Darling Ingredients Inc at Raymond James Institutional Investors Conference Transcript

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

Question: Justin Jenkins - Raymond James & Associates, Inc - Analyst : I think rightly or wrongly, every conversation that I have with investors these days starts with the regulatory and macro backdrop. Maybe just talk through the first days of the Trump administration, what you're seeing from the policy standpoint, how much uncertainty is still out there. Maybe talk through the dynamics, especially on the renewable fuels business.

Question: Justin Jenkins - Raymond James & Associates, Inc - Analyst : Yes. I think everything that we've seen over the past 12, 18 months of this downturn is Darling and DGD's relative position is very clearly at the top of the pecking order. It's the absolute economics that maybe we're uncertain about at this point. But would you expect to see more supply cutbacks from the biodiesel guys if this period of weakness and uncertainty persists for a bit more?

Question: Justin Jenkins - Raymond James & Associates, Inc - Analyst : They were right up here. 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 03, 2025 / 7:15PM, DAR.N - Darling Ingredients Inc at Raymond James Institutional Investors Conference

Question: Justin Jenkins - Raymond James & Associates, Inc - Analyst : You talked about SAF at the beginning. You just started SAF production late last year. Maybe talk about that ramp-up process, how things have gone so far and the outlook for SAF margins going forward?

Question: Justin Jenkins - Raymond James & Associates, Inc - Analyst : Has the conversation around the margin premium versus RD stayed about the same? Has that negotiation with the airlines changed at all? Or has it been pretty steady?

Question: Justin Jenkins - Raymond James & Associates, Inc - Analyst : We've got 8, 9 minutes left. I guess maybe shifting to the financial side of things. Randy, you said pretty conservative, what I think is the word I would use for guidance for 2025. Obviously, a bit of uncertainty in the macro backdrop but maybe just high level, walk us through the working parts of '25 guidance.

Question: Justin Jenkins - Raymond James & Associates, Inc - Analyst : Bob, maybe for you on the balance sheet. It's been a focus to reduce leverage, reduce overall debt. Maybe just talk about your priorities on capital allocation front.

Question: Justin Jenkins - Raymond James & Associates, Inc - Analyst : I got a couple of minutes left. Any questions from the audience that we can ask? Unidentified Participant (inaudible)

Question: Justin Jenkins - Raymond James & Associates, Inc - Analyst : Randy, the question I'll leave you with is, are investors missing anything in the Darling story, the key takeaway for you here?