Koninklijke Ahold Delhaize N.v. · EURONEXT:AD
Koninklijke Ahold Delhaize — Q4 2025 Earnings Presentation
34 slides from Koninklijke Ahold Delhaize's earnings presentation, Feb 19, 2026
Slide 1: Q4/FY 2025 results
44 Q4/FY 2025 results
Slide 2: Cautionary notice
cautionary notice This communication includes forward-looking statements. All statements other than increases in costs associated with the Company’s defined benefit pension plans; statements of historical facts may be forward-looking statements. Forward-looking ransomware and other cybersecurity iss
Slide 3: Welcome
Q4/FY 2025 welcome February 11, 2026
Slide 4: Speakers
speakers Frans Jolanda JP Poots-Bijl O’Meara Muller SVP Investor Relations Chief Executive Officer Chief Financial Officer 4 Ahold Delhaize – Q4/FY 2025
Slide 5: Ahold Delhaize reports strong Q4 2025 financial results
• 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 Ahold Delhaize
Slide 6: Quarterly performance
Q4/FY 2025 quarterly performance Frans Muller
Slide 7: Performance review: key highlights
performance review: key highlights key financial targets 2025 guidance results in 2025 group underlying operating margin around 4.0% 4.0% +5.0% at actual rates; +7.8% at constant diluted underlying EPS growth mid-to-high-single digit growth rates gross capital expenditures around €2.7 billion €2.6 b
Slide 8: Trusted products
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% penetra
Slide 9: Vibrant customer experiences
vibrant customers experiences our ADUSA brands delivered elevation and expansion • opened 220 new stores and completed >14 billion personalized offers in more than 450 remodels 2025 • rolled out PRISM technology to ensure brands can deliver exceptional services • partnered with third parties to stre
Slide 10: Driving innovation
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
Slide 11: Shaping our portfolio
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
Slide 12: Healthy communities & planet
healthy millions communities of customers use our pharmacy services & planet European brands target health, access and impact 50% plant-based food sales by 2030 signing our 4th virtual power purchase agreement 12 Ahold Delhaize – Q4/FY 2025
Slide 13: Ahold Delhaize – Q4/FY 2025
13 Ahold Delhaize – Q4/FY 2025
Slide 14: Financial highlights
Q4/FY 2025 financial highlights Jolanda Poots-Bijl
Slide 15: Ahold Delhaize – Q4/FY 2025
15 Ahold Delhaize – Q4/FY 2025
Slide 16: Fourth quarter results
comparable sales growth excl. gas +2.5% U.S. +2.7%, EU +2.4% fourth net sales €23.5bn online sales quarter vs LY constant rates +6.1% €2.8bn results underlying vs LY constant rates operating +12.9% income1 2025 €994m vs LY constant rates underlying results +9.2% underlying operating margin1 4.2% und
Slide 17: Full year results
comparable sales growth excl. gas +3.2% U.S. +3.0%, EU +3.4% net sales €92.4bn online sales full year vs LY constant rates +5.9% €10.3bn results underlying vs LY constant rates operating +13.3% income1 2025 €3.7bn vs LY constant rates underlying results +6.2% underlying operating margin1 4.0% underl
Slide 18: Fourth quarter results (IFRS)
net sales diluted EPS €23.5bn €0.65 vs LY actual rates vs LY actual rates +0.9% +56.4% fourth online sales quarter €2.8bn results vs LY actual rates operating income +9.1% 2025 €899m vs LY actual rates operating margin €96m lower than underlying IFRS-reported results 3.8% results, largely due to cos
Slide 19: Full year results (IFRS)
net sales diluted EPS €92.4bn €2.50 vs LY actual rates vs LY actual rates +3.4% +32.3% online sales full year €10.3bn results vs LY actual rates operating income +11.2% 2025 €3.5bn vs LY actual rates operating margin €192m lower than underlying IFRS-reported results 3.8% results, largely due to cost
Slide 20: Exceeded Save for Our Customers goal for 2025
exceeded Save for Our Customers goal with nearly 1.3 billion for 2025 guidance of €5 billion of additional saving from 2025-2028 €5 billion cumulative savings from 2025 - 2028 €1,354 €1,259 €1,294 € 104 €44 €967 €979 € 259 savings are € 367 € 129 reinvested into price, technology, store upgrades and
Slide 21: Comparable sales growth trends by region
comparable sales growth trends by region Actuals excluding gas Ex weather/calendar/other ex. Gas Q4 group U.S. Q4 Europe Q4 comparable sales growth excl. gas +2.7% +2.4% +2.5% 5.8% 4.7% 4.8% 4.9% 3.7% 3.4% 3.4% 3.1% 2.9% 3.1% 2.6% 2.6% 2.7% 2.9% 2.8% 2.9% 2.4% 1.4% 1.2% 1.2% Q4 2024 Q1 2025 Q2 2025
Slide 22: US Q4 2025 highlights
US Q4 2025 highlights net sales expanding Own brand €13.0bn brand strength growth outpaces the rest of the store, reflecting strong customer +2.5% vs LY at constant rates appreciation and densifying our markets online sales growth Food Lion Hannaford 22.8% continues its streak of accelerated online
Slide 23: EU&I Q4 2025 highlights
EU&I Q4 2025 highlights high focus net sales Own Brand €10.5bn on value grew Own Brand penetration 1.2 percentage points as customers find +10.9% vs. LY value in the assortment at constant rates to sustain and grow competitive positions online sales growth bol Albert Heijn 6.6% introduced new AI fea
Slide 24: bol. full year results 2025
net sales net consumer online bol. €3.4 bn vs LY sales1 €6.3 bn full year results +8.6% vs LY 2025 +8.4% underlying EBITDA capital expenditure €207 m €135 m vs LY vs LY +12.2% +23.5% 1. Net consumer online sales is defined as online sales including sales of third parties through bol’s partners. Net
Slide 25: Q4 free cash flow bridge
Q4 free cash flow 347 123 0 -87 1,495 bridge 1,255 -124 -12 -7 FCF Q4 2025 vs Last Year (in €m) FCF Changes in Other operating Dividends from Income Net Net Lease Net interest FCF Q4 2024 working capital cash flow joint ventures taxes paid investments Repayments paid Q4 2025 Q4 YTD 379 7 free cash f
Slide 26: Dividend to increase 6.0% to €1.24
6.9% € 1.24 CAGR € 1.17 € 1.10 dividend to increase € 1.05 € 0.95 +4.8 +6.4 +6.0 6.0% to €1.24 +10.5 reflecting our ambition to sustainably +5.6% grow the dividend per share 2021 2022 2023 2024 2025 26 Ahold Delhaize – Q4/FY 2025
Slide 27: HC&P FY 2025
HC&P FY 2025 Healthy own brand Continuous Reduction in food Less waste and food sales¹ ² improvements waste (T/ €million) ² more donations 52.1% Strong performance driven by ongoing reformulations, 39.1% Smart sourcing and better inventory management lowered vs LY (0.3)pts vs LY +4.4pts introducing
Slide 28: Keeping a steady pace towards our Growing Together ambitions
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 an
Slide 29: 2026 outlook
around €2.7 billion gross capital expenditures at least €2.3 billion at least free cash flow €1.25 billion mid-to save for our customers outlook high-single digit growth 2026 underlying EPS2 underlying operating margin 2026 is a 53-week calendar year 1. Based on constant rates around 4.0% year-over-
Slide 30: Creating value for the people who count on us
creating value for the people who count on us every day persistent focus on value continued growth of for customers own brands disciplined investment in stores, relentless focus on costs and logistics and digital cash flow 30 Ahold Delhaize – Q4/FY 2025
Slide 31: Q&A
Q&A
Slide 32: Thank you
thank you Ahold 32 Delhaize - Q2 2024
Slide 33: 2026 calendar
2026 calendar
Slide 34: Corporate calendar
corporate calendar rolling 12 months Q1 Q2 Q3 Q4 2026 2026 2026 2026 February 11 April 8 August 5 November 4 Results Q4 & FY 2025 Annual General Meeting of Results Q2 2026 Results Q3 2026 Shareholders February 25 May 6 Annual Report publication 2025 Results Q1 2026 34 Ahold Delhaize – Q4/FY 2025
Koninklijke Ahold Delhaize — Q4 2025 Earnings Presentation on 6ix