Ahold Delhaize reiterates outlook after resilient Q2

ZAANDAM, the Netherlands — Ahold Delhaize reported second-quarter net sales of €23.2 billion, up 1.9% at constant exchange rates. Strong online growth and continued investments in value helped the retailer navigate a challenging consumer environment.

“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,” said Frans Muller, president and CEO of Ahold Delhaize. “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.”

In the United States, net sales increased 1.4% at constant exchange rates, while comparable sales excluding gasoline rose 0.8%. Results were pressured by lower egg prices, reduced SNAP benefits, and pharmacy pricing changes related to the Inflation Reduction Act.

“In the U.S., we strengthened our competitive position in an environment where value and convenience remain top priorities for customers,” Muller said. “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.”

U.S. online sales increased 14.5% at constant exchange rates, marking the ninth consecutive quarter of double-digit growth. Food Lion led the company’s U.S. banners, with online growth of more than 20%.

Ahold Delhaize also continued to invest in price. Stop & Shop has lowered everyday prices on thousands of products across all 137 of its stores in New York and New Jersey.

“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,” Muller said.

Own brands also played a larger role in the quarter. Ahold Delhaize increased own-brand food penetration by 0.7 percentage points, pushing the measure above 40% at the group level. Hannaford has priced more than 3,500 key-value own-brand products at parity with leading competitors.

“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,” Muller said.

Technology and artificial intelligence remain another focus. Ahold Delhaize is modernizing its U.S. retail technology infrastructure to lay the foundation for additional AI-enabled capabilities and to expand its loyalty and digital engagement platforms.

“Technology, data and AI make our local brands stronger and the combination of our portfolio even more powerful,” Muller said. “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.”

Ahold Delhaize reported a group underlying operating margin of 3.9%, while its U.S. underlying operating margin declined 0.2 percentage points to 4.2%, reflecting price investments, higher utility costs, and other energy-related expenses.

The company reiterated its 2026 outlook, including an underlying operating margin of about 4%, mid- to high-single-digit growth in diluted underlying earnings per share at constant exchange rates, and free cash flow of at least €2.3 billion.

“Looking ahead, we expect the operating environment to remain challenging,” Muller said. “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.”