Slides
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results Q4/FY 2025 44
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cautionary notice This communication includes forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Forward-looking statements can be identified by certain words, such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements are subject to risks, uncertainties and other factors that are difficult to predict and that may cause the actual results of Koninklijke Ahold Delhaize N.V. (the “Company”) to differ materially from future results expressed or implied by such forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Factors that might cause or contribute to such a material difference include, but are not limited to, risks relating to the Company’s inability to successfully implement its strategy, manage the growth of its business or realize the anticipated benefits of acquisitions; risks relating to competition and pressure on profit margins in the food retail industry; the impact of economic conditions, including high levels of inflation, on consumer spending; changes in consumer expectations and preferences; turbulence in the global capital markets; political developments, natural disasters and pandemics; wars and geopolitical conflicts; climate change; energy supply issues; raw material scarcity and human rights developments in the supply chain; disruption of operations and other factors negatively affecting the Company’s suppliers; the unsuccessful operation of the Company’s franchised and affiliated stores; changes in supplier terms and the inability to pass on cost increases to prices; risks related to environmental, social and governance matters (including performance) and sustainable retailing; risks related to data management and data privacy; food safety issues resulting in product liability claims and adverse publicity; environmental liabilities associated with the properties that the Company owns or leases; competitive labor markets, changes in labor conditions and labor disruptions; increases in costs associated with the Company’s defined benefit pension plans; ransomware and other cybersecurity issues relating to the failure or breach of security of IT systems; disruption from developments in artificial intelligence or inability to realize related benefits; the impact of adverse publicity or operational disruption related to activism or negative media coverage; the Company’s inability to successfully complete divestitures and the effect of contingent liabilities arising from completed divestitures; antitrust and similar legislation; unexpected outcomes in the Company’s legal proceedings; additional expenses or capital expenditures associated with compliance with federal, regional, state and local laws and regulations; unexpected outcomes with respect to tax audits; the impact of the Company’s outstanding financial debt; the Company’s ability to generate positive cash flows; fluctuation in interest rates; the change in reference interest rate; the impact of downgrades of the Company’s credit ratings and the associated increase in the Company’s cost of borrowing; exchange rate fluctuations; inherent limitations in the Company’s control systems; changes in accounting standards; inability to obtain effective levels of insurance coverage; adverse results arising from the Company’s claims against its self-insurance program; the Company’s inability to locate appropriate real estate or enter into real estate leases on commercially acceptable terms; and other factors discussed in the Company’s public filings and other disclosures. Forward-looking statements reflect the current views of the Company’s management and assumptions based on information currently available to the Company’s management. Forward-looking statements speak only as of the date they are made, and the Company does not assume any obligation to update such statements, except as required by law. Ahold Delhaize – Q4/FY 20252
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welcome Q4/FY 2025 Ahold Delhaize – Q4/FY 20253 February 11, 2026
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speakers Frans Muller Chief Executive Officer Jolanda Poots-Bijl Chief Financial Officer JP O’Meara SVP Investor Relations Ahold Delhaize – Q4/FY 20254
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• Through our family of great local brands, we understand what matters most to our customers. Our focus on affordable, healthy, and convenient options is especially important amid continued pressure on household budgets. Playing our role in local communities is deeply engrained in our culture and our brands' equity, and is an important differentiator in driving sustainable, long -term omnichannel growth. This strong market positioning and relative brand strength has enabled us to deliver on our key goals for 2025. • For 2026, with our Growing Together strategy and our growth model as a guide, we will continue to invest at a steady pace to enr ich our omnichannel capabilities, drive growth in customer loyalty and expand our reach. We will prioritize price investments, accele rate new store openings and remodels, and scale technologies that have a proven and successful track record. • Q4 net sales were €23.5 billion, up 6.1% at constant exchange rates and up 0.9% at actual exchange rates. Net sales were posi tively impacted by 3.2 percentage points at constant exchange rates from the acquisition of Profi and negatively impacted by 0.2 percentage points from the cessation of tobacco sales in Belgium. • Q4 comparable sales excluding gasoline increased by 2.5%, up 2.7% in the U.S. and 2.4% in Europe. Comparable sales excluding gasoline were negatively impacted by 0.2 percentage points in the U.S. due to weather. The cessation of tobacco sales and calendar shifts l ed to a negative impact of 0.5 percentage points in Europe. • Our brands' customers appreciate the convenience, assortments and personalization offered by our omnichannel shopping experie nces, including the addition of new AI-enabled services. Ahold Delhaize's online sales increased by 12.9% in Q4 at constant exchange rates and 9 .1% at actual exchange rates. This was driven by strong growth in the U.S. of 22.8%. • Q4 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 f irst-time integration of Profi. • Q4 IFRS operating income was €899 million and IFRS-diluted earnings per share (EPS) were €0.65. IFRS operating income was €96 million lower than underlying operating income due primarily to impairment charges related to the strategic shift to store -first omnichannel fulfillment network in the U.S. • Q4 diluted underlying EPS was €0.73, an increase of 6.1% compared to the prior year at actual exchange rates. 2025 full year Ahold Delhaize net sales were €92.4 billion, underlying operating margin was 4.0% and diluted underlying EPS was €2.67, in line with guidance for the year. • 2025 full year online sales increased by 13.3% at constant exchange rates and 11.2% at actual exchange rates. During the year , we achieved a key milestone by reaching e-commerce profitability on a fully allocated basis. This underscores the strength and scalability of our omnichannel model, which is a key long-term driver of market share growth. • 2025 full year IFRS operating income was €3,542 million and IFRS diluted EPS was €2.50. • 2025 free cash flow was €2.6 billion, which is above our guidance of at least €2.2 billion due to higher underlying operating income and improvements in working capital and slightly lower gross cash capital expenditures due to timing of the new Food Lion distrib ution center. • Management proposes a cash dividend of €1.24 for the full year 2025, which is a 6.0% increase over 2024 and in line with our dividend payout policy. • 2026 outlook (53 weeks): underlying operating margin of around 4%; mid- to high-single-digit underlying EPS growth at constant exchange rates; free cash flow of at least €2.3 billion; and gross cash capital expenditures of around €2.7 billion. Ahold Delhaize reports strong Q4 2025 financial results; priorities and outlook for 2026 underpin the value creation and trajectory towards Growing Together ambitions 4 Ahold Delhaize – Q4/FY 20255
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quarterly performance Q4/FY 2025 Frans Muller
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performance review: key highlights Ahold Delhaize – Q4/FY 2025 group underlying operating margin around 4.0% 4.0% diluted underlying EPS growth mid-to-high-single digit growth +5.0% at actual rates; +7.8% at constant rates gross capital expenditures around €2.7 billion €2.6 billion free cash flow at least €2.2 billion €2.6 billion dividend YOY growth in dividend per share 6.0% increase in dividend per share share buyback €1 billion €1 billion save for our customers at least €1.25 billion €1.3 billion key financial targets 2025 guidance results in 2025 7
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trusted products value you can trust • added 1,100 new own-brand products in the U.S. and 1,450 in Europe • collaborated cross-region through our AMS buying alliance to source healthy and high- quality ingredients • outpacing the rest of the store with our own- brand products, reaching 39.8% penetration 8 Ahold Delhaize – Q4/FY 2025
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vibrant customers experiences elevation and expansion • opened 220 new stores and completed more than 450 remodels • rolled out PRISM technology to ensure brands can deliver exceptional services • partnered with third parties to strengthen relevance, convenience and loyalty our ADUSA brands delivered >14 billion personalized offers in 2025 Ahold Delhaize – Q4/FY 20259
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driving innovation digital, data, AI and retail media • growing share of Technology and AI in our €2.7 billion in annual capex • yielding exceptional online growth, with U.S. increasing online sales +22.8% for the quarter • launching AI-powered features, such as bol’s Gift Finder and Spot & Shop 10 Ahold Delhaize – Q4/FY 2025
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shaping our portfolio to drive growth and operating excellence • expanding our European footprint through store openings at Profi and Albert Heijn and the acquisition of Louis Delhaize • upgrading our existing footprint through Food Lion’s remodeling program • rejuvenating Stop & Shop with improved store standards, service and value perceptions Ahold Delhaize – Q4/FY 202511
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healthy communities & planet health, access and impact European brands target 50% plant-based food sales by 2030 signing our 4th virtual power purchase agreement millions of customers use our pharmacy services Ahold Delhaize – Q4/FY 202512
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13 Ahold Delhaize – Q4/FY 2025
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financial highlights Q4/FY 2025 Jolanda Poots-Bijl
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15 Ahold Delhaize – Q4/FY 2025
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fourth quarter results 2025 underlying results underlying income from continuing operations1 €650m vs LY constant rates +8.6% online sales €2.8bn vs LY constant rates +12.9% net sales €23.5bn vs LY constant rates +6.1% underlying operating margin 1 4.2% vs LY constant rates +0.1 pts diluted underlying EPS1 €0.73 vs LY actual rates +6.1% comparable sales growth excl. gas +2.5% U.S. +2.7%, EU +2.4% €994m vs LY constant rates +9.2% underlying operating income 1 1. Adjusted for impairments of non-current assets, gains and losses on the sale of assets and leases/subleases, restructuring and related charges and other items considered not to be directly related to the underlying operating performance Ahold Delhaize – Q4/FY 202516
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full year results 2025 underlying results underlying income from continuing operations1 €2.4bn vs LY constant rates +4.7% online sales €10.3bn vs LY constant rates +13.3% net sales €92.4bn vs LY constant rates +5.9% underlying operating margin 1 4.0% vs LY constant rates +0.0 pts diluted underlying EPS1 €2.67 vs LY actual rates +5.0% comparable sales growth excl. gas +3.2% U.S. +3.0%, EU +3.4% €3.7bn vs LY constant rates +6.2% underlying operating income 1 1. Adjusted for impairments of non-current assets, gains and losses on the sale of assets and leases/subleases, restructuring and related charges and other items considered not to be directly related to the underlying operating performance Ahold Delhaize – Q4/FY 202517
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fourth quarter results 2025 IFRS-reported results income from continuing operations €577m vs LY actual rates +51.8% online sales €2.8bn vs LY actual rates +9.1% net sales €23.5bn vs LY actual rates +0.9% €899m vs LY actual rates +48.0% operating income diluted EPS €0.65 vs LY actual rates +56.4% Ahold Delhaize – Q4/FY 202518 operating margin 3.8% vs LY actual rates +1.2 pts €96m lower than underlying results, largely due to costs associated with: • impairment charges on the ecommerce central fulfillment centers in the U.S.
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full year results 2025 IFRS-reported results income from continuing operations €2.3bn vs LY actual rates +28.4% online sales €10.3bn vs LY actual rates +11.2% net sales €92.4bn vs LY actual rates +3.4% €3.5bn vs LY actual rates +27.2% operating income diluted EPS €2.50 vs LY actual rates +32.3% Ahold Delhaize – Q4/FY 202519 operating margin 3.8% vs LY actual rates +0.7 pts €192m lower than underlying results, largely due to costs associated with: • portfolio optimization actions, including the shift to a store first model in the U.S. • acquisition and integration costs related to Profi
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Ahold Delhaize – Q4/FY 2024 20 exceeded Save for Our Customers goal with nearly 1.3 billion for 2025 guidance of €5 billion of additional saving from 2025-2028 € 600 € 850 € 1,000 € 1,250 € 1,250 € 367 € 129 € 259 € 104 €44 2021 2022 2023 2024 2025 Initial Save for Our Customers target Additional Savings €979 €1,259 €967 €1,354 €5 billion cumulative savings from 2025 - 2028 savings are reinvested into price, technology, store upgrades and sustainability initiatives 2026 target of at least €1.25 billion Ahold Delhaize – Q4/FY 202520 €1,294
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1.2% 3.7% 4.9% 2.8% 2.4% 4.7% 4.8% 5.8% 3.4% 2.9% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1.4% 3.1% 3.4% 2.9% 2.7% 1.2% 2.6% 2.6% 3.1% 2.9% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 comparable sales growth trends by region ex. Gas Actuals excluding gas Ex weather/calendar/other U.S. Q4 +2.7% Europe Q4 +2.4% Q4 group comparable sales growth excl. gas +2.5% Ahold Delhaize – Q4/FY 202521
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US Q4 2025 highlights 1. At constant rates expanding brand strength and densifying our markets Food Lion continues its streak of accelerated online growth, increasing sales by over 36% Giant Food kicked off its 90th birthday celebrations with 90 days of giving, donating almost $1 million Stop & Shop rewarded with high NPS as customers appreciate our ongoing efforts to elevate the customer value proposition Hannaford successfully onboarded on the PRISM platform, growing new customers by over 10% Own brandnet sales €13.0bn +2.5% vs LY at constant rates online sales growth 22.8% vs. LY at constant rates underlying operating margin 4.7% +0.5 pts vs. LY growth outpaces the rest of the store, reflecting strong customer appreciation 22 Ahold Delhaize – Q4/FY 2025
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net sales €10.5bn +10.9% vs. LY at constant rates online sales growth 6.6% vs. LY at constant rates underlying operating margin 4.1% (0.3) pts vs LY Own Brand grew Own Brand penetration 1.2 percentage points as customers find value in the assortment EU&I Q4 2025 highlights 1. At constant rates high focus on value to sustain and grow competitive positions bol achieved 2025 market share of 38.2%, outpacing the market for the 7 th consecutive year Delhaize finalized the Delfood acquisition, adding more than 300 convenience locations Albert Heijn introduced new AI features, including Gift Finder and Spot & Shop functions Maxi Serbia donates 6.5 tons of surplus food every day through the ‘Food For All’ program Ahold Delhaize – Q4/FY 202523
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net sales €3.4 bn vs LY +8.6% bol. full year results 2025 net consumer online sales1 €6.3 bn vs LY +8.4% underlying EBITDA €207 m vs LY +12.2% 1. Net consumer online sales is defined as online sales including sales of third parties through bol’s partners. Net consumer online sales excludes Value Added Tax (VAT). capital expenditure €135 m vs LY +23.5% Ahold Delhaize – Q4/FY 202524
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Q4 free cash flow bridge FCF Q4 2025 vs Last Year (in €m) Ahold Delhaize – Q4/FY 202525 FCF Q4 2025 YTD vs Last Year (in €m) Q4 YTD free cash flow bridge 347 123 0 -87 -124 -12 -7 1,495 1,255 FCF Q4 2024 Changes in working capital Other operating cash flow Dividends from joint ventures Income taxes paid Net investments Net Lease Repayments Net interest paid FCF Q4 2025 415 379 7 -30 -432 -187 -97 2,6002,545 FCF Q4 2024 YTD Changes in working capital Other operating cash flow Dividends from joint ventures Income taxes paid Net investments Net Lease Repayments Net interest paid FCF Q4 2025 YTD
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FY 2025 Net Debt Bridge Net Debt FY2025 vs Last Year (in €m) Ahold Delhaize – Q4/FY 202526 1,008 1,070 (2,600) 1,838 (746) 14,699 14,129 Q4 2024 Net Debt Share Buyback Dividend Free cash flow Other FX Q4 2025 Net Debt
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dividend to increase 6.0% to €1.24 reflecting our ambition to sustainably grow the dividend per share 6.9% CAGR € 0.95 € 1.05 € 1.10 € 1.17 € 1.24 2021 2022 2023 2024 2025 Ahold Delhaize – Q4/FY 202527 +5.6% +10.5 +4.8 +6.4 +6.0
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HC&P FY 2025 Reduction in food waste (T/ €million) ² 39.1% vs LY +4.4pts Healthy own brand food sales¹ ² 52.1% vs LY (0.3)pts Reduction in absolute CO2 equivalent emissions (scope 1& 2) 39.1% vs LY +3.4pts Reduction virgin plastic packaging 10.9% vs LY +0.8pts Surpassed target Target surpassed two years ahead of schedule as a result of several brand initiatives to improve plastic own- brand packaging Lower emissions from refrigerants Main driver is the reduction in emissions from refrigerants across both regions and lower fuel consumption Less waste and more donations Smart sourcing and better inventory management lowered absolute food waste and strong collaboration with food banks increased percentage of donations Continuous improvements Strong performance driven by ongoing reformulations, introducing new healthy products and promotions on healthy assortments 28 Ahold Delhaize – Q4/FY 2025 1. Excluding impact Nutri-Score 2.0 impact in Central and Southeastern Europe this would be 52.8% which marks an improvement of 0.4pts versus last year 2. At constant rates
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keeping a steady pace towards our Growing Together ambitions 2026 outlook • Inflation Reduction Act negative impact on U.S. pharmacy sales of approximately $350 million • Delfood acquisition adding over €200 million in European sales • 53rd week having a positive impact of 1.5% to 2% on net sales and 2% to 3% on underlying net income from continuing operations 29 Ahold Delhaize – Q4/FY 2025
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outlook 2026 year-over- year growth in dividend per share3,4 at least €1.25 billion save for our customersmid-to high-single digit growth underlying EPS2 at least €2.3 billion free cash flow underlying operating margin around 4.0% €1 billion share buyback3 around €2.7 billion gross capital expenditures 2026 is a 53-week calendar year 1. Based on constant rates 2. Management remains committed to the company's share buyback and dividend programs while continuously assessing macroeconomic, geopolitical, and legislative factors as part of its decision-making process. Additionally, the programs may be adjusted in response to corporate activities, including significant mergers and acquisitions. 3. Our dividend policy is to target a dividend payout ratio range of 40-50% Ahold Delhaize – Q4/FY 202530
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persistent focus on value for customers continued growth of own brands relentless focus on costs and cash flow disciplined investment in stores, logistics and digital creating value for the people who count on us every day Ahold Delhaize – Q4/FY 202531
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Q&A
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thank you Ahold Delhaize - Q2 202433
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calendar 2026
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corporate calendar rolling 12 months Ahold Delhaize – Q4/FY 202535 Q3 2026 Q2 2026 Q1 2026 Q4 2026 November 4 Results Q3 2026 April 8 Annual General Meeting of Shareholders February 11 Results Q4 & FY 2025 May 6 Results Q1 2026 August 5 Results Q2 2026 February 25 Annual Report publication 2025