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 7, 2023

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. ☐

1

Item 2.02.    Results of Operations and Financial Condition.

On November 7, 2023, Darling Ingredients Inc. (the “Company”) issued a press release announcing financial results for the third quarter ended September 30, 2023. 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 8, 2023 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 7, 2023 (furnished pursuant to Item 2.02).
99.2	Slide Presentation for November 8, 2023 Earnings Call (furnished pursuant to Item 2.02).
104	Cover Page Interactive Data File (embedded within Inline XBRL document)

2

SIGNATURES

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

	DARLING INGREDIENTS INC.
Date: November 7, 2023	By:	/s/ John F. Sterling
		John F. Sterling
		Executive Vice President, General Counsel

3

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Nov. 7, 2023

Darling Ingredients Inc. Reports Third Quarter 2023 Results

Third Quarter 2023

•Net income of $125.0 million, or $0.77 per GAAP diluted share

•Net sales of $1.6 billion

•Combined adjusted EBITDA of $334.3 million

•Global ingredients business EBITDA of $247.8 million

•Received $62.2 million in cash dividends from Diamond Green Diesel

IRVING, TEXAS -Darling Ingredients Inc.(NYSE: DAR) today reported net income of $125.0 million, or $0.77 per diluted share for third quarter of 2023, compared to net income of $191.1 million, or $1.17 per diluted share, for third quarter of 2022. The company also reported net sales of $1.6 billion for the third quarter of 2023, compared with net sales of $1.7 billion for the same period a year ago.

“Our core business continues to perform extremely well. We had seasonally strong performance during the third quarter and were able to return gross margins to pre-acquisition levels,” said Randall C. Stuewe, Darling Ingredients Chairman and Chief Executive Officer. “The company has good momentum as we close out the year and is well positioned heading into 2024.”

For the nine months ended Sept. 30, 2023, Darling Ingredients reported net sales of $5.2 billion, compared to net sales of $4.8 billion for the same period in 2022. Net income for the first nine months of 2023 was $563.2 million, or $3.47 per diluted share, as compared to net income of $581.1 million, or $3.54 per diluted share, for the first nine months of 2022.

Diamond Green Diesel (DGD) sold 266.8 million gallons of renewable diesel for the third quarter 2023 at an average of $0.65 per gallon EBITDA. Year-to-date, DGD has sold 910.0 million gallons of renewable diesel at an average of $1.02 per gallon EBITDA. During the third quarter, Darling Ingredients received $62.2 million in cash dividends from the joint venture, and $163.6 million in cash dividends year to date.

“Extreme volatility in the global petroleum market and swift declines in RINs and LCFS prices created headwinds in our Fuel business during 3Q,” Stuewe said. “A recent decline in fat prices have shown that new renewable diesel capacity is not coming on line as soon as projected. Despite these headwinds, DGD is still performing above investment case returns.”

Combined adjusted EBITDA for the third quarter 2023 was $334.3 million, compared to $394.7 million for the same period in 2022. On a year-to-date basis, combined adjusted EBITDA totaled $1.26 billion, as compared to $1.13 billion for the same period in 2022.

As of Sept. 30, 2023, Darling Ingredients had $119.0 million in cash and cash equivalents, and $1 billion available under its committed revolving credit agreement. Total debt outstanding as of Sept. 30, 2023, was $4.4 billion. The leverage ratio as measured by the company’s bank covenant was 3.25X as of Sept. 30, 2023. Capital expenditures were $146.2 million for the third quarter 2023, and $380.6 million for the first nine months ended Sept. 30, 2023.

The company guidance for fiscal year 2023 is $1.6 to $1.7 billion combined adjusted EBITDA.

Page 1

Segment Financial Tables(in thousands, unaudited)

	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate		Total
Three Months Ended September 30, 2023
Net sales	$	1,047,796		$	455,744		$	121,664		$	—	$	1,625,204
Cost of sales and operating expenses	804,312			338,208			96,213			—		1,238,733
Gross Margin	$	243,484		$	117,536		$	25,451		$	—	$	386,471
Gross Margin %	23.2		%	25.8		%	20.9		%	—		23.8		%
Loss/(gain) on sale of assets	833			117			(21)			—		929
Selling, general and administrative expenses	80,985			31,463			5,666			19,583		137,697
Acquisition and integration costs	—			—			—			3,430		3,430
Change in fair value of contingent consideration	(5,559)			—			—			—		(5,559)
Depreciation and amortization	88,954			25,418			9,026			2,596		125,994
Equity in net income of Diamond Green Diesel	—			—			54,389			—		54,389
Segment Operating Income/(Loss)	78,271			60,538			65,169			(25,609)		178,369
Equity in Net Income of Unconsolidated Subs	1,534			—			—			—		1,534
Segment Income/(Loss)	$	79,805		$	60,538		$	65,169		$	(25,609)	$	179,903
Segment EBITDA	161,666			85,956			19,806			(19,583)		247,845
DGD Adjusted EBITDA (Darling's Share)	—			—			86,450			—		86,450
Combined Adjusted EBITDA	$	161,666		$	85,956		$	106,256		$	(19,583)	$	334,295

	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate		Total
Three Months Ended October 1, 2022
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
Gross Margin %	20.4		%	26.3		%	19.6		%	—		21.5		%
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 Unconsolidated Subs	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

Page 2

Segment Financial Tables(in thousands, unaudited)

	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate		Total
Nine Months Ended September 30, 2023
Net sales	$	3,426,950		$	1,328,229		$	418,818		$	—	$	5,173,997
Cost of sales and operating expenses	2,630,797			999,418			335,193			—		3,965,408
Gross Margin	$	796,153		$	328,811		$	83,625		$	—	$	1,208,589
Gross Margin %	23.2		%	24.8		%	20.0		%	—		23.4		%
Loss/(gain) on sale of assets	813			99			(51)			—		861
Selling, general and administrative expenses	233,082			98,269			16,829			61,734		409,914
Restructuring and asset impairment charges	92			5,328			—			—		5,420
Acquisition and integration costs	—			—			—			12,158		12,158
Change in fair value of contingent consideration	(13,058)			—			—			—		(13,058)
Depreciation and amortization	261,849			68,336			25,986			7,915		364,086
Equity in net income of Diamond Green Diesel	—			—			361,690			—		361,690
Segment Operating Income/(Loss)	313,375			156,779			402,551			(81,807)		790,898
Equity in Net Income of Unconsolidated Subs	3,503			—			—			—		3,503
Segment Income/(Loss)	$	316,878		$	156,779		$	402,551		$	(81,807)	$	794,401
Segment EBITDA	562,258			230,443			66,847			(61,734)		797,814
DGD Adjusted EBITDA (Darling's Share)	—			—			463,171			—		463,171
Combined Adjusted EBITDA	$	562,258		$	230,443		$	530,018		$	(61,734)	$	1,260,985

	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate		Total
Nine Months Ended October 1, 2022
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
Gross Margin %	24.1		%	24.6		%	20.7		%	—		23.9		%
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 Unconsolidated Subs	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

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

Page 3

Darling Ingredients Inc. and Subsidiaries

Consolidated Balance Sheets

September 30, 2023 and December 31, 2022

(in thousands)

		September 30, 2023		December 31, 2022
ASSETS		(unaudited)
Current assets:
	Cash and cash equivalents	$	118,977	$	127,016
	Restricted cash	304		315
	Accounts receivable, net	735,582		676,573
	Inventories	822,765		673,621
	Prepaid expenses	101,559		85,665
	Income taxes refundable	25,689		18,583
	Other current assets	38,119		56,324
	Total current assets	1,842,995		1,638,097
Property, plant and equipment, net		2,798,727		2,462,082
Intangible assets, net		1,091,446		865,122
Goodwill		2,447,376		1,970,377
Investment in unconsolidated subsidiaries		2,164,182		1,926,395
Operating lease right-of-use assets		202,947		186,141
Other assets		238,053		136,268
Deferred income taxes		24,611		17,888
		$	10,810,337	$	9,202,370
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Current portion of long-term debt	$	73,862	$	69,846
	Accounts payable, principally trade	394,748		472,491
	Income taxes payable	18,294		44,851
	Current operating lease liabilities	52,378		49,232
	Accrued expenses	494,421		432,023
	Total current liabilities	1,033,703		1,068,443
Long-term debt, net of current portion		4,338,126		3,314,969
Long-term operating lease liabilities		154,858		141,703
Other non-current liabilities		313,889		298,933
Deferred income taxes		502,779		481,832
	Total liabilities	6,343,355		5,305,880
Commitments and contingencies
Stockholders' equity:
	Common stock, $0.01 par value;	1,744		1,736
	Additional paid-in capital	1,691,636		1,660,084
	Treasury stock, at cost	(628,991)		(554,451)
	Accumulated other comprehensive loss	(332,413)		(383,874)
	Retained earnings	3,648,738		3,085,528
	Total Darling's stockholders' equity	4,380,714		3,809,023
Noncontrolling interests		86,268		87,467
Total Stockholders' Equity		4,466,982		3,896,490
		$	10,810,337	$	9,202,370

Page 4

Darling Ingredients Inc. and Subsidiaries

Consolidated Operating Results

For the Three and Nine Months Ended September 30, 2023 and October 1, 2022

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	(unaudited)				$ Change		(unaudited)				$ Change
	September 30,		October 1,		Favorable		September 30,		October 1,		Favorable
	2023		2022		(Unfavorable)		2023		2022		(Unfavorable)
Net sales	$	1,625,204	$	1,747,599	$	(122,395)	$	5,173,997	$	4,764,121	$	409,876
Costs and expenses:
Cost of sales and operating expenses	1,238,733		1,371,237		132,504		3,965,408		3,623,321		(342,087)
Loss/(gain) on sale of assets	929		(3,116)		(4,045)		861		(4,560)		(5,421)
Selling, general and administrative expenses	137,697		105,080		(32,617)		409,914		314,888		(95,026)
Restructuring and asset impairment charges	—		—		—		5,420		8,557		3,137
Acquisition and integration costs	3,430		4,503		1,073		12,158		13,634		1,476
Change in fair value of contingent consideration	(5,559)		—		5,559		(13,058)		—		13,058
Depreciation and amortization	125,994		104,978		(21,016)		364,086		277,337		(86,749)
Total costs and expenses	1,501,224		1,582,682		81,458		4,744,789		4,233,177		(511,612)
Equity in net income of Diamond Green Diesel	54,389		103,414		(49,025)		361,690		248,898		112,792
Operating income	178,369		268,331		(89,962)		790,898		779,842		11,056
Other expense:
Interest expense	(70,278)		(39,816)		(30,462)		(190,770)		(79,427)		(111,343)
Foreign currency gain/(loss)	845		(493)		1,338		8,339		(6,005)		14,344
Other income/(expense), net	2,247		(2,807)		5,054		13,485		(3,851)		17,336
Total other expense	(67,186)		(43,116)		(24,070)		(168,946)		(89,283)		(79,663)
Equity in net income of other unconsolidated subsidiaries	1,534		2,301		(767)		3,503		5,933		(2,430)
Income before income taxes	112,717		227,516		(114,799)		625,455		696,492		(71,037)
Income tax expense/(benefit)	(15,364)		35,215		50,579		52,322		108,631		56,309
Net income	128,081		192,301		(64,220)		573,133		587,861		(14,728)
Net income attributable to noncontrolling interests	(3,055)		(1,220)		(1,835)		(9,923)		(6,731)		(3,192)
Net income attributable to Darling	$	125,026	$	191,081	$	(66,055)	$	563,210	$	581,130	$	(17,920)
Basic income per share:	$	0.78	$	1.19	$	(0.41)	$	3.52	$	3.60	$	(0.08)
Diluted income per share:	$	0.77	$	1.17	$	(0.40)	$	3.47	$	3.54	$	(0.07)
Number of diluted common shares:	162,425		163,635				162,537		164,327

Page 5

Darling Ingredients Inc. and Subsidiaries

Consolidated Statement of Cash Flows

For the Nine Months Ended September 30, 2023 and October 1, 2022

(in thousands)

	(unaudited)
	September 30,		October 1,
Cash flows from operating activities:	2023		2022
Net income	$	573,133	$	587,861
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	364,086		277,337
Loss/(gain) on sale of assets	861		(4,560)
Asset Impairment	—		8,557
Change in fair value of contingent consideration	(13,058)		—
Gain on insurance proceeds from insurance settlements	(13,836)		—
Deferred taxes	(18,192)		42,120
Decrease in long-term pension liability	809		(2,753)
Stock-based compensation expense	27,046		18,884
Deferred loan cost amortization	4,674		3,552
Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries	(365,193)		(254,831)
Distribution of earnings from Diamond Green Diesel and other unconsolidated subsidiaries	168,277		95,546
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	25,731		(45,457)
Income taxes refundable/payable	(39,123)		(2,004)
Inventories and prepaid expenses	(22,694)		(140,971)
Accounts payable and accrued expenses	(39,570)		78,656
Other	29,337		(23,499)
Net cash provided by operating activities	682,288		638,438
Cash flows from investing activities:
Capital expenditures	(380,556)		(257,120)
Acquisition, net of cash acquired	(1,093,183)		(1,760,139)
Investment in Diamond Green Diesel	(75,000)		(239,750)
Investment in other unconsolidated subsidiaries	(27)		—
Loan to Diamond Green Diesel	—		(25,000)
Loan repayment from Diamond Green Diesel	25,000		50,000
Gross proceeds from sale of property, plant and equipment and other assets	4,817		9,430
Proceeds from insurance settlement	13,836		—
Payments related to routes and other intangibles	(1,521)		(179)
Net cash used in investing activities	(1,506,634)		(2,222,758)
Cash flows from financing activities:
Proceeds from long-term debt	812,348		1,929,870
Payments on long-term debt	(102,463)		(39,511)
Borrowings from revolving credit facility	1,972,953		1,684,840
Payments on revolving credit facility	(1,707,840)		(1,743,523)
Net cash overdraft financing	6,008		21,090
Deferred loan costs	(9)		(16,758)
Repurchase of common stock	(52,941)		(103,061)
Minimum withholding taxes paid on stock awards	(17,278)		(46,394)
Distributions to noncontrolling interests	(8,628)		(3,653)
Net cash provided by financing activities	902,150		1,682,900
Effect of exchange rate changes on cash flows	25,559		(20,295)
Net increase in cash, cash equivalents and restricted cash	103,363		78,285
Cash, cash equivalents and restricted cash at beginning of period	150,168		69,072
Cash, cash equivalents and restricted cash at end of period	$	253,531	$	147,357

Page 6

Diamond Green Diesel Joint Venture

Condensed Consolidated Balance Sheets

September 30, 2023 and December 31, 2022

(in thousands)

	September 30,		December 31,
	2023		2022
	(unaudited)
Assets:
Total current assets	$	1,641,934	$	1,304,805
Property, plant and equipment, net	3,831,367		3,866,854
Other assets	94,149		61,665
Total assets	$	5,567,450	$	5,233,324
Liabilities and members' equity:
Total current portion of long term debt	$	228,365	$	217,066
Total other current liabilities	391,027		515,023
Total long term debt	744,451		774,783
Total other long term liabilities	16,408		17,249
Total members' equity	4,187,199		3,709,203
Total liabilities and members' equity	$	5,567,450	$	5,233,324

Diamond Green Diesel Joint Venture

Operating Financial Results

For the Three and Nine Months Ended September 30, 2023 and September 30, 2022

(in thousands)

	Three Months Ended						Nine Months Ended
	(unaudited)				$ Change		(unaudited)				$ Change
	September 30,		September 30,		Favorable		September 30,		September 30,		Favorable
	2023		2022		(Unfavorable)		2023		2022		(Unfavorable)
Revenues:
Operating revenues	$	1,430,666	$	1,470,036	$	(39,370)	$	5,356,827	$	3,906,614	$	1,450,213
Expenses:
Total costs and expenses less depreciation, amortization and accretion expense	1,257,766		1,229,371		(28,395)		4,430,485		3,311,608		(1,118,877)
Depreciation, amortization and accretion expense	55,118		31,793		(23,325)		172,040		89,602		(82,438)
Total costs and expenses	1,312,884		1,261,164		(51,720)		4,602,525		3,401,210		(1,201,315)
Operating income	117,782		208,872		(91,090)		754,302		505,404		248,898
Other income	2,701		1,215		1,486		6,863		1,926		4,937
Interest and debt expense, net	(11,705)		(3,259)		(8,446)		(37,785)		(9,534)		(28,251)
Net income	$	108,778	$	206,828	$	(98,050)	$	723,380	$	497,796	$	225,584

Page 7

Darling Ingredients Inc. reports Adjusted EBITDA results, which is a Non-GAAP financial measure, as a compliment 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 to Foreign Currency

For the Three and Nine Months Ended September 30, 2023 and October 1, 2022

(in thousands)

	Three Months Ended					Nine Months Ended
	(unaudited)					(unaudited)
Adjusted EBITDA	September 30,			October 1,		September 30,			October 1,
	2023			2022		2023			2022
Net income attributable to Darling	$	125,026		$	191,081	$	563,210		$	581,130
Depreciation and amortization	125,994			104,978		364,086			277,337
Interest expense	70,278			39,816		190,770			79,427
Income tax expense/(benefit)	(15,364)			35,215		52,322			108,631
Restructuring and asset impairment charges	—			—		5,420			8,557
Acquisition and integration costs	3,430			4,503		12,158			13,634
Change in fair value of contingent consideration	(5,559)			—		(13,058)			—
Foreign currency loss/(gain)	(845)			493		(8,339)			6,005
Other expense/(income), net	(2,247)			2,807		(13,485)			3,851
Equity in net income of Diamond Green Diesel	(54,389)			(103,414)		(361,690)			(248,898)
Equity in net income of other unconsolidated subsidiaries	(1,534)			(2,301)		(3,503)			(5,933)
Net income attributable to noncontrolling interests	3,055			1,220		9,923			6,731
Adjusted EBITDA (Non-GAAP)	$	247,845		$	274,398	$	797,814		$	830,472
Foreign currency exchange impact	(8,677)		(1)			(2,898)		(2)
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	239,168		$	274,398	$	794,916		$	830,472
DGD Joint Venture Adjusted EBITDA (Darling's share)	$	86,450		$	120,333	$	463,171		$	297,503
Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA	$	334,295		$	394,731	$	1,260,985		$	1,127,975
(1) The average rates for the three months ended September 30, 2023 were €1.00:$1.09, R$1.00:$0.21 and C$1.00:$0.75 as compared to the average rate for the three months ended October 1, 2022 of €1.00:$1.01, R$1.00:$0.19 and C$1.00:$0.77, respectively.
(2) The average rates for the nine months ended September 30, 2023 were €1.00:$1.08, R$1.00:$0.20 and C$1.00:$0.74 as compared to the average rate for the nine months ended October 1, 2022 of €1.00:$1.07, R$1.00:$0.19 and C$1.00:$0.78, respectively.

About Darling Ingredients

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 260 facilities 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. Follow us on LinkedIn.

Page 8

Darling Ingredients Inc. will host a conference call to discuss the Company’s third quarter 2023 financial results at 9 a.m. Eastern Time (8 a.m. Central Time) on Wednesday, Nov. 8, 2023.

To join the call as a participant to ask a question, please register in advance to receive a confirmation email with the dial-in number and PIN for immediate access on November 8, 2023, or call 844-868-8847 (United States) or 412-317-6593 (International) and ask for "The Darling Ingredients Call” that day.

A replay of the call will be available online via the webcast registration link and via phone at 877-344-7529 (United States), 855-669-9658 (Canada) or 412-317-0088 (International) using reference passcode 7150600. The phone replay will be available two hours after the call concludes through November 15, 2023.

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. It is presented here not as an alternative to net income, but rather as a measure of the Company's operating performance. Since EBITDA (generally, net income plus interest expense, taxes, depreciation and amortization) is not calculated identically by all companies, the presentation in this report may not be comparable to EBITDA or Adjusted EBITDA presentations disclosed by other companies. Adjusted EBITDA is calculated above and represents for any relevant period, net income/(loss) plus depreciation and amortization, restructuring, acquisition and integration costs, goodwill and long-lived asset impairment, change in fair value of contingent consideration, interest expense, income tax provision, other income/(expense) and equity in net (income)/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).

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 September 30, 2023. However, the amounts shown below 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 nonrecurring costs, non-cash charges and cash dividends from the DGD Joint Venture. Additionally, the Company evaluates the impact of foreign exchange on operating cash flow, which is defined as segment operating income (loss) plus depreciation and amortization.

DGD Joint Venture Adjusted EBITDA (Darling’s share) is not a recognized accounting measure under GAAP; it should not be considered as an alternative to net income or equity in net income of Diamond Green Diesel, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity and is not intended to be a presentation in accordance with GAAP. The Company calculates DGD Joint Venture Adjusted EBITDA (Darling’s share) by taking DGD’s operating income plus DGD’s depreciation, amortization and accretion expense and then multiplying by 50% to get Darling’s share of DGD’s EBITDA.

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 operations and statement of cash flows, prepared in accordance with GAAP for each entity, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. The Company provides guidance for its combined adjusted EBITDA outlook that it believes will be achieved; however, it cannot accurately predict all the components of the combined adjusted EBITDA calculation.

EBITDA per gallon is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income or equity in income of Diamond Green Diesel, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity and is not intended to be a presentation in accordance with GAAP. EBITDA per gallon is presented here not as an alternative to net income or equity in income of Diamond Green Diesel, but rather as a measure of Diamond Green

Page 9

Diesel's operating performance. Since EBITDA per gallon (generally, net income plus interest expense, taxes, depreciation and amortization divided by total gallons sold) is not calculated identically by all companies, this presentation may not be comparable to EBITDA per gallon presentations disclosed by other companies. Management believes that EBITDA per gallon is useful in evaluating Diamond Green Diesel's operating performance compared to that of other companies in its industry because the calculation of EBITDA per gallon generally eliminates the effects of financing, income taxes and certain non-cash and other items presented on a per gallon basis that may vary for different companies for reasons unrelated to overall operating performance.

Cautionary Statements Regarding Forward-Looking Information:

This media release contains includes “forward-looking” statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. Statements that are not statements of historical facts are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “guidance,” “project,” “planned,” “contemplate,” “potential,” “possible,” “proposed,” “intend,” “believe,” “anticipate,” “expect,” “may,” “will,” “would,” “should,” “could,” and similar expressions are intended to identify forward-looking statements. All statements other than statements of historical facts included in this release are forward looking statements. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. The Company cautions readers that any such forward-looking statements it makes are not guarantees of future performance and that actual results may differ materially from anticipated results or expectations expressed in its forward-looking statements as a result of a variety of factors, including many that are beyond the Company's control. Important factors that could cause actual results to differ materially from the Company’s expectations include: existing and unknown future limitations on the ability of the Company's direct and indirect subsidiaries to make their cash flow available to the Company for payments on the Company's indebtedness or other purposes; 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 in China and elsewhere; the occurrence of pandemics, epidemics or disease outbreaks, such as the 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 or ASF or similar or unanticipated regulations) affecting the industries in which the Company operates or its value added products; risks associated with the DGD Joint Venture, including possible unanticipated operating disruptions, a decline in margins on the products produced by the DGD Joint Venture and issues relating to the announced SAF upgrade 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; tax changes, such as the introduction of a global minimum tax; difficulties or a significant disruption in the Company's 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 and the Israel-Palestinian conflict; 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, inflation rates, climate conditions, currency exchange fluctuations, general performance of the U.S. and global economies, disturbances in world financial, credit, commodities and stock markets, such as the recent turmoil in the world banking 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 report or negatively impact the Company's results of operations. Among other things, future profitability may be affected by the Company’s ability to grow its business, which faces competition from companies that may have substantially greater resources than the Company. The Company’s announced share repurchase program may be suspended or discontinued at any time and purchases of shares under the program are subject to market conditions and other factors, which are likely to change from time to time. For more detailed discussion of these factors and other risks and uncertainties regarding the Company, its business and the industries in which it operates, see the Company’s filings with the SEC, including the Risk Factors discussion in Item 1A of Part I of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Company cautions readers that all forward-

Page 10

looking statements speak only as of the date made, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of changes in circumstances, new events or otherwise.

###

Darling Ingredients Contacts

Investors:    Suann Guthrie

Senior VP, Investor Relations, Sustainability & Communications

(469) 214-8202; suann.guthrie@darlingii.com

Media:        Jillian Fleming

Director, Global Communications

(972) 541-7115; jillian.fleming@darlingii.com

Page 11

EX-99.2

Earnings Report Q 3 | N o v e m b e r 7 , 2 0 2 3 Exhibit 99.2

Safe Harbor Statement The presentation includes “forward-looking” statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. Statements that are not statements of historical facts are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “guidance,” “outlook,” “project,” “planned,” “contemplate,” “potential,” “possible,” “proposed,” “intend,” “believe,” “anticipate,” “expect,” “may,” “will,” “would,” “should,” “could,” and similar expressions are intended to identify forward-looking statements. All statements other than statements of historical facts included in this presentation are forward looking statements. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, the economy and other future conditions. The Company cautions readers that any such forward-looking statements it makes are not guarantees of future performance and that actual results may differ materially from anticipated results or expectations expressed in its forward-looking statements as a result of a variety of factors, including many that are beyond the Company's control. Important factors that could cause actual results to differ materially from the Company’s expectations include: existing and unknown future limitations on the ability of the Company's direct and indirect subsidiaries to make their cash flow available to the Company for payments on the Company's indebtedness or other purposes; 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 in China and elsewhere; the occurrence of pandemics, epidemics or disease outbreaks, such as the 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 or ASF or similar or unanticipated regulations) affecting the industries in which the Company operates or its value added products; risks associated with the DGD Joint Venture, including possible unanticipated operating disruptions, a decline in margins on the products produced by the DGD Joint Venture and issues relating to the announced SAF upgrade 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; tax changes, such as the introduction of a global minimum tax; difficulties or a significant disruption in the Company's 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 and the Israeli-Palestinian conflict; 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, inflation rates, climate conditions, currency exchange fluctuations, general performance of the U.S. and global economies, disturbances in world financial, credit, commodities and stock markets, such as the recent turmoil in the world banking 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 report or negatively impact the Company's results of operations. Among other things, future profitability may be affected by the Company’s ability to grow its business, which faces competition from companies that may have substantially greater resources than the Company. The Company’s announced share repurchase program may be suspended or discontinued at any time and purchases of shares under the program are subject to market conditions and other factors, which are likely to change from time to time. For more detailed discussion of these factors and other risks and uncertainties regarding the Company, its business and the industries in which it operations, see the Company’s filings with the SEC, including the Risk Factors discussion in Item 1A of Part I of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The Company cautions readers that all forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of changes in circumstances, new events or otherwise.

Q3 2023 Business Highlights Q3 – 23 3 Financial Performance Q3 – 2023 Net Sales $1,625.2 million Net Income $125.0 million EPS Diluted $0.77 Combined Adjusted EBITDA $334.3 million Global Ingredients EBITDA $247.8 million Feed Ingredients EBITDA $161.7 million Food Ingredients EBITDA $86.0 million Fuel Ingredients EBITDA $106.3 million

Q3 2023 Earnings Q3 – 23 4 In millions, except per share Q3-2023 Q3-2022 % variance YTD 2023 YTD 2022 % variance Net Sales $1,625.2 $1,747.6 (7.0%) $5,174.0 $4,764.1 8.6% Gross Margin $386.5 $376.4 2.7% $1,208.6 $1,140.8 5.9% Gross Margin % 23.8% 21.5% 10.7% 23.4% 23.9% (2.1%) Net Income $125.0 $191.1 (34.6%) $563.2 $581.1 (3.1%) EPS Diluted $0.77 $1.17 (34.2%) $3.47 $3.54 (2.0%) EBITDA In millions Q3-2023 Q3-2022 % variance YTD 2023 YTD 2022 % variance Feed $161.7 $198.6 (18.5%) $562.3 $618.7 (9.1%) Food $86.0 $68.2 26.1% $230.4 $191.3 20.4% Fuel (1) $106.3 $143.4 (25.9%) $530.0 $364.2 45.5% Corporate ($19.6) ($15.5) (26.5%) ($61.7) ($46.3) (33.3%) Total combined adjusted EBITDA $334.3 $394.7 (15.3) $1,261.0 $1,128.0 11.8% 21.5% 22.0% 23.7% 22.6%* 23.8% 18% 23% 28% Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Balance Sheet In millions, except ratio data As of 9/30/2023 As of 12/31/2022 Cash (including restricted) $119.3 $127.3 Revolver availability $1,044.0 $1,313.0 Net working capital $763.9 $512.5 Total debt $4,412.0 $3,384.8 Leverage ratio (2) 3.25X 2.54X Darling Ingredients Quarterly Gross Margin % (1) Includes Fuel Segment EBITDA and Darling’s share of DGD EBITDA

EBITDA Q3 – 23 5 $244 $312 $274 $267 $289 $261 $248 $87 $91 $120 $146 $129 $247 $86 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Global Ingredients DGD (In millions) $330.7 $394.7$402.6 $418.4$413.0 $508.3 $334.3 Food 24% Feed 46% Fuel 30% Food Feed Fuel (1) Q3 2023 % of Total EBITDA by SegmentCombined Adjusted EBITDA (1) Includes Fuel Segment EBITDA and Darling's share of DGD EBITDA

Feed Segment Key Drivers • Gross margin management reflects successful integration efforts • Fat prices were lower year over year, but sequentially improved late in Q3 • Current economics appear to be delaying broader renewable diesel capacity expansion Q3 – 23 6 US $ (in millions) Q3-2023 Q3-2022 YTD-2023 YTD-2022 Net Sales $ 1,047,796 $ 1,273,142 $ 3,426,950 $ 3,322,927 Cost of sales & operating expenses 804,312 1,012,899 2,630,797 2,522,728 Gross Margin $ 243,484 $ 260,243 $ 796,153 $ 800,199 Selling, general & administrative expenses 80,985 63,973 233,082 185,045 Loss (gain) on sale of assets 833 (2,290) 813 (3,595) Depreciation & amortization 88,954 80,679 261,849 203,967 Change in fair value of contingent consideration (5,559) - (13,058) - Restructuring and asset impairment charges - - 92 8,557 Segment Operating Income $ 78,271 $ 117,881 $ 313,375 $ 406,225 Equity in net income of other unconsolidated subsidiaries 1,534 2,301 3,503 5,933 Segment Income $ 79,805 $ 120,182 $ 316,878 $ 412,158 Segment EBITDA $ 161,666 $ 198,560 $ 562,258 $ 618,749 Raw material processed (mmts)* 3.1 3.1 9.4 8.1

Feed Segment Q3 – 23 7 US $ (in millions, unaudited) Fats Proteins Other Total Rendering Used Cooking Oil Bakery Other Total 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 Increase/(Decrease) in sales volumes (31.9) (13.2) - (45.1) 20.3 (8.2) - (33.0) (Decrease) in finished goods prices (97.3) (2.6) - (99.9) (80.4) (13.4) - (193.7) Increase/(Decrease) due to currency exchange rates 3.8 7.4 0.5 11.7 (0.4) - - 11.3 Other change - - (9.0) (9.0) - - (0.9) (9.9) Total change (125.4) (8.4) (8.5) (142.3) (60.5) (21.6) (0.9) (225.3) Net Sales Three Months Ended Sept. 30, 2023 $ 417.9 $ 405.4 $ 42.6 $ 865.9 $ 103.1 $ 63.2 $ 15.6 $ 1,047.8 US $ (in millions, unaudited) Fats Proteins Other Total Rendering Used Cooking Oil Bakery Other Total 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 Increase/(Decrease) in sales volumes 121.4 164.2 - 285.6 82.5 (26.6) - 341.5 Increase/(Decrease) in finished goods prices (222.1) 78.9 - (143.2) (104.9) (20.9) - (269.0) Increase/(Decrease) due to currency exchange rates 3.6 10.3 0.7 14.6 (1.7) - - 12.9 Other change - - 9.2 9.2 - - 9.5 18.7 Total change (97.1) 253.4 9.9 166.2 (24.1) (47.5) 9.5 104.1 Net Sales Nine Months Ended Sept. 30, 2023 $ 1,313.5 $ 1,288.5 $ 182.7 $ 2,784.7 $ 387.1 $ 205.4 $ 49.8 $ 3,427.0

Food Segment Key Drivers • Raw material increase of 18.3% due to Gelnex acquisition • Integration efforts progressing nicely • Started up new hydrolyzed collagen capacity in Epitacio, Brazil • Progressing R&D on active peptides within hydrolyzed collagen that will target health concerns, such as glucose moderation Q3 – 23 8 US $ (in millions) Q3-2023 Q3-2022 YTD-2023 YTD-2022 Net Sales $ 455,744 $ 347,902 $ 1,328,229 $ 1,071,897 Cost of sales & operating expenses 338,208 256,557 999,418 807,833 Gross Margin $ 117,536 $ 91,345 $ 328,811 $ 264,064 Selling, general & administrative expenses 31,463 23,909 98,269 73,608 Loss (gain) on sale of assets 117 (809) 99 (891) Depreciation & amortization 25,418 14,408 68,336 44,307 Restructuring & asset impairment charges - - 5,328 - Segment Operating Income $ 60,538 $ 53,837 $ 156,779 $ 147,040 Segment EBITDA $ 85,956 $ 68,245 $ 230,443 $ 191,347 Raw material processed (mt)* 324,000 274,000 920,000 824,000

Food Segment Q3 – 23 9 $100 $120 $140 $160 $180 $200 $220 $240 $260 $280 $300 Food Segment Trailing 4Q adjusted EBITDA Trailing 4 Q's 85% 9% 6% Q3 2023 % of Sales Breakdown Collagen Edible fats Other products

Fuel Segment Key Drivers • $62.2 million in cash dividends received from Diamond Green Diesel • Lower volumes due to DGD 2 turnaround and minor fire disruption • Lower RINs driven by higher fuel prices and lower feedstock costs • Despite lower margins, DGD is still performing above investment case returns Q3 – 23 10 US $ (in millions) Q3-2023 Q3-2022 YTD-2023 YTD-2022 Net Sales $ 121,664 $ 126,555 $ 418,818 $ 369,297 Cost of sales & operating expenses 96,213 101,781 335,193 292,760 Gross Margin $ 25,451 $ 24,774 $ 83,625 $ 76,537 Selling, general & administrative expenses 5,666 1,724 16,829 9,921 Gain on sale of assets (21) (17) (51) (74) Depreciation & amortization 9,026 7,284 25,986 20,894 Equity in net income of Diamond Green Diesel 54,389 103,414 361,690 248,898 Segment Operating Income $ 65,169 $ 119,197 $ 402,551 $ 294,694 Segment EBITDA $ 19,806 $ 23,067 $ 66,847 $ 66,690 DGD adjusted EBITDA (Darling's Share) $ 86,450 $ 120,333 $ 463,171 $ 297,503 Segment EBITDA $ 106,256 $ 143,400 $ 530,018 $ 364,193 Raw material processed (mt)*` 344,000 362,000 1,040,000 1,054,000

Fuel Segment Q3 – 23 11 Diamond Green Diesel US $ and gallons (in millions) Q3 2023 Q3 2022 YTD-2023 YTD-2022 Pro forma Adjusted EBITDA (Darling’s share) $86.5 $120.3 $463.2 $297.5 Total gallons produced 290.2 180.3 915.2 555.3 Total gallons sold/shipped 266.8 190.6 910.0 545.5 EBITDA per gallon sold/shipped $0.65 $1.26 $1.02 $1.09 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 Quarterly Avg. Prices D4 RINs (1.7 Multiple) & Yellow Grease - IL D4 RINs (x 1.7) (Right Axis) Yellow Grease - Illinois (Left Axis) $/lb

Appendix APPENDIX ADDITIONAL INFORMATION APPENDIX ADDITIONAL INFORMATION

Feed Segment – Historical US$ (in millions) Q1-2022 Q2-2022 Q3-2022 Q4-2022 Total 2022 Q1-2023 Q2-2023 Q3-2023 Net Sales $ 879.4 $ 1,170.3 $ 1,273.1 $ 1,216.1 $ 4,539.0 $ 1,237.5 $ 1,141.7 $1,047.8 Gross Margin 233.9 306.0 260.2 265.3 1,065.5 287.4 265.2 243.5 Gross Margin % 26.6% 26.1% 20.4% 21.8% 23.5% 23.2% 23.2% 23.2% Loss (Gain) on sale of assets (0.3) (1.0) (2.3) 0.2 (3.4) (0.3) 0.3 0.8 SG&A 56.2 64.9 64.0 73.7 258.8 74.7 77.4 81.0 SG&A Margin % 6.4% 5.5% 5.0% 6.1% 5.7% 6.0% 6.8% 7.7% Operating Income 123.7 164.6 117.9 100.1 506.3 122.7 112.4 78.3 Adj. EBITDA $ 178.0 $ 242.1 $ 198.6 $ 191.4 $ 810.1 $ 213.1 $ 187.5 $ 161.7 Adj. EBITDA Margin % 20.2% 20.7% 15.6% 15.7% 17.8% 17.2% 16.4% 15.4% Raw Material Processed (mmts)* 2.31 2.70 3.1 3.2 11.3 3.2 3.1 3.1 Q3 – 23 13

Food Segment – Historical US$ (in millions) Q1 -2022 Q2-2022 Q3-2022 Q4-2022 Total 2022 Q1-2023 Q2-2023 Q3-2023 Net Sales $ 354.8 $ 369.2 $ 347.9 $ 387.7 $ 1,459.6 $ 396.4 $ 476.1 $ 455.7 Gross Margin 84.5 88.2 91.3 93.3 357.4 106.3 105.0 117.5 Gross Margin % 23.8% 23.9% 26.3% 24.1% 24.5% 26.8% 22.1% 25.8% Loss (gain) on sale of assets (0.1) (0.1) (0.8) (0.1) (1.0) (0.0) 0.0 0.1 SG&A 26.8 22.9 23.9 28.1 101.7 33.1 33.7 31.5 SG&A Margin % 7.6% 6.2% 6.9% 7.2% 7.0% 8.4% 7.1% 6.9% Operating Income 42.2 51.0 53.8 29.5 176.6 54.3 42.0 60.5 Adj. EBITDA $ 57.7 $ 65.4 $ 68.2 $ 65.4 $ 256.7 $ 73.2 $ 71.3 $ 86.0 Adj. EBITDA Margin % 16.2% 17.7% 19.6% 16.9% 17.6% 18.5% 15.0% 18.9% Raw Material Processed (mmts)* 0.28 0.27 0.27 0.28 1.10 0.26 0.33 0.32 Q3 – 23 14

Fuel Segment – Historical US$ (in millions) Q1-2022 Q2-2022 Q3-2022 Q4-2022 Total 2022 Q1-2023 Q2-2023 Q3-2023 Net Sales $ 132.0 $ 110.7 $ 126.6 $ 164.3 $ 533.6 $ 157.3 $ 139.9 $ 121.7 Gross Margin 27.3 24.4 24.8 30.2 106.7 30.5 27.7 25.5 Gross Margin % 20.7% 22.1% 19.6% 18.4% 20.0% 19.4% 19.8% 20.9% Loss (gain) on sale of assets (0.0) (0.0) (0.0) 0.0 (0.1) (0.0) (0.1) (0.0) SG&A 3.9 4.3 1.7 3.8 13.7 6.2 5.0 5.7 Depreciation and amortization 6.6 6.9 7.3 8.6 29.5 8.4 8.6 9.0 Equity in net income of DGD 71.8 73.7 103.4 123.4 372.3 94.3 213.0 54.4 Operating Income 88.6 86.9 119.2 141.2 435.9 110.2 227.2 65.2 Base adjusted EBITDA 23.4 20.2 23.1 26.4 93.1 24.3 22.8 19.8 DGD adjusted EBITDA (Darling's Share) 86.6 90.6 120.3 146.0 443.5 129.3 247.4 86.5 Combined adjusted EBITDA (1) $ 110.0 $ 110.8 $ 143.4 $ 172.4 $ 536.6 $ 153.6 $ 270.2 $ 106.3 Raw Material Processed (mmts) (2) 0.34 0.35 0.36 0.37 1.42 0.35 0.35 0.34 Q3 – 23 15 (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.

2023 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 $68.00 $60.92 $55.80 $61.39 $53.29 $57.00 $59.29 $56.61 $66.10 $69.04 $70.28 $68.66 Yellow Grease - Illinois / cwt $58.58 $49.25 $46.13 $51.10 $44.26 $47.43 $46.26 $46.06 $49.08 $52.98 $54.85 $52.39 Used Cooking Oil (UCO) - Illinois / cwt $61.88 $51.71 $48.00 $53.61 $48.00 $48.00 $49.31 $48.45 $52.20 $55.72 $55.95 $54.72 Meat and Bone Meal - Ruminant - IL/ ton $418.00 $433.29 $453.48 $435.85 $461.97 $467.95 $462.50 $464.27 $462.50 $457.17 $445.00 $455.04 Poultry By-Product Meal - Feed Grade - Mid South/ton $397.50 $397.50 $422.93 $406.94 $472.50 $487.84 $495.00 $485.56 $492.50 $488.04 $482.50 $488.13 Poultry By-Product Meal - Pet Food - Mid South/ton $668.13 $716.45 $832.07 $743.75 $937.50 $975.00 $889.98 $934.67 $764.13 $795.65 $830.00 $796.10 2023 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 $65.03 $63.31 $58.77 $62.18 $56.05 $52.48 $59.60 $55.98 $70.77 $70.04 $65.90 $69.07 Soybean Oil (RBD) - Central Illinois / cwt $74.77 $71.93 $68.04 $71.40 $66.05 $63.02 $71.92 $66.96 $83.22 $79.82 $74.34 $79.26 Distiller's Corn Oil - IL/WI cwt $66.39 $56.58 $51.50 $57.86 $53.34 $55.64 $58.75 $55.98 $67.14 $68.26 $66.44 $67.45 2023 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 $6.61 $6.63 $6.35 $6.84 $6.36 $6.06 $6.11 $6.68 $5.44 $5.07 $4.53 $5.32 2023 European Benchmark Pricing Palm Oi l - 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 $1,007 $974 $998 $993 $1,025 $947 $902 $958 $973 $949 $966 $963 Soy meal - CIF Rotterdam / metric ton $603 $603 $579 $595 $544 $512 $493 $516 $515 $515 $509 $513 QTR. over QTR. (Sequential) Year over Year (Q2) Comparison Q2-2023 Q3-2023 % Q3-2022 Q3-2023 % Average Jacobsen Prices (USD) Avg. Avg. Change Avg. Avg. Change Bleachable Fancy Tallow - Chicago Renderer / cwt $56.61 $68.66 21.3% $80.04 $68.66 -14.2% Yellow Grease - Illinois / cwt $46.06 $52.39 13.7% $61.09 $52.39 -14.2% Used Cooking Oil (UCO) - Illinois / cwt $48.45 $54.72 12.9% $64.98 $54.72 -15.8% Meat and Bone Meal - Ruminant - Illinois / ton $464.27 $455.04 -2.0% $404.41 $455.04 12.5% Poultry By-Product Meal - Feed Grade - Mid South / ton $485.56 $488.13 0.5% $388.85 $488.13 25.5% Poultry By-Product Meal - Pet Food - Mid South / ton $934.67 $796.10 -14.8% $762.27 $796.10 4.4% Soybean Oil (crude/de-gummed) - Central Illinois / cwt $55.98 $69.07 23.4% $70.70 $69.07 -2.3% Soybean Oil (RBD) - Central Illinois / cwt $66.96 $79.26 18.4% $83.50 $79.26 -5.1% Distiller's Corn Oil - IL/WI per cwt $55.98 $67.45 20.5% $69.80 $67.45 -3.4% Average Wall Street Journal Prices (USD) Corn - Track Central IL #2 Yellow / bushel $6.68 $5.32 -20.4% $7.01 $5.32 -24.1% Average Thomson Reuters Prices (USD) Palm oil - CIF Rotterdam / metric ton $958 $963 0.5% $1,130 $963 -14.8% Soy meal - CIF Rotterdam / metric ton $516 $513 -0.6% $535 $513 -4.1% 2023 Average Jacobsen Prices (USD) 2023 Average Jacobsen Prices (USD) 2023 Average Wall Street Journal Prices (USD) 2023 Average Thomson Reuters Prices (USD) Historical Pricing Q3 – 23 16

Q3 – 23 17 Adjusted EBITDA September 30, October 1, September 30, October 1, 2023 2022 2023 2022 Net income attributable to Darling 125,026$ 191,081$ 563,210$ 581,130$ Depreciation and amortization 125,994 104,978 364,086 277,337 Interest expense 70,278 39,816 190,770 79,427 Income tax expense/(benefit) (15,364) 35,215 52,322 108,631 Restructuring and asset impairment charges - - 5,420 8,557 Acquisition and integration costs 3,430 4,503 12,158 13,634 Change in fair value of contingent consideration (5,559) - (13,058) - Foreign currency loss/(gain) (845) 493 (8,339) 6,005 Other expense/(income), net (2,247) 2,807 (13,485) 3,851 Equity in net income of Diamond Green Diesel (54,389) (103,414) (361,690) (248,898) Equity in net income of other unconsolidated subsidiaries (1,534) (2,301) (3,503) (5,933) Net income attributable to noncontrolling interests 3,055 1,220 9,923 6,731 Adjusted EBITDA (Non-GAAP) 247,845$ 274,398$ 797,814$ 830,472$ Foreign currency exchange impact (8,677) (1) (2,898) (2) Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) 239,168$ 274,398$ 794,916$ 830,472$ DGD Joint Venture Adjusted EBITDA (Darling's Share) 86,450$ 120,333$ 463,171$ 297,503$ Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA 334,295$ 394,731$ 1,260,985$ 1,127,975$ (1) The average rates for the three months ended September 30, 2023 were €1.00:$1.09, R$1.00:$0.21 and C$1.00:$0.75 as compared to the average rate for the three months ended October 1, 2022 of €1.00:$1.01, R$1.00:$0.19 and C$1.00:$0.77, respectively. (2) The average rates for the nine months ended September 30, 2023 were €1.00:$1.08, R$1.00:$0.20 and C$1.00:$0.74 as compared to the average rate for the nine months ended October 1, 2022 of €1.00:$1.07, R$1.00:$0.19 and C$1.00:$0.78, respectively. Nine Months Ended (unaudited) Reconciliation of Net Income to (Non-GAAP) Adjusted EBITDA and (Non-GAAP) Pro-Forma Adjusted EBITDA to Foreign Currency For the Three and Nine Months Ended September 30, 2023 and October 1, 2022 (in thousands) (unaudited) Three Months Ended

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. It is presented here not as an alternative to net income, but rather as a measure of the Company's operating performance. Since EBITDA (generally, net income plus interest expense, taxes, depreciation and amortization) is not calculated identically by all companies, the presentation in this report may not be comparable to EBITDA or Adjusted EBITDA presentations disclosed by other companies. Adjusted EBITDA is calculated above and represents for any relevant period, net income/(loss) plus depreciation and amortization, restructuring, acquisition and integration costs, goodwill and long- lived asset impairment, change in fair value of contingent consideration, interest expense, income tax provision, other income/(expense) and equity in net (income)/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. 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 Sept. 30, 2023. However, the amounts shown below 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 nonrecurring costs, non-cash charges and cash dividends from the DGD Joint Venture. Additionally, the Company evaluates the impact of foreign exchange on operating cash flow, which is defined as segment operating income (loss) plus depreciation and amortization.

Q 3 | N o v e m b e r 7 , 2 0 2 3 EARNINGS REPORT

XML

Cover Page	Nov. 07, 2023
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. 07, 2023
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