Darling Ingredients Inc. · NYSE:DAR
Darling Ingredients — Q3 2025 Earnings Presentation
23 slides from Darling Ingredients's earnings presentation, Oct 23, 2025
Slide 1: Financial Results Q3 2025
Financial Results Q3 2025 October 23, 2025
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: Q3 2025 Earnings (unaudited)
Q3 2025 Earnings (unaudited) In millions, Balance Sheet Q3-2025* Q3-2024* % variance YTD 2025* YTD 2004* % variance except per share As of As of In millions, except ratio data Total Net Sales $1,564.0 $1,421.9 10.0% $4,426.1 $4,297.5 3.0% 9/27/2025* 12/28/2024 Gross Margin $387.0 $313.6 23.4% $1,044
Slide 4: Combined Adjusted EBITDA
Combined Adjusted EBITDA (in millions, unaudited) Q3 2025 % of Total Combined Adjusted Combined Adjusted EBITDA EBITDA by Segment 340 $280.1 $289.5 $273.6 290 $249.5 $244.9 8.1% $236.7 $59.2 240 $76.6 $115.1 $39.1 $195.8 $42.6 $6.0 190 26.8% 140 $247.8 $197.0 $197.6 $230.3 $205.9 65.1% 90 $189.7 $16
Slide 5: Feed Segment
Feed Segment US$ (in thousands) Q3 2025* Q3 2024* YTD 2025* YTD 2024* • Sales and margins increased both quarter-over-quarter Total Net sales $ 1,029,115 $ 927,457 $ 2,861,930 $ 2,751,452 and year-over-year, driven by strong global demand Cost of sales and operating expenses 779,306 727,642 2,215,40
Slide 6: Feed Segment
Feed Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA US $ (in thousands) Q3 2025* Q3 2024* YTD 2025* YTD 2024* Segment income** $ 93,683 $ 34,312 $ 159,748 $ 152,862 Change in fair value of contingent consideration — 16,156 18,024 (42,215) Depreciation and amortizat
Slide 7: Food Segment
Food Segment • Consistent quarter-over-quarter sales, with US$ (in thousands) Q3 2025* Q3 2024* YTD 2025* YTD 2024* Total Net sales $ 380,574 $ 357,292 $ 1,115,956 $ 1,127,415 year-over-year growth reflecting increased Cost of sales and operating expenses 275,751 271,861 804,765 846,766 demand for c
Slide 8: Food Segment
Food Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA US $ (in thousands) Q3 2025* Q3 2024* YTD 2025* YTD 2024* Segment income** $ 41,799 $ 30,288 $ 125,724 $ 108,935 Depreciation and amortization 29,839 26,743 86,792 82,983 Segment Adjusted EBITDA (Non-GAAP) $ 71,63
Slide 9: Fuel Segment
Fuel Segment • Lower volumes at DGD 3 due to turnaround impacted US$ (in thousands) Q3 2025* Q3 2024* YTD 2025* YTD 2024* higher-margin SAF sales, moderating overall segment Total Net sales $ 154,277 $ 137,142 $ 448,192 $ 418,615 performance in Q3 Cost of sales and operating expenses 121,900 108,816
Slide 10: Fuel Segment
Fuel Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA US $ (in thousands) Q3 2025* Q3 2024* YTD 2025* YTD 2024* Segment income/(loss)** $ (30,488) $ 13,704 $ (35,533) $ 157,139 Depreciation and amortization 9,129 9,297 26,481 26,687 Equity in net (income)/loss of Dia
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 Q3 2025 YTD 2025 Q3 2024 YTD 2024 millions) $0.50 $2.50 Pro forma Adjusted ($2.9) $45.8 $39.1 $230.8 EBITDA (Darling’s share) $0.40 $2.00 Total
Slide 12: Appendix
Appendix 12 Proprietary
Slide 13: 2025 – 2027 RVO / RIN S&D
2025 – 2027 RVO / RIN S&D in billions RINs Beginning RIN Bank SREs 2025 0.50 2026 1.71 2027 (1.77) Scenarios based on EPA supplemental proposal Sept.18, 2025 2023 0.67 - - 2024 0.73 - - 2025 0.78 - - • Significant RIN oversupply in 2025 due to 2023 – 2025 SREs + Est. 2026 - 0.70 - Carryforward defic
Slide 14: California LCFS and RIN Value History
California LCFS and RIN Value History Monthly Average LCFS Carbon Credit Price (USD/MT) Biofuel RIN Values ($/RIN) Source: Argus $250 $2.50 $200 $2.00 $150 $1.50 $100 $1.00 $50 $0.50 $0 $0.00 2021 2022 2023 2024 2025 D4 - Biomass-based diesel D6 - Ethanol 14
Slide 15: Feed Segment – Historical
Feed Segment – Historical (unaudited) US$ (in millions) Q1-2024 Q2-2024 Q3-2024 Q4-2024 Total 2024 Q1-2025 Q2-2025 Q3-2025 Total Net Sales $ 889.8 $ 934.1 $ 927.5 $ 924.2 $ 3,675.6 $ 896.3 $ 936.5 $ 1,029.1 Gross Margin 184.1 196.3 199.8 209.3 789.5 182.3 214.5 249.8 Gross Margin % 20.7% 21.0% 21.5%
Slide 16: Feed Segment Sales
Feed Segment Sales (unaudited) US $ (in millions) Fats Proteins Other Total Rendering Used Cooking Oils Bakery Other Total Net sales three months ended September 28, 2024 $ 346.9 $ 369.5 $ 69.7 $ 786.1 $ 81.6 $ 47.7 $ 12.1 $ 927.5 Increase/(decrease) in sales volumes (8.3) 3.5 0 (4.8) (0.6) (3.1) 0
Slide 17: Food Segment – Historical
Food Segment – Historical (unaudited) US$ (in millions) Q1-2024 Q2-2024 Q3-2024 Q4-2024 Total 2024 Q1-2025 Q2-2025 Q3-2025 Total Net Sales $ 391.3 $ 378.8 $ 357.3 $ 361.7 $ 1,489.1 $ 349.2 $ 386.1 $ 380.6 Gross Margin 93.1 102.1 85.4 93.1 373.8 102.5 103.9 104.8 Gross Margin % 23.8% 26.9% 23.9% 25.7
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 Total Net Sales $ 139.2 $ 142.3 $ 137.1 $ 131.9 $ 550.5 $ 135.1 $ 158.8 $ 154.2 Gross Margin 26.4 28.5 28.3 31.3 114.6 26.6 27.6 32.3 Gross Margin % 19.0% 20.0% 20.7% 23.8% 20.8
Slide 19: Historical Pricing
Historical Pricing 2025 Finished Product Pricing 2025 Average Jacobsen Prices (USD) Feed Segment Ingredients January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. 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 $39
Slide 20: Reconciliation of Net Income to Adjusted EBITDA and Combined 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 Nine Months Ended September 27, 2025 and September 28, 2024 (in thousands, unaudited) Three Months Ended Nine 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 Q3 2025
Financial Results Q3 2025 October 23, 2025