Darling Ingredients Inc. Reports Fourth Quarter and Fiscal Year 2024 Results

February 6, 2025

Net income of $101.9 million, or $0.63 per GAAP diluted share for fourth quarter and $278.9 or $1.73 per GAAP diluted share for the year
Total net sales of $1.4 billion for fourth quarter, $5.7 billion for the fiscal year 2024
Combined Adjusted EBITDA of $289.5 million for fourth quarter, $1.08 billion for the year
Received $68.6 million in cash dividends from Diamond Green Diesel in fourth quarter, $179.8 million for fiscal year 2024

IRVING, Texas–(BUSINESS WIRE)–$DAR—Darling Ingredients Inc. (NYSE: DAR) today reported net income of $101.9 million, or $0.63 per diluted share for the fourth quarter of 2024, compared to net income of $84.5 million, or $0.52 per diluted share, for the fourth quarter of 2023. The company continued its focus on operational excellence, which resulted in gross margin improvement in fourth quarter 2024, compared to third quarter 2024, despite lower fat prices. The company also reported total net sales of $1.4 billion for the fourth quarter of 2024, compared with total net sales of $1.6 billion for the same period a year ago, reflecting lower finished product pricing.

“Darling Ingredients delivered its strongest quarter of the year, and delivered some notable milestones,” said Randall C. Stuewe, Chairman and Chief Executive Officer. “We started up one of the world’s largest sustainable aviation fuel (SAF) units in Port Arthur, Texas, which is now debt free, and the joint venture delivered meaningful dividends throughout the year. We integrated several acquisitions around the world that position the company well for future growth adapting to global market dynamics.”

For fiscal year ended Dec. 28, 2024, Darling Ingredients reported net sales of $5.7 billion, compared to net sales of $6.8 billion for the same period in 2023. Net income for fiscal year 2024 was $278.9 million, or $1.73 per diluted share, as compared to net income of $647.7 million, or $3.99 per diluted share, for fiscal year 2023.

DGD sold 293.8 million gallons of renewable diesel for the fourth quarter 2024 at an average of $0.40 per gallon EBITDA. Darling Ingredients received $68.6 million in cash dividends from DGD during the fourth quarter of 2024. For full year 2024, DGD sold 1.25 billion gallons at an average of $0.46 per gallon EBITDA.

Combined Adjusted EBITDA for the fourth quarter of 2024 was $289.5 million, compared to $350.9 million for the same period in 2023. For fiscal year 2024, Combined Adjusted EBITDA totaled $1.08 billion, as compared to $1.61 billion for the same period in 2023.

As of Dec. 28, 2024, Darling Ingredients had $76.0 million in cash and cash equivalents, and $1.16 billion available under its committed revolving credit agreement. Total debt outstanding as of Dec. 28, 2024, was $4.0 billion. The preliminary leverage ratio as measured by the company’s bank covenant was 3.93X as of Dec. 28, 2024. Capital expenditures were $73.3 million for the fourth quarter 2024, and $332.5 million for the year.

“Global raw material volumes remain robust and stronger fat prices in the first quarter of 2025 should provide lift as pending tariffs and the Clean Fuel Production Credit provide greater certainty to the value of domestic feedstocks,” Stuewe said. “Currently, we expect 2025 to be stronger than 2024, gaining momentum throughout the year as DGD turnarounds are completed and SAF sales command a larger percentage of our mix.”

Given fourth quarter 2024 run rates and only one period into the new year, the company is providing guidance of $1.25 to $1.30 billion Combined Adjusted EBITDA and will provide updates as the year progresses.

Darling Ingredients Inc. and Subsidiaries Consolidated Operating Results For the Three and Twelve Months Ended December 28, 2024 and December 30, 2023 (in thousands, except per share data)


	Three Months Ended									Twelve Months Ended
	(unaudited)			(unaudited)			$ Change			(unaudited)						$ Change
	December 28,			December 30,			Favorable			December 28,			December 30,			Favorable
		2024			2023		(Unfavorable)				2024			2023		(Unfavorable)
Net sales to third parties	$	1,194,900		$	1,226,490		$	(31,590	)	$	4,746,292		$	5,460,259		$	(713,967	)
Net sales to related party – Diamond Green Diesel		222,793			387,593			(164,800	)		968,883			1,327,821			(358,938	)
Total net sales		1,417,693			1,614,083			(196,390	)		5,715,175			6,788,080			(1,072,905	)
Costs and expenses:
Cost of sales and operating expenses (excludes depreciation and amortization, shown separately below)		1,083,931			1,177,652			93,721			4,437,337			5,143,060			705,723
Gain on sale of assets		(4,056	)		(8,282	)		(4,226	)		(4,157	)		(7,421	)		(3,264	)
Selling, general and administrative expenses		107,514			132,620			25,106			492,105			542,534			50,429
Restructuring and asset impairment charges		5,794			13,133			7,339			5,794			18,553			12,759
Acquisition and integration costs		2,440			1,726			(714	)		7,842			13,884			6,042
Change in fair value of contingent consideration		(4,491	)		5,167			9,658			(46,706	)		(7,891	)		38,815
Depreciation and amortization		128,158			137,929			9,771			503,825			502,015			(1,810	)
Total costs and expenses		1,319,290			1,459,945			140,655			5,396,040			6,204,734			808,694
Equity in net income of Diamond Green Diesel		24,036			4,690			19,346			149,082			366,380			(217,298	)
Operating income		122,439			158,828			(36,389	)		468,217			949,726			(481,509	)
Other expense:
Interest expense		(54,911	)		(68,453	)		13,542			(253,858	)		(259,223	)		5,365
Foreign currency gain/(loss)		(1,669	)		(206	)		(1,463	)		(1,154	)		8,133			(9,287	)
Other income, net		9,486			2,825			6,661			22,309			16,310			5,999
Total other expense		(47,094	)		(65,834	)		18,740			(232,703	)		(234,780	)		2,077
Equity in net income of other unconsolidated subsidiaries		2,885			1,508			1,377			11,994			5,011			6,983
Income from operations before income taxes		78,230			94,502			(16,272	)		247,508			719,957			(472,449	)
Income tax expense/(benefit)		(25,547	)		7,246			32,793			(38,337	)		59,568			97,905
Net income		103,777			87,256			16,521			285,845			660,389			(374,544	)
Net income attributable to noncontrolling interests		(1,869	)		(2,740	)		871			(6,965	)		(12,663	)		5,698
Net income attributable to Darling	$	101,908		$	84,516		$	17,392		$	278,880		$	647,726		$	(368,846	)

Basic income per share:	$	0.64		$	0.53		$	0.11		$	1.75		$	4.05		$	(2.30	)
Diluted income per share:	$	0.63		$	0.52		$	0.11		$	1.73		$	3.99		$	(2.26	)

Number of diluted common shares:		161,071			161,935						161,418			162,387

Segment Financial Tables (in thousands)

	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate			Total
Three Months Ended December 28, 2024 (unaudited)
Total net sales	$	924,157		$	361,686		$	131,850		$	—		$	1,417,693
Cost of sales and operating expenses		714,843			268,582			100,506			—			1,083,931
Gross margin		209,314			93,104			31,344			—			333,762

Gain on sale of assets		(1,210	)		(1,550	)		(1,296	)		—			(4,056	)
Selling, general and administrative expenses		60,497			30,665			7,459			8,893			107,514
Restructuring and asset impairment charges		3,671			2,123			—			—			5,794
Acquisition and integration costs		—			—			—			2,440			2,440
Change in fair value of contingent consideration		(4,491	)		—			—			—			(4,491	)
Depreciation and amortization		90,648			26,119			9,189			2,202			128,158
Equity in net income of Diamond Green Diesel		—			—			24,036			—			24,036
Segment operating income/(loss)	$	60,199		$	35,747		$	40,028		$	(13,535	)	$	122,439

Equity in net income of other unconsolidated subsidiaries		2,885			—			—			—			2,885
Segment income/(loss)		63,084			35,747			40,028			(13,535	)		125,324

Segment Adjusted EBITDA (Non-GAAP)	$	150,027		$	63,989		$	25,181		$	(8,893	)	$	230,304
DGD Adjusted EBITDA (Darling’s Share) (Non-GAAP)		—			—			59,159			—			59,159
Combined Adjusted EBITDA (Non-GAAP)	$	150,027		$	63,989		$	84,340		$	(8,893	)	$	289,463


Reconciliation of Net Income/(loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income attributable to Darling	$	63,084		$	35,747		$	40,028		$	(36,951	)	$	101,908
Net income attributable to noncontrolling interests											1,869			1,869
Income tax benefit											(25,547	)		(25,547	)
Interest expense											54,911			54,911
Foreign currency loss											1,669			1,669
Other income, net											(9,486	)		(9,486	)
Segment income/(loss)	$	63,084		$	35,747		$	40,028		$	(13,535	)	$	125,324
Restructuring and asset impairment charges		3,671			2,123			—			—			5,794
Acquisition and integration costs		—			—			—			2,440			2,440
Change in fair value of contingent consideration		(4,491	)		—			—			—			(4,491	)
Depreciation and amortization		90,648			26,119			9,189			2,202			128,158
Equity in net income of Diamond Green Diesel		—			—			(24,036	)		—			(24,036	)
Equity in net income of other unconsolidated subsidiaries		(2,885	)		—			—			—			(2,885	)
Segment Adjusted EBITDA (Non-GAAP)	$	150,027		$	63,989		$	25,181		$	(8,893	)	$	230,304
DGD Adjusted EBITDA (Darling’s Share) (Non-GAAP) *								59,159						59,159
Combined Adjusted EBITDA (Non-GAAP)	$	150,027		$	63,989		$	84,340		$	(8,893	)	$	289,463

*See reconciliation of DGD Net Income to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Income

	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate			Total
Three Months Ended December 30, 2023 (unaudited)
Total net sales	$	1,045,642		$	423,836		$	144,605		$	—		$	1,614,083
Cost of sales and operating expenses		755,062			311,163			111,427			—			1,177,652
Gross margin		290,580			112,673			33,178			—			436,431

Loss (gain) on sale of assets		1			(8,243	)		(40	)		—			(8,282	)
Selling, general and administrative expenses		77,281			30,195			6,714			18,430			132,620
Restructuring and asset impairment charges		3,934			9,199			—			—			13,133
Acquisition and integration costs		—			—			—			1,726			1,726
Change in fair value of contingent consideration		5,167			—			—			—			5,167
Depreciation and amortization		98,400			26,655			8,480			4,394			137,929
Equity in net income of Diamond Green Diesel		—			—			4,690			—			4,690
Segment operating income/(loss)	$	105,797		$	54,867		$	22,714		$	(24,550	)	$	158,828

Equity in net income of other unconsolidated subsidiaries		1,508			—			—			—			1,508
Segment income/(loss)	$	107,305		$	54,867		$	22,714		$	(24,550	)	$	160,336

Segment Adjusted EBITDA (Non-GAAP)	$	213,298		$	90,721		$	26,504		$	(18,430	)	$	312,093
DGD Adjusted EBITDA (Darling’s Share) (Non-GAAP)		—			—			38,816			—			38,816
Combined Adjusted EBITDA (Non-GAAP)	$	213,298		$	90,721		$	65,320		$	(18,430	)	$	350,909


Reconciliation of Net Income/(loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income attributable to Darling	$	107,305		$	54,867		$	22,714		$	(100,370	)	$	84,516
Net income attributable to noncontrolling interests											2,740			2,740
Income tax expense											7,246			7,246
Interest expense											68,453			68,453
Foreign currency loss											206			206
Other income, net											(2,825	)		(2,825	)
Segment income/(loss)	$	107,305		$	54,867		$	22,714		$	(24,550	)	$	160,336
Restructuring and asset impairment charges		3,934			9,199			—			—			13,133
Acquisition and integration costs		—			—			—			1,726			1,726
Change in fair value of contingent consideration		5,167			—			—			—			5,167
Depreciation and amortization		98,400			26,655			8,480			4,394			137,929
Equity in net income of Diamond Green Diesel		—			—			(4,690	)		—			(4,690	)
Equity in net income of other unconsolidated subsidiaries		(1,508	)		—			—			—			(1,508	)
Segment Adjusted EBITDA (Non-GAAP)	$	213,298		$	90,721		$	26,504		$	(18,430	)	$	312,093
DGD Adjusted EBITDA (Darling’s Share) (Non-GAAP) *								38,816						38,816
Combined Adjusted EBITDA (Non-GAAP)	$	213,298		$	90,721		$	65,320		$	(18,430	)	$	350,909

*See reconciliation of DGD Net Income to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Income

	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate			Total
Twelve Months Ended December 28, 2024 (unaudited)
Total net sales	$	3,675,609		$	1,489,101		$	550,465		$	—		$	5,715,175
Cost of sales and operating expenses		2,886,125			1,115,348			435,864			—			4,437,337
Gross margin		789,484			373,753			114,601			—			1,277,838

Gain on sale of assets		(669	)		(1,758	)		(1,730	)		—			(4,157	)
Selling, general and administrative expenses		279,095			119,604			32,370			61,036			492,105
Restructuring and asset impairment charges		3,671			2,123			—			—			5,794
Acquisition and integration costs		—			—			—			7,842			7,842
Change in fair value of contingent consideration		(46,706	)		—			—			—			(46,706	)
Depreciation and amortization		350,141			109,102			35,876			8,706			503,825
Equity in net income of Diamond Green Diesel		—			—			149,082			—			149,082
Segment operating income/(loss)	$	203,952		$	144,682		$	197,167		$	(77,584	)	$	468,217

Equity in net income of other unconsolidated subsidiaries		11,994			—			—			—			11,994
Segment income/(loss)	$	215,946		$	144,682		$	197,167		$	(77,584	)	$	480,211

Segment Adjusted EBITDA (Non-GAAP)	$	511,058		$	255,907		$	83,961		$	(61,036	)	$	789,890
DGD Adjusted EBITDA (Darling’s Share) (Non-GAAP)		—			—			289,945			—			289,945
Combined Adjusted EBITDA (Non-GAAP)	$	511,058		$	255,907		$	373,906		$	(61,036	)	$	1,079,835


Reconciliation of Net Income/(loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income attributable to Darling	$	215,946		$	144,682		$	197,167		$	(278,915	)	$	278,880
Net income attributable to noncontrolling interests											6,965			6,965
Income tax benefit											(38,337	)		(38,337	)
Interest expense											253,858			253,858
Foreign currency loss											1,154			1,154
Other income, net											(22,309	)		(22,309	)
Segment income/(loss)	$	215,946		$	144,682		$	197,167		$	(77,584	)	$	480,211
Restructuring and asset impairment charges		3,671			2,123			—			—			5,794
Acquisition and integration costs		—			—			—			7,842			7,842
Change in fair value of contingent consideration		(46,706	)		—			—			—			(46,706	)
Depreciation and amortization		350,141			109,102			35,876			8,706			503,825
Equity in net income of Diamond Green Diesel		—			—			(149,082	)		—			(149,082	)
Equity in net income of other unconsolidated subsidiaries		(11,994	)		—			—			—			(11,994	)
Segment Adjusted EBITDA (Non-GAAP)	$	511,058		$	255,907		$	83,961		$	(61,036	)	$	789,890
DGD Adjusted EBITDA (Darling’s Share) (Non-GAAP) *								289,945						289,945
Combined Adjusted EBITDA (Non-GAAP)	$	511,058		$	255,907		$	373,906		$	(61,036	)	$	1,079,835

*See reconciliation of DGD Net Income to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Income

	Feed Ingredients			Food Ingredients			Fuel Ingredients			Corporate			Total
Twelve Months Ended December 30, 2023
Total net sales	$	4,472,592		$	1,752,065		$	563,423		$	—		$	6,788,080
Cost of sales and operating expenses		3,385,859			1,310,581			446,620			—			5,143,060
Gross margin		1,086,733			441,484			116,803			—			1,645,020

Loss (gain) on sale of assets		814			(8,144	)		(91	)		—			(7,421	)
Selling, general and administrative expenses		310,363			128,464			23,543			80,164			542,534
Restructuring and asset impairment charges		4,026			14,527			—			—			18,553
Acquisition and integration costs		—			—			—			13,884			13,884
Change in fair value of contingent consideration		(7,891	)		—			—			—			(7,891	)
Depreciation and amortization		360,249			94,991			34,466			12,309			502,015
Equity in net income of Diamond Green Diesel		—			—			366,380			—			366,380
Segment operating income/(loss)	$	419,172		$	211,646		$	425,265		$	(106,357	)	$	949,726

Equity in net income of other unconsolidated subsidiaries		5,011			—			—			—			5,011
Segment income/(loss)	$	424,183		$	211,646		$	425,265		$	(106,357	)	$	954,737

Segment Adjusted EBITDA (Non-GAAP)	$	775,556		$	321,164		$	93,351		$	(80,164	)	$	1,109,907
DGD Adjusted EBITDA (Darling’s Share) (Non-GAAP)								501,987						501,987
Combined Adjusted EBITDA (Non-GAAP)	$	775,556		$	321,164		$	595,338		$	(80,164	)	$	1,611,894


Reconciliation of Net Income/(loss) to (Non-GAAP) Segment Adjusted EBITDA and (Non-GAAP) Combined Adjusted EBITDA:
Net income attributable to Darling	$	424,183		$	211,646		$	425,265		$	(413,368	)	$	647,726
Net income attributable to noncontrolling interests											12,663			12,663
Income tax expense											59,568			59,568
Interest expense											259,223			259,223
Foreign currency gain											(8,133	)		(8,133	)
Other income, net											(16,310	)		(16,310	)
Segment income/(loss)	$	424,183		$	211,646		$	425,265		$	(106,357	)	$	954,737
Restructuring and asset impairment charges		4,026			14,527			—			—			18,553
Acquisition and integration costs		—			—			—			13,884			13,884
Change in fair value of contingent consideration		(7,891	)		—			—			—			(7,891	)
Depreciation and amortization		360,249			94,991			34,466			12,309			502,015
Equity in net income of Diamond Green Diesel		—			—			(366,380	)		—			(366,380	)
Equity in net income of other unconsolidated subsidiaries		(5,011	)		—			—			—			(5,011	)
Segment Adjusted EBITDA (Non-GAAP)	$	775,556		$	321,164		$	93,351		$	(80,164	)	$	1,109,907
DGD Adjusted EBITDA (Darling’s Share) (Non-GAAP) *								501,987						501,987
Combined Adjusted EBITDA (Non-GAAP)	$	775,556		$	321,164		$	595,338		$	(80,164	)	$	1,611,894

*See reconciliation of DGD Net Income to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Income

Darling Ingredients Inc. and Subsidiaries Balance Sheet Disclosures As of December 28, 2024 and December 30, 2023 (in thousands)

	(unaudited)
	December 28,		December 30,
	2024		2023
Cash and cash equivalents	$	75,973	$	126,502
Property, plant and equipment, net		2,713,669		2,935,185
Current portion of long-term debt		133,020		60,703
Long-term debt, net of current portion		3,908,978		4,366,370


Other Financial Data
As of December 28, 2024
	(unaudited)
	December 28,
	2024
Revolver availability	$	1,159,611
Capital expenditures – YTD	$	332,465
Preliminary Leverage Ratio	3.93x

Diamond Green Diesel Joint Venture Consolidated Statements of Income For the Three and Twelve Months Ended December 31, 2024 and December 31, 2023 (in thousands)

	Three Months Ended									Twelve Months Ended
	(unaudited)			(unaudited)			$ Change			(unaudited)						$ Change
	December 31,			December 31,			Favorable			December 31,			December 31,			Favorable
		2024			2023		(Unfavorable)				2024			2023		(Unfavorable)
Revenues:
Operating revenues	$	1,245,722		$	1,633,795		$	(388,073	)	$	5,065,592		$	6,990,622		$	(1,925,030	)
Expenses:
Total costs and expenses less lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense		1,009,285			1,495,293			486,008			4,309,768			5,925,778			1,616,010
Lower of cost or market (LCM) inventory valuation adjustment		118,120			60,871			(57,249	)		175,934			60,871			(115,063	)
Depreciation, amortization and accretion expense		69,489			58,881			(10,608	)		264,992			230,921			(34,071	)
Total costs and expenses		1,196,894			1,615,045			418,151			4,750,694			6,217,570			1,466,876
Operating income		48,828			18,750			30,078			314,898			773,052			(458,154	)
Other income		7,778			3,454			4,324			22,114			10,317			11,797
Interest and debt expense, net		(8,301	)		(12,072	)		3,771			(38,673	)		(49,857	)		11,184
Income before income tax expense		48,305			10,132			38,173			298,339			733,512			(435,173	)
Income tax expense		233			752			519			175			752			577
Net income	$	48,072		$	9,380		$	38,692		$	298,164		$	732,760		$	(434,596	)


Reconciliation of DGD Net Income to (Non-GAAP) DGD Adjusted EBITDA:
Net income	$	48,072		$	9,380					$	298,164		$	732,760
Income tax expense		233			752						175			752
Interest and debt expense, net		8,301			12,072						38,673			49,857
Other income		(7,778	)		(3,454	)					(22,114	)		(10,317	)
Operating income		48,828			18,750						314,898			773,052
Depreciation, amortization and accretion expense		69,489			58,881						264,992			230,921
DGD Adjusted EBITDA (Non-GAAP)		118,317			77,631						579,890			1,003,973
Darling’s Share 50%		50	%		50	%					50	%		50	%
DGD Adjusted EBITDA (Darling’s Share) (Non-GAAP)	$	59,159		$	38,816					$	289,945		$	501,987

Diamond Green Diesel Joint Venture Condensed Consolidated Balance Sheets December 31, 2024 and December 31, 2023 (in thousands)
	December 31,		December 31,
	2024		2023
	(unaudited)
Assets:
Cash	$	353,446	$	236,794
Total other current assets		1,137,821		1,640,636
Property, plant and equipment, net		3,868,943		3,838,800
Other assets		100,307		89,697
Total assets	$	5,460,517	$	5,805,927

Liabilities and members’ equity:
Revolver	$	—	$	250,000
Total other current portion of long term debt		29,809		28,639
Total other current liabilities		319,688		417,918
Total long term debt		707,158		737,097
Total other long term liabilities		17,195		16,996
Total members’ equity		4,386,667		4,355,277
Total liabilities and members’ equity	$	5,460,517	$	5,805,927

Reconciliation of Net Income to (Non-GAAP) Adjusted EBITDA and (Non-GAAP) Pro forma Adjusted EBITDA to Foreign Currency For the Three and Twelve Months Ended December 28, 2024 and December 30, 2023 (in thousands)

	Three Months Ended								Twelve Months Ended
Adjusted EBITDA	December 28,					December 30,			December 28,					December 30,
(U.S. dollars in thousands)		2024					2023			2024					2023
	(unaudited)					(unaudited)			(unaudited)
Net income attributable to Darling		101,908					84,516			278,880					647,726
Depreciation and amortization		128,158					137,929			503,825					502,015
Interest expense		54,911					68,453			253,858					259,223
Income tax expense (benefit)		(25,547	)				7,246			(38,337	)				59,568
Restructuring and asset impairment charges		5,794					13,133			5,794					18,553
Acquisition and integration costs		2,440					1,726			7,842					13,884
Change in fair value of contingent consideration		(4,491	)				5,167			(46,706	)				(7,891	)
Foreign currency loss/(gain)		1,669					206			1,154					(8,133	)
Other income, net		(9,486	)				(2,825	)		(22,309	)				(16,310	)
Equity in net income of Diamond Green Diesel		(24,036	)				(4,690	)		(149,082	)				(366,380	)
Equity in net income of other unconsolidated subsidiaries		(2,885	)				(1,508	)		(11,994	)				(5,011	)
Net income attributable to noncontrolling interests		1,869					2,740			6,965					12,663
Adjusted EBITDA (Non-GAAP)	$	230,304				$	312,093		$	789,890				$	1,109,907
Foreign currency exchange impact		1,410		(1	)		—			1,334		(2	)		—
Pro forma Adjusted EBITDA to Foreign Currency (Non-GAAP)	$	231,714				$	312,093		$	791,224				$	1,109,907
DGD Adjusted EBITDA (Darling’s share) (Non-GAAP)*	$	59,159				$	38,816		$	289,945				$	501,987
Combined Adjusted EBITDA (Non-GAAP)	$	289,463				$	350,909		$	1,079,835				$	1,611,894

*See reconciliation of DGD Net Income to (Non-GAAP) DGD Adjusted EBITDA below the DGD Consolidated Statements of Income
(1) The average rates for the three months ended December 28, 2024 were €1.00:$1.07, R$1.00:$0.17 and C$1.00:$0.72 as compared to the average rates for the three months ended December 30, 2023 of €1.00:$1.07, R$1.00:$0.20 and C$1.00:$0.73, respectively.
(2) The average rates for the twelve months ended December 28, 2024 were €1.00:$1.08, R$1.00:$0.19 and C$1.00:$0.73 as compared to the average rates for the twelve months ended December 30, 2023 of €1.00:$1.08, R$1.00:$0.20 and C$1.00:$0.74, respectively.