Food retailer Ahold Delhaize reported stronger Q4 earnings and double-digit online growth, while outlining investment plans and financial guidance for 2026.
Net sales for the quarter reached €23.49bn ($27.88bn), rising 6.1% at constant exchange rates and 0.9% at actual exchange rates.
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Operating income totalled €899m, or 3.8% of net sales, and was €96m below underlying operating income due mainly to impairment charges linked to a shift towards a store-first omnichannel fulfilment network in the US.
Net income increased to $577m from $380m a year earlier.
Growth was supported by the acquisition of Profi, which added 3.2 percentage points at constant exchange rates, comparable sales growth excluding gasoline of 2.5%, and store openings.
The end of tobacco sales in Belgium reduced constant currency growth by 0.2 percentage points.
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By GlobalDataComparable sales excluding gasoline rose 2.7% in the US and 2.4% in Europe.
In the US, weather reduced comparable sales by around 0.2 percentage points while tobacco cessation and calendar effects in Europe reduced growth by 0.5 percentage points.
Online sales advanced 12.9% at constant exchange rates and 9.1% at actual rates, driven by 22.8% growth in the US.
Underlying operating margin edged up 0.1 percentage points to 4.2% at constant exchange rates.
Diluted EPS was €0.65, while diluted underlying EPS rose 6.1% to €0.73.
In the US, Q4 net sales were €13.04bn, up 2.5% at constant exchange rates but down 6.0% at actual exchange rates.
In Europe, Q4 net sales increased 10.9% at constant exchange rates and 11.1% at actual exchange rates to €10.45bn, supported by the Profi acquisition, comparable sales growth and store openings.
For 2025, net sales were €92.35bn and the underlying operating margin was 4%.
Net income increased to $2.26bn from $1.76bn in the same period a year earlier.
Online sales grew 13.3% at constant rates, with the group reaching e-commerce profitability on a fully allocated basis.
Free cash flow was €2.60bn, above guidance of at least €2.2bn. A cash dividend of €1.24 has been proposed, up 6%.
For 2026, including a 53rd week, the group expects an underlying operating margin of around 4%, mid- to high-single-digit growth in diluted underlying EPS at constant exchange rates, free cash flow of at least €2.3bn and gross cash capital expenditure of around €2.7bn.
The additional week is expected to add 1.5%-2% to net sales and 2%-3% to underlying income from continuing operations.
The acquisition of Delfood, completed on 2 February 2026, is expected to contribute more than €200m in European net sales.
Ahold Delhaize president and CEO Frans Muller said: “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.”
