Zaandam, the Netherlands, August 5, 2026 – Ahold Delhaize, an international food retail group and a leader in both supermarkets and e-commerce, reports second 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 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 12 in the full interim report.}}

_{^{1. Comparable sales growth excluding gasoline, net consumer online sales, underlying operating income and related margin, diluted underlying EPS, free cash flow, and 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 12 in the full interim report.}}

Comments from Frans Muller, President and CEO of Ahold Delhaize 

“In the second quarter, we delivered another solid performance, demonstrating the resilience of our Growing Together strategy and the strength of our local brands in a challenging market. Every week, millions of loyalty interactions help our brands understand customers in real time. Combined with data and AI, these insights have allowed our brands to personalize experiences, improve decisions and strengthen their connection with the communities they serve. 

“This summer marks the 10th anniversary of the merger between Ahold and Delhaize Group – a milestone that reminds us how much we have accomplished. What started as a belief that strong local brands become even stronger through international scale has become a proven model for profitable growth and market share expansion. Together, our brands have successfully navigated through unprecedented change, continued to earn customers' trust and consistently created value for all our stakeholders. As we enter into our next decade, we do so with confidence, clear priorities and significant opportunities ahead. 

“Q2 net sales increased 1.9% at constant rates (0.3% at actual rates), with comparable sales growth excluding gasoline of 1.2%. During the quarter, we invested in customer value, strengthened our positions in key markets and accelerated innovation, while maintaining strong cost discipline. These actions are particularly important in an environment where households remain value conscious and customers continue to make careful choices about where they shop. This balanced approach enabled us to navigate macroeconomic and geopolitical pressures, absorb the majority of costs from higher energy prices and deliver a healthy underlying operating margin of 3.9%. On an IFRS basis, we delivered operating income of €866 million. Most importantly, customers responded positively to our efforts, supporting resilient volumes in markets under pressure and driving market share gains across most of our major brands (U.S. market share based on latest available Nielsen Data – Q1 2026). 

“Own brands are a key competitive advantage across our portfolio, helping customers manage their budgets without compromising on quality while deepening loyalty to our brands. During the quarter, we grew own-brand food penetration by 0.7 percentage points, marking an important milestone as we now surpass 40% penetration at the Group level. Hannaford has priced more than 3,500 key value items in its own-brand assortment at parity with leading competitors. Albert Heijn lowered prices on more than 500 items to further strengthen its value perception. And in Serbia, Maxi now offers hundreds of high-quality affordable products under its new 'Price Favorites' label. Delhaize expanded its loyalty program for families through which – for one euro per month – families can get additional volume discounts on a wide range of healthy and plant-based own-brand products. 

“In the U.S., we strengthened our competitive position in an environment where value and convenience remain top priorities for customers. Net sales increased 1.4% at constant rates (decreased 1.3% at actual rates), while comparable sales growth excluding gasoline was 0.8%. A key highlight was our strong online performance, with online sales growing 14.5% at constant rates (11.5% at actual rates). This underscores the value of our omnichannel model in expanding reach, enhancing convenience and attracting new customers. At the same time, we made targeted price investments, including lowering everyday prices on thousands of items across Stop & Shop's 137 stores in New York and New Jersey. All Stop & Shop locations now have price investments in place. Across our U.S. business, these actions are supporting market share gains and net promoter score improvements, despite lower topline growth from a challenging backdrop that included lower egg prices, pharmacy pricing changes related to the Inflation Reduction Act and reduced SNAP benefits. 

“Our business in Europe delivered another solid quarter, with broad-based strong performance across the region. Net sales increased 2.6% at constant rates (2.4% at actual rates), while comparable sales excluding gasoline increased 1.7%. Our brands in Belgium are building on encouragingmomentum, supported by excellent operational discipline and the success of our localization and franchising strategy. Both Delhaize and Albert Heijn continue to grow share in the Belgian market, reflecting the strength of our complementary propositions. Albert, in the Czech Republic, delivered its 38thconsecutive quarter of comparable sales growth (excluding calendar shifts), demonstrating the strength of consistent execution and a strong customer proposition in a deflationary environment. 

"Technology, data and AI make our local brands stronger and the combination of our portfolio even more powerful. We continue to invest in our data and technology foundation, looking at AI through three lenses: re-imagining business domains, optimizing existing processes and systems, and democratizing AI tools for all associates. At Albert Heijn, we are re-imagining Merchandising for a future built on AI-driven, agentic commerce. In the U.S., we are modernizing our retail technology backbone to create the foundation for the next generation of AI-enabled capabilities. And we offer top AI models to our associates in a secure platform that protects company data. Beyond this, we are strengthening digital engagement through a range of initiatives designed to create more relevant, personalized experiences for customers, including our global retail media platform Edge, new capabilities on our U.S. loyalty platform, and enhancements to the My Albert Heijn app. 

"Looking ahead, we expect the operating environment to remain challenging. But challenging markets also provide the clearest measure of competitive strength. They test whether customers continue to choose your brands, whether your value proposition resonates and whether you are executing consistently. Our half year performance gives us confidence that we are focused on the right things. We will continue to earn customers' trust through outstanding value, quality and convenience, making life simpler for customers and associates through technology and innovation, and investing with discipline to strengthen our brands and build the capabilities that will drive our next decade of growth. Supported by our strong cash generation and resilient business model, we are pleased to reconfirm our full-year 2026 guidance."

Q2 Financial highlights

Group highlights

Ahold Delhaize's net sales were €23.2 billion, an increase of 1.9% at constant exchange rates and up 0.3% at actual exchange rates. Our net sales growth was driven by comparable sales growth excluding gasoline of 1.2%, higher gasoline sales, the Delfood acquisition and net store openings. The Company's Q2 comparable sales excluding gasoline were negatively impacted by 0.1 percentage points due to calendar shifts and by 0.4 percentage points due to a reduction in pharmacy prices related to the Inflation Reduction Act. Egg price deflation and lower SNAP benefits from program changes in the U.S. had a negative impact of 0.5 percentage points.

In Q2, Ahold Delhaize's online sales increased 8.6% at constant exchange rates. This was driven by 14.5% growth in the U.S. 

Ahold Delhaize's underlying operating margin was 3.9%, a decrease of 0.1 percentage points at constant exchange rates. Improvements in Europe were more than offset by a modest decline in the U.S. 

Ahold Delhaize's IFRS operating income was €866 million, representing an IFRS operating margin of 3.7%. 

Diluted EPS from continuing operations was €0.60 and diluted underlying EPS was €0.63, down 1.4% at constant exchange rates compared to last year's results. 

In the quarter, Ahold Delhaize purchased 9.0 million of its own shares for €340 million, bringing the total amount to €564 million in the first half of the year. The 2026 interim dividend is €0.51, compared to €0.51 in 2025, and is in line with the Group's dividend policy.

U.S. highlights

U.S. net sales were €13.0 billion, an increase of 1.4% at constant exchange rates and down 1.3% at actual exchange rates. Net sales growth was driven by 0.8% comparable sales growth excluding gasoline and higher gasoline sales. Comparable sales growth excluding gasoline was driven by continued growth in online sales. Calendar shifts had a negative impact of 0.1 percentage points and pharmacy prices related to the Inflation Reduction Act had a negative impact of 0.7 percentage points. Egg deflation and lower SNAP benefits from program changes had a negative impact of 0.9 percentage points. 

In Q2, online sales increased 14.5% at constant exchange rates, marking the ninth consecutive quarter of double-digit growth. Food Lion led brand performance with over 20% growth. 

Underlying operating margin in the U.S. was 4.2%, down 0.2 percentage points as a result of price investments, higher utility costs and the absorption of indirect costs from higher energy prices, partially offset by a favorable mix in pharmacy. 

Q2 IFRS operating income was €517 million, representing an IFRS operating margin of 4.0%.

Europe highlights

European net sales were €10.2 billion, an increase of 2.6% at constant exchange rates and 2.4% at actual exchange rates. Higher net sales were due to comparable sales growth excluding gasoline of 1.7%, the Delfood acquisition and net store openings. Calendar shifts had a negative impact of 0.1 percentage points. 

In Q2, online sales increased 3.8%, keeping pace with the prior quarter as we maintained our strong market positions in a competitive and challenging consumer environment. Performance at bol was impacted by the cycling of a strong prior year and ongoing consumer pressures contributing to downtrading within bol's assortment. At the same time, the platform continues to be highly innovative; one of bol's (indirect) subsidiaries, bol Payment Services B.V., has recently obtained a license as a payment provider from De Nederlandsche Bank (DNB) that will enable bol to sustain its ecosystem. 

Underlying operating margin in Europe was 3.9%, up 0.1 percentage points. Lower turnover tax rate (IMCA), the realization of synergies in Romania and labor productivity improvements were partially offset by lower performance in Serbia following the recent governmental decree on grocery industry pricing and the absorption of indirect costs from higher energy prices. 

Europe's Q2 IFRS operating income was €379 million, representing an IFRS operating margin of 3.7%.

Outlook

Following the second quarter performance, we reiterate our 2026 outlook, which we announced when we published our Q4 2025 results. Underlying operating margin is expected to be around 4%. Diluted underlying EPS is expected to grow at a mid- to high-single-digit rate at constant exchange rates. Free cash flow is expected to be at least €2.3 billion. Gross cash capital expenditures are planned at around €2.7 billion. 

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

• The Inflation Reduction Act is impacting U.S. pharmacy sales. It is expected to have an approximate $450 million negative impact on reported and comparable store sales in the U.S. There is no material impact on 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.

_{^{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%.}}

webcast

Zaandam, the Netherlands, May 6, 2026 – Ahold Delhaize, an international food retail group and a leader in both supermarkets and e-commerce, reports first 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 percentage change at constant rates are alternative performance measures and a reconciliation between percentage change and percentage change at constant rates, see Note 12 in the full Interim Report.}}

_{^{2. Not meaningful, as free cash flow is negative in Q1 2026, resulting in a negative percentage change.}}

Comments from Frans Muller, President and CEO of Ahold Delhaize

“Our solid first quarter results are a testament to the strong foundation we have established with our Growing Together strategy. We have a clear focus on what matters most to customers, associates and all our stakeholders – creating value every day. Balanced investments – in our customer value propositions, strengthening our portfolio and expanding our footprint – have enabled us to create the resilience we need to adapt and thrive amid the evolving challenges of the retail landscape. We do this with thoughtful choices that improve every customer visit through options for personalized value, healthier assortments and smart use of technology. 

“Disruptions from geopolitical volatility and tensions, including the recent armed conflict in the Middle East, are a reality our business has managed through before. We draw on previous experience and on the measures we have put in place over the past few years to limit the short-term impacts. For example, following our learnings from the Ukraine war, we have strengthened our energy policies by moving to longer-term contracts and increasing our use of renewable energy sources. And more extensive use of our ‘should-cost’ models gives us the insights to ensure cost increases are proportional and justifiable. 

“At the same time, we remain sharply focused on our own strategic levers, to help our brands keep prices as low as possible. Our own-brand products continue to outpace the rest of the store in terms of net sales and volume growth. Through enhanced joint sourcing initiatives in both regions, our brands are driving scale and innovation to offer customers high-quality products for every wallet. We are capturing value through our focused investments in AI. Our approach is two-fold: drive customer engagement and accelerate enterprise efficiency. This is centered on four domains that can make the biggest impact: agentic shopping, marketing, sourcing and merchandising, and store operations. With more than 100 use cases already active in these areas, we are seeing exciting progress and are confident that our continued innovation will deliver even greater benefits for our customers and business. 

“Focusing on our Q1 performance, net sales and comparable sales excluding gasoline increased 2.0% at constant exchange rates (net sales decreased 4.3% at actual exchange rates). Thanks to the strong operational execution by our teams of associates during the quarter, we delivered a healthy underlying operating margin of 4.0%. As a result, diluted underlying EPS was up 8.9% at constant exchange rates. On an IFRS basis, we delivered operating income of €895 million and diluted EPS of €0.62.

“In the U.S., net sales and comparable sales excluding gasoline both increased 1.5% at constant exchange rates (net sales decreased 9.0% at actual exchange rates). Top-line performance reflected a mix of factors, with a positive benefit of 0.4 percentage points from winter storms and calendar shifts. Additional influences included a sharp deflation in egg prices relative to the prior year and the impact on pharmacy pricing from the Inflation Reduction Act. At the same time, eligibility changes to the SNAP program reduced the benefits available to our lower-income customers. Together, these additional factors had a negative impact of 1.9 percentage points on comparable sales excluding gasoline. 

“As shoppers make deliberate decisions to navigate a challenging consumer environment, our customer value propositions stand out for their healthy, fresh and convenient assortments at attractive prices. To keep groceries affordable, our U.S. brands are enhancing our own-brand assortments, starting the second round of price investments, and optimizing personalized offerings. For example, Stop & Shop lowered everyday prices on chicken at all its stores in New York, New Jersey and Connecticut. Hannaford introduced refreshed own-brand packaging that allows customers to easily find quality and value-focused products across the assortment. And The GIANT Company successfully launched its ‘Simply Low’ campaign, highlighting its improved price position. Despite ongoing pressures in the market, our U.S. brands maintained food volumes and market positions. Even more encouraging, Stop & Shop continues to gain traction, with volumes trending positively, supported by record-high online penetration and a pronounced increase in own-brand volume. With results exceeding our expectations, we are excited to share that we will accelerate both our store remodeling program and the rollout of price investments to all stores by the end of 2026. 

“Our performance in Europe exemplifies how our Growing Together strategy provides the necessary tools for our brands to succeed in all types of market conditions. Net sales increased 2.7% at constant and actual exchange rates, while comparable sales excluding gasoline increased 2.6%. Our brands' strong customer relevance is enabling us to strengthen our positions in our brands' markets and drive volume growth. Delhaize completed the acquisition of Delfood, adding over 300 stores in the convenience space, and opened seven new stores under its successful affiliate model. In Serbia, our teams are executing recovery plans now that the government decree limiting grocery prices, which ended in February, is no longer in effect. In addition, we are assessing the impact from a new law on unfair trade practices (UTP), which was recently adopted in April. Having brought together our two brands in Romania, Mega Image and Profi, the teams are successfully capturing synergies. Customers continue to enjoy the familiar stores they trust, while our teams collaborate seamlessly behind the scenes to deliver better value and efficiency.

“Our brands' omnichannel offerings are resonating well with existing customers and winning new customers into our ecosystem. In the U.S., online sales grew 14.3% at constant exchange rates (2.6% at actual exchange rates), marking the eighth consecutive quarter of double-digit growth. Over 90% of our brands' customers have access to online shopping and over 90% of our online sales are fulfilled through same-day delivery options. And we are excited by our recent partnership with Uber Eats, which demonstrates that we are a sought-after partner. Thanks to our great relationships, our network allows our brands to further expand the accessibility and convenience of online services to new and existing customers. At bol, AI and social commerce are redefining how customers search, compare and buy. Bol is expanding its suite of AI-powered tools – including the soon-to-launch ‘Shopper Agent’ – ensuring customers have the support they need throughout their shopping journey. 

“Across our channels, we continue to leverage our health strategy as a key differentiator that is connecting well with our brands' customers. In 2025, more than half of our own-brand sales already came from healthy products. As of this year, we will expand our ambition to healthy sales across the full store, reinforcing our commitment to offer customers healthy and affordable products. We make healthy eating easy by offering healthier options and in-store guidance. We leverage our loyalty programs to make it a habit. And our instore dietitians support customers in truly making health a lifestyle. 

“Given the solid start to the year, we reconfirm our guidance for 2026. While risks have increased since the beginning of the year, we are confident in our plan. As we move into the summer period, we have a strong investment and activation plan to drive relative performance in volumes and market share in the current environment. The strength of our local teams sets us apart. They are closest to the customer and make decisions every day that truly count. Around them, our support functions keep improving and simplifying operations, helping our brands perform at their best. Together, this gives our business model a lasting edge and gives us confidence in executing our Growing Together strategy for sustainable long-term value creation."

Q1 Financial highlights

Group highlights 

Ahold Delhaize net sales were €22.3 billion, an increase of 2.0% at constant exchange rates and down 4.3% at actual exchange rates. Our net sales growth was driven by comparable sales growth excluding gasoline of 2.0%. The Company's Q1 comparable sales excluding gasoline were positively impacted by 0.3 percentage points due to weather and calendar shifts. Pharmacy pricing related to the Inflation Reduction Act, egg price deflation, and lower SNAP benefits from program changes in the U.S. had a negative impact of 1.1 percentage points. In addition, the cessation of tobacco sales at supermarkets in Belgium had a negative impact of 0.1 percentage points. 

In Q1, Ahold Delhaize's online sales increased 8.3% at constant exchange rates. This was driven by growth of 14.3% in the U.S. 

Ahold Delhaize underlying operating margin was 4.0%, an increase of 0.2 percentage points at constant exchange rates. Strong performance in the U.S. and an increase in insurance results at the Ahold Delhaize Group more than offset the effect of the governmental decree and intervention on grocery industry pricing in Serbia. 

In Q1, Ahold Delhaize IFRS operating income was €895 million, representing an IFRS operating margin of 4.0%. 

Diluted EPS was €0.62 and diluted underlying EPS was €0.62, up 8.9% at constant exchange rates compared to last year's results. 

Free cash flow was €(330) million, driven by net working capital due to the calendar and seasonal phasing between the quarters and year over year. 

In the quarter, Ahold Delhaize purchased 6.3 million of its own shares for €224 million.

U.S. highlights

U.S. net sales were €12.7 billion, an increase of 1.5% at constant exchange rates and down 9.0% at actual exchange rates. Comparable sales excluding gasoline in the U.S. increased 1.5%, driven by continued growth in online. Pharmacy prices related to the Inflation Reduction Act, egg deflation and lower SNAP benefits from program changes had a negative impact of 1.9 percentage points. Weather and calendar shifts had a positive impact of 0.4 percentage points. 

In Q1, online sales increased 14.3% at constant exchange rates, with strong growth across all brands, led by Food Lion. 

Underlying operating margin in the U.S. was 4.6%, up 0.2 percentage points. Higher sales leverage and a favorable mix from winter storms; the positive effect from cost deflation in eggs; and a favorable mix in pharmacy more than offset price investments and additional costs related to winter storms. 

Q1 IFRS operating income was €597 million, representing an IFRS operating margin of 4.7%.

Europe highlights

European net sales were €9.6 billion, an increase of 2.7% at constant exchange rates and 2.7% at actual exchange rates. Comparable sales excluding gasoline increased 2.6%. The cessation of tobacco sales at supermarkets in Belgium and calendar shifts had a net negative impact of 0.1 percentage points. 

In Q1, online sales increased 3.3%, driven by Albert Heijn and Delhaize Belgium. Albert Heijn's online performance was negatively impacted by heavy snowfall disrupting delivery capabilities. Performance at bol was impacted by the cycling of a strong prior year and increased consumer pressures contributing to down trading within bol's assortment. 

Underlying operating margin in Europe was 3.4%, down 0.1 percentage points. The effect of the governmental decree and intervention on grocery industry pricing in Serbia was partially offset by the realization of synergies and lower turnover tax rate (IMCA) in Romania. 

Europe's Q1 IFRS operating income was €310 million, representing an IFRS operating margin of 3.2%.

Outlook

Following the first quarter performance, we reiterate our 2026 outlook, which we announced when we published our Q4 2025 results. Underlying operating margin is expected to be around 4%. Diluted underlying EPS is expected to grow at a mid- to high-single-digit rate at constant exchange rates. Free cash flow is expected to be at least €2.3 billion. Gross cash capital expenditures are planned at around €2.7 billion. 

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

• The Inflation Reduction Act will impact U.S. pharmacy sales by more than our original guidance. We now expect this will have an approximate $450 million negative impact on reported and comparable store sales in the U.S. There is no material impact on 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.

_{^{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%.}}

webcast

You can listen to the audio recording of the analyst call via the link below.

Audio recording
 

The theme of this year’s report, “Creating value every day,” highlights Ahold Delhaize’s identity as a family of great local brands with deep roots in more than 9,500 communities. This proximity to customers - learning continuously and adapting quickly to evolving needs - remains at the core of how the company balances growth, investment and cost discipline. 

‘What matters most to customers’

Frans Muller, President and CEO of Ahold Delhaize, reflects on the year: “During the first full year of implementing our Growing Together strategy, associates across Ahold Delhaize and its great local brands remained focused on creating value every day for customers, communities and everyone else our business touches. In 2025, we operated in a rapidly shifting environment, shaped by continued pressure on household budgets, government policy changes and ongoing technological advancements.  

Our unique mix of international scale and strong local brands gives us a real-time understanding of what matters most to customers. By staying close to our communities, listening carefully and adapting quickly, we continue to strengthen our value proposition — through affordability, strong assortments and seamless omnichannel experiences. 

At the same time, we remained disciplined in execution. Through our Save for Our Customers program, we delivered significant cost savings, enabling us to reinvest in price, technology and the customer experience. Our strategy has been pressure-tested, our capabilities are evolving and our teams are operating in a strong rhythm. The progress we made in 2025 reflects the resilience of our portfolio and provides a solid foundation as we carry this momentum into 2026.”

Sustainable long-term value creation

Jolanda Poots-Bijl, CFO of Ahold Delhaize, adds: “Our 2025 performance reflects the strength of our Growing Together growth model and our balanced approach to value creation. We focus on delivering healthier and affordable food, serving customers both online and in our stores. We combine disciplined execution and diligent cost management with targeted investments in customer-led innovation, digital capabilities and store modernization. This allows us to strengthen our competitiveness today while building long-term resilience for tomorrow. 

Sustainable, long-term value creation means - delivering affordable, innovative propositions for our brands’ customers, attractive and consistent returns for our shareholders and stability and a sense of belonging for our associates and communities. This balanced approach also shapes how we allocate capital and advance our Healthy Communities & Planet commitments.” 

In 2025, Ahold Delhaize’s good progress on sustainability was reflected in external recognition, including a reconfirmation of its climate rating to A- by global benchmark CDP. The Science Based Targets initiative (SBTi) validated Ahold Delhaize’s scope 3 greenhouse gas (GHG) emission reduction targets, underscoring the
rigor of its ambitions and helping the company accelerate meaningful change across its value chain.

Contents of the Annual Report

The Annual Report includes a strategic report, an overview of the company’s Growing Together strategy, and a dedicated sustainability statements section that contains a wealth of information on environmental, social and governance topics, following the guidance of the Corporate Sustainability Reporting Directive (CSRD).  

Easy-to-browse website

Ahold Delhaize has launched a separate website for the Annual Report 2025, which provides readers with a summarized and easy-to-browse overview of the report. Get key insights into Ahold Delhaize's financial and non-financial results, a streamlined summary of our strategic report, sustainability statements and read about the six strategic priorities of the Growing Together strategy, brought to life through stories from Ahold Delhaize’s brands and regions. The complete and full Annual Report 2025 can be downloaded here.
 

Convocation for 2026 Annual General Meeting of Shareholders (AGM) 

Ahold Delhaize’s Annual Report 2025 will be on the agenda of the AGM, which will be held on April 8, 2026. The convocation, agenda (including explanatory notes), and other relevant documentation for the AGM are available here.

Ahold Delhaize 2025 Annual Report highlights

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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Zaandam, the Netherlands, November 5, 2025 – Ahold Delhaize, an international food retail group and a leader in both supermarkets and e-commerce, reports third 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 changes 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 changes and percentage changes at constant rates, see Note 13 in the full Interim 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 changes 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 changes and percentage changes at constant rates, see Note 13 in the full Interim Report.}} 

Comments from Frans Muller, President and CEO of Ahold Delhaize

“The capabilities we have cultivated within our organization provide us with the expertise and resilience to succeed in complex and dynamic environments. They enable us to scale successful solutions across our brands to unlock additional operational efficiencies. Thanks to the dedication and focus of our teams, we are making meaningful strides in advancing our Growing Together strategy. Our brands are creating value every day for customers by lowering prices, elevating our own-brand assortments, and collaborating with vendors to deliver impactful promotions. We are also sharpening our portfolio through remodels and enriching our omnichannel experiences to drive convenience and reach. This is all underpinned by the diligent execution of our Save for Our Customers program, which creates the fuel to maintain a steady pace of investment. 

“Our third quarter results reflect the strong foundation and flexibility of our operating model. Net sales increased 6.1% at constant exchange rates (2.2% at actual exchange rates) and comparable sales growth excluding gasoline was 2.9%. Net sales were positively impacted by 3.6 percentage points from the Profi acquisition and negatively impacted by 0.7 percentage points from the closure of Stop & Shop stores and the cessation of tobacco sales in Belgium. We delivered a healthy and slightly higher-than-planned underlying operating margin of 4.1% despite dynamic conditions in several markets. As a result, diluted underlying EPS was up 8.7% at actual exchange rates. 

“In the U.S., net sales increased 1.9% at constant exchange rates (decreased 4.3% at actual exchange rates), while comparable sales growth excluding gasoline increased 2.9%. The latter was negatively impacted by 0.2 percentage points from cycling the impact of hurricanes in the prior year. Two notable accomplishments were Food Lion's impressive 52nd consecutive quarter of comparable store sales growth and the completion of the roll-out of PRISM at Food Lion and Hannaford. With that, all the U.S. brands are now on the proprietary platform, which will allow us to increase the speed and impact of innovation in omnichannel convenience for customers moving forward. The Stop & Shop team has been laser focused over the past year on executing their pricing strategy, extending key elements and refinements to an additional 88 stores in Massachusetts during the quarter. At the same time, our associates are improving the quality of service and in-store execution, optimizing promotional effectiveness, and tightening day-today operations. While there is plenty of hard work ahead, I am encouraged by the positive response from customers. 

“In Europe, net sales increased 12.4% at constant exchange rates (12.5% at actual exchange rates), including the impact of Profi. Comparable sales excluding gasoline increased 2.8%, negatively impacted by 0.6 percentage points from the cessation of tobacco sales. With rising inflation, stagnating economic growth and governmental policy moves, the business and customer climate is pressured. For example, in Serbia, the industry is facing severe headwinds to the operating model resulting from a government decree on the limitation of prices, while, in Romania, higher VAT rates and changes to the phasing of governmental food stamps to low-income consumers is negatively impacting customer spending power. Nevertheless, our brands continue to push the boundaries to navigate these dynamics and are working hard to sustain and grow their competitive positions. In particular, for customers, we are maintaining the high focus on value, leaning into strengthening affordable healthy and convenient assortments. All our European brands now have a minimum of 900 Price Favorite products across their assortments and continue to update and expand their fresh produce sections, focusing on the increased demand for convenience, healthy and ready-made meals. 

“Looking towards the future, we are staying focused on our plans to enable new innovation and growth. With rapid developments in AI, we see many opportunities to accelerate across every domain of our business. We are making progress on building the foundational AI platforms that will enable us to scale winning AI solutions quickly and efficiently in the future. One solution we are already seeing success with is Albert Heijn's personal assistant "Steijn." Integrated into the brand's customer app, Steijn is accessible to millions of users to help answer the number one question in every household: “What's for dinner?” In addition, we are embedding AI more and more into our core business processes, such as dynamic pricing, vendor negotiations and store operations, to drive productivity and simplify daily tasks. 

“Our U.S. brands are solidifying their real estate pipelines to accelerate new store openings in the coming years. In North Carolina, Food Lion launched omnichannel remodels at 153 stores in its Charlotte market and has started construction on 92 store remodels in the Greensboro market. We also recently announced plans for Ahold Delhaize USA to build a new distribution center in North Carolina to meet growing capacity demands. This state-of-the-art facility will leverage the learnings and technology we employ at our automated facility in the Netherlands. We will also scale the proprietary retail media platform, Edge, from our European brands to our U.S. brands in the coming year.

“In Europe, we will bring new energy to increasing customer reach as we move into the new year. Delhaize Belgium is expanding its footprint with eight new supermarkets that will open in early 2026 under the brand's affiliate model. We also continue to make good progress on the integration of Profi, where we see a strong future growth path. Over the past three years, the brand has opened over 200 stores and intends to ramp up expansion plans in the next three years. 

“Alongside our financial results, we continue making progress on our ambitions around healthy communities & planet. Our efforts continue to reinforce our strong existing ESG ratings, including our MSCI AA and Sustainalytics Low Risk ratings, which have been recently re-confirmed. One initiative I am excited about is the launch of our Healthy Future Academy. This new learning program equips associates with the knowledge, skills and confidence to further integrate health and sustainability into their daily work. The program takes learners on a journey from farm to plate, covering topics like nature and climate, circularity, and health, throughout Ahold Delhaize’s value chain. 

“We are also taking steps in our ambition to make healthier and sustainable products affordable and accessible to all. For example, Delhaize Belgium has reformulated own-brand canned vegetables to eliminate added salt. And the brand has launched a new range of hybrid products that combine the familiar taste of meat with the benefits of plant-based ingredients. In addition, we continue to foster collaboration with suppliers across our value chain to support regenerative farming and reduce greenhouse gas (GHG) emissions. Most recently, Ahold Delhaize USA introduced a partnership with Danone North America and The Nature Conservancy that aims to enhance farm and supply chain resilience and reduce methane from  yogurt production over the next five years. This follows earlier partnerships with Kellanova, General Mills and Campbell's Soup. 

“As 2025 draws to a close, I am proud of our progress and, more importantly, that we have sustained and strengthened brand equity and leading market positions across the portfolio. Over the next months, our priority is to deliver a strong holiday experience for our customers, prioritizing value, healthy assortments, convenience and everything they need to create their own special and unique holiday moments. At the same time, we will stay agile and take measures to reinforce our strategic levers and refine our operations appropriately to ensure we are well prepared to carry momentum into the new year. 

“Given our solid performance year-to-date and our continued financial discipline, we have the resilience, flexibility and culture to adapt to the opportunities and risks ahead. I am confident we are taking the right measures to drive consistent growth and long-term value creation. Underscoring this, I am pleased to announce the continuation of our annual share buyback program in 2026 for €1 billion, and reiterate our promises for the Growing Together strategic planning period.”

Q3 Financial highlights

Group highlights 

Ahold Delhaize net sales were €22.5 billion, an increase of 6.1% at constant exchange rates and up 2.2% at actual exchange rates. Our net sales growth was driven by the Profi acquisition, comparable sales growth excluding gasoline of 2.9% and store openings, partially offset by the closure of Stop & Shop stores and lower gasoline sales. The Company's Q3 comparable sales excluding gasoline were negatively impacted by 0.1 percentage points due to weather, and by 0.3 percentage points from the cessation of tobacco sales at supermarkets in Belgium. 

In Q3, Ahold Delhaize's online sales increased 12.2% at constant exchange rates. This was driven by double-digit growth in online grocery in both regions and a strong performance at bol. 

Ahold Delhaize underlying operating margin was 4.1%, an increase of 0.3 percentage points at constant rates. Strong performance in the U.S., supported by non-recurring items that added 0.2 percentage points to its margin, more than offset the impact of the first-time consolidation of Profi and price investments in the U.S. 

In Q3, Ahold Delhaize IFRS operating income was €902 million, representing an IFRS operating margin of 4.0%. 

Diluted EPS was €0.65 and diluted underlying EPS was €0.67, up 8.7% at actual exchange rates compared to last year's results.

In the quarter, Ahold Delhaize purchased 10.5 million of its own shares for €371 million, bringing the total amount to €813 million in the first three quarters of the year.

U.S. highlights

U.S. net sales were €12.9 billion, an increase of 1.9% at constant exchange rates and down 4.3% at actual exchange rates. Comparable sales excluding gasoline in the U.S. increased 2.9%, driven by continued growth in online and pharmacy sales. Weather had a negative impact of approximately 0.2 percentage points. Net sales were negatively impacted by 0.8 percentage points from the closure of Stop & Shop stores and lower gasoline sales. 

In Q3, online sales increased 15.4% at constant exchange rates, led by strong growth at Food Lion. 

Underlying operating margin in the U.S. was 4.6%, up 0.4 percentage points. Higher sales leverage, a shift in the timing of promotional activities, and one time non-recurring items more than offset price investments and dilutive impact from growth in online and pharmacy sales. 

U.S. IFRS operating income was €590 million, representing an IFRS operating margin of 4.6%. IFRS results were €2 million lower than underlying results.

Europe highlights

European net sales were €9.6 billion, an increase of 12.4% at constant exchange rates and 12.5% at actual exchange rates. The higher net sales were partly due to the Profi acquisition, an increase in comparable sales of 2.8% and store openings. Europe's comparable sales excluding gasoline had a negative impact of 0.6 percentage points resulting from the cessation of tobacco sales at supermarkets in Belgium. 

In Q3, online sales increased 9.7%, driven by double-digit growth at Albert Heijn and strong performance at bol. 

Underlying operating margin in Europe was 3.9%, in line with the prior year. Improvements in Belgium and improved labor productivity were offset by the impact of the first-time consolidation of Profi and lower profitability levels in Serbia due to new governmental decree on grocery industry pricing. Europe's Q3 IFRS operating income was €346 million, representing an IFRS operating margin of 3.6%.

Outlook

Following the first nine months of the year, Ahold Delhaize reiterates its 2025 outlook. Underlying operating margin is expected to be around 4%; free cash flow is expected to be at least €2.2 billion; and gross capital expenditures are planned at around €2.7 billion. Diluted underlying EPS is expected to grow at a mid- to high-single-digit rate, based on an average euro/U.S. dollar exchange rate for the full year of 1.10. Diluted underlying EPS results at actual exchange rates are subject to dollar volatility. 

The following are changes in the business that will impact comparable performance for 2025 and that have been incorporated into our Outlook:

• The acquisition of Profi closed on January 3, 2025, and is expected to add over €2.8 billion in net sales. This is slightly lower than our original expectation due to the impact of the phasing of governmental support benefits, the progress on store openings and closures and foreign exchange rate movements.
• The closure of underperforming Stop & Shop stores was completed in 2024. The estimated net impact to 2025 reported net sales from these closures is expected to be between $400 and $425 million.
• The cessation of tobacco sales impacted Albert Heijn's net sales at franchised stores for the first half of the year. In addition, Delhaize and Albert Heijn stores in Belgium ended tobacco sales as of April 1, 2025, due to regulation changes. This will have around a 1.0 percentage-point impact on reported and comparable store sales in Europe in 2025.

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

_{^{2. Calculated as a percentage of underlying income from continuing operations.}} 

_{^{3. Based on an average euro/U.S. dollar exchange rate for the full year of 1.10.}}

_{^{4. 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.}}

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