ZAANDAM, THE NETHERLANDS - Ahold Delhaize, an international food retail group and a leader in both supermarkets and e-commerce, reports fourth quarter results.

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.

See Frans Muller's full comments here.

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.

See the full report here.