Darling Ingredients Inc. · NYSE:DAR
Darling Ingredients — Q4 2025 Earnings Presentation
23 slides from Darling Ingredients's earnings presentation, Feb 11, 2026
Slide 1: Financial Results Q4 FY 2025
Financial Results Q4 FY 2025 February 11, 2026 Exhibit 99.2
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 3 * Unaudited (1) Includes Darling’s share of DGD EBITDA (2) Per Bank Covenant As of As of 1/3/2026* 12/28/2024 Cash and cash equivalents $ 89 $ 76 Revolver availability $ 1,324 $ 1,160 Total debt $ 3,937 $ 4,042 Net debt $ 3,849 $ 3,966 Preliminary leverage ratio (2) 2.90X 3.93X Ba
Slide 4: Combined Adjusted EBITDA
Combined Adjusted EBITDA (in millions, unaudited) 4 $165.0 $197.0 $197.6 $230.3 $189.7 $205.9 $247.8 $278.2 $115.1 $76.6 $39.1 $59.2 $6.0 $42.6 $(2.9) $57.9 -10 40 90 140 190 240 290 340 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Combined Adjusted EBITDA Global Ingredients DGD $249.5 53.6% 22.8% 23.6%
Slide 5: Feed Segment
Feed Segment 5 *Unaudited • 53-week fiscal year drove higher sales, volumes and EBITDA. • Exceptional operational execution drove meaningful margin expansion • Q4 benefited from forward fat sales; Q1 will be modestly lower but anticipate improving fat prices with RVO clarity. • Restructuring and imp
Slide 6: Feed Segment Reconciliation of Net Income 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) Q4 2025* Q4 2024* FY 2025* FY 2024 Segment income*
Slide 7: Food Segment
Food Segment 7 *Unaudited • Collagen and gelatin demand continues to strengthen. • Quarter-over-quarter and year-over-year volume increases primarily driven by extra week in the 53-week fiscal year. • Restructuring and impairment charges primarily related to realignment of CTH natural casings busine
Slide 8: Food Segment Reconciliation of Net Income 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) Q4 2025* Q4 2024* FY 2025* FY 2024 Segment income*
Slide 9: Fuel Segment
Fuel Segment 9 • Non-DGD fuel business continues to deliver stable, dependable performance. • DGD 1 back online in Q4. • $285 million in PTC sales as of YE • Q4 DGD results include an unfavorable LCM inventory valuation adjustment of ~$24 million. • FY 2025 DGD results included a favorable LCM inven
Slide 10: Fuel Segment Reconciliation
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 Adju
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 2024FY 2025Q4
Slide 12: Appendix
Appendix
Slide 13: 2025 – 2027 RVO / RIN S&D
• Significant RIN oversupply in 2025 due to 2023 – 2025 SREs + Est. Carryforward deficits, despite lower total BBD production in 2025 o ~3.1B gal domestic RD+SAF o ~1.1B gal domestic BD • 50% reallocation of SREs in 2026 & 2027 absorbs 100% of RIN surplus by end 2026, likely leads to incremental inc
Slide 14: 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 $200 Monthly Average LCFS Carbon Credit Price (USD/MT) California LCFS and RIN Value History 14
Slide 15: Feed Segment – Historical
Feed Segment – Historical (unaudited) 15 US$ (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 $ 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 21
Slide 16: Feed Segment Sales
Feed Segment Sales (unaudited) 16 US $ (in millions) Fats Proteins Other Total Rendering Used Cooking 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/(dec
Slide 17: Food Segment – Historical
Food Segment – Historical (unaudited) 17 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 $ 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
Slide 18: Fuel Segment – Historical
Fuel Segment – Historical (unaudited) 18 (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. US$ (in millions) Q1-2024 Q2-2024 Q3-2024 Q4-2024 Total 2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Total 2025 Total N
Slide 19: Historical Pricing 2025 Finished Product Pricing
19 Historical Pricing 2025 Finished Product Pricing Feed Segment Ingredients 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 Cooking Oil (UCO) - Illinois / cwt $40
Slide 20: Reconciliation of Net Income to Combined Adjusted EBITDA
20 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 January 3, 2026 were €1.00:$1.16, R$1.00:$0.19 and C$1.00:$0.72 as compared to the average rates for the three months ended December 28
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 – Combined Adjusted EBITDA
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