AD.AS
Updated: 24/09/2026, 06:09:04
Koninklijke Ahold Delhaize N.V. manages a significant retail operation, primarily focusing on food sales and digital commerce throughout the United States and Europe. Its diverse portfolio includes various store types such as supermarkets, convenience stores, pharmacies, and large hypermarkets. The corporation also generates revenue by subleasing its properties to franchisees. As of January 2, 2022, the company administered 7,452 outlets, predominantly operating under regional brand identities, serving an estimated 55 million customers in person and through its online platforms. Established in 1887 and headquartered in Zaandam, the Netherlands, the organization adopted its current name, Koninklijke Ahold Delhaize N.V., in July 2016, having previously been known as Koninklijke Ahold N.V.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
92.4B
FY 2025 · Reported
Net income
2.3B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
4.4B
FY 2025 · Calculated
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
U.S. vs Europe net sales 2025
U.S.: $60bn net sales, +2.0% constant; Europe: €39bn net sales, +11.7% constant
“Our U.S. brands generated $60 billion in net sales in 2025, or 2.0% growth at constant rates ((2.1)% at actual rates).”
USD/EUR translation exposure
USD depreciated (3.98)% vs EUR in 2025, unfavorable to consolidated results; majority of operations in USD
“The majority of the Ahold Delhaize brands’ operations are located in the U.S. and denominated in U.S. dollars, which is translated into euros for consolidated results.”
Supplier engagement for food safety and human rights due diligence
Brands perform quality assurance reviews and audits at key suppliers; human rights supply-chain guidance and social compliance certification monitoring in place
“Our brands perform a variety of quality assurance reviews and audits in stores and DCs and at key suppliers.”
Profi acquisition (Romania)
Profi acquisition contributed to 2025 sales growth portfolio acceleration in Europe
“alongside portfolio acceleration from the Profi acquisition and store network growth”
New North Carolina distribution center
$860 million automated DC in North Carolina, construction beginning 2026, >1 million sq ft, >500 jobs
“Ahold Delhaize USA announced plans for a new $860 million, state-of-the-art DC in North Carolina to expand its East Coast supply chain network”
Consumer focus on price and value amid inflation
Food price inflation and cost-of-living pressures drove consumers to focus on price and value
“Food price inflation and cost-of-living pressures continued to impact households, and consumers have continued to focus on price and value.”
U.S. price investment commitment
$1 billion investment in U.S. prices from 2025 to 2028
“including through a commitment to invest $1 billion in U.S. prices from 2025 to 2028”
Growing Together strategy / Save for Our Customers
Growing Together strategy with disciplined Save for Our Customers cost-savings program; investments in pricing, own-brand, digital
“Our commitment to creating value for customers and maintaining a disciplined Save for Our Customers cost-savings program has enabled us to navigate a dynamic environment and deliver resilient underlying profitability.”
Growing Together strategy priorities
Six strategic priorities under Growing Together: Thriving people; Trusted product; Healthy communities & planet; Driving customer innovation; Vibrant customer experiences; Portfolio & operational excellence
“Our brands are committed to implementing our Growing Together strategy and delivering high-quality assortments of own-brand and national-brand products, in line with our trusted product strategic priority.”
Save for Our Customers cost/price program
Save for Our Customers program keeps prices low, supported by joint sourcing, product harmonization, Group-wide operational projects and European purchasing alliances
“Through our Save for Our Customers program, our brands are focused on keeping prices as low as possible and ensuring that customers have access to affordable and healthy choices.”
Gross and net debt position
Gross debt €18,404m (down €1,911m); net debt €14,699m (up €570m) at year-end 2025
“In 2025, gross debt decreased by €1,911 million to €18,404 million”
Interest rate exposure and credit ratings
3Y UST yield fell to 3.55%; ratings BBB+ (S&P) and Baa1 (Moody's), both stable
“The three-year constant maturity market yield on U.S. Treasury securities decreased from 4.22% in December 2024 to 3.55% in December 2025, which had a negative impact on the present value of our insurance liabilities.”
2026 outlook
2026: above-market sales growth, ~4% underlying margins, ≥€2.3bn FCF, mid- to high-single-digit underlying EPS growth at constant rates
“In 2026, Ahold Delhaize aims to achieve above-market sales growth, maintain industry-leading underlying margins of around 4%, generate at least €2.3 billion in free cash flow, and realize mid- to high-single-digit underlying EPS growth at constant exchange rates.”
Climate risk analysis expansion planned for 2026
Enhanced facility-level climate risk assessments during 2025; plans to develop analysis further during 2026
“We plan to develop our analysis further during 2026.”
Product safety risk
Product safety risk (time horizon <1 year), managed via Group Product Safety organization, quality assurance reviews/audits, recall escalation procedures, supplier engagement and insurance coverage
“There is a risk that customers may become injured or ill from the use or consumption of products sold by Ahold Delhaize brands, whether they are contaminated or defective, intentionally tampered with, or impacted by food fraud in the supply chain.”
Macroeconomic and sociopolitical developments risk
Macroeconomic and sociopolitical risk (1-5 years): 2025 saw import tariffs, commodity price volatility, food price inflation, government intervention in Serbia, and consumer focus on price and value
“Geopolitical volatility and tensions increased further during 2025, with developments, such as import tariffs, fluctuations in commodity prices, rising insecurity and interstate conflicts, elevating our financial and operating risks.”
Regulatory intervention on food prices
Elevated scrutiny on food prices in several brand markets, with Serbian brand operations particularly impacted by government intervention
“we have also seen elevated levels of scrutiny on food prices in several of our brands’ markets, with our Serbian brand’s operations, in particular, being impacted by government intervention.”
Nature and climate risk
Nature and climate risk (>5 years): physical and transition risks; 2025 commodity volatility particularly in cocoa and olive oil partly driven by climate factors
“Commodity markets, particularly cocoa and olive oil, continued to face volatility, influenced partly by climate and nature-related factors, alongside broader economic pressures.”
Stakeholder expectations on material sustainability matters
Stakeholder sustainability scrutiny risk (1-5 years), including animal welfare advocacy attention and regulatory scrutiny of sustainability reporting; reports under CSRD/ESRS
“We continued to report in accordance with both the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).”
Principal risk trends 2025
Increased geopolitical volatility, new IT systems principal risk, AI adoption acceleration, supply chain and business continuity risks, labor market tightness, climate/extreme weather
“In 2025, in line with the principal risk profile diagram on the right, there has been an increase in the risks related to our business, due to increased volatility in our geopolitical environment. We have also added IT systems as a principal risk.”
Majority of operations are in the U.S. and USD-denominated; 2025 USD depreciation of (3.98)% vs EUR unfavorably impacted consolidated results.
“On a year-on-year basis, the U.S. dollar depreciated by (3.98)% against the euro. A weakening dollar impacted our consolidated financial results unfavorably.”
Online sales grew 11.2% group-wide (US +13.4%, Europe +9.6%), outpacing total net sales growth of 3.4%, making online a key demand growth channel.
“Net consumer online sales 13,399 12,123 10.5%”
Challenging economic circumstances drive customer price sensitivity; company responded with price investments and own-brand assortments to support comparable sales.
“Our brands remained focused on helping customers cope with challenging economic circumstances, for example, through price investments and new own-brand assortments.”
The United States segment results are reported in USD and translated to EUR; constant-rate disclosure shows a 2.6pp FX impact on net sales and 4.0pp on income, indicating material USD/EUR translation exposure.
“The United States € million 2025 2024”
Online sales of €10,274 million grew 11.2% (13.3% constant) with double-digit online growth in both regions; e-commerce profitable on fully allocated basis in H1 2025.
“The expansion of our omnichannel ecosystem, marked by double‑digit online sales growth in both regions, remained a core driver of our growth profile.”
Food price inflation and cost-of-living pressures shape consumer behavior toward price and value, directly affecting grocery demand and pricing strategy.
“Food price inflation and cost-of-living pressures continued to impact households, and consumers have continued to focus on price and value.”
Food retail revenue driven by comparable sales growth, own-brand penetration, and online/digital channels across U.S. and Europe.
“Another contributor to sales growth was the strong performance of own-brand products, marked by higher market penetration across all the brands after strategic price adjustments and the launch of over 1,100 new products.”
Product safety, food fraud and human rights risks arise in the supply chain; mitigated by supplier audits, certifications and engagement.
“We have continued to apply vigilance and engage with suppliers and service providers throughout our value chain to ensure food safety standards were maintained.”
Currency impact on U.S. dollar-denominated liabilities decreased gross debt and reduced reported asset values; PP&E decline mainly from unfavorable FX.
“resulting from the decrease in our short-term borrowings related to the cash held under a notional cash pooling agreement and the currency impact on the outstanding U.S. dollar-denominated liabilities”
Company reports under CSRD and ESRS; increasing regulatory scrutiny of sustainability reporting accuracy creates compliance risk.
“We continued to report in accordance with both the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS).”
AI and customer data used for personalization, process optimization, retail media (Edge), and associate/customer assistants like Steijn.
“Harnessing AI and customer data is helping our brands improve the customer experience, build proximity with customers through personalization and optimize processes”
Own-brand expansion is a differentiation lever: 167 new joint sourcing products across Europe, each European brand offers over 900 Price Favorite products, targeting 45% own-brand food share.
“Today, each of our European brands offers over 900 Price Favorite products, providing customers with greater choice and value across their assortments.”
Import tariffs elevated financial and operating risks and created uncertainty across the operating environment and supply chain.
“with developments, such as import tariffs, fluctuations in commodity prices, rising insecurity and interstate conflicts, elevating our financial and operating risks.”
Future policy shifts under climate transition could significantly elevate transition risks, though currently limited under no/current policy scenarios.
“While our transition risks remain limited for now under “no policy” and “current policy” scenarios, there is still a high degree of regulatory and stakeholder focus on climate change, and future policy shifts could significantly elevate transition risks.”
Net zero by 2050 ambition, two virtual PPAs signed in Europe in 2025 targeting zero electricity emissions by 2030s, and sustainability-linked RCF pricing.
“signed two virtual PPAs in Europe, advancing the Company’s efforts to reduce emissions associated with electricity consumption to zero by 2035, while lowering our cost base”
Government intervention on food prices in Serbia directly impacts the Serbian brand's operations.
“with our Serbian brand’s operations, in particular, being impacted by government intervention.”
Cocoa commodity market volatility, partly climate-driven, affects input costs for the company's product assortment.
“Commodity markets, particularly cocoa and olive oil, continued to face volatility, influenced partly by climate and nature-related factors”
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