Ahold Delhaize closed the fourth quarter of 2025 with robust financial results, confirming the resilience of its omnichannel model in an environment marked by volatile inflation, pressure on household budgets, and frequent regulatory changes. Net sales in the fourth quarter reached €23,5 billion, up 6,1% at constant exchange rates (+0,9% at current exchange rates), supported by the acquisition of Profi, network development, and a 2,5% increase in comparable sales excluding fuel.
Performance was partially dampened by the exit from the tobacco business in Belgium and weather effects in the United States, but the strength of local brands allowed the group to maintain a positive trend both in Europe and overseas. Online sales grew 12,9% at constant exchange rates, with a 22,8% acceleration in the US, confirming a "store-first" model increasingly integrated with digital services and AI-enabled solutions.
Underlying operating margin stood at 4,2%, up 0,1 percentage points, thanks to operating leverage in the United States, which offset the impact of price caps in Serbia and the initial integration of Profi. IFRS operating profit amounted to €899 million, while IFRS diluted EPS stood at €0,65; underlying diluted EPS reached €0,73, up 6,1%.
On an annual basis, the group closed 2025 with revenues of €92,4 billion, an underlying operating margin of 4%, and underlying diluted EPS of €2,67, in line with guidance. Annual online sales increased by 13,3% at constant exchange rates, and e-commerce achieved full profitability on an allocated basis for the first time, a strategic milestone for long-term growth.
Free cash flow reached €2,6 billion, above expectations, thanks to improved working capital management and disciplined investment. Management will propose a dividend of €1,24 per share, up 6%, consistent with a payout policy of between 40% and 50%. Geographically, the United States recorded sales of €13 billion in the quarter, with comparable growth of 2,7% and an operating margin of 4,7%, supported by price investments, the development of private labels, and improved online profitability.
In Europe, sales rose to €10,4 billion (+10,9% at constant exchange rates), with a margin of 4,1%, despite the regulatory impact in Serbia and the tobacco effect in Belgium. Brands such as Albert Heijn strengthened their market share, while Bol expanded its digital services by introducing new AI capabilities. For 2026, the 53-week financial year, Ahold Delhaize expects an operating margin of around 4%, underlying EPS growth in the mid- to high-single-digit range at constant exchange rates, and free cash flow of at least €2,3 billion.
Gross capital expenditure is expected to be approximately €2,7 billion, earmarked for new openings, renovations, and technological enhancements. The "Save for Our Customers" program is expected to generate over €1,25 billion in savings, supporting investments in pricing, private labeling, and innovation.
On the ESG front, the group reduced operational emissions by 39,1% compared to 2018 and food waste by 39,1% compared to 2016, while sales of healthy branded products exceeded 52%. The Growing Together plan remains the strategic compass: combining the strength of local brands and international scale to create long-term sustainable value, consolidating a profitable and community-focused omnichannel model.
