
(in thousands)	June 30, 2026		December 31, 2025
Assets:
Cash	$	387,284	$	195,765
Total other current assets	2,175,210		1,199,194
Property, plant and equipment, net	3,601,119		3,702,254
Other assets	122,119		139,765
Total assets	$	6,285,732	$	5,236,978
Liabilities and members' equity:
Revolver	$	—	$	—
Total other current portion of long-term debt	28,443		29,487
Total other current liabilities	630,098		332,256
Total long-term debt	663,293		677,671
Total other long-term liabilities	17,796		17,748
Total members' equity	4,946,102		4,179,816
Total liabilities and members' equity	$	6,285,732	$	5,236,978


	Three Months Ended				Six Months Ended
(in thousands)	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Revenues:
Operating revenues	$	2,681,999	$	1,097,831	$	4,096,045	$	1,997,740
Expenses:
Total costs and expenses less lower of cost or market inventory valuation adjustment and depreciation, amortization and accretion expense	1,896,706		1,119,445		3,097,797		2,096,551
Lower of cost or market (LCM) inventory valuation adjustment	—		(111,245)		(96,720)		(202,249)
Depreciation, amortization and accretion expense	71,020		61,529		148,948		129,001
Total costs and expenses	1,967,726		1,069,729		3,150,025		2,023,303
Operating income/(loss)	714,273		28,102		946,020		(25,563)
Other income	3,697		2,181		5,211		5,883
Interest and debt expense, net	(10,739)		(12,844)		(21,895)		(22,150)
Income/(loss) before income tax expense	707,231		17,439		$	929,336	$	(41,830)
Income tax expense	284		1,105		328		1,144
Net income/(loss)	$	706,947	$	16,334	$	929,008	$	(42,974)

As of July 4, 2026, under the equity method of accounting, the Company has an investment in the DGD Joint Venture of approximately $2,495.3 million on the consolidated balance sheet. The Company has recorded equity in net income from the DGD Joint Venture of approximately $350.0 million and $6.0 million for the three months ended July 4, 2026 and June 28, 2025, respectively. The Company has recorded equity in net income/(loss) from the DGD Joint Venture of approximately $457.4 million and $(24.5) million for the six months ended July 4, 2026 and June 28, 2025, respectively.

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act ( the “IR Act”). As part of the IR Act, the blenders tax credits of $1.00 per gallon were extended as is until December 31, 2024, a new Sustainable Aviation Fuel (“SAF”) blenders tax credit was introduced effective for 2023 and 2024, and a new Clean Fuels Production Credit (the “CFPC”) was created effective from 2025 through 2027. Under the IR Act, Section 40B, SAF, blended with Jet A and sold on or before December 31, 2024, receives a base credit of $1.25 per gallon plus $0.01 for each percentage point by which the lifecycle greenhouse gas (“GHG”) emissions reduction percentage exceeds 50% up to a maximum supplementary amount of $0.50. Under the CFPC, on-road transportation fuel receives a base credit of up to $1.00 per gallon of renewable diesel (adjusted for inflation each calendar year) multiplied by the fuel's emission reduction percentage as long as it is produced at a qualifying facility and it meets prevailing wage requirements and apprenticeship requirements. Similarly, SAF produced during calendar year 2025 at a qualified facility that meets the apprenticeship and prevailing wage requirements receives a base credit of $1.75 (adjusted for inflation each calendar year) multiplied by the GHG emissions factor for SAF. In contrast to the blenders tax credit, the CFPC requires that production must take place in the United States. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the U.S. The OBBBA includes significant tax related provisions. With respect to the CFPC, the OBBBA

extends the credit for two years through December 31, 2029, reduces the maximum credit rate for SAF to $1.00 per gallon (adjusted for inflation each calendar year) for gallons produced after December 31, 2025, and, beginning in 2026, all eligible transportation fuel must be derived exclusively from feedstocks produced or grown in the U.S., Mexico or Canada. Furthermore, on July 10, 2026, the Internal Revenue Service released Notice 2026-41, announcing the 2026 calendar year inflation adjustment factor for several green energy credits added to the Internal Revenue Code by the IR Act, including the CFPC (i.e., there is a retroactive effective date of January 1, 2026). Specifically, the base credit for on-road transportation fuel is increased to $1.09 per gallon (from $1.00 per gallon) and SAF is $1.09 per gallon for amounts produced in 2026 and $1.91 per gallon for gallons produced in 2025, but sold in 2026 (up from $1.86 per gallon) provided the fuel is produced at a qualified facility meeting the prevailing wage and apprenticeship requirements.

For the three months ended July 4, 2026 and June 28, 2025, the DGD Joint Venture recorded approximately $176.8 million and $140.2 million of production tax credits, net of discount and broker fees related to Darling's portion, respectively. For the six months ended July 4, 2026 and June 28, 2025, the DGD Joint Venture recorded approximately $354.4 million and $191.1 million of production tax credits, net of discount and broker fees related to Darling's portion, respectively. The production tax credits are recorded as a reduction of cost of sales by the DGD Joint Venture. In the six months ended July 4, 2026 and June 28, 2025, the Company received approximately $279.7 million and $129.5 million in dividend distributions from the DGD Joint Venture, respectively.