Darling Ingredients Inc.

period and instructions to ask a question will be given at that time. Today's call is being recorded. I would now like to turn the call over to Ms. Sue Ann Guthrie, Senior Vice President of Investor Relations. Please go ahead.

Thank you, and thank you for joining the Darling Ingredients Third Quarter 2025 Earnings Call. Here with me today are Mr. Randall C. Stewie, Chairman and Chief Executive Officer, and Mr. Bob Day, Chief Financial Officer. Our third quarter 2025 earnings news release and slide presentation are available on the investor page of our corporate website. And it will be joined by a transcript of this call once it is available. During this call, we will be making forward-looking statements, which are predictions, projections, or other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results can material differ because of factors discussed in today's press release, and the comments made during this conference call, and in the risk factors section of our Form 10-K, 10-Q, and other reported filings with the Securities and Exchange Commission. We do not undertake any duty to update any forward-looking statement. Now, I will hand the call over to Randy.

Hey, thanks, Sue Ann. Good morning, everyone, and thanks for joining us for our third quarter earnings call. Our core ingredients business delivered its strongest performance in a year and a half fueled by robust global demand and exceptional execution across all operations. While the renewables market is facing some short-term uncertainty, as we wait for clarity on the renewable volume obligation, we're confident that momentum is building. We believe we're on the verge of a shift that will highlight the strength of Darling's integrated model, a competitive advantage that is unmatched in the industry. Our combined adjusted EBITDA for third quarter was $245 million, as our global ingredients business performed strong with $248 million of EBITDA. As I mentioned, the renewables business continues to be challenged as we posted negative $3 million EBITDA for DGD, which included a lower of cost to market expense of $38 million at the entity level. Bob's going to discuss more details later in the call, but I will say that both LIFO and LCM were negative in the third quarter, which is unusual and does not typically happen for extended periods. In addition, uncertainty and continued delays in getting a final RVO ruling had a negative impact on the overall biofuel environment in the U.S. during the quarter. Now, in our feed segment, or in our feed ingredient segment, global rendering volumes and margins were up both sequentially and year over year, driven by strong demand for fats and proteins and solid execution by our global operations and marketing teams. In the U.S., robust demand for domestic fats, supported by a strong national agriculture and energy policy, help boost revenue and margins. Elsewhere in the world, our global rendering business, particularly in Brazil, Canada, and Europe, demonstrated stronger year-over-year performance. Export protein demand is showing signs of recovery, with slightly firmer pricing trends emerging. Tariff implications, primarily China and APAC countries, clearly have impacted our value-added poultry protein products, which serve to meet the needs of global pet food and aquaculture customers. Turning to our food segment, performance remains steady quarter over quarter. Sales dipped slightly in the quarter as customers responded to ongoing tariff volatility, but we offset that with strong raw material sourcing and disciplined margin management. We continue to see repeat orders for our next tie to glucose control product, and early studies on new formulation look promising. We're on track to launch our new next TIDA product in the back half of 2026. In our fuel segment, the renewables market continues to face headwinds. This quarter, we saw higher feedstock costs, lower RIMS and LCFS pricing, which ultimately impacted margins. A scheduled turnaround of DGD3 led to reduced volumes of renewable diesel and sustainable aviation fuel, and DGD 1 remains idled until margins improve. We believe these pressures are temporary. As mentioned earlier, we're approaching the rollout of thoughtful public policy aimed at strengthening American agriculture and energy leadership, a shift that we believe will significantly enhance DGD's earnings potential. Now, with that, I'd like to hand the caller to Bob to take us through some financials, and I'll come back at the end and give them my thoughts for the balance of 2025. Bob?