Ahold Delhaize initiates international arbitration regarding Serbian regulatory measures
February 6, 2026 – Ahold Delhaize confirms that it has filed a request for arbitration with the International Centre for Settlement of Investment Disputes (ICSID) to protect its rights under the Netherlands–Serbia Bilateral Investment Treaty, in relation to regulatory measures implemented by the Government of Serbia in September 2025.
These implemented regulatory measures in Serbia include a legal restriction on retail margins, purchase prices and supplier fees, and introduces supplier veto over delisting and order reductions. This sudden and unprecedented state intervention in the retail market affects more than 75% of Delhaize Serbia’s revenue. Our company achieved a net profit margin of 4.4% in 2024, and only 4 months of the Regulation in 2025 led to significant losses. To continue operating, the company, up until now, had to take the difficult decision to close 25 stores and suspend investments planned for 2026, leading to the loss of hundreds of Serbian jobs.
We have not taken this arbitration step lightly. This step follows months of intensive efforts to engage in constructive dialogue with the Serbian authorities to identify balanced solutions that serve the interests of consumers, the economy, and Serbia’s long-term investment climate. Despite these efforts, a resolution has not been achieved. As a result, Ahold Delhaize has initiated arbitration proceedings, as its local brand Delhaize Serbia continues to operate under lossmaking conditions that materially impact its ability to conduct business on a sustainable basis and affect the value of Ahold Delhaize’s investment in Serbia.
By seeking a formal resolution through established international arbitration mechanisms, the company aims to ensure that international treaty obligations are respected and that a predictable, transparent, and fair investment environment is maintained for the benefit of investors operating in Serbia, as well as broader economy and its citizens.
In the meantime, Delhaize Serbia remains fully committed to the local market. The company continues to operate more than 500 stores, supports over 11,000 employees and their families, and maintains long-standing partnerships with local suppliers, the majority of whom are Serbian companies.
Context: Delhaize Serbia
Ahold Delhaize’s local brand Delhaize Serbia has operated in Serbia for 25 years, building a network of 547 stores nationwide and employing more than 11,000 people, making it one of Serbia's largest private employers. Over the past ten years, the company has invested EUR 536 million in Serbia. It is run by a Serbian leadership team, and the vast majority of the company's suppliers are Serbian companies, supporting local agricultural and food production sectors.
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