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 8, 2022

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 8, 2022, Darling Ingredients Inc. (the “Company”) issued a press release announcing financial results for the third quarter ended October 1, 2022. 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 9, 2022 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 8, 2022 (furnished pursuant to Item 2.02).
99.2	Slide Presentation for November 9, 2022 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 8, 2022	By:	/s/ John F. Sterling
		John F. Sterling
		Executive Vice President, General Counsel

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EX-99.1

Exhibit 99.1

Contact:    Suann Guthrie

VP, Investor Relations, Sustainability & Communications

(469) 214-8202; Suann.Guthrie@darlingii.com

FOR IMMEDIATE RELEASE

Nov. 8, 2022

Darling Ingredients Inc. Announces Third Quarter 2022 Results

Third Quarter 2022

•Net income of $191 million, or $1.17 per GAAP diluted share

•Net Sales of $1.7 billion

•Combined adjusted EBITDA of $394.7 million

•Repurchased $37.2 million of stock

IRVING, TEXAS -Darling Ingredients Inc. (NYSE: DAR) today reported net income attributable to Darling Ingredients of $191 million, or $1.17 per diluted share for the third quarter 2022, compared to net income attributable to Darling Ingredients of $146.8 million, or $0.88 per diluted share, for the third quarter 2021. The company also reported net sales of $1.7 billion for the third quarter of 2022, as compared with net sales of $1.2 billion for the same period a year ago.

“Darling Ingredients delivered another strong quarter, carrying great momentum to finish the year with record earnings,” said Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients Inc. “Strong worldwide demand for fats and proteins will continue to be a tailwind for our global ingredients business. Diamond Green Diesel III is expected to come on-line within the next week, six months ahead of schedule. This, once again, showcases our strength and expertise to satisfy demand for decarbonization solutions in a meaningful way.”

For the nine months ended Oct. 1, 2022, Darling Ingredients reported net sales of $4.8 billion, compared to net sales of $3.4 billion for the same period in 2021. Net income attributable to Darling Ingredients for the first nine months of 2022 was $581.1 million, or $3.54 per diluted share, as compared to net income attributable to Darling Ingredients of $495.2 million, or $2.96 per diluted share, for the first nine months of 2021.

Combined adjusted EBITDA was $394.7 million for the third quarter 2022, compared to $289.6 million for the same period in 2021. On a year-to-date basis, combined adjusted EBITDA totaled $1.13 billion for 2022, as compared to $928 million for the same period in 2021.

Under Darling Ingredients’ share repurchase program, the company repurchased approximately 609,000 shares of common stock during the third quarter for a total of $37.2 million, bringing the total stock repurchased year to date 2022 as of Oct. 1, 2022, to approximately 1.58 million shares of common stock for a total of $103.1 million.

As of Oct. 1, 2022, Darling had $126.1 million in cash and cash equivalents, and $1.35 billion available under its committed revolving credit agreement. Total debt outstanding as of Oct. 1, 2022 was $3.3 billion. The leverage ratio as measured by the company’s bank covenant was 2.48 as of Oct. 1, 2022. Year-to-date capital expenditures totaled approximately $257.1 million.

On Aug. 1, 2022, Darling Ingredients completed the acquisition of FASA Group, the largest independent rendering company in Brazil. On Oct. 18, 2022, Darling Ingredients announced it had entered into a definitive agreement to acquire all of the shares of Gelnex, a leading global producer of collagen products for approximately $1.2 billion USD in cash. Darling Ingredients also announced on Nov. 2, 2022, that it has entered into a definitive agreement to purchase Polish rendering company, Miropasz Group for approximately €110 million Euros.

Darling Ingredients reaffirms its previously announced forecast for full year 2022 of $1.55-$1.6 billion combined adjusted EBITDA.

News Release Nov. 8, 2022 Page 2

Segment Financial Tables(in thousands)

(unaudited)

Three Months Ended October 1, 2022	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total
Net sales	$	1,273,142	$	347,902	$	126,555	$	—	$	1,747,599
Cost of sales and operating expenses	1,012,899		256,557		101,781		—		1,371,237
Gross margin	260,243		91,345		24,774		—		376,362
Gain on sale of assets	(2,290)		(809)		(17)		—		(3,116)
Selling, general and administrative expenses	63,973		23,909		1,724		15,474		105,080
Acquisition and integration costs	—		—		—		4,503		4,503
Depreciation and amortization	80,679		14,408		7,284		2,607		104,978
Equity in net income of Diamond Green Diesel	—		—		103,414		—		103,414
Segment operating income/(loss)	$	117,881	$	53,837	$	119,197	$	(22,584)	$	268,331
Equity in net income of other unconsolidated subsidiaries	2,301		—		—		—		2,301
Segment income/(loss)	$	120,182	$	53,837	$	119,197	$	(22,584)	$	270,632
Segment EBITDA	$	198,560	$	68,245	$	23,067	$	(15,474)	$	274,398
DGD adjusted EBITDA (Darling's Share)	—		—		120,333		—		120,333
Combined adjusted EBITDA	$	198,560	$	68,245	$	143,400	$	(15,474)	$	394,731

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

Segment EBITDA consists of segment income (loss), less equity in net income from unconsolidated subsidiaries, less equity in net income of Diamond Green Diesel, plus depreciation and amortization, plus acquisition and integration costs, plus restructuring and impairment charges, plus Darling’s share of DGD Adjusted EBITDA.

News Release Nov. 8, 2022 Page 3

Segment Financial Tables(in thousands) continued

(unaudited)

Nine Months Ended October 1, 2022	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total
Net sales	$	3,322,927	$	1,071,897	$	369,297	$	—	$	4,764,121
Cost of sales and operating expenses	2,522,728		807,833		292,760		—		3,623,321
Gross margin	800,199		264,064		76,537		—		1,140,800
Gain on sale of assets	(3,595)		(891)		(74)		—		(4,560)
Selling, general and administrative expenses	185,045		73,608		9,921		46,314		314,888
Restructuring and asset impairment charges	8,557		—		—		—		8,557
Acquisition and integration costs	—		—		—		13,634		13,634
Depreciation and amortization	203,967		44,307		20,894		8,169		277,337
Equity in net income of Diamond Green Diesel	—		—		248,898		—		248,898
Segment operating income/(loss)	$	406,225	$	147,040	$	294,694	$	(68,117)	$	779,842
Equity in net income of other unconsolidated subsidiaries	5,933		—		—		—		5,933
Segment income/(loss)	$	412,158	$	147,040	$	294,694	$	(68,117)	$	785,775
Segment EBITDA	$	618,749	$	191,347	$	66,690	$	(46,314)	$	830,472
DGD adjusted EBITDA (Darling's Share)	—		—		297,503		—		297,503
Combined adjusted EBITDA	$	618,749	$	191,347	$	364,193	$	(46,314)	$	1,127,975

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
Loss (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

Segment EBITDA consists of segment income (loss), less equity in net income from unconsolidated subsidiaries, less equity in net income of Diamond Green Diesel, plus depreciation and amortization, plus acquisition and integration costs, plus restructuring and impairment charges, plus Darling’s share of DGD Adjusted EBITDA.

News Release Nov. 8, 2022 Page 4

Darling Ingredients Inc. and Subsidiaries

Consolidated Balance Sheets

October 1, 2022 and January 1, 2022

(thousands)

		October 1, 2022		January 1, 2022
ASSETS		(unaudited)
Current assets:
	Cash and cash equivalents	$	126,032	$	68,906
	Restricted cash	102		166
	Accounts receivable, net	669,824		469,092
	Inventories	641,980		457,465
	Prepaid expenses	80,293		53,711
	Income taxes refundable	17,504		1,075
	Other current assets	26,301		38,599
	Total current assets	1,562,036		1,089,014
Property, plant and equipment, net		2,345,671		1,840,080
Intangible assets, net		873,613		397,801
Goodwill		1,900,267		1,219,116
Investment in unconsolidated subsidiaries		1,814,583		1,349,247
Operating lease right-of-use assets		175,117		155,464
Other assets		122,668		66,795
Deferred income taxes		14,799		16,211
		$	8,808,754	$	6,133,728
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Current portion of long-term debt	$	63,663	$	24,407
	Accounts payable, principally trade	398,175		307,118
	Income taxes payable	43,395		32,310
	Current operating lease liabilities	44,040		38,168
	Accrued expenses	478,710		350,681
	Total current liabilities	1,027,983		752,684
Long-term debt, net of current portion		3,220,901		1,438,974
Long-term operating lease liabilities		133,184		120,314
Other non-current liabilities		296,066		111,029
Deferred income taxes		461,806		362,942
	Total liabilities	5,139,940		2,785,943
Commitments and contingencies
Stockholders' equity:
Common stock, $0.01 par value;		1,735		1,717
	Additional paid-in capital	1,652,453		1,627,816
Treasury stock, at cost		(529,905)		(374,721)
	Accumulated other comprehensive loss	(473,139)		(321,690)
	Retained earnings	2,928,968		2,347,838
	Total Darling's stockholders' equity	3,580,112		3,280,960
Noncontrolling interests		88,702		66,825
Total Stockholders' equity		3,668,814		3,347,785
		$	8,808,754	$	6,133,728

News Release Nov. 8, 2022 Page 5

Darling Ingredients Inc. and Subsidiaries

Consolidated Operating Results

For the Three-Month and Nine-Month Periods Ended October 1, 2022 and October 2, 2021

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	(unaudited)				$ Change		(unaudited)				$ Change
	October 1,		October 2,		Favorable		October 1,		October 2,		Favorable
	2022		2021		(Unfavorable)		2022		2021		(Unfavorable)
Net sales	$	1,747,599	$	1,185,916	$	561,683	$	4,764,121	$	3,431,301	$	1,332,820
Costs and expenses:
Cost of sales and operating expenses	1,371,237		859,604		(511,633)		3,623,321		2,510,461		(1,112,860)
Gain on sale of assets	(3,116)		(501)		2,615		(4,560)		(793)		3,767
Selling, general and administrative expenses	105,080		97,275		(7,805)		314,888		293,805		(21,083)
Restructuring and asset impairment charges	—		—		—		8,557		778		(7,779)
Acquisition and integration costs	4,503		—		(4,503)		13,634		—		(13,634)
Depreciation and amortization	104,978		77,826		(27,152)		277,337		235,582		(41,755)
Total costs and expenses	1,582,682		1,034,204		(548,478)		4,233,177		3,039,833		(1,193,344)
Equity in net income of Diamond Green Diesel	103,414		53,951		49,463		248,898		281,964		(33,066)
Operating income	268,331		205,663		62,668		779,842		673,432		106,410
Other expense:
Interest expense	(39,816)		(15,409)		(24,407)		(79,427)		(47,105)		(32,322)
Foreign currency loss	(493)		(205)		(288)		(6,005)		(1,299)		(4,706)
Other expense, net	(2,807)		(853)		(1,954)		(3,851)		(3,210)		(641)
Total other expense	(43,116)		(16,467)		(26,649)		(89,283)		(51,614)		(37,669)
Equity in net income of other unconsolidated subsidiaries	2,301		1,647		654		5,933		4,199		1,734
Income from operations before income taxes	227,516		190,843		36,673		696,492		626,017		70,475
Income tax expense	35,215		42,637		7,422		108,631		126,324		17,693
Net income	192,301		148,206		44,095		587,861		499,693		88,168
Net income attributable to noncontrolling interests	(1,220)		(1,394)		174		(6,731)		(4,533)		(2,198)
Net income attributable to Darling	$	191,081	$	146,812	$	44,269	$	581,130	$	495,160	$	85,970
Basic income per share:	$	1.19	$	0.91	$	0.28	$	3.60	$	3.04	$	0.56
Diluted income per share:	$	1.17	$	0.88	$	0.29	$	3.54	$	2.96	$	0.58
Number of diluted common shares:	163,635		166,770				164,327		167,374

News Release Nov. 8, 2022 Page 6

Darling Ingredients Inc. and Subsidiaries

Consolidated Statement of Cash Flows

Nine-Month Periods Ended October 1, 2022 and October 2, 2021

(in thousands)

	Nine Months Ended
	(Unaudited)
	October 1,		October 2,
Cash flows from operating activities:	2022		2021
Net income	$	587,861	$	499,693
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	277,337		235,582
Gain on sale of assets	(4,560)		(793)
Asset impairment	8,557		138
Deferred taxes	42,120		67,272
Decrease in long-term pension liability	(2,753)		(1,118)
Stock-based compensation expense	18,884		18,413
Write-off deferred loan costs	—		1,130
Deferred loan cost amortization	3,552		3,044
Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries	(254,831)		(286,163)
Distribution of earnings from Diamond Green Diesel and other unconsolidated subsidiaries	95,546		3,322
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(45,457)		(85,822)
Income taxes refundable/payable	(2,004)		18,688
Inventories and prepaid expenses	(140,971)		(97,531)
Accounts payable and accrued expenses	78,656		46,912
Other	(23,499)		29,282
Net cash provided by operating activities	638,438		452,049
Cash flows from investing activities:
Capital expenditures	(257,120)		(191,738)
Acquisition, net of cash acquired	(1,760,139)		(2,059)
Investment in Diamond Green Diesel	(239,750)		(25,000)
Investment in other unconsolidated subsidiaries	—		(4,449)
Loan to Diamond Green Diesel	(25,000)		—
Loan repayment from Diamond Green Diesel	50,000		—
Gross proceeds from disposal of property, plant and equipment and other assets	9,430		3,805
Payments related to routes and other intangibles	(179)		(274)
Net cash used in investing activities	(2,222,758)		(219,715)
Cash flows from financing activities:
Proceeds from long-term debt	1,929,870		31,088
Payments on long-term debt	(39,511)		(131,224)
Borrowings from revolving credit facility	1,684,840		287,000
Payments on revolving credit facility	(1,743,523)		(309,000)
Net cash overdraft financing	21,090		29,034
Deferred loan costs	(16,758)		—
Issuance of common stock	—		50
Repurchase of common stock	(103,061)		(97,924)
Minimum withholding taxes paid on stock awards	(46,394)		(45,260)
Distributions to noncontrolling interests	(3,653)		(3,853)
Net cash provided/(used) in financing activities	1,682,900		(240,089)
Effect of exchange rate changes on cash flows	(20,295)		(6,605)
Net increase/(decrease) in cash, cash equivalents and restricted cash	78,285		(14,360)
Cash, cash equivalents and restricted cash at beginning of period	69,072		81,720
Cash, cash equivalents and restricted cash at end of period	$	147,357	$	67,360

News Release Nov. 8, 2022 Page 7

Diamond Green Diesel Joint Venture

Condensed Consolidated Balance Sheets

September 30, 2022 and December 31, 2021

(in thousands)

	September 30,		December 31,
	2022		2021
	(unaudited)
Assets:
Total current assets	$	933,332	$	686,294
Property, plant and equipment, net	3,292,831		2,710,747
Other assets	46,736		51,514
Total assets	$	4,272,899	$	3,448,555
Liabilities and members' equity:
Total current portion of long term debt	$	115,506	$	165,092
Total other current liabilities	316,345		295,860
Total long term debt	332,794		344,309
Total other long term liabilities	16,973		17,531
Total members' equity	3,491,281		2,625,763
Total liabilities and members' equity	$	4,272,899	$	3,448,555

Diamond Green Diesel Joint Venture

Operating Financial Results

For the Three-Month and Nine-Month Periods Ended September 30, 2022 and September 30, 2021

(in thousands)

	Three Months Ended						Nine Months Ended
	(unaudited)				$ Change		(unaudited)				$ Change
	September 30,		September 30,		Favorable		September 30,		September 30,		Favorable
	2022		2021		(Unfavorable)		2022		2021		(Unfavorable)
Revenues:
Operating revenues	$	1,470,036	$	401,900	$	1,068,136	$	3,906,614	$	1,405,392	$	2,501,222
Expenses:
Total costs and expenses less depreciation, amortization and accretion expense	1,229,371		281,848		(947,523)		3,311,608		804,939		(2,506,669)
Depreciation, amortization and accretion expense	31,793		10,991		(20,802)		89,602		34,673		(54,929)
Total costs and expenses	1,261,164		292,839		(968,325)		3,401,210		839,612		(2,561,598)
Operating income	208,872		109,061		99,811		505,404		565,780		(60,376)
Other income	1,215		113		1,102		1,926		524		1,402
Interest and debt expense, net	(3,259)		(1,272)		(1,987)		(9,534)		(2,376)		(7,158)
Net income	$	206,828	$	107,902	$	98,926	$	497,796	$	563,928	$	(66,132)

News Release Nov. 8, 2022 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

For the Three-Month and Nine-Month Periods Ended October 1, 2022 and October 2, 2021

	Three Months Ended					Nine Months Ended
Adjusted EBITDA	October 1,			October 2,		October 1,			October 2,
(U.S. dollars in thousands)	2022			2021		2022			2021
Net income attributable to Darling	$	191,081		$	146,812	$	581,130		$	495,160
Depreciation and amortization	104,978			77,826		277,337			235,582
Interest expense	39,816			15,409		79,427			47,105
Income tax expense	35,215			42,637		108,631			126,324
Restructuring and asset impairment charges	—			—		8,557			778
Acquisition and integration costs	4,503			—		13,634			—
Foreign currency loss	493			205		6,005			1,299
Other expense, net	2,807			853		3,851			3,210
Equity in net income of Diamond Green Diesel	(103,414)			(53,951)		(248,898)			(281,964)
Equity in net income of other unconsolidated subsidiaries	(2,301)			(1,647)		(5,933)			(4,199)
Net income attributable to other noncontrolling interests	1,220			1,394		6,731			4,533
Adjusted EBITDA (Non-GAAP)	$	274,398		$	229,538	$	830,472		$	627,828
Foreign currency exchange impact	18,426		(1)	—		41,581		(2)	—
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	292,824		$	229,538	$	872,053		$	627,828
DGD Joint Venture Adjusted EBITDA (Darling's Share)	$	120,333		$	60,026	$	297,503		$	300,227
Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA	$	394,731		$	289,564	$	1,127,975		$	928,055
(1) The average rate assumption used in this calculation was the actual fiscal average rate for the three months ended October 1, 2022 of €1.00:USD$1.01 and CAD$1.00:USD$0.77 as compared to the average rate for the three months ended October 2, 2021 of €1.00:USD$1.18 and CAD$1.00:USD$0.79, respectively.
(2) The average rate assumption used in this calculation was the actual fiscal average rate for the nine months ended October 1, 2022 of €1.00:USD$1.06 and CAD$1.00:USD$0.78 as compared to the average rate for the nine months ended October 2, 2021 of €1.00:USD$1.20 and CAD$1.00:USD$0.80, respectively.

News Release Nov. 8, 2022 Page 9

About Darling

Darling Ingredients Inc. (NYSE: DAR) is the largest publicly traded company turning edible by-products and food waste into sustainable products and a leading producer of renewable energy. Recognized as a sustainability leader, the company operates more than 270 plants in 17 countries and repurposes approximately 15% of the world's meat industry waste streams into value-added products, such as green energy, renewable diesel, collagen, fertilizer, animal proteins and meals and pet food ingredients. To learn more, visit darlingii.com and follow us on LinkedIn.

Darling Ingredients Inc. will host a conference call to discuss the Company’s third quarter 2022 financial results at 9 am Eastern Time (8 am Central Time) on Wednesday, November 9, 2022.

Due to historically high call volume, the company is offering participants the opportunity to register in advance for the conference through the following link: https://dpregister.com/sreg/10171165/f47e536d62

Registered participants will receive an email with a calendar reminder and a dial-in number and PIN that will allow them immediate access to the call on November 9, 2022.

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 asked to be joined to the Darling Ingredients call. 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 two hours after its completion, a replay of the call can be accessed through November 16, 2022, 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 3834610.

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 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, 6% Notes, 5.25% Notes and 3.625% Notes that were outstanding at Oct. 1, 2022. 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, 6% Notes, 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.

News Release Nov. 8, 2022 Page 10

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.

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 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, 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, including the Russia-Ukraine war; 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.}

EX-99.2

1 21 EARNINGS REPORT Q 3 | N O V E M B E R 2 0 2 2 Exhibit 99.2

2 21 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 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, 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, including the Russia-Ukraine war; 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. Q3 - 22 EARNINGS

3 21 Solid Financial Performance SUMMARY HIGHLIGHTS Q3 - 22 EARNINGS Q3-2022 Combined Adjusted EBITDA $394.7 Global Ingredients EBITDA $274.4 Feed Ingredients EBITDA $198.6 Food Ingredients EBITDA - Record Quarter $68.2 Fuel Ingredients EBITDA $143.4 EPS Diluted $1.17 Net Sales – Record Quarter $1.7 billion Shares Repurchased Year-to-Date $103.1 million Growing Shareholder Value FASA Group Acquisition Completed – Aug. 1, 2022 Definitive Agreement to purchase Gelnex – Oct. 18, 2022 De Jong Recycling Acquisition – Oct. 31, 2022 Miropasz Group Acquisition – Nov. 2, 2022 DGD 3 Start-up – Nov, 2022

4 21 Strong 3Q and YTD Earnings In millions, except per share Q3-2022 Q3-2021 % variance YTD 2022 YTD 2021 % variance Net Sales $1,747.6 $1,185.9 47.4% $4,764.1 $3,431.3 38.8% Gross Margin $376.4 $326.3 15.4% $1,140.8 $920.8 23.9% Gross Margin % 21.5%* 27.5%** (21.8%)** 23.9%* 26.8%** (10.8%)** Net Income $191,081 $146,812 30.2% $581,130 $495,160 17.4% EPS Diluted $1.17 $0.88 33% $3.54 $2.96 19.6% EBITDA In millions Q3-2022 Q3-2021 % variance YTD 2022 YTD 2021 % variance Feed $198.6 $161.2 23.2% $618.7 $446,2 38.7% Food $68.2 $46.1 47.9% $191.3 $145.5 31.5% Fuel (1) $143.4 $95.6 50% $364.2 $378.5 (3.8%) Corporate ($15.5) ($13.4) (15.7%) ($46.3) ($42.2) (9.7%) Total combined adjusted EBITDA $394.7 $289,6 36.3% $1,127.9 $928.1 21.5% (1) Includes Fuel Segment EBITDA and Darling's share of DGD EBITDA Darling 27.5% 24.5% 25.3% 25.4% 21.5% 18% 23% 28% Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Balance Sheet In millions, except per ratio data As of 10/1/2022 As of 1/1/2022 Cash (including restricted) $126.1 $69.1 Revolver availability $1,354.5 $1,285.9 Net working capital $471.6 $291.7 Total debt $3,284.6 $1,463.4 Leverage ratio (2) 2.48 1.57 Darling Ingredients Quarterly Gross Margin % (2) Per bank covenant * Reflects lower Valley Proteins margins, FX impacts and one-time FASA inventory step-up charge ** Q3 2021 included an Alternative Fuel Mixture Credit in the fuel segment

5 21 Food 17%Feed 48% Fuel 35% Food Feed Fuel Combined Adjusted EBITDA Q3 2022 % of Total EBITDA by Segment $222 $230 $224 $244 $312 $274 $132 $60 $83 $87 $91 $120 $0 $150 $300 $450 Global Ingredients DGD $353.7 $289.6 (In millions) $306.8 $330.7 $394.7 Q2 22Q1 22Q4 21Q3 21Q2 21 Q3 22 $402.6 (1) Includes Fuel Segment EBITDA and Darling's share of DGD EBITDA Third Quarter EBITDA Foreign Currency Exchange Impact Q3 ($18.4) million YTD 2022 ($41.6) million

6 21 Key Drivers • Raw materials volumes up 39.6% quarter over quarter, 21.8% year to date • Net sales growth up 65.4% quarter over quarter, driven by Valley Proteins and FASA acquisitions • Higher fat prices and increased raw materials volumes drove a 9.8% increase in operating income • Energy costs in Europe are challenging, more than doubling year over year • Significant operational challenges due to summer heat with new Valley Protein plants • FASA inventory write up • Container availability improved Q3 over Q2 and expected to continue to improve in Q4 Feed Segment Strong raw material volumes US $ (in millions) Q3-2022 Q3-2021 YTD-2022 YTD-2021 Net Sales $ 1,273,142 $ 769,626 $ 3,322,927 $2,193,002 Cost of sales & operating expenses 1,012,899 553,662 2,522,728 1,584,667 Gross Margin $ 260,243 $ 215,964 $ 800,199 $ 608,335 Gain on sale of assets (2,290) (229) (3,595) (490) Selling, general & administrative expenses 63,973 54,997 185,045 162,594 Restructuring and asset impairment charges - - 8,557 - Depreciation & amortization 80,679 53,824 203,967 162,404 Segment operating income $ 117,881 $ 107,372 $ 406,225 $ 283,827 Equity in net income of other unconsolidated subsidiaries $ 2,301 $ 1,647 $ 5,933 $ 4,199 Segment Income $ 120,182 $ 109,019 $ 412,158 $ 288,026 Segment EBITDA $ 198,560 $ 161,196 $ 618,749 $ 446,231 Raw material processed (mmts)* 3.1 2.2 8.1 6.7

7 21 Feed Segment Strong export demand for North American proteins US $ (in millions) Fats Proteins Other Total Rendering Used Cooking Oil Bakery Other Total Net Sales Nine Months Ended Oct. 2, 2021 $ 829.5 $ 771.9 $ 132.1 $ 1,733.5 $ 207.4 $ 222.9 $ 29.2 $ 2,193.0 Increase in sales volumes 182.4 166.7 - 349.1 41.7 3.5 - 394.3 Increase in finished goods prices 422.1 136.2 - 558.3 164.1 27.1 - 749.5 Decrease in currency exchange rates (23.4) (39.7) (2.0) (65.1) (2.0) (0.6) - (67.7) Other change - - 42.7 42.7 - - 11.1 53.8 Total Change 581.1 263.2 40.7 885.0 203.8 30.0 11.1 1,129.9 Net sales nine months ended Oct. 1, 2022 $ 1,410.6 $ 1,035.1 $ 172.8 $ 2,618.5 $ 411.2 $ 252.9 $ 40.3 $ 3,322.9 US $ (in millions) Fats Proteins Other Total Rendering Used Cooking Oil Bakery Other Total Net Sales Three Months Ended Oct. 2, 2021 $ 307.9 $ 258.0 $ 43.7 $ 609.6 $ 69.9 $ 80.6 $ 9.5 $ 769.6 Increase/(Decrease) in sales volumes 126.6 101.7 - 228.3 25.6 (2.1) - 251.8 Increase in finished goods prices 121.5 73.7 - 195.2 69.5 6.7 - 271.4 Decrease in currency exchange rates (12.7) (19.6) - (32.3) (1.4) (0.4) - (34.1) Other change - - 7.4 7.4 - - 7.0 14.4 Total Change 235.4 155.8 7.4 398.6 93.7 4.2 7.0 503.5 Net sales three months ended Oct. 1, 2022 $ 543.3 $ 413.8 $ 51.1 $ 1,008.2 $ 163.6 $ 84.8 $ 16.5 $ 1,273.1

8 21 Key Drivers • Improving product mix shift at Rousselot • Strong sales prices in edible fat markets • Casings business affected by Russia • Oct. 18, entered into definitive agreement to purchase all shares of Gelnex, leading global producer of collagen products – increases capacity for grass-fed bovine collagen in South America • Expect collagen peptides market to double in the next five years • Additional collagen capacity coming on- line early in 2023 Food Segment Continued Record Growth US $ (in millions) Q3-2022 Q3-2021 YTD-2022 YTD-2021 Net Sales $ 347,902 $ 311,856 $ 1,071,897 $ 926,952 Cost of sales & operating expenses 256,557 241,308 807,833 706,260 Gross Margin $ 91,345 $ 70,548 $ 264,064 $ 220,692 Loss/(gain) on sale of assets (809) (8) (891) (1) Selling, general & administrative expenses 23,909 24,417 73,608 75,150 Depreciation & amortization 14,408 14,933 44,307 45,666 Segment Income $ 53,837 $ 31,206 $ 147,040 $ 99,877 Segment EBITDA $ 68,245 $ 46,139 $ 191.347 $ 145,543 Raw material processed (mt)* 274,000 275,000 824,000 823,000

9 21 Food Segment Global Growth in Peptides 77% 14% 9% Q3 - 2022 % of Sales Breakdown Collagen Edible fats Other products $100 $120 $140 $160 $180 $200 $220 $240 $260 Food Segment Trailing 4Q adjusted EBITDA Trailing 4 Q's

10 21 Fuel Segment Key Drivers • Diamond Green Diesel sold 190 million gallons of renewable diesel, $1.26 EBITDA per gallon • Diamond Green Diesel III commissioning • Fat prices remained strong; LCFS prices softened, but RINs doing heavy lift • Green energy investments in Europe delivering as planned • Belgium expansion of new digester underway • Summer volumes in Rendac were strong US $ (in millions) Q3-2022 Q3-2021 YTD-2022 YTD-2021 Net Sales $ 126,555 $ 104,434 $ 369,297 $ 311,347 Cost of sales & operating expenses 101,781 64,634 292,760 219,534 Gross Margin 24,774 39,800 76,537 91,813 Gain on sale of assets (17) (264) (74) (302) Selling, general & administrative expenses 1,724 4,481 9,921 13,822 Restructuring and asset impairment charges - - - 778 Depreciation & amortization 7,284 6,361 20,894 19,214 Equity in net income of Diamond Green Diesel 103,414 53,951 248,898 281,964 Segment Income $ 119,197 $ 83,173 $ 294,694 $ 340,265 Segment EBITDA $23,067 $35,583 $66,690 $78,293 DGD adjusted EBITDA (Darling's Share) $120,333 $ 60,026 $297,503 $300,227 Segment EBITDA (1) $143,400 $ 95,609 $364,193 $378,520 Raw material processed (mt)*` 362,000 304,000 1,054,000 946,000

11 21 Fuel Segment High Feedstock Prices, Lower California LCFS, Volati le RINs Diamond Green Diesel US $ and gallons (in millions) Q3 2022 Q3 2021 YTD 2022 YTD 2021 EBITDA (Entity) – recorded w/no BTC $ 50.4 $ 58.4 $ 50.4 $377.0 EBITDA (Entity) – recorded including BTC $ 240.7 $ 120.1 $ 595.0 $600.5 Pro forma Adjusted EBITDA (Darling’s share) $ 120.3 $ 60.0 $ 297.5 $300.2 Total gallons produced 180.3 65.6 555.3 223.5 Total gallons sold/shipped 190.6 61.7 545.5 223.7 EBITDA per gallon sold/shipped $1.26 $1.95 $1.09 $2.68

12 21 Poised for Sustainable Growth Q3 - 22 EARNINGS Global Rendering Population growth and wealth creation will increase animal production, opportunistic bolt-on acquisitions Collagen Continued shift from gelatin to collagen peptides, as demand is forecasted to double in 5 years Green Energy Expansion of decarbonization solutions derived from animal and food waste Sustainable Aviation Fuel Operational readiness when market conditions permit

13 21 APPENDIX ADDITIONAL INFORMATION Q3-22 EARNINGS

14 21 Q3-22 EARNINGS Cal i fornia LCFS RIN Value History

15 21 Q3-22 EARNINGS Feed Segment – Historical US$ (in millions) Q1-2021 Q2-2021 Q3-2021 Q4-2021Total 2021 Q1-2022 Q2-2022 Q3-2022 Net Sales $ 651.4 $ 771.9 $ 769.6 $ 846.5 $ 3,039.5 $ 879.4 $ 1,170.3 $ 1,273.1 Gross Margin 176.9 215.5 216.0 224.9 833.3 233.9 306.0 260.2 Gross Margin % 27.1% 27.9% 28.1% 26.6% 27.4% 26.6% 26.1% 20.4% Gain on sale of assets (0.1) (0.1) (0.2) (0.1) (0.6) (0.3) (1.0) (2.3) SG&A 52.6 55.0 55.0 57.5 220.1 56.2 64.9 64.0 SG&A Margin % 8.1% 7.1% 7.1% 6.8% 7.2% 6.4% 5.5% 5.0% Operating Income 69.8 106.7 107.4 111.0 394.8 123.7 164.6 117.9 Adj. EBITDA (1) $ 124.4 $ 160.7 $ 161.2 $ 167.5 $ 613.7 $ 178.0 $ 242.1 $ 198.6 Adj. EBITDA Margin % 19.1% 20.8% 20.9% 19.8% 20.2% 20.2% 20.7% 15.6% Raw Material Processed (mmts)* 2.23 2.19 2.22 2.27 8.92 2.31 2.70 3.1

16 21 Q3-22 EARNINGS Food Segment – Historical US$ (in millions) Q1-2021 Q2-2021 Q3-2021 Q4-2021 Total 2021 Q1 -2022 Q2-2022 Q3-2022 Net Sales $ 298.1 $ 317.0 $ 311.9 $ 344.7 $ 1,271.6 $ 354.8 $ 369.2 $ 347.9 Gross Margin 71.7 78.5 70.5 71.7 292.4 84.5 88.2 91.3 Gross Margin % 24.0% 24.8% 22.6% 20.8% 23.0% 23.8% 23.9% 26.3% Loss/(gain) on sale of assets 0.1 (0.0) (0.0) (0.1) (0.1) (0.1) (0.1) (0.8) SG&A 25.2 25.5 24.4 22.4 97.6 26.8 22.9 23.9 SG&A Margin % 8.5% 8.1% 7.8% 6.5% 7.7% 7.6% 6.2% 6.9% Operating Income 31.5 37.1 31.2 34.1 134.0 42.2 51.0 53.8 Adj. EBITDA $ 46.4 $ 53.0 $ 46.1 $ 49.4 $ 194.9 $ 57.7 $ 65.4 $ 68.2 Adj. EBITDA Margin % 15.6% 16.7% 14.8% 14.3% 15.3% 16.2% 17.7% 19.6% Raw Material Processed (mmts)* 0.26 0.27 0.28 0.29 1.11 0.28 0.27 0.27

17 21 Q3-22 EARNINGS F u e l S e g m e n t – H i s t o r i c a l (1) Includes Fuel Segment base EBITDA and Darling's share of DGD EBITDA. (2) Excludes feed stock (raw material) processed at the DGD joint venture. US$ (in millions) Q1-2021 Q2-2021 Q3-2021 Q4-2021 Total 2021 Q1-2022 Q2-2022 Q3-2022 Net Sales $ 97.2 $ 109.7 $ 104.4 $ 118.9 $ 430.2 $ 132.0 $ 110.7 $ 126.6 Gross Margin 25.4 26.6 39.8 24.5 116.3 27.3 24.4 24.8 Gross Margin % 26.1% 24.2% 38.1% 20.6% 27.0% 20.7% 22.1% 19.6% Gain on sale of assets 0.0 (0.1) (0.3) (0.0) (0.3) (0.0) (0.0) (0.0) SG&A 4.9 4.5 4.5 3.2 17.0 3.9 4.3 1.7 Restructuring and asset impairment charges 0.8 - - - 0.8 - - - Depreciation and amortization 6.2 6.7 6.4 6.2 25.4 6.6 6.9 7.3 Equity in net income of DGD 102.2 125.8 54.0 69.7 351.7 71.8 73.7 103.4 Operating Income 95.8 141.3 83.2 84.8 405.1 88.6 86.9 119.2 Base adjusted EBITDA 0.5 22.2 35.6 21.4 79.7 23.4 20.2 23.1 DGD adjusted EBITDA (Darling's Share) 108.2 132.0 60.0 83.2 383.4 86.6 90.6 120.3 Combined adjusted EBITDA (1) $ 108.8 $ 154.2 $ 95.6 $ 104.6 $ 483.1 $110.0 $110.8 143.4 Raw Material Processed (mmts) (2) 0.33 0.31 0.30 0.33 1.28 0.34 0.35 0.36

18 21 Historical Pricing 2022 Finished Product Pricing Feed Segment Ingredients January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Bleachable Fancy Tallow - Chicago Renderer / cwt $67.00 $72.03 $74.70 $71.39 $75.60 $81.00 $81.76 $79.51 $82.00 $82.00 $77.62 $80.04 Yellow Grease - Illinois / cwt $45.38 $55.50 $60.02 $53.91 $58.00 $60.50 $61.74 $60.11 $60.50 $60.85 $61.64 $61.09 Used Cooking Oil (UCO) - Illinois / cwt $59.20 $63.47 $68.02 $63.89 $69.00 $69.00 $69.00 $68.89 $65.88 $64.00 $65.31 $64.98 Meat and Bone Meal - Ruminant - IL/ ton $275.50 $291.84 $374.50 $317.22 $360.00 $360.00 $379.52 $366.62 $405.00 $405.00 $399.29 $404.41 Poultry By-Product Meal - Feed Grade - Mid South/ton $358.38 $362.50 $380.00 $367.03 $380.00 $381.91 $393.93 $385.83 $390.00 $390.00 $390.71 $388.85 Poultry By-Product Meal - Pet Food - Mid South/ton $759.38 $764.50 $764.41 $761.70 $800.00 $826.20 $779.05 $801.36 $750.00 $800.00 $847.62 $762.27 2022 Vegetable Oils Pricing Competing Ingredient for Feed Segment fats & biofuel feedstock January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Soybean Oil (crude/de-gummed) - Central Illinois / cwt $64.42 $69.42 $78.75 $71.30 $84.32 $85.79 $80.45 $83.48 $74.30 $73.18 $73.75 $70.70 Soybean Oil (RBD) - Central Illinois / cwt $75.57 $79.66 $91.29 $82.65 $96.50 $102.81 $98.78 $99.83 $87.30 $84.18 $83.80 $83.50 Distiller's Corn Oil - IL/WI cwt $64.76 $79.00 $76.00 $73.25 $78.73 $80.11 $74.28 $77.63 $72.50 $72.50 $72.45 $69.80 2022 Cash Corn Pricing Competing Ingredient for Bakery Feeds and Fats January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Corn - Track Central IL #2 Yellow / bushel $6.22 $6.70 $7.70 $6.90 $8.10 $8.23 $8.30 $8.20 $6.79 $7.60 $7.08 $7.01 2022 European Benchmark Pricing Palm Oil - Competing ingredient for edible fats in Food Segment Soy meal - Competing ingredient for protein meals in Feed Segment January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Palm oil - CIF Rotterdam / metric ton $1,342 $1,502 $1,820 $1,555 $1,700 $1,698 $1,588 $1,662 $1,256 $1,075 $882 $1,130 Soy meal - CIF Rotterdam / metric ton $535 $576 $617 $576 $583 $531 $535 $550 $531 $538 $439 $535 QTR. over QTR. (Sequential) Year over Year (Q1) Comparison Q2-2022 Q3-2022 % Q3-2021 Q3-2022 % Average Jacobsen Prices (USD) Avg. Avg. Change Avg. Avg. Change Bleachable Fancy Tallow - Chicago Renderer / cwt $79.51 $80.04 0.7% $66.75 $80.04 19.9% Yellow Grease - Illinois / cwt $60.11 $61.09 1.6% $44.70 $61.09 36.7% Used Cooking Oil (UCO) - Illinois / cwt $68.89 $64.98 -5.7% $53.31 $64.98 21.9% Meat and Bone Meal - Ruminant - Illinois / ton $366.62 $404.41 10.3% $385.53 $404.41 4.9% Poultry By-Product Meal - Feed Grade - Mid South / ton $385.83 $388.85 0.8% $337.15 $388.85 15.3% Poultry By-Product Meal - Pet Food - Mid South / ton $801.36 $762.27 -4.9% $680.77 $762.27 12.0% Soybean Oil (crude/de-gummed) - Central Illinois / cwt $83.48 $70.70 -15.3% $68.53 $70.70 3.2% Soybean Oil (RBD) - Central Illinois / cwt $99.83 $83.50 -16.4% $83.59 $83.50 -0.1% Distiller's Corn Oil - IL/WI per cwt $77.63 $69.80 -10.1% $59.27 $69.80 17.8% Average Wall Street Journal Prices (USD) Corn - Track Central IL #2 Yellow / bushel $8.20 $7.01 -14.5% $5.80 $7.01 20.9% Average Thomson Reuters Prices (USD) Palm oil - CIF Rotterdam / metric ton $1,662 $1,130 -32.0% $1,213 $1,130 -6.8% Soy meal - CIF Rotterdam / metric ton $550 $535 -2.7% $469 $535 14.1% 2022 Average Jacobsen Prices (USD) 2022 Average Jacobsen Prices (USD) Average Wall Street Journal Prices (USD) Average Thomson Reuters Prices (USD)

19 21 Adjusted EBITDA (1) The average rate assumption used in this calculation was the actual fiscal average rate for the three months ended October 1, 2022 of €1.00:USD$1.01 and CAD$1.00:USD$0.77, as compared to the average rate for the three months ended October 2, 2021 of €1.00:USD$1.18 and CAD$1.00:USD$0.79, respectively. (2) The average rate assumption used in this calculation was the actual fiscal average rate for the nine months ended October 1, 2022 of €1.00:USD$1.06 and CAD$1.00:USD$0.78, as compared to the average rate for the nine months ended October 2, 2021 of €1.00:USD$1.20 and CAD$1.00:USD$0.80, respectively. Adjusted EBITDA October 1, October 2, October 1, October 2, (U.S. dollars in thousands) 2022 2021 2022 2021 Net income attributable to Darling 191,081$ 146,812$ 581,130$ 495,160$ Depreciation and amortization 104,978 77,826 277,337 235,582 Interest expense 39,816 15,409 79,427 47,105 Income tax expense 35,215 42,637 108,631 126,324 Restructuring and asset impairment charges - - 8,557 778 Acquisition and integration costs 4,503 - 13,634 - Foreign currency loss 493 205 6,005 1,299 Other expense, net 2,807 853 3,851 3,210 Equity in net income of Diamond Green Diesel (103,414) (53,951) (248,898) (281,964) Equity in net income of other unconsolidated subsidiaries (2,301) (1,647) (5,933) (4,199) Net income attributable to noncontrolling interests 1,220 1,394 6,731 4,533 Adjusted EBITDA (Non-GAAP) 274,398$ 229,538$ 830,472$ 627,828$ Foreign currency exchange impact 18,426 (1) 41,581 (2) Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) 292,824$ 229,538$ 872,053$ 627,828$ DGD Joint Venture Adjusted EBITDA (Darling's Share) 120,333$ 60,026$ 297,503$ 300,227$ Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA 394,731$ 289,564$ 1,127,975$ 928,055$ Three Months Ended Nine Months Ended

20 21 EVENT CALENDAR Q3 – 22 Earnings Stephens Investment Conference November 17 - Nashville Goldman Sachs Carbonomics Conference November 29 - London Goldman Sachs Global Energy and Clean Technology Conference January 5-6 – Miami BMO ESG Conference Dec. 5 – Virtual

21 21 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 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 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, 6% Notes, 5.25% Notes and 3.625% Notes that were outstanding at Oct. 1, 2022. 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, 6% Notes, 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. Q3 – 22 EARNINGS

22 21 Q 3 | N O V E M B E R 2 0 2 2 EARNINGS REPORT

XML

Cover Page	Nov. 08, 2022
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. 08, 2022
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