		September 30,		Favorable
	2021		2020		(Unfavorable)		2021		2020		(Unfavorable)
Revenues:
Operating revenues	$	401,900	$	346,276	$	55,624	$	1,405,392	$	1,000,717	$	404,675
Expenses:
Total costs and expenses less depreciation, amortization and accretion expense	281,848		153,406		(128,442)		804,939		462,364		(342,575)
Depreciation, amortization and accretion expense	10,991		10,772		(219)		34,673		33,660		(1,013)
Total costs and expenses	292,839		164,178		(128,661)		839,612		496,024		(343,588)
Operating income	109,061		182,098		(73,037)		565,780		504,693		61,087
Other income	113		415		(302)		524		1,076		(552)
Interest and debt expense, net	(1,272)		(315)		(957)		(2,376)		(947)		(1,429)
Net income	$	107,902	$	182,198	$	(74,296)	$	563,928	$	504,822	$	59,106

News Release November 9, 2021 Page 9

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 EBITDAFor the Three-Month and Nine-Month Periods ended October 2, 2021 and September 26, 2020

	Three Months Ended					Nine Months Ended
Adjusted EBITDA	October 2,			September 26,		October 2,			September 26,
(U.S. dollars in thousands)	2021			2020		2021			2020
Net income attributable to Darling	$	146,812		$	101,125	$	495,160		$	252,074
Depreciation and amortization	77,826			85,730		235,582			253,711
Interest expense	15,409			18,793		47,105			55,803
Income tax expense	42,637			4,812		126,324			43,058
Restructuring and asset impairment charges	—			—		778			—
Foreign currency loss	205			1,239		1,299			709
Other expense, net	853			1,912		3,210			5,278
Equity in net income of Diamond Green Diesel	(53,951)			(91,099)		(281,964)			(252,411)
Equity in net income of other unconsolidated subsidiaries	(1,647)			(906)		(4,199)			(2,467)
Net income attributable to other noncontrolling interests	1,394			480		4,533			2,117
Adjusted EBITDA (Non-GAAP)	$	229,538		$	122,086	$	627,828		$	357,872
Foreign currency exchange impact	(2,249)		(1)	—		(21,791)		(2)	—
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	227,289		$	122,086	$	606,037		$	357,872
DGD Joint Venture Adjusted EBITDA (Darling's share)	$	60,026		$	96,435	$	300,227		$	269,177
Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA	$	289,564		$	218,521	$	928,055		$	627,049
(1) The average rate assumption used in the calculation was the actual fiscal average rate for the three months ended October 2, 2021 of €1.00:USD$1.18 and CAD$1.00:USD$0.79 as compared to the average rate for the three months ended September 26, 2020 of €1.00:USD$1.17 and CAD$1.00:USD $0.75, respectively. (2) The average rate assumption used in this calculation was the actual fiscal average rate for the nine months ended October 2, 2021 of €1.00:USD$1.20 and CAD$1.00:USD$0.80 as compared to the average rate for the nine months ended September 26, 2020 of €1.00:USD$1.12 and CAD$1.00:USD $0.74, respectively.

About Darling

Darling Ingredients Inc. (NYSE: DAR) is a world leading producer of organic ingredients, generating a wide array of sustainable protein and fat products while being one of the largest producers of renewable clean energy. With operations on five continents, Darling collects waste streams from the agri-food industry, repurposing into specialty ingredients, such as hydrolyzed collagen, edible and feed-grade fats, animal proteins and meals, plasma, pet food ingredients, fuel feedstocks, and green bioenergy. Darling Ingredients named one of the 50 Sustainability and Climate Leaders in 2021, to learn more Darling Ingredients: The greenest Company on the plant - 50 Sustainability & Climate Leaders (50climateleaders.com). The Company sells its ingredients around the globe and works to strengthen our promise for a better tomorrow, creating product applications for health, nutrients and bioenergy while optimizing our services to the food chain. Darling is a 50% joint venture partner in Diamond Green Diesel (DGD), North America's largest renewable diesel manufacturer, which products reduce Greenhouse Gas (GHG) emissions by up to 85% compared to fossil fuels. For additional information, visit the Company's website at http://www.darlingii.com.

News Release November 9, 2021 Page 10

Darling Ingredients Inc. will host a conference call to discuss the Company’s third quarter 2021 financial results at 9:00 am Eastern Time (8:00 am Central Time) on Wednesday, November 10, 2021.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 10161773. 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 November 17, 2021, by dialing 1-877-344-7529 (U.S. callers), 1-855-669-9658 (Canada) and 1-412-317-0088 (international callers).The access code for the replay is 10161773.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 expense, 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.

Pro forma Adjusted EBITDA to Foreign Currency is not a recognized accounting measurement under GAAP. The Company evaluates the impact of foreign currency on its adjusted EBITDA. DGD Joint Venture Adjusted EBITDA (Darling's share) is not reflected in the Adjusted EBITDA or the Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP).

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, 5.25% Notes and 3.625% Notes that were outstanding at October 2, 2021. 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, 5.25% Notes and 3.625% 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.

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 combined 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. and the Company’s joint venture, Diamond Green Diesel, would require a forward-looking balance sheet, statement of income and statement of cash flow, 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 a range 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.

 

News Release November 9, 2021 Page 11

Cautionary Statements Regarding Forward-Looking Information:

{This media release contains “forward-looking” statements regarding the business operations and prospects of Darling Ingredients Inc. and industry factors affecting it. These statements are identified by words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “could,” “may,” “will,” “should,” “planned,” “potential,” “continue,” “momentum,” “combined adjusted EBITDA guidance” and other words referring to events that may occur in the future. These statements reflect Darling Ingredient’s current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, each of which could cause actual results to differ materially from those indicated in the forward-looking statements. 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 United 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 outbreak of African Swine Fever (“ASF”) in China and elsewhere; the occurrence of pandemics, epidemics or disease outbreaks, such as the current COVID-19 outbreak; 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, 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 projects; 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, 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 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 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. 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:

Jim Stark, Vice President, Investor Relations Email : james.stark@darlingii.com

5601 MacArthur Blvd., Irving, Texas 75038 Phone : 972-281-4823

EX-99.2

Third Quarter 2021 Conference Call Exhibit 99.2

Safe Harbor Statement 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” “combined adjusted EBITDA guidance” 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 United 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 outbreak of African Swine Fever (“ASF”) in China and elsewhere; the occurrence of pandemics, epidemics or disease outbreaks, such as the current COVID-19 outbreak; 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, 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 projects; 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, 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 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 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. 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. Page 2 | Third Quarter 2021 Financial Results | 11.10.2021

Summary Highlights Third Quarter 2021 Business Update • Strong third quarter global ingredients EBITDA of $229.6 million • Q3 2021 combined adjusted EBITDA totaled $289.6 million • DGD reported $1.95 EBITDA/gallon, generating $60.0 million EBITDA – Darling’s share • Maintaining 2021 combined adjusted EBITDA guidance of approximately $1.275 billion • Opportunistically repurchased approx. $22 million of common stock in the third quarter • DGD I off-line for approximately 17 days due to Hurricane Ida • DGD II renewable diesel expansion project at Norco, LA ramping up to operating capacity • DGD III – Port Arthur remains on-budget and on-time to startup in first half of 2023 Page 3 | Third Quarter 2021 Financial Results | 11.10.2021

Financial Highlights Financials (in millions, except per share) Q3-2021 Q3-2020 % Variance YTD 2021 YTD 2020 % Variance Net sales $1,185.9 $850.6 39.4% $3,431.3 $2,552.1 34.5% Gross margin 326.3 212.2 53.8% 920.8 634.5 45.1% Gross margin % 27.5% 24.9% 10.4% 26.8% 24.9% 7.6% Net income $146.8 $101.1 45.2% $495.2 $252.1 96.4% EPS diluted $0.88 $0.61 44.3% $2.96 $1.51 96.0% $146 $177 $222 $230 $775 $68 $108 $132 $60 $368 $0 $150 $300 $450 $600 $750 $900 $1,050 $1,200 Global Ingredients DGD $214.5 $285.0 $353.7 (In millions) Trailing 4 Quarters Combined adjusted EBITDA $289.6 $1,142.7 Q4-20 Q1-21 Q2-21 Q3-21 T4Q (1) Leverage ratio calculated per bank covenant 17.0% 19.0% 21.0% 23.0% 25.0% 27.0% 29.0% Darling Ingredients Quarterly Gross Margin % Gross Margin % (excluding DGD) Balance Sheet (in millions, except ratio data) As of 10/02/2021 As of 01/02/2021 Cash (including restricted) $67.4 $81.7 Revolver availability $912.6 $893.9 Net working capital $335.2 $257.5 Total debt $1,380.9 $1,508.1 Leverage ratio (1) 1.60x 1.90x Page 4 | Third Quarter 2021 Financial Results | 11.10.2021

Financial Highlights Financials (in millions) Q3-2021 Q3-2020 % Variance YTD 2021 YTD 2020 % Variance Segment EBITDA Feed $161.2 $72.3 123.0% $446.2 $227.7 96.0% Food 46.2 41.7 10.8% 145.5 117.4 24.0% Fuel 95.6 117.1 (18.4)% 378.5 322.9 17.2% Corporate (13.4) (12.6) (6.4%) (42.2) (40.9) (3.2%) Total Combined adjusted EBITDA $289.6 $218.5 32.5% $928.1 $627.0 48.0% Feed 46% Food 15% Fuel 39% YTD 2021 % of Total EBITDA by Segment (before corporate) Page 5 | Third Quarter 2021 Financial Results | 11.10.2021 Avg Price Avg Price 3rd Quarter 2nd Quarter 2021 2021 Chg % Chg Jacobsen Index: MBM (Ill inois) $ 385.53 $ 408.63 $ (23.10) -5.7% Feed Grade PM (Mid-South) 337.15$ 339.31$ (2.15)$ -0.6% Pet Food PM (Mid-South) $ 680.77 $ 823.18 $ (142.41) -17.3% Feathermeal (Mid-South) 482.79$ 465.50$ 17.29$ 3.7% BFT (Chicago) $ 66.75 $ 56.60 $ 10.15 17.9% YG (Il l inois) 44.70$ 42.47$ 2.23$ 5.3% Corn (Il l inois) $ 6.20 $ 6.84 $ (0.64) -9.4% Thomson Reuters: Palm Oil (CIF Rotterdam) Ton $ 1,213.00 $ 1,168.00 $ 45.00 3.9% Soy meal (CIF Rotterdam) Ton 469.00$ 473.00$ (4.00)$ -0.8% 20.00% 23.00% 26.00% 29.00% FY 2018 FY 2019 FY 2020 YTD Q3-21 QTR Q3-21 Darling Gross Margin Trends GM%

Feed Segment Key Drivers: • Higher protein and animal fat prices drove the overall feed segment sales up 59.3% quarter over quarter on slightly higher raw materials processed. Gross margin increased $94.5 million or 77.8% quarter over quarter led by higher commodity prices across all products sold • Fat prices (BFT & YG) are up for 2021 compared to a year ago. BFT average price is 129.9% higher than 2020 and YG was up 129.5% in Q3 2021 compared to the prior year. Protein pricing (MBM) was also higher for Q3 2021 by 81.1% compared to 2020 Page 6 | Third Quarter 2021 Financial Results | 11.10.2021 US$ (in millions) 3Q 2021 3Q2020 YTD 2021 YTD 2020 Net Sa les 769,626$ 483,025$ 2,193,002$ 1,499,340$ Cost of sa les and operating expenses 553,662 361,576 1,584,667 1,117,931 Gross Margin 215,964$ 121,449$ 608,335$ 381,409$ Loss/(ga in) on sa le of assets (229) 167 (490) 293 Sel l ing, genera l and adminis trative expenses 54,997 49,028 162,594 153,459 Depreciation and amortization 53,824 53,764 162,404 159,968 Segment operating income 107,372$ 18,490$ 283,827$ 67,689$ Equity in net income of other unconsol idated subs idiaries 1,647$ 906$ 4,199$ 2,467$ Segment Income 109,019$ 19,396$ 288,026$ 70,156$ Segment EBITDA 161,196$ 72,254$ 446,231$ 227,657$ Raw material processed (mmts) 2.22 2.18 6.65 6.58 Fats Proteins Other Rendering Total Rendering Used Cooking Oil Bakery Other Total Net Sales Three Months Ended September 26, 2020 153.5$ 190.7$ 39.0$ 383.2$ 45.7$ 44.4$ 9.7$ 483.0$ Changes: Increase/(decrease) in sales volumes (7.5) 5.0 - (2.5) (0.7) (0.2) - (3.4) Increase in finished product prices 159.7 60.3 - 220.0 24.4 36.4 - 280.8 Increase due to currency exchange rates 2.2 2.0 0.2 4.4 0.5 - - 4.9 Other change 4.5 4.5 (0.2) 4.3 Total Change: 154.4 67.3 4.7 226.4 24.2 36.2 (0.2) 286.6 Net Sales Three Months Ended October 2, 2021 307.9$ 258.0$ 43.7$ 609.6$ 69.9$ 80.6$ 9.5$ 769.6$ Feed Segment Sales Change in Net Sales - 2020 to 2021 Three Months Ended

Food Segment • Net sales for the food segment grew $20.0 million or 6.9% in Q3 2021 compared to the prior year, driven by higher collagen volume sales and higher edible fat prices. • Segment income improved $10.1 million or was 48.1% higher driven primarily by higher sales. Slightly higher SG&A expense was more than offset by lower depreciation and amortization expenses in the quarter. Key Drivers: 76% 14% 10% YTD 2021 % of Sales Breakdown Collagen Edible fats Other products $100 $120 $140 $160 $180 $200 Food Segment Trailing 4Q adjusted EBITDA Trailing 4 Q's Page 7 | Third Quarter 2021 Financial Results | 11.10.2021 US$ (in millions) 3Q 2021 3Q2020 YTD 2021 YTD 2020 Net Sa les 311,856$ 291,842$ 926,952$ 841,070$ Cost of sa les and operating expenses 241,308 226,745 706,260 652,334 Gross Margin 70,548$ 65,097$ 220,692$ 188,736$ (Gain)/Loss on sa le of assets (8) 16 (1) (30) Sel l ing, genera l and adminis trative expenses 24,417 23,366 75,150 71,406 Depreciation and amortization 14,933 20,648 45,666 60,925 Segment operating income 31,206$ 21,067$ 99,877$ 56,435$ Equity in net income of other unconsol idated subs idiaries -$ -$ -$ -$ Segment Income 31,206$ 21,067$ 99,877$ 56,435$ Segment EBITDA 46,139$ 41,715$ 145,543$ 117,360$ Raw material processed (mmts) 0.3 0.3 0.8 0.8

Fuel Segment (Includes Diamond Green Diesel JV consolidated EBITDA) Key Drivers: • Q3-2021 Combined adjusted EBITDA of $95.6 million, with DGD earning $1.95 per gallon on 61.7 million gallons sold • DGD – Norco, LA expansion is running at its operating capacity, ahead of the original plan. The Norco facility now has the capacity to produce up to 750 million gallons of renewable diesel production and add approximately 30 million gallons of renewable naphtha annually. • DGD Port Arthur continues to be on time and on budget. This new 470-million-gallon facility is now expected to be operational in the first half of 2023. (1) Includes Fuel Segment EBITDA and Darling's share of DGD EBITDA. • Excludes feed stock (raw material) processed at the DGD joint venture. (2) Quarterly average prices source is The Jacobson $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 $0.50 $0.30 $0.80 $1.30 $1.80 Quarterly Avg. Prices D4 RINS & Yellow Grease2 D4 RIN Qtrly Avg YG Avg Qtrly Price Page 8 | Third Quarter 2021 Financial Results | 11.10.2021 US$ (in millions) 3Q 2021 3Q2020 YTD 2021 YTD 2020 Net Sa les 104,434$ 75,702$ 311,347$ 211,674$ Cost of sa les and operating expenses 64,634 50,047 219,534 147,358 Gross Margin 39,800$ 25,655$ 91,813$ 64,316$ Loss on sa le of assets (264) (61) (302) (53) Sel l ing, genera l and adminis trative expenses 4,481 5,038 13,822 10,645 Restructuring and asset impairment charges - - 778 - Depreciation and amortization 6,361 8,633 19,214 24,705 Equity in net income of Diamond Green Diesel 53,951 91,099 281,964 252,411 Segment operating income 83,173$ 103,144$ 340,265$ 281,430$ Equity in net income of other unconsol idated subs idiaries -$ -$ -$ -$ Segment Income 83,173$ 103,144$ 340,265$ 281,430$ Segment EBITDA 35,583$ 20,678$ 78,293$ 53,724$ DGD adjusted EBITDA (Darl ing's Share) 60,026$ 96,435$ 300,227$ 269,177$ Segment EBITDA (1) 95,609$ 117,113$ 378,520$ 322,901$ Raw material processed (mmts) * 0.3 0.3 0.9 1.0 Diamond Green Diesel US$ and gallons (in millions) 3Q 2021 3Q2020 YTD 2021 YTD 2020 EBITDA (Enti ty) - in quarter recorded w/no BTC 58.4$ 112.9$ 377.0$ 307.2$ EBITDA (Enti ty) - BTC adjusted to when earned 120.1$ 192.9$ 600.5$ 538.4$ Pro forma Adjusted EBITDA (Darl ing's share) 60.0$ 96.4$ 300.2$ 269.2$ Tota l ga l lons produced 65.6 77.3 223.5 228.8 Total ga l lons sold/shipped 61.7 80.0 223.7 231.2 EBITDA per gallon sold $1.95 $2.41 $2.68 $2.33

October 2021 Port Arthur, TX 470-million-gallon facility Page 9 | Third Quarter 2021 Financial Results | 11.10.2021

Appendix Additional Information

California LCFS & RIN value history Source: The Jacobson and StoneX Page 11 | Third Quarter 2021 Financial Results | 11.10.2021 0 50 100 150 200 250 Monthly Average LCFS Carbon Credit Price (USD/MT)

Feed Segment - Historical (1) Does not include Unconsolidated Subsidiaries EBITDAPage 12 | Third Quarter 2021 Financial Results | 11.10.2021 US$ (in millions) Q1-2020 Q2-2020 Q3-2020 Q4-2020 Total 2020 Q1-2021 Q2-2021 Q3-2021 Net Sales 512.6$ 503.7$ 483.0$ 572.8$ 2,072.1$ 651.4$ 771.9$ 769.6$ Gross Margin 124.2 135.8 121.4 146.2 527.6 176.9 215.5 216.0 Gross Margin % 24.2% 27.0% 25.1% 25.5% 25.5% 27.1% 27.9% 28.1% Loss/(gain) on sale of assets 0.1 0.1 0.2 (0.3) - (0.1) (0.1) (0.2) SG&A 53.9 50.5 49.0 56.3 209.7 52.6 55.0 55.0 SG&A Margin % 10.5% 10.0% 10.2% 9.8% 10.1% 8.1% 7.1% 7.1% Operating Income 16.7 32.5 18.5 28.9 96.6 69.8 106.7 107.4 Adj. EBITDA (1) 70.2$ 85.2$ 72.3$ 90.2$ 317.8$ 124.4$ 160.7$ 161.2$ Adj. EBITDA Margin % 13.7% 16.9% 15.0% 15.7% 15.3% 19.1% 20.8% 20.9% Raw Material Processed (mmts) 2.24 2.15 2.18 2.37 8.95 2.23 2.19 2.22

Historical Pricing Jacobson, Wall Street Journal and Thomson Reuters Page 13 | Third Quarter 2021 Financial Results | 11.10.2021 2021 Total Year Avg. Jacobsen Prices January February March Q1Avg. April May June Q2 Avg. July August September Q3 Avg. October November December Q4 Avg. Avg. BFT - Chicago Renderer / cwt $39.74 $44.68 $51.98 $45.47 $54.10 $55.30 $59.73 $56.60 $62.48 $67.25 $69.50 $66.41 YG - IL / cwt $29.01 $34.36 $39.02 $34.13 $39.80 $43.03 $44.20 $42.47 $44.28 $46.81 $42.50 $44.53 Choice White Grease - IL / cwt $36.21 $39.37 $50.43 $42.00 $51.05 $52.03 $57.23 $53.43 $60.60 $64.50 $55.56 $60.22 Poultry Fat - Southeast / cwt $39.87 $43.13 $47.70 $43.57 $50.95 $53.73 $56.00 $53.56 $56.50 $57.86 $58.00 $57.45 Poultry Grease - Mid South / cwt $39.71 $43.74 $48.04 $43.83 $51.14 $53.00 $55.05 $53.06 $56.14 $57.74 $56.86 $56.91 Distiller's Corn Oil - IL / cwt $39.92 $43.50 $51.25 $44.89 $49.13 $51.49 $55.42 $52.01 $59.85 $64.10 $53.87 $59.27 Corn - Decatur, IL / bushel $5.04 $5.35 $5.65 $5.35 $6.24 $6.84 $6.98 $6.84 $6.69 $6.52 $5.35 $6.19 MBM - IL / ton $355.5 $380.5 $418.3 $384.77 $402.9 $400.0 $421.0 $408.63 $411.70 $389.55 $355.95 $385.73 MBM - CA / ton $294.7 $346.1 $365.0 $335.26 $351.4 $350.0 $372.8 $358.09 $382.50 $376.60 $372.15 $377.08 Pork Meal - IA IL / ton $363.9 $397.4 $413.0 $391.45 $388.8 $417.5 $452.5 $419.60 $452.50 $401.70 $373.33 $409.18 Feed Grade PM - Carolina / ton $369.5 $427.1 $450.0 $415.53 $445.2 $412.0 $395.0 $417.41 $395.00 $352.05 $336.90 $361.32 Feed Grade PM - Mid South / ton $326.6 $386.6 $359.8 $357.65 $342.4 $339.0 $337.5 $339.31 $337.50 $337.50 $337.14 $337.38 Pet Food PM - SE / ton $877.0 $831.7 $818.5 $842.39 $809.5 $860.0 $806.3 $825.26 $746.43 $670.45 $634.52 $683.80 Pet Food PM - Mid South / ton $877.0 $845.4 $818.5 $846.95 $809.5 $867.5 $796.9 $823.18 $745.36 $672.50 $634.52 $684.13 Feather meal - AL GA / ton $463.7 $477.6 $512.5 $484.61 $470.5 $470.0 $480.9 $473.80 $501.19 $504.55 $475.24 $493.66 Feather meal - Mid South / ton $512.1 $563.2 $541.3 $538.87 $468.3 $460.3 $470.9 $465.50 $486.43 $492.95 $469.76 $483.05 Blood Meal - Ruminant MO River / ton $939.5 $1,047.4 $1,082.6 $1,023.2 $1,035.1 $971.3 $966.9 $991.1 $970.95 $981.48 $980.36 $977.60 D4 RINs (B21) $1.03 $1.10 $1.38 $1.17 $1.46 $1.88 $1.77 $1.71 $1.66 $1.72 $1.44 $1.60 Comparison Q2-2021 Q3-2021 % Q3-2020 Q3-2021 % FY 2020 FY 2021 % Q1Avg. Q2 Avg. Q3 Avg. Q4 Avg. Avg. Avg. Change Avg. Avg. Change Avg. Avg. Change BFT - Chicago Renderer / cwt $45.47 $56.60 $66.41 $56.60 $66.41 17.33% $29.04 $66.41 128.68% $31.48 $0.00 -100.00% YG - IL / cwt $34.13 $42.47 $44.53 $42.47 $44.53 4.85% $19.48 $44.53 128.59% $21.95 $0.00 -100.00% Choice White Grease - IL / cwt $42.00 $53.43 $60.22 $53.43 $60.22 12.70% $24.92 $60.22 141.66% $31.48 $0.00 -100.00% Poultry Grease - SE / cwt $43.57 $53.56 $57.45 $53.56 $57.45 7.27% $27.32 $57.45 110.33% $29.43 $0.00 -100.00% Poultry Grease - Mid South / cwt $43.83 $53.06 $56.91 $53.06 $56.91 7.25% $23.12 $56.91 146.21% $29.88 $0.00 -100.00% Distiller's Corn Oil - IL / cwt $44.89 $52.01 $59.27 $52.01 $59.27 13.96% $24.82 $59.27 138.84% $28.82 $0.00 -100.00% Corn - Decatur, IL / bushel $5.35 $6.84 $6.19 $6.84 $6.19 -9.57% $3.55 $6.19 74.24% $3.75 $0.00 -100.00% MBM - IL / ton $384.77 $408.63 $385.73 $408.63 $385.73 -5.60% $212.91 $385.73 81.17% $261.43 $0.00 -100.00% MBM - CA / ton $335.26 $358.09 $377.08 $358.09 $377.08 5.30% $190.87 $377.08 97.56% $211.77 $0.00 -100.00% Pork Meal - IA IL / ton $391.45 $419.60 $409.18 $419.60 $409.18 -2.48% $212.46 $409.18 92.59% $257.79 $0.00 -100.00% Feed Grade PM - Carolina / ton $415.53 $417.41 $361.32 $417.41 $361.32 -13.44% $245.00 $361.32 47.48% $267.70 $0.00 -100.00% Feed Grade PM - Mid South / ton $357.65 $339.31 $337.38 $339.31 $337.38 -0.57% $226.07 $337.38 49.24% $251.13 $0.00 -100.00% Pet Food PM - SE / ton $842.39 $825.26 $683.80 $825.26 $683.80 -17.14% $553.61 $683.80 23.52% $607.65 $0.00 -100.00% Pet Food PM - Mid South / ton $846.95 $823.18 $684.13 $823.18 $684.13 -16.89% $581.80 $684.13 17.59% $633.61 $0.00 -100.00% Feathermeal - AL GA / ton $484.61 $473.80 $493.66 $473.80 $493.66 4.19% $254.88 $493.66 93.68% $289.51 $0.00 -100.00% Feathermeal - Mid South / ton $538.87 $465.50 $483.05 $465.50 $483.05 3.77% $267.91 $483.05 80.30% $314.20 $0.00 -100.00% Blood Meal - Ruminant MO River / ton $1,023.2 $991.10 $977.60 $991.10 $977.60 -1.36% $541.66 $977.60 80.48% $771.37 $0.00 -100.00% D4 Rins $1.17 $1.71 $1.60 $1.71 $1.60 -6.33% $0.67 $1.60 138.95% $0.64 $0.00 -100.00% 2021

Food Segment - Historical Page 14 | Third Quarter 2021 Financial Results | 11.10.2021 US$ (in millions) Q1-2020 Q2-2020 Q3-2020 Q4-2020 Total 2020 Q1-2021 Q2-2021 Q3-2021 Net Sales 270.3$ 278.9$ 291.8$ 344.6$ 1,185.7$ 298.1$ 317.0$ 311.9$ Gross Margin 64.9 58.8 65.1 76.3 265.0 71.7 78.5 70.5 Gross Margin % 24.0% 21.1% 22.3% 22.1% 22.4% 24.0% 24.8% 22.6% Loss/(gain) on sale of assets - - 0.0 0.5 0.5 0.1 (0.0) (0.0) SG&A 25.5 22.6 23.4 26.0 97.4 25.2 25.5 24.4 SG&A Margin % 9.4% 8.1% 8.0% 7.5% 8.2% 8.5% 8.1% 7.8% Operating Income 19.1 16.3 21.1 26.9 83.4 31.5 37.1 31.2 Adj. EBITDA (1) 39.4$ 36.3$ 41.7$ 49.8$ 167.1$ 46.4$ 53.0$ 46.1$ Adj. EBITDA Margin % 14.6% 13.0% 14.3% 14.4% 14.1% 15.6% 16.7% 14.8% Raw Material Processed (mmts) 0.3 0.3 0.3 0.3 1.1 0.3 0.3 0.3

Fuel Segment - Historical (1) Includes Fuel Segment EBITDA and Darling's share of DGD EBITDA. * Excludes feed stock (raw material) processed at the DGD joint venture. Page 15 | Third Quarter 2021 Financial Results | 11.10.2021 Diamond Green Diesel (50% Joint Venture) US$ and gallons (in millions) Q1-2020 Q2-2020 Q3-2020 Q4-2020 Total 2020 Q1-2021 Q2-2021 Q3-2021 EBITDA (Entity) - in quarter recorded w/no BTC 127.3$ 66.0$ 112.9$ 79.5$ 385.7$ 137.4$ 180.0$ 58.4$ EBITDA (Entity) - BTC adjusted to when earned 207.3$ 138.2$ 192.9$ 136.3$ 674.7$ 216.4$ 264.0$ 120.1$ Pro forma Adjusted EBITDA (Darling's share) 103.6$ 69.1$ 96.4$ 68.2$ 337.3$ 108.2$ 132.0$ 60.0$ Total gallons produced 77.0 74.5 77.3 60.5 289.3 78.6 79.2 65.6 Total gallons sold/shipped 78.9 72.3 80.0 56.8 288.0 78.0 84.0 61.7 EBITDA per gallon sold/shipped 2.63$ 1.91$ 2.41$ 2.40$ 2.34$ 2.77$ 3.14$ 1.95$ US$ (in millions) Q1-2020 Q2-2020 Q3-2020 Q4-2020 Total 2020 Q1-2021 Q2-2021 Q3-2021 Net Sales 69.9$ 66.0$ 75.7$ 102.4$ 314.1$ 97.2$ 109.7$ 104.4$ Gross Margin 16.9 21.8 25.7 26.2 90.5 25.4 26.6 39.8 Gross Margin % 24.2% 32.9% 33.9% 25.6% 28.8% 26.1% 24.2% 38.1% Loss/(gain) on sale of assets - (0.0) (0.1) (0.0) (0.1) 0.0 (0.1) (0.3) SG&A 1.6 4.0 5.0 5.4 16.0 4.9 4.5 4.5 Restructuring and asset impairment charges - - - 38.2 38.2 0.8 - - Depreciation and amortization 8.1 8.0 8.6 9.5 34.2 6.2 6.7 6.4 Equity in net income of DGD 97.8 63.5 91.1 62.7 315.1 102.2 125.8 54.0 Segment Income 105.0 73.3 103.1 35.9 317.3 115.8 141.3 83.2 Segment EBITDA 15.3 17.8 20.7 20.8 74.6 20.5 22.2 35.6 DGD adjusted EBITDA (Darling's Share) 103.6 69.1 96.4 68.2 337.3 108.2 132.0 60.0 Combined Adj. EBITDA (1) 118.9$ 86.9$ 117.1$ 89.0$ 411.9$ 128.7$ 154.2$ 95.6$ Raw Material Processed*(mmts) 0.3 0.3 0.3 0.4 1.3 0.3 0.3 0.3

Non-U.S. GAAP 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 5.25% Notes and 3.625% Notes that were outstanding at October 2, 2021. 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 5.25% Notes and 3.625% 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. Page 16 | Third Quarter 2021 Financial Results | 11.10.2021

Adjusted EBITDA Page 17 | Third Quarter 2021 Financial Results | 11.10.2021 Adjusted EBITDA October 2, September 26, October 2, September 26, (U.S. dollars in thousands) 2021 2020 2021 2020 Net income attributable to Darl ing 146,812$ 101,125$ 495,160$ 252,074$ Depreciation and amortization 77,826 85,730 235,582 253,711 Interest expense 15,409 18,793 47,105 55,803 Income tax expense 42,637 4,812 126,324 43,058 Restructuring and asset impairment charges - - 778 - Foreign currency loss 205 1,239 1,299 709 Other expense, net 853 1,912 3,210 5,278 Equity in net income of Diamond Green Diesel (53,951) (91,099) (281,964) (252,411) Equity in net income of other unconsol idated subs idiaries (1,647) (906) (4,199) (2,467) Net income attributable to noncontrol l ing interests 1,394 480 4,533 2,117 Adjusted EBITDA (Non-GAAP) 229,538$ 122,086$ 627,828$ 357,872$ Foreign currency exchange impact (2,249) (1) - (21,791) (2) - Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) 227,289$ 122,086$ 606,037$ 357,872$ DGD Joint Venture Adjusted EBITDA (Darl ing's Share) 60,026$ 96,435$ 300,227$ 269,177$ Darl ing plus Darl ing's share of DGD Joint Venture Adjusted EBITDA 289,564$ 218,521$ 928,055$ 627,049$ Nine Months Ended Three Months Ended (1) The average rate assumption used in this calculation was the actual fiscal average rate for the three months ended October 2, 2021 of €1.00:USD$1.18 and CAD$1.00:USD$0.79, as compared to the average rate for the three months ended September 26, 2020 of €1.00:USD$1.17 and CAD$1.00:USD$0.75, respectively. (2) The average rate assumption used in this calculation was the actual fiscal average rate for the nine months ended October 2, 2021 of €1.00:USD$1.20 and CAD$1.00:USD$0.80, as compared to the average rate for the nine months ended September 26, 2020 of €1.00:USD$1.12 and CAD$1.00:USD$0.74, respectively.

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XML

Cover Page	Nov. 09, 2021
Cover [Abstract]
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock $0.01 par value per share
Entity Central Index Key	0000916540
Pre-commencement Issuer Tender Offer	false
Pre-commencement Tender Offer	false
Soliciting Material	false
Written Communications	false
Entity Incorporation, State or Country Code	DE
Entity Registrant Name	DARLING INGREDIENTS INC.
Document Period End Date	Nov. 09, 2021
Document Type	8-K
Entity File Number	001-13323
Entity Tax Identification Number	36-2495346
Amendment Flag	false
Trading Symbol	DAR
Security Exchange Name	NYSE
Entity Address, Address Line One	5601 N. MacArthur Blvd.
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75038
City Area Code	972
Local Phone Number	717-0300