DARLING INGREDIENTS Business Summary

Darling Ingredients Inc. (DAR) operates a global circular economy business model, generating revenue through the collection and transformation of animal by-products and food waste into sustainable, value-added ingredients. The company’s revenue streams are primarily transaction-based, derived from three core segments: Feed Ingredients, which produces proteins and fats for animal nutrition; Food Ingredients, specializing in collagen and gelatin through its Rousselot brand; and Fuel Ingredients, which converts used cooking oil and animal fats into renewable diesel and sustainable aviation fuel via its Diamond Green Diesel (DGD) joint venture. As of early 2026, Darling remains the world’s largest producer of sustainable natural ingredients, maintaining a dominant market position by controlling a significant portion of the global rendering market. Its primary direct competitors include JBS S.A., Bunge Global, and Ingredion; however, Darling distinguishes itself through its vertically integrated supply chain for renewable fuel feedstocks and its specialized focus on the upcycling of agricultural waste. The company is led by Chairman and CEO Randall C. Stuewe, who has spearheaded Darling’s transformation from a regional renderer to a global powerhouse since 2003, bringing extensive pedigree from senior roles at ConAgra and Cargill. The current executive team includes Executive VP and CFO Robert Day, who transitioned from Ceres Global Ag in 2025, and Chief Strategy Officer Sandra Dudley, who oversees the critical Renewables and M&A portfolios. Nick Kemphaus serves as Executive VP and General Counsel, having assumed the role in January 2026. While founded in 1882 by the Darling and Swift families, the modern iteration of the company is supported by a high-profile board including former Bunge CEO Soren Schroder. Notable institutional backing comes from major investors such as MSD Capital (the private investment firm of Michael Dell), Vanguard, and BlackRock, reflecting strong market confidence in the company’s role in the global energy transition.