Darling Ingredients Inc. · NYSE:DAR
Darling Ingredients — Q1 2026 Earnings Presentation
24 slides from Darling Ingredients's earnings presentation, Apr 30, 2026
Slide 1: Financial Results Q1 2026
Financial Results Q1 2026 April 30, 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: Q1 2026 Earnings
Q1 2026 Earnings In millions, Q1-2026* Q1-2025* % variance except per share Total Net Sales $1,550.8 $1,380.6 12.3% Balance Sheet Gross Margin $404.9 $311.4 30.0% As of As of Gross Margin % 26.1% 22.6% 15.5% In millions, except ratio data 4/4/2026* 1/3/2026 Net Income $134.3 ($26.2) 612.6% Cash and
Slide 4: Sustained Gross Margin Improvement
Sustained Gross Margin Improvement 31.0% 29.0% 28.9% 27.0% 26.1% 25.0% 25.3% 23.8% 24.1% 23.0% 21.4% 21.0% 20.7% 19.0% 19.0% 17.0% Feed Food Fuel Total 4
Slide 5: Combined Adjusted EBITDA
Combined Adjusted EBITDA (in millions, unaudited) Q1 2026 % of Total Combined Adjusted Combined Adjusted EBITDA EBITDA by Segment $406.8 390 340 $336.1 $151.2 $280.1 $289.5 $57.9 290 $273.6 $249.5 240 $236.7 $59.2 $244.9 41.9% 39.3% $76.6 $115.1 $42.6 $39.1 $195.8 190 $6.0 140 $278.2 $247.8 $255.6 $
Slide 6: Feed Segment
Feed Segment Total Net sales US $ (in thousands) $ Q1 2026* Q1 2025* 985,338 $ 896,283 Cost of sales and operating expenses 736,354 714,015 Gross margin 248,984 182,268 • Volumes remained steady in line with seasonality, while North American increases in poultry volume Loss on sale of assets 335 115
Slide 7: Feed Segment
Feed Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA US $ (in thousands) Q1 2026* Q1 2025* Segment income** $ 80,705 $ 23,639 Change in fair value of contingent consideration — 5,441 Depreciation and amortization 90,921 84,130 Equity in net income of other unconsoli
Slide 8: Food Segment
Food Segment US$ (in thousands) Q1 2026* Q1 2025* • Collagen demand continues to grow, Total Net sales $ 405,233 $ 349,240 Cost of sales and operating expenses 287,976 246,781 supported by strong end-market trends in Gross margin 117,257 102,459 Europe and Asia Loss on sale of assets 64 55 • Sales i
Slide 9: Food Segment
Food Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA US $ (in thousands) Q1 2026* Q1 2025* Segment income** $ 50,833 $ 41,370 Restructuring and assset impairment charges $ 364 - Depreciation and amortization 29,581 29,562 Segment Adjusted EBITDA (Non-GAAP) $ 80,778
Slide 10: Fuel Segment
Fuel Segment • Renewable margins significantly improved US$ (in thousands) Q1 2026* Q1 2025* during the quarter due to RVO finalization and Total Net sales $ 160,250 $ 135,071 Cost of sales and operating expenses 121,570 108,447 increased diesel prices Gross margin 38,680 26,624 • Q1 DGD results inc
Slide 11: Fuel Segment
Fuel Segment Reconciliation of Net Income/(Loss) to (Non-GAAP) Segment Adjusted EBITDA US $ (in thousands) Q1 2026* Q1 2025* Segment income/(loss)** $ 127,175 $ (20,921) Depreciation and amortization 8,932 8,589 Equity in net (income)/loss of Diamond Green Diesel (107,363) 30,523 Segment Adjusted EB
Slide 12: 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 Q1 2026 Q1 2025 millions) $0.50 $2.50 Pro forma Adjusted $151.2 $6.0 EBITDA (Darling’s share) $0.40 $2.00 Total gallons produced 255.8 216.1 $0
Slide 13: Appendix
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Slide 14: 2026 – 2027 RVO is driving increased demand
2026 – 2027 RVO is driving increased demand Bloomberg Intelligence Scenario Highlights • Significant increase in U.S. demand for advanced biofuel RIN generation (D4 – D5), which includes demand for production and sales of Renewable Diesel (RD), Biodiesel (BD) & Sustainable Aviation Fuel (SAF) • RIN
Slide 15: California LCFS and RIN Value History
California LCFS and RIN Value History Monthly Average LCFS Carbon Credit Price (USD/MT) Biofuel RIN Values ($/RIN) Source: Argus $200 $2.50 $150 $2.00 $1.50 $100 $1.00 $50 $0.50 $0 $0.00 2022 2023 2024 2025 2026 D4 - Biomass-based diesel D6 - Ethanol Source: Argus 15
Slide 16: Feed Segment – Historical
Feed Segment – Historical (unaudited) Total US$ (in millions) Q1-2025 Q2-2025 Q3-2025 Q4-2025 2025 Q1-2026 Total Net Sales $ 896.3 $ 936.5 $1,029.1 $1,128.2 $ 3,990.1 $ 985.3 Gross Margin 182.3 214.5 249.8 277.3 923.8 249.0 Gross Margin % 20.3% 22.9% 24.3% 24.6% 23.2% 25.3% Loss (Gain) on sale of as
Slide 17: 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 March 29, 2025 $ 341.5 $ 351.2 $ 62.2 $ 754.9 $ 78.9 $ 50.7 $ 11.8 $ 896.3 Increase/(decrease) in sales volumes 5.7 17.1 22.8 (0.5) (6.7) 15.6 Incre
Slide 18: Food Segment – Historical
Food Segment – Historical (unaudited) US$ (in Total millions) Q1-2025 Q2-2025 Q3-2025 Q4-2025 2025 Q1-2026 Total Net Sales $ 349.2 $ 386.1 $ 380.6 $ 429.1 $ 1,545.0 $ 405.2 Gross Margin 102.5 103.9 104.8 116.9 428.1 117.3 Gross Margin % 29.3% 26.9% 27.5% 27.2% 27.7% 28.9% Loss (gain) on sale of asse
Slide 19: Fuel Segment – Historical
Fuel Segment – Historical (unaudited) Total US$ (in millions) Q1-2025 Q2-2025 Q3-2025 Q4-2025 2025 Q1-2026 Total Net Sales $ 135.1 $ 158.8 $ 154.2 $ 152.6 $ 600.8 $ 160.3 Gross Margin 26.6 27.6 32.3 35.0 121.6 38.7 Gross Margin % 19.7% 17.3% 20.9% 22.9% 20.2% 24.1% Gain on sale of assets (0.1) (0.1)
Slide 20: Historical Pricing
Historical Pricing 2026 Finished Product Pricing 2026 Average Jacobsen Prices (USD) Feed Segment Ingredi ents 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 $34.00 $35.58 $40.30 $36.63 Used Cooking Oil (
Slide 21: Reconciliation of Net Income/(Loss) to Adjusted EBITDA
Reconciliation of Net Income/(Loss) 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 April 4, 2026 and March 29, 2025 (in thousands, unaudited) Three Months Ended Adjusted EBITDA
Slide 22: 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 23: 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 24: Financial Results Q1 2026
Financial Results Q1 2026 April 30, 2026