dar-20201103

EXHIBIT 99.1

News Release

DARLING INGREDIENTS INC. REPORTS THIRD QUARTER 2020 FINANCIAL RESULTS

IRVING, TEXAS, Nov. 3, 2020/PRNewswire/ Darling Ingredients Inc. (NYSE: DAR, “Darling”) --

Third Quarter 2020

•Net income of $101.1 million, or $0.61 per GAAP diluted share

•Net Sales of $850.6 million

•Combined adjusted EBITDA of $218.5 million

•Diamond Green Diesel (“DGD”) earned $2.41 EBITDA per gallon on approximately 80 million gallons sold

•Global Ingredients business trailing twelve month EBITDA of $467.6 million demonstrates the continued strength and diversity of the platform

Darling reported net sales of $850.6 million for the third quarter of 2020, as compared with net sales of $842.0 million for the same period a year ago. Net income attributable to Darling for the three months ended September 26, 2020 was $101.1 million, or $0.61 per diluted share, compared to a net income of $25.7 million, or $0.15 per diluted share, for the third quarter of 2019.

“Better results in our food segment combined with a strong performance in our international fuel segment, drove the results for our best quarterly performance of 2020,” said Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients Inc. “We continue to see improved margins in our global rendering through better cost management and our hydrolyzed collagen sales most affected by the economic impact of COVID have seen a solid turnaround.”

“DGD had record sales volume of 80 million gallons for the third quarter as our vertically integrated supply chain that supports the lowest cost production system and the lowest carbon scoring feedstocks in North America continued to produce strong results. The plant turnaround in October was completed on schedule as we look to finish up 2020 on a positive note producing 285 million gallons of renewable diesel for the year,” Stuewe added.

“Our balance sheet remains strong as we paid down our outstanding term loan B by $145 million during the third quarter. Our leverage ratio as measured by our bank covenant was 1.93 at the end of the third quarter as we continue to work on achieving an investment grade rating in the future. Our capital expenditures stood at approximately $185 million for the first nine months of 2020, as we continue to effectively manage our capital expenditures,” commented Stuewe.

For the nine months ended September 26, 2020, Darling reported net sales of $2.6 billion, as compared with net sales of $2.5 billion for the same period of 2019. Net Income attributable to Darling for the first nine months of 2020 was $252.1 million, or $1.51 per diluted share, as compared to a net income of $70.0 million, or $0.42 per diluted share, for the first nine months of 2019.

In October 2020, Darling acquired a private company that owned rendering plants located in Belgium for approximately $29 million. This acquisition adds approximately 50 million pounds of protein meals and 50 million pounds of animal fats to Darling’s capabilities, giving the company a stronger position in rendered poultry products in Belgium.

As of September 26, 2020, Darling had $66.0 million in cash and cash equivalents, and $934.3 million available under committed revolving credit agreements. Total debt outstanding at the end of the third quarter of 2020 was $1.5 billion.


						News Release November 3, 2020 Page 2

Combined adjusted EBITDA was $218.5 million for the third quarter of 2020, compared to $147.8 million for the same period in 2019. On a year-to-date basis, combined adjusted EBITDA totaled $627.0 million for 2020, compared to $440.5 million on a year-to-date basis for 2019.

Segment Financial Tables (in thousands)


Three Months Ended September 26, 2020	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total

Net sales	$	483,025	$	291,842	$	75,702	$	—	$	850,569
Cost of sales and operating expenses	361,576		226,745		50,047		—		638,368
Gross margin	$	121,449	$	65,097	$	25,655	$	—	$	212,201

Loss/(gain) on sale of assets	167		16		(61)		—		122
Selling, general and administrative expenses	49,028		23,366		5,038		12,561		89,993
Depreciation and amortization	53,764		20,648		8,633		2,685		85,730
Equity in net income of Diamond Green Diesel	—		—		91,099		—		91,099
Segment operating income/(loss)	$	18,490	$	21,067	$	103,144	$	(15,246)	$	127,455
Equity in net income of unconsolidated subsidiaries	$	906	$	—	$	—	$	—	$	906
Segment income/(loss)	$	19,396	$	21,067	$	103,144	$	(15,246)	$	128,361

Segment EBITDA	$	72,254	$	41,715	$	20,678	$	(12,561)	$	122,086
DGD Adjusted EBITDA (Darling's Share)	$	—	$	—	$	96,435	$	—	$	96,435
Combined adjusted EBITDA	$	72,254	$	41,715	$	117,113	$	(12,561)	$	218,521


Three Months Ended September 28, 2019	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total

Net sales	$	496,978	$	276,467	$	68,604	$	—	$	842,049
Cost of sales and operating expenses	379,792		214,643		58,488		—		652,923
Gross margin	$	117,186	$	61,824	$	10,116	$	—	$	189,126

Loss/(gain) on sale of assets	(2,429)		(253)		13		—		(2,669)
Selling, general and administrative expenses	47,319		22,811		912		12,507		83,549
Depreciation and amortization	50,182		19,743		7,895		2,587		80,407
Equity in net income of Diamond Green Diesel	—		—		32,020		—		32,020
Segment operating income/(loss)	$	22,114	$	19,523	$	33,316	$	(15,094)	$	59,859
Equity in net loss of unconsolidated subsidiaries	$	(665)	$	—	$	—	$	—	$	(665)
Segment income/(loss)	$	21,449	$	19,523	$	33,316	$	(15,094)	$	59,194

Segment EBITDA	$	72,296	$	39,266	$	9,191	$	(12,507)	$	108,246
DGD Adjusted EBITDA (Darling's Share)	$	—	$	—	$	39,548	$	—	$	39,548
Combined adjusted EBITDA	$	72,296	$	39,266	$	48,739	$	(12,507)	$	147,794


						News Release November 3, 2020 Page 3

Segment Financial Tables (in thousands) continued


Nine Months Ended September 26, 2020	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total

Net sales	$	1,499,340	$	841,070	$	211,674	$	—	$	2,552,084
Cost of sales and operating expenses	1,117,931		652,334		147,358		—		1,917,623
Gross margin	$	381,409	$	188,736	$	64,316	$	—	$	634,461

Loss/(gain) on sale of assets	293		(30)		(53)		—		210
Selling, general and administrative expenses	153,459		71,406		10,645		40,869		276,379
Depreciation and amortization	159,968		60,925		24,705		8,113		253,711
Equity in net income of Diamond Green Diesel	—		—		252,411		—		252,411
Segment operating income/(loss)	$	67,689	$	56,435	$	281,430	$	(48,982)	$	356,572
Equity in net income of unconsolidated subsidiaries	$	2,467	$	—	$	—	$	—	$	2,467
Segment income/(loss)	$	70,156	$	56,435	$	281,430	$	(48,982)	$	359,039

Segment EBITDA	$	227,657	$	117,360	$	53,724	$	(40,869)	$	357,872
DGD Adjusted EBITDA (Darling's Share)	$	—	$	—	$	269,177	$	—	$	269,177
Combined adjusted EBITDA	$	227,657	$	117,360	$	322,901	$	(40,869)	$	627,049


Nine Months Ended September 28, 2019	Feed Ingredients		Food Ingredients		Fuel Ingredients		Corporate		Total

Net sales	$	1,480,244	$	830,466	$	193,767	$	—	$	2,504,477
Cost of sales and operating expenses	1,143,606		643,091		161,855		—		1,948,552
Gross margin	$	336,638	$	187,375	$	31,912	$	—	$	555,925

Loss/(gain) on sale of assets	(7,343)		(13,518)		16		—		(20,845)
Selling, general and administrative expenses	142,615		68,129		583		38,242		249,569
Depreciation and amortization	148,271		59,115		24,055		7,616		239,057
Equity in net income of Diamond Green Diesel	—		—		94,390		—		94,390
Segment operating income/(loss)	$	53,095	$	73,649	$	101,648	$	(45,858)	$	182,534
Equity in net loss of unconsolidated subsidiaries	$	(1,087)	$	—	$	—	$	—	$	(1,087)
Segment income/(loss)	$	52,008	$	73,649	$	101,648	$	(45,858)	$	181,447

Segment EBITDA	$	201,366	$	132,764	$	31,313	$	(38,242)	$	327,201
DGD Adjusted EBITDA (Darling's Share)	$	—	$	—	$	113,270	$	—	$	113,270
Combined adjusted EBITDA	$	201,366	$	132,764	$	144,583	$	(38,242)	$	440,471


						News Release November 3, 2020 Page 4

Darling Ingredients Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

September 26, 2020 and December 28, 2019

(in thousands)


		September 26,		December 28,
		2020		2019
ASSETS		(unaudited)
Current assets:
	Cash and cash equivalents	$	65,845	$	72,935
	Restricted cash	110		110
	Accounts receivable, net	373,583		406,338
	Inventories	406,805		362,957
	Prepaid expenses	52,359		46,599
	Income taxes refundable	3,940		3,317
	Other current assets	28,532		25,032
	Total current assets	931,174		917,288

Property, plant and equipment, net		1,789,172		1,802,411
Intangible assets, net		474,793		526,394
Goodwill		1,239,343		1,223,291
Investment in unconsolidated subsidiaries		742,875		689,354
Operating lease right-of-use assets		142,269		124,726
Other assets		45,598		47,400
Deferred income taxes		15,762		14,394
		$	5,380,986	$	5,345,258

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Current portion of long-term debt	$	26,185	$	90,996
	Accounts payable, principally trade	206,998		239,252
	Income taxes payable	19,013		8,895
	Current operating lease liabilities	40,973		37,805
	Accrued expenses	330,385		311,391
	Total current liabilities	623,554		688,339
Long-term debt, net of current portion		1,448,019		1,558,429
Long-term operating lease liabilities		105,821		91,424
Other noncurrent liabilities		102,559		115,785
Deferred income taxes		265,844		247,931
	Total liabilities	2,545,797		2,701,908
Commitments and contingencies
Total Darling's stockholders' equity		2,773,920		2,565,819
Noncontrolling interests		61,269		77,531
	Total stockholders' equity	$	2,835,189	$	2,643,350
		$	5,380,986	$	5,345,258


						News Release November 3, 2020 Page 5

Darling Ingredients Inc. and Subsidiaries

Consolidated Operating Results

For the Three-Month and Nine-Month Periods Ended September 26, 2020 and

September 28, 2019

(in thousands, except per share data)

(unaudited)



	Three Months Ended						Nine Months Ended
					$ Change						$ Change
	September 26,		September 28,		Favorable		September 26,		September 28,		Favorable
	2020		2019		(Unfavorable)		2020		2019		(Unfavorable)
Net sales	$	850,569	$	842,049	$	8,520	$	2,552,084	$	2,504,477	$	47,607
Costs and expenses:
Cost of sales and operating expenses	638,368		652,923		14,555		1,917,623		1,948,552		30,929
Loss (gain) on sale of assets	122		(2,669)		(2,791)		210		(20,845)		(21,055)
Selling, general and administrative expenses	89,993		83,549		(6,444)		276,379		249,569		(26,810)

Depreciation and amortization	85,730		80,407		(5,323)		253,711		239,057		(14,654)
Total costs and expenses	814,213		814,210		(3)		2,447,923		2,416,333		(31,590)
Equity in net income of Diamond Green Diesel	91,099		32,020		59,079		252,411		94,390		158,021
Operating income	127,455		59,859		67,596		356,572		182,534		174,038
Other expense:
Interest expense	(18,793)		(19,359)		566		(55,803)		(60,088)		4,285
Debt extinguishment costs	—		—		—		—		(12,126)		12,126
Foreign currency gain/(loss)	(1,239)		466		(1,705)		(709)		(654)		(55)

Other expense, net	(1,912)		(2,614)		702		(5,278)		(7,158)		1,880
Total other expense	(21,944)		(21,507)		(437)		(61,790)		(80,026)		18,236
Equity in net income/(loss) of unconsolidated subsidiaries	906		(665)		1,571		2,467		(1,087)		3,554
Income before income taxes	106,417		37,687		68,730		297,249		101,421		195,828
Income tax expense	4,812		10,850		6,038		43,058		23,900		(19,158)
Net income	101,605		26,837		74,768		254,191		77,521		176,670
Net income attributable to noncontrolling interests	(480)		(1,116)		636		(2,117)		(7,530)		5,413
Net income attributable to Darling	$	101,125	$	25,721	$	75,404	$	252,074	$	69,991	$	182,083

Basic income per share:	$	0.62	$	0.16	$	0.46	$	1.55	$	0.42	$	1.13
Diluted income per share:	$	0.61	$	0.15	$	0.46	$	1.51	$	0.42	$	1.09

Number of diluted common shares:	166,997		168,266				166,974		168,453


						News Release November 3, 2020 Page 6

Darling Ingredients Inc. and Subsidiaries

Consolidated Statement of Cash Flows

Periods Ended September 26, 2020 and September 28, 2019

(in thousands)

(unaudited)


	Nine Months Ended
	Sept 26,		Sept 28,
Cash flows from operating activities:	2020		2019
Net income	$	254,191	$	77,521
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	253,711		239,057
Loss/(gain) on disposal of property, plant, equipment and other assets	210		(20,845)


Gain on insurance proceeds from insurance settlements	—		(1,371)
Deferred taxes	13,362		(4,765)
Increase (decrease) in long-term pension liability	(7,960)		1,122
Stock-based compensation expense	19,202		18,543
Write-off deferred loan costs	2,419		4,721
Deferred loan cost amortization	4,242		4,435
Equity in net income of Diamond Green Diesel and other unconsolidated subsidiaries	(254,878)		(93,303)
Distribution of earnings from Diamond Green Diesel and other unconsolidated subsidiaries	207,165		57,118
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	36,083		20,388
Income taxes refundable/payable	8,282		8,058
Inventories and prepaid expenses	(43,980)		(34,371)
Accounts payable and accrued expenses	(10,832)		(19,799)
Other	(10,804)		6,173
Net cash provided by operating activities	470,413		262,682
Cash flows from investing activities:
Capital expenditures	(184,919)		(245,092)
Acquisition, net of cash acquired	—		(1,431)
Investment in unconsolidated subsidiary	—		(2,000)

Gross proceeds from disposal of property, plant and equipment and other assets	1,291		15,402
Proceeds from insurance settlement	—		1,371
Payments related to routes and other intangibles	(3,712)		(3,150)
Net cash used by investing activities	(187,340)		(234,900)
Cash flows from financing activities:
Proceeds from long-term debt	24,085		511,985
Payments on long-term debt	(171,640)		(566,107)
Borrowings from revolving credit facility	390,971		325,485
Payments on revolving credit facility	(415,800)		(332,884)
Net cash overdraft financing	(33,385)		27,858
Deferred loan costs	(3,688)		(7,027)
Issuance of common stock	67		39
Repurchase of common stock	(55,044)		(11,740)
Minimum withholding taxes paid on stock awards	(7,980)		(3,247)
Acquisition of noncontrolling interest	(8,784)		—
Distributions to noncontrolling interests	(6,253)		(4,500)
Net cash provided by financing activities	(287,451)		(60,138)
Effect of exchange rate changes on cash flows	(2,712)		(5,732)
Net decrease in cash, cash equivalents and restricted cash	(7,090)		(38,088)
Cash, cash equivalents and restricted cash at beginning of year	73,045		107,369
Cash, cash equivalents and restricted cash at end of period	$	65,955	$	69,281
Supplemental disclosure of cash flow information:
Accrued capital expenditures	$	(2,202)	$	3,978
Cash paid during the period for:
Interest, net of capitalized interest	$	39,481	$	49,727
Income taxes, net of refunds	$	24,868	$	21,475
Non-cash operating activities:
Operating lease right of use asset obtained in exchange for new lease liabilities	$	44,479	$	16,425
Non-cash financing activities:
Debt issued for service contract assets	$	21	$	—


						News Release November 3, 2020 Page 7

Diamond Green Diesel Joint Venture

Condensed Consolidated Balance Sheets

September 30, 2020 and December 31, 2019

(in thousands)


	September 30,		December 31,
	2020		2019
	(unaudited)
Assets:
Total current assets	$	465,669	$	668,026
Property, plant and equipment, net	1,039,802		713,489
Other assets	32,813		30,710
Total assets	$	1,538,284	$	1,412,225

Liabilities and members' equity:
Total current portion of long term debt	$	506	$	341
Total other current liabilities	98,618		75,802
Total long term debt	8,839		8,742
Total other long term liabilities	3,875		4,422
Total members' equity	1,426,446		1,322,918
Total liabilities and members' equity	$	1,538,284	$	1,412,225

Diamond Green Diesel Joint Venture

Operating Financial Results

For the Three-Month and Nine-Month Periods Ended September 30, 2020

and September 30, 2019

(in thousands)

(unaudited)



	Three Months Ended						Nine Months Ended
					$ Change						$ Change
	September 30,		September 30,		Favorable		September 30,		September 30,		Favorable
	2020		2019		(Unfavorable)		2020		2019		(Unfavorable)
Revenues:
Operating revenues	$	346,276	$	262,118	$	84,158	$	1,000,717	$	859,647	$	141,070
Expenses:
Total costs and expenses less depreciation, amortization and accretion expense	153,406		183,022		29,616		462,364		633,109		170,745
Depreciation, amortization and accretion expense	10,772		15,242		4,470		33,660		38,574		4,914
Total costs and expenses	164,178		198,264		34,086		496,024		671,683		175,659
Operating income	182,098		63,854		118,244		504,693		187,964		316,729
Other income	415		506		(91)		1,076		1,781		(705)
Interest and debt expense, net	(315)		(320)		5		(947)		(965)		18
Net income	$	182,198	$	64,040	$	118,158	$	504,822	$	188,780	$	316,042


						News Release November 3, 2020 Page 8

Darling Ingredients Inc. reports Adjusted EBITDA results, which is a Non-GAAP financial measure, as a complement to results provided in accordance with generally accepted accounting principles (GAAP) (for additional information, see “Use of Non-GAAP Financial Measures” included later in this media release). The Company believes that Adjusted EBITDA provides additional useful information to investors. Adjusted EBITDA, as the Company uses the term, is calculated below:

Reconciliation of Net Income to (Non-GAAP) Adjusted EBITDA and (Non-GAAP) Pro forma Adjusted EBITDA For the Three-Month and Nine-Month Periods ended September 26, 2020 and September 28, 2019


	Three Months Ended					Nine Months Ended
Adjusted EBITDA	September 26,			September 28,		September 26,			September 28,
(U.S. dollars in thousands)	2020			2019		2020			2019

Net income attributable to Darling	$	101,125		$	25,721	$	252,074		$	69,991
Depreciation and amortization	85,730			80,407		253,711			239,057
Interest expense	18,793			19,359		55,803			60,088
Income tax expense	4,812			10,850		43,058			23,900

Foreign currency loss/(gain)	1,239			(466)		709			654
Other expense, net	1,912			2,614		5,278			7,158
Debt extinguishment costs	—			—		—			12,126

Equity in net income of Diamond Green Diesel	(91,099)			(32,020)		(252,411)			(94,390)
Equity in net (income)/loss of unconsolidated subsidiaries	(906)			665		(2,467)			1,087
Net income attributable to noncontrolling interests	480			1,116		2,117			7,530
Adjusted EBITDA (Non-GAAP)	$	122,086		$	108,246	$	357,872		$	327,201
Foreign currency exchange impact	(3,702)		(1)	—		407		(2)	—
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	118,384		$	108,246	$	358,279		$	327,201

DGD Joint Venture Adjusted EBITDA (Darling's share)	$	96,435		$	39,548	$	269,177		$	113,270
Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA	$	218,521		$	147,794	$	627,049		$	440,471

(1) The average rate assumption used in the calculation was the actual fiscal average rate for the three months ended September 26, 2020 of €1.00:USD$1.17 and CAD$1.00:USD$0.75 as compared to the average rate for the three months ended September 28, 2019 of €1.00:USD$1.11 and CAD$1.00:USD $0.76, respectively. (2) The average rate assumption used in the calculation was the actual fiscal average rate for the nine months ended September 26, 2020 of €1.00:USD$1.12 and CAD$1.00:USD$0.74 as compared to the average rate for the nine months ended September 28, 2019 of €1.00:USD$1.12 and CAD$1.00:USD$0.75, respectively.

About Darling

Darling Ingredients Inc. (NYSE: DAR) is one of the world’s leading producers of organic ingredients, producing a wide array of sustainable protein and fat products while being one of the largest producers of renewable clean energy. With operations on five continents, Darling collects waste streams from the agri-food industry, repurposing into specialty ingredients, such as hydrolyzed collagen, edible and feed-grade fats, animal proteins and meals, plasma, pet food ingredients, fuel feedstocks, and green bioenergy. The Company sells its products around the globe and works to strengthen our promise for a better tomorrow, creating product applications for health, nutrients and bioenergy while optimizing our services to the food chain. Darling is a 50% joint partner in Diamond Green Diesel (DGD), North America’s largest renewable diesel manufacturer, currently producing approximately 275 million gallons of renewable diesel annually which products reduce Green House Gas (GHG) emissions by up to 85% compared to fossil fuels. For additional information, visit the Company's website at http://www.darlingii.com. For more information on Darling’s ESG efforts, visit http://www.darlingii.com/csr.


						News Release November 3, 2020 Page 9

Darling Ingredients Inc. will host a conference call to discuss the Company’s third quarter 2020 financial results at 9:00 am Eastern Time (8:00 am Central Time) on Wednesday, November 4, 2020. To listen to the conference call, participants calling from within North America should dial 1-844-868-8847; international participants should dial 1-412-317-6593. Please refer to access code 10149629. Please call approximately ten minutes before the start of the call to ensure that you are connected.

The call will also be available as a live audio webcast that can be accessed on the Company website at http://ir.darlingii.com. Beginning one hour after its completion, a replay of the call can be accessed through November 11, 2020, by dialing 1-877-344-7529 (U.S. callers), 1-855-669-9658 (Canada) and 1-412-317-0088 (international callers). The access code for the replay is 10149629. The conference call will also be archived on the Company’s website.

Use of Non-GAAP Financial Measures:

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 and is not intended to be a presentation in accordance with GAAP. Adjusted EBITDA is presented here not as an alternative to net income, but rather as a measure of the Company’s operating performance. Since EBITDA (generally, net income plus interest expense, taxes, depreciation and amortization) is not calculated identically by all companies, this presentation may not be comparable to EBITDA or Adjusted EBITDA presentations disclosed by other companies. Adjusted EBITDA is calculated in this presentation and represents, for any relevant period, net income/(loss) plus depreciation and amortization, goodwill and long-lived asset impairment, interest expense, (income)/loss from discontinued operations, net of tax, income tax provision, other income/(expense) and equity in net loss of unconsolidated subsidiary. Management believes that Adjusted EBITDA is useful in evaluating the Company’s operating performance compared to that of other companies in its industry because the calculation of Adjusted EBITDA generally eliminates the effects of financing, income taxes and certain non-cash and other items that may vary for different companies for reasons unrelated to overall operating performance.

As a result, the Company’s management uses Adjusted EBITDA as a measure to evaluate performance and for other discretionary purposes. In addition to the foregoing, management also uses or will use Adjusted EBITDA to measure compliance with certain financial covenants under the Company’s Senior Secured Credit Facilities, 5.25% Notes and 3.625% Notes that were outstanding at September 26, 2020. However, the amounts shown in this presentation for Adjusted EBITDA differ from the amounts calculated under similarly titled definitions in the Company’s Senior Secured Credit Facilities, 5.25% Notes and 3.625% Notes, as those definitions permit further adjustments to reflect certain other non-recurring costs, non-cash charges and cash dividends from the DGD Joint Venture. Additionally, the Company evaluates the impact of foreign exchange impact on operating cash flow, which is defined as segment operating income (loss) plus depreciation and amortization.

Cautionary Statements Regarding Forward-Looking Information:

{This media release contains “forward-looking” statements regarding the business operations and prospects of Darling Ingredients Inc. and industry factors affecting it. These statements are identified by words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “could,” “may,” “will,” “should,” “planned,” “potential,” “continue,” “momentum,” and other words referring to events that may occur in the future. These statements reflect Darling Ingredient’s current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, each of which could cause actual results to differ materially from those indicated in the forward-looking statements. These factors include, among others, existing and unknown future limitations on the ability of the Company's direct and indirect subsidiaries to make their cash flow available to the Company for payments on the Company's indebtedness or other purposes; global demands for bio-fuels and grain and oilseed commodities, which have exhibited volatility, and can impact the cost of feed for cattle, hogs and poultry, thus affecting available rendering feedstock and selling prices for the Company’s products; reductions in raw material volumes available to the Company due to weak margins in the meat production industry as a result of higher feed costs, reduced consumer demand or other factors, reduced volume from food service establishments, or otherwise; reduced demand for animal feed; reduced finished product prices, including a decline


						News Release November 3, 2020 Page 10

in fat and used cooking oil finished product prices; changes to worldwide government policies relating to renewable fuels and greenhouse gas(“GHG”) emissions that adversely affect programs like the U.S. government’s renewable fuel standard, low carbon fuel standards (“LCFS”) and tax credits for biofuels both in the United States and abroad; possible product recall resulting from developments relating to the discovery of unauthorized adulterations to food or food additives; the occurrence of 2009 H1N1 flu (initially known as “Swine Flu”), Highly pathogenic strains of avian influenza (collectively known as “Bird Flu”), severe acute respiratory syndrome (“SARS”), bovine spongiform encephalopathy (or "BSE"), porcine epidemic diarrhea ("PED") or other diseases associated with animal origin in the United States or elsewhere, such as the outbreak of African Swine Fever (“ASF”) in China and elsewhere; the occurrence of pandemics, epidemics or disease outbreaks, such as the current COVID-19 outbreak; unanticipated costs and/or reductions in raw material volumes related to the Company’s compliance with the existing or unforeseen new U.S. or foreign (including, without limitation, China) regulations (including new or modified animal feed, Bird Flu, SARS, PED, BSE, ASF or similar or unanticipated regulations) affecting the industries in which the Company operates or its value added products; risks associated with the DGD Joint Venture, including possible unanticipated operating disruptions and issues relating to the announced expansion project; risks and uncertainties relating to international sales and operations, including imposition of tariffs, quotas, trade barriers and other trade protections imposed by foreign countries; difficulties or a significant disruption in our information systems or failure to implement new systems and software successfully, risks relating to possible third party claims of intellectual property infringement; increased contributions to the Company’s pension and benefit plans, including multiemployer and employer-sponsored defined benefit pension plans as required by legislation, regulation or other applicable U.S. or foreign law or resulting from a U.S. mass withdrawal event; bad debt write-offs; loss of or failure to obtain necessary permits and registrations; continued or escalated conflict in the Middle East, North Korea, Ukraine or elsewhere; uncertainty regarding the exit of the U.K. from the European Union; and/or unfavorable export or import markets. These factors, coupled with volatile prices for natural gas and diesel fuel, climate conditions, currency exchange fluctuations, general performance of the U.S. and global economies, disturbances in world financial, credit, commodities and stock markets, and any decline in consumer confidence and discretionary spending, including the inability of consumers and companies to obtain credit due to lack of liquidity in the financial markets, among others, could cause actual results to vary materially from the forward looking statements included in this release or negatively impact the Company's results of operations. Among other things, future profitability may be affected by the Company’s ability to grow its business, which faces competition from companies that may have substantially greater resources than the Company. The Company’s announced share repurchase program may be suspended or discontinued at any time and purchases of shares under the program are subject to market conditions and other factors, which are likely to change from time to time. Other risks and uncertainties regarding Darling Ingredients Inc., its business and the industries in which it operates are referenced from time to time in the Company’s filings with the Securities and Exchange Commission. Darling Ingredients Inc. is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.}

For More Information, contact:

Jim Stark, Vice President, Investor Relations Email : [email protected]

5601 MacArthur Blvd., Irving, Texas 75038 Phone : 972-281-4823

Exhibit 99.2 Third Quarter 2020 Conference Call

Safe Harbor Statement This presentation contains “forward-looking” statements that are subject to risks and uncertainties that could cause the actual results of Darling Ingredients Inc. (the “Company”) 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 made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as “estimate,” “project,” “planned,” “contemplate,” “potential,” “possible,” “proposed,” “intend,” “believe,” “anticipate,” “expect,” “may,” “will,” “would,” “should,” “could” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. The Company cautions readers that any such forward-looking statements it makes are not guarantees of future performance and that actual results may differ materially from anticipated results or expectations expressed in its forward-looking statements as a result of a variety of factors, including many that are beyond the Company’s control. These factors include, among others, existing and unknown future limitations on the ability of the Company's direct and indirect subsidiaries to make their cash flow available to the Company for payments on the Company's indebtedness or other purposes; global demands for bio-fuels and grain and oilseed commodities, which have exhibited volatility, and can impact the cost of feed for cattle, hogs and poultry, thus affecting available rendering feedstock and selling prices for the Company’s products; reductions in raw material volumes available to the Company due to weak margins in the meat production industry as a result of higher feed costs, reduced consumer demand or other factors, reduced volume from food service establishments, or otherwise; reduced demand for animal feed; reduced finished product prices, including a decline in fat and used cooking oil finished product prices; changes to worldwide government policies relating to renewable fuels and greenhouse gas(“GHG”) emissions that adversely affect programs like the U.S. government’s renewable fuel standard, low carbon fuel standards (“LCFS”) and tax credits for biofuels both in the United States and abroad; possible product recall resulting from developments relating to the discovery of unauthorized adulterations to food or food additives; the occurrence of 2009 H1N1 flu (initially known as “Swine Flu”), Highly pathogenic strains of avian influenza (collectively known as “Bird Flu”), severe acute respiratory syndrome (“SARS”), bovine spongiform encephalopathy (or "BSE"), porcine epidemic diarrhea ("PED") or other diseases associated with animal origin in the United States or elsewhere, such as the outbreak of African Swine Fever (“ASF”) in China and elsewhere; the occurrence of pandemics, epidemics or disease outbreaks, such as the current COVID-19 outbreak; unanticipated costs and/or reductions in raw material volumes related to the Company’s compliance with the existing or unforeseen new U.S. or foreign (including, without limitation, China) regulations (including new or modified animal feed, Bird Flu, SARS, PED, BSE, ASF or similar or unanticipated regulations) affecting the industries in which the Company operates or its value added products; risks associated with the DGD Joint Venture, including possible unanticipated operating disruptions and issues relating to the announced expansion project; risks and uncertainties relating to international sales and operations, including imposition of tariffs, quotas, trade barriers and other trade protections imposed by foreign countries; difficulties or a significant disruption in our information systems or failure to implement new systems and software successfully, risks relating to possible third party claims of intellectual property infringement; increased contributions to the Company’s pension and benefit plans, including multiemployer and employer-sponsored defined benefit pension plans as required by legislation, regulation or other applicable U.S. or foreign law or resulting from a U.S. mass withdrawal event; bad debt write-offs; loss of or failure to obtain necessary permits and registrations; continued or escalated conflict in the Middle East, North Korea, Ukraine or elsewhere; uncertainty regarding the exit of the U.K. from the European Union; and/or unfavorable export or import markets. These factors, coupled with volatile prices for natural gas and diesel fuel, climate conditions, currency exchange fluctuations, general performance of the U.S. and global economies, disturbances in world financial, credit, commodities and stock markets, and any decline in consumer confidence and discretionary spending, including the inability of consumers and companies to obtain credit due to lack of liquidity in the financial markets, among others, could cause actual results to vary materially from the forward looking statements included in this release or negatively impact the Company's results of operations. Among other things, future profitability may be affected by the Company’s ability to grow its business, which faces competition from companies that may have substantially greater resources than the Company. The Company’s announced share repurchase program may be suspended or discontinued at any time and purchases of shares under the program are subject to market conditions and other factors, which are likely to change from time to time. Other risks and uncertainties regarding Darling Ingredients Inc., its business and the industries in which it operates are referenced from time to time in the Company’s filings with the Securities and Exchange Commission. Darling Ingredients Inc. is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. Page 2 | Third Quarter 2020 Results | 11.04.2020

Summary Highlights Third Quarter 2020 Business Update • Best combined adjusted EBITDA quarter YTD for 2020 • Gross margin percentage growth of 2.4 points year over year and 2.7 points YTD 2020 versus YTD 2019 • Reduced term loan B balance by $145 million to $350 million outstanding • Amended and extended $1.0 billion revolver until September 2025 • In October 2020, we acquired a private company in Belgium for approximately $29 million, strengthening rendered poultry position in Europe along with food waste recycling • DGD record 80 million gallons sold in Q3, on track for 285 million gallons sold in 2020 • Peptan growth project in Presidente Epitacio, BR is commissioning Page 3 | Third Quarter 2020 Results | 11.04.2020

Financial Highlights Financials YTD YTD Balance Sheet As of As of (in millions) Q3-2020 Q3-2019 Q3-2020 Q3-2019 (in millions, except ratio data) 9/26/2020 12/28/2019 Segment EBITDA Cash (including restricted) $66.0 $73.0 Feed $72.3 $72.3 $227.6 $201.4 Revolver availability $934.3 $911.9 Food 41.7 39.3 117.4 132.8 (1) Net working capital $267.9 $246.9 Fuel 117.1 48.7 322.9 144.6 Total debt $1,474.2 $1,649.4 Corporate (12.6) (12.5) (40.9) (38.3) Leverage ratio (2) 1.93x 3.18x Total Combined adjusted EBITDA $218.5 $147.8 $627.0 $440.5 Capital expenditures $184.9 $359.5 (In millions) $627.0 Combined adjusted EBITDA Financials YTD YTD $600 (in millions, except per share data) Q3-2020 Q3-2019 Q3-2020 Q3-2019 $269.1 Net sales $850.6 $842.0 $2,552.1 $2,504.4 $450 $218.5 Gross margin 212.2 189.1 634.4 555.8 $213.3 $300 $195.2 $357.9 Gross margin % 24.9% 22.5% 24.9% 22.2% $150 $103.6 $69.1 $96.4 $109.7 $126.1 $122.1 Net income 101.1 25.7 252.1 70.0 $0 Q1 Q2 Q3 YTD 2020 EPS diluted $0.61 $0.15 $1.51 $0.42 Global Ingredients DGD (1) YTD includes a $13.1 million gain on an asset sale in China (2) Leverage ratio calculated per bank covenant Page 4 | Third Quarter 2020 Results | 11.04.2020

Feed Segment US$ (in millions) Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Net Sales $ 497.0 $ 490.4 $ 512.6 $ 503.7 $ 483.0 Gross Margin 117.2 114.3 124.2 135.8 121.4 Adj. EBITDA Bridge Q3-2019 to Q3-2020 Gross Margin % 23.6% 23.3% 24.2% 27.0% 25.1% (millions) Loss/(gain) on sale of assets (2.4) (0.4) 0.1 0.1 0.2 SG&A 47.3 57.9 53.9 50.5 49.0 SG&A Margin % 9.5% 11.8% 10.5% 10.0% 10.2% Operating Income 22.1 1.6 16.7 32.5 18.5 Adj. EBITDA (1) $ 72.3 $ 56.8 $ 70.2 $ 85.2 $ 72.3 Raw Material Processed (mmts) 2.19 2.21 2.24 2.15 2.18 (1) Does not include Unconsolidated Subsidiaries EBITDA Key Drivers: EBITDA Price / Cost of Sale of Adjusted FX EBITDA Volumes SG&A • Sequentially improved volumes with gross margin improvement led by strong cost Q3 19 Yield Sales Asset EBITDA Impact Q3 20 management in North America • UCO volumes continue to run approximately 15% below historical levels Note: Cost of Sales includes raw material costs, collection costs and factory costs. • Fat prices (BFT & YG) were down during Q3-20 compared to a year ago and sequentially to Q2-2020. Protein pricing (MBM) was also lower in Q3-20 compared to the same period in 2019 and sequentially to Q2-2020. Pet food PM price was up year over year, but down from Q2-2020 Page 5 | Third Quarter 2020 Results | 11.04.2020

Food Segment US$ (in millions) TotalQ4-2018Q1-2019 2018 Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Net Sales $ 276.5 $ 288.6 $ 270.3 $ 278.9 $ 291.8 Gross Margin 61.8 67.2 64.9 58.8 65.1 Gross Margin % 22.4% 23.3% 24.0% 21.1% 22.3% Adj. EBITDA Bridge Q3-2019 to Q3-2020 (millions) Loss/(gain) on sale of assets (0.2) 0.3 - - 0.0 SG&A 22.8 29.3 25.5 22.6 23.4 SG&A Margin % 8.2% 10.2% 9.4% 8.1% 8.0% (1) Operating Income 19.5 17.0 19.1 16.3 21.1 (1) Adj. EBITDA $ 39.3 $ 37.5 $ 39.4 $ 36.3 $ 41.7 Raw Material Processed (mmts) 0.3 0.3 0.3 0.3 0.3 Key Drivers: • Peptan product sales rebound in third quarter 2020 • Food Ingredients operating income increased 8.2% year over year primarily EBITDA Price / Volumes Cost of Sale of SG&A Adjusted FX EBITDA due to higher sales volumes in North and South America collagen markets Q3 19 Yield Sales Asset EBITDA Impact Q3 20 • Improving results in China Note: Cost of Sales includes raw material costs, collection costs and factory costs. Page 6 | Third Quarter 2020 Results | 11.04.2020

Fuel Segment (Includes Diamond Green Diesel JV consolidated EBITDA) US$ (in millions) Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 Net Sales $ 68.6 $ 80.6 $ 69.9 $ 66.0 $ 75.7 Key Drivers: Gross Margin 10.1 37.6 16.9 21.8 25.7 • Combined adjusted EBITDA of $117.1 million, with DGD Gross Margin % 14.7% 46.7% 24.2% 32.9% 33.9% earning $2.41 per gallon on 80.0 million gallons sold for Q3-20 Loss/(gain) on sale of assets - 0.3 - (0.0) (0.1) • Green bioenergy continues to have strong results, pushing the SG&A 0.9 2.3 1.6 4.0 5.0 fuel segment EBITDA up 125% year over year Depreciation and amortization 7.9 7.8 8.1 8.0 8.6 Equity in net income/(loss) • Darling has received $205 million of cash distributions from DGD of Diamond Green Diesel (DGD) 32.0 270.1 97.8 63.5 91.1 year to date 2020 Segment Income 33.3 297.2 105.0 73.3 103.1 Segment EBITDA 9.2 35.0 15.3 17.8 20.7 DGD adjusted EBITDA (Darling's Share) 39.5 276.2 103.6 69.1 96.4 Combined Adj. EBITDA (1) $ 48.7 $ 311.2 $ 118.9 $ 86.9 $ 117.1 Raw Material Processed*(mmts) 0.3 0.3 0.3 0.3 0.3 (1) Includes Fuel Segment EBITDA and Darling's share of DGD EBITDA. * Excludes feed stock (raw material) processed at the DGD joint venture. US$ and gallons (in millions) Q3-2019 Q4-2019 Q1-2020 Q2-2020 Q3-2020 EBITDA (Entity) - in quarter recorded w/no BTC $ 79.1 $ 121.7 $ 127.3 $ 66.0 $ 112.9 EBITDA (Entity) - BTC adjusted to when earned $ 137.3 $ 198.2 $ 207.3 $ 138.2 $ 192.9 Pro forma Adjusted EBITDA (Darling's share) $ 68.6 $ 99.1 $ 103.6 $ 69.1 $ 96.4 Total gallons produced 55.9 77.9 77.0 74.5 77.3 Total gallons sold/shipped 58.7 77.1 78.9 72.3 80.0 EBITDA per gallon sold/shipped $ 2.34 $ 2.57 $ 2.63 $ 1.91 $ 2.41 Page 7 | Third Quarter 2020 Results | 11.04.2020

October 2020 400-million-gallon expansion Existing 275-million-gallon plant Page 8 | Third Quarter 2020 Results | 11.04.2020

Appendix Additional Information

$250 $200 $150 $100 $50 $- Page Source: https://ww3.arb.ca.gov/fuels/lcfs/credit/lrtweeklycreditreports.htm Source: Apr-16 10 Jun-16 | Third| Quarter 2020Results | 11.04.2020 Aug-16 Oct-16 California LCFS &RIN value history Dec-16 Feb-17 Apr-17 Average LCFS Carbon Credit Price Jun-17 Weighted Ave Price (USD/MT) Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20

Feed Segment - Historical US$ (in millions) Q3-2018 Q4-2018 Total 2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Total 2019 Q1-2020 Q2-2020 Q3-2020 Net Sales $ 482.7 (1) $ 485.3 $ 1,952.6 $ 495.8 $ 487.4 $ 497.0 $ 490.4 $ 1,970.6 $ 512.6 $ 503.7 $ 483.0 Gross Margin 99.0 110.4 454.6 109.0 110.5 117.2 114.3 451.0 124.2 135.8 121.4 Gross Margin % 20.5% 22.7% 23.2% 22.0% 22.7% 23.6% 23.3% 22.9% 24.2% 27.0% 25.1% Loss/(gain) on sale of assets 0.1 0.2 0.7 (4.4) (0.5) (2.4) (0.4) (7.7) 0.1 0.1 0.2 SG&A 39.7 44.8 176.7 48.8 46.5 47.3 57.9 200.5 53.9 50.5 49.0 SG&A Margin % 8.2% 9.2% 9.0% 9.8% 9.5% 9.5% 11.8% 10.2% 10.5% 10.0% 10.2% Operating Income 11.9 11.9 82.8 15.2 15.8 22.1 1.6 54.7 16.7 32.5 18.5 Adj. EBITDA (2) $ 59.2 $ 65.3 $ 277.1 $ 64.5 $ 64.5 $ 72.3 $ 56.8 $ 258.2 $ 70.2 $ 85.2 $ 72.3 Adj. EBITDA Margin % 12.3% 13.5% 14.2% 13.0% 13.2% 14.5% 11.5% 13.2% 13.7% 16.9% 15.0% Raw Material Processed (mmts) 2.17 2.18 8.60 2.18 2.16 2.19 2.21 8.74 2.24 2.15 2.18 (1) Reflects freight revenue reclass and deconsolidation of BestHides (2) Does not include Unconsolidated Subsidiaries EBITDA Page 11 | Third Quarter 2020 Results | 11.04.2020

Historical Pricing Jacobson, Wall Street Journal and Thomson Reuters 2020 Finished Product Pricing 2020 Average Jacobsen Prices (USD) Feed Segment Ingredients January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Bleachable Fancy Tallow - Chicago Renderer / cwt $31.26 $35.21 $31.86 $32.69 $30.78 $33.98 $24.86 $29.95 $23.86 $30.60 $32.07 $29.04 Yellow Grease - Illinois / cwt $22.00 $24.22 $22.73 $22.92 $20.67 $21.78 $18.33 $20.18 $17.60 $18.70 $22.37 $19.48 Meat and Bone Meal - Ruminant - Illinois / ton $230.00 $231.60 $248.63 $237.10 $306.78 $326.63 $240.68 $290.42 $208.64 $208.57 $224.17 $212.91 Poultry By-Product Meal - Feed Grade - Mid South/ton $215.00 $215.00 $245.73 $225.73 $269.29 $298.25 $241.36 $269.07 $225.00 $225.00 $229.29 $226.07 Poultry By-Product Meal - Pet Food - Mid South/ton $471.00 $550.00 $598.90 $540.44 $660.71 $729.38 $647.73 $679.08 $610.80 $555.95 $578.57 $581.80 Feathermeal - Mid South / ton $279.05 $280.00 $287.95 $282.50 $303.21 $333.75 $268.41 $300.90 $252.10 $264.29 $289.29 $267.91 2020 Cash Corn Pricing Competing Ingredient for Bakery Feeds and Fats Corn - Track Central IL #2 Yellow / bushel $4.02 $3.96 $3.73 $3.90 $3.21 $3.22 $3.37 $3.26 $3.19 $3.06 $3.47 $3.55 Palm Oil - Competing2020 European ingredient Benchmark for edible fats Pricing in Food Segment Soy meal - Competing ingredient for protein meals in Feed Segment Palm oil - CIF Rotterdam / metric ton $824 $731 $616 $724 $569 $528 $588 $562 $640 $695 $736 $690 Soy meal - CIF Rotterdam / metric ton $357 $347 $375 $360 $367 $341 $347 $352 $354 $375 $407 $379 QTR. Over QTR. Year Over Year Comparison Q2-2020 Q3-2020 % Q3-2019 Q3-2020 % Average Jacobsen Prices (USD) Avg. Avg. Change Avg. Avg. Change Bleachable Fancy Tallow - Chicago Renderer / cwt $29.95 $29.04 -3.0% $30.50 $29.04 -4.8% Yellow Grease - Illinois / cwt $20.18 $19.48 -3.5% $24.53 $19.48 -20.6% Meat and Bone Meal - Ruminant - Illinois / ton $290.42 $212.91 -26.7% $216.29 $212.91 -1.6% Poultry By-Product Meal - Feed Grade - Mid South / ton $269.07 $226.07 -16.0% $234.60 $226.07 -3.6% Poultry By-Product Meal - Pet Food - Mid South / ton $679.08 $581.80 -14.3% $411.77 $581.80 41.3% Feathermeal - Mid South / ton $300.90 $267.91 -11.0% $333.43 $267.91 -19.7% Average Wall Street Journal Prices (USD) Corn - Track Central IL #2 Yellow / bushel $3.26 $3.55 8.9% $4.16 $3.55 -14.7% Average Thomson Reuters Prices (USD) Palm oil - CIF Rotterdam / metric ton $562 $690 22.8% $533 $690 29.5% Soy meal - CIF Rotterdam / metric ton $352 $379 7.7% $339 $379 11.8% Page 12 | Third Quarter 2020 Results | 11.04.2020

Food Segment - Historical US$ (in millions) Q3-2018 Q4-2018 Total 2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Total 2019 Q1-2020 Q2-2020 Q3-2020 Net Sales (1) (1) (1) (1) (1) $ 265.2 $ 291.7 $1,139.1 $ 279.2 $ 274.8 $ 276.5 $ 288.6 $1,119.1 $ 270.3 $ 278.9 $ 291.8 Gross Margin 54.5 58.6 221.0 65.1 60.4 61.8 67.2 254.5 64.9 58.8 65.1 Gross Margin % 20.6% 20.1% 19.4% 23.3% 22.0% 22.4% 23.3% 22.7% 24.0% 21.1% 22.3% Loss/(gain) on sale of assets - - (0.3) 0.1 (13.4) (0.2) 0.3 (13.2) - - 0.0 SG&A 21.8 23.6 91.5 21.9 23.4 22.8 29.3 97.4 25.5 22.6 23.4 SG&A Margin % 8.2% 8.1% 8.0% 7.8% 8.5% 8.2% 10.2% 8.7% 9.4% 8.1% 8.0% Operating Income (2) (2) 13.0 14.6 48.7 23.6 30.5 19.5 17.0 90.6 19.1 16.3 21.1 Adj. EBITDA (2) (2) (3) $ 32.7 $ 34.9 $ 129.7 $ 43.2 $ 37.1 $ 39.3 $ 37.5 $ 157.1 $ 39.4 $ 36.3 $ 41.7 Adj. EBITDA Margin % 12.3% 12.0% 11.4% 15.5% 13.5% 14.2% 13.0% 14.0% 14.6% 13.0% 14.3% Raw Material Processed (mmts) 0.3 0.3 1.1 0.3 0.3 0.3 0.3 1.1 0.3 0.3 0.3 (1) Reflects freight revenue reclass in 2018 and 2019 (2) Adjusted for restructuring and impairment charges of $15.0 million for closure of Argentina collagen plant (3) Adjusted for the $13.1 million land asset sale in China Page 13 | Third Quarter 2020 Results | 11.04.2020

Fuel Segment - Historical US$ (in millions) Q3-2018 Q4-2018 Total 2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 Total 2019 Q1-2020 Q2-2020 Q3-2020 Net Sales $ 64.6 $ 76.2 $ 296.0 $ 60.1 $ 65.0 $ 68.6 $ 80.6 $ 274.3 $ 69.9 $ 66.0 $ 75.7 Gross Margin 11.2 16.6 65.8 10.0 11.7 10.1 37.6 69.4 16.9 21.8 25.7 Gross Margin % 17.3% 21.8% 22.2% 16.7% 18.0% 14.7% 46.7% 25.3% 24.2% 32.9% 33.9% Loss/(gain) on sale of assets 0.1 0.1 0.3 - - - 0.3 0.3 - (0.0) (0.1) SG&A (2.8) (0.8) (4.8) (0.8) 0.4 0.9 2.3 2.8 1.6 4.0 5.0 Depreciation and amortization 9.4 8.6 35.0 7.8 8.4 7.9 7.8 31.9 8.1 8.0 8.6 Equity in net income/(loss) of Diamond Green Diesel (DGD) (2.6) 50.1 159.8 24.3 38.1 32.0 270.1 364.5 97.8 63.5 91.1 Segment Income 1.9 58.7 195.1 27.3 41.1 33.3 297.2 398.8 105.0 73.3 103.1 Segment EBITDA 13.9 17.2 70.3 10.8 11.4 9.2 35.0 66.3 15.3 17.8 20.7 DGD adjusted EBITDA (Darling's Share) 0.5 55.2 174.0 29.8 43.8 39.5 276.2 389.4 103.6 69.1 96.4 Combined Adj. EBITDA (1) $ 14.4 $ 72.4 $ 244.3 $ 40.6 $ 55.2 $ 48.7 $ 311.2 $ 455.7 $ 118.9 $ 86.9 $ 117.1 Raw Material Processed*(mmts) 0.3 0.3 1.2 0.3 0.3 0.3 0.3 1.3 0.3 0.3 0.3 (1) Includes Fuel Segment EBITDA and Darling's share of DGD EBITDA. * Excludes feed stock (raw material) processed at the DGD joint venture. Page 14 | Third Quarter 2020 Results | 11.04.2020

Non-U.S. GAAP Measures 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, and is not intended to be a presentation in accordance with GAAP. Adjusted EBITDA is presented here not as an alternative to net income, but rather as a measure of the Company’s operating performance. Since EBITDA (generally, net income plus interest expenses, taxes, depreciation and amortization) is not calculated identically by all companies, this presentation may not be comparable to EBITDA or Adjusted EBITDA presentations disclosed by other companies. Adjusted EBITDA is calculated in this presentation and represents, for any relevant period, net income/(loss) plus depreciation and amortization, goodwill and long-lived asset impairment, interest expense, (income)/loss from discontinued operations, net of tax, income tax provision, other income/(expense) and equity in net loss of unconsolidated subsidiary. Management believes that Adjusted EBITDA is useful in evaluating the Company’s operating performance compared to that of other companies in its industry because the calculation of Adjusted EBITDA generally eliminates the effects of financing, income taxes and certain non-cash and other items that may vary for different companies for reasons unrelated to overall operating performance. As a result, the Company’s management uses Adjusted EBITDA as a measure to evaluate performance and for other discretionary purposes. In addition to the foregoing, management also uses or will use Adjusted EBITDA to measure compliance with certain financial covenants under the Company’s Senior Secured Credit Facilities and 5.25% Notes and 3.625% Notes that were outstanding at September 26, 2020. However, the amounts shown in this presentation for Adjusted EBITDA differ from the amounts calculated under similarly titled definitions in the Company’s Senior Secured Credit Facilities and 5.25% Notes and 3.625% Notes, as those definitions permit further adjustments to reflect certain other non-recurring costs, non-cash charges and cash dividends from the DGD Joint Venture. Additionally, the Company evaluates the impact of foreign exchange impact on operating cash flow, which is defined as segment operating income (loss) plus depreciation and amortization. Page 15 | Third Quarter 2020 Results | 11.04.2020

Adjusted EBITDA Three Months Ended Nine Months Ended Adjusted EBITDA September 26, September 28, September 26, September 28, (U.S. dollars in thousands) 2020 2019 2020 2019 Net income attributable to Darling $ 101,125 $ 25,721 $ 252,074 $ 69,991 Depreciation and amortization 85,730 80,407 253,711 239,057 Interest expense 18,793 19,359 55,803 60,088 Income tax expense 4,812 10,850 43,058 23,900 Foreign currency loss/(gain) 1,239 (466) 709 654 Other expense, net 1,912 2,614 5,278 7,158 Debt extinguishment costs - - - 12,126 Equity in net (income) of Diamond Green Diesel (91,099) (32,020) (252,411) (94,390) Equity in net (income)/loss of unconsolidated subsidiaries (906) 665 (2,467) 1,087 Net income attributable to noncontrolling interests 480 1,116 2,117 7,530 Adjusted EBITDA (Non-GAAP) $ 122,086 $ 108,246 $ 357,872 $ 327,201 Foreign currency exchange impact (3,702) (1) - 407 (2) - Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) $ 118,384 $ 108,246 $ 358,279 $ 327,201 DGD Joint Venture Adjusted EBITDA (Darling's Share) $ 96,435 $ 39,548 $ 269,177 $ 113,270 Darling plus Darling's share of DGD Joint Venture Adjusted EBITDA $ 218,521 $ 147,794 $ 627,049 $ 440,471 (1) The average rate assumption used in this calculation was the actual fiscal average rate for the three months ended September 26, 2020 of €1.00:USD$1.17 and CAD$1.00:USD$0.75, as compared to the average rate for the three months ended September 28, 2019 of €1.00:USD$1.11 and CAD$1.00:USD$0.76, respectively. (2) The average rate assumption used in this calculation was the actual fiscal average rate for the nine months ended September 26, 2020 of €1.00:USD$1.12 and CAD$1.00:USD$0.74, as compared to the average rate for the nine months ended September 28, 2019 of €1.00:USD$1.12 and CAD$1.00:USD$0.75, respectively. Page 16 | Third Quarter 2020 Results | 11.04.2020

Upcoming IR Events • Baird Industrial Conference – 11.11.20 • Berenberg CEO Conference – 11-12-20 • Stephens Consumer Staples Conference – 11.18.20 • BMO Growth & ESG Conference – 12.08.20 or 12.09.20 Page 17 | Third Quarter 2020 Results | 11.04.2020

Thank you


Delaware	001-13323	36-2495346
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock $0.01 par value per share	DAR	New York Stock Exchange	(“NYSE”)


99.1						Press Release dated November 3, 2020 (furnished pursuant to Item 2.02).
99.2						Slide Presentation for November 4, 2020 Earnings Call (furnished pursuant to Item 2.02).
104						Cover Page Interactive Data File (embedded within Inline XBRL document)


	DARLING INGREDIENTS INC.

Date: November 3, 2020	By:	/s/ John F. Sterling
		John F. Sterling
		Executive Vice President, General Counsel


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))