Zaandam, February 11, 2026 – Netherlands supermarket group Ahold Delhaize reported €23.5 billion in Q4 2025 net sales, as online revenue rose 12.9% and full-year sales reached €92.4 billion.

Comparable sales excluding gasoline increased 2.5% in the quarter. Underlying operating margin improved to 4.2%.

Q4 2025 year-on-year performance

Metric Q4 2025 YoY change vs Q4 2024
Net Sales €23.5bn +6.1% (Constant FX)
Comparable Sales (excl. gasoline) +2.5% —
Underlying Operating Margin 4.2% +0.1 pts
Diluted Underlying EPS €0.73 +6.1% (Actual FX)

IFRS operating income reached €899 million in the quarter.

For the full year, net sales totalled €92.4 billion. Underlying operating margin was 4.0%, while free cash flow reached €2.6 billion, ahead of prior guidance.

The group also confirmed that it achieved e-commerce profitability on a fully allocated basis during 2025.

What drove Q4 performance

Growth in the quarter was supported by the first-time integration of the Profi acquisition in Europe.

Online sales in the U.S. increased 22.8%, continuing strong digital momentum.

Food Lion recorded its 53rd consecutive quarter of comparable sales growth.

Store openings and remodels across both regions also contributed to sales development.

Regional performance

In the United States, comparable sales excluding gasoline rose 2.7%. Underlying operating margin reached 4.7%, supported by higher sales leverage and improvements in online profitability.

In Europe, net sales increased 10.9% at constant exchange rates, partly driven by the Profi integration. Comparable sales excluding gasoline rose 2.4%.

Albert Heijn reported strong holiday trading and continued market share gains in the Netherlands.

Ahold Delhaize 2026 Financial Guidance & Forecast

For 2026, which will include a 53rd trading week, the Netherlands supermarket group expects:

  • Underlying operating margin: around 4%

  • Underlying EPS growth: mid- to high-single digit (constant FX)

  • Free cash flow: at least €2.3 billion

  • Gross capital expenditure: around €2.7 billion

Management said it will continue prioritising price investments, strengthening own-brand assortments, accelerating store openings and remodels, and scaling AI-driven technologies across the business.

The company proposed a 6% increase in the 2025 dividend to €1.24 per share and confirmed the continuation of its €1 billion annual share buyback programme.

Editors’ Note: This article is based on Ahold Delhaize’s official Q4 and full-year 2025 financial release published on February 11, 2026.