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) May 9, 2018

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 May 9, 2018, Darling Ingredients Inc. (the “Company”) issued a press release announcing financial results for the first quarter ended March 31, 2018. A copy of this press release is attached hereto as Exhibit 99.1.

The Company will hold a conference call and webcast on Thursday, May 10, 2018 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 9.01. Financial Statements and Exhibits.

(d)           Exhibits.

99.1	Press Release dated May 9, 2018 (furnished pursuant to Item 2.02).
99.2	Slide Presentation for May 10, 2018 Earnings Call (furnished pursuant to Item 2.02).

2

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:  May 9, 2018	By:	/s/ John F. Sterling
		John F. Sterling
		Executive Vice President, General Counsel

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EX-99.1

EXHIBIT 99.1

News Release

DARLING INGREDIENTS INC. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS:

Improved Global Food Segment, Steady Fuel Segment Performance and

Substantial Progress on Diamond Green Diesel JV Phase Three Expansion Review

May 9, 2018 - 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 2018 first quarter ended March 31, 2018.

First Quarter 2018 Overview

• Revenue of $875.4 million, includes $12.6 million BTC from 2017 and $46.2 million reduction as a result of ASC 606 adoption in Q1 2018

• Net income of $97.3 million, or $0.58 per GAAP diluted share

• Adjusted EBITDA of $110.4 million

• Continued strong global raw material volumes, up 2.7 percent

• Lower feed segment EBITDA as a result of lower fat pricing partially offset by robust protein values

• Diamond Green Diesel debt free following $53.7 million debt payment

• Euro Bonds refinanced in late April, extending maturity from 2022 to 2026 with more favorable terms

For the first quarter of 2018, the Company reported net sales of $875.4 million, as compared with net sales of $878.5 million for the first quarter of 2017. Net income attributable to Darling for the three months ended March 31, 2018 was $97.3 million, or $0.58 per diluted share, compared to a net income of $5.8 million, or $0.04 per diluted share, for the first quarter of 2017. The increase in net income for the first quarter 2018 is primarily due to the inclusion of the blenders tax credit passed retroactive for 2017 in February of 2018, which was not reported first quarter 2017 and has not yet been reinstated for 2018. First quarter results also reflect a $46.2 million revenue reduction as a result of adoption of ASC 606 in Q1 2018 whereby freight revenue is now presented net in cost of sales.

Comments on the First Quarter 2018

“Our operating results for the quarter were mixed, with lower Feed segment earnings offset by modestly improved Food and Fuel earnings. Harsh winter weather impacted many of our North American operations while global slaughter remained robust. The excess supply ultimately pressured prices in the Feed segment as raw material price adjustments lagged and inventories built. Steady and improving earnings in our Food and Fuel segments reflect the stability of those markets,” said Randall C. Stuewe, Chairman and Chief Executive Officer of Darling Ingredients Inc. “Our Diamond Green Diesel JV benefited from the lower fat prices and continues to provide a hedge to our core Feed segment earnings. For the quarter, DGD operated at capacity post the 12-day turnaround at the predicted EBITDA per gallon run rate and we remain optimistic we will achieve the predicted $1.25 per gallon EBITDA for the full year. We’ve made substantial progress on our cost analysis of the facility’s Phase III expansion to 600 million gallons per year and we expect to finalize our plans later this summer.”

Stuewe continued, “Recently, we further strengthened our liquidity and capital structure through a private offering of €515 million of unsecured senior notes due 2026 at 3.625%. This gives us financial flexibility by extending maturity and improving our cost of borrowing. We concurrently conducted a cash tender offer of all our outstanding 4.75% senior notes that were due 2022. We will continue to focus on maintaining the strength of our balance sheet as we capitalize on our world of growth opportunities, and we’re off to a good start in 2018.”

News Release May 9, 2018 Page 2

Operational Update by Segment

• Feed Ingredients - Harsh winter weather challenged North America plant operations. Global fat prices trended sharply lower due to ample supplies and seasonality of biofuel business. Formula pricing lagged as markets cycled lower before rebounding, while protein prices recovered on strong demand for specialty products. Strong slaughter drove global volumes up 3.2 percent year-over-year.

• Food Ingredients - Improved performance was led by higher sales volumes and increased demand from Rousselot gelatin business. Earnings improved in Brazil while challenging conditions continued to impact Argentina. We had steady performance in China and North America while Europe margins were tempered by strengthening Euro. Sonac edible fats maintained robust sales volumes offset by lower selling prices due to deflationary pressure on global palm oil markets. CTH casings business delivered a solid quarter.

• Fuel Ingredients - We realized benefit of $12.6 million full year BTC made retroactive for 2017 in February 2018. Ecoson bioenergy plant delivered strong results on higher sales volumes. Rendac leveraged strong supply volumes producing consistent earnings while North American biodiesel facilities operated at breakeven without the BTC for 2018.

• Diamond Green Diesel Joint Venture (DGD) - DGD excelled operationally and reported entity level EBITDA of $1.19 per gallon on 33.4 million gallons of sales. When adjusted for expensed catalyst changeover, adjusted EBITDA was $1.28 per gallon. Retroactive BTC, approved in Feb. 2018, added $0.48 per share and Q1 2018 EBITDA, excluding the 2017 BTC, was $39.8 million at the entity level, or $19.9 million for Darling’s share. Q1 2018 does not include a vessel carrying 130,000 barrels which was loaded on the last day of March and will be recognized in Q2 2018. JV was fully deleveraged with final debt payment of $53.7 million. Expected downtime for 275-million-gallon expansion is scheduled for mid-June and will take 45 days with operations to commence around August 1.

Financial Update by Segment

Feed Ingredients	Three Months Ended
($ thousands)	March 31, 2018		April 1, 2017
Net sales	$	485,798	$	552,624
Selling, general and administrative expenses	48,265		44,837
Depreciation and amortization	46,789		43,719
Segment operating income	21,657		31,492
EBITDA	$	68,446	$	75,211
*EBITDA calculated by adding depreciation and amortization to segment operating income.

• Feed Ingredients operating income for the three months ended March 31, 2018 was $21.7 million, a decrease of $9.8 million or (31.1)% as compared to the three months ended April 1, 2017. Feed Ingredients segment operating income was down in the three months ended March 31, 2018 as compared to the same period in fiscal 2017 due to lower finished fat product prices that more than offset increased raw material volumes.

• Feed Ingredients net sales during the three months ended March 31, 2018 were $485.8 million as compared to $552.6 million during the three months ended April 1, 2017, a decrease of approximately $66.8 million or (12.1)%. Net sales for the Feed Ingredients segment were lower due to the Company’s sale of a portion of its interest in a

News Release May 9, 2018 Page 3

majority owned consolidated subsidiary operating in the cattle hides business as part of its European operations, which resulted in the foreign subsidiary being deconsolidated and accounted for using the equity method of accounting, effective January 2018. Also contributing to the lower sales in the Feed Ingredients segment was the change in freight revenue recognition per ASC 606, where billed freight moved from net sales to cost of sales, and the decrease in fat finished product pricing compared to the same period of fiscal 2017.

Food Ingredients	Three Months Ended
($ thousands)	March 31, 2018		April 1, 2017
Net sales	$	305,520	$	266,226
Selling, general and administrative expenses	23,861		24,977
Depreciation and amortization	20,640		17,601
Segment operating income	11,834		14,256
EBITDA	$	32,474	$	31,857
*EBITDA calculated by adding depreciation and amortization to segment operating income.

• Food Ingredients operating income was $11.8 million for the three months ended March 31, 2018, a decrease of $2.5 million or (17.5)% as compared to the three months ended April 1, 2017. This decrease was a result of lower earnings in the gelatin business in Europe, impacted by less stable export sales markets due to lower exchange rates. This decrease more than offset improved results in the South American market. The Company’s edible fat markets were lower as a result of lower fat prices as compared to the same period in fiscal 2017. The casings business delivered slightly lower earnings due to pressure on raw material prices as compared to the same period in fiscal 2017.

• Food Ingredients net sales overall increased as a result of currency exchange rates and higher sales volumes in both the gelatin and casings businesses.

Fuel Ingredients	Three Months Ended
($ thousands)	March 31, 2018			April 1, 2017
Net sales	$	84,056		$	59,660
Selling, general and administrative expenses	(1,398		)	3,263
Depreciation and amortization	8,471			6,845
Segment operating income	17,157			3,554
EBITDA	$	25,628		$	10,399
*EBITDA calculated by adding depreciation and amortization to segment operating income.

• Exclusive of the DGD Joint Venture, the Company’s Fuel Ingredients segment income for the three months ended March 31, 2018 was $17.2 million, an increase of $13.6 million or 377.8% as compared to the same period in fiscal 2017. The increase in earnings is primarily due to the reinstated fiscal 2017 blenders tax credits of approximately

News Release May 9, 2018 Page 4

$12.6 million recorded in the first quarter of fiscal 2018 in North America as compared to the lack of blenders tax credits in the same period of fiscal 2017.

• Exclusive of the DGD Joint Venture, the Company’s Fuel Ingredients net sales increased primarily due to the reinstated fiscal 2017 blenders tax credits in North America recorded in the first quarter of fiscal 2018 of approximately $12.6 million as compared to no blenders tax credits in the same period in fiscal 2017 and positive impacts from currency exchange rates.

News Release May 9, 2018 Page 5

Darling Ingredients Inc. and Subsidiaries

Consolidated Operating Results

For the Periods Ended March 31, 2018 and April 1, 2017

(in thousands, except per share data)

(unaudited)

	Three Months Ended
							$ Change
	March 31,			April 1,			Favorable
	2018			2017			(Unfavorable)
Net sales	$	875,374		$	878,510		$	(3,136	)
Costs and expenses:
Cost of sales and operating expenses	678,099			687,966			9,867
Selling, general and administrative expenses	86,902			86,923			21
Depreciation and amortization	78,619			71,114			(7,505		)
Total costs and expenses	843,620			846,003			2,383
Operating income	31,754			32,507			(753		)
Other expense:
Interest expense	(23,124		)	(21,680		)	(1,444		)
Foreign currency loss	(1,481		)	(264		)	(1,217		)
Other expense, net	(2,516		)	(2,053		)	(463		)
Total other expense	(27,121		)	(23,997		)	(3,124		)
Equity in net income of unconsolidated subsidiaries	97,154			706			96,448
Income before income taxes	101,787			9,216			92,571
Income taxes expense	3,712			1,818			(1,894		)
Net income	98,075			7,398			90,677
Net income attributable to noncontrolling interests	(770		)	(1,569		)	799
Net income attributable to Darling	$	97,305		$	5,829		$	91,476
Basic income per share:	$	0.59		$	0.04		$	0.55
Diluted income per share:	$	0.58		$	0.04		$	0.54

News Release May 9, 2018 Page 6

Darling Ingredients Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

March 31, 2018 and December 30, 2017

(in thousands)

		March 31,		December 30,
		2018		2017
ASSETS		(unaudited)
Current assets:
	Cash and cash equivalents	$	122,869	$	106,774
	Restricted cash	142		142
	Accounts receivable, net	413,659		391,847
	Inventories	373,121		358,183
	Prepaid expenses	40,707		38,326
	Income taxes refundable	4,694		4,509
	Other current assets	15,888		56,664
	Total current assets	971,080		956,445
Property, plant and equipment, less accumulated depreciation, net		1,657,609		1,645,822
Intangible assets, less accumulated amortization, net		659,855		676,500
Goodwill		1,309,608		1,301,093
Investment in unconsolidated subsidiaries		409,135		302,038
Other assets		63,037		62,284
Deferred income taxes		15,186		14,043
		$	5,085,510	$	4,958,225
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
	Current portion of long-term debt	$	16,722	$	16,143
	Accounts payable, principally trade	188,048		217,417
	Income taxes payable	11,290		12,300
	Accrued expenses	290,809		313,623
	Total current liabilities	506,869		559,483
Long-term debt, net of current portion		1,764,423		1,698,050
Other non-current liabilities		106,603		106,287
Deferred income taxes		268,376		266,708
	Total liabilities	2,646,271		2,630,528
Commitments and contingencies
Total Darling's stockholders' equity:		2,365,361		2,244,933
Noncontrolling interests		73,878		82,764
	Total stockholders' equity	$	2,439,239	$	2,327,697
		$	5,085,510	$	4,958,225

News Release May 9, 2018 Page 7

Darling Ingredients Inc. and Subsidiaries

Consolidated Statement of Cash Flows

Three Months Ended March 31, 2018 and April 1, 2017

(in thousands)

(unaudited)

	Three Months Ended
	March 31,			April 1,
Cash flows from operating activities:	2018			2017
Net income	$	98,075		$	7,398
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	78,619			71,114
Gain on disposal of property, plant, equipment and other assets	(462		)	(125		)
Gain on insurance proceeds from insurance settlements	(503		)	—
Deferred taxes	(2,649		)	(8,454		)
Increase in long-term pension liability	159			702
Stock-based compensation expense	8,992			6,732
Deferred loan cost amortization	2,939			2,176
Equity in net income of unconsolidated subsidiaries	(97,154		)	(706		)
Distribution of earnings from unconsolidated subsidiaries	—			25,000
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(14,590		)	(753		)
Income taxes refundable/payable	(1,384		)	7,576
Inventories and prepaid expenses	(10,182		)	(10,660		)
Accounts payable and accrued expenses	(38,422		)	(8,365		)
Other	3,486			2,823
Net cash provided by operating activities	26,924			94,458
Cash flows from investing activities:
Capital expenditures	(56,587		)	(62,292		)
Investment of unconsolidated subsidiaries	(3,500		)	(2,250		)
Proceeds from sale of investment in subsidiary	2,805			—
Gross proceeds from disposal of property, plant and equipment and other assets	1,479			1,340
Proceeds from insurance settlement	503			3,301
Payments related to routes and other intangibles	(15		)	—
Net cash used by investing activities	(55,315		)	(59,901		)
Cash flows from financing activities:
Proceeds from long-term debt	3,876			8,649
Payments on long-term debt	(9,622		)	(9,265		)
Borrowings from revolving credit facility	135,184			47,000
Payments on revolving credit facility	(80,019		)	(52,327		)
Net cash overdraft financing	(331		)	(1,077		)
Deferred loan costs	(1,094		)	(1,135		)
Issuance of common stock	182			22
Minimum withholding taxes paid on stock awards	(2,018		)	(1,995		)
Distributions to noncontrolling interests	—			(433		)
Net cash provided/(used) by financing activities	46,158			(10,561		)
Effect of exchange rate changes on cash	(1,672		)	309
Net increase in cash, cash equivalents and restricted cash	16,095			24,305
Cash, cash equivalents and restricted cash at beginning of period	106,916			114,857
Cash, cash equivalents and restricted cash at end of period	$	123,011		$	139,162
Supplemental disclosure of cash flow information:
Accrued capital expenditures	$	(1,934	)	$	(2,787	)
Cash paid during the period for:
Interest, net of capitalized interest	$	19,142		$	19,022
Income taxes, net of refunds	$	7,120		$	2,429
Non-cash financing activities:
Debt issued for assets	$	17		$	—

News Release May 9, 2018 Page 8

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

Diamond Green Diesel Joint Venture

Condensed Consolidated Balance Sheets

March 31, 2018 and December 31, 2017

(in thousands)

	March 31,		December 31,
	2018		2017
	(unaudited)
Assets:
Total current assets	$	295,775	$	202,778
Property, plant and equipment, net	475,218		435,328
Other assets	11,959		4,655
Total assets	$	782,952	$	642,761
Liabilities and members' equity:
Total current portion of long term debt	$	—	$	17,023
Total other current liabilities	40,242		40,705
Total long term debt	—		36,730
Total other long term liabilities	458		450
Total members' equity	742,252		547,853
Total liabilities and members' equity	$	782,952	$	642,761

Diamond Green Diesel Joint Venture

Operating Financial Results

Three Months Ended March 31, 2018 and March 31, 2017

(in thousands)

(unaudited)

	Three Months Ended
							$ Change
	March 31,			March 31,			Favorable
	2018			2017			(Unfavorable)
Revenues:
Operating revenues	$	150,321		$	125,397		$	24,924
Expenses:
Total costs and expenses less depreciation, amortization and accretion expense	(49,821		)	115,322			165,143
Depreciation, amortization and accretion expense	6,120			8,113			1,993
Operating income	194,022			1,962			192,060
Other income	377			223			154
Interest and debt expense, net	—			(990		)	990
Net income	$	194,399		$	1,195		$	193,204

News Release May 9, 2018 Page 9

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

First Quarter 2018 as compared to First Quarter 2017

	Three Months Ended - Year over Year
Adjusted EBITDA	March 31,			April 1,
(U.S. dollars in thousands)	2018			2017
Net income attributable to Darling	$	97,305		$	5,829
Depreciation and amortization	78,619			71,114
Interest expense	23,124			21,680
Income tax expense	3,712			1,818
Foreign currency loss	1,481			264
Other expense, net	2,516			2,053
Equity in net (income) of unconsolidated subsidiaries	(97,154		)	(706		)
Net income attributable to noncontrolling interests	770			1,569
Adjusted EBITDA	$	110,373		$	103,621
Foreign currency exchange impact (1)	(8,135		)	—
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	102,238		$	103,621
DGD Joint Venture Adjusted EBITDA (Darling's share)	$	100,071		$	5,037
(1) The average rates assumption used in the calculation was the actual fiscal average rate for the three months ended March 31, 2018 of €1.00:USD$1.23 and CAD$1.00:USD$0.80 as compared to the average rate for the three months ended April 1, 2017 of €1.00:USD$1.07 and CAD$1.00:USD $0.75, respectively.

About Darling

Darling Ingredients Inc. is 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, nutraceutical, food, pet food, feed, industrial, fuel, bioenergy and fertilizer industries.  With operations on five continents, the Company collects and transforms all aspects of animal by-product streams into useable 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 recycled oils (used cooking oil and animal fats) into valuable feed and fuel ingredients, and collects and processes residual bakery products into feed ingredients.  In addition, the Company provides environmental services, such as grease trap collection and disposal services to food service establishments and disposal services for waste solids from the wastewater treatment

News Release May 9, 2018 Page 10

systems of industrial food processing plants. The Company sells its products domestically and internationally and operates within three industry segments: Feed Ingredients, Food Ingredients and Fuel Ingredients. 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 first quarter 2018 financial results at 8:30 am Eastern Time (7:30 am Central Time) on Thursday, May 10, 2018. 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 10119234. 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 May 17, 2018, by dialing 1-877-344-7529 (U.S. callers), 855-669-9658 (Canada) and 1-412-317-0088 (international callers). The access code for the replay is 10119234. 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 March 31, 2018. 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.

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 2009 H1N1 flu (initially known as “Swine Flu”), highly pathogenic strains of avian influenza (collectively known as “Bird 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

News Release May 9, 2018 Page 11

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; risks and uncertainties relating to international sales and operations, including imposition of tariffs, quotas, trade barriers and other trade protection measures imposed by foreign countries; 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 : 972-281-4478

EX-99.2

Exhibit 99.2 Randall C. Stuewe, Chairman and CEO Brad Phillips, EVP Chief Financial Officer Melissa A. Gaither, VP IR and Global Communications

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 2009 H1N1 flu (initially known as “Swine Flu”), highly pathogenic strains of avian influenza (collectively known as “Bird 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; risks and uncertainties relating to international sales and operations, including imposition of tariffs, quotas, trade barriers and other trade protection measures imposed by foreign countries; 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.

Consolidated Earnings 3 Total Q1 Q2 Q3 Q4 Total Q1 Q1 2018 Overview US$ (millions) except per share price 2016 2017 2017 2017 2017 2017 2018 Revenue $ 3,391.9 $ 878.5 $ 894.9 $ 936.3 $ 952.6 $ 3,662.3 $ 875.4 • Harsh winter weather in N. America impacted performance Gross Margin 756.6 190.5 195.7 193.8 206.8 786.8 197.3 Gross Margin % 22.3% 21.7% 21.9% 20.7% 21.7% 21.5% 22.5% • Deflationary fat prices affected Feed segment. SG&A 311.6 86.9 84.5 82.1 90.0 343.5 86.9 Formulas playing catch up while DGD benefits. SG&A Margin % 9.2% 9.9% 9.4% 8.8% 9.4% 9.4% 9.9% Operating Income 154.7 32.5 38.2 34.4 36.1 141.2 31.8 • Sales volumes grew globally Adj. EBITDA (2) 445.0 103.6 111.2 111.6 116.9 443.3 110.4 • Earnings reflect impact of retroactive 2017 blenders Adj. EBITDA Margin % 13.1% 11.8% 12.4% 11.9% 12.3% 12.1% 12.6% tax credit (BTC) in both the Fuel Segment and equity Interest Expense (94.2) (21.7) (22.4) (22.5) (22.3) (88.9) (23.1) in unconsolidated subsidiaries Foreign Currency gain/(loss) (1.9) (0.3) (2.1) (2.1) (2.4) (6.9) (1.5) Other Expense (3) (6.5) (2.0) (4.0) (2.5) (1.3) (9.7) (2.6) • DGD delivers solid quarter and pays off $53.7M of long term debt Equity in net income of unconsolidated 70.4 0.7 8.3 7.7 11.8 28.5 97.2 subsidiaries Income Tax (Expense)/Benefit (15.3) (1.8) (7.7) (6.3) 85.0 69.2 (3.7) • Euro Bonds refinanced in April reducing interest rate to 3.625% from 4.750% and extending maturity from Net income attributable to noncontrolling (4.9) (1.6) (1.2) (0.9) (1.2) (4.9) (0.8) interests 2022 to 2026 Net income attributable to Darling $ 102.3 $ 5.8 $ 9.1 $ 7.8 $ 105.7 $ 128.5 $ 97.3 • Q1 2018 includes revenue recognition reclass for Earnings per share (fully diluted) $ 0.62 $ 0.04 $ 0.05 $ 0.05 $ 0.63 $ 0.77 $ 0.58 billed freight moved to cost of sales per new revenue standard (1) Includes $12.6M of 2017 BTC and revenue recognition for Q1 2018 (2) Does not inlcude Unconsolidated Subsidiaries EBITDA. (3) Rounding captured in Other Expense. • SG&A reflects performance compensation and retirement provisions

First Quarter 2018 Financial Summary 4 Q1 2018 Overview Gross Profit and Margin • Net sales - $875.4 million – includes $12.6 million of 2017 BTC in the $ in millions Fuel Segment $220 $210 21.7% 21.9% 22.5% $200 21.7% 20.7% • Net income - $97.3 million $190 $180 • EPS at $0.58 per diluted share $170 $160 $197.3 $195.7 $206.8 $193.8 $150 $190.5 • Adjusted EBITDA - $110.4 million $140 1Q17 2Q17 3Q17 4Q17 1Q18 • DGD joint venture Adjusted EBITDA - $100.1 million (Darling’s share) (includes blenders tax credit from full year 2017) Gross Profit % Gross Margin Strong Free Cash Flow Generation $ in millions Quarterly Adjusted EBITDA $ in millions $140 $130 $116.9 $120 $111.2 $111.6 $110.4 $110 $103.6 $100 $80 $90 $116.9 $110.4 $111.6 $111.2 $60 $103.6 $40 $70 $77.8 $65.5 $62.3 $68.6 $20 $53.8 $56.6 $50 $45.7 $41.3 $43.0 $0 $39.1 1Q17 2Q17 3Q17 4Q17 1Q18 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 Adjusted EBITDA is a Non-U.S. GAAP Measure (See slide 17) Adjusted EBITDA Capex Free Cash Flow (Adjusted EBITDA after Capex)

Feed Segment 5 US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 (millions) 2017 2017 2017 2017 2017 2018 Adj. EBITDA Bridge Q1-2017 to Q1-2018 (millions) Revenue $552.6 $549.1 $575.5 $562.3 $2,239.5 $485.8 $75.2 ($66.7) Gross Margin 120.0 126.9 126.0 122.0 494.9 116.7 80 $66.5 $2.0 $68.5 Gross Margin % 21.7% 23.1% 21.9% 21.7% 22.1% 24.0% 60 ($2.1) SG&A 44.8 42.9 44.8 45.8 178.3 48.3 40 SG&A Margin % 8.1% 7.8% 7.8% 8.1% 8.0% 9.9% $16.7 Operating Income 31.5 39.7 34.2 26.9 132.3 21.7 20 $43.4 Adj. EBITDA (1) $75.2 $84.0 $81.1 $76.2 $316.5 $68.5 0 Raw Material Processed EBITDA Price / Volumes Cost of Other Adjusted FX EBITDA 2.05 2.02 2.04 2.13 8.24 2.12 (million metric tons) Q1 17 Yield Sales EBITDA Impact Q1 18 (1) Does not include Unconsolidated Subsidiaries EBITDA. Note: Cost of Sales includes raw material costs, collection costs and factory costs. Key Drivers: Non-GAAP Adj. EBITDA Margin Feed • Harsh winter weather affected N. American plant operations • Continued strong slaughter numbers push global volumes up 3.22% 16 15.3% 14.1% over Q1 2017 15 13.6% 14.1% 14 13.6% • Formula pricing lagging as markets cycled lower before rebounding 13 12 • Fat pricing remained under pressure globally due to ample supplies and 11 seasonality of biofuel business 10 Q1 Q2 Q3 Q4 Q1 • Protein pricing rebounded on strong demand for specialty products 2017 2017 2017 2017 2018

Food Segment 6 US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 (millions) 2017 2017 2017 2017 2017 2018 Adj. EBITDA Bridge Q1-2017 to Q1-2018 (millions) Revenue (1) $266.2 $278.4 $298.9 $313.5 $1,157.0 $305.5 40 $8.9 $31.9 ($5.9) $4.3 $32.4 Gross Margin 56.8 56.0 60.2 63.6 236.6 56.3 30 $28.1 Gross Margin % 21.3% 20.1% 20.1% 20.3% 20.4% 18.4% ($11.0) $4.2 SG&A 25.0 26.7 25.5 27.4 104.6 23.9 20 SG&A Margin % 9.4% 9.6% 8.5% 8.7% 9.0% 7.8% 10 Operating Income 14.3 11.1 15.1 16.4 56.9 11.8 Adj. EBITDA $31.9 $29.3 $34.6 $36.1 $131.9 $32.4 0 EBITDA Price / Volumes Cost of Other Adjusted FX EBITDA Raw Material Processed 0.27 0.28 0.29 0.28 1.12 0.28 Q1 17 Yield Sales EBITDA Impact Q1 18 (million metric tons) Note: Cost of Sales includes raw material costs, collection costs and factory costs. (1) Revenue adjusted for Brazil VAT reclass Key Drivers: Non-GAAP Adj. EBITDA Margin Food Rousselot, gelatin business, grew sales volumes. Brazil earnings 14 12.0% • 11.5% improved over Q1 2017 while challenging conditions remain in 12 10.5% 11.6% 10.6% Argentina. Margin pressure remains in Europe due to strengthening 10 Euro. China and North America delivering as expected. 8 6 • Sonac fats continued with strong sales volumes but realized lower selling prices due to deflationary pressure on palm oil and soybean oil 4 pricing. 2 0 • CTH casings business delivered solid returns with continued high Q1 Q2 Q3 Q4 Q1 sales volumes. 2017 2017 2017 2017 2018

7 Fuel Segment (Does not include Diamond Green Diesel JV) US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 (millions) 2017 2017 2017 2017 2017 2018 Adj. EBITDA Bridge Q1-2017 to Q1-2018 (millions) Revenue $59.7 $67.4 $61.9 $76.8 $265.8 $84.1 Gross Margin 13.7 12.7 7.6 21.4 55.4 24.2 80 $25.6 Gross Margin % 22.9% 18.8% 12.3% 27.9% 20.8% 28.8% 60 $23.8 $1.8 SG&A 3.3 2.9 (0.5) 4.7 10.4 (1.4) 40 SG&A Margin % 5.5% 4.3% -0.8% 6.1% 3.9% -1.7% $12.6 $5.2 20 $10.4 Operating Income 3.6 2.1 0.2 8.1 14.0 17.2 ($8.1) $4.4 ($0.7) Adj. EBITDA (1) $10.4 $9.9 $8.1 $16.6 $45.0 $25.6 0 Raw Material Processed * EBITDA Price / Volumes 2017 Cost of Other Adjusted FX EBITDA 0.30 0.29 0.28 0.32 1.19 0.30 (million metric tons) Q1 17 Yield BTC Sales EBITDA Impact Q1 18 (1) Does not include DGD EBITDA. * Excludes raw material processed at the DGD joint venture. Note: Cost of Sales includes raw material costs, collection costs and factory costs. Key Drivers: 35 Non-GAAP Adj. EBITDA Margin 30.4% • Fuel segment includes full year 2017 BTC of $12.6M passed retro 30 Fuel active in February of 2018 25 21.6% • North American biodiesel operating at breakeven without the 20 17.4% 14.7% BTC for 2018. 15 13.1% 10 • Ecoson, European bioenergy business, delivered strong results related to high sales volumes 5 0 • Rendac, European disposal rendering business, continued with Q1 Q2 Q3 Q4 Q1 strong supply volumes producing consistent results over Q1 2017 2017 2017 2017 2017 2018

8 DGD - ENTITY LEVEL ➢ DGD JV Long term debt of $53.7M has been paid off, total cash of exploring phase $41.0M at March 31, 2018 plus $160.4M of blenders tax credit (BTC) receivable expected Q2 2018 three expansion to 600 million ➢ Entity EBITDA of $1.19 per gallon on 33.4M gallons of gallons sales. When adjusted for expensed catalyst swap out, adjusted EBITDA was $1.28 per gallon ➢ Q1 2018 EBITDA – DGD Entity $200.1M (including the 2017 retroactive BTC) $39.7M (excluding the 2017 retroactive BTC) ➢ 130,000 barrel boat loaded last day of March and will be reflected in Q2 2018 ➢ Turn around for expansion tie-in scheduled for 45 days beginning in mid June Diamond Green Diesel (50% Joint Venture) DGD - DARLING’S SHARE Q1 US$ (millions) 2014 2015 2016 2017 ➢ BTC approved retroactively Feb. 2018 added $0.48 per share 2018 in 1Q 2018 to Darling’s EPS EBITDA (Entity) $163.3 $177.0 $174.4 * $246.8 $39.7 EBITDA (Darling's share) 81.6 88.5 87.2 * 123.4 19.9 ➢ Q1 2018 EBITDA – Darling’s Share Gallons Produced 127.3 158.8 158.1 161.3 37.1 $100.1M (including the 2017 retroactive BTC) *Includes 2017 retroactive blenders tax credit of $160.4 million that was approved in February 2018 and $19.9M (excluding the 2017 retroactive BTC) recorded in Q1 2018

Balance Sheet Highlights and Debt Summary 9 Balance Sheet Highlights Debt Summary (US$, in thousands) March 31, 2018 (US$, in thousands) March 31, 2018 Amended Credit Agreement Cash (includes restricted cash of $142) $ 123,011 Accounts receivable 413,659 Revolving Credit Facility $ 55,374 Total Inventories 373,121 Term Loan A 94,301 Net working capital 357,922 Term Loan B 494,762 Net property, plant and equipment 1,657,609 5.375% Senior Notes due 2022 494,043 Total assets 5,085,510 4.750% Euro Senior Notes due 2022 626,389 Other Notes and Obligations 16,276 Total debt 1,781,145 Total Debt: $ 1,781,145 Shareholders' equity $ 2,439,239 Historical Leverage Ratios 2014 - 2018 Leverage Ratio Credit March 31, 2018 Actual Agreement Total Debt to EBITDA: 3.71 5.50x

10 Appendix – Additional Information

11 US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 (millions) 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2018 Revenue $476.2 $543.0 $531.4 $538.5 $2,089.1 $552.6 $549.1 $575.5 $562.3 $2,239.5 $485.8 Gross Margin 103.5 126.8 117.8 116.2 464.3 120.0 126.9 126.0 122.0 494.9 116.7 Gross Margin % 21.7% 23.4% 22.2% 21.6% 22.2% 21.7% 23.1% 21.9% 21.7% 22.1% 24.0% SG&A 44.7 42.7 38.4 41.5 167.3 44.8 42.9 44.8 45.8 178.3 48.3 SG&A Margin % 9.4% 7.9% 7.2% 7.7% 8.0% 8.1% 7.8% 7.8% 8.1% 8.0% 9.9% Operating Income 14.5 42.0 35.8 25.9 118.2 31.5 39.7 34.2 26.9 132.3 21.7 Adj. EBITDA $58.9 $84.1 $79.5 $74.6 $297.1 $75.2 $84.0 $81.1 $76.2 $316.5 $68.5 Adj. EBITDA Margin % 12.4% 15.5% 15.0% 13.9% 14.2% 13.6% 15.3% 14.1% 13.6% 14.1% 14.1% Raw Material 1.97 1.97 1.97 2.06 7.97 2.05 2.02 2.04 2.13 8.24 2.12 Processed

Feed Ingredients Segment – Net Sales 12 Change in Net Sales – Year over Year Three Months Ended April 1, 2017 over March 31, 2018 Rendering Sales Change in Net Sales - 1Q17 to 1Q18 Total Used Fats Proteins Other (1) Rendering Cooking Oil Bakery Other (2) Total Net Sales Three Months Ended April 1, 2017 $ 158.0 $ 198.2 $ 73.6 $ 429.8 $ 44.0 $ 56.1 $ 22.7 $ 552.6 Changes: Increase/(Decrease) in sales volumes 4.8 7.3 - 12.1 1.0 (4.5) - 8.6 Increase/(Decrease) in finished product prices (14.2) 0.8 - (13.4) (5.8) 0.9 - (18.3) Increase/(Decrease) due to currency exchange rates 4.4 10.3 0.5 15.2 0.1 - - 15.3 Freight Revenue (revenue recognition) (9.5) (13.2) (1.3) (24.0) (2.7) (5.7) - (32.4) Other change - - (41.4) (41.4) - - 1.4 (40.0) Total Change: (14.5) 5.2 (42.2) (51.5) (7.4) (9.3) 1.4 (66.8) Net Sales Three Months Ended March 31, 2018 $ 143.5 $ 203.4 $ 31.4 $ 378.3 $ 36.6 $ 46.8 $ 24.1 $ 485.8 (1) Rendering Net Sales- Other category includes hides, pet food, and service charges (2) Other Net Sales category includes trap services and industrial residual services

Jacobsen, Wall Street Journal and Thomson Reuters 13 Historical Pricing 2018 Finished Product Pricing 2018 Average Jacobsen Prices (USD) Feed Segment Ingredients January February March Q1 Avg. April QTR. Over QTR. Year Over Year Bleachable Fancy Tallow - Chicago Renderer / cwt $26.60 $25.57 $26.20 $26.14 $25.31 Comparison Q4-2017 Q1-2018 % Q1-2017 Q1-2018 % Yellow Grease - Illinois / cwt $20.25 $19.58 $19.00 $19.61 $19.00 Average Jacobsen Prices (USD) Avg. Avg. Change Avg. Avg. Change Meat and Bone Meal - Ruminant - Illinois / ton $222.50 $235.26 $292.62 $250.61 $312.02 Bleachable Fancy Tallow - Chicago Renderer / cwt $27.40 $26.14 -4.6% $31.35 $26.14 -16.6% Poultry By-Product Meal - Feed Grade - Mid South/ton $235.00 $240.92 $273.69 $250.16 $295.00 Yellow Grease - Illinois / cwt $23.18 $19.61 -15.4% $23.78 $19.61 -17.5% Poultry By-Product Meal - Pet Food - Mid South/ton $700.24 $793.42 $851.31 $781.27 $860.95 Meat and Bone Meal - Ruminant - Illinois / ton $222.73 $250.61 12.5% $270.69 $250.61 -7.4% Feathermeal - Mid South / ton $362.86 $389.87 $473.21 $409.26 $536.19 Poultry By-Product Meal - Feed Grade - Mid South / ton $252.22 $250.16 -0.8% $287.42 $250.16 -13.0% 2018 Cash Corn Pricing 2018 Average Wall Street Journal Prices (USD) Poultry By-Product Meal - Pet Food - Mid South / ton $593.74 $781.27 31.6% $635.89 $781.27 22.9% Competing Ingredient for Bakery Feeds and Fats January February March Q1 Avg. April Feathermeal - Mid South / ton $361.46 $409.26 13.2% $422.94 $409.26 -3.2% Corn - Track Central IL #2 Yellow / bushel $3.28 $3.42 $3.53 $3.41 $3.54 Average Wall Street Journal Prices (USD) Corn - Track Central IL #2 Yellow / bushel $3.16 $3.41 7.9% $3.45 $3.41 -1.2% 2018 European Benchmark Pricing 2018 Average Thomson Reuters Prices (USD) Palm Oil - Competing ingredient for edible fats in Food Segment Average Thomson Reuters Prices (USD) Soy meal - Competing ingredient for protein meals in Feed Segment January February March Q1 Avg. April Palm oil - CIF Rotterdam / metric ton $702 $675 -3.8% $765 $675 -11.8% Palm oil - CIF Rotterdam / metric ton $676 $668 $681 $675 $664 Soy meal - CIF Rotterdam / metric ton $356 $412 -1.5% $368 $412 12.0% Soy meal - CIF Rotterdam / metric ton $375 $417 $445 $412 $460 2017 Finished Product Pricing 2017 Average Jacobsen Prices (USD) 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 $32.00 $31.68 $30.50 $31.35 $30.74 $33.75 $35.89 $33.61 $36.00 $35.95 $34.38 $35.36 $28.36 $26.80 $27.00 $27.40 $31.93 Yellow Grease - Illinois / cwt $23.42 $23.70 $24.16 $23.78 $24.61 $25.21 $26.93 $25.64 $27.14 $26.96 $27.48 $27.20 $24.05 $23.44 $21.86 $23.18 $24.95 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 $314.24 $278.50 $292.83 $228.30 $217.50 $220.63 $222.73 $259.54 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 $285.00 $285.50 $285.14 $275.91 $242.50 $235.00 $252.22 $277.42 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 $572.50 $557.50 $577.02 $599.55 $565.63 $614.50 $593.74 $623.89 Feathermeal - Mid South / ton $455.00 $431.84 $386.74 $422.94 $383.95 $394.32 $392.05 $390.14 $397.50 $425.43 $401.00 $408.82 $357.50 $364.00 $362.13 $361.46 $395.84 2017 Cash Corn Pricing 2017 Average Wall Street Journal Prices (USD) 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 $3.46 $3.49 $3.41 $3.45 $3.38 $3.48 $3.52 $3.46 $3.49 $3.28 $3.16 $3.31 $3.13 $3.14 $3.21 $3.16 $3.35 2017 European Benchmark Pricing 2017 Average Thomson Reuters Prices (USD) 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 August Sept. Q3 Avg. Oct. Nov. Dec. Q4 Avg. Year Avg. Palm oil - CIF Rotterdam / metric ton $804 $772 $719 $765 $672 $732 $666 $690 $665 $673 $723 $687 $716 $719 $670 $702 $711.00 Soy meal - CIF Rotterdam / metric ton $371 $374 $359 $368 $347 $344 $331 $341 $341 $331 $340 $337 $354 $350 $364 $356 $351.00

Food Segment - Historical 14 US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 (millions) 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2018 Revenue (1) $246.6 $270.5 $260.2 $278.4 $1,055.7 $266.2 $278.4 $298.9 $313.5 $1,157.0 $305.5 Gross Margin 62.4 57.9 50.7 56.6 227.6 56.8 56.0 60.2 63.6 236.6 56.3 Gross Margin % 25.3% 21.4% 19.5% 20.3% 21.6% 21.3% 20.1% 20.1% 20.3% 20.4% 18.4% SG&A 24.9 20.4 25.3 26.6 97.2 25.0 26.7 25.5 27.4 104.6 23.9 SG&A Margin % 10.1% 7.5% 9.7% 9.6% 9.2% 9.4% 9.6% 8.5% 8.7% 9.0% 7.8% Operating Income 20.8 19.7 8.0 11.8 60.3 14.3 11.1 15.1 16.4 56.9 11.8 Adj. EBITDA $37.5 $37.4 $25.4 $30.1 $130.4 $31.9 $29.3 $34.6 $36.1 $131.9 $32.4 Adj. EBITDA Margin % 15.2% 13.8% 9.8% 10.8% 12.4% 12.0% 10.5% 11.6% 11.5% 11.4% 10.6% Raw Material Processed 0.27 0.27 0.26 0.28 1.08 0.27 0.28 0.29 0.28 1.12 0.28 (millions of metric tons) (1) Revenue adjusted for Brazil VAT reclass

Fuel Segment - Historical 15 US$ and metric tons Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 (millions) 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2018 Revenue $55.6 $62.3 $60.4 $68.8 $247.1 $59.7 $67.4 $61.9 $76.8 $265.8 $84.1 Gross Margin 14.9 15.6 14.2 19.9 64.6 13.7 12.7 7.6 21.4 55.4 24.2 Gross Margin % 26.8% 25.0% 23.5% 28.9% 26.1% 22.9% 18.8% 12.3% 27.9% 20.8% 28.8% SG&A 1.8 1.8 1.3 1.9 6.8 3.3 2.9 (0.5) 4.7 10.4 (1.4) SG&A Margin % 3.2% 2.9% 2.2% 2.8% 2.8% 5.5% 4.3% -0.8% 6.1% 3.9% -1.7% Operating Income 6.2 6.6 6.0 10.5 29.3 3.6 2.1 0.2 8.1 14.0 17.2 Adj. EBITDA 13.1 13.8 12.9 18.0 57.8 10.4 $9.9 $8.1 16.6 45.0 25.6 (1) Adj. EBITDA Margin % 23.6% 22.2% 21.4% 26.2% 23.4% 17.4% 14.7% 13.1% 21.6% 16.9% 30.4% Pro forma Adjusted EBITDA (2) $13.1 $13.8 $12.9 $18.0 $57.8 $13.2 $13.1 $11.2 $20.1 $57.6 $14.6 Raw Material Processed * 0.28 0.30 0.29 0.31 1.18 0.30 0.29 0.28 0.32 1.19 0.30 (millions of metric tons) *Excludes raw material processed at the DGD joint venture. Diamond Green Diesel (50% Joint Venture) Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 US$ (millions) 2016 2016 2016 2016 2016 2017 2017 2017 2017 2017 2018 EBITDA (Darling's share) $9.6 $18.3 $22.5 $36.7 $87.2 $5.0 $12.4 $10.6 $15.2 $43.2 $100.1 Pro forma Adjusted EBITDA (2) $9.6 $18.3 $22.5 $36.7 $87.2 $21.4 $32.7 $32.1 $37.3 $123.5 $36.6 Total Gallons Produced 28.5 43.8 43.8 42.0 158.1 32.6 43.7 41.7 43.3 161.3 37.1 Total Gallons Sold/Shipped 29.1 42.7 42.5 46.6 161.0 32.7 40.5 43.0 44.3 160.4 33.4 (1) Q1 2018 Adj. EBITDA contains $12.6 M retroactive 2017 blenders tax credit approved in February 2018. (2) Pro forma Adjusted EBITDA assumes blenders tax credit was received during quarters earned in 2017 and 2018 for comparison to 2016 when the blenders tax credit was prospective.

16 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 March 31, 2018. 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.

Adjusted EBITDA 17 Adjusted EBITDA and Pro Forma Adjusted EBITDA Three Months Ended - Year over Year (US$ in thousands) March 31, April 1, 2018 2017 Net income attributable to Darling $ 97,305 $ 5,829 Depreciation and amortization 78,619 71,114 Interest expense 23,124 21,680 Income tax expense 3,712 1,818 Foreign currency loss 1,481 264 Other expense, net 2,516 2,053 Equity in net income of unconsolidated subsidiaries (97,154) (706) Net income attributable to noncontrolling interests 770 1,569 Adjusted EBITDA $ 110,373 $ 103,621 Foreign currency exchange impact (8,135) - Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP) $ 102,238 $ 103,621 DGD Joint Venture Adjusted EBITDA (Darling's Share) $ 100,071 $ 5,037 (1) The average rates assumption used in this calculation was the actual fiscal average rate for the three months ended March 31, 2018 of €1.00:USD$1.23 and CAD$1.00:USD$0.80 as compared to the average rate for the three months ended April 1, 2017 of €1.00:USD $1.07 and CAD$1.00:USD$0.75, respectively. Note: See slide 16 for information regarding Darling’s use of Non-GAAP measures.

18 BMO Farm to Market Conference May 16, 2018 Grand Hyatt – New York City Oppenheimer Consumer Conference June 19, 2018 Four Seasons – Boston, MA