Darling Ingredients Inc.

Good morning and welcome to the Darling Ingredients conference call to discuss the third quarter 2026 financial results. After the speaker's prepared remarks, there will be a question and answer 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 Miss Suann Guthrie, Senior Vice President of Investor Relations. Please go ahead.

Thank you for joining the Darling Ingredients third quarter 2026 earnings call. Here with me today are Mr. Randall C. Stuewe, Chairman and Chief Executive Officer, and Mr. Bob Day, Chief Financial Officer. Our third quarter 2026 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. You can also find reconciliations and disclosures with respect to non-GAAP financial measures in our earnings news release and slide presentation. During this call, we will be making forward-looking statements, which are predictions, projections, and other statements about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results can materially 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.

Thanks, Suann. Good morning, everyone, and thanks for joining us today. Our third quarter results showcase the capability, performance, and resilience of our global ingredients business. Sequentially, our performance was slightly impacted by timing of sales, accounting treatment of North American fat sales to Diamond Green Diesel, and global compensation expense. Otherwise, it was another robust quarter. This financial strength, bolstered by substantial cash from Diamond Green Diesel, has allowed us to continue to make significant progress toward achieving our debt targets and significantly strengthening our balance sheet by reducing net debt by approximately $420 million in the quarter. Additionally, we continue to return capital to our shareholders via stock buybacks. For the quarter, combined adjusted EBITDA was approximately $514 million, including about $310 million from our global ingredients business and $204 million from Diamond Green Diesel. Now, turning to our feed segment, we delivered a stable and solid margins during the quarter. This performance underscores the value of the operational improvements we have made and our team's focus on commercial execution. Protein prices and demand remain strong, and we expect fat prices to strengthen in the fourth quarter. Canadian and Brazilian tariffs remain challenging, but we are working hard to develop alternative markets. While our results this quarter reflect the timing of some accounting and inventory adjustments that Bob will detail a little later, the underlying commercial momentum of this segment remains strong into the fourth quarter and next year. In our food segment, Brazilian tariffs continue to complicate some of our South American shipments. However, strong China collagen sales partially offset this temporary headwind. Our NextTida portfolio continues to gain momentum via repeat and new orders, and we've expanded it now with the recent launch of NextCognia, a targeted collagen designed to support mental clarity and cognitive resilience. Additionally, Our joint venture with Ticenderlo continues to progress through the regulatory process and we are targeting a close hopefully in the first quarter of 2027. Now, turning to our fuel segment, Diamond Green Diesel faced a series of temporary operational and logistical headwinds this quarter. We had a short-term third-party hydrogen outage in the Gulf that impacted our volumes alongside a delayed SAF shipment and imported feedstock timing and hedging impacts. Once again, Bob will walk you through some more details in a moment. However, even in a slightly noisy quarter, DGD remains a massive cash engine. During the quarter, we received $171 million in cash distributions from Diamond Green Diesel from both dividends and PTC sales. For the fourth quarter, we expect DGD to produce approximately 325 million gallons. While we remain conservative, and our full year modeling assumptions, the reality is that Q3 timing and hedging headwinds have reversed and we are currently realizing DGD margins that are moving much closer to today's stronger spot market conditions. Now with that, I'd like to turn the call over to Bob to take us through the financials.