Darling Ingredients Inc. · NYSE:DAR
Darling Ingredients — Q4 2025 Earnings Presentation
23 slides from Darling Ingredients's earnings presentation, Feb 12, 2026
Slide 1: Financial Results Q4 FY 2025
Financial Results Q4 FY 2025 February 11, 2026
Slide 2: Forward-looking statements
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-looking statements and are ma
Slide 3: Q4 2025 Earnings
Q4 2025 Earnings In millions, Q4-2025* Q4-2024* % variance FY 2025* FY 2024 % variance except per share Total Net Sales $1,709.8 $1,417.7 20.6% $6,135.9 $5,715.2 7.4% Balance Sheet Gross Margin $429.2 $333.8 28.6% $1,473.5 $1,277.8 15.3% As of As of Gross Margin % 25.1% 23.5% 6.8% 24.0% 22.4% 7.1% I
Slide 4: Combined Adjusted EBITDA
Combined Adjusted EBITDA (in millions, unaudited) Q4 2025 % of Total Combined Adjusted Combined Adjusted EBITDA EBITDA by Segment $336.1 340 $289.5 $57.9 290 $280.1 $273.6 $249.5 $244.9 23.6% $59.2 $236.7 240 $76.6 $115.1 $42.6 $39.1 $195.8 190 $6.0 53.6% 140 $230.3 $247.8 $278.2 22.8% $197.0 $197.6
Slide 5: Feed Segment
Feed Segment US $ (in thousands) Q4 2025* Q4 2024* FY 2025* FY 2024 • 53-week fiscal year drove higher sales, volumes Total Net sales $ 1,128,158 $ 924,157 $3,990,088 $ 3,675,609 and EBITDA. Cost of sales and operating expenses 850,841 714,843 3,066,243 2,886,125 Gross margin 277,317 209,314 923,845
Slide 6: Feed Segment
Feed Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA US $ (in thousands) Q4 2025* Q4 2024* FY 2025* FY 2024 Segment income** $ 68,219 $ 63,084 $ 227,967 $ 215,946 Restructuring and asset impairment charges $ 32,120 $ 3,671 $ 32,120 $ 3,671 Change in fair value of co
Slide 7: Food Segment
Food Segment US $ (in thousands) Q4 2025* Q4 2024* FY 2025* FY 2024 • Collagen and gelatin demand continues to Total Net sales $ 429,074 $ 361,686 $1,545,030 $ 1,489,101 strengthen. Cost of sales and operating expenses 312,213 268,582 1,116,978 1,115,348 Gross margin 116,861 93,104 428,052 373,753 •
Slide 8: Food Segment
Food Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA US $ (in thousands) Q4 2025* Q4 2024* FY 2025* FY 2024 Segment income** $ 26,066 $ 35,747 $ 151,790 $ 144,682 Restructuring and assset impairment charges $ 25,840 $ 2,123 $ 25,840 $ 2,123 Depreciation and amortiza
Slide 9: Fuel Segment
Fuel Segment • Non-DGD fuel business continues to deliver stable, dependable performance. US $ (in thousands) Q4 2025* Q4 2024* FY 2025* FY 2024 Total Net sales $ 152,567 $ 131,850 $ 600,759 $ 550,465 • DGD 1 back online in Q4. Cost of sales and operating expenses 117,564 100,506 479,198 435,864 Gro
Slide 10: Fuel Segment Reconciliation
Fuel Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA US $ (in thousands) Q4 2025* Q4 2024* FY 2025* FY 2024 Segment income** $ 38,888 $ 40,028 $ 3,355 $ 197,167 Depreciation and amortization 9,874 9,189 36,355 35,876 Equity in net (income)/loss of Diamond Green Dies
Slide 11: Fuel Segment
Fuel Segment Quarterly Avg. Prices D4 RINs (1.7 Multiple) & Yellow Grease - IL Diamond Green Diesel (unaudited) $0.70 $3.50 US $ and gallons (in $0.60 $3.00 Q4 2025 Q4 2024 FY 2025 YTD 2024 millions) $0.50 $2.50 Pro forma Adjusted $57.9 $59.2 $103.7 $289.9 EBITDA (Darling’s share) $0.40 $2.00 Total
Slide 12: Appendix
Appendix
Slide 13: 2025 – 2027 RVO / RIN S&D
2025 – 2027 RVO / RIN S&D billion RINs Beginning RIN Bank 2025 0.30 2026 2.14 2027 -0.78 Scenarios based on EPA data & proposals SREs 2022 + Prior 0.95 0.95 0.95 2023 0.89 0.89 0.89 • Significant RIN oversupply in 2025 due to 2023 – 2025 SREs + Est. 2024 0.94 0.94 0.94 Carryforward deficits, despite
Slide 14: California LCFS and RIN Value History
California LCFS and RIN Value History Biofuel RIN Values ($/RIN) Monthly Average LCFS Carbon Credit Price (USD/MT) Source: Argus $200 $2.50 $150 $2.00 $1.50 $100 $1.00 $50 $0.50 $0 $0.00 2021 2022 2023 2024 2025 D4 - Biomass-based diesel D6 - Ethanol 14
Slide 15: Feed Segment – Historical
Feed Segment – Historical (unaudited) Q4- Total Total US$ (in millions) Q1-2024 Q2-2024 Q3-2024 2024 2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 2025 Total Net Sales $ 889.8 $ 934.1 $ 927.5 $ 924.2 $ 3,675.6 $ 896.3 $ 936.5 $1,029.1 $1,128.2 $ 3,990.1 Gross Margin 184.1 196.3 199.8 209.3 789.5 182.3 214.5
Slide 16: Feed Segment Sales
Feed Segment Sales (unaudited) Total Used Cooking US $ (in millions) Fats Proteins Other Rendering Oils Bakery Other Total Net sales three months ended December 28, $ 331.0 $ 364.9 $ 67.7 $ 763.6 $ 97.7 $ 49.4 $ 13.4 $ 924.1 Increase/(decrease) in sales volumes 41.0 47.2 88.2 7.1 (4.3) 91.0 Increase
Slide 17: Food Segment – Historical
Food Segment – Historical (unaudited) Total US$ (in millions) Q1-2024 Q2-2024 Q3-2024 Q4-2024 2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Total 2025 Total Net Sales $ 391.3 $ 378.8 $ 357.3 $ 361.7 $ 1,489.1 $ 349.2 $ 386.1 $ 380.6 $ 429.1 $ 1,545.0 Gross Margin 93.1 102.1 85.4 93.1 373.8 102.5 103.9 104.8
Slide 18: Fuel Segment – Historical
Fuel Segment – Historical (unaudited) US$ (in millions) Q1-2024 Q2-2024 Q3-2024 Q4-2024 Total 2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Total 2025 Total Net Sales $ 139.2 $ 142.3 $ 137.1 $ 131.9 $ 550.5 $ 135.1 $ 158.8 $ 154.2 $ 152.6 $ 600.8 Gross Margin 26.4 28.5 28.3 31.3 114.6 26.6 27.6 32.3 35.0 121
Slide 19: Historical Pricing
Historical Pricing 2025 Finished Product Pricing 2025 Average Jacobsen Prices (USD) Feed Segment Ingredi ents January February March Q1 Avg. April May June Q2 Avg. July August Sept. Yellow Grease - Illinois / cwt $33.50 $34.39 $34.50 $34.13 $34.60 $36.98 $38.28 $36.63 $39.82 $40.50 $39.43 Used Cooki
Slide 20: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to (Non-GAAP) Adjusted EBITDA to (Non-GAAP) Pro Forma Adjusted EBITDA to Foreign Currency and to (Non-GAAP) Combined Adjusted EBITDA For the Three and Twelve Months Ended January 3, 2026 and December 28, 2024 (in thousands, unaudited) Three Months Ended Twelve Months End
Slide 21: Non-U.S. GAAP Measures
Non-U.S. GAAP Measures Segment Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income/(loss), 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 alt
Slide 22: Non-U.S. GAAP Measures
Non-U.S. GAAP Measures 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 alternati
Slide 23: Financial Results Q4 FY 2025
Financial Results Q4 FY 2025 February 11, 2026