Darling Ingredients Inc at Piper Sandler Energy Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ryan Todd - Piper Sandler - Analyst : Similar to what we just talked about PSX, but a lot of moving pieces. You've been in this business for a long time. You guys are the longest running, biggest producers of renewable be sold in North America. There's a lot of uncertainty out there, a lot of moving pieces, obviously with the BTC, IRA, PTC, LCFS. As we think about the next 12 months, can you walk through how you see. The moving pieces adjusting to find a new equilibrium in the market.

Question: Ryan Todd - Piper Sandler - Analyst : Thanks. I mean, I guess if you, a couple things to impact there. I mean, do you think we can we get there just on the supply side, right, like imports under the new regime, imports get backed out. Marginal biodiesel capacity getting rationalized, as you said. Can supply do all the work or do we need to step up in demand and any thoughts on, potential from an RVO point of view to see something positive on the demand side? Yeah.

Question: Ryan Todd - Piper Sandler - Analyst : Thanks. Let's talk about that advantage, in terms and some questions in your term on the PTC, right? So first of all, what do you think the relative advantage, what are you able to capture, you think, in terms of your sales from a PTC point of view, and do you feel like you have enough clarity at this point, on the rules to start booking credits here in the first quarter?

Question: Ryan Todd - Piper Sandler - Analyst : Thanks. One more thing before we switch a little bit, like you mentioned earlier, there's a bit of a delay in implementation of the LCFS amendment change. Any visibility in terms of your expect or what do you think on timeline before that gets sorted?

Question: Ryan Todd - Piper Sandler - Analyst : Thanks. Let's switch gears a little bit to one of the other sides of your business, on the feed segment. A lot of these changes shifting, towards the PTC and of the IRA should be a relative tailwind for that business. What are you seeing? Are you seeing incremental fat demand? Out there, what should we expect in terms of the feed side of your business going forward?

Question: Ryan Todd - Piper Sandler - Analyst : Okay, thanks. . The I mean, I guess as we think about are there risks? I mean, you do source a decent amount internationally in terms of impacting your business, is there risks in terms of your ability to source feedstock, are things on that side, or can you do it enough domestically with what you have?

Question: Ryan Todd - Piper Sandler - Analyst : All right, let's talk sustainable aviation fuel. . Yeah, it feels like if there's one thing that most people can agree on across both sides of the aisle and both sides of the pond is the sustainable aviation fuel. It seems like it's going to be relatively well supported for some time to come. So you started up your expansion project, your conversion project in the fourth quarter of last year. Can you just talk to us, how's the asset performing? Where are you in terms of kind of contracting of supplies is the pricing then? In line with what you expected and talked about previously, how's that going?

Question: Ryan Todd - Piper Sandler - Analyst : Are the margins comparable selling into Europe versus the US right now? Absolutely. So, I guess maybe one last question. Obviously, there's a lot of regulatory uncertainty out there right now, that a volatile past couple of months out of Washington. Any thoughts about conversations you're having, whether it's it's risks or opportunities you expect to develop as things settle down in the coming months. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 18, 2025 / 6:20PM, DAR.N - Darling Ingredients Inc at Piper Sandler Energy Conference