Ahold Delhaize reports strong Q4 2025 financial results; priorities and outlook for 2026 underpin our value creation and progress towards our Growing Together ambitions

• Through our family of great local brands, we understand what matters most to customers. Our focus on affordable, healthy and convenient options is especially important amid continued pressure on household budgets. Playing our role in local communities is deeply engrained in our culture and our brands' equity, and is an important differentiator in driving sustainable, long-term omnichannel growth. This strong market positioning and relative brand strength enabled us to deliver on our key goals for 2025.
• For 2026, with our Growing Together strategy and our growth model as a guide, we will continue to invest at a steady pace to enrich our omnichannel capabilities, drive growth in customer loyalty and expand our reach. We will prioritize price investments and strengthening own-brand assortments, accelerate new store openings and remodels, and scale technologies that have a proven and successful track record.
• Q4 net sales were €23.5 billion, up 6.1% at constant exchange rates and up 0.9% at actual exchange rates. Net sales were positively impacted by 3.2 percentage points at constant exchange rates from the acquisition of Profi and negatively impacted by 0.2 percentage points from the cessation of tobacco sales in Belgium.
• Q4 comparable sales excluding gasoline increased by 2.5%, up 2.7% in the U.S. and 2.4% in Europe. Comparable sales excluding gasoline were negatively impacted by 0.2 percentage points in the U.S. due to weather. The cessation of tobacco sales and calendar shifts led to a negative impact of 0.5 percentage points in Europe.
• Our brands' customers appreciate the convenience, assortments and personalization offered by our omnichannel shopping experiences, including the addition of new AI-enabled services. Ahold Delhaize's online sales increased by 12.9% in Q4 at constant exchange rates and 9.1% at actual exchange rates. This was driven by strong growth in the U.S. of 22.8% at constant exchange rates.
• Q4 underlying operating margin was 4.2%, an increase of 0.1 percentage points at constant exchange rates. Strong performance in the U.S. more than offset the effect of the governmental decree and intervention on grocery industry pricing in Serbia and the impact of the first-time integration of Profi.
• Q4 IFRS operating income was €899 million and IFRS-diluted earnings per share (EPS) were €0.65. IFRS operating income was €96 million lower than underlying operating income, due primarily to impairment charges related to the strategic shift to a store-first omnichannel fulfillment network in the U.S.
• Q4 diluted underlying EPS was €0.73, an increase of 6.1% compared to the prior year at actual exchange rates.
• 2025 full year Ahold Delhaize net sales were €92.4 billion, underlying operating margin was 4.0% and diluted underlying EPS was €2.67, in line with guidance for the year.
• 2025 full year online sales increased by 13.3% at constant exchange rates and 11.2% at actual exchange rates. During the year, we achieved a key milestone by reaching e-commerce profitability on a fully allocated basis. This underscores the strength and scalability of our omnichannel model, which is a key long-term driver of market share growth.
• 2025 full year IFRS operating income was €3,542 million and IFRS diluted EPS was €2.50.
• 2025 free cash flow was €2.6 billion, which is above our guidance of at least €2.2 billion, due to higher underlying operating income and improvements in working capital and slightly lower gross cash capital expenditures, due to the timing of new store openings and changes as we finalized our plans for the new Food Lion distribution center (DC).
• Management proposes a cash dividend of €1.24 for the full year 2025, which is a 6.0% increase over 2024 and in line with our dividend payout policy.
• 2026 outlook (53 weeks): underlying operating margin of around 4%; mid- to high-single-digit underlying EPS growth at constant exchange rates; free cash flow of at least €2.3 billion; and gross cash capital expenditures of around €2.7 billion.

Zaandam, the Netherlands, February 11, 2026 – Ahold Delhaize, an international food retail group and a leader in both supermarkets and e-commerce, reports fourth quarter results today.

Summary of key financial data

_{^{1. Comparable sales growth excluding gasoline, net consumer online sales, underlying operating income and related margin, diluted underlying EPS, free cash flow, and the percentage change at constant rates are alternative performance measures that are used throughout this report. For a description of alternative performance measures and a reconciliation between percentage change and percentage change at constant rates, see Note 13 in the full Summary Report.}} 

_{^{1. Comparable sales growth excluding gasoline, net consumer online sales, underlying operating income and related margin, diluted underlying EPS, free cash flow, and the percentage change at constant rates are alternative performance measures that are used throughout this report. For a description of alternative performance measures and a reconciliation between percentage change and percentage change at constant rates, see Note 13 in the full Summary Report.}} 

Comments from Frans Muller, President and CEO of Ahold Delhaize

“In 2025, we operated in a rapidly shifting environment. Government policy changes were frequent and unpredictable, supply chain disruptions drove inflation volatility in some product categories, and rapid advances in AI and other technologies continued to reshape how we work and live. At the same time, households faced sustained pressure from higher living expenses and economic uncertainty. In this context, being a consistent and trusted partner for customers and stakeholders is essential. I am proud of how associates across our brands remained focused on serving customers, improving affordability and supporting healthier communities. 

“To enable this, our Growing Together strategy provides focus and direction. It empowers great local food retailing while leveraging our international scale and capabilities. The deep expertise within our family of local brands gives us a real-time understanding of what matters most to customers, enabling thoughtful choices that improve every visit – in store and online – through affordability, stronger assortments and smart technology. 

“In grocery, success is never driven by one thing – it is many details coming together every day. Over the past year, our capabilities have matured, our execution has become more connected, and our teams are operating in a strong rhythm, supported by a culture of ownership and accountability. This showed up clearly in our strong execution through the holiday season, allowing us to finish the year on a high. 

“In Q4, net sales increased 6.1% at constant exchange rates (0.9% at actual exchange rates), while comparable sales excluding gasoline increased 2.5%. Net sales were positively impacted by 3.2 percentage points at constant exchange rates from the Profi acquisition and negatively impacted by 0.2 percentage points from the cessation of tobacco sales in Belgium. We delivered a healthy and higher-than-planned underlying operating margin of 4.2%. As a result, diluted underlying EPS was up 6.1% at actual exchange rates, or just under 12% at constant exchange rates. On an IFRS basis, we delivered operating income of €899 million and diluted EPS of €0.65. 

“Our omnichannel offering continues to resonate strongly as customers prioritize time-saving solutions. Online sales grew 12.9% at constant exchange rates (9.1% at actual exchange rates), led by robust growth of 22.8% in the U.S. This performance is supported by our local, store-first and increasingly asset-light omnichannel model, alongside partnerships that expand speed and reach. With a strong pace of growth and ongoing productivity improvements, we continue to advance e-commerce profitability, building on the milestone achieved earlier this year when we reached e-commerce profitability on a fully allocated basis. Food Lion had a standout quarter, with a 2-percentage-point expansion in e-commerce penetration. With the recent closure of six e-commerce fulfillment centers, we have now completed our shift in the U.S. to a store-first operating model. Albert Heijn achieved record sales over the holiday season, supported by increased availability. 

“In the U.S., we remain excited about our growth potential in what is still a highly fragmented market. While supermarket volumes in the region declined 2% in 2025, we outpaced the market and delivered positive volumes. This is a result of leaning into price investments, strengthening our own-brand assortments and expanding omnichannel convenience. In Q4, U.S. net sales increased 2.5% at constant exchange rates (decreased 6.0% at actual exchange rates), while comparable sales growth excluding gasoline increased 2.7%. The latter was negatively impacted by 0.2 percentage points from cycling the impact of hurricanes in the prior year. This strength through the holiday weeks, coupled with sustained improvements in online profitability, led to a strong underlying operating margin of 4.7%. Food Lion’s achievement of 53 consecutive quarters of comparable sales growth was particularly notable, while Stop & Shop delivered steadily improving trends, with positive comparable sales growth since April, as teams layered on price investments and customer experience initiatives.

“In Europe, net sales increased 10.9% at constant exchange rates (11.1% at actual exchange rates), including the first-time integration of Profi. Comparable sales excluding gasoline increased 2.4%, negatively impacted by 0.5 percentage points from the cessation of tobacco sales. The strength of our European brands, their ability to adapt in complex conditions, and their relentless focus on cost savings allowed us to deliver a European underlying operating margin of 4.1%. This was slightly better than anticipated, considering the headwinds from the sudden government decree and intervention limiting prices in Serbia. Albert Heijn continues to gain more customers and reached a record market share of 38.2% for the year. Bol introduced two new AI features, including a Spot & Shop function that enables users to upload a photo and immediately receive relevant product matches. In terms of store openings, with our operating model transformation behind us, Delhaize Belgium turned its focus to new opportunities, such as those in the convenience space, completing the Delfood acquisition. The brand is also opening new stores and intensifying plans to scale omnichannel growth. In Romania, we will see a step up in new stores in 2026, to take advantage of the long-term potential of that market following a successful year bringing our businesses together there. 

“Partnership with our brands' communities is as powerful an asset as scale and algorithms. In moments of heightened uncertainty, our local teams take practical actions to support customers and communities – and the trust built week after week through those relationships is a true competitive advantage. In a quarter marked by increased consumer uncertainty, with the government shutdown and Supplemental Nutrition Assistance Program (SNAP) payment delays, our U.S. brands took actions to limit the impact on their customers and local communities. The Food Lion Feeds foundation donated $1.0 million in emergency grants to local food banks. In addition to distributing holiday meal kits to furloughed federal workers and affected SNAP recipients, Giant Food introduced a new partnership with Upside to provide additional cashback benefits to customers. Simultaneously, our European brands worked on a number of incredible community initiatives during the holiday season. Albert donated 4,000 tons of food to people in need. Maxi stepped up its role as the largest food donor in Serbia and invited its customers to take part in acts of solidarity by supporting the work of food banks through donations and volunteer engagements. 

“We have also made solid progress on our healthy community & planet priorities. We signed another virtual Power Purchase Agreement (VPPA) in Europe that supports the reduction of our 2030 targets on scope 1 and 2 carbon emissions. We have now reduced greenhouse gas (GHG) emissions in our own operations by 39.1% compared to our 2018 baseline. Our total food waste per food sales, in tons, was 39.1% lower than our 2016 baseline. Our partnership with the Global Foodbanking Network and our brands' programs, such as Food Lion Feeds, not only reduce food waste, they also help tackle food insecurity. We achieved a 10.9% reduction in virgin own-brand primary plastic packaging compared to 2021 as our brands were able to use more recycled plastic. Our healthy own-brand food sales reached 52.1% at constant exchange rates. This year, we launched our "Make it Easy, Make it a Habit, Make it a Lifestyle" framework that supports our brands' customers in living healthier lives. 

“While our strategy and investment cadence were thoroughly pressure-tested over the past year, our execution proved consistent and disciplined and the results are starting to compound. As we enter 2026, we are confident in our ability to navigate change and seize opportunities. We plan to maintain momentum through continued price investments, further growth in own brands and accelerating store openings and remodels, supporting industry-leading underlying operating margins of around 4%. We anticipate mid- to high-single-digit growth in diluted underlying earnings per share at constant exchange rates and at least €2.3 billion in free cash flow. Our confidence is reflected in a proposed 6% dividend increase for 2025 and a €1 billion annual share buyback program.”

Q4 Financial highlights

Group highlights 

Ahold Delhaize net sales were €23.5 billion, an increase of 6.1% at constant exchange rates and up 0.9% at actual exchange rates. Our net sales growth was driven by the Profi acquisition, comparable sales growth excluding gasoline of 2.5% and store openings. The Company's Q4 comparable sales excluding gasoline were negatively impacted by 0.1 percentage points due to weather, and by 0.2 percentage points from the cessation of tobacco sales at supermarkets in Belgium. 

In Q4, Ahold Delhaize's online sales increased 12.9% at constant exchange rates. This was driven by growth of 22.8% in the U.S. 

Ahold Delhaize underlying operating margin was 4.2%, an increase of 0.1 percentage points at constant exchange rates. Strong performance in the U.S. more than offset the effect of the governmental decree and intervention on grocery industry pricing in Serbia and the impact of the first-time integration of Profi. 

In Q4, Ahold Delhaize IFRS operating income was €899 million, representing an IFRS operating margin of 3.8%. IFRS operating income was €96 million lower than underlying operating income due primarily to impairment charges related to the strategic shift to a store-first omnichannel fulfillment network in the U.S. 

Diluted EPS was €0.65 and diluted underlying EPS was €0.73, up 6.1% at actual exchange rates compared to last year's results. 

In the quarter, Ahold Delhaize purchased 5.5 million of its own shares for €195 million. This brings the total amount for the year to €1,000 million, which excludes withholding tax in the amount of €17 million.

U.S. highlights

U.S. net sales were €13.0 billion, an increase of 2.5% at constant exchange rates and down 6.0% at actual exchange rates. Comparable sales excluding gasoline in the U.S. increased 2.7%, driven by continued growth in online and pharmacy sales. Weather had a negative impact of approximately 0.2 percentage points. 

In Q4, online sales increased 22.8% at constant exchange rates, with strong growth across all brands, led by Food Lion. 

Underlying operating margin in the U.S. was 4.7%, up 0.5 percentage points. Higher sales leverage, improvements to online profitability, the positive effect from a shift in category mix, and lower shrink more than offset price investments and the dilutive impact from the growth in pharmacy sales. 

U.S. IFRS operating income was €539 million, representing an IFRS operating margin of 4.1%. IFRS results were €72 million lower than underlying results, primarily due to impairment charges related to the strategic shift to a store-first omnichannel fulfillment network.

Europe highlights

European net sales were €10.4 billion, an increase of 10.9% at constant exchange rates and 11.1% at actual exchange rates. The higher net sales were partly due to the Profi acquisition, an increase in comparable sales of 2.4% and store openings. Europe's comparable sales excluding gasoline had a negative impact of 0.5 percentage points from the cessation of tobacco sales at supermarkets in Belgium and calendar shifts. 

In Q4, online sales increased 6.6%, driven by double-digit growth at Albert Heijn. Bol continues to scale up its international partners network, doubling the amount of net consumer online sales from this channel during the quarter. 

Underlying operating margin in Europe was 4.1%, down 0.3 percentage points, impacted by the effect of the governmental decree and intervention on grocery industry pricing in Serbia and the first-time integration of Profi. 

Europe's Q4 IFRS operating income was €400 million, representing an IFRS operating margin of 3.8%.

Outlook

The following are changes in the business that will impact comparable performance for 2026 and that have been incorporated into our Outlook: 

• U.S. pharmacy sales will be impacted by the Inflation Reduction Act. This will have an approximate $350 million negative impact on reported and comparable store sales in the U.S. There is no impact to underlying operating income.
• The acquisition of Delfood closed on February 2, 2026, and is expected to add over €200 million in net sales to our Europe segment.
• 2026 will have a 53rd week, which is expected to have a positive impact of 1.5-2% on net sales and a positive impact of around 2-3% on underlying income from continuing operations. This does not significantly impact underlying operating margin. 

Ahold Delhaize's underlying operating margin is expected to be around 4%. Margins will be supported by our Save for Our Customers program, through which we expect to achieve over €1.25 billion in savings in 2026. This supports the investments we will make into the business, including price investments, further investments in our omnichannel capabilities in both regions to drive sales growth and ongoing investments in technology and AI to deliver innovative solutions that create a positive impact across the value chain. 

Diluted underlying EPS is expected to grow at a mid- to high-single-digit rate at constant exchange rates. Our earnings guidance implies further growth and solid underlying performance, which will be partly offset by the impact of higher net financial expenses and higher taxes. 

Free cash flow is expected to be at least €2.3 billion. Gross cash capital expenditures are planned at around €2.7 billion.

_{^{1. Excludes M&A.}}

_{^{2. 2026 is a 53-week calendar year.}}

_{^{3. Management remains committed to the company's share buyback and dividend programs while continuously assessing macroeconomic, geopolitical and legislative factors as part of its decision-making process. In addition, the programs may be adjusted in response to corporate activities, including significant mergers and acquisitions.}} 

_{^{4. Our dividend policy is to target a dividend payout ratio range of 40-50%.}}

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