EX-99.2

Second Quarter 2015

Earnings Conference Call

August 14, 2015

Creating sustainable food, feed and fuel

ingredients for a growing population

Randall C. Stuewe, Chairman and CEO

John O. Muse, EVP Chief Financial Officer

Exhibit 99.2

Safe Harbor Statement

Creating sustainable food, feed and fuel ingredients for a growing population

This presentation contains “forward-looking” statements regarding the business operations and prospects of Darling Ingredients Inc. and industry factors

affecting it. These statements are identified by words such as “believe,” “anticipate,” “expect,” “estimate,” “intend,” “could,” “may,” “will,” “should,”

“planned,” “potential,” “continue,” “momentum,” and other words referring to events that may occur in the future. These statements reflect Darling

Ingredient’s current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, each

of which could cause actual results to differ materially from those indicated in the forward-looking statements. These factors include, among others, existing

and unknown future limitations on the ability of the Company's direct and indirect subsidiaries to make their cash flow available to the Company for

payments on the Company's indebtedness or other purposes; unanticipated costs or operating problems related to the acquisition and integration of

Rothsay and Darling Ingredients International (including transactional costs and integration of the new enterprise resource planning (ERP) system); 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, reduced demand for animal feed, or otherwise; reduced finished product prices; continued 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) and tax credits for biofuels both in the United States and abroad; possible product recall resulting from

developments relating to the discovery of unauthorized adulterations to food or food additives; the occurrence of 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;

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; 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.

2015 Second Quarter Overview

•

Announced a stock repurchase program for up to $100 million of common stock

•

EBITDA sequentially improved, adjustments taking hold, even with continued deflationary commodities

•

Reported $105,537 million EBITDA

•

Strong performance by global gelatin business

•

Adjustments made to Food Segment taking hold

•

Global rendering turned in solid performance

•

Significant working capital improvement

•

SG&A reductions continue

•

CAPEX spending controlled and lowered for the year

•

Debt reduced by $70.0 million during quarter (includes $25 million dividend from DGD)

•

Foreign currency impact of $(1.0) million vs. Q1-2015

•

Continuing integration costs for systems and compliance amounted to $(1.2) million

•

Versus Q2-2014---

FX Adjusted EBITDA $120.9 million vs. $152.1 million

•

Foreign currency impact of $(14.2) million vs. Q2-2014

•

Canada Biodiesel impacted by lower RIN values and lower diesel prices

•

Global businesses continue to perform nicely in light of price volatility

•

Diamond Green Diesel (DGD) shipped over 44.6 million gallons of renewable diesel…

$.13 EPS if tax credit retroactive

•

Issued dividend of $25 million out of DGD in April; debt reduced in JV by $43 million

•

Anticipate second dividend in Q4

•

On plan to produce 160 million gallons for the year

•

Announced a stock repurchase program for up to $100 million of common stock

•

EBITDA sequentially improved, adjustments taking hold, even with continued deflationary commodities

•

Reported $105,537 million EBITDA

•

Strong performance by global gelatin business

•

Adjustments made to Food Segment taking hold

•

Global rendering turned in solid performance

•

Significant working capital improvement

•

SG&A reductions continue

•

CAPEX spending controlled and lowered for the year

•

Debt reduced by $70.0 million during quarter (includes $25 million dividend from DGD)

•

Foreign currency impact of $(1.0) million vs. Q1-2015

•

Continuing integration costs for systems and compliance amounted to $(1.2) million

•

Versus Q2-2014---

FX Adjusted EBITDA $120.9 million vs. $152.1 million

•

Foreign currency impact of $(14.2) million vs. Q2-2014

•

Canada Biodiesel impacted by lower RIN values and lower diesel prices

•

Global businesses continue to perform nicely in light of price volatility

•

Diamond Green Diesel (DGD) shipped over 44.6 million gallons of renewable diesel…

$.13 EPS if tax credit retroactive

•

Issued dividend of $25 million out of DGD in April; debt reduced in JV by $43 million

•

Anticipate second dividend in Q4

•

On plan to produce 160 million gallons for the year

Diamond Green Diesel

facility in Norco, LA

Creating sustainable food, feed and fuel ingredients for a growing population

Earnings Summary

Note: (1) The three months ended July 4, 2015 includes approximately $10.6 million write-off of deferred loan costs related to the retirement of the Euro

Term Loan B borrowings under the term B facility.

Creating sustainable food, feed and fuel ingredients for a growing population

July 4,

April 4,

June 28,

July 4,

June 28,

2015

2014

2015

2014

Revenues

859,315

874,694

1,031,283

1,734,009

1,977,575

Gross profit

191,039

190,173

241,778

381,212

412,864

Selling, general and administrative expenses

84,294

86,631

94,630

170,925

184,663

Depreciation and amortization

66,245

66,398

67,498

132,643

133,167

Acquisition and integration costs

1,208

5,319

4,165

6,527

20,113

Interest expense

(1)

34,285

23,109

26,571

57,394

85,428

Foreign currency gain/(loss)

1,622

(2,460)

(838)

(13,803)

Other income/(expense), net

(1,199)

(509)

(887)

(1,708)

(2,025)

Equity in net income/(loss) of unconsolidated subsidiary

4,172

(1,808)

2,040

2,364

7,117

Income before taxes

9,602

3,939

50,078

13,541

(19,218)

Income tax expense/(benefit)

4,665

2,115

15,503

6,780

(2,787)

Net income/(loss)

4,937

1,824

34,575

6,761

(16,431)

Net (income)/loss attributable in minority interests

(1,857)

(1,715)

(1,818)

(3,572)

(3,615)

Net income/(loss) attributable to Darling

3,080

109

32,757

3,189

(20,046)

Earnings/(loss) per share (fully diluted)

0.02

0.20

0.02

(0.12)

Three Months Ended – Sequential and Year over Year

Six Months Ended - Year over Year

Adjusted EBITDA

(1) January

2014

closed

VION

Ingredients,

thus

the

13th

week

would

revenue

adjusted

for

January

2014

through

January

2014

(2) Foreign currency exchange rates held constant for comparable quarters (USD/Euro 1.1267 rate April 4, 2015 quarter and USD/Euro 1.3744 June 28, 2014 quarter

(3) Darling's pro forma adjusted EBITDA (Non-GAAP)in the above table does not include the DGD Joint Venture adjusted EBITDA (Darling's share) if we had consolidated the DGD

Joint Venture

Creating sustainable food, feed and fuel ingredients for a growing population

Adjusted EBITDA and Pro Forma Adjusted EBITDA

(US$ in thousands)

July 4,

April 4,

July 4,

June 28,

2015

2014

Net income/(loss) attributable to Darling

$ 3,080

$ (20,046)

Depreciation and amortization

66,245

66,398

132,643

133,167

Interest expense

34,285

23,109

57,394

85,428

Income tax expense/(benefit)

4,665

2,115

6,780

(2,787)

Foreign currency (gain)/loss

(1,622)

2,460

838

13,803

Other expense/(income), net

1,199

509

1,708

2,025

Equity in net (income)/loss of unconsolidated subsidiaries

(4,172)

1,808

(2,364)

(7,117)

Net income attributable to noncontrolling interests

1,857

1,715

3,572

3,615

Adjusted EBITDA

$ 105,537

$ 98,223

$ 203,760

$ 208,088

Non-cash inventory step-up associated with VION Acquisition

49,803

Acquisition and integration-related expenses

1,208

5,319

6,527

20,113

Darling Ingredients International -

13th week

(1)

4,100

Pro Forma Adjusted EBITDA (Non-GAAP)

$ 106,745

$ 103,542

$ 210,287

$ 282,104

Foreign currency exchange impact

$ 924

$ 27,137

–

Pro Forma Adjusted EBITDA to Foreign Currency (Non-GAAP)

(2)

$ 107,669

$ 103,542

$ 237,424

$ 282,104

DGD Joint Venture Adjusted EBITDA (Darling's Share)

(3)

$ 7,909

$ 2,346

$ 10,255

$ 14,975

Six Months Ended -

Year over Year

Three Months Ended -

Sequential

–

3,189

109

Balance Sheet Highlights and Debt Summary

Debt Summary

Balance Sheet Highlights

(US$, in thousands)

July 4, 2015

Amended Credit Agreement

Revolving Credit Facility

57,552

Term Loan A

295,370

Term Loan B

592,500

5.375% Senior Notes due 2022

500,000

4.750% Euro Senior Notes due 2022

571,521

Other Notes and Obligations

28,358

Total Debt:

2,045,301

(US$, in thousands)

July 4, 2015

Cash

126,360

Accounts receivable

368,434

Total Inventories

396,423

Net working capital

445,127

Net property, plant and equipment

1,515,573

Total assets

4,938,800

Total debt

2,045,301

Shareholders' equity

1,969,111

Creating sustainable food, feed and fuel ingredients for a growing population

2014

2015

LTM EBITDA Margin

Feed Segment

Operational Highlights

•

Global rendering making necessary adjustments

•

Volumes seasonally declined

•

Europe and Canada both steady

•

USA formulas lagging somewhat due to declining fat and

compressing feed grade/pet food premiums

•

UCO business made adjustments and showing signs of

improvement

•

Bakery showed small improvement, with more expected

•

TRS, Nature Safe and our Premium Proteins businesses

all had improved performances

Note: Cost of Sales includes raw material costs, collection costs and factory costs.

EBITDA Bridge Q1 2015 to Q2 2015

(millions)

$75.5

($4.7)

($11.7)

$17.7

($0.8)

($0.1)

$76.0

$75.9

$40

$50

$60

$70

$80

EBITDA

Q1 2015

Price/

Yield

Volumes

Cost of

Sales

Other

Adjusted

EBITDA

Q2 2015

Impact

EBITDA

Q2 2015

US$ and metric tons

(millions)

2015

Delta %

Q1 to Q2

Revenue

$547.5

$529.4

-3.3%

Gross Margin

123.5

124.5

0.8%

Gross Margin %

22.6%

23.5%

Operating Income

35.4

0.0%

EBITDA

75.5

75.9

0.5%

EBITDA/Revenue

13.8%

14.3%

Raw Material Processed

(million metric tons)

1.87

1.83

-1.95%

13.9%

12.6%

13.8%

14.3%

Creating sustainable food, feed and fuel ingredients for a growing population

Nearby Malaysia Palm Oil Futures ($/MT)

Nearby CBOT Soybean Oil Futures (cents/lb.)

Nearby CBOT Corn Futures (cents/bu.)

Nearby CBOT Soybean Meal Futures ($/ton)

Source: Chicago Board of Trade (CBOT)

Creating sustainable food, feed and fuel ingredients for a growing population

Jacobsen, Wall Street Journal and Thomson Reuters Historical Pricing

2015

Average Jacobsen Prices (USD)

January

February

March

Q1 Avg.

April

May

June

Q2 Avg.

BFT - Chicago Renderer / cwt

$29.16

$29.14

$30.53

$29.66

$28.69

$28.95

$29.91

$29.18

YG - IL / cwt

$24.54

$24.34

$24.81

$24.58

$22.36

$22.84

$24.50

$23.24

MBM - IL / ton

$402.13

$375.53

$377.95

$385.12

$387.02

$359.75

$304.20

$348.88

Feed Grade PM - Mid South / ton

$466.00

$460.26

$468.18

$465.00

$487.14

$427.25

$370.91

$426.94

Pet Food PM - Mid South / ton

$712.50

$629.61

$625.00

$655.12

$607.74

$520.00

$446.59

$521.50

Feathermeal - Mid South / ton

$538.63

$460.39

$565.00

$523.77

$579.17

$491.75

$430.57

$499.13

2015

Average Wall Street Journal Prices (USD)

January

February

March

Q1 Avg.

April

May

June

Q2 Avg.

Corn - Track Cental IL #2 Yellow / bushel

$3.65

$3.68

$3.66

$3.55

$3.48

$3.49

$3.51

2015

Average Thomson Reuters Prices (USD)

January

February

March

Q1 Avg.

April

May

June

Q2 Avg.

Palm oil - CIF Rotterdam / metric ton

$619

$698

$652

$656

$645

$653

$651

$650

Soy meal - CIF Rotterdam / metric ton

$456

$442

$410

$436

$403

$392

$393

$396

Creating sustainable food, feed and fuel ingredients for a growing population

QTR. Over QTR.

Year Over Year

Comparison

Q1-2015

Q2-2015

Q2-2014

Q2-2015

Average Jacobsen Prices (USD)

Avg.

Change

Avg.

Change

BFT -

Chicago Renderer / cwt

$29.66

$29.18

-1.6%

$42.49

$29.18

-31.3%

YG -

IL / cwt

$24.58

$23.24

-5.5%

$33.68

$23.24

-31.0%

MBM -

IL / ton

$385.12

$348.88

-9.4%

$530.63

$348.88

-34.3%

Feed Grade PM -

Mid South / ton

$465.00

$426.94

-8.2%

$603.68

$426.94

-29.3%

Pet Food PM -

Mid South / ton

$655.12

$521.50

-20.4%

$818.34

$521.50

-36.3%

Feathermeal -

Mid South / ton

$523.77

$499.13

-4.7%

$702.98

$499.13

-29.0%

Average Wall Street Journal Prices (USD)

Corn -

Track Cental IL #2 Yellow / bushel

$3.66

$3.51

-4.1%

$4.66

$3.51

-24.7%

Average Thomson Reuters Prices (USD)

Palm oil -

CIF Rotterdam / metric ton

$656

$650

-0.9%

$872

$650

-25.5%

Soy meal -

CIF Rotterdam / metric ton

$436

$396

-9.2%

$566

$396

-30.0%

Operational Highlights

Food Segment

•

Rousselot performance strong globally

especially in China

•

Inventories and working capital improved

•

Adjustments made in Edible fat refining

business

•

CTH struggled with border closure in Asia

Note: Cost of Sales includes raw material costs, collection costs and factory costs.

EBITDA Bridge Q1 2015 to Q2 2015

(millions)

$28.0

$10.2

$10.0

($12.0)

$33.1

$32.3

($3.1)

($0.8)

$10

$15

$20

$25

$30

$35

$40

$45

$50

EBITDA

Q1 2015

Price/

Yield

Volumes

Cost of

Sales

Other

Adjusted

EBITDA

Q2 2015

Impact

EBITDA

Q2 2015

10.8%

9.7%

10.4%

11.4%

US$ and metric tons

(millions)

2015

Delta %

Q1 to Q2

Revenue

270.2

283.4

4.9%

Gross Margin

53.5

60.2

12.5%

Gross Margin %

19.8%

21.2%

Operating Income

10.8

15.5

43.5%

EBITDA

28.0

32.3

15.4%

EBITDA/Revenue

10.4%

11.4%

Raw Material Processed

(million metric tons)

0.27

0.28

6.95%

2014

2015

LTM EBITDA Margin

Creating sustainable food, feed and fuel ingredients for a growing population

Operational Highlights

Fuel Segment

•

Canada biodiesel continues to struggle losing $1.6 mm

EBITDA during the 2

quarter of fiscal 2015

•

Rendac and Ecoson steady

Note: Cost of Sales includes raw material costs, collection costs and factory costs.

Note:

Assuming

the

$1.00/gallon

biodiesel

tax

credit

reinstated

for

2015

the

EBITDA

for

Darling’s

DGD

would

have

been

approximately

$30.2

million.

This

includes

$1.00/gallon

per

44.6

million

gallons

shipped

renewable

diesel

2015.

Although

the

Company

remains

optimistic,

there

can

assurance

the

tax

credit

will

reinstated.

Diamond Green Diesel (50% Joint Venture)

US$ (millions)

2015

Delta %

Q1 to Q2

EBITDA (Darling's share)

2.3

7.9

243.5%

Gallons Produced

37.5

41.9

11.7%

•

DGD performed as anticipated

$9.1

($8.8)

($1.9)

$3.3

$7.0

($0.1)

$8.7

$8.6

-$2

$10

EBITDA

Q1 2015

Price/

Yield

Volumes

Cost of

Sales

Other

Adjusted

EBITDA

Q2 2015

Impact

EBITDA

Q2 2015

EBITDA Bridge Q1 2015 to Q2 2015

(millions)

*Excludes raw material processed at the DGD joint venture.

US$ and metric tons

(millions)

2015

Delta %

Q1 to Q2

Revenue

57.0

46.5

-18.4%

Gross Margin

13.2

6.3

-52.3%

Gross Margin %

23.1%

13.5%

Operating Income

2.5

2.0

-20.0%

EBITDA

9.1

8.6

-5.5%

EBITDA/Revenue

16.0%

18.5%

Raw Material Processed *

(million metric tons)

0.30

0.29

-4.72%

16.4%

23.4%

16.0%

18.5%

2014

2015

LTM EBITDA Margin

Creating sustainable food, feed and fuel ingredients for a growing population

Foreign Currency Impact

The U.S. dollar has strengthened against most of the functional currencies used by the

Company’s non-domestic operations.

Using actual results for fiscal year 2014 and comparing the yearly average rates to the

average rates for the first six months of 2015, the impact of the strengthened dollar would

result in an annual decrease in net sales and operating cash flow of approximately $355

million

and approximately $37 million, respectively if the same amount of non-domestic

operations were attained in fiscal 2015.

The U.S. dollar continues to strengthen at the timing of this filing. The impact is mainly

affected by the drop in the Euro in comparison to the U.S. dollar.

The U.S. dollar has strengthened against most of the functional currencies used by the

Company’s non-domestic operations.

Using actual results for fiscal year 2014 and comparing the yearly average rates to the

average rates for the first six months of 2015, the impact of the strengthened dollar would

result in an annual decrease in net sales and operating cash flow of approximately $355

million

and approximately $37 million, respectively if the same amount of non-domestic

operations were attained in fiscal 2015.

The U.S. dollar continues to strengthen at the timing of this filing. The impact is mainly

affected by the drop in the Euro in comparison to the U.S. dollar.

Assumptions:

Exchange Rate:

Avg. 2014

Avg. Q1 2015

Avg. Q2 2015

Avg. YTD 2015

Euro/USD

1.32704

1.126696

1.105606

1.115042

CAD/USD

0.90446

0.803378

0.813084

0.808476

Creating sustainable food, feed and fuel ingredients for a growing population

Appendix – Additional Information

Adjusted (Non-GAAP) Diluted EPS

Note: Adjustments to diluted earnings per share of acquisition related items are net of tax. Calculations of all adjustment tax amounts were at

the applicable effective tax rate for the period, except for discrete items in fiscal 2015, fiscal 2014 and fiscal 2013. The effective tax rate used

for calculating Non-GAAP Adjusted EPS in the above table for the years ended January 3, 2015, December 28, 2013 and December 29, 2012

was 37.1%, 38.5% and 36.8%, respectively. The effective tax rate used for calculating Non-GAAP adjusted EPS for three months ended July

4, 2015 and June 28, 2014 was 45.4% and 28.7%, respectively.

Creating sustainable food, feed and fuel ingredients for a growing population

July 4,

June 28,

January 3,

December 28,

December 29,

2015

2014

2015

2013

2012

Reported Earnings Per Share (fully diluted)

0.02

$ 0.20

$ 0.39

$ 0.91

$ 1.11

Adjustments:

Non-cash inventory step-up associated with VION Acquisition

0.02

0.19

Acquisition and integration costs

0.02

0.13

Amortization of intangibles

0.07

0.09

0.32

0.16

0.15

Bridge financing

0.07

Redemption premium on 8.5% Senior Notes and write off deferred loan costs

0.12

Write-off deferred loan costs euro term loan B

0.04

Foreign currency price risk VION Acquisition

0.05

(0.14)

Adjusted diluted earnings per share attributable to Darling (Non-GAAP)

$ 0.13

$ 0.33

$ 1.20

$ 1.13

$ 1.26

Weighted average shares of common stock outstanding (in millions)

165,298

165,097

165,059

119,924

118,089

Three Months Ended

Fiscal Year Ended

–

Feed Ingredients Segment

Fats

Used

Cooking Oil

Proteins

Bakery

Other

Total

Net Sales Second Quarter 2014

165.9

58.3

251.9

59.4

86.6

622.1

Changes:

Increase in sales volumes

12.3

1.4

12.0

12.9

38.6

Decrease in finished good prices

(32.1)

(16.3)

(34.4)

(18.0)

(100.8)

Decrease due to currency exchange rate

(6.2)

(0.3)

(19.6)

(9.9)

(36.0)

Other change

5.5

Total Change:

(26.0)

(15.2)

(42.0)

(5.1)

(4.4)

(92.7)

Net Sales Second Quarter 2015

139.9

43.1

209.9

54.3

82.2

529.4

Fats

Used

Cooking Oil

Proteins

Bakery

Other

Total

Net Sales First Quarter 2014

157.0

44.8

233.2

54.2

96.9

586.1

Changes:

Increase in sales volumes

10.1

0.9

7.0

10.9

28.9

Decrease in finished good prices

(13.8)

(9.2)

(3.1)

(11.3)

(37.4)

Decrease due to currency exchange rate

(6.6)

(0.4)

(17.1)

(10.4)

(34.5)

Other change

4.4

Total Change:

(10.3)

(8.7)

(13.2)

(0.4)

(6.0)

(38.6)

Net Sales First Quarter 2015

146.7

36.1

220.0

53.8

90.9

547.5

Creating sustainable food, feed and fuel ingredients for a growing population

Change in Net Sales –

1Q14 to 1Q15

Change in Net Sales –

2Q14 to 2Q15

Change in Net Sales - Three Months Ended

Feed Ingredients Segment

Fats

Proteins

Bakery

Other

Total

Net Sales YTD Second Quarter 2014

322.9

103.1

485.1

113.6

183.5

1,208.2

Changes:

Increase in sales volumes

22.4

2.3

19.0

23.8

67.5

Decrease in finished good prices

(45.9)

(25.5)

(37.5)

(29.3)

(138.2)

Decrease due to currency exchange rates

(12.8)

(0.7)

(36.7)

(20.3)

(70.5)

Other change

9.9

Total Change:

(36.3)

(23.9)

(55.2)

(5.5)

(10.4)

(131.3)

Net Sales YTD Second Quarter 2015

286.6

79.2

429.9

108.1

173.1

1,076.9

Creating sustainable food, feed and fuel ingredients for a growing population

Change in YTD Net Sales

2Q14 to 2Q15

Change in Net Sales – Six Months Ended

Used

Cooking Oil

(1)

Has

impact

inventory

step-up

and

quarter.

(2)

Exclusive

non-cash

inventory

step-up

and

Darling

Ingredients

International

week.

(3)

Raw material process volumes have been adjusted to include additional blending materials.

(A) Quarters 1, 2 and 3 revenues have been adjusted for re-class between sales and cost of sales.

•

Rendering weekly raw

material volumes up globally;

extra processing week in Q4

2014

•

Rendering margins improved

in light of continued price

erosion in fats

•

Bakery Feeds business

challenged by lower corn

markets and expansion

demands from acquisition

•

USA Restaurant Services

business showed strong

volume with additional

adjustments forthcoming

Q1 Operational Highlights

Feed Segment

US$ and metric tons

(millions)

2014

Total

2014

2015

Revenue (A)

$586.1

$622.1

$607.3

$606.0

$2,421.5

$547.5

Gross Margin (1)

142.5

165.4

132.5

572.9

123.5

Gross Margin % (1)

24.3%

26.6%

21.8%

21.9%

23.7%

22.6%

Operating Income (2)

37.5

74.7

46.4

33.6

192.2

35.4

Adjusted Operating Income (1)

52.4

76.2

46.4

33.6

208.6

35.4

EBITDA (2)

76.1

114.6

84.2

76.4

351.3

75.5

Adjusted EBITDA (1)

90.9

116.1

84.2

76.4

367.6

75.5

Adjusted EBITDA/Revenue

15.5%

18.7%

13.9%

12.6%

15.2%

13.8%

Raw Material Processed (3)

(millions of metric tons)

1.73

1.92

7.11

1.87

Creating sustainable food, feed and fuel ingredients for a growing population

Food Segment

(1)

Has

impact

inventory

step-up

and

quarter.

(2)

Exclusive

non-cash

inventory

step-up

and

Darling

Ingredients

International

week.

(3)

Raw material process volumes for the first quarter have been adjusted to be consistent with the

presentation of the second quarter figures.

(A) Quarters 1, 2 and 3 revenues have been adjusted for re-class between sales and cost of sales.

$ and metric tons

(millions)

2014

Total

2014

2015

Revenue (A)

293.5

331.4

301.4

322.0

1,248.3

270.2

Gross Margin (1)

62.3

65.3

64.2

63.4

255.2

53.5

Gross Margin % (1)

21.2%

19.7%

21.3%

19.7%

20.4%

19.8%

Operating Income/(Loss)

(2)

(12.1)

11.3

14.0

13.7

26.9

10.8

Adjusted Operating Income (1)

19.8

14.7

14.0

13.7

62.2

10.8

EBITDA (2)

5.3

30.9

32.6

31.4

100.2

28.0

Adjusted EBITDA

(1)

38.3

34.3

32.6

31.4

136.6

28.0

Adjusted EBITDA/Revenue

13.0%

10.4%

10.8%

9.7%

10.9%

10.4%

Raw Material Processed

(millions of metric tons)

0.25

(3)

0.27

0.26

0.28

1.06

0.27

•

Rousselot performance

steady

•

Weekly raw material

volumes up; extra

processing week in Q4 2014

•

Edible fat melting margins

under pressure. Russian

border closure putting

additional supplies to

market.

•

CTH improving

•

Operating delta is FX impact

1Q Operational Highlights

Creating sustainable food, feed and fuel ingredients for a growing population

(1)

Has impact of inventory step-up in 1st quarter.

(2)

Exclusive of non-cash inventory step-up and Darling Ingredients Int'l 13th week.

(3)

Raw material process volumes for the first quarter have been adjusted to be consistent

with the presentation of the second quarter figures.

(A) Quarters 1, 2 and 3 revenues have been adjusted for re-class between sales and cost of sales.

$ and metric tons

(millions)

2014

Total

2014

2015

Revenue

$66.7

$77.7

$70.0

$72.2

$286.6

$57.0

Gross Margin

15.3

15.9

17.8

10.0

59.0

13.2

Gross Margin %

21.1%

20.5%

25.4%

13.9%

20.6%

23.1%

Operating Income

(2)

2.3

5.2

2.8

10.9

21.2

2.5

Adjusted Operating Income

(1)

3.5

5.2

2.8

10.9

22.4

2.5

EBITDA

(2)

9.7

11.1

11.5

16.9

49.2

9.1

Adjusted EBITDA

(1)

10.9

11.1

11.5

16.9

50.4

9.1

Adjusted EBITDA/Revenue

16.3%

14.3%

16.4%

23.4%

17.6%

16.0%

Raw Material Processed *

(millions of metric tons)

0.23

(3)

0.24

0.26

0.33

1.07

0.30

*Excludes raw material processed at the DGD joint venture.

Diamond Green Diesel (50% Joint Venture)

US$ (millions)

2014

Total

2014

2015

EBITDA (Darling's share)

$9.1

$5.9

$2.9

$63.7

$81.6

$2.3

•

Ecoson delivering solid results,

improving margins

•

Rendac volumes moderated

compared to Q4 some margin

compression with lower crude oil

•

Weekly raw material volumes up,

extra processing week in Q4

2014

•

Variance is energy credits

received in Q4

1Q Operational Highlights

Note:

Assuming the $1.00/gallon biodiesel tax credit is

reinstated for 2015 the Q1 EBITDA for Darling’s

share of DGD would have been approximately

$17.3 million. This includes a $1.00/gallon per

34.6 million gallons shipped of renewable diesel in

1Q 2015.

Note:

Assuming the $1.00/gallon biodiesel tax credit is

reinstated for 2015 the Q1 EBITDA for Darling’s

share of DGD would have been approximately

$17.3 million. This includes a $1.00/gallon per

34.6 million gallons shipped of renewable diesel in

1Q 2015.

Fuel Segment

Creating sustainable food, feed and fuel ingredients for a growing population

Process

USA

Canada

Europe

China

S. America

Australia

Total:

Rendering - (C3 By-products & UCO)

116

Bakery

Used Cooking Oil processing only

Disposal Rendering - (C1 & C2)

Food Grade Fat Processing

Blood Processing

Bone Processing

Bio Diesel

Renewable Diesel

Gelatin

Casings

Environmental Services

Fertilizer

Petfood

Hides

126

195

Under Construction:

Rendering

Pet Food

Bakery

Locations by Continent and Process

European categories for rendering of animal by-products:

• C3 –

food-grade material, for food and feed products

• C2 –

unfit for food or animal feed, can be used as fertilizer

• C1 –

must be destroyed; used to generate green energy

Note: List excludes administrative and dedicated sales offices.

*Includes transfer stations and blending

Creating sustainable food, feed and fuel ingredients for a growing population

Creating sustainable food, feed and fuel ingredients for a growing population

Adjusted EBITDA is presented here not as an alternative to net income, but rather as a measure of the Company’s operating

performance and is not intended to be a presentation in accordance with GAAP. 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. However, Adjusted EBITDA is not a recognized measurement under GAAP, should not be considered as an alternative to

net

income

measure

operating

results

cash

flow

measure

liquidity,

and

not

intended

presentation

accordance with GAAP. 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 4, 2015. 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 and non-cash charges.

In addition, the Company’s management used adjusted diluted earnings per share as a measure of earnings due to the significant

merger and acquisition activity of the Company. However, adjusted earnings per share is not a recognized measurement under

GAAP and should not be considered as an alternative to diluted earnings per share presented in accordance with GAAP. Adjusted

diluted earnings per share is defined as adjusted net income attributable to Darling divided by the weighted average shares of

diluted common stock. Adjusted net income attributable to Darling is defined as a reconciliation of net income attributable to Darling,

net of tax (i) adjusted for net of tax acquisition and integration costs related to merger and acquisitions, (ii) net of tax amortization of

acquisition related intangibles and (iii) net of tax certain non-recurring items that are not part of normal operations. This measure is

solely

for

the

purpose

calculating

adjusted

diluted

earnings

per

and

not

intended

substitute

presentation

accordance with GAAP.