Market Overview - U.S. markets opened with significant gains, with the Nasdaq rising by 1.47% to reach 8,532.62 and the S&P 500 increasing by 0.91% to 23,546.16, both setting new records [2] - The Dow Jones Industrial Average jumped 310 points, or 0.66%, to 47,517.13 [2] - Small caps, represented by the Russell 2000, initially rose by 0.53% before pulling back [2] Premarket Movers - Notable gainers in premarket trading included Janus Henderson (+14% on buyout rumors), Darling Ingredients (+14%), and Keurig Dr. Pepper (+9.7% following earnings) [4] - Major losers included Organon & Co (-21% due to CEO resignation amid controversy), Carter's Inc. (-9.4% after earnings), and Newmont Corp (-5.1% linked to declining gold prices) [4] Economic Context - U.S. stock futures were on the rise, buoyed by strong earnings reports and a softer-than-expected inflation report from the previous week [5] - The S&P 500 and Nasdaq Composite reached new intraday records, surpassing 6.8K and 23.2K, respectively, while the Dow Jones also exceeded 47.2K [5] - Hopes for a U.S.-China trade deal have increased, with a framework being discussed that includes issues like fentanyl, rare earth metals, and tariffs, as President Trump and President Xi are expected to meet at the APEC [6] Earnings Reports - The week is anticipated to be busy for earnings, with reports from Keurig Dr. Pepper and others, including Welltower, Cadence Design, and Waste Management, expected later in the day [7]

Core Insights - Darling Ingredients Inc. (NYSE:DAR) experienced a significant share price increase of 11.41% on Thursday, closing at $34.67, attributed to improved earnings performance in Q3 [1] - The company's attributable net income rose by 14.22% to $19.36 million, up from $16.95 million year-on-year, while net sales increased by 9.8% to $1.56 billion from $1.42 billion [2] - Chairman and CEO Randall Stuewe highlighted the strong momentum in the core ingredients business, driven by robust fundamentals across all segments, and expressed optimism regarding favorable public policy developments [3] Company Overview - Darling Ingredients Inc. is a global ingredients company that repurposes and transforms animal by-products and food waste from the animal agriculture and food industries into various products, including animal feeds, crops, fertilizer, and renewable diesel [4]

Core Insights - Crude Value Insights provides an investment service and community focused on the oil and natural gas sector, emphasizing cash flow and the companies that generate it, which leads to value and growth prospects with real potential [1] - Subscribers have access to a model account with over 50 stocks, in-depth cash flow analyses of exploration and production (E&P) firms, and live chat discussions about the sector [1] Subscription Offer - A two-week free trial is available for new subscribers, allowing them to explore the services related to oil and gas investments [2]

Financial Data and Key Metrics Changes - The combined adjusted EBITDA for the third quarter was $245 million, compared to $237 million in Q3 2024 and $250 million in the previous quarter [10] - Total net sales for the quarter were $1.6 billion, up from $1.4 billion year-over-year [10] - Gross margins improved to 24.7% for the quarter, compared to 22.1% last year [10][15] - Overall net income was $19.4 million for the quarter, or $0.12 per diluted share, compared to $16.9 million, or $0.11 per diluted share for Q3 2024 [16] Business Line Data and Key Metrics Changes - In the feed segment, EBITDA improved to $174 million from $132 million a year ago, with total sales of $1 billion versus $928 million [10] - The food segment saw total sales of $381 million, higher than $357 million in Q3 2024, with gross margins at 27.5% compared to 23.9% a year ago [11] - The fuel segment, specifically Diamond Green Diesel (DGD), reported a negative EBITDA of $3 million for the quarter, down from positive $39 million in Q3 2024 [12] Market Data and Key Metrics Changes - Global rendering volumes and margins were up both sequentially and year-over-year, driven by strong demand for fats and proteins [6] - In the U.S., robust demand for domestic fats supported by strong agriculture and energy policy helped boost revenue and margins [8] - Export protein demand is showing signs of recovery, with slightly firmer pricing trends emerging [8] Company Strategy and Development Direction - The company is focused on its core ingredients business, expecting EBITDA for 2025 to be in the range of $875 to $900 million, excluding DGD [17] - The management believes that the integrated model of Darling Ingredients provides a competitive advantage that is unmatched in the industry [5] - The company anticipates a shift in public policy that will strengthen American agriculture and energy leadership, which is expected to enhance DGD's earnings potential [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core ingredients business despite short-term challenges in the renewables market [5] - There is optimism regarding the resolution of regulatory uncertainties, particularly around the Renewable Volume Obligation (RVO) [22] - The management highlighted that the current uncertainty around public policy impacts the fuel segment, leading to a cautious outlook [17][64] Other Important Information - The company recorded an income tax benefit of $1.2 million for the quarter, yielding an effective tax rate of -6.3% [16] - Total debt net of cash was $4.01 billion, with expectations for a decrease by year-end as cash is generated from the core business [15] Q&A Session Summary Question: Timeline for clarity on regulatory items like RVO - Management expects clarity on RVO and related regulatory items by December, despite the government shutdown [22] Question: Outlook for feed segment in Q4 - Management indicated that while waste fat prices have dipped, they expect the food segment to be stronger in Q4, potentially meeting guidance [24] Question: Benefits of REMS policy protectionism on feed side - Management noted that the treatment of foreign feedstocks is still unclear, and the overall supply and demand for fats and oils will influence the feed business [28] Question: Factors driving improvement in feed segment margins - Management highlighted improved feedstock prices and strong demand for protein products as key drivers for margin improvement [42] Question: RIN pricing scenarios and industry outlook - Management indicated that RIN prices may need to increase by approximately $0.40 to incentivize production to meet mandates for 2026 [50] Question: Restarting DGD1 - Management stated that DGD1 will only restart when soybean oil margins are profitable enough to justify the costs [79] Question: Outlook for food segment - Management expects a stronger Q4 for the food segment, driven by a rebound in hydrolyzed collagen business and new product launches [82]

Financial Data and Key Metrics Changes - The combined adjusted EBITDA for the third quarter was $245 million, compared to $237 million in Q3 2024 and $250 million in the previous quarter [10] - Total net sales for the quarter were $1.6 billion, up from $1.4 billion year-over-year, with gross margins improving to 24.7% from 22.1% [10][16] - Net income for the quarter was $19.4 million, or $0.12 per diluted share, compared to $16.9 million, or $0.11 per diluted share in Q3 2024 [16] Business Line Data and Key Metrics Changes - In the feed segment, EBITDA improved to $174 million from $132 million a year ago, with total sales reaching $1 billion compared to $928 million [10] - The food segment saw total sales of $381 million, up from $357 million in Q3 2024, with gross margins increasing to 27.5% from 23.9% [11] - The fuel segment, specifically Diamond Green Diesel (DGD), reported an EBITDA of -$3 million, down from +$39 million in Q3 2024, impacted by operational challenges and market dynamics [12][14] Market Data and Key Metrics Changes - Global rendering volumes and margins in the feed segment were up both sequentially and year-over-year, driven by strong demand for fats and proteins [7] - In the U.S., demand for domestic fats was robust, supported by strong agricultural and energy policies, boosting revenue and margins [8] - Export protein demand showed signs of recovery, with slightly firmer pricing trends emerging, although tariff implications affected value-added poultry protein products [8] Company Strategy and Development Direction - The company is focused on its core ingredients business, expecting EBITDA for 2025 to be in the range of $875 to $900 million, excluding DGD [17] - The management believes that the integrated model of Darling Ingredients provides a competitive advantage that is unmatched in the industry [5] - The company anticipates a shift in the renewables market that will enhance DGD's earnings potential, contingent on favorable public policy [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core ingredients business despite short-term challenges in the renewables market due to policy uncertainties [5][9] - The management highlighted that the Renewable Volume Obligation (RVO) is expected to support American agriculture and energy leadership, which could be a catalyst for future growth [17] - There is optimism regarding the recovery of margins in the fourth quarter, although caution was advised due to ongoing regulatory uncertainties [64] Other Important Information - Total debt net of cash was $4.01 billion, a slight increase from $3.97 billion at year-end 2024, with capital expenditures totaling $90 million in Q3 [15] - The company recorded an income tax benefit of $1.2 million for the quarter, yielding an effective tax rate of -6.3% [16] - The company expects to generate around $300 million in production tax credits (PTCs) in 2025, with significant sales anticipated in the fourth quarter [13][14] Q&A Session Summary Question: Timeline for clarity on regulatory items like RVO - Management expects clarity on RVO and related regulatory items by December, despite the government shutdown [22] Question: Outlook for feed segment in Q4 - Management indicated that while waste fat prices have dipped, they expect the food segment to be stronger in Q4, with overall performance close to the previous quarter [24] Question: Benefits of REMS policy protectionism - Management noted that the treatment of foreign feedstocks is still unclear, and the overall supply and demand for fats and oils will influence the feed business [28][29] Question: Drivers of DGD margins - Management clarified that the DGD results were impacted by LCM and operational challenges, and they are optimistic about future margin improvements [34][39] Question: Plans for debt repayment and leverage ratios - Management confirmed they are committed to paying down debt and expect their debt coverage ratio to be around three by year-end [51][52] Question: RIN pricing scenarios and industry compliance - Management indicated that RIN prices may not see a significant lift until clarity on enforcement dates is provided, which is expected by the end of the year [76]

Financial Data and Key Metrics Changes - The combined adjusted EBITDA for Q3 2025 was $245 million, compared to $237 million in Q3 2024 and $250 million in the previous quarter [12] - Total net sales for the quarter were $1.6 billion, up from $1.4 billion year-over-year [12] - Gross margins improved to 24.7% for the quarter, compared to 22.1% a year ago [12] Business Line Data and Key Metrics Changes - In the Feed segment, EBITDA improved to $174 million from $132 million a year ago, with total sales reaching $1 billion compared to $928 million [12] - The Food segment saw total sales of $381 million, up from $357 million in Q3 2024, with gross margins increasing to 27.5% from 23.9% [13] - The Fuel segment, specifically Diamond Green Diesel (DGD), reported a negative EBITDA of $3 million, down from a positive $39 million in Q3 2024 [14] Market Data and Key Metrics Changes - Global rendering volumes and margins in the Feed segment were up both sequentially and year-over-year, driven by strong demand for fats and proteins [8] - Export protein demand is showing signs of recovery, although tariff implications have impacted value-added poultry protein products [9] - The renewables market faced headwinds due to higher feedstock costs and lower RINs and LCFS pricing [10] Company Strategy and Development Direction - The company is focused on strengthening its integrated model, which is seen as a competitive advantage in the industry [6] - Management is optimistic about the rollout of public policy aimed at enhancing American agriculture and energy leadership, which is expected to boost DGD's earnings potential [11] - The company plans to provide financial guidance exclusively for its core ingredients business, expecting EBITDA in the range of $875 million to $900 million for the full year 2025 [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged short-term uncertainty in the renewables market due to delays in the renewable volume obligation (RVO) ruling [7] - The company remains confident that pressures in the renewables segment are temporary and anticipates a positive shift in the market [10] - Management expressed optimism about the core ingredients business, expecting continued strong performance despite challenges in the renewables segment [20] Other Important Information - Total debt net of cash was $4.01 billion as of September 27, 2025, compared to $3.97 billion at the end of 2024 [18] - The company recorded an income tax benefit of $1.2 million for the quarter, resulting in an effective tax rate of -6.3% [19] - The company expects to generate around $300 million in production tax credits (PTCs) in 2025, with significant cash inflows anticipated in the fourth quarter [16] Q&A Session Summary Question: Timeline for clarity on regulatory items - Management expects clarity on RVO and exemptions by December, despite the government shutdown [24][25] Question: Feed outlook for Q4 - Management indicated that while waste fat prices have dipped, strong performance is expected in the food segment, with a narrow EBITDA range anticipated [26][28] Question: RIN policy protectionism benefits - Management noted that the treatment of foreign feedstocks is still unclear, and the need for imports may depend on domestic supply and demand dynamics [32][34] Question: DGD margins and drivers - Management clarified that DGD results were not as strong as hoped, and the capture rate was affected by LCM accounting practices [38][40] Question: Feed segment margin improvement - Management highlighted that improved protein prices and strong demand from aquaculture markets contributed to better margins in the feed segment [46][48] Question: RIN pricing scenarios - Management indicated that RIN prices may need to rise by approximately $0.40 to incentivize production to meet the 2026 mandate [57] Question: Debt repayment plans - Management confirmed that they are committed to paying down debt and expect to maintain a debt coverage ratio around three times [58][61] Question: DGD restart conditions - Management stated that DGD1 will only restart when soybean oil margins are profitable enough to justify the operational costs [95]

Financial Data and Key Metrics Changes - The combined adjusted EBITDA for the third quarter was $245 million, compared to $237 million in the third quarter of 2024 and $250 million in the previous quarter [8][10] - Total net sales for the quarter were $1.6 billion, up from $1.4 billion year-over-year, while gross margins improved to 24.7% from 22.1% [8][10] - Overall net income was $19.4 million for the quarter, or $0.12 per diluted share, compared to net income of $16.9 million, or $0.11 per diluted share for the same quarter last year [15] Business Line Data and Key Metrics Changes - In the feed segment, EBITDA improved to $174 million from $132 million a year ago, with total sales reaching $1 billion compared to $928 million [9][10] - The food segment saw total sales of $381 million, higher than $357 million in the third quarter of 2024, with gross margins increasing to 27.5% from 23.9% [9][10] - The fuel segment, specifically Diamond Green Diesel (DGD), reported a negative EBITDA of $3 million for the quarter, down from positive $39 million in the third quarter of 2024 [10][12] Market Data and Key Metrics Changes - Global rendering volumes and margins in the feed segment were up both sequentially and year-over-year, driven by strong demand for fats and proteins [5][6] - Export protein demand is showing signs of recovery, with slightly firmer pricing trends emerging, although tariff implications have impacted value-added poultry protein products [6][9] - The renewables market continues to face headwinds, with higher feedstock costs and lower RINs and LCFS pricing impacting margins [7][10] Company Strategy and Development Direction - The company is focused on its core ingredients business, expecting EBITDA for 2025 to be in the range of $875 to $900 million, excluding DGD [16] - Management believes that the integrated model of Darling Ingredients provides a competitive advantage that is unmatched in the industry [4] - The company is optimistic about the future, anticipating that public policy changes will strengthen American agriculture and energy leadership, which will enhance DGD's earnings potential [7][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core ingredients business despite short-term uncertainties in the renewables market [4][16] - The company is optimistic about the upcoming clarity on regulatory items, including the Renewable Volume Obligation (RVO) [20] - Management noted that the current uncertainty around public policy impacts the fuel segment, but they remain focused on what they can control [16] Other Important Information - Total debt net of cash was $4.01 billion, with a minimal increase from $3.97 billion at the end of 2024 [14] - The company recorded an income tax benefit of $1.2 million for the quarter, yielding an effective tax rate of -6.3% [15] - The company expects to generate around $300 million in production tax credits in 2025, with significant sales anticipated in the fourth quarter [12][13] Q&A Session Summary Question: Timeline for clarity on regulatory items - Management expects clarity on RVO and exemptions by December, amid ongoing government shutdown [20] Question: Feed outlook for the fourth quarter - Management indicated that while waste fat prices have dipped, they expect the food segment to be stronger in Q4, with a narrow range for the business [21][23] Question: Benefits of REMS policy protectionism - Management noted uncertainty around how the EPA will treat foreign feedstocks, which will depend on various factors [26][28] Question: Drivers of DGD margins - Management clarified that DGD results were not as good as hoped, and the capture rate was affected by LCM accounting practices [29][30] Question: Outlook for the feed segment going into 2026 - Management expects continued improvement in feed segment margins, driven by protein price recovery and strong demand [35][37] Question: RIN pricing scenarios - Management indicated that RIN prices need to increase by approximately $0.40 to incentivize production to meet the 2026 mandate [43][44] Question: Debt repayment plans - Management confirmed they are committed to paying down debt and expect their debt coverage ratio to be around three times by year-end [45][46] Question: DGD1 restart conditions - Management stated that DGD1 will only restart when soybean oil margins are profitable enough to justify the catalyst costs [70][72] Question: Food segment outlook - Management expects a stronger Q4 for the food segment, with a rebound in hydrolyzed collagen business and new product launches [73][75]

Financial Performance - Total Net Sales increased to $1564 million in Q3 2025, a 10% increase compared to $14219 million in Q3 2024[4] - Gross Margin increased to $387 million in Q3 2025, a 234% increase compared to $3136 million in Q3 2024[4] - Net Income increased to $194 million in Q3 2025, a 148% increase compared to $169 million in Q3 2024[4] - EPS Diluted increased to $012 in Q3 2025, a 91% increase compared to $011 in Q3 2024[4] - Combined Adjusted EBITDA increased to $2449 million in Q3 2025, a 35% increase compared to $2367 million in Q3 2024[4] Segment Performance - Feed segment Adjusted EBITDA increased to $174 million in Q3 2025, a 316% increase compared to $1322 million in Q3 2024[4] - Food segment Adjusted EBITDA increased to $716 million in Q3 2025, a 256% increase compared to $57 million in Q3 2024[4] - Fuel segment Adjusted EBITDA decreased to $216 million in Q3 2025, a 638% decrease compared to $597 million in Q3 2024[4] Balance Sheet - Cash and cash equivalents were $91 million as of September 27, 2025[5] - Total debt was $4104 billion as of September 27, 2025[5]

Core Insights - Darling Ingredients reported quarterly earnings of $0.12 per share, missing the Zacks Consensus Estimate of $0.13 per share, but showing an increase from $0.11 per share a year ago [1] - The company posted revenues of $1.56 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.83% and increasing from $1.42 billion year-over-year [3] Earnings Performance - The earnings surprise for the quarter was -7.69%, with the company having surpassed consensus EPS estimates only once in the last four quarters [2] - The earnings outlook for the upcoming quarters is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [7] Revenue Insights - The current consensus EPS estimate for the upcoming quarter is $0.36 on revenues of $1.58 billion, and for the current fiscal year, it is $0.51 on revenues of $5.98 billion [8] Industry Context - The Food - Miscellaneous industry, to which Darling belongs, is currently in the bottom 20% of the Zacks industry rankings, which may negatively impact stock performance [9] - Another company in the same industry, US Foods, is expected to report quarterly earnings of $1.05 per share, reflecting a year-over-year increase of 23.5% [10]

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides a high-level overview of Darling Ingredients Inc.'s financial performance and key operational highlights for the third quarter and first nine months of 2025 [Third Quarter 2025 Performance Overview](index=1&type=section&id=Third%20Quarter%202025%20Performance%20Overview) Darling Ingredients Inc. reported increased net income and total net sales for Q3 2025 compared to Q3 2024, driven by momentum in its core ingredients business Q3 2025 Performance Metrics | Metric | Q3 2025 | Q3 2024 | Change | Change % | | :------------------- | :------ | :------ | :------- | :------- | | Net income | $19.4 million | $16.9 million | +$2.5 million | +14.8% | | Diluted EPS | $0.12 | $0.11 | +$0.01 | +9.1% | | Total net sales | $1.6 billion | $1.4 billion | +$0.2 billion | +14.3% | | Combined Adjusted EBITDA | $244.9 million | $236.7 million | +$8.2 million | +3.5% | [Nine Months Ended September 27, 2025 Performance Overview](index=1&type=section&id=Nine%20Months%20Ended%20September%2027%2C%202025%20Performance%20Overview) For the first nine months of 2025, net sales increased, but net income significantly decreased primarily due to lower earnings from Diamond Green Diesel (DGD) Nine Months 2025 Performance Metrics | Metric | 9M 2025 | 9M 2024 | Change | Change % | | :------------------- | :------ | :------ | :------- | :------- | | Net sales | $4.4 billion | $4.3 billion | +$0.1 billion | +2.3% | | Net income | $5.9 million | $177.0 million | -$171.1 million | -96.7% | | Diluted EPS | $0.04 | $1.10 | -$1.06 | -96.4% | | Combined Adjusted EBITDA | $690.2 million | $790.4 million | -$100.2 million | -12.7% | - The significant decrease in net income for the first nine months of 2025 was **primarily driven by lower earnings at Diamond Green Diesel (DGD)**[4](index=4&type=chunk) [Key Financial and Operational Highlights (Q3 2025)](index=1&type=section&id=Key%20Financial%20and%20Operational%20Highlights%20(Q3%202025)) Specific highlights for Q3 2025 include net income, total net sales, Combined Adjusted EBITDA, and a significant sale of production tax credits - Agreed on the sale of **$125 million** of 2025 production tax credits (PTC) to be paid in Q4, with an anticipation of selling another **$125-175 million** in PTC credits by the end of 2025[6](index=6&type=chunk)[9](index=9&type=chunk) - Diamond Green Diesel (DGD) sold **250 million gallons** of renewable fuel during Q3 2025, representing a **negative ($0.02) EBITDA per gallon** to Darling Ingredients, net of discount and broker fees related to production tax credits (PTC)[5](index=5&type=chunk) [Liquidity and Capital Expenditures](index=1&type=section&id=Liquidity%20and%20Capital%20Expenditures) As of September 27, 2025, Darling Ingredients maintained a strong liquidity position with available cash and credit, while managing its debt and capital expenditures Liquidity and Capital Expenditures Summary | Metric | As of Sep 27, 2025 | | :----------------------------------- | :----------------- | | Cash and cash equivalents | $91.5 million | | Available under revolving credit agreement | $1.17 billion | | Total debt outstanding (net of cash) | $4.01 billion | | Preliminary leverage ratio | **3.65x** | | Capital expenditures (Q3 2025) | $90.1 million | | Capital expenditures (9M 2025) | $224.0 million | [2025 Core Ingredients Business Guidance](index=1&type=section&id=2025%20Core%20Ingredients%20Business%20Guidance) Due to public policy complexities affecting the Fuel segment, the company will now provide guidance exclusively for its core ingredients business, estimating full-year 2025 Adjusted EBITDA - The company will provide financial guidance **exclusively for its core ingredients business** (all segments excluding DGD) due to ongoing complexity and uncertainty surrounding public policy and its impact on the Fuel segment[8](index=8&type=chunk) - For full year 2025, the company estimates core ingredients Adjusted EBITDA to be **approximately $875-900 million**[8](index=8&type=chunk) [Consolidated Financial Results](index=2&type=section&id=Consolidated%20Financial%20Results) This section presents the company's overall financial performance, including statements of operations for the three and nine months ended September 27, 2025 [Consolidated Statements of Operations (Three Months)](index=2&type=section&id=Consolidated%20Statements%20of%20Operations%20(Three%20Months)) For the three months ended September 27, 2025, Darling Ingredients reported an increase in total net sales and net income attributable to Darling, despite an equity loss from Diamond Green Diesel Consolidated Statements of Operations (Three Months) | Metric | Q3 2025 (in thousands) | Q3 2024 (in thousands) | $ Change (Favorable/(Unfavorable)) (in thousands) | | :----------------------------------- | :--------------------- | :--------------------- | :--------------------------------- | | Net sales to third parties | $1,221,846 thousand | $1,157,075 thousand | $64,771 thousand | | Net sales to related party - Diamond Green Diesel | $342,120 thousand | $264,816 thousand | $77,304 thousand | | **Total net sales** | **$1,563,966 thousand** | **$1,421,891 thousand** | **$142,075 thousand** | | Cost of sales and operating expenses | $1,176,957 thousand | $1,108,319 thousand | ($68,638 thousand) | | Selling, general and administrative expenses | $139,594 thousand | $115,717 thousand | ($23,877 thousand) | | Equity in net income/(loss) of Diamond Green Diesel | ($45,844 thousand) | $2,430 thousand | ($48,274 thousand) | | Operating income | $71,726 thousand | $60,107 thousand | $11,619 thousand | | Interest expense | ($56,925 thousand) | ($66,846 thousand) | $9,921 thousand | | Income from operations before income taxes | $19,807 thousand | $1,644 thousand | $18,163 thousand | | Net income attributable to Darling | $19,363 thousand | $16,949 thousand | $2,414 thousand | | Diluted income per share | $0.12 | $0.11 | $0.01 | [Consolidated Statements of Operations (Nine Months)](index=2&type=section&id=Consolidated%20Statements%20of%20Operations%20(Nine%20Months)) For the nine months ended September 27, 2025, total net sales increased, but net income attributable to Darling saw a substantial decrease, primarily due to a significant equity loss from Diamond Green Diesel Consolidated Statements of Operations (Nine Months) | Metric | 9M 2025 (in thousands) | 9M 2024 (in thousands) | $ Change (Favorable/(Unfavorable)) (in thousands) | | :----------------------------------- | :--------------------- | :--------------------- | :--------------------------------- | | Net sales to third parties | $3,574,476 thousand | $3,551,392 thousand | $23,084 thousand | | Net sales to related party - Diamond Green Diesel | $851,602 thousand | $746,090 thousand | $105,512 thousand | | **Total net sales** | **$4,426,078 thousand** | **$4,297,482 thousand** | **$128,596 thousand** | | Cost of sales and operating expenses | $3,381,801 thousand | $3,353,406 thousand | ($28,395 thousand) | | Selling, general and administrative expenses | $399,219 thousand | $384,591 thousand | ($14,628 thousand) | | Equity in net income/(loss) of Diamond Green Diesel | ($70,367 thousand) | $125,046 thousand | ($195,413 thousand) | | Operating income | $175,994 thousand | $345,778 thousand | ($169,784 thousand) | | Interest expense | ($166,765 thousand) | ($198,947 thousand) | $32,182 thousand | | Income from operations before income taxes | $13,169 thousand | $169,278 thousand | ($156,109 thousand) | | Net income attributable to Darling | $5,864 thousand | $176,972 thousand | ($171,108 thousand) | | Diluted income per share | $0.04 | $1.10 | ($1.06) | [Segment Financial Performance](index=3&type=section&id=Segment%20Financial%20Performance) This section details the financial performance of Darling Ingredients' Feed, Food, and Fuel Ingredients segments for the three and nine months ended September 27, 2025 [Three Months Ended September 27, 2025 Segment Performance](index=3&type=section&id=Three%20Months%20Ended%20September%2027%2C%202025%20Segment%20Performance) For Q3 2025, the Feed and Food Ingredients segments showed strong performance with increased sales and Segment Adjusted EBITDA, while the Fuel Ingredients segment experienced an operating loss and negative DGD Adjusted EBITDA Q3 2025 Segment Performance | Metric | Feed Ingredients (in thousands) | Food Ingredients (in thousands) | Fuel Ingredients (in thousands) | Corporate (in thousands) | Total (in thousands) | | :----------------------------------- | :--------------- | :--------------- | :--------------- | :-------- | :-------- | | Total net sales | $1,029,115 thousand | $380,574 thousand | $154,277 thousand | — | $1,563,966 thousand | | Gross margin | $249,809 thousand | $104,823 thousand | $32,377 thousand | — | $387,009 thousand | | Segment operating income/(loss) | $90,406 thousand | $41,799 thousand | ($30,488 thousand) | ($29,991 thousand) | $71,726 thousand | | Equity in net loss of Diamond Green Diesel | — | — | ($45,844 thousand) | — | ($45,844 thousand) | | Segment Adjusted EBITDA (Non-GAAP) | $173,996 thousand | $71,638 thousand | $24,485 thousand | ($22,329 thousand) | $247,790 thousand | | DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) | — | — | ($2,884 thousand) | — | ($2,884 thousand) | | Combined Adjusted EBITDA (Non-GAAP) | $173,996 thousand | $71,638 thousand | $21,601 thousand | ($22,329 thousand) | $244,906 thousand | [Three Months Ended September 28, 2024 Segment Performance](index=4&type=section&id=Three%20Months%20Ended%20September%2028%2C%202024%20Segment%20Performance) In Q3 2024, all segments contributed positively to total net sales and Segment Adjusted EBITDA, with the Fuel Ingredients segment showing a positive DGD Adjusted EBITDA Q3 2024 Segment Performance | Metric | Feed Ingredients (in thousands) | Food Ingredients (in thousands) | Fuel Ingredients (in thousands) | Corporate (in thousands) | Total (in thousands) | | :----------------------------------- | :--------------- | :--------------- | :--------------- | :-------- | :-------- | | Total net sales | $927,457 thousand | $357,292 thousand | $137,142 thousand | — | $1,421,891 thousand | | Gross margin | $199,815 thousand | $85,431 thousand | $28,326 thousand | — | $313,572 thousand | | Segment operating income/(loss) | $30,530 thousand | $30,288 thousand | $13,704 thousand | ($14,415 thousand) | $60,107 thousand | | Equity in net income of Diamond Green Diesel | — | — | $2,430 thousand | — | $2,430 thousand | | Segment Adjusted EBITDA (Non-GAAP) | $132,166 thousand | $57,031 thousand | $20,571 thousand | ($12,164 thousand) | $197,604 thousand | | DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) | — | — | $39,085 thousand | — | $39,085 thousand | | Combined Adjusted EBITDA (Non-GAAP) | $132,166 thousand | $57,031 thousand | $59,656 thousand | ($12,164 thousand) | $236,689 thousand | [Nine Months Ended September 27, 2025 Segment Performance](index=5&type=section&id=Nine%20Months%20Ended%20September%2027%2C%202025%20Segment%20Performance) For the first nine months of 2025, Feed and Food Ingredients segments showed positive operating income and Adjusted EBITDA, while the Fuel Ingredients segment recorded an operating loss and a significant equity loss from DGD Nine Months 2025 Segment Performance | Metric | Feed Ingredients (in thousands) | Food Ingredients (in thousands) | Fuel Ingredients (in thousands) | Corporate (in thousands) | Total (in thousands) | | :----------------------------------- | :--------------- | :--------------- | :--------------- | :-------- | :-------- | | Total net sales | $2,861,930 thousand | $1,115,956 thousand | $448,192 thousand | — | $4,426,078 thousand | | Gross margin | $646,528 thousand | $311,191 thousand | $86,558 thousand | — | $1,044,277 thousand | | Segment operating income/(loss) | $151,317 thousand | $125,724 thousand | ($35,533 thousand) | ($65,514 thousand) | $175,994 thousand | | Equity in net loss of Diamond Green Diesel | — | — | ($70,367 thousand) | — | ($70,367 thousand) | | Segment Adjusted EBITDA (Non-GAAP) | $420,480 thousand | $212,516 thousand | $61,315 thousand | ($49,892 thousand) | $644,419 thousand | | DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) | — | — | $45,799 thousand | — | $45,799 thousand | | Combined Adjusted EBITDA (Non-GAAP) | $420,480 thousand | $212,516 thousand | $107,114 thousand | ($49,892 thousand) | $690,218 thousand | [Nine Months Ended September 28, 2024 Segment Performance](index=6&type=section&id=Nine%20Months%20Ended%20September%2028%2C%202024%20Segment%20Performance) For the first nine months of 2024, all segments contributed positively to total net sales and Segment Adjusted EBITDA, with the Fuel Ingredients segment showing a substantial positive DGD Adjusted EBITDA Nine Months 2024 Segment Performance | Metric | Feed Ingredients (in thousands) | Food Ingredients (in thousands) | Fuel Ingredients (in thousands) | Corporate (in thousands) | Total (in thousands) | | :----------------------------------- | :--------------- | :--------------- | :--------------- | :-------- | :-------- | | Total net sales | $2,751,452 thousand | $1,127,415 thousand | $418,615 thousand | — | $4,297,482 thousand | | Gross margin | $580,170 thousand | $280,649 thousand | $83,257 thousand | — | $944,076 thousand | | Segment operating income/(loss) | $143,753 thousand | $108,935 thousand | $157,139 thousand | ($64,049 thousand) | $345,778 thousand | | Equity in net income of Diamond Green Diesel | — | — | $125,046 thousand | — | $125,046 thousand | | Segment Adjusted EBITDA (Non-GAAP) | $361,031 thousand | $191,918 thousand | $58,780 thousand | ($52,143 thousand) | $559,586 thousand | | DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) | — | — | $230,787 thousand | — | $230,787 thousand | | Combined Adjusted EBITDA (Non-GAAP) | $361,031 thousand | $191,918 thousand | $289,567 thousand | ($52,143 thousand) | $790,373 thousand | [Balance Sheet and Liquidity](index=7&type=section&id=Balance%20Sheet%20and%20Liquidity) This section provides an overview of Darling Ingredients' financial position, including balance sheet disclosures and liquidity metrics as of September 27, 2025 [Balance Sheet Disclosures](index=7&type=section&id=Balance%20Sheet%20Disclosures) As of September 27, 2025, Darling Ingredients reported an increase in cash and cash equivalents and property, plant and equipment, while long-term debt also increased compared to December 28, 2024 Consolidated Balance Sheet Highlights | Metric | Sep 27, 2025 (in thousands) | Dec 28, 2024 (in thousands) | | :-------------------------------- | :-------------------------- | :-------------------------- | | Cash and cash equivalents | $91,494 thousand | $75,973 thousand | | Property, plant and equipment, net | $2,786,142 thousand | $2,713,669 thousand | | Current portion of long-term debt | $76,911 thousand | $133,020 thousand | | Long-term debt, net of current portion | $4,026,727 thousand | $3,908,978 thousand | [Other Financial Data](index=7&type=section&id=Other%20Financial%20Data) The company maintained significant revolver availability and reported its year-to-date capital expenditures and preliminary leverage ratio as of September 27, 2025 Other Key Financial Data | Metric | As of Sep 27, 2025 (in thousands) | | :-------------------------- | :----------------- | | Revolver availability | $1,173,097 thousand | | Capital expenditures - YTD | $224,045 thousand | | Preliminary Leverage Ratio | 3.65x | [Diamond Green Diesel (DGD) Joint Venture Financials](index=8&type=section&id=Diamond%20Green%20Diesel%20(DGD)%20Joint%20Venture%20Financials) This section presents the detailed financial results and balance sheet information for the Diamond Green Diesel joint venture for the periods presented [DGD Consolidated Statements of Operations (Three Months)](index=8&type=section&id=DGD%20Consolidated%20Statements%20of%20Operations%20(Three%20Months)) For Q3 2025, DGD reported a significant net loss and operating loss, a reversal from the positive performance in Q3 2024, primarily due to lower operating revenues and higher total costs DGD Statements of Operations (Three Months) | Metric | Q3 2025 (in thousands) | Q3 2024 (in thousands) | | :----------------------------------- | :--------------------- | :--------------------- | | Operating revenues | $1,203,732 thousand | $1,224,679 thousand | | Total costs and expenses | $1,273,771 thousand | $1,214,813 thousand | | Operating income/(loss) | ($70,039 thousand) | $9,866 thousand | | Net income/(loss) | ($80,561 thousand) | $4,860 thousand | | DGD Adjusted EBITDA (Non-GAAP) | $5,359 thousand | $78,169 thousand | | DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) | ($2,884 thousand) | $39,085 thousand | [DGD Consolidated Statements of Operations (Nine Months)](index=8&type=section&id=DGD%20Consolidated%20Statements%20of%20Operations%20(Nine%20Months)) For the first nine months of 2025, DGD experienced a substantial net loss and operating loss, a significant decline compared to the profitable period in 2024, mainly due to decreased operating revenues and a negative inventory valuation adjustment DGD Statements of Operations (Nine Months) | Metric | 9M 2025 (in thousands) | 9M 2024 (in thousands) | | :----------------------------------- | :--------------------- | :--------------------- | | Operating revenues | $3,201,472 thousand | $3,819,870 thousand | | Total costs and expenses | $3,297,074 thousand | $3,553,800 thousand | | Operating income/(loss) | ($95,602 thousand) | $266,070 thousand | | Lower of cost or market (LCM) inventory valuation adjustment | ($164,438 thousand) | $57,814 thousand | | Net income/(loss) | ($123,535 thousand) | $250,092 thousand | | DGD Adjusted EBITDA (Non-GAAP) | $108,797 thousand | $461,573 thousand | | DGD Adjusted EBITDA (Darling's Share) (Non-GAAP) | $45,799 thousand | $230,787 thousand | [DGD Consolidated Balance Sheets](index=9&type=section&id=DGD%20Consolidated%20Balance%20Sheets) As of September 30, 2025, DGD's total assets increased, primarily driven by other assets, while cash significantly decreased and a revolver balance was introduced DGD Consolidated Balance Sheet | Metric | Sep 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | | :-------------------------------- | :-------------------------- | :-------------------------- | | Cash | $136,225 thousand | $353,446 thousand | | Property, plant and equipment, net | $3,750,079 thousand | $3,868,943 thousand | | Other assets | $538,591 thousand | $100,307 thousand | | Total assets | $5,544,535 thousand | $5,460,517 thousand | | Revolver | $100,000 thousand | — | | Total long term debt | $684,726 thousand | $707,158 thousand | | Total members' equity | $4,497,874 thousand | $4,386,667 thousand | [Non-GAAP Financial Measures Reconciliation](index=10&type=section&id=Non-GAAP%20Financial%20Measures%20Reconciliation) This section provides reconciliations of various non-GAAP financial measures, such as Adjusted EBITDA and Combined Adjusted EBITDA, to their most directly comparable GAAP measures [Adjusted EBITDA Reconciliation](index=10&type=section&id=Adjusted%20EBITDA%20Reconciliation) The reconciliation shows the calculation of Adjusted EBITDA from net income attributable to Darling, highlighting adjustments for non-cash and non-operating items Adjusted EBITDA Reconciliation | Metric | Q3 2025 (in thousands) | Q3 2024 (in thousands) | 9M 2025 (in thousands) | 9M 2024 (in thousands) | | :----------------------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Net income attributable to Darling | $19,363 thousand | $16,949 thousand | $5,864 thousand | $176,972 thousand | | Depreciation and amortization | $124,064 thousand | $123,553 thousand | $368,961 thousand | $375,667 thousand | | Interest expense | $56,925 thousand | $66,846 thousand | $166,765 thousand | $198,947 thousand | | Income tax expense/(benefit) | ($1,248 thousand) | ($17,471 thousand) | $1,663 thousand | ($12,790 thousand) | | Equity in net (income)/loss of Diamond Green Diesel | $45,844 thousand | ($2,430 thousand) | $70,367 thousand | ($125,046 thousand) | | **Adjusted EBITDA (Non-GAAP)** | **$247,790 thousand** | **$197,604 thousand** | **$644,419 thousand** | **$559,586 thousand** | [Pro forma Adjusted EBITDA to Foreign Currency Reconciliation](index=10&type=section&id=Pro%20forma%20Adjusted%20EBITDA%20to%20Foreign%20Currency%20Reconciliation) This reconciliation adjusts Adjusted EBITDA for the impact of foreign currency exchange rates to provide a constant currency view of operating performance Pro forma Adjusted EBITDA to Foreign Currency Reconciliation | Metric | Q3 2025 (in thousands) | Q3 2024 (in thousands) | 9M 2025 (in thousands) | 9M 2024 (in thousands) | | :----------------------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Adjusted EBITDA (Non-GAAP) | $247,790 thousand | $197,604 thousand | $644,419 thousand | $559,586 thousand | | Foreign currency exchange impact | ($7,560 thousand) | — | ($8,826 thousand) | — | | **Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)** | **$240,230 thousand** | **$197,604 thousand** | **$635,593 thousand** | **$559,586 thousand** | [Combined Adjusted EBITDA Reconciliation](index=10&type=section&id=Combined%20Adjusted%20EBITDA%20Reconciliation) Combined Adjusted EBITDA is presented by adding Darling's share of DGD Adjusted EBITDA to the company's Adjusted EBITDA, offering a comprehensive view of overall operational performance Combined Adjusted EBITDA Reconciliation | Metric | Q3 2025 (in thousands) | Q3 2024 (in thousands) | 9M 2025 (in thousands) | 9M 2024 (in thousands) | | :----------------------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Adjusted EBITDA (Non-GAAP) | $247,790 thousand | $197,604 thousand | $644,419 thousand | $559,586 thousand | | DGD Joint Venture Adjusted EBITDA (Darling's share) (Non-GAAP) | ($2,884 thousand) | $39,085 thousand | $45,799 thousand | $230,787 thousand | | **Combined Adjusted EBITDA (Non-GAAP)** | **$244,906 thousand** | **$236,689 thousand** | **$690,218 thousand** | **$790,373 thousand** | [Company Overview & Conference Call](index=10&type=section&id=Company%20Overview%20%26%20Conference%20Call) This section offers a brief introduction to Darling Ingredients and provides details for its upcoming financial results conference call [About Darling Ingredients](index=10&type=section&id=About%20Darling%20Ingredients) Darling Ingredients Inc. is a pioneer in circularity, transforming animal agriculture and food industry by-products into valuable ingredients for nutrition and renewable energy, operating globally with over 260 facilities - **Darling Ingredients Inc. transforms material from the animal agriculture and food industries into valuable ingredients that nourish people, feed animals and crops, and fuel the world with renewable energy**[24](index=24&type=chunk) - The company operates **over 260 facilities in more than 15 countries**[24](index=24&type=chunk) - Darling Ingredients processes **about 15% of the world's animal agricultural by-products**, produces **about 30% of the world's collagen** (both gelatin and hydrolyzed collagen), and is **one of the largest producers of renewable energy**[24](index=24&type=chunk) [Conference Call Information](index=11&type=section&id=Conference%20Call%20Information) Darling Ingredients will host a conference call on October 23, 2025, to discuss Q3 2025 financial results, with webcast and dial-in options available for participants and a replay/transcript provided afterward - A conference call to discuss third quarter 2025 financial results will be held on **October 23, 2025**, at **9 a.m. Eastern Time (8 a.m. Central Time)**[25](index=25&type=chunk) - Listeners can register for an audio-only webcast, while participants wishing to ask questions need to register in advance to receive dial-in details[26](index=26&type=chunk) - A replay of the call will be available online via the webcast registration link two hours after the call ends, and a transcript will be posted at darlingii.com/investors within 24 hours[27](index=27&type=chunk) [Explanation of Non-GAAP Financial Measures](index=12&type=section&id=Explanation%20of%20Non-GAAP%20Financial%20Measures) This section defines and explains the methodology and relevance of the non-GAAP financial measures used throughout the report [Segment Adjusted EBITDA](index=12&type=section&id=Segment%20Adjusted%20EBITDA) Segment Adjusted EBITDA is a non-GAAP measure used to evaluate segment operating performance by excluding non-cash and certain other items unrelated to overall operating performance - Segment Adjusted EBITDA is calculated as net income/(loss) plus depreciation and amortization, restructuring and asset impairment charges, acquisition and integration costs, change in fair value of contingent consideration, foreign currency loss/(gain), net income/(loss) attributable to noncontrolling interests, interest expense, income tax provision, other income/(expense), equity in net (income)/loss of unconsolidated subsidiaries and equity in net (income)/loss of Diamond Green Diesel[28](index=28&type=chunk) - Management believes Segment Adjusted EBITDA is useful for evaluating segment operating performance by generally eliminating non-cash and certain other items for reasons unrelated to overall operating performance[28](index=28&type=chunk) [Adjusted EBITDA](index=12&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA is a non-GAAP measure used to evaluate the company's operating performance by excluding financing, income taxes, non-cash, and certain other items, making it comparable across companies - Adjusted EBITDA is calculated as net income/(loss) plus depreciation and amortization, restructuring and asset impairment charges, acquisition and integration costs, change in fair value of contingent consideration, foreign currency loss/(gain), net income/(loss) attributable to non-controlling interests, interest expense, income tax provision, other income/(expense) and equity in net (income)/loss of unconsolidated subsidiaries[29](index=29&type=chunk) - Management uses Adjusted EBITDA to evaluate performance, for discretionary purposes, and to measure compliance with certain financial covenants under the Company's Senior Secured Credit Facilities and Notes[30](index=30&type=chunk) - The calculation generally eliminates the effects of financing, income taxes, non-cash and certain other items that may vary for different companies for reasons unrelated to overall operating performance, making it useful for industry comparisons[29](index=29&type=chunk) [Pro forma Adjusted EBITDA to Foreign Currency](index=12&type=section&id=Pro%20forma%20Adjusted%20EBITDA%20to%20Foreign%20Currency) This non-GAAP measure helps evaluate the company's operating performance on a constant currency basis by adjusting for foreign exchange impacts - Pro forma Adjusted EBITDA to Foreign Currency is useful in evaluating the Company's operating performance on a constant currency basis[31](index=31&type=chunk) [Combined Adjusted EBITDA](index=13&type=section&id=Combined%20Adjusted%20EBITDA) Combined Adjusted EBITDA is a non-GAAP measure that includes Adjusted EBITDA plus Darling's share of DGD Adjusted EBITDA, providing a comprehensive view of the company's overall operating performance - Combined Adjusted EBITDA consists of Adjusted EBITDA plus DGD Adjusted EBITDA (Darling's Share)[32](index=32&type=chunk) - Management believes Combined Adjusted EBITDA is useful in evaluating the Company's operating performance compared to that of other companies in its industry[32](index=32&type=chunk) - Reconciliation of forward-looking Combined Adjusted EBITDA to net income is unavailable without **unreasonable effort** due to factors outside the Company's control and **unpredictability**[33](index=33&type=chunk)[34](index=34&type=chunk) [DGD Adjusted EBITDA](index=13&type=section&id=DGD%20Adjusted%20EBITDA) DGD Adjusted EBITDA is a non-GAAP measure used to evaluate the operating performance of the Diamond Green Diesel joint venture by adjusting for non-cash and certain other items - DGD Adjusted EBITDA is calculated by taking DGD's net income/(loss) plus income tax expense/(benefit), interest and debt expense, net, and DGD's depreciation, amortization and accretion expense less other income[35](index=35&type=chunk) - Darling's Share of DGD Adjusted EBITDA is calculated by taking DGD Adjusted EBITDA, net of discount and broker fees, and then multiplying by **50%**[35](index=35&type=chunk) - Management believes DGD Adjusted EBITDA is useful in evaluating DGD's operating performance because it generally eliminates non-cash and certain other items unrelated to overall operating performance[35](index=35&type=chunk) [EBITDA per Gallon](index=13&type=section&id=EBITDA%20per%20Gallon) EBITDA per gallon is a non-GAAP measure used to assess Diamond Green Diesel's operating performance on a per-gallon basis, allowing for comparison within the industry - EBITDA per gallon is useful in evaluating Diamond Green Diesel's operating performance compared to that of other companies in its industry[36](index=36&type=chunk) - The calculation 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[36](index=36&type=chunk) [Forward-Looking Statements & Risk Factors](index=13&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) This section outlines cautionary statements regarding forward-looking information and discusses key risks and uncertainties that could impact future results [Cautionary Statements Regarding Forward-Looking Information](index=13&type=section&id=Cautionary%20Statements%20Regarding%20Forward-Looking%20Information) The report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially, including factors related to market demand, government policies, operational disruptions, and global economic conditions - The media release includes "forward-looking" statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied[37](index=37&type=chunk) - Important factors that could cause actual results to differ materially include reduced demands or prices for biofuels, biogases or renewable electricity; global demands for grain and oilseed commodities; reductions in raw material volumes; reduced finished product prices; changes to government policies relating to renewable fuels and GHG emissions; climate related adverse results; possible product recall; occurrence of animal diseases or pandemics; unanticipated costs related to regulatory compliance; risks associated with the DGD Joint Venture; international sales and operations risks; tax changes; difficulties in information systems; intellectual property claims; increased pension contributions; bad debt write-offs; loss of permits; and continued geopolitical conflicts[38](index=38&type=chunk)[39](index=39&type=chunk) - All forward-looking statements speak only as of the date made, and the Company undertakes no obligation to update them[39](index=39&type=chunk) [Contacts](index=14&type=section&id=Contacts) This section provides essential contact information for investor relations and media inquiries regarding Darling Ingredients [Darling Ingredients Contacts](index=14&type=section&id=Darling%20Ingredients%20Contacts) Contact information for investor relations and global communications is provided for inquiries regarding Darling Ingredients - Investors can contact Suann Guthrie, Senior VP, Investor Relations, Sustainability & Communications at (469) 214-8202 or suann.guthrie@darlingii.com[40](index=40&type=chunk) - Media inquiries can be directed to Jillian Fleming, Director, Global Communications at (972) 541-7115 or jillian.fleming@darlingii.com[40](index=40&type=chunk)