Form 8-K - Current report

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)

August 8, 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. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 8, 2023, Darling Ingredients Inc. (the “Company”) issued a press release announcing financial results for the first quarter ended July 1, 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, August 9, 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 August 8, 2023 (furnished pursuant to Item 2.02).
99.2						Slide Presentation for August 9, 2023 Earnings Call (furnished pursuant to Item 2.02).
104						Cover Page Interactive Data File (embedded within Inline XBRL document)

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: August 8, 2023	By:	/s/ John F. Sterling
		John F. Sterling
		Executive Vice President, General Counsel

Exhibit 99.1

FOR IMMEDIATE RELEASE

August 8, 2023

Darling Ingredients Inc. Reports Second Quarter 2023 Results

Second Quarter 2023

•Net income of $252.4 million, or $1.55 per GAAP diluted share

•Net sales of $1.8 billion

•Combined adjusted EBITDA of $508.3 million, $526.8 million excluding one-time Gelnex inventory negative impact

•Global ingredients business EBITDA of $260.9 million

•Received $101.4 million in cash dividends in Q2, and additional $62.2 million in cash dividends subsequent to quarter close from Diamond Green Diesel

•Repurchased $9.1 million of common stock

IRVING, TEXAS - Darling Ingredients Inc.(NYSE: DAR) today reported net income of $252.4 million, or $1.55 per diluted share for second quarter of 2023, compared to net income of $202.0 million, or $1.23 per diluted share, for second quarter of 2022. The company also reported net sales of $1.8 billion for the second quarter of 2023, compared with net sales of $1.7 billion for the same period a year ago.

“Second quarter was an incredible quarter for Darling Ingredients. We delivered our strongest financial results in the company’s history, driven by the strength of the vertically integrated business we have built,” said Randall C. Stuewe, Darling Ingredients Chairman and Chief Executive Officer. “Fat prices decreased quarter over quarter, which demonstrated how beneficial that can be for our Fuel segment. The power of our integrated waste fats and oils business combined with best-in-class renewable diesel production was clearly on display this last quarter.”

For the six months ended July 1, 2023, Darling Ingredients reported net sales of $3.5 billion, compared to net sales of $3.0 billion for the same period in 2022. Net income for the first six months of 2023 was $438.2 million, or $2.69 per diluted share, as compared to net income of $390.0 million, or $2.37 per diluted share, for the first six months of 2022.

Diamond Green Diesel (DGD) sold a record 387.8 million gallons of renewable diesel for the second quarter 2023 at an average of $1.28 per gallon EBITDA. Year-to-date, DGD has sold 643.3 million gallons of renewable diesel at an average of $1.17 per gallon EBITDA. During the second quarter, Darling Ingredients received $101.4 million in cash dividends from the joint venture. Subsequent to the quarter close, Darling Ingredients received an additional $62.2 million in cash dividends from the joint venture.

Combined adjusted EBITDA for the second quarter 2023 was $508.3 million, compared to $402.6 million for the same period in 2022. On a year-to-date basis, combined adjusted EBITDA totaled $926.7 million, as compared to $733.2 million for the same period in 2022. Excluding a one-time purchase accounting inventory negative impact of $18.5 million in the Food segment due to the Gelnex acquisition, combined adjusted EBITDA would have been $526.8 million for the second quarter 2023.

The company repurchased approximately 153,000 shares of common stock during the second quarter of 2023 for approximately $9.1 million. Stock repurchased year to date 2023 is approximately 926,000 shares for a total of $52.9 million. Approximately $321.6 million remains under the company’s Board approved share repurchase program.

As of July 1, 2023, Darling Ingredients had $111.5 million in cash and cash equivalents, and $956.0 million available under its committed revolving credit agreement. Total debt outstanding as of July 1, 2023, was $4.5 billion. The leverage ratio as measured by the company’s bank covenant was 3.11X as of July 1, 2023. Capital expenditures were $123.0 million for the second quarter 2023, and $234.3 million for the first six months ended July 1, 2023.

The company reaffirms guidance for fiscal year 2023 at $1.875 billion combined adjusted EBITDA.

Page 1

Segment Financial Tables (in thousands, unaudited)


	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate		Total
Three Months Ended July 1, 2023
Net sales	$	1,141,661		$	476,093		$	139,867		$	—	$	1,757,621
Cost of sales and operating expenses	876,413			371,095			112,194			—		1,359,702
Gross Margin	$	265,248		$	104,998		$	27,673		$	—	$	397,919

Gross Margin %	23.2		%	22.1		%	19.8		%	—		22.6		%

Loss/(gain) on sale of assets	322			2			(65)			—		259
Selling, general and administrative expenses	77,406			33,684			4,971			20,690		136,751
Restructuring and asset impairment charges	—			896			—			—		896
Acquisition and integration costs	—			—			—			1,706		1,706
Change in fair value of contingent consideration	(7,499)			—			—			—		(7,499)
Depreciation and amortization	82,575			28,445			8,567			2,499		122,086
Equity in net income of Diamond Green Diesel	—			—			212,964			—		212,964
Segment Operating Income/(Loss)	112,444			41,971			227,164			(24,895)		356,684

Equity in Net Income of Unconsolidated Subs	1,849			—			—			—		1,849
Segment Income/(Loss)	$	114,293		$	41,971		$	227,164		$	(24,895)	$	358,533

Segment EBITDA	187,520			71,312			22,767			(20,690)		260,909
DGD adjusted EBITDA (Darling's Share)	—			—			247,398			—		247,398
Combined Adjusted EBITDA	$	187,520		$	71,312		$	270,165		$	(20,690)	$	508,307


	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate		Total
Three Months Ended July 2, 2022
Net sales	$	1,170,347		$	369,181		$	110,660		$	—	$	1,650,188
Cost of sales and operating expenses	864,306			280,964			86,237			—		1,231,507
Gross Margin	$	306,041		$	88,217		$	24,423		$	—	$	418,681

Gross Margin %	26.1		%	23.9		%	22.1		%	—		25.4		%

Gain on sale of assets	(964)			(73)			(18)			—		(1,055)
Selling, general and administrative expenses	64,863			22,855			4,277			15,781		107,776
Restructuring and asset impairment charges	8,557			—			—			—		8,557
Acquisition and integration costs	—			—			—			5,358		5,358
Depreciation and amortization	68,938			14,449			6,936			2,790		93,113
Equity in net income of Diamond Green Diesel	—			—			73,680			—		73,680
Segment Operating Income/(Loss)	164,647			50,986			86,908			(23,929)		278,612

Equity in Net Income of Unconsolidated Subs	2,272			—			—			—		2,272
Segment Income/(Loss)	$	166,919		$	50,986		$	86,908		$	(23,929)	$	280,884

Segment EBITDA	242,142			65,435			20,164			(15,781)		311,960
DGD adjusted EBITDA (Darling's Share)	—			—			90,611			—		90,611
Combined Adjusted EBITDA	$	242,142		$	65,435		$	110,775		$	(15,781)	$	402,571

Page 2

Segment Financial Tables (in thousands, unaudited)


	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate		Total
Six Months Ended July 1, 2023
Net sales	$	2,379,155		$	872,485		$	297,153		$	—	$	3,548,793
Cost of sales and operating expenses	1,826,485			661,210			238,980			—		2,726,675
Gross Margin	$	552,670		$	211,275		$	58,173		$	—	$	822,118

Gross Margin %	23.2		%	24.2		%	19.6		%	—		23.2		%

Gain on sale of assets	(20)			(19)			(29)			—		(68)
Selling, general and administrative expenses	152,097			66,806			11,163			42,151		272,217
Restructuring and asset impairment charges	92			5,328			—			—		5,420
Acquisition and integration costs	—			—			—			8,728		8,728
Change in fair value of contingent consideration	(7,499)			—			—			—		(7,499)
Depreciation and amortization	172,895			42,918			16,960			5,319		238,092
Equity in net income of Diamond Green Diesel	—			—			307,301			—		307,301
Segment Operating Income/(Loss)	235,105			96,242			337,380			(56,198)		612,529

Equity in Net Income of Unconsolidated Subs	1,969			—			—			—		1,969
Segment Income/(Loss)	$	237,074		$	96,242		$	337,380		$	(56,198)	$	614,498

Segment EBITDA	400,593			144,488			47,039			(42,151)		549,969
DGD adjusted EBITDA (Darling's Share)	—			—			376,721			—		376,721
Combined Adjusted EBITDA	$	400,593		$	144,488		$	423,760		$	(42,151)	$	926,690


	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate		Total
Six Months Ended July 2, 2022
Net sales	$	2,049,785		$	723,995		$	242,742		$	—	$	3,016,522
Cost of sales and operating expenses	1,509,829			551,276			190,979			—		2,252,084
Gross Margin	$	539,956		$	172,719		$	51,763		$	—	$	764,438

Gross Margin %	26.3		%	23.9		%	21.3		%	—		25.3		%

Gain on sale of assets	(1,305)			(82)			(57)			—		(1,444)
Selling, general and administrative expenses	121,072			49,699			8,197			30,840		209,808
Restructuring and asset impairment charges	8,557			—			—			—		8,557
Acquisition and integration costs	—			—			—			9,131		9,131
Depreciation and amortization	123,288			29,899			13,610			5,562		172,359
Equity in net income of Diamond Green Diesel	—			—			145,484			—		145,484
Segment Operating Income/(Loss)	288,344			93,203			175,497			(45,533)		511,511

Equity in Net Income of Unconsolidated Subs	3,632			—			—			—		3,632
Segment Income/(Loss)	$	291,976		$	93,203		$	175,497		$	(45,533)	$	515,143

Segment EBITDA	420,189			123,102			43,623			(30,840)		556,074
DGD adjusted EBITDA (Darling's Share)	—			—			177,171			—		177,171
Combined Adjusted EBITDA	$	420,189		$	123,102		$	220,794		$	(30,840)	$	733,245

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

July 1, 2023 and December 31, 2022

(in thousands)



		July 1, 2023		December 31, 2022
ASSETS		(unaudited)
Current assets:
	Cash and cash equivalents	$	111,541	$	127,016
	Restricted cash	299		315
	Accounts receivable, net	746,638		676,573
	Inventories	825,130		673,621
	Prepaid expenses	116,540		85,665
	Income taxes refundable	22,621		18,583
	Other current assets	53,188		56,324
	Total current assets	1,875,957		1,638,097

Property, plant and equipment, net		2,774,526		2,462,082
Intangible assets, net		1,074,604		865,122
Goodwill		2,566,169		1,970,377
Investment in unconsolidated subsidiaries		2,214,312		1,926,395
Operating lease right-of-use assets		196,554		186,141
Other assets		246,032		136,268
Deferred income taxes		25,085		17,888
		$	10,973,239	$	9,202,370

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Current portion of long-term debt	$	88,085	$	69,846
	Accounts payable, principally trade	427,066		472,491
	Income taxes payable	29,821		44,851
	Current operating lease liabilities	48,381		49,232
	Accrued expenses	420,196		432,023
	Total current liabilities	1,013,549		1,068,443
Long-term debt, net of current portion		4,458,797		3,314,969
Long-term operating lease liabilities		149,165		141,703
Other non-current liabilities		339,270		298,933
Deferred income taxes		561,895		481,832
	Total liabilities	6,522,676		5,305,880
Commitments and contingencies
Stockholders' equity:
	Common stock, $0.01 par value;	1,743		1,736
	Additional paid-in capital	1,680,188		1,660,084
	Treasury stock, at cost	(624,852)		(554,451)
	Accumulated other comprehensive loss	(212,561)		(383,874)
	Retained earnings	3,523,712		3,085,528
	Total Darling's stockholders' equity	4,368,230		3,809,023
Noncontrolling interests		82,333		87,467
Total Stockholders' Equity		4,450,563		3,896,490
		$	10,973,239	$	9,202,370

Page 4

Darling Ingredients Inc. and Subsidiaries

Consolidated Operating Results

For the Three-Month and Six-Month Periods Ended July 1, 2023 and July 2, 2022

(in thousands, except per share data)



	Three Months Ended						Six Months Ended
	(unaudited)				$ Change		(unaudited)				$ Change
	July 1,		July 2,		Favorable		July 1,		July 2,		Favorable
	2023		2022		(Unfavorable)		2023		2022		(Unfavorable)
Net sales	$	1,757,621	$	1,650,188	$	107,433	$	3,548,793	$	3,016,522	$	532,271
Costs and expenses:
Cost of sales and operating expenses	1,359,702		1,231,507		(128,195)		2,726,675		2,252,084		(474,591)
Loss/(gain) on sale of assets	259		(1,055)		(1,314)		(68)		(1,444)		(1,376)
Selling, general and administrative expenses	136,751		107,776		(28,975)		272,217		209,808		(62,409)
Restructuring and asset impairment charges	896		8,557		7,661		5,420		8,557		3,137
Acquisition and integration costs	1,706		5,358		3,652		8,728		9,131		403
Change in fair value of contingent consideration	(7,499)		—		7,499		(7,499)		—		7,499
Depreciation and amortization	122,086		93,113		(28,973)		238,092		172,359		(65,733)
Total costs and expenses	1,613,901		1,445,256		(168,645)		3,243,565		2,650,495		(593,070)
Equity in net income of Diamond Green Diesel	212,964		73,680		139,284		307,301		145,484		161,817
Operating income	356,684		278,612		78,072		612,529		511,511		101,018
Other expense:
Interest expense	(70,193)		(24,008)		(46,185)		(120,492)		(39,611)		(80,881)

Foreign currency gain/(loss)	2,490		(4,412)		6,902		7,494		(5,512)		13,006

Other income/(expense), net	5,079		(302)		5,381		11,238		(1,044)		12,282
Total other expense	(62,624)		(28,722)		(33,902)		(101,760)		(46,167)		(55,593)
Equity in net income of other unconsolidated subsidiaries	1,849		2,272		(423)		1,969		3,632		(1,663)
Income before income taxes	295,909		252,162		43,747		512,738		468,976		43,762
Income tax expense	40,712		47,333		6,621		67,686		73,416		5,730
Net income	255,197		204,829		50,368		445,052		395,560		49,492
Net income attributable to noncontrolling interests	(2,814)		(2,833)		19		(6,868)		(5,511)		(1,357)
Net income attributable to Darling	$	252,383	$	201,996	$	50,387	$	438,184	$	390,049	$	48,135

Basic income per share:	$	1.58	$	1.25	$	0.33	$	2.74	$	2.41	$	0.33
Diluted income per share:	$	1.55	$	1.23	$	0.32	$	2.69	$	2.37	$	0.32

Number of diluted common shares:	162,370		164,745				162,593		164,673

Page 5

Darling Ingredients Inc. and Subsidiaries

Consolidated Statement of Cash Flows

For the Six Months Ended July 1, 2023 and July 2, 2022

(in thousands)


	(unaudited)

	July 1,		July 2,
Cash flows from operating activities:	2023		2022
Net income	$	445,052	$	395,560
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	238,092		172,359
Gain on sale of assets	(68)		(1,444)


Asset Impairment	—		8,557
Change in fair value of contingent consideration	(7,499)		—
Gain on insurance proceeds from insurance settlements	(13,836)		—
Deferred taxes	34,202		35,674
Decrease in long-term pension liability	480		(547)
Stock-based compensation expense	18,085		13,369

Deferred loan cost amortization	3,138		2,207
Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries	(309,270)		(149,116)
Distribution of earnings from Diamond Green Diesel and other unconsolidated subsidiaries	103,794		1,631
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	24,397		(47,046)
Income taxes refundable/payable	(24,551)		(28,834)
Inventories and prepaid expenses	(22,301)		(95,199)
Accounts payable and accrued expenses	(94,080)		72,351
Other	10,065		(18,487)
Net cash provided by operating activities	405,700		361,035
Cash flows from investing activities:
Capital expenditures	(234,307)		(151,478)
Acquisition, net of cash acquired	(1,079,083)		(1,235,537)
Investment in Diamond Green Diesel	(75,000)		(239,750)
Investment in other unconsolidated subsidiaries	(27)		—

Loan repayment from Diamond Green Diesel	25,000		—

Gross proceeds from sale of property, plant and equipment and other assets	2,733		2,161
Proceeds from insurance settlement	13,836		—
Payments related to routes and other intangibles	(1,517)		(179)
Net cash used in investing activities	(1,348,365)		(1,624,783)
Cash flows from financing activities:
Proceeds from long-term debt	807,956		1,663,612
Payments on long-term debt	(83,616)		(23,600)
Borrowings from revolving credit facility	1,415,916		777,902
Payments on revolving credit facility	(1,063,516)		(937,921)
Net cash overdraft financing	16,673		12
Deferred loan costs	(9)		(10,707)

Repurchase of common stock	(52,941)		(65,887)
Minimum withholding taxes paid on stock awards	(15,558)		(45,836)

Distributions to noncontrolling interests	(4,824)		—
Net cash provided by financing activities	1,020,081		1,357,575
Effect of exchange rate changes on cash flows	16,535		(16,059)
Net increase in cash, cash equivalents and restricted cash	93,951		77,768
Cash, cash equivalents and restricted cash at beginning of period	150,168		69,072
Cash, cash equivalents and restricted cash at end of period	$	244,119	$	146,840

Page 6

Diamond Green Diesel Joint Venture

Condensed Consolidated Balance Sheets

June 30, 2023 and December 31, 2022

(in thousands)


	June 30,		December 31,
	2023		2022
	(unaudited)
Assets:
Total current assets	$	1,623,715	$	1,304,805
Property, plant and equipment, net	3,828,093		3,866,854
Other assets	88,305		61,665
Total assets	$	5,540,113	$	5,233,324

Liabilities and members' equity:
Total current portion of long term debt	$	102,935	$	217,066
Total other current liabilities	378,589		515,023
Total long term debt	760,700		774,783
Total other long term liabilities	16,568		17,249
Total members' equity	4,281,321		3,709,203
Total liabilities and members' equity	$	5,540,113	$	5,233,324

Diamond Green Diesel Joint Venture

Operating Financial Results

For the Three and Six Months Ended June 30, 2023 and June 30, 2022

(in thousands)



	Three Months Ended						Six Months Ended
	(unaudited)				$ Change		(unaudited)				$ Change
	June 30,		June 30,		Favorable		June 30,		June 30,		Favorable
	2023		2022		(Unfavorable)		2023		2022		(Unfavorable)
Revenues:
Operating revenues	$	2,246,111	$	1,455,886	$	790,225	$	3,926,161	$	2,436,578	$	1,489,583
Expenses:
Total costs and expenses less depreciation, amortization and accretion expense	1,751,315		1,274,665		(476,650)		3,172,719		2,082,237		(1,090,482)
Depreciation, amortization and accretion expense	58,315		31,317		(26,998)		116,922		57,809		(59,113)
Total costs and expenses	1,809,630		1,305,982		(503,648)		3,289,641		2,140,046		(1,149,595)
Operating income	436,481		149,904		286,577		636,520		296,532		339,988
Other income	2,121		722		1,399		4,162		711		3,451
Interest and debt expense, net	(12,674)		(3,266)		(9,408)		(26,080)		(6,275)		(19,805)
Net income	$	425,928	$	147,360	$	278,568	$	614,602	$	290,968	$	323,634

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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 Six Months Ended July 1, 2023 and July 2, 2022

(in thousands)


	Three Months Ended					Six Months Ended
	(unaudited)					(unaudited)
Adjusted EBITDA	July 1,			July 2,		July 1,			July 2,
	2023			2022		2023			2022

Net income attributable to Darling	$	252,383		$	201,996	$	438,184		$	390,049
Depreciation and amortization	122,086			93,113		238,092			172,359
Interest expense	70,193			24,008		120,492			39,611
Income tax expense	40,712			47,333		67,686			73,416
Restructuring and asset impairment charges	896			8,557		5,420			8,557
Acquisition and integration costs	1,706			5,358		8,728			9,131
Change in fair value of contingent consideration	(7,499)			—		(7,499)			—
Foreign currency loss/(gain)	(2,490)			4,412		(7,494)			5,512
Other expense/(income), net	(5,079)			302		(11,238)			1,044


Equity in net income of Diamond Green Diesel	(212,964)			(73,680)		(307,301)			(145,484)
Equity in net income of other unconsolidated subsidiaries	(1,849)			(2,272)		(1,969)			(3,632)
Net income attributable to noncontrolling interests	2,814			2,833		6,868			5,511
Adjusted EBITDA (Non-GAAP)	$	260,909		$	311,960	$	549,969		$	556,074
Foreign currency exchange impact	(1,550)		(1)			5,779		(2)
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	259,359		$	311,960	$	555,748		$	556,074
DGD Joint Venture Adjusted EBITDA (Darling's share)	$	247,398		$	90,611	$	376,721		$	177,171
Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA	$	508,307		$	402,571	$	926,690		$	733,245

(1) The average rates for the three months ended July 1, 2023 were €1.00:$1.09, R$1.00:$0.20 and C$1.00:$0.74 as compared to the average rate for the three months ended July 2, 2022 of €1.00:$1.06, R$1.00:$0.20 and C$1.00:$0.78, respectively.
(2) The average rates for the six months ended July 1, 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 six months ended July 2, 2022 of €1.00:$1.09, R$1.00:$0.20 and C$1.00:$0.79, 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.

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

Page 8

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 August 9, 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 2280026. The phone replay will be available two hours after the call concludes through August 16, 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 below 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 July 1, 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 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

Page 9

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; 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

Page 10

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.

# # #

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

Earnings Report Q 2 | A u g u s t 8 , 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; 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.

Q2 2023 Business Highlights Q2 – 23 3 Solid Financial Performance Q2 – 2023 Net Sales $1,757.6 million Net Income $252.4 million EPS Diluted $1.55 Combined Adjusted EBITDA* $508.3 million Global Ingredients EBITDA $260.9 million Feed Ingredients EBITDA $187.5 million Food Ingredients EBITDA $71.3 million Fuel Ingredients EBITDA $270.2 million Share Repurchase Program $9.1 million • A leader in sustainability • Published Sustainability Progress Report • Achieved water goal, 3 years early • Decreased global emissions by 8% per unit of raw material processed • Reported Scope 3 emissions • Improved S&P Global Ratings ESG Evaluation • A leader in renewable energy • Celebrated 10 years of renewable diesel production • Sustainable aviation fuel unit construction underway • A leader in continued growth • Announced agreement with Butterball for new poultry rendering plant in Mt. Olive, North Carolina *Combined adjusted EBITDA excluding Gelnex negative impact ~$526.8 million

Record Quarterly Earnings – Driven by Vertical Strength Q2 – 23 4 In millions, except per share Q2-2023 Q2-2022 % variance YTD 2023 YTD 2022 % variance Net Sales $1,757.6 $1,650.2 6.5% $3,548.8 $3,016.5 17.6% Gross Margin $397.9 $418.7 (5.0%) $822.1 $764.4 7.5% Gross Margin % 22.6% 25.4% (11%) 23.2% 25.3% (8.3%) Net Income $252.4 $202.0 25.0% $438.2 $390.0 12.4% EPS Diluted $1.55 $1.23 26.0% $2.69 $2.37 13.5% EBITDA In millions Q2-2023 Q2-2022 % variance YTD 2023 YTD 2022 % variance Feed $187.5 $242.1 (22.6%) $400.6 $420.2 (4.7%) Food* $71.3 $65.4 9.0% $144.5 $123.1 17.4% Fuel (1) $270.2 $110.8 143.9% $423.8 $220.8 91.9% Corporate ($20.7) ($15.8) (31.0%) ($42.2) ($30.9) (37.0%) Total combined adjusted EBITDA $508.3 $402.6 26.3% $926.7 $733.2 26.4% 25.4% 21.5% 22.0% 23.7% 22.6%* 18% 23% 28% Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Balance Sheet In millions, except ratio data As of 7/1/2023 As of 12/31/2022 Cash (including restricted) $111.8 $127.3 Revolver availability $956.0 $1,313.0 Net working capital $842.9 $512.5 Total debt $4,546.9 $3,384.8 Leverage ratio (2) 3.11X 2.54X Darling Ingredients Quarterly Gross Margin % *Excluding the $18.5 million Gelnex purchase accounting inventory negative impact, Food Segment adjusted EBITDA for Q2 would be $89.8 million and $163.0 million YTD 2023 (1) Includes Fuel Segment EBITDA and Darling’s share of DGD EBITDA *Excluding the $18.5 million Gelnex purchase accounting inventory negative impact, Q2 2023 gross margin would be 23.7%

EBITDA Q2 – 23 5 $244 $312 $274 $267 $289 $261 $87 $91 $120 $146 $129 $247 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Global Ingredients DGD (In millions) $330.7 $394.7$402.6 $418.4$413.0 $508.3 Food 14% Feed 35% Fuel 51% Food Feed Fuel (1) Q2 2023 % of Total EBITDA by SegmentCombined Adjusted EBITDA (1) Includes Fuel Segment EBITDA and Darling's share of DGD EBITDA

Feed Segment Key Drivers • Lower fat prices drove decrease in net sales • Decreased raw material driven by reduced slaughter house volumes • Raw material volumes starting to increase moving into Q3 • Protein prices remain strong, export demand continues to be strong • Despite lower fat prices, gross margins held flat vs. Q1 2023 due to continued integration efforts • Fat prices have rebounded slightly, expect continued improvement in back half of 2023 Q2 – 23 6 US $ (in millions) Q2-2023 Q2-2022 YTD-2023 YTD-2022 Net Sales $ 1,141,661 $ 1,170,347 $ 2,379,155 $ 2,049,785 Cost of sales & operating expenses 876,413 864,306 1,826,485 1,509,829 Gross Margin $ 265,248 $ 306,041 $ 552,670 $ 539,956 Selling, general & administrative expenses 77,406 64,863 152,097 121,072 Loss (gain) on sale of assets 322 (964) (20) (1,305) Depreciation & amortization 82,575 68,938 172,895 123,288 Change in fair value of contingent consideration (7,499) - (7,499) - Restructuring and asset impairment charges - 8,557 92 8,557 Segment Operating Income $ 112,444 $ 164,647 $ 235,105 $ 288,344 Equity in net income of other unconsolidated subsidiaries 1,849 2,272 1,969 3,632 Segment Income $ 114,293 $ 166,919 $ 237,074 $ 291,976 Segment EBITDA $ 187,520 $ 242,142 $ 400,593 $ 420,189 Raw material processed (mmts)* 3.1 2.7 6.3 5.0

Feed Segment Q2 – 23 7 US $ (in millions, unaudited) Fats Proteins Other Total Rendering Used Cooking Oil Bakery Other Total Net Sales Three Months Ended July 2, 2022 $ 498.8 $ 351.1 $ 64.2 $ 914.1 $ 152.6 $ 89.7 $ 13.9 $ 1,170.3 Increase/(Decrease) in sales volumes 43.7 59.6 - 103.3 39.9 (11.6) - 131.6 Increase /(Decrease) in finished goods prices (138.3) 21.9 - (116.4) (45.7) (10.8) - (172.9) Increase/(Decrease) due to currency exchange rates (0.2) 1.4 0.1 1.3 (0.5) - - 0.8 Other change - - 9.1 9.1 - - 2.7 11.8 Total change (94.8) 82.9 9.2 (2.7) (6.3) (22.4) 2.7 (28.7) Net Sales Three Months Ended July 1, 2023 $ 404.0 $ 434.0 $ 73.4 $ 911.4 $ 146.3 $ 67.3 $ 16.6 $ 1,141.6 US $ (in millions, unaudited) Fats Proteins Other Total Rendering Used Cooking Oil Bakery Other Total Net Sales Six Months Ended July 2, 2022 $ 867.3 $ 621.3 $ 121.7 $ 1,610.3 $ 247.6 $ 168.1 $ 23.8 $ 2,049.8 Increase/(Decrease) in sales volumes 153.3 177.4 - 330.7 62.2 (18.4) - 374.5 Increase/(Decrease) in finished goods prices (124.8) 81.4 - (43.4) (24.5) (7.5) - (75.4) Increase/(Decrease) due to currency exchange rates (0.2) 3.0 0.2 3.0 (1.3) - - 1.7 Other change - - 18.2 18.2 - - 10.4 28.6 Total change 28.3 261.8 18.4 308.5 36.4 (25.9) 10.4 329.4 Net Sales Six Months Ended July 1, 2023 $ 895.6 $ 883.1 $ 140.1 $ 1,918.8 $ 284.0 $ 142.2 $ 34.2 $ 2,379.2

Food Segment Key Drivers • First full quarter including Gelnex • Q2 adjusted EBITDA would have been $89.8 million or $163.0 million YTD, excluding a one-time $18.5 million purchase accounting inventory negative impact due to the Gelnex acquisition • Gelnex integration progressing as planned Q2 – 23 8 US $ (in millions) Q2-2023 Q2-2022 YTD-2023 YTD-2022 Net Sales $ 476,093 $ 369,181 $ 872,485 $ 723,995 Cost of sales & operating expenses 371,095 280,964 661,210 551,276 Gross Margin $ 104,998 $ 88,217 $ 211,375 $ 172,719 Selling, general & administrative expenses 33,684 22,855 66,806 49,699 Loss (gain) on sale of assets 2 (73) (19) (82) Depreciation & amortization 28,445 14,449 42,918 29,899 Restructuring & asset impairment charges 896 - 5,328 - Segment Operating Income $ 41,971 $ 50,986 $ 96,242 $ 93,203 Segment EBITDA $ 71,312 $ 65,435 $ 144,488 $ 123,102 Raw material processed (mt)* 331,000 272,000 596,000 550,000

Food Segment Q2 – 23 9 $100 $120 $140 $160 $180 $200 $220 $240 $260 $280 Food Segment Trailing 4Q adjusted EBITDA Trailing 4 Q's 87% 8% 5% Q2 2023 % of Sales Breakdown Collagen Edible fats Other products

Fuel Segment Key Drivers • Lower feedstock prices, higher production led to strong quarter • 387.8 million gallons sold at $1.28 per gallon EBITDA • $101.4 million in cash dividends received from joint venture • $62.2 million in cash dividends received from joint venture subsequent to quarter close • Expect additional dividends remainder of the year • DGD 2 in catalyst turnaround during July • SAF project on schedule Q2 – 23 10 US $ (in millions) Q2-2023 Q2-2022 YTD-2023 YTD-2022 Net Sales $ 139,867 $ 110,660 $ 297,153 $ 242,742 Cost of sales & operating expenses 112,194 86,237 238,980 190,979 Gross Margin $ 27,673 $ 24,423 $ 58,173 $ 51,763 Selling, general & administrative expenses 4,971 4,277 11,163 8,197 Gain on sale of assets (65) (18) (29) (57) Depreciation & amortization 8,567 6,936 16,960 13,610 Equity in net income of Diamond Green Diesel 212,964 73,680 307,301 145,484 Segment Operating Income $ 227,164 $ 86,908 $ 337,380 $ 175,497 Segment EBITDA $ 22,767 $ 20,164 $ 47,039 $ 43,623 DGD adjusted EBITDA (Darling's Share) $ 247,398 $ 90,611 $ 376,721 $ 177,171 Segment EBITDA (1) $ 270,165 $ 110,775 $ 423,760 $ 220,794 Raw material processed (mt)*` 347,000 351,000 696,000 692,000

Fuel Segment Q2 – 23 11 Diamond Green Diesel US $ and gallons (in millions) Q2 2023 Q2 2022 YTD-2023 YTD-2022 EBITDA (Entity) – recorded w/no BTC $107.3 ($17.2) $119.9 $0.1 EBITDA (Entity) – recorded including BTC $494.8 $181.2 $753.4 $353.3 Pro forma Adjusted EBITDA (Darling’s share) $247.4 $90.6 $376.7 $177.2 Total gallons produced 349.5 208.6 625.0 375.0 Total gallons sold/shipped 387.8 198.6 643.3 355.0 EBITDA per gallon sold/shipped $1.28 $0.91 $1.17 $1.00 $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

Q2 Conclusions Combined Adjusted EBITDA $1.875 billion Diamond Green Diesel 1.2 billion gallons sold Diamond Green Diesel Continued dividend distribution Capital Expenditures $565 million Q2 – 23 12 2023 Guidance Outlook Strong global financial performance Powerful vertical integration proven DGD cash dividends received

Appendix APPENDIX ADDITIONAL INFORMATION APPENDIX ADDITIONAL INFORMATION

California LCFS and RIN Value History Q2 – 23 14 $0 $50 $100 $150 $200 $250 1 / 2 0 1 8 4 / 2 0 1 8 7 / 2 0 1 8 1 0 / 2 0 1 8 1 / 2 0 1 9 4 / 2 0 1 9 7 / 2 0 1 9 1 0 / 2 0 1 9 1 / 2 0 2 0 4 / 2 0 2 0 7 / 2 0 2 0 1 0 / 2 0 2 0 1 / 2 0 2 1 4 / 2 0 2 1 7 / 2 0 2 1 1 0 / 2 0 2 1 1 / 2 0 2 2 4 / 2 0 2 2 7 / 2 0 2 2 1 0 / 2 0 2 2 1 / 2 0 2 3 4 / 2 0 2 3 6 / 2 0 2 3 Monthly Average LCFS Carbon Credit Price (USD/MT)

Feed Segment – Historical US$ (in millions) Q1-2022 Q2-2022 Q3-2022 Q4-2022 Total 2022 Q1-2023 Q2-2023 Net Sales $ 879.4 $ 1,170.3 $ 1,273.1 $ 1,216.1 $ 4,539.0 $ 1,237.5 $ 1,141.7 Gross Margin 233.9 306.0 260.2 265.3 1,065.5 287.4 265.2 Gross Margin % 26.6% 26.1% 20.4% 21.8% 23.5% 23.2% 23.2% Loss (Gain) on sale of assets (0.3) (1.0) (2.3) 0.2 (3.4) (0.3) 0.3 SG&A 56.2 64.9 64.0 73.7 258.8 74.7 77.4 SG&A Margin % 6.4% 5.5% 5.0% 6.1% 5.7% 6.0% 6.8% Operating Income 123.7 164.6 117.9 100.1 506.3 122.7 112.4 Adj. EBITDA $ 178.0 $ 242.1 $ 198.6 $ 191.4 $ 810.1 $ 213.1 $ 187.5 Adj. EBITDA Margin % 20.2% 20.7% 15.6% 15.7% 17.8% 17.2% 16.4% Raw Material Processed (mmts)* 2.31 2.70 3.1 3.2 11.3 3.2 3.1 Q2 – 23 15

Food Segment – Historical US$ (in millions) Q1 -2022 Q2-2022 Q3-2022 Q4-2022 Total 2022 Q1-2023 Q2-2023 Net Sales $ 354.8 $ 369.2 $ 347.9 $387.7 $1,459.6 $396.4 $ 476.1 Gross Margin 84.5 88.2 91.3 93.3 357.4 106.3 105.0 Gross Margin % 23.8% 23.9% 26.3% 24.1% 24.5% 26.8% 22.1% Loss (gain) on sale of assets (0.1) (0.1) (0.8) (0.1) (1.0) (0.0) 0.0 SG&A 26.8 22.9 23.9 28.1 101.7 33.1 33.7 SG&A Margin % 7.6% 6.2% 6.9% 7.2% 7.0% 8.4% 7.1% Operating Income 42.2 51.0 53.8 29.5 176.6 54.3 42.0 Adj. EBITDA $ 57.7 $ 65.4 $ 68.2 $65.4 $256.7 $73.2 $71.3 Adj. EBITDA Margin % 16.2% 17.7% 19.6% 16.9% 17.6% 18.5% 15.0% Raw Material Processed (mmts)* 0.28 0.27 0.27 0.28 1.10 0.26 0.33 Q2 – 23 16

Fuel Segment – Historical US$ (in millions) Q1-2022 Q2-2022 Q3-2022 Q4-2022 Total 2022 Q1-2023 Q2-2023 Net Sales $ 132.0 $ 110.7 $ 126.6 $ 164.3 $ 533.6 $157.3 $139.9 Gross Margin 27.3 24.4 24.8 30.2 106.7 30.5 27.7 Gross Margin % 20.7% 22.1% 19.6% 18.4% 20.0% 19.4% 19.8% Loss (gain) on sale of assets (0.0) (0.0) (0.0) 0.0 (0.1) (0.0) (0.1) SG&A 3.9 4.3 1.7 3.8 13.7 6.2 5.0 Depreciation and amortization 6.6 6.9 7.3 8.6 29.5 8.4 8.6 Equity in net income of DGD 71.8 73.7 103.4 123.4 372.3 94.3 213.0 Operating Income 88.6 86.9 119.2 141.2 435.9 110.2 227.2 Base adjusted EBITDA 23.4 20.2 23.1 26.4 93.1 24.3 22.8 DGD adjusted EBITDA (Darling's Share) 86.6 90.6 120.3 146.0 443.5 129.3 247.4 Combined adjusted EBITDA (1) $110.0 $110.8 $143.4 $172.4 $536.6 $153.6 $270.2 Raw Material Processed (mmts) (2) 0.34 0.35 0.36 0.37 1.42 0.35 0.35 Q2 – 23 17 (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.

Historical Pricing Q2 – 23 18 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 Yellow Grease - Illinois / cwt $58.58 $49.25 $46.13 $51.10 $44.26 $47.43 $46.26 $46.06 Used Cooking Oil (UCO) - Illinois / cwt $61.88 $51.71 $48.00 $53.61 $48.00 $48.00 $49.31 $48.45 Meat and Bone Meal - Ruminant - IL/ ton $418.00 $433.29 $453.48 $435.85 $461.97 $467.95 $462.50 $464.27 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 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 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 Soybean Oil (RBD) - Central Illinois / cwt $74.77 $71.93 $68.04 $71.40 $66.05 $63.01 $71.92 $66.96 Distiller's Corn Oil - IL/WI cwt $66.39 $56.58 $51.49 $57.86 $51.87 $55.64 $58.75 $55.54 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 $6.62 $6.35 $6.84 $6.36 $6.06 $6.11 $6.68 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 $997 $993 $1,025 $947 $902 $958 Soy meal - CIF Rotterdam / metric ton $603 $603 $579 $595 $544 $512 $493 $516 QTR. over QTR. (Sequential) Year over Year (Q2) Comparison Q1-2023 Q2-2023 % Q2-2022 Q2-2023 % Average Jacobsen Prices (USD) Avg. Avg. Change Avg. Avg. Change Bleachable Fancy Tallow - Chicago Renderer / cwt $61.39 $56.61 -7.8% $79.51 $56.61 -28.8% Yellow Grease - Illinois / cwt $51.10 $46.06 -9.9% $60.11 $46.06 -23.4% Used Cooking Oil (UCO) - Illinois / cwt $53.61 $48.45 -9.6% $68.89 $48.45 -29.7% Meat and Bone Meal - Ruminant - Illinois / ton $435.85 $464.27 6.5% $366.62 $464.27 26.6% Poultry By-Product Meal - Feed Grade - Mid South / ton $406.94 $485.56 19.3% $385.83 $485.56 25.8% Poultry By-Product Meal - Pet Food - Mid South / ton $743.75 $934.67 25.7% $801.36 $934.67 16.6% Soybean Oil (crude/de-gummed) - Central Illinois / cwt $62.18 $55.98 -10.0% $83.48 $55.98 -32.9% Soybean Oil (RBD) - Central Illinois / cwt $71.40 $66.96 -6.2% $99.83 $66.96 -32.9% Distiller's Corn Oil - IL/WI per cwt $57.86 $55.54 -4.0% $77.63 $55.54 -28.5% Average Wall Street Journal Prices (USD) Corn - Track Central IL #2 Yellow / bushel $6.84 $6.68 -2.3% $8.20 $6.68 -18.5% Average Thomson Reuters Prices (USD) Palm oil - CIF Rotterdam / metric ton $993 $958 -3.5% $1,662 $958 -42.4% Soy meal - CIF Rotterdam / metric ton $595 $516 -13.3% $550 $516 -6.2% 2023 Average Jacobsen Prices (USD) 2023 Average Jacobsen Prices (USD) 2023 Average Wall Street Journal Prices (USD) 2023 Average Thomson Reuters Prices (USD)

Event Calendar Q2 – 23 19 Barclays’ CEO Energy-Power Conference • New York • Sept. 6 Tudor Pickering Holt Renewable Fuels Conference • New York • Sept. 12 JP Morgan All Stars Conference • London • Sept. 21

Non-U.S. GAAP Measures Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity. 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 below 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 July 1, 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 2 | A u g u s t 8 , 2 0 2 3 EARNINGS REPORT

Cover Page	Aug. 08, 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	Aug. 08, 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