Darling Ingredients Inc. · NYSE:DAR
Darling Ingredients — Q2 2025 Earnings Presentation
22 slides from Darling Ingredients's earnings presentation, Jul 24, 2025
Slide 1: Financial Results Q2 2025
Financial Results Q2 2025 July 24, 2025 Exhibit 99.2
Slide 2: Forward-looking statements
Presentation title on one to three lines 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
Slide 3: Q2 2025 Earnings
Q2 2025 Earnings (unaudited) 3 * Unaudited (1) Includes Darling’s share of DGD EBITDA (2) Per Bank Covenant In millions, except per share Q2-2025* Q2-2024* % variance YTD 2025* YTD 2004* % variance Total Net Sales $1,481.5 $1,455.3 1.8% $2,862.1 $2,875.6 (0.5%) Gross Margin $345.9 $326.9 5.8% $657.3
Slide 4: Combined Adjusted EBITDA
Combined Adjusted EBITDA (in millions, unaudited) 4 $280.1 $273.6 $236.7 $289.5 $195.8 $249.5 0 50 100 150 200 250 300 350 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Combined Adjusted EBITDA Global Ingredients DGD 50.9% 26.2% 22.9% Q2 2025 % of Total Combined Adjusted EBITDA by Segment Feed Food Fuel
Slide 5: Feed Segment
Feed Segment 5 • Global raw material volumes steady, in line with expectations--geographically slaughter margins are attractive. • Margin expansion both quarter-over-quarter and year- over-year • Rising fat prices partially offset by softer premium protein prices to export markets • Recent public po
Slide 6: Feed Segment Reconciliation of Net Income/(Loss) to Segment Adjusted EBITDA
Feed Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA 6 *Unaudited ** When presented by Segment, no adjustments are necessary to reconcile Segment Income to Net Income/(Loss) for the Feed Segment. US $ (in thousands) Q2 2025* Q2 2024* YTD 2025* YTD 2024* Segment inco
Slide 7: Food Segment
Food Segment 7 • Signed non-binding term sheet with Tessenderlo Group to form Nextida, a new global leader in collagen and gelatin, creating new platform for unlocking value • Global demand for collagen continues to strengthen, driven by health, wellness, and functional nutrition trends • Improved s
Slide 8: Food Segment Reconciliation of Net Income/(Loss) to Segment Adjusted EBITDA
Food Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA 8 *Unaudited ** When presented by Segment, no adjustments are necessary to reconcile Segment Income to Net Income/(Loss) for the Food Segment. US $ (in thousands) Q2 2025* Q2 2024* YTD 2025* YTD 2024* Segment inco
Slide 9: Fuel Segment
Fuel Segment 9 • SAF volumes continue to demonstrate flexibility and resilience, balancing market dynamics • Supply chain rebalancing with tariff and regulatory/tax changes • California LCFS expected to strengthen and support margin recovery over time • Proposed RVO framework represents a major tail
Slide 10: Fuel Segment reconciliations
Fuel Segment 10*Unaudited ** When presented by Segment, no adjustments are necessary to reconcile Segment Income/(Loss) to Net Income/(Loss) for the Fuel Segment. Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA Reconciliation of DGD Net Income/(Loss) to (Non-GAAP) DGD Adjus
Slide 11: Fuel Segment: Diamond Green Diesel
$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 Fuel Segment 11 Diamond Green Diesel (unaudited) YTD 2024Q2 2024YTD
Slide 12: Appendix
Appendix 12
Slide 13: California LCFS and RIN Value History
$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 2021 2022 2023 2024 2025 Biofuel RIN Values ($/RIN) Source: Argus D4 - Biomass-based diesel D6 - Ethanol $0 $50 $100 $150 $200 $250 3/ 1/ 20 21 6/ 1/ 20 21 9/ 1/ 20 21 12 /1 /2 02 1 3/ 1/ 20 22 6/ 1/ 20 22 9/ 1/ 20 22 12 /1 /2 02 2 3/ 1/ 20 23 6/ 1/ 20 23 9/ 1/ 20
Slide 14: Feed Segment – Historical
Feed Segment – Historical (unaudited) 14 *Unaudited US$ (in millions) Q1-2024 Q2-2024 Q3-2024 Q4-2024 Total 2024 Q1-2025 Q2-2025 Total Net Sales $ 889.8 $ 934.1 $ 927.5 $ 924.2 $ 3,675.6 $ 896.3 $ 936.5 Gross Margin 184.1 196.3 199.8 209.3 789.5 182.3 214.5 Gross Margin % 20.7% 21.0% 21.5% 22.6% 21.
Slide 15: Feed Segment Sales
Feed Segment Sales (unaudited) 15 US $ (in millions) Fats Proteins Other Total Rendering Used Cooking Oils Bakery Other Total Net sales three months ended June 29, 2024 314.7$ 382.6$ 79.5$ 776.8$ 96.2$ 48.5$ 12.7$ 934.2$ Increase/(decrease) in sales volumes 14.9 (8.2) 0 6.7 0.7 0.1 0 7.5 Increase/(d
Slide 16: Food Segment – Historical
Food Segment – Historical (unaudited) 16 *Unaudited US$ (in millions) Q1-2024 Q2-2024 Q3-2024 Q4-2024 Total 2024 Q1-2025 Q2-2025 Total Net Sales $ 391.3 $ 378.8 $ 357.3 $ 361.7 $ 1,489.1 $ 349.2 $ 386.1 Gross Margin 93.1 102.1 85.4 93.1 373.8 102.5 103.9 Gross Margin % 23.8% 26.9% 23.9% 25.7% 25.1%
Slide 17: Fuel Segment – Historical
Fuel Segment – Historical (unaudited) 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. *Unaudited US$ (in millions) Q1-2024 Q2-2024 Q3-2024 Q4-2024 Total 2024 Q1-2025 Q2-2025 Total Net Sales $ 139.2
Slide 18: 2025 Finished Product Pricing
2025 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. Yellow Grease - Illinois / cwt $33.50 $34.39 $34.50 $34.13 $34.60 $36.98 $38.28 $36.63 Used Cooking Oil (UCO) - Illinois / cwt $40.3
Slide 19: Reconciliation to Combined Adjusted EBITDA
19 See reconciliation of DGD Net Income (Loss) to (Non-GAAP) DGD Adjusted EBITDA within the Fuel Segment schedules. (1) The average rates for the three months ended June 28, 2025 were €1.00:$1.13, R$1.00:$0.18 and C$1.00:$0.72 as compared to the average rate for the three months ended June 29, 2024
Slide 20: Non-U.S. GAAP Measures
Presentation title on one to three lines 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
Slide 21: Non-U.S. GAAP Measures (cont.)
Presentation title on one to three lines Non-U.S. GAAP Measures (cont.) 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 li
Slide 22: Financial Results Q2 2025
Financial Results Q2 2025 July 24, 2025