Koninklijke Ahold Delhaize NV (ADRNY) Q4 2025 Earnings Call Highlights: Strong Sales Growth and …

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Thu, February 12, 2026 at 12:02 AM GMT+9 3 min read

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**Net Sales Growth:** 5.9% increase for the full year 2025, reaching EUR92.4 billion.

**Comparable Sales Growth:** 3.2% increase, excluding gas.

**Underlying Operating Margin:** 4% for the full year.

**Diluted Underlying EPS Growth:** 7.8% increase.

**Free Cash Flow:** EUR2.6 billion for the full year.

**Online Sales Growth:** 12.9% increase, with 22.8% growth in the US.

**Store Openings and Remodels:** 220 new stores opened and over 450 locations remodeled in 2025.

**Dividend Increase:** Proposed increase of 6% to EUR1.24 per share for 2025.

**Share Buyback Program:** EUR1 billion initiated for 2026.

**US Operating Margin:** 4.7% in Q4 2025.

**European Operating Margin:** 4.1% in Q4 2025.

**Healthy Food Sales:** 52.1% of own brand sales in 2025.

**CO2 Emissions Reduction:** 39.1% decrease versus 2018 baseline.

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Release Date: February 11, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Net sales increased by 5.9% for the full year, with a healthy underlying operating margin of 4%.

Online sales grew by 12.9%, with the US leading at 22.8% growth, indicating strong digital performance.

The company opened 220 new stores and remodeled over 450 locations, strengthening its market position.

Significant investments in AI and technology are enhancing customer experience and operational efficiency.

The company announced a 6% increase in dividends and initiated a EUR1 billion share buyback program for 2026, reflecting strong shareholder returns.

Negative Points

Serbia's pricing regulation and the integration of Profi negatively impacted margins.

The US Inflation Reduction Act is expected to reduce pharmacy sales by approximately $350 million in 2026.

The competitive environment in the US remains challenging, with potential pressures from consumer sentiment and inflation.

The company faces ongoing challenges in Serbia, which has become a loss-making business.

Despite strong performance, the company acknowledges the need for continued investment in price and technology to maintain competitiveness.

Q & A Highlights

Q: Can you provide insights into the competitive and consumer environment in the US and your outlook for 2026, including food inflation and volume expectations? A: Frans Muller, CEO, noted that despite reports of negative volumes in the US market, Ahold Delhaize ended 2025 with positive volumes. The company benefits from strong market positions and community connections, with a focus on price investments and own brand growth. Food inflation is expected to remain flat at 2.2% in 2026.

Story Continues  

Q: How do you approach group margin management, and was the US margin in Q4 stronger than expected? A: Jolanda Poots-Bijl, CFO, explained that the company optimizes businesses locally rather than balancing the portfolio. The US margin was indeed stronger than expected due to factors like product mix, vendor allowances, and improved online profitability.

Q: What is the status of the Stop & Shop reinvestment and price investment strategy? A: Frans Muller, CEO, stated that Stop & Shop has made significant progress with price investments covering 65% of sales in 2025, expected to increase to 80% in 2026. The brand has improved execution, labor costs, and customer service, with a focus on remodeling stores and enhancing online penetration.

Q: How does Ahold Delhaize plan to leverage AI and technology for operational improvements? A: Frans Muller, CEO, highlighted that AI and technology are integral to the company’s operations, from backend solutions like robotics and forecasting to consumer-facing features such as personalized shopping experiences. The company is focused on scaling these technologies across its brands.

Q: What are the expectations for online sales growth and profitability in 2026 and beyond? A: Jolanda Poots-Bijl, CFO, mentioned that online sales are now profitable and are expected to continue driving growth. The company views online as a core component of its strategy, offering strategic opportunities through data and personalization, with plans to improve profitability further.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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