8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported) August 9, 2017

DARLING INGREDIENTS INC.

(Exact Name of Registrant as Specified in Charter)

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

251 O’CONNOR RIDGE BLVD., SUITE 300, IRVING, TEXAS			75038
	(Address of Principal Executive Offices)		(Zip Code)
Registrant’s telephone number, including area code:		(972) 717-0300

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ 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))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

¨ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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Item 2.02. Results of Operations and Financial Condition.

On August 9, 2017, Darling Ingredients Inc. (the “Company”) issued a press release announcing financial results for the second quarter ended July 1, 2017. A copy of this press release is attached hereto as Exhibit 99.1.

The Company will hold a conference call and webcast on Thursday, August 10, 2017 to discuss these financial results. The Company will have a slide presentation available to augment management’s formal presentation, which will be accessible via the investor relations section of the Company’s website. A copy of this slide presentation is attached hereto as Exhibit 99.2.

The Company is making reference to non-GAAP financial measures in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

The information in this Item 2.02, including the exhibits attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Item 8.01. Other Events.

On August 7, 2017, the Company’s Board of Directors approved the extension for an additional two years of its previously announced share repurchase program of up to an aggregate of $100 million of the Company’s common stock depending on market conditions.

Item 9.01. Financial Statements and Exhibits.

(d)           Exhibits.

99.1	Press Release dated August 9, 2017 (furnished pursuant to Item 2.02).
99.2	Slide Presentation for August 10, 2017 Earnings Call (furnished pursuant to Item 2.02).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	DARLING INGREDIENTS INC.
Date:  August 9, 2017	By:	/s/ John F. Sterling
		John F. Sterling
		Executive Vice President, General Counsel

3

EXHIBIT LIST

99.1	Press Release dated August 9, 2017 (furnished pursuant to Item 2.02).
99.2	Slide Presentation for August 10, 2017 Earnings Call (furnished pursuant to Item 2.02).

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EX-99.1

EXHIBIT 99.1

News Release

DARLING INGREDIENTS INC. REPORTS SECOND QUARTER 2017 FINANCIAL RESULTS

Strong Global Feed Segment and Diamond Green Diesel Performance

Continued Aggressive Debt Reduction

August 9, 2017 - IRVING, TEXAS - Darling Ingredients Inc. (NYSE: DAR), a global developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and customized specialty solutions for customers in the pharmaceutical, food, pet food, feed, industrial, fuel, bioenergy, and fertilizer industries, today announced financial results for the 2017 second quarter ended July 1, 2017.

Second Quarter 2017 Overview

• Revenue of $896.3 million, up 2.2%

• Net income of $9.1 million, or $0.05 per GAAP diluted share

• Adjusted EBITDA of $110.1 million

• Strong balance sheet with debt reduction of $45 million

• Global raw material volumes steady, up 1.4%

• Mixed global pricing environment, strength in fats offset by weakness in proteins

• Diamond Greed Diesel facility delivered expected performance and expansion continues to progress

For the second quarter of 2017, the Company reported net sales of $896.3 million, as compared with net sales of $877.3 million for the second quarter of 2016. Net income attributable to Darling for the three months ended July 1, 2017 was $9.1 million, or $0.05 per diluted share, compared to a net income of $32.0 million, or $0.19 per diluted share, for the second quarter of 2016. The decrease in net income for the second quarter 2017 is primarily due to weakness in our Food Ingredients segment, particularly the gelatin business, and the absence of the blenders tax credit, which was included in the second quarter 2016 but has not yet been reinstated for 2017.

Comments on the Second Quarter 2017

“We are pleased with second quarter performance across most of the segments in light of a mixed global pricing environment and headwinds in South America,” said Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients Inc. “Sequentially, the Feed segment delivered a very nice performance while the Food segment results were disappointing due to margin compression from rising raw material prices in our global gelatin business and ongoing macro-economic issues in Argentina. The Fuel segment excelled operationally in the midst of the stalled decision on the blenders tax credit. We remain optimistic that the political environment surrounding the biofuel industry today continues to support the Renewable Fuel Standard (RFS2) and the reinstatement of the blenders tax credit,” Mr. Stuewe commented.

“Additionally, our Board has approved the extension for an additional 24 months of our previously announced share repurchase program for up to $100 million to be exercised depending on market conditions,” added Mr. Stuewe.  “The repurchases may be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market.  Repurchases may occur over the next 24 months, unless extended or shortened by the Board of Directors,” concluded Mr. Stuewe.

Operational Update by Segment

• Feed Ingredients - Margins held and the segment performed well supported by solid global raw material volumes, especially in Europe. North American protein markets were mixed with strong pet food demand offset by lagging

News Release August 9, 2017 Page 2

meat and bone meal pricing. Global fat markets remained firm with demand trending lower late in the quarter in concert with lower palm oil complex prices.

• Food Ingredients - While Rousselot gelatin business showed steady performance in Europe, South American gelatin business continued to face headwinds with margin compression from rising raw material prices and ongoing macroeconomic issues. CTH casings business delivered improved results as the short hog supply in China drove strong demand for hog casings. Sonac edible fats held margins and contributed as expected despite a weakening global palm oil market.

• Fuel Ingredients -Consistent performance led by Rendac and Ecoson with segment decline due to the absence of the blenders tax credit impacting North American biodiesel facilities. Ecoson bio-phosphate plant provided normalized results with slightly lower supply volumes while Rendac, our disposal rendering operations, leveraged strong volumes.

• Diamond Green Diesel Joint Venture (DGD) - DGD executed well operationally, delivering on its financial profile and posted $0.61 EBITDA per gallon despite the lack of the blenders tax credit in 2017 versus 2016. Solid cash position and capacity expansion to 275 million gallons of annual production is tracking as planned for Q2 2018 completion.

Financial Update by Segment

Feed Ingredients	Three Months Ended				Six Months Ended
($ thousands)	July 1, 2017		July 2, 2016		July 1, 2017		July 2, 2016
Net sales	$	549,119	$	542,955	$	1,101,743	$	1,019,126
Selling, general and administrative expenses	43,506		43,319		88,973		88,570
Depreciation and amortization	44,354		42,119		88,073		86,496
Segment operating income	39,023		41,372		69,851		55,258
EBITDA	$	83,377	$	83,491	$	157,924	$	141,754
*EBITDA calculated by adding depreciation and amortization to segment operating income.

• Feed Ingredients operating income for the three months ended July 1, 2017 was $39.0 million, a decrease of $2.4 million or (5.8)% as compared to the three months ended July 2, 2016. Segment operating income was down in the three months ended July 1, 2017 as compared to the same period in fiscal 2016 due to higher depreciation from new plant locations that were not operating in the three months ended July 2, 2016.

• Feed Ingredients operating income during the six months ended July 1, 2017 was $69.9 million, an increase of $14.6 million or 26.4% as compared to the six months ended July 2, 2016. Earnings for the Feed Ingredients segment were higher due to an overall increase in finished product prices, sales volumes and raw material volumes as compared to the same period in fiscal 2016.

News Release August 9, 2017 Page 3

Food Ingredients	Three Months Ended				Six Months Ended
($ thousands)	July 1, 2017		July 2, 2016		July 1, 2017		July 2, 2016
Net sales	$	279,827	$	272,120	$	547,615	$	520,017
Selling, general and administrative expenses	26,788		20,455		51,847		44,214
Depreciation and amortization	18,184		17,736		35,785		34,440
Segment operating income	11,025		19,650		25,152		41,530
EBITDA	$	29,209	$	37,386	$	60,937	$	75,970
*EBITDA calculated by adding depreciation and amortization to segment operating income.

• Food Ingredients operating income was $11.0 million for the three months ended July 1, 2017, a decrease of $8.7 million or (44.2)% as compared to the three months ended July 2, 2016. The earnings in the gelatin business were down as compared to the prior year primarily due to the performance in the Company’s South American and North American markets. The Company’s South American gelatin business was the primary driver on the lower earnings and was impacted by margin compression influenced by rising raw material prices and continued macroeconomic factors. The Company’s North American gelatin business was influenced by higher raw material prices. The casings business delivered improved performance due to high demand in China that slightly offset lower earnings in the gelatin business. Additionally, selling, general and administrative expense in the Food Ingredients segment increased approximately $4.8 million primarily due to currency hedge losses in the three months ended July 1, 2017 as compared to currency hedge gains in the same period in fiscal 2016.

• Food Ingredients operating income was $25.2 million for the six months ended July 1, 2017, a decrease of $16.3 million or (39.3)% as compared to the six months ended July 2, 2016. The earnings in the gelatin business were down as compared to the prior year primarily due to the performance in the Company’s South American market. Lower earnings in the Company’s South American gelatin business was due to margin compression influenced by rising raw material prices and macroeconomic factors. The casings business delivered improved performance due to high demand in China that slightly offset lower earnings in the gelatin business. Additionally, selling, general and administrative expense in the Food Ingredients segment increased approximately $6.3 million primarily due to a reduction of currency hedge gains in the six months ended July 1, 2017 as compared to the same period in fiscal 2016.

Fuel Ingredients	Three Months Ended				Six Month Ended
($ thousands)	July 1, 2017		July 2, 2016		July 1, 2017		July 2, 2016
Net sales	$	67,402	$	62,266	$	127,062	$	117,839
Selling, general and administrative expenses	2,902		1,804		6,193		3,654
Depreciation and amortization	7,715		7,184		14,560		14,103
Segment operating income	2,087		6,587		5,595		12,709
EBITDA	$	9,802	$	13,771	$	20,155	$	26,812
*EBITDA calculated by adding depreciation and amortization to segment operating income.
Results shown do not include the Diamond Green Diesel (DGD) 50% Joint Venture.

News Release August 9, 2017 Page 4

• Exclusive of the DGD Joint Venture, the Company’s Fuel Ingredients segment income for the three months ended July 1, 2017 was $2.1 million, a decrease of $4.5 million or (68.2)% as compared to the same period in fiscal 2016. For the three months ended July 1, 2017 the North American region results do not include the blenders tax credit, while fiscal 2016 included the blenders tax credit. Earnings in Rendac and Ecoson for the three months ended July 1, 2017 were unchanged as compared to the same period in the prior year.

• Exclusive of the DGD Joint Venture, the Company’s Fuel Ingredients segment income for the six months ended July 1, 2017 was $5.6 million, a decrease of $7.1 million or (55.9)% as compared to the same period in fiscal 2016. For the six months ended July 1, 2017, the North American region results do not include the blenders tax credit, while fiscal 2016 included the blenders tax credit.

Darling Ingredients Inc. and Subsidiaries

Consolidated Operating Results

For the Periods Ended July 1, 2017 and July 2, 2016

(in thousands, except per share data)

(unaudited)

	Three Months Ended									Six Months Ended
							$ Change									$ Change
	July 1,			July 2,			Favorable			July 1,			July 2,			Favorable
	2017			2016			(Unfavorable)			2017			2016			(Unfavorable)
Net sales	$	896,348		$	877,341		$	19,007		$	1,776,420		$	1,656,982		$	119,438
Costs and expenses:
Cost of sales and operating expenses	700,764			677,115			(23,649		)	1,390,391			1,276,008			(114,383		)
Selling, general and administrative expenses	85,531			76,158			(9,373		)	173,448			157,627			(15,821		)
Depreciation and amortization	72,990			69,531			(3,459		)	144,104			141,787			(2,317		)
Acquisition and integration costs	—			70			70			—			401			401
Total costs and expenses	859,285			822,874			(36,411		)	1,707,943			1,575,823			(132,120		)
Operating income	37,063			54,467			(17,404		)	68,477			81,159			(12,682		)
Other expense:
Interest expense	(22,446		)	(23,980		)	1,534			(44,126		)	(47,881		)	3,755
Foreign currency gain/(loss)	(2,111		)	8			(2,119		)	(2,375		)	(2,595		)	220
Other expense, net	(2,696		)	(2,373		)	(323		)	(3,656		)	(3,678		)	22
Total other expense	(27,253		)	(26,345		)	(908		)	(50,157		)	(54,154		)	3,997
Equity in net income of unconsolidated subsidiaries	8,260			13,852			(5,592		)	8,966			19,495			(10,529		)
Income before income taxes	18,070			41,974			(23,904		)	27,286			46,500			(19,214		)
Income taxes expense	7,742			7,983			241			9,560			9,846			286
Net income	10,328			33,991			(23,663		)	17,726			36,654			(18,928		)
Net income attributable to noncontrolling interests	(1,179		)	(1,992		)	813			(2,748		)	(3,576		)	828
Net income attributable to Darling	$	9,149		$	31,999		$	22,850		$	14,978		$	33,078		$	(18,100	)
Basic income per share:	$	0.06		$	0.19		$	(0.13	)	$	0.09		$	0.20		$	(0.11	)
Diluted income per share:	$	0.05		$	0.19		$	(0.14	)	$	0.09		$	0.20		$	(0.11	)
Number of diluted common shares:	166,831			165,474						166,348			165,013

News Release August 9, 2017 Page 5

Darling Ingredients Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

July 1, 2017 and December 31, 2016

(in thousands)

		July 1,		December 31,
		2017		2016
ASSETS		(unaudited)
Current assets:
	Cash and cash equivalents	$	124,817	$	114,564
	Restricted cash	282		293
	Accounts receivable, net	382,957		388,397
	Inventories	359,635		330,815
	Prepaid expenses	37,750		29,984
	Income taxes refundable	6,387		7,479
	Other current assets	13,101		21,770
	Total current assets	924,929		893,302
Property, plant and equipment, less accumulated depreciation, net		1,584,735		1,515,575
Intangible assets, less accumulated amortization, net		703,182		711,927
Goodwill		1,271,927		1,225,893
Investment in unconsolidated subsidiaries		279,814		292,717
Other assets		48,239		43,613
Deferred income taxes		17,050		14,990
	Total assets	$	4,829,876	$	4,698,017
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Current portion of long-term debt	$	19,370	$	23,247
	Accounts payable, principally trade	186,458		180,895
	Income taxes payable	17,213		4,913
	Accrued expenses	265,939		242,796
	Total current liabilities	488,980		451,851
Long-term debt, net of current portion		1,727,553		1,727,696
Other non-current liabilities		96,916		96,114
Deferred income taxes		349,221		346,134
	Total liabilities	2,662,670		2,621,795
Commitments and contingencies
Total Darling's stockholders' equity		2,064,302		1,972,994
	Noncontrolling interests	102,904		103,228
	Total stockholders' equity	2,167,206		2,076,222
		$	4,829,876	$	4,698,017

News Release August 9, 2017 Page 6

Darling Ingredients Inc. and Subsidiaries

Consolidated Statement of Cash Flows

Six Months Ended July 1, 2017 and July 2, 2016

(in thousands)

(unaudited)

	Six Months Ended
	July 1,			July 2,
Cash flows from operating activities:	2017			2016
Net income	$	17,726		$	36,654
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	144,104			141,787
Loss/(gain) on disposal of property, plant, equipment and other assets	(358		)	827
Gain on insurance proceeds from insurance settlements	—			(356		)
Deferred taxes	(11,205		)	(1,812		)
Increase/(decrease) in long-term pension liability	1,362			(1,596		)
Stock-based compensation expense	11,003			5,067
Write-off deferred loan costs	340			57
Deferred loan cost amortization	4,366			5,600
Equity in net income of unconsolidated subsidiaries	(8,966		)	(19,495		)
Distribution of earnings from unconsolidated subsidiaries	25,806			25,994
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	17,705			(20,081		)
Income taxes refundable/payable	12,857			1,559
Inventories and prepaid expenses	(21,952		)	(19,501		)
Accounts payable and accrued expenses	16,594			30,989
Other	(11,834		)	(17,460		)
Net cash provided by operating activities	197,548			168,233
Cash flows from investing activities:
Capital expenditures	(127,824		)	(109,406		)
Acquisitions, net of cash acquired	(12,369		)	(8,511		)
Investment of unconsolidated subsidiaries	(2,250		)	—
Gross proceeds from disposal of property, plant and equipment and other assets	3,603			2,404
Proceeds from insurance settlement	3,301			1,537
Payments related to routes and other intangibles	(4,635		)	—
Net cash used by investing activities	(140,174		)	(113,976		)
Cash flows from financing activities:
Proceeds from long-term debt	16,405			17,277
Payments on long-term debt	(67,974		)	(59,255		)
Borrowings from revolving credit facility	80,000			41,000
Payments on revolving credit facility	(80,327		)	(47,207		)
Net cash overdraft financing	(1,077		)	—
Deferred loan costs	(1,177		)	—
Issuance of common stock	22			143
Repurchase of common stock	—			(5,000		)
Minimum withholding taxes paid on stock awards	(2,091		)	(1,812		)
Excess tax benefits from stock-based compensation	—			(413		)
Distributions to noncontrolling interests	(2,135		)	—
Net cash used by financing activities	(58,354		)	(55,267		)
Effect of exchange rate changes on cash	11,233			1,941
Net increase in cash and cash equivalents	10,253			931
Cash and cash equivalents at beginning of period	114,564			156,884
Cash and cash equivalents at end of period	$	124,817		$	157,815
Supplemental disclosure of cash flow information:
Accrued capital expenditures	$	(5,445	)	$	(3,684	)
Cash paid during the period for:
Interest, net of capitalized interest	$	38,688		$	41,813
Income taxes, net of refunds	$	7,986		$	11,799
Non-cash financing activities:
Debt issued for assets	$	—		$	10
Contribution of assets to unconsolidated subsidiary	$	—		$	2,674

News Release August 9, 2017 Page 7

Selected financial information for the Company’s Diamond Green Diesel Joint Venture is as follows:

Diamond Green Diesel Joint Venture

Condensed Consolidated Balance Sheets

June 30, 2017 and December 31, 2016

(in thousands)

	June 30,		December 31,
	2017		2016
	(unaudited)
Assets:
Total current assets	$	216,993	$	268,734
Property, plant and equipment, net	371,355		354,871
Other assets	7,291		12,164
Total assets	$	595,639	$	635,769
Liabilities and members' equity:
Total current portion of long term debt	$	17,023	$	17,023
Total other current liabilities	24,112		23,200
Total long term debt	45,242		53,753
Total other long term liabilities	435		418
Total members' equity	508,827		541,375
Total liabilities and members' equity	$	595,639	$	635,769

Diamond Green Diesel Joint Venture

Operating Financial Results

Three Months and Six Months Ended June 30, 2017 and June 30, 2016

(in thousands)

(unaudited)

	Three Months Ended									Six Months Ended
							$ Change									$ Change
	June 30,			June 30,			Favorable			June 30,			June 30,			Favorable
	2017			2016			(Unfavorable)			2017			2016			(Unfavorable)
Revenues:
Operating revenues	$	150,786		$	132,226		$	18,560		$	276,183		$	203,994		$	72,189
Expenses:
Total costs and expenses less depreciation, amortization and accretion expense	125,975			95,565			(30,410		)	241,297			148,074			(93,223		)
Depreciation, amortization and accretion expense	8,021			7,547			(474		)	16,134			12,925			(3,209		)
Total costs and expenses	133,996			103,112			(30,884		)	257,431			160,999			(96,432		)
Operating income	16,790			29,114			(12,324		)	18,752			42,995			(24,243		)
Other income	328			70			258			551			85			466
Interest and debt expense, net	(861		)	(1,928		)	1,067			(1,851		)	(4,742		)	2,891
Net income	$	16,257		$	27,256		$	(10,999	)	$	17,452		$	38,338		$	(20,886	)

News Release August 9, 2017 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

Three and six months ended July 1, 2017 and July 2, 2016

	Three Months Ended - Year over Year						Six Months Ended - Year over Year
Adjusted EBITDA	July 1,			July 2,			July 1,			July 2,
(U.S. dollars in thousands)	2017			2016			2017			2016
Net income attributable to Darling	$	9,149		$	31,999		$	14,978		$	33,078
Depreciation and amortization	72,990			69,531			144,104			141,787
Interest expense	22,446			23,980			44,126			47,881
Income tax expense	7,742			7,983			9,560			9,846
Foreign currency loss/(gain)	2,111			(8		)	2,375			2,595
Other expense, net	2,696			2,373			3,656			3,678
Equity in net (income) of unconsolidated subsidiaries	(8,260		)	(13,852		)	(8,966		)	(19,495		)
Net income attributable to noncontrolling interests	1,179			1,992			2,748			3,576
Adjusted EBITDA	$	110,053		$	123,998		$	212,581		$	222,946
Acquisition and integration-related expenses	—			70			—			401
Pro forma Adjusted EBITDA (Non-GAAP)	$	110,053		$	124,068		$	212,581		$	223,347
Foreign currency exchange impact (1)	1,973			—			3,805			—
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	112,026		$	124,068		$	216,386		$	223,347
DGD Joint Venture Adjusted EBITDA (Darling's share)	$	12,406		$	18,331		$	17,443		$	27,960
(1) The average rates assumption used in the calculation was the actual fiscal average rate for the three months ended July 2, 2016 of €1.00:USD$1.13 and
CAD$1.00:USD$0.78 as compared to the average rate for the three months ended July 1, 2017 of €1.00:USD$1.10 and CAD$1.00:USD$0.74, respectively.
The average rates assumption used in the calculation was the actual fiscal average rate for the six months ended July 2, 2016 of €1.00:USD$1.12 and
CAD$1.00:USD$0.75 as compared to the average rate for the six months ended July 1, 2017 of €1.00:USD$1.08 and CAD$1.00:USD$0.75, respectively.

News Release August 9, 2017 Page 9

About Darling

Darling Ingredients Inc. is the world’s largest publicly-traded developer and producer of sustainable natural ingredients from edible and inedible bio-nutrients, creating a wide range of ingredients and specialty products for customers in the pharmaceutical, food, pet food, feed, technical, fuel, bioenergy, and fertilizer industries.  With operations on five continents, the Company collects and transforms all aspects of animal by-product streams into broadly used and specialty ingredients, such as gelatin, edible fats, feed-grade fats, animal proteins and meals, plasma, pet food ingredients, organic fertilizers, yellow grease, fuel feedstocks, green energy, natural casings and hides. The Company also recovers and converts used cooking oil and commercial bakery residuals into valuable feed and fuel ingredients.  In addition, the Company provides grease trap services to food service establishments, environmental services to food processors and sells restaurant cooking oil delivery and collection equipment. For additional information, visit the Company's website at http://www.darlingii.com.

Darling Ingredients Inc. will host a conference call to discuss the Company’s second quarter 2017 financial results at 8:30 am Eastern Time (7:30 am Central Time) on Thursday, August 10, 2017. To listen to the conference call, participants calling from within North America should dial 844-868-8847; international participants should dial 412-317-6593. Please refer to access code 10109759. 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 October 17, 2017, by dialing 877-344-7529 (U.S. callers), 855-669-9658 (Canada) and 412-317-0088 (international callers). The access code for the replay is 10109759. 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 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 5.375% Notes and 4.75% Notes that were outstanding at July 1, 2017. 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 5.375% Notes and 4.75% 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.

News Release August 9, 2017 Page 10

Cautionary Statements Regarding Forward-Looking Information:

{This media release contains “forward-looking” statements regarding the business operations and prospects of Darling Ingredients Inc., including its Diamond Green Diesel joint venture, 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,” “assumption,” 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 in fat and used cooking oil finished product prices; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the Renewable Fuel Standards Program (RFS2), low carbon fuel standards (LCFS) and tax credits for biofuels both in the Unites States and abroad; possible product recall resulting from developments relating to the discovery of unauthorized adulterations to food or food additives; the occurrence of Bird Flu including, but not limited to H5N1 flu, bovine spongiform encephalopathy (or "BSE"), porcine epidemic diarrhea ("PED") or other diseases associated with animal origin in the United States or elsewhere; 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 regulations (including, without limitation, China) affecting the industries in which the Company operates or its value added products (including new or modified animal feed, Bird Flu, PED or BSE or similar or unanticipated regulations); risks associated with the renewable diesel plant in Norco, Louisiana owned and operated by a joint venture between Darling Ingredients and Valero Energy Corporation, including possible unanticipated operating disruptions and issues related to the announced expansion project; difficulties or a significant disruption in our information systems or failure to implement new systems and software successfully, including our ongoing enterprise resource planning project; 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 likely 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 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:
Melissa A. Gaither, VP IR and Global Communications 251 O’Connor Ridge Blvd., Suite 300 Irving, Texas 75038	Email : mgaither@darlingii.com Phone : 972-717-0300

EX-99.2

Randall C. Stuewe, Chairman and CEO Patrick C. Lynch, EVP Chief Financial Officer Melissa A. Gaither, VP IR and Global Communications Second Quarter 2017 Earnings Conference Call August 10, 2017 Exhibit – 99.2

2 This presentation contains “forward-looking” statements regarding the business operations and prospects of Darling Ingredients Inc., including its Diamond Green Diesel joint venture, 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,” “assumption,” 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 in fat and used cooking oil finished product prices; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the Renewable Fuel Standards Program (RFS2), low carbon fuel standards (LCFS) and tax credits for biofuels both in the Unites States and abroad; possible product recall resulting from developments relating to the discovery of unauthorized adulterations to food or food additives; the occurrence of Bird Flu including, but not limited to H5N1 flu, bovine spongiform encephalopathy (or "BSE"), porcine epidemic diarrhea ("PED") or other diseases associated with animal origin in the United States or elsewhere; 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 regulations (including, without limitation, China) affecting the industries in which the Company operates or its value added products (including new or modified animal feed, Bird Flu, PED or BSE or similar or unanticipated regulations); risks associated with the renewable diesel plant in Norco, Louisiana owned and operated by a joint venture between Darling Ingredients and Valero Energy Corporation, including possible unanticipated operating disruptions and issues related to the announced expansion project; difficulties or a significant disruption in our information systems or failure to implement new systems and software successfully, including our ongoing enterprise resource planning project; 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 likely 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 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. Safe Harbor Statement

3 $50 $60 $70 $80 $90 $100 $110 $120 $130 Quarterly Adjusted EBITDA 2Q16 3Q16 4Q16 1Q17 2Q17 $98.9 $102.5 $124.0 $106.2 $112.8 $110.1 Gross Profit and Margin $ 2 0 0 .2 $ 1 8 2 .7 $ 1 9 2 .8 $ 1 9 0 .4 $ 1 9 5 .6 $140 $150 $160 $170 $180 $190 $200 $210 2Q16 3Q16 4Q16 1Q17 2Q17 Gross Profit 22.8% 21.7% % Gross Margin 21.4% 21.6% 21.8% 2Q 2017 Overview $ in millions $ in millions $ in millions Strong Free Cash Flow Generation Adjusted EBITDA is a Non-U.S. GAAP Measure (See slide 16) $ 1 1 2 .8 $ 1 0 2 .5 $ 1 1 0 .1 $ 7 5 .3 $ 6 2 .3 $ 6 5 .5 $ 3 7 .5 $ 4 0 .2 $ 4 4 .6 $0 $20 $40 $60 $80 $100 $120 4Q 2016 1Q 2017 2Q17 Adjusted EBITDA Capex Free Cash Flow (Adjusted EBITDA after Capex) Second Quarter 2017 Earnings Summary • Net sales – $896.3 million – Up 2.2% from 2Q 2016 • Net income – $9.1 million • EPS at $0.05 per diluted share • Adjusted EBITDA – $110.1 million • DGD joint venture EBITDA – $12.4 million (Darling’s share)

4 Q2 2017 Overview Year over Year • Global volumes up 1.4% over 2Q 2016. • Global pricing was mixed during the quarter. Global fat pricing remained fairly neutral while protein prices were down. • Gross margins were primarily impacted by pressure in the Food segment principally the gelatin business in South America and scheduled downtime in North America. • SG&A was higher in the quarter due primarily to equity award accounting and the absence of the F/X gain in 2Q 2016. • The absence of the blenders tax credit negatively impacted overall profitability by approximately $22 million EBITDA or $0.09 EPS. • Strong free cash flow in the quarter that led to a $45 million debt reduction. Consolidated Earnings US$ (millions) except per share price Q2 2016 Q3 2016 Q4 2016 Total 2016 Q1 2017 Q2 2017 Revenue 877.3$ 853.9$ 887.3$ 3,398.1$ 880.1$ 896.3$ Gross Margin 200.2 182.7 192.8 756.4 190.4 195.6 Gross Margin % 22.8% 21.4% 21.7% 22.3% 21.6% 21.8% SG&A 76.2 76.5 79.9 314.0 87.9 85.5 SG&A Margin % 8.7% 9.0% 9.0% 9.2% 10.0% 9.5% Operating Income 54.5 35.5 35.4 152.1 31.4 37.1 EBITDA (1) 124.0 106.2 112.8 441.9 102.5 110.1 EBITDA Margin % 14.1% 12.4% 12.7% 13.0% 11.6% 12.3% Interest Expense (24.0) (23.9) (22.4) (94.2) (21.7) (22.4) Foreign Currency gain/(loss) 0.0 0.4 0.4 (1.9) (0.3) (2.1) Other Expense (2) (2.4) (1.9) 1.7 (3.9) (0.9) (2.9) Equity in net income of unconsolidated subsidiaries 13.9 18.1 32.7 70.4 0.7 8.3 Income Tax (Expense)/Benefit (8.0) 0.7 (6.2) (15.3) (1.8) (7.7) Net income attributable to noncontrolling interests (2.0) (0.2) (1.1) (4.9) (1.6) (1.2) Net income attributable to Darling 32.0$ 28.7$ 40.5$ 102.3$ 5.8$ 9.1$ Earnings per sh (fully diluted) 0.19$ 0.17$ 0.25$ 0.62$ 0.04$ 0.05$ (1) Does not inlcude Unc nsolidated Subsidiaries EBITDA. (2) Rounding captured in Other Expense.

5 Non-GAAP EBITDA Margin Feed Note: Cost of Sales includes raw material costs, collection costs and factory costs. EBITDA Bridge Q2-2016 to Q2-2017 (millions) Feed Segment $83.4$84.3 $12.0 $83.5 0 20 40 60 80 100 ($9.9) Price / Yield ($0.8) ($0.5) Cost of Sales VolumesEBITDA Q2 16 FX Impact ($0.9) Adjusted EBITDA Other EBITDA Q2 17 Key Drivers – Q2 2017 10 11 12 13 14 15 16 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 15.4% 14.8% 13.7% 13.5% 15.2% • Global volumes strong especially in Europe • Strong global rendering performance • Fat pricing remained firm with demand trending lower late in the quarter following the palm oil complex • North American protein markets were mixed with strong pet food demand offset by continued lagging meat and bone meal pricing US$ and metric tons (millions) Q2 2016 Q3 2016 Q4 2016 Total 2016 Q1 2017 Q2 2017 Revenue $543.0 $531.4 $538.5 $2,089.1 $552.6 $549.1 Gross Margin 126.8 117.8 116.2 464.3 120.0 126.9 Gross Margin % 23.4% 22.2% 21.6% 22.2% 21.7% 23.1% SG&A 43.3 38.9 42.1 169.6 45.5 43.5 SG&A Margin % 8.0% 7.3% 7.8% 8.1% 8.2% 7.9% Operati g Income 41.4 35.2 25.3 115.8 30.8 39.0 EBITDA (1) $83.5 $78.9 $73.9 $294.6 $74.5 $83.4 Raw Material Processe (million metric tons) 1.97 1.97 2.06 7.97 2.05 2.02 (1) Does not include Unconsolidated Subsidiaries EBITDA.

Note: Cost of Sales includes raw material costs, collection costs and factory costs. Non-GAAP EBITDA Margin Food Key Drivers– Q2 2017 • Rousselot gelatin business continued to face headwinds in South America with margin compression from rising raw material prices and ongoing macroeconomic issues • CTH casings business outperformed as a result of the short hog supply in China driving strong demand for hog casings • Sonac edible fats delivered steady performance despite a weakening palm oil market 6 EBITDA Bridge Q2-2016 to Q2-2017 (millions) Food Segment $29.2 $30.0 $37.4 $1.7 $13.3 0 10 20 30 40 50 60 FX Impact EBITDA Q2 17 Price / Yield ($0.8) Other ($7.0) Cost of Sales ($15.4) EBITDA Q2 16 Volumes Adjusted EBITDA US$ and metric tons (millions) Q2 2016 Q3 2016 Q4 2016 Total 2016 Q1 2017 Q2 2017 Revenue $272.1 $262.0 $279.9 $1,061.9 $267.8 $279.8 Gross Margin 57.8 50.7 56.7 227.5 56.8 56.0 Gross Margin % 21.3% 19.3% 20.3% 21.4% 21.2% 20.0% SG&A 20.5 25.4 26.5 96.2 25.1 26.8 SG&A Margin % 7.5% 9.7% 9.5% 9.1% 9.4% 9.6% Operating Income 19.7 7.9 11.7 61.2 14.1 11.0 EBITDA $37.4 $25.3 $30.0 $131.3 $31.7 $29.2 Raw Material Proce sed (million metric tons) 0.27 0.26 0.28 1.08 0.27 0.28 4 6 8 10 12 14 16 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 13.7% 9.7% 10.7% 11.8% 10.4%

Non-GAAP EBITDA Margin Fuel 7 Note: Cost of Sales includes raw material costs, collection costs and factory costs. EBITDA Bridge Q2-2016 to Q2-2017 (millions) Fuel Segment $9.8 $10.1 $9.3 $13.8 0 5 10 15 20 25 Cost of Sales ($9.7) Volumes ($2.1) Price / Yield FX Impact ($0.3) Adjusted EBITDA ($1.2) Other EBITDA Q2 17 EBITDA Q2 16 Key Drivers – Q2 2017 US$ and metric tons (millions) Q2 2016 Q3 2016 Q4 2016 Total 2016 Q1 2017 Q2 2017 Revenue $62.3 $60.4 $68.8 $247.1 $59.7 $67.4 Gross Margin 15.6 14.2 19.9 64.6 13.6 12.7 Gross Margin % 25.0% 23.5% 28.9% 26.1% 22.9% 18.8% SG&A 1.8 1.3 1.9 6.9 3.3 2.9 SG&A Margin % 2.9% 2.2% 2.8% 2.8% 5.5% 4.3% Operating Income 6.6 6.0 10.5 29.2 3.5 2.1 EBITDA (1) $13.8 $12.9 $18.0 $57.7 $10.4 $9.8 Raw Material Processed * (million metric tons) 0.30 0.29 0.31 1.18 0.30 0.29 (1) Does not include DGD EBITDA. * Excludes raw material processed at the DGD joint venture. • Rendac, disposal rendering business, delivers steady performance with strong volumes • Ecoson biophosphate plant delivered steady performance with slightly lower supply volumes • North American biodiesel continues to operate at a small loss with the absence of the blenders tax credit in 2017 vs 2016 0 5 10 15 20 25 30 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 22.2% 21.4% 26.2% 17.4% 14.5%

• DGD delivered $0.61 cents per gallon EBITDA • Absence of the blenders tax credit affecting year-over-year comparison • Q2 2017 EBITDA: $24.8 million entity level or $12.4 million Darling’s share • Current total debt in JV stands at $62.3 million. Total cash of $154.8 million at the end of June 2017 • Major expansion from 160 million gallons annually of renewable diesel to 275 million gallons still on schedule for construction and commissioning expected to be completed in late Q2 2018 8 Diamond Green Diesel (DGD) – 50/50 JV with Valero US$ (millions) Q2 2016 Q3 2016 Q4 2016 Total 2016 Q1 2017 Q2 2017 EBITDA (Darling's share) $18.3 $22.5 $36.7 $87.2 $5.0 $12.4 Gallons Produced 43.8 43.8 42.0 158.1 32.0 43.7 Gallons Sold/Shipped 42.7 42.5 46.6 160.9 32.7 40.5 Diamond Green Diesel (50% Joint Venture)

Balance Sheet Highlights Leverage Ratios 9 Debt Summary Balance Sheet Highlights and Debt Summary July 1, 2017 Actual Credit Agreement Total Debt to EBITDA: 3.59x 5.50x (US$, in thousands) July 1, 2017 Cash (includes restricted cash of $282) 125,099$ Accounts receivable 382,957 Total Inventories 359,635 Net working capital 435,949 Net property, plant and equipment 1,584,735 Total assets 4,829,876 Total debt 1,746,923 Shareholders' equity 2,167,206$ (US$, in thousands) July 1, 2017 Amended Credit Agreement Revolving Credit Facility 5,000$ Term Loan A 114,425 Term Loan B 535,249 5.375% Senior Notes due 2022 493,002 4.750% Euro Senior Notes due 2022 578,429 Other Notes and Obligations 20,818 Total Debt: 1,746,923$

Appendix – Additional Information

11Feed Segment - Historical US$ and metric tons (millions) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Total 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Total 2016 Q1 2017 Q2 2017 Revenue $547.5 $529.4 $525.2 $472.2 $2,074.3 $476.2 $543.0 $531.4 $538.5 $2,089.1 $552.6 $549.1 Gross Margin 123.5 124.5 116.2 96.7 460.9 103.5 126.8 117.8 116.2 464.3 120.0 126.9 Gross Margin % 22.6% 23.5% 22.1% 20.5% 22.2% 21.7% 23.4% 22.2% 21.6% 22.2% 21.7% 23.1% SG&A 48.0 48.7 39.7 42.2 178.6 45.3 43.3 38.9 42.1 169.6 45.5 43.5 SG&A Margin % 8.8% 9.2% 7.6% 8.9% 8.6% 9.5% 8.0% 7.3% 7.8% 8.1% 8.2% 7.9% Operating Income 35.4 35.4 35.6 10.1 116.5 13.9 41.4 35.2 25.3 115.8 30.8 39.0 EBITDA $75.5 $75.9 $76.5 $54.4 $282.3 $58.3 $83.5 $78.9 $73.9 $294.6 $74.5 $83.4 EBITDA Margin % 13.8% 14.3% 14.6% 11.5% 13.6% 12.2% 15.4% 14.8% 13.7% 14.1% 13.5% 15.2% Raw Material Processed (millions of metric tons) 1.87 1.83 1.86 1.89 7.45 1.97 1.97 1.97 2.06 7.97 2.05 2.02

12 Change in Net Sales - Three Months Ended July 2, 2016 over July 1, 2017 (1) Rendering Net Sales- Other category includes hides, pet food, and service charges (2) Other Net Sales category includes trap services, industrial residual services and organic fertilizer Feed Ingredients Segment Fats Proteins Other (1) Total Rendering Used Cooking Oil Bakery Other (2) Total Net Sales Three Months Ended July 2, 2016 152.9$ 199.1$ 70.4$ 422.4$ 41.7$ 56.4$ 22.5$ 543.0$ Changes: I crease/(Decrease) in sales volumes 6.9 1.2 - 8.1 - (1.9) - 6.2 I crease/(Decrease) in finished product prices 1.7 (2.1) - (0.4) 3.8 (2.9) - 0.5 Decrease due to currency exchange rates (1.3) (2.4) (1.3) (5.0) (0.1) - - (5.1) Other change - - 4.4 4.4 - - 0.1 4.5 Total Change: 7.3 (3.3) 3.1 7.1 3.7 (4.8) 0.1 6.1 Net Sales Three Months Ended July 1, 2017 160.2$ 195.8$ 73.5$ 429.5$ 45.4$ 51.6$ 22.6$ 549.1$ Rendering Sales Change in Net Sales - 2Q16 to 2Q17 Change in Net Sales – Six Months Ended July 2, 2016 over July 1, 2017 Fats Proteins Other (1) Total Renderin g Used Cooking Oil Bakery Other (2) Total N t Sal s Year-to-Date E ded July 2, 2016 278.2$ 371.1$ 137.0$ 786.3$ 76.0$ 110.9$ 45.9$ 1,019.1$ Changes: Increase/(Decrease) in sales volumes 19.9 18.5 - 38.4 (0.8) (1.5) - 36.1 Increase/(Decrease) in finished product prices 22.0 8.5 - 30.5 14.3 (1.7) - 43.1 Decrease due to currency exchange rates (1.9) (4.1) (3.0) (9.0) - - - (9.0) Other change - - 13.0 13.0 - - (0.6) 12.4 Total Change: 40.0 22.9 10.0 72.9 13.5 (3.2) (0.6) 82.6 Net Sales Year-to-Date Ended July 1, 2017 318.2$ 394.0$ 147.0$ 859.2$ 89.5$ 107.7$ 45.3$ 1,101.7$ Rendering Sales Change in Fiscal Year End Net Sales 2016 to 2017

13Jacobsen, Wall Street Journal and Thomson Reuters Historical Pricing 2016 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. Bleachable Fancy Tallow - Chicago Renderer / cwt $23.53 $27.10 $30.09 $27.07 $32.93 $32.81 $31.64 $32.57 $29.95 $28.00 $28.00 $28.59 $28.43 $32.00 $32.00 $30.77 $29.75 Yellow Grease - Illinois / cwt $19.03 $20.89 $23.51 $21.25 $26.40 $27.56 $25.95 $26.77 $24.54 $23.86 $23.71 $24.01 $23.31 $22.76 $22.96 $23.05 $23.77 Meat and Bone Meal - Ruminant - Illinois / ton $184.74 $198.38 $272.84 $220.98 $314.17 $305.00 $356.59 $328.26 $378.75 $325.98 $272.02 $325.56 $230.00 $219.88 $217.26 $223.24 $274.51 Poultry By-Product Meal - Feed Grade - Mid South/ton $247.11 $235.00 $263.64 $249.10 $308.10 $296.79 $307.73 $305.58 $380.88 $392.83 $313.33 $364.37 $277.50 $277.50 $288.21 $281.43 $300.12 Poultry By-Product Meal - Pet Food - Mid South/ton $498.03 $497.50 $521.48 $506.31 $573.81 $505.83 $588.64 $557.81 $649.38 $596.30 $534.17 $593.47 $533.33 $551.25 $628.45 $571.09 $557.17 Feathermeal - Mid South / ton $255.39 $244.88 $325.45 $277.21 $409.88 $319.05 $342.73 $358.91 $476.88 $452.61 $362.98 $432.57 $325.00 $344.25 $400.95 $356.91 $356.40 2016 Cash Corn Pricing Competing Ingredient for Bakery Feeds and Fats January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Corn - Track Central IL #2 Yellow / bushel $3.58 $3.54 $3.52 $3.55 $3.63 $3.77 $3.85 $3.75 $3.28 $3.09 $3.10 $3.16 $3.28 $3.29 $3.32 $3.30 $3.44 European Benchmark Pricing 2016 January February March Q1 Avg. April May June Q2 Avg. July August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Palm oil - CIF Rotterdam / metric ton $565 $646 $686 $632 $720 $702 $684 $702 $648 $719 $749 $705 $718 $748 $789 $752 $697.75 Soy meal - CIF Rotterdam / metric ton $339 $326 $320 $328 $341 $420 $465 $409 $439 $399 $372 $403 $363 $358 $360 $360 $375.08 2016 Average Jacobsen Prices (USD) 2016 Average Wall Street Journal Prices (USD) 2016 Average Thomson Reuters Prices (USD) QTR. Over QTR. Year Over Year Comparison Q1-2017 Q2-2017 % Q2-2016 Q2-2017 % Average Jacobsen Prices (USD) Avg. Avg. Change Avg. Avg. Change Bleachable Fancy Tallow - Chicago Renderer / cwt $31.35 $33.61 7.2% $32.57 $33.61 3.2% Yellow Grease - Illinois / cwt $23.78 $25.64 7.8% $26.77 $25.64 -4.2% Meat and Bone Meal - Ruminant - Illinois / ton $270.69 $251.91 -6.9% $328.26 $251.91 -23.3% Poultry By-Product Meal - Feed Grade - Mid South / ton $287.42 $284.90 -0.9% $305.58 $284.90 -6.8% Poultry By-Product Meal - Pet Food - Mid South / ton $635.89 $688.91 8.3% $557.81 $688.91 23.5% Feathermeal - Mid South / ton $422.94 $390.14 -7.8% $358.91 $390. 4 8.7% Average Wall Street Journal Prices (USD) Corn - Track Central IL #2 Yellow / bushel $3.45 $3.46 0.3% $3.75 $3.46 -7.7% Average Thomson Reuters Prices (USD) Palm oil - CIF Rotterdam / metric ton $765 $690 -9.8% $702 $690 -1.7% Soy meal - CIF Rotterdam / metric ton $368 $341 -7.3% $409 $341 -16.6% 2017 Finished Product Pricing Feed Segment Ingredients January February March Q1 Avg. April May June Q2 Avg. July Bleachable Fancy Tallow - Chicago Renderer / cwt $32.00 $31.68 $30.50 $31.35 $30.74 $33.75 $35.89 $33.61 $36.00 Yellow Grease - Illinois / cwt $23.42 $23.70 $24.16 $23.78 $24.61 $25.21 $26.93 $25.64 $27.14 Meat and Bone Meal - Ruminant - Illinois / ton $258.03 $289.74 $273.91 $270.69 $268.82 $243.86 $245.80 $251.91 $282.00 Poultry By-Product Meal - Feed Grade - Mid South/ton $290.00 $293.68 $280.00 $287.42 $284.74 $285.00 $285.00 $284.90 $285.00 Poultry By-Product Meal - Pet Food - Mid South/ton $648.68 $615.13 $644.02 $635.89 $699.34 $706.82 $660.80 $688.91 $603.13 Feathermeal - Mid South / ton $455.00 $431.84 $386.74 $422.94 $383.95 $394.32 $392.05 $390.14 $397.50 2017 Cash Corn Pricing Competing Ingredient for Bakery Feeds and Fats January February March Q1 Avg. April May June Q2 Avg. July Corn - Track Central IL #2 Yellow / bushel $3.46 $3.49 $3.41 $3.45 $3.38 $3.48 $3.52 $3.46 $3.49 2017 European Benchmark Pricing Palm Oil - Competing ingredient for edible fats in Food Segment Soy meal - Competing ingredient for protein meals in Feed Segment January February March Q1 Avg. April May June Q2 Avg. July Palm oil - CIF Rotterdam / metric ton $804 $772 $719 $765 $672 $732 $666 $690 $665 Soy meal - CIF Rotterdam / metric ton $371 $374 $359 $368 $347 $344 $331 $341 $341 2017 Average Jacobsen Prices (USD) 2017 Average Wall Street Journal Prices (USD) 2017 Average Thomson Reuters Prices (USD)

14Food Segment - Historical US$ and metric tons (millions) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Total 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Total 2016 Q1 2017 Q2 2017 Revenue $270.2 $283.4 $269.2 $272.1 $1,094.9 $247.9 $272.1 $262.0 $279.9 $1,061.9 $267.8 $279.8 Gross Margin 53.5 60.2 54.8 62.9 231.4 62.3 57.8 50.7 56.7 227.5 56.8 56.0 Gross Margin % 19.8% 21.2% 20.4% 23.1% 21.1% 25.1% 21.3% 19.3% 20.3% 21.4% 21.2% 20.0% SG&A 25.5 27.9 26.1 23.8 103.3 23.8 20.5 25.4 26.5 96.2 25.1 26.8 SG&A Margin % 9.4% 9.8% 9.7% 8.7% 9.4% 9.6% 7.5% 9.7% 9.5% 9.1% 9.4% 9.6% Operating Income 10.8 15.5 11.6 23.3 61.2 21.9 19.7 7.9 11.7 61.2 14.1 11.0 EBITDA $28.0 $32.3 $28.7 $39.1 $128.1 $38.6 $37.4 $25.3 $30.0 $131.3 $31.7 $29.2 EBITDA Margin % 10.4% 11.4% 10.7% 14.4% 11.7% 15.6% 13.7% 9.7% 10.7% 12.4% 11.8% 10.4% Raw Material Processed (millions of metric tons) 0.27 0.28 0.26 0.26 1.07 0.27 0.27 0.26 0.28 1.08 0.27 0.28

15 (1) Pro forma Adjusted EBITDA assumes blenders tax credit was received during quarters earned in 2015 and Q1 and Q2 2017 for comparison to 2016 when the blenders tax credit was prospective. Fuel Segment - Historical US$ and metric tons (millions) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Total 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Total 2016 Q1 2017 Q2 2017 Revenue $57.0 $46.5 $59.3 $65.4 $228.2 $55.6 $62.3 $60.4 $68.8 $247.1 $59.7 $67.4 Gross Margin 13.2 6.3 11.4 20.2 51.1 14.9 15.6 14.2 19.9 64.6 13.6 12.7 Gross Margin % 23.1% 13.5% 19.2% 30.9% 22.4% 26.8% 25.0% 23.5% 28.9% 26.1% 22.9% 18.8% SG&A 4.0 (2.3) 4.5 1.1 7.3 1.9 1.8 1.3 1.9 6.9 3.3 2.9 SG&A Margin % 7.0% -4.9% 7.6% 1.7% 3.2% 3.4% 2.9% 2.2% 2.8% 2.8% 5.5% 4.3% Operating Income 2.5 2.0 0.2 12.5 17.2 6.1 6.6 6.0 10.5 29.2 3.5 2.1 EBITDA 9.1 8.6 7.0 19.2 43.9 13.0 13.8 12.9 18.0 57.7 10.4 $9.8 Pro forma Adjusted EBITDA (1) $10.2 $10.6 $9.1 $14.0 $43.9 $13.0 $13.8 $12.9 $18.0 $57.7 $12.2 $11.9 EBITDA Margin % 16.0% 18.5% 11.8% 29.4% 19.2% 23.4% 22.2% 21.4% 26.2% 23.4% 17.4% 14.5% Raw Material Processed * (millions of metric tons) 0.30 0.29 0.27 0.31 1.17 0.28 0.30 0.29 0.31 1.18 0.30 0.29 *Excludes raw material processed at the DGD joint venture. Diamond Green Diesel (50% Joint Venture) US$ (millions) Q1 2015 Q2 2015 Q3 2015 Q4 2015 Total 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Total 2016 Q1 2017 Q2 2017 EBITDA (Darling's share) $2.3 $7.9 ($8.3) $86.6 $88.5 $9.6 $18.3 $22.5 $36.7 $87.2 $5.0 $12.4 Pro forma Adjusted EBITDA (1) $19.6 $30.2 $11.7 $27.0 $88.5 $9.6 $18.3 $22.5 $36.7 $87.2 $21.4 $32.7 Total Gallons Produced 37.5 41.9 39.9 37.5 156.6 28.5 43.8 43.8 42.0 158.1 32.0 43.7 Total Gallons Sold/Shipped 34.6 44.6 39.9 37.5 156.6 29.1 42.7 42.5 46.6 161.0 32.7 40.5

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 5.375% Notes and 4.75% Notes that were outstanding at July 1, 2017. 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 5.375% Notes and 4.75% 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. 16 Non-U.S. GAAP Measures

17 Note: See slide 16 for information regarding Darling’s use of Non-GAAP measures. Adjusted EBITDA (1) The average rates assumption used in this calculation was the actual fiscal average rate for the three months ended July 2, 2016 of €1.00:USD$1.13 and CAD$1.00:USD$0.78 as compared to the average rate for the three months ended July 1, 2017 of €1.00:USD $1.10 and CAD$1.00:USD$0.74, respectively. The average rates assumption used in this calculation was the actual fiscal average rate for the six months ended July 2, 2016 of €1.00:USD$1.12 and CAD$1.00:USD$0.75 as compared to the average rate the six months ended July 1, 2017 of €1.00:USD$1.08 and CAD$1.00:USD$0.75, respectively. Adjusted EBITDA and Pro Forma Adjusted EBITDA (US$ in thousands) July 1, July 2, July 1, July 2, 2017 2016 2017 2016 Net income attributable to Darling $ 9,149 $ 31,999 $ 14,978 $ 33,078 Depreciation and amortization 72,990 69,531 144,104 141,787 Interest expense 22,446 23,980 44,126 47,881 Income tax expense 7,742 7,983 9,560 9,846 Foreign currency loss 2,111 (8) 2,375 2,595 Other expense, net 2,696 2,373 3,656 3,678 Equity in net (income) of unconsolidated subsidiaries (8,260) (13,852) (8,966) (19,495) Net income attributable to noncontrolling interests 1,179 1,992 2,748 3,576 Adjusted EBITDA $ 110,053 $ 123,998 $ 212,581 $ 222,946 Acquisition and integration-related expenses - 70 - 401 Pro forma Adjusted EBITDA (Non-GAAP) $ 110,053 $ 124,068 $ 212,581 $ 223,347 Foreign currency exchange impact (1) 1,973 - 3,805 - Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) $ 112,026 $ 124,068 $ 216,386 $ 223,347 DGD Joint Venture Adjusted EBITDA (Darling's Share) $ 12,406 $ 18,331 $ 17,443 $ 27,960 Three Months Ended - Year over Year Six Months Ended - Year over Year