Consolidated annual information on the financial year 2025/26
Revenue grows 3,1% Operating result in line with prior yearHalle, 16 June 2026
Headlines financial year 2025/26(1)(2)
As a retailer in food and health and as the market leader in Belgium, Colruyt Group continues to actively fulfil its role in society by ensuring that customers can rely on an accessible, qualitative and affordable offering, delivered in the most sustainable way possible, both in our physical stores and online. This is a commitment we consciously uphold every day, together with our more than 31.000 colleagues.
The financial year 2025/26 was marked by multiple challenges in the Belgian retail market, which is becoming ever more competitive, mainly as a result of Sunday openings, extended opening hours and the abolition of the mandatory weekly closing day. These structural changes in opening hours are disrupting competitive dynamics. Despite this disruption, Colruyt Group's revenue increased by 3,1% to EUR 10,6 billion in 2025/26, while the gross profit margin remained stable at 30,5% compared with the previous financial year.
The combined market share of Colruyt, Okay, Spar and Comarkt/Comarché in Belgium decreased to 28,5%.
Operating expenses increased primarily due to changes in scope(2), as well as higher employee benefit expenses, mainly driven by Belgium's automatic wage indexation system.
As a result, the operating cash flow (EBITDA) increases by 2,9% (stable at 8,3% of revenue) while the operating result (EBIT) remains broadly stable at EUR 465 million (4,4% of revenue). The net result from continuing operations decreases by 4,3% to EUR 337 million (3,2% of revenue), mainly due to a lower net financial result and a lower result of investments accounted for using the equity method. The group succeeded in counterbalancing the decline in operating result recorded in the first half of the year during the second half, supported by a further normalisation of the gap between sales price inflation and purchase price inflation, productivity gains and targeted initiatives (such as the extension of opening hours at Colruyt, Okay, Spar and Collect&Go, and commercial initiatives).
In line with disciplined cash management, investments were even more tightly targeted in 2025/26: EUR 472 million or 4,4% of revenue.
The disposal and discontinuation of the French integrated retail activities was completed in the final quarter of 2025/26. The search for potential buyers for the real estate assets of stores for which no buyer has been found, as well as for the warehouses, is ongoing.
The headlines have been formulated based on the consolidated income statement in which the French integrated retail activities are presented as discontinued operations in both the current and the previous financial year.
The results reflect the impact of a series of acquisitions completed in the second half of 2024/25 (Délidis since October 2024 and NRG since January 2025) and in the first half of 2025/26 (Foodbag since April 2025 and Delitraiteur since June 2025) (hereinafter 'the acquisitions'). They were further impacted by the change in financial year at The Fashion Society (which in 2024/25 was exceptionally included for a period of ten months, compared with twelve months in 2025/26). Further down this press release, these impacts are collectively referred to as 'changes in scope'. Any disclosures provided are inclusive of these impacts, unless explicitly indicated otherwise.
CEO Stefan Goethaert: "Notwithstanding a decline in operating result in the first half of the year, we delivered on our ambition to achieve a stable operating result for the full financial year. Given the many challenges in the Belgian retail market, which is becoming ever more competitive as a result of a series of structural and disruptive changes, including Sunday openings and the abolition of the mandatory weekly closing day, we are satisfied with this result. We owe this to collective achievements, the hard work of our co-workers and to our customers and our partners, I would like to express my sincere gratitude to them all. The challenges, combined with the disparities in wage schemes across the various joint committees create an uneven playing field in the Belgian retail market. We therefore reiterate that a reform of the wage schemes is essential to guaranteeing fair competition. Also, we are satisfied to once again have delivered strong performance against our ambitious sustainability objectives.
In the new financial year ahead, we will continue to consistently implement our strategy and to invest in the long term. Our focus is on driving growth in food and health, alongside further productivity gains. At the same time, we are more committed than ever to systematically lowering our cost base, enabling us to continue purposefully shaping a healthy and sustainable future. In doing so, we as a group continue to create broad societal and economic value in Belgium. This added value extends beyond the store network and encompasses, among other things, distribution centres, support activities and an ecosystem of over 10.000 Belgian suppliers. In doing so, the group contributes to employment and local anchoring in Belgium at various levels, thus ensuring that this value remains within Belgium.
I. Management reportConsolidated income statement(3)
(in million EUR)
1/04/2025
-31/03/2026
1/04/2024
-31/03/2025
Variance
Revenue
10.568
10.248
+3,1%
Gross profit
3.222
3.123
+3,2%
% of revenue
30,5%
30,5%
Operating cash flow (EBITDA)
879
855
+2,9%
% of revenue
8,3%
8,3%
Operating profit (EBIT)
465
469
-0,9%
% of revenue
4,4%
4,6%
Profit before tax
441
470
-6,2%
% of revenue
4,2%
4,6%
Profit for the financial year from continuing operations
337
352
-4,3%
% of revenue
3,2%
3,4%
Result for the financial year from discontinued operations
-33
-15
Profit for the financial year
304
337
-9,9%
% of revenue
2,9%
3,3%
Earnings per share (in EUR)(4)
2,53
2,73
-7,4%
From continuing operations
2,80
2,85
-1,7%
From discontinued operations
-0,28
-0,12
In the consolidated income statement, the French integrated retail activities are presented as discontinued operations in both financial years, as is Dreambaby in the previous financial year (for a period of two months).
The weighted average number of outstanding shares totalled 120.065.015 in 2025/26 and 123.489.687 in 2024/25.
Colruyt Group's revenue rose by 3,1% to nearly EUR 10,6 billion in 2025/26. Revenue performance was primarily impacted by disruptions to competitive dynamics and ongoing price and promotional pressure in the Belgian retail market. The full consolidation of Délidis, Foodbag, Delitraiteur and NRG had a positive impact on revenue evolution, as did the change in financial year at The Fashion Society (which in 2024/25 was exceptionally included for a period of ten months, compared with twelve months in 2025/26). Excluding the changes in scope, revenue grew with 1,2%.
The market share of Colruyt Group in Belgium (Colruyt, Okay, Spar and Comarkt/Comarché) declined to 28,5% in 2025/26 (29,0% in 2024/25).
Thanks to the changes in scope, the gross profit margin remained stable at 30,5%. The decrease of the gross profit margin excluding changes in scope reflects high price and promotional pressure and a more intense competitive landscape in the Belgian retail market. As a retailer and as the market leader, Colruyt Group continues to fulfil its role in society, with customers able to count on the group to help them stay on top of their household budgets.
The gross profit margin improved in the second half of the financial year (30,9%) compared with the first half (30,1%). This was driven in part by a further normalisation of the gap between sales price inflation and cost price inflation.
Net operating expenses increased by EUR 75 million and amounted to 22,2% of revenue. The increase in operating expenses was entirely attributable to the changes in scope. The group succeeded in keeping net operating expenses excluding changes in scope stable in the financial year 2025/26, despite higher employee benefit expenses driven by Belgium's automatic wage indexation system. This was achieved through a range of measures, including productivity enhancement initiatives implemented in the second half of the financial year, supported by process simplification and the increased use of technology and automation. In the new financial year and in the years ahead, Colruyt Group will continue to drive organisational simplification and improve overall productivity. In this context, a particular focus is directed towards support services, where efforts to enable a smarter deployment of technological capabilities are being accelerated.
As in previous years, profit sharing forms part of employee remuneration. For many years, Colruyt Group has operated a profit-sharing scheme under which Belgian employees directly share in the results achieved. This distribution underlines the commitment of our employees to the group's collective success and constitutes an important pillar of our operations.
The number of full-time equivalents as at 31 March 2025 amounted to 32.418, including the integrated retail activities in France. Excluding these activities, the number of full-time equivalents stood at 30.191 and 29.956 as at 31 March 2026, representing a decrease of 235 full-time equivalents. Last year, more than 3.100 new employees were hired. Colruyt Group remains an organisation in motion, driven, among other things, by targeted acquisitions and integrations, organisational simplifications, as well as inflow, outflow and internal job mobility. The group continues to focus on a customer-oriented and efficient organisation, while giving priority to talent development and internal mobility.
Operating cash flow (EBITDA) increased by 2,9% and amounted to EUR 879 million or 8,3% of revenue (stable versus 2024/25).Depreciation, amortisation and impairment charges increased by EUR 29 million. Depreciation and amortisation charges rose by EUR 19 million, mainly due to the changes in scope. The residual increase is largely attributable to continuous investments in stores, distribution and production centres, automation, innovation and digital transformation programmes.
Impairments rose by EUR 10 million to EUR 12 million and relate to a number of smaller impairments, primarily affecting property, plant and equipment.
Operating profit (EBIT) remained roughly stable at EUR 465 million or 4,4% of revenue in 2025/26 (versus EUR 469 million or 4,6% in 2024/25).The net financial result decreased by EUR 20 million to a net financial expense of EUR 19 million. This is mainly due to a decrease in finance income, partly resulting from a reduction in cash and cash equivalents during the financial year.
The share in the result of investments accounted for using the equity method amounted to EUR -5 million in 2025/26. The decrease reflects a negative result at Virya Energy (inter alia as a result of a number of impairments) and various other investments, partly offset by a one-off positive effect of EUR 12 million arising from a change in consolidation method (Foodbag has been fully consolidated since the 2025/26 financial year, having previously been accounted for using the equity method). The negative result at Virya Energy is in line with Virya Energy's ongoing development and growth agenda, supporting its long-term ambitions in the energy transition. This reflects a well-considered and disciplined growth strategy, offering clear visibility on future value creation as projects are gradually completed and enter the operational phase, thereby contributing to revenues and earnings over the medium to long term.
The effective tax rate on the profit before tax, excluding the share in the result of investments, amounted to 23,4% in 2025/26.
The profit for the financial year from continuing operations amounted to EUR 337 million (3,2% of revenue) compared with EUR 352 million (3,4% of revenue) in 2024/25. This comes down to a 4,3% decrease.
In 2025/26, the result for the financial year from discontinued operations included the French integrated retail activities. The loss amounted to EUR 33 million and comprised both the operating result and various one-off effects related to the disposal and discontinuation of the operations (restructuring charges, gains and losses etc.).
In 2024/25, the result for the financial year from discontinued operations included a one-off positive effect of EUR 3 million and a net result of EUR -17 million related to the French integrated retail activities.
The above developments resulted in a profit for the financial year of EUR 304 million or 2,9% of revenue (versus EUR 337 million or 3,3% of revenue in 2024/25).
The Board of Directors will propose an ordinary gross dividend of EUR 1,38 per share to the General Meeting of Shareholders.
Segment information
Food
The revenue of Food rose by 2,4% to 10,0 billion in 2025/26. Excluding Délidis, Foodbag and Delitraiteur, revenue rose by 1,0%. Food activities accounted for 94,2% of the consolidated revenue in 2025/26.
Colruyt Group's revised five-year strategic plan centres on food and on health, with both areas pursuing growth and further differentiation. Within the food segment, we aim to achieve that growth through three avenues. First, by driving further growth in the existing stores (like-for-like growth) through an enhanced offering tailored to our customers' needs and through continued category development. In line with this approach, a number of stores have been piloting the in-store bake-off of a selected bread and bakery range since autumn 2025. Second, by expanding our B2B operations, both through the opening of additional Colruyt Professionals stores and through growth in our wholesale and food service activities. Finally, by targeting growth in urban areas, with tailored formats such as Okay City.
Food retail
Alongside high price and promotional pressure, competitiveness has been further heightened by several developments in the Belgian retail landscape in recent years, such as the Sunday openings and the abolition of the mandatory weekly closing day. In this context, food retail revenue increased by 1,7%. Excluding Foodbag, food retail revenue rose by 0,8%.
Revenue of Colruyt in Belgium and Luxembourg, including the revenue of Comarkt/Comarché, showed a limited increase (+0,7%). The Colruyt stores continue to consistently deliver on their commitment to guarantee the lowest prices to their customers. This was highlighted over the past financial year through targeted initiatives including the deferred discount ahead of certain public holidays and the matching of highly aggressive competitor promotions. Since February 2026, all Colruyt stores and Collect&Go collection points have been opening half an hour earlier (from 8 a.m.), making Colruyt the first discounter to open at such an early hour.
In 2025/26, thirteen renovated stores reopened and the store network expanded with seven new Colruyt stores and one new Colruyt Professionals store. Since the beginning of the 2026/27 financial year, two additional Colruyt Professionals stores have opened, bringing the total to seven.
The Colruyt stores once again secured the first place in the YouGov(5) summer and winter 2025 reports (formerly GfK).
At 31 March 2026, Comarkt (in Flemish-speaking Belgium)/ Comarché (in French-speaking Belgium) - a Colruyt Group format that is used temporarily until the stores have been converted to their final store concept - had twelve stores left (compared with 35 stores as at 31 March 2025; in the meantime, six have opened as Spar stores, four as Okay stores, two as Colruyt stores, one as a Colruyt for Professionals store and the remaining ten are temporarily closed for conversion). In the course of 2026 and 2027, the remaining Comarkt/Comarché stores will be converted to their final brand.
Okay, Bio-Planet and Cru reported an aggregate revenue growth of 2,1% in 2025/26.
As a neighbourhood discounter, Okay aims to make customers' lives easier by offering a wide range of fresh products and ready meals, at the lowest prices in the neighbourhood and with respect for the environment, society, health and animal welfare. Okay's revenue evolution was adversely affected by legislative changes prohibiting the sale of tobacco products to private individuals in food stores larger than 400 m², and positively impacted by the Sunday openings in the final quarter. The store network of Okay, Okay City and Okay Direct expanded by seven Okay stores and two Okay City stores, reaching a total of 179 stores. Seven stores were renovated in 2025/26. Since the beginning of 2026, the Okay stores have extended their opening hours to include Sundays. Okay City stores are fully tailored to the needs of urban customers: easily accessible, offering a carefully selected product range, budget-friendly and open seven days a week. Okay's logistics capacity was expanded with the addition of a new 10.000 m² distribution centre. The group aims to expand its market share in urban areas, in part by leveraging the Okay format.
In the YouGov(5) summer and winter 2025 reports (formerly GfK), Okay ranked third and second, respectively.
Bio-Planet recorded revenue growth and remains a pioneer in sustainability, offering an extensive range of organic, eco-friendly and local products, as well as healthy food options. Thanks to Bio-Planet and the group's other retail chains offering organic products, Colruyt Group is Belgium's leading organic retailer. As at the end of March, Bio-Planet operated 39 stores in Belgium and one in Luxembourg.
Cru has four markets. A passion for tasty artisan products and customer experience combined with pure mastery remain at the forefront for the Cru multi-experience markets. In recent years, priorities have been further refined to drive revenue growth and enhance operational efficiency. This trend is continuing into the current financial year, fuelled by a combination of revenue growth and productivity gains.
Revenue from other activities within food retail revenue mainly comprises Foodbag and amounts to EUR 72 million. Foodbag specialises in the composition and delivery of meal boxes and has been fully consolidated since April 2025. Through Foodbag Colruyt Group aims to further expand and strengthen its position in the online food market, while responding to evolving customer needs such as the growing need for combined convenience and time efficiency and, the right offering at the right moment. Foodbag demonstrates strong profitability and has delivered further revenue growth over the past financial year, while strengthening its market share. Foodbag's offering was further enriched with Foodprepper, which provides fresh, healthy and ready-to-eat meal solutions for every moment of the day, catering to the needs of families and people with busy schedules.
Wholesale and Food service
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