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Koninklijke Ahold Delhaize (AD) investor relations material
Koninklijke Ahold Delhaize Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 net sales reached €23.5 billion, up 6.1% at constant rates, with strong online growth and the Profi acquisition contributing significantly.
Full year 2025 net sales were €92.4 billion, underlying operating margin 4.0%, and diluted underlying EPS €2.67, meeting or exceeding guidance.
Online sales surged 12.9% for the year, led by 22.8% growth in the U.S., and the company completed a strategic shift to a store-first omnichannel model.
Portfolio expansion included the acquisition of Profi in Romania and Louis Delhaize/Delfood in Belgium, strengthening market positions.
Sustainability initiatives reduced food waste and CO2 emissions by over 39% versus baselines, and healthy food sales reached 52.1% of own brand sales.
Financial highlights
Q4 underlying operating income was €994 million (margin 4.2%), with diluted underlying EPS of €0.73; full year underlying operating income was €3.7 billion, diluted underlying EPS €2.67.
Q4 IFRS operating income was €899 million; full year IFRS operating income was €3.5 billion (3.8% margin).
Free cash flow for 2025 was €2.6 billion, exceeding guidance.
Dividend per share for 2025 proposed at €1.24, a 6% increase; €1 billion share buyback program completed in 2025 and initiated for 2026.
Net debt at year-end was €14.7 billion.
Outlook and guidance
2026 guidance: underlying operating margin around 4%, mid to high single-digit EPS growth at constant rates, free cash flow of at least €2.3 billion, and gross CapEx of approximately €2.7 billion.
53rd week in 2026 expected to add 1.5%-2% to net sales and 2%-3% to underlying net income.
U.S. pharmacy sales to decrease by $350 million due to the Inflation Reduction Act, with no profit impact.
Persistent focus on value, disciplined investment, and cost control amid macroeconomic and geopolitical uncertainties.
Commitment to share buyback and dividend programs, with flexibility for adjustments.
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