ZAANDAM, Netherlands — After navigating what it described as a year of volatility, Ahold Delhaize is entering 2026 with confidence in its price investments, omnichannel pivot and disciplined cost structure, even as macroeconomic and policy pressures persist.
“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,” said Ahold Delhaize president and CEO Frans Muller. “At the same time, households faced sustained pressure from higher living expenses and economic uncertainty.”
Against that backdrop, Muller said the company leaned on its “Growing Together” strategy to balance local agility with international scale. “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.”
Strong Q4 Finish
In the fourth quarter, Ahold Delhaize posted net sales of €23.5 billion, up 6.1% at constant exchange rates and 0.9% at actual exchange rates. Comparable sales excluding gasoline rose 2.5%.
The company delivered an underlying operating margin of 4.2%, up 0.1 percentage points at constant rates, while diluted underlying EPS increased 6.1% at actual exchange rates. On an IFRS basis, operating income was €899 million, representing a 3.8% margin, with impairment charges tied primarily to the U.S. shift to a store-first omnichannel fulfillment model weighing on reported results.
Muller attributed the performance to execution discipline across brands. “In grocery, success is never driven by one thing – it is many details coming together every day,” he said. “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.”
That execution was particularly evident during the holiday season, he added, “allowing us to finish the year on a high.”
Omnichannel Momentum
Online sales climbed 12.9% at constant exchange rates in the quarter, led by 22.8% growth in the U.S. The company credited its “local, store-first and increasingly asset-light omnichannel model” and 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,” Muller said.
In the U.S., net sales rose 2.5% at constant exchange rates, while comparable sales excluding gasoline increased 2.7%. Underlying operating margin improved to 4.7%, supported by higher sales leverage, online profitability gains and lower shrink.
Food Lion posted its 53rd consecutive quarter of comparable sales growth, while Stop & Shop reported improving trends after layering in price investments and customer experience initiatives.
The company also completed its transition to a store-first U.S. operating model, closing six e-commerce fulfillment centers.
European Strength, Integration Progress
European net sales increased 10.9% at constant exchange rates, aided by the first-time integration of Profi. Comparable sales excluding gasoline rose 2.4%, though tobacco sales cessation in Belgium and pricing intervention in Serbia created headwinds.
Underlying operating margin in Europe was 4.1%. Albert Heijn reached a record 38.2% market share for the year, while online marketplace Bol introduced AI features including a Spot & Shop function allowing users to upload a photo and receive product matches.
In Belgium, Delhaize completed the Delfood acquisition and is accelerating convenience and omnichannel expansion. Romania is slated for stepped-up store openings in 2026.
Community and Sustainability Focus
Muller emphasized that scale alone is not the company’s only advantage. “Partnership with our brands' communities is as powerful an asset as scale and algorithms,” he said.
During U.S. government shutdown and SNAP payment disruptions, brands stepped in with emergency support. The Food Lion Feeds foundation donated $1 million in emergency grants, while other banners introduced customer assistance initiatives.
On sustainability, the company reported a 39.1% reduction in greenhouse gas emissions in its own operations versus its 2018 baseline and a 39.1% reduction in food waste compared with 2016 levels. Healthy own-brand food sales reached 52.1% of total own-brand sales.
2026 Outlook
Looking ahead, Ahold Delhaize expects its underlying operating margin to remain around 4%, supported by more than €1.25 billion in savings from its Save for Our Customers program.
“We plan to maintain momentum through continued price investments, further growth in own brands and accelerating store openings and remodels,” Muller said. The company anticipates mid- to high-single-digit growth in diluted underlying EPS at constant exchange rates and at least €2.3 billion in free cash flow.
A 53rd week in 2026 is expected to add 1.5% to 2% to net sales and roughly 2% to 3% to underlying income. Meanwhile, U.S. pharmacy sales will face an approximately $350 million negative impact from the Inflation Reduction Act, though there is no expected effect on underlying operating income.
“Our strategy and investment cadence were thoroughly pressure-tested over the past year,” Muller said. “As we enter 2026, we are confident in our ability to navigate change and seize opportunities.”
