Darling Ingredients Inc. · NYSE:DAR
Darling Ingredients — Q3 2026 Earnings Presentation
28 slides from Darling Ingredients's earnings presentation, Oct 28, 2026
Slide 1: Financial Results Q3 2026
FINANCIAL RESULTS Q3 2026 October 28, 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 resu lts 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
Slide 3: 3Q 2026 Highlights
3Q 2026 Highlights Combined Adjusted EBITDA $514.3m Global Ingredients Adjusted EBITDA $310.1m DGD Adjusted EBITDA $204.2m Cash received from DGD (PTC and distributions) $171.0m $420.3m $75.9m Decrease in net debt DAR stock repurchased
Slide 4: Q3 2026 Earnings
Q3 2026 Earnings * Unaudited (1) Includes Darling’s share of DGD Adjusted EBITDA (2) Total debt less cash and cash equivalents (3) Per bank covenant In millions, except per share Q3-2026* Q3-2025* % variance YTD 2026* YTD 2005* % variance Total Net Sales $1,791.1 $1,564.0 14.5% $5,066.0 $4,426.1 14.
Slide 5: Combined Adjusted EBITDA
Combined Adjusted EBITDA (in millions, unaudited) 5 $165.0 $197.0 $197.6 $230.3 $189.7 $205.9 $247.8 $278.2 $255.6 $352.5 $310.1 $115.1 $76.6 $39.1 $59.2 $6.0 $42.6 $(2.9) $57.9 $151.2 $389.2 $204.2 -10 90 190 290 390 490 590 690 790 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Combined Ad
Slide 6: Feed Segment
Feed Segment • Global fats prices slightly retreated during the quarter due to tariffs and industry biofuels downtime • Protein demand and pricing remained strong • Results impacted by related -party deferred profit accounting treatment from sales to DGD, expected to reverse in Q4 • Entering Q4 with
Slide 7: Feed Segment Reconciliation to Segment Adjusted EBITDA
Feed Segment Reconciliation of Net Income/(Loss) to (Non -GAAP) Segment Adjusted EBITDA *Unaudited ** When presented by Segment, no adjustments are necessary to reconcile Segment Income to Net Income/(Loss) for the Feed Segment. US $ (in thousands) Q3 2026* Q3 2025* YTD 2026* YTD 2025* Segment incom
Slide 8: Food Segment
Food Segment *Unaudited • U.S. tariffs on Brazilian collagen/gelatin impacted South American sales and volumes • Strong sales in China, growth in collagen demand • Nextida GC momentum continues to grow • Expanded Nextida portfolio with launch of NxCogni , targeted collagen supporting clarity and cog
Slide 9: Food Segment Reconciliation to Segment Adjusted EBITDA
Food Segment Reconciliation of Net Income/(Loss) to (Non -GAAP) Segment Adjusted EBITDA *Unaudited ** When presented by Segment, no adjustments are necessary to reconcile Segment Income to Net Income/(Loss) for the Food Segm ent . US $ (in thousands) Q3 2026* Q3 2025* YTD 2026* YTD 2025* Segment inc
Slide 10: Fuel Segment
Fuel Segment *Unaudited • Earning power substantially improved year -over- year due to robust RVO, margins expected to remain strong Q4 and 2027 • $171.0 million cash distributions from DGD – $33.4 million in dividends – $137.6 million from Production Tax Credit Sales • Q3 2026 production ~315 milli
Slide 11: Fuel Segment and DGD Reconciliations
Fuel Segment *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 12: Fuel Segment Diamond Green Diesel
Fuel Segment Diamond Green Diesel (unaudited) US $ and gallons (in millions) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Pro forma Adjusted EBITDA (Darling’s share) $204.2 ($2.9) $744.6 $45.8 Total gallons produced 315.3 231.5 926.9 713.7 Total gallons sold/shipped 314.9 250.0 936.1 717.7 EBITDA per gallon so
Slide 13: Darling Ingredients
; < DARLING INGREDIENTS
Slide 14: Operating metrics centered on cash and returns
14 • INC • (Implied Net Cash) Allocated based on book value (PP&E + Intangibles + Goodwill) + Average Working Capital Usage = Does not include growth CAPEX Metric providing an estimated comparable net cash result Metric confirming pricing discipline & competitiveness I-RORV (Implied Return on Replac
Slide 15: Multiple Levers to Enhance Feed Segment Profitability
Multiple Levers to Enhance Feed Segment Profitability 15 • Rendering & UCO processing ~95% of Feed Segment ADJ. EBITDA • @ current I -RORV, still room to increase margins from current levels as many regions are at capacity • PPI industrial construction up 67% from 2019-2026: old contracts repricing
Slide 16: Food Segment Evolution Drives Higher Earnings Quality
16 65% 52% 35% 35% 48% 50% 15% 2020 2025 2030 ADJ. EBITDA Mix Gelatin Collagen Targeted Ingredients 80% 70% 64% 20% 30% 33% 3% 0% 20% 40% 60% 80% 100% 2020 2025 2030 Volume Mix Collagen/gelatin represents ~80% of Food Segment ADJ. EBITDA %’s reflected are approximate splits: 2020 & 2025 based on act
Slide 17: Consistent Cash Generation Across Market Cycles
17 Consistent Cash Generation Across Market Cycles ADJ. EBITDA Darling Non -DGD $900 $1050 $1200 DGD DAR 50% $200 $550 $900 TOTAL DARLING ADJ. EBITDA $1,100 $1,600 $2,100 CAPEX & EXPENSES CAPEX ($400) ($400) ($400) Interest + Taxes + Other ($300) ($325) ($350) TOTAL CAPEX & EXPENSES ($700) ($725) ($
Slide 18: 2026–2027 RVO is driving increased demand
2026 – 2027 RVO is driving increased demand Darling Ingredients Takeaways • We believe the RVO is working as intended – increasing domestic feedstock demand and increasing domestic renewable fuel production • September RIN generation illustrated the industry’s ability to increase production in an im
Slide 19: California LCFS and RIN Value History
$0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2022 2023 2024 2025 2026 Biofuel RIN Values ($/RIN) Source: Argus D4 - Biomass-based diesel D6 - Ethanol $0 $50 $100 $150 $200 Monthly Average LCFS Carbon Credit Price (USD/MT) California LCFS and RIN Value History 19
Slide 20: Feed Segment Historical
Feed Segment Historical (unaudited) US$ (in millions) Q1-2025 Q2-2025 Q3-2025 Q4-2025 Total 2025 Q1-2026 Q2-2026 Q3-2026 Total Net Sales $ 896.3 $ 936.5 $ 1,029.1 $ 1,128.2 $ 3,990.1 $ 985.3 $ 1,149.5 $1,206.7 Gross Margin 182.3 214.5 249.8 277.3 923.8 249.0 320.0 333.9 Gross Margin % 20.3% 22.9% 24
Slide 21: 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 27, 2025 428.5 338.8 76.9 844.2 125.8 46.9 12.2 1,029.1 Increase/(decrease) in sales volumes 3.6 20.2 - 23.8 17.7 (4.7) - 36.8 Increase/(d
Slide 22: Food Segment Historical
Food Segment Historical (unaudited) US$ (in millions) Q1-2025 Q2-2025 Q3-2025 Q4-2025 Total 2025 Q1-2026 Q2-2026 Q3-2026 Total Net Sales $ 349.2 $ 386.1 $ 380.6 $ 429.1 $ 1,545.0 $ 405.2 $ 408.5 $ 415.8 Gross Margin 102.5 103.9 104.8 116.9 428.1 117.3 148.3 110.3 Gross Margin % 29.3% 26.9% 27.5% 27.
Slide 23: Fuel Segment Historical
Fuel Segment Historical (unaudited) US$ (in millions) Q1-2025 Q2-2025 Q3-2025 Q4-2025 Total 2025 Q1-2026 Q2-2026 Q3-2026 Total Net Sales $ 135.1 $ 158.8 $ 154.2 $ 152.6 $ 600.8 $ 160.3 $ 166.1 $ 168.6 Gross Margin 26.6 27.6 32.3 35.0 121.6 38.7 35.1 33.3 Gross Margin % 19.7% 17.3% 20.9% 22.9% 20.2%
Slide 24: 2026 Finished Product Pricing
2026 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 $34.00 $35.58 $40.30 $36.63 $48.00 $50.50 $53.74 $50.75 $51.00 $50.76 $48.67 $50.14 Used Cooking Oil
Slide 25: Reconciliation of Net Income to Combined 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 Nine Months Ended October 3, 2026 and September 27, 2025 (in thousands, unaudited) (1) The average rates for t
Slide 26: Segment Adjusted EBITDA definition
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 alternative to net income
Slide 27: Combined Adjusted EBITDA definition
Combined Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income, as a meas ure of operating results, or as an alternative to cash flow as a measure of liquidity. It is presented here not as an alternative to net income, but
Slide 28: Financial Results Q3 2026
FINANCIAL RESULTS Q3 2026 October 28, 2026