• An Archer Daniels Midland (ADM) or Bunge (BG) for animal by-products and used cooking oils.
• A Valero, but specialized in producing renewable diesel from organic waste and fats.

• Protein Meals: Rendered animal proteins used as high-quality ingredients in pet food, aquaculture, and livestock feed.
• Fats and Oils: Processed animal fats (e.g., tallow, yellow grease) and used cooking oils, primarily utilized in animal feed, pet food, and as biofuel feedstocks.
• Collagen and Gelatin: Specialized protein ingredients derived from animal raw materials, widely used in food, pharmaceutical, and nutraceutical applications.
• Renewable Diesel: A low-carbon biofuel produced from sustainable waste fats, oils, and greases, serving as a direct replacement for conventional diesel fuel.
• Natural Flavors: Ingredients extracted from natural sources to enhance the taste and aroma of food and beverage products.
• Functional Proteins: Proteins with specific properties designed to improve the texture, stability, and nutritional profile of various food applications.

Darling Ingredients (DAR) operates primarily as a Business-to-Business (B2B) company, supplying a wide array of ingredients derived from bio-nutrients to various manufacturers and industries globally.

The company does not publicly disclose the names of specific "major customers" that represent a significant portion of its revenue, which is common for diversified ingredient suppliers. This indicates that Darling Ingredients serves a broad and diversified customer base rather than relying on a few key clients. Therefore, it is not possible to list specific customer company names and their symbols.

Based on Darling Ingredients' diverse product offerings and market descriptions, its customer base consists of other companies across several major categories:

• Pet Food and Animal Feed Manufacturers: These companies purchase Darling's processed proteins, fats, and other ingredients for use in pet food products, livestock feed, and aquaculture feed.
• Food and Beverage Processors: Businesses in the human food and beverage industry utilize Darling's ingredients such as gelatin, collagen, and edible fats for applications in confectionery, dairy products, meat products, and other food items.
• Renewable Fuel Producers: Companies involved in the production of renewable diesel, sustainable aviation fuel (SAF), and other biofuels are major customers for Darling's rendered animal fats and used cooking oil, which serve as critical feedstocks.
• Biotechnology, Pharmaceutical, and Other Industrial Companies: Darling supplies specialized ingredients for various applications in these sectors, including gelatin for capsules, collagen for medical devices, and other industrial uses.

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Randall C. Stuewe, Chairman & Chief Executive Officer

Randall C. Stuewe has served as Chairman and Chief Executive Officer of Darling Ingredients Inc. since February 2003. He brings over 25 years of experience in agriculture processing businesses. Prior to joining Darling Ingredients, Mr. Stuewe was Executive Vice President at ConAgra Foods, Inc. from 1996 to 2002. During his time at ConAgra, he also served as President of Gilroy Foods Inc. Before 1996, he spent twelve years in various management, sales, and trading positions at Cargill, Incorporated. Gilroy Foods Inc. was later acquired by Olam International Ltd. from Conagra Brands, Inc. in 2010. Mr. Stuewe currently serves as a director of Teays River Investments, a privately held agribusiness holding company.

Brad Phillips, Executive Vice President & Chief Financial Officer (retiring June 15, 2025)

Brad Phillips has served as Executive Vice President and Chief Financial Officer of Darling Ingredients Inc. since January 2018. He has a long tenure with the company, accumulating 28 years of experience as of January 2018. His previous roles at Darling Ingredients include Vice President-Treasurer from May 2014 to January 2018, Treasurer from January 1993 to May 2014, Assistant Treasurer from January 1991 to January 1993, and Assistant Controller from October 1988 to January 1991. Before joining Darling Ingredients, Mr. Phillips was the Corporate Accounting Manager at Republic Health Corporation from 1984 to 1988, and worked in the audit group at Arthur Andersen from 1982 to 1984. Mr. Phillips will retire from his position on June 15, 2025.

Robert Day, Executive Vice President & Chief Financial Officer (effective February 2025)

Robert Day will assume the role of Executive Vice President and Chief Financial Officer in February 2025, following the company's 2024 Form 10-K filing. He joined Darling Ingredients in August 2023 as Executive Vice President – Strategy. Mr. Day brings nearly 30 years of executive management and investment banking experience in agriculture, soft, and energy commodity industries. Prior to Darling Ingredients, he was a partner at Ascendant Partners, an investment bank and advisory firm. From 2015 to 2022, he served as CEO of Ceres Global Ag Corp. His career also includes serving as Managing Director Asia at ED&F Man and holding various executive and senior management roles over 19 years with Cargill in Asia, Latin America, and the United States.

Sandra Dudley, Executive Vice President, Renewables and Chief Strategy Officer (effective February 2025)

Sandra Dudley will become the Executive Vice President, Renewables and Chief Strategy Officer, effective February 25, 2025. She has been with Darling Ingredients since 2015, most recently serving as Executive Vice President, Renewables and U.S. Specialty Operations, where she oversaw the company's renewable energy initiatives and specialty operations, including the Diamond Green Diesel joint venture. Before joining Darling Ingredients, Ms. Dudley held strategy and financial roles at ConAgra Foods from 1998 to 2004, and at Tenaska Marketing Ventures from 2004 to 2015, where she was involved in analyzing long-term deals, developing deal structures, and trading natural gas.

John F. Sterling, Executive Vice President, General Counsel & Secretary

John F. Sterling serves as Executive Vice President, General Counsel & Secretary for Darling Ingredients. Additional background information for Mr. Sterling was not readily available within the search results.

Key Risks to Darling Ingredients (DAR)

Increasing competition for critical renewable fuel feedstocks (such as used cooking oil and animal fats) driven by the rapid global expansion of renewable diesel and sustainable aviation fuel production capacity.

Darling Ingredients Inc. (symbol: DAR) operates across three main segments: Feed Ingredients, Food Ingredients, and Fuel Ingredients, serving global markets. The addressable markets for their main products and services are sizable across various regions:

• Feed Ingredients (Rendered Products): The global rendered products market was valued at approximately USD 22.34 billion in 2023 and is projected to grow to USD 28.64 billion by 2032, with a compound annual growth rate (CAGR) of 2.86% from 2024 to 2032. North America held a significant market share of 47.31% in 2023. Darling Ingredients is recognized as the world's largest renderer.
• Food Ingredients (Gelatin and Collagen):
  • Collagen: The global collagen market was valued at USD 9.4 billion in 2024 and is projected to reach USD 15.85 billion by 2033, growing at a CAGR of 5.4% from 2025 to 2033. Europe accounted for the largest market share in 2024 with 35%, while North America is identified as the fastest-growing market. Another estimate places the global collagen market to hit USD 14 billion by 2025.
  • Gelatin: The global gelatin market is valued at USD 4.0 billion in 2024 and is expected to reach USD 5.6 billion by 2029, at a CAGR of 6.9%. Europe is anticipated to maintain the largest market share in terms of consumption, consuming roughly 36% of the global gelatin in 2024. The global pharmaceutical gelatin market alone is projected to reach USD 1.5 billion by 2027. Darling Ingredients holds approximately 30% of the global market share for gelatin and collagen.
• Fuel Ingredients (Renewable Diesel and Used Cooking Oil):
  • Renewable Diesel: The global renewable diesel market was valued at USD 23 billion in 2024 and is estimated to grow at a CAGR of 8.1% from 2025 to 2034. The U.S. renewable diesel market was valued at USD 10.3 billion in 2024, with North America holding over 47.5% of the overall market share. Through its Diamond Green Diesel joint venture, Darling Ingredients is a significant producer of renewable diesel and sustainable aviation fuel.
  • Used Cooking Oil (UCO): The global used cooking oil market was valued at USD 7.64 billion in 2023 and is projected to reach USD 11.95 billion by 2032, growing at a CAGR of 5.1% from 2024 to 2032. Another source estimates the market to reach USD 10.7 billion by the end of 2028, with a CAGR of 11.8% from 2023 to 2028. In 2024, Europe captured 38.28% of the revenue share in the used cooking oil market, while the Asia-Pacific region is expected to show an 8.79% CAGR by 2030. Darling Ingredients is North America's largest collector and processor of used cooking oil.

Here are 3-5 expected drivers of future revenue growth for Darling Ingredients (DAR) over the next 2-3 years:

1. Resilience and Growth in Core Ingredients Business: Darling Ingredients' CEO consistently emphasizes the strength and resilience of its diversified core ingredients business, particularly within the Feed and Food segments. This segment is supported by sustained global demand, with strong performance noted in Q3 2025. The company expects its Feed segment to remain consistent or slightly improve, and its Food segment is anticipated to rebound as global collagen demand strengthens.
2. Expansion into High-Growth Specialty Food Ingredients: The company is strategically expanding its presence in high-growth, high-margin specialty ingredients. The Nextida joint venture, which combines Darling Ingredients' and Tessenderlo Group's collagen and gelatin segments, is specifically expected to broaden Darling's product portfolio with items like collagen and functional peptides, driving Food segment EBITDA growth starting in 2026.
3. Growing Demand for Sustainable Aviation Fuel (SAF): Despite facing regulatory headwinds in the broader renewable fuels sector, the ongoing demand for Sustainable Aviation Fuel (SAF) is a significant future growth driver. Darling Ingredients started up one of the world's largest SAF units in Port Arthur, Texas, in Q4 2024, and a positive renewable fuels policy outlook is expected to support future growth in this area.
4. Monetization of Production Tax Credits (PTCs): While not direct revenue, the monetization of Production Tax Credits (PTCs) is expected to significantly bolster Darling Ingredients' financial position. The company anticipates selling an additional $125-175 million in PTCs by the end of 2025, with a robust market and strong buyer demand. This enhances profitability and can support further investments in growth initiatives.
5. Strategic Acquisitions and Operational Efficiency: Darling Ingredients has a history of integrating acquisitions globally to position itself for future growth and adapt to market dynamics. Furthermore, the company maintains a strong focus on optimizing operational efficiency and cost management across its segments, which contributes to margin improvement and overall financial health, indirectly supporting revenue growth by enhancing competitiveness and profitability.

Share Repurchases

• In June 2024, Darling Ingredients' Board of Directors approved an extension of its share repurchase program, refreshing the aggregate amount up to $500 million of common stock, valid for an additional two years until August 2026.
• The company repurchased approximately 807,000 shares of common stock for about $29.2 million during the second quarter of 2024.
• As of July 2, 2022, Darling Ingredients had repurchased approximately 971,000 shares of common stock year-to-date for a total of $65.9 million.

Outbound Investments

• Darling Ingredients completed the acquisition of Valley Proteins, a large independent rendering company in the United States, on May 2, 2022.
• On August 1, 2022, the company completed the acquisition of FASA Group, which was Brazil's largest independent rendering company.
• Throughout 2024, Darling Ingredients integrated several acquisitions globally to strengthen its market position.

Capital Expenditures

• Capital expenditures for fiscal year 2023 amounted to $555.5 million.
• For fiscal year 2024, capital expenditures totaled $332.5 million.
• Capital expenditures for the first nine months ended September 27, 2025, were $224.0 million. The company is focused on its diversified global platform and the commissioning of its sustainable aviation fuel unit.