Darling Ingredients Inc. · NYSE:DAR
Darling Ingredients — Investor Day (May 2026)
54 slides from Darling Ingredients's investor day presentation, May 11, 2026
Slide 1: Investor Day May 2026
INVESTOR DAY May 2026 Exh 99.1
Slide 2: Welcome and overview
Welcome and overview Senior Vice President Investor Relations & Global Affairs Suann Guthrie
Slide 3: Forward looking statement
Forward looking statement During this investor day, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual result
Slide 4: Agenda
Carlos Paz Executive Vice President Renewables, NA Specialty and Global Risk Management DIAMOND GREEN DIESEL PROVEN PERFORMANCE. RESILIENT MODEL. David Van Dorselaer Executive Vice President Global Sales and Marketing Rousselot THE NEXT ERA OF WELLNESS THROUGH COLLAGEN Agenda Suann Guthrie Senior Vi
Slide 5: The power of rendering
Producing fats and proteins. Extracting, treating and returning more water back to the environment than we use. Process Improving sustainability and providing an alternative to landfilling and incineration. Collect Maximizing value for our fats and proteins. Create 50% of the animal is not consumabl
Slide 6: Foundation built. Future unlocked.
Chairman and CEO Randall C. Stuewe Foundation built. Future unlocked.
Slide 7: Values that drive performance
7 VALUES that drive performance Invested to strengthen capabilities, assets and scale Disciplined execution and capital accountability Positioned to scale with discipline and advantage Entrepreneurship Transparency Integrity
Slide 8: Multi-year transformation delivered
8 Invested to strengthen capabilities, assets and scale Disciplined execution and capital accountability Positioned to scale with discipline and advantage Built a global foundation Transformed the business Poised for accelerated returns MULTI-YEAR transformation delivered
Slide 9: Foundation Built
14 2003 600 employees, 20 locations, U.S. only 2006 National By-Products acquisition 2010 Griffin Industries acquisition 2013 Rothsay acquisition Diamond Green Diesel 1 – A new market for animal fats 2014 Vion acquisition – International footprint, entrance into gelatin market Foundation Built
Slide 10: Foundation Built, Future Unlocked
20 2023 Diamond Green Diesel 3 Gelnex acquisition – growing collagen/gelatin market 2024 Miropasz acquisition in Poland – Europe’s largest poultry rendering company SAF production 2021 Diamond Green Diesel 2 2022 Valley Proteins acquisition – 18 rendering plants in southern, southeast, mid-Atlantic
Slide 11: Darling Ingredients: A Global Industry Leader
A global leader in ingredients that enhance human health and wellbeing Food Producing essential ingredients for animal nutrition, fertilizers and renewable fuels Feed Powering the future with low- emission energy solutions Fuel 30% global market share of gelatin and collagen 1.2B+ Gallons annual ren
Slide 12: Darling Ingredients: A Global Industry Leader
NYSE: Publicly traded since 1994 DARLING INGREDIENTS: A Global Industry Leader 260+ facilities on 5 continents Headquartered in Irving, Texas Facilities Headquarters ~16,000 employees Employees DAR
Slide 13: Global scale, where it matters
Darling Ingredients Global animal product ion Global scale, where it matters
Slide 14: Global animal production has shifted
Global animal product ion percent change 2018-2025 +5% USA +14% Brazil - 6% Europe +14% Driving Asia Pacific growth China Animal production has shifted … Source: The Organization for Economic Cooperation and Development
Slide 15: and will continue to grow
and will continue to grow. Global animal product ion est imated growth 2030 +7% USA +6% Brazil - 2% Europe +2% China Source: The Organization for Economic Cooperation and Development
Slide 16: Road to success
Market position and new products Growth Strong balance sheet that supports long-term shareholder value Value creation Strategic plan for profitable growth Roadmap Positioned to grow in all segments THE POWER OF RENDERING A Global Industry Leader Global scale creates financial flexibility Road to suc
Slide 17: Diamond Green Diesel: Proven Performance. Resilient Model.
Executive Vice President Renewables, North American Specialty & Global Risk Management Carlos Paz Diamond Green Diesel Proven Performance. Resilient Model.
Slide 18: Transforming waste fats into a global opportunity
Transforming waste fats into a global opportunity 32 2005 2010 2015 2020 2025 As the largest animal fat producer in the world and the largest used cooking oil collector in North America, Darling captures the upside. Fat prices from last 25 years Corn Fats Source: StoneX, Jacobsen &Refinitiv
Slide 19: Used Cooking Oil Collection
Used Cooking Oil Collection Darling Ingredients Plants
Slide 20: UCO collection network
90+ 2,100+ 90%+ 8+ ~160k Company-owned and operated UCO facilities Unit fleet with nationwide coverage Population of the continental U.S. serviced directly Industries served (restaurants, grocers, c-stores, etc.) Customers served across United States and Canada
Slide 21: Diamond Green Diesel: A Global Industry Leader
World-leading size, scale and location Strategically Positioned Founded July 2013 – Positive cash flow from year one Profitable Agile supply chain Nimble One of the world’s largest renewable producers • ~1.2 billion gallons renewable diesel (INCLUDING) • ~235 million gallons of neat Sustainable Avia
Slide 22: Positioned for international supply and demand
FEEDSTOCK ORIGIN SALES OUTLET DGD 1, 2 and 3 Positioned for international supply and demand
Slide 23: Robust RVO
• 2026, 2027 annual demand of 5.4B+ gals, compared to 3.35B gals in 2025 • Favors domestic feedstocks • Global demand for renewables is solid • Crude oil tightness benefitting renewables • DGD is operating at high-capacity utilization • Attractive margin environment ROBUST RVO Resulting in a much-im
Slide 24: We view the RVO as supportive to DGD margins
We view the RVO as supportive to DGD margins 38 In billions RIN 2025 2026 2027 Beginning Net RIN Bank Pre SREs 0.85 (1.16) (3.44) SRE Impact 2.78 3.95 3.95 2022 + prior 0.95 0.95 0.95 2023 0.91 0.91 0.91 2024 0.93 0.93 0.93 2025 1.16 1.16 =Adj. Beginning Net RIN Bank 3.63 2.79 0.51 Non-Cellulosic (D
Slide 25: The next era of wellness through collagen
Executive Vice President Global Sales and Marketing - Rousselot David Van Dorselaer The next era of wellness through collagen
Slide 26: Collagen products: a massive, growing opportunity
0 200 400 600 800 1000 1200 1400 1600 1800 2000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Supplements, functional food & beverages with collagen (Global) 40 Source: Mintel GNPD N um be r o f P ro du ct s in th e M ar ke t Collagen products: a massive, growing opportunity
Slide 27: Redefining Collagen with Science-Backed Solutions
41 28 types identified Used by people for ages as it brings functional & health benefits Safe ingredient for the food, nutrition, pharma, medical industries Biocompatible and biodegradable by the body in medical applications Glue of the body found in skin, joints, & structure Most abundant protein i
Slide 28: Consumers: all-in on wellness
Consumers: All-in on wellness, driving collagen boom 42 Aging population needs preventative health and nutrition Rise of ‘food as medicine’ movement Increase in consumer demand for protein One ingredient positioned for growth in multiple industries
Slide 29: Positioned to excel in the wellness era
Positioned to excel in the wellness era 43 Success in precision collagen segment • EXPERTISE: clinical validation & proven benefits • PROCESS CONTROL: consistent peptide profiles • COMMERCIAL SCALE: global execution • DEEP INDUSTRY KNOWLEDGE: opportunities with leading brands • Scientific validation
Slide 30: Control the process, define the functionality
Control the process à define the functionality 44 Functional outcomes Clinically validated Collagen peptides. Target Functionality Controlled Processing Defining Outcomes Long-chain protein Broad peptide mix Collagen Collagen peptides with clinically validated efficacy & safety profiles
Slide 31: Nextida Platform = Targeted Functionality
45 Nextida Platform = Targeted Functionality • Higher pricing power • Improved margins • Premium segment expansion • Stronger customer stickiness • Targeted bioactive peptides • Clinical supported outcomes • Differentiated functionalities, ongoing innovation • Supporting brands in high-value health
Slide 32: Invest in the collagen transformation with us
46 Clinically validated Collagen peptides: • Collagen is durable and growing • Nextida leads the shift to quality functional collagen • We are well positioned to excel in this new wellness era Invest in the collagen transformation with us Nextida Platform = Targeted Functionality
Slide 33: Joint Venture Opportunity
47 Joint Venture Opportunity Global player in rapidly growing collagen sector Producer in established gelatin & hydrocolloid segment Deep scientific expertise pioneering advanced collagen-based solutions for targeted health benefits Diversified global portfolio in attractive regions Wide range of qu
Slide 34: Putting scale and strength to work
Executive Vice President & Chief Financial Officer Bob Day Putting scale and strength to work
Slide 35: Integrated value creation
Animal Rendering & Used Cooking Oil Processing Used Cooking Oil & Fats Animal By-products Collagen Extraction Gelatin DAR Fuel Segment Feed Customers Food & Pharma Customers DAR Fuel: DGD, BZL Biodiesel, Biogas Fuel Customers Hydrolyzed Collagen Active Peptide Collagen Animal Protein Animal Fats UCO
Slide 36: Value proposition
VALUE PROPOSITION Essential Business with Global Scale Leading global position not easily replicated Scaled Global Footprint Critical role in broader meat & food supply chains Essential Service Reducing risk by adjusting margins to market conditions Consistent Cash Generation Unmatched expertise in
Slide 37: Debt & net leverage ratio decreasing
2021 2022 2023 2024 2025 2026** Total Debt $1,463 $3,385 $4,427 $4,042 $3,937 $3,222 Bank Leverage Ratio 1.73 2.54 3.26 3.93 2.90 1.82 1.73 2.54 3.26 3.93 2.90 1.82 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 $0 $1,000 $2,000 $3,000 $4,000 U SD x 1 m illi on 51 Q1 2026 Financials extrapolated
Slide 38: Debt comfortably secured & interest rate risk minimized
Debt comfortably secured & interest rate risk minimized 52 1,000 893 867 500 806 1,194 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2026 2027 2028 2029 2030 2031 2032 $ in m illi on s Debt Maturities & Amounts (as of end Q1 2026) 6.00% USD Notes TLA (Farm Credit) 4.50% EUR Notes 5.25% USD Notes RCF Uti
Slide 39: Generating cash from acquisitions
53 • Large acquisitions from 2022 & 2023 funded with available cash and debt • Down-cycle in Ag & Renewable markets limited cash generation in 2024 & 2025, but still cash positive • Strong performance from 2022 & 2023 acquisitions and improved market beginning late 2025 leading to stronger cash gene
Slide 40: Operating metrics centered on cash & returns
54 INC (Implied Net Cash) Allocated based on book value (PP&E + Intangibles + Goodwill) + Average Working Capital Usage = Does not include growth CAPEX Metric providing an estimated comparable net cash result Metric confirming pricing discipline & competitiveness I-RORV (Implied Return on Replacemen
Slide 41: Resiliency & returns from Feed Segment
Resiliency & returns from Feed Segment 55 • Rendering & UCO processing ~95% of Feed Segment ADJ. EBITDA • @ current I-RORV, still room to increase margins from current levels as many regions are at capacity • PPI industrial construction up 67% from 2019-2026: old contracts repricing to account for C
Slide 42: Widening margins in Food Segment product mix
56 65% 52% 35% 35% 48% 50% 15% 2020 2025 2030 ADJ. EBITDA Mix Gelatin Collagen Targeted Ingredients 80% 70% 64% 20% 30% 33% 3% 0% 20% 40% 60% 80% 100% 2020 2025 2030 Volume Mix Relative margin by product segment Gelatin = 1X Collagen = ~2.5-3X Targeted Ingredients = ~7-11X %’s reflected are approxim
Slide 43: Global scale creates consistent cash generation
57 Global scale creates consistent cash generation regardless of market environment & policy ADJ. EBITDA Darling Non-DGD $900 $1050 $1200 DGD DAR 50% $200 $550 $900 TOTAL DARLING ADJ. EBITDA $1,100 $1,600 $2,100 CAPEX & EXPENSES CAPEX ($400) ($400) ($400) Interest + Taxes + Other ($300) ($325) ($350
Slide 44: Positioned for significant cash generation 2027-2030
Positioned for significant cash generation ‘27-2030 58 875 412 424 437 875 901 928 956 1,350 1,391 1,432 1,475 $2,148 $3,661 $5,648 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2027 2028 2029 2030 Down-cycle Annual Mid-cycle Annual High-cycle Annual Down-cycle Cumulative Mid-cycle Cumulative
Slide 45: Continued opportunities for growth
• Biofuel & Biogas investment connected to Rendering & Waste Oil Processing • Biofuel diversification Fuel • Continued expansion of Rendering network • Grow UCO beyond U.S. & Canada Feed • Continued expansion of Collagen network • Accelerate development of active peptides Food • Capacity expansion o
Slide 46: Financial focus for today and the future
Optimize the global portfolio & market tailwinds to maximize profitability Optimize Near-term cash flow & financial discipline pays down debt and solidifies balance sheet Solidify Deliver long-term shareholder value Deliver Potential to generate $4-6 billion in cash in next 5 years Leverage scale an
Slide 47: Q&A
Q&A Investor Day 2026 DARLING INGREDIENTS
Slide 48: Thank You
Thank You Investor Day 2026... ~ INGREDIENTS
Slide 49: Forward looking statement
Forward looking statement This 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-loo
Slide 50: Appendix
Appendix Seine
Slide 51: Reconciliation of Net Income to Adjusted EBITDA
65 Darling Ingredients Inc. Segment Financial Tables (in thousands, unaudited) Reconciliation of Net Income to (Non-GAAP) Adjusted EBITDA to (Non-GAAP) Combined Adjusted EBITDA (in thousands, unaudited) Three Months Ended April 4, 2026 Adjusted EBITDA Net income attributable to Darling 134,313 Depre
Slide 52: Diamond Green Diesel Joint Venture statements and reconciliation
66 Darling Ingredients Inc. Segment Financial Tables (in thousands, unaudited) Diamond Green Diesel Joint Venture Consolidated Statements of Operations Three Months Ended March 31, 2026 Revenues: Operating revenues $ 1,414,046 Expenses: Total costs and expenses less lower of cost or market inventory
Slide 53: Adjusted EBITDA definition
67 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
Slide 54: Combined Adjusted EBITDA definition
68 Combined 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, bu