Koninklijke Ahold Delhaize
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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.
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Q4 2025 earnings summary11 Feb, 2026

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.

US store-first omnichannel shift impact
Profi acquisition's initial financial impact
2026 savings program vs. planned investments
U.S. margin drivers beyond Q4 sales flow-through
Quantify AI's impact on efficiency and customer value
Key drivers for EUR 3B complementary income by 2028
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Q1 20266 May, 2026
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Frequently asked questions

Koninklijke Ahold Delhaize N.V. operates retail food stores and e-commerce primarily in the United States and Europe. Its U.S. Food Retail segment offers grocery, non-food, fuel, general merchandise, perishables and private label products under various banners.

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