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ER - Ahold Delhaize reports solid Q2 performance driven by sales growth; 2025 outlook reiterated

Company: Koninklijke Ahold Delhaize N.V. Date: 2025-08-06 Language: English Register to download
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**Koninklijke Ahold Delhaize N.V.**

**Q2 2025 Report** 

Issued on August 6, 2025

![](_page_1_Picture_1.jpeg)

## **Ahold Delhaize reports solid Q2 performance driven by sales growth; 2025 outlook reiterated**

- \* Our Growing Together strategy ensures we deliver real value every day for our brands' customers through targeted investments in pricing, own-brand assortments and loyalty programs, as customers continue to feel pressure on their household budgets. Initiatives like these are strengthening our customer value propositions and driving sustainable, long-term omnichannel growth.
- \* In the first half of 2025, we already achieved a key milestone by reaching e-commerce profitability on a fully allocated basis. This underscores the strength and scalability of our omnichannel model, which is a key long-term driver of market share growth.
- \* Q2 net sales were €23.1 billion, up 6.5% at constant exchange rates and up 3.3% at actual exchange rates. Net sales were positively impacted by 3.4 percentage points at constant exchange rates from the acquisition of Profi and negatively impacted by 1.2 percentage points from the closure of Stop & Shop stores and the cessation of tobacco sales in the Netherlands and Belgium.
- \* Q2 comparable sales excluding gasoline increased by 4.0%, up 3.4% in the U.S. and 4.9% in Europe. Comparable sales excluding gasoline were positively impacted by 0.9 percentage points in the U.S. and by 0.7 percentage points in Europe, due to calendar shifts. Europe was negatively impacted by 1.6 percentage points due to tobacco.
- \* Our investments in expanding our omnichannel infrastructure and enhancing our digital loyalty programs are yielding strong results. Ahold Delhaize online sales increased by 14.4% in Q2 at constant exchange rates and 11.8% at actual exchange rates. This was driven by double-digit growth in online grocery in both regions and a strong performance at bol.
- *\** Q2 underlying operating margin was 4.0%, a decrease of 0.2 percentage points at constant exchange rates. Strong performance in Europe was offset by the impact of the first-time consolidation of Profi and strategic U.S. price investments to accelerate growth.
- \* Q2 IFRS operating income was €861 million and IFRS-diluted earnings per share (EPS) was €0.60. IFRS operating income was €56 million lower than underlying operating income.
- \* Q2 diluted underlying EPS was €0.65, an increase of 0.7% compared to the prior year at actual rates.
- \* 2025 interim dividend is €0.51 (2024: €0.50), based on the Group's interim dividend policy.
- \* The Company reiterates its 2025 full-year outlook for underlying operating margin of around 4%; free cash flow of at least €2.2 billion; and gross capital expenditures of around €2.7 billion. Diluted underlying EPS is expected to grow at a mid- to high-single-digit rate, based on an average euro/U.S. dollar exchange rate for the full year of 1.10. Diluted underlying EPS results at actual rates are subject to dollar volatility.

*Zaandam, the Netherlands, August 6, 2025* – Ahold Delhaize, one of the world's largest food retail groups and a leader in both supermarkets and e-commerce, reports second quarter results today.

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## **Summary of key financial data**

|                                             | Ahold Delhaize |             | The United States                 |            | Europe                            |            |                                   |
|---------------------------------------------|----------------|-------------|-----------------------------------|------------|-----------------------------------|------------|-----------------------------------|
|                                             | Q2<br>2025     | %<br>change | %<br>change<br>constant<br>rates1 | Q2<br>2025 | %<br>change<br>constant<br>rates1 | Q2<br>2025 | %<br>change<br>constant<br>rates1 |
| € million, except per share data            |                |             |                                   |            | 13 weeks 2025 vs. 13 weeks 2024   |            |                                   |
| Net sales                                   | 23,092         | 3.3 %       | 6.5 %                             | 13,153     | 1.9 %                             | 9,939      | 13.4 %                            |
| Comparable sales growth excluding gasoline1 | 4.0 %          |             |                                   | 3.4 %      |                                   | 4.9 %      |                                   |
| Online sales                                | 2,485          | 11.8 %      | 14.4 %                            | 1,125      | 16.4 %                            | 1,360      | 12.7 %                            |
| Net consumer online sales1                  | 3,245          | 9.9 %       | 11.8 %                            | 1,125      | 16.4 %                            | 2,120      | 9.5 %                             |
| Operating income                            | 861            | 9.0 %       | 13.5 %                            | 531        | (9.2) %                           | 355        | 75.7 %                            |
| Operating margin                            | 3.7 %          | 0.2 pp      | 0.2 pp                            | 4.0 %      | (0.5) pp                          | 3.6 %      | 1.3 pp                            |
| Underlying operating income1                | 917            | (1.6) %     | 1.9 %                             | 572        | (4.7) %                           | 369        | 14.0 %                            |
| Underlying operating margin1                | 4.0 %          | (0.2) pp    | (0.2) pp                          | 4.4 %      | (0.3) pp                          | 3.7 %      | — pp                              |
| Diluted EPS                                 | 0.60           | 13.3 %      | 18.3 %                            |            |                                   |            |                                   |
| Diluted underlying EPS1                     | 0.65           | 0.7 %       | 4.5 %                             |            |                                   |            |                                   |
| Free cash flow1                             | 517            | 36.7 %      | 46.1 %                            |            |                                   |            |                                   |

*1. Comparable sales growth excluding gasoline, net consumer online sales, underlying operating income and related margin, diluted underlying EPS, free cash flow, and the percentage changes at constant rates are alternative performance measures that are used throughout this report. For a description of alternative performance measures and a reconciliation between percentage changes and percentage changes at constant rates, see* [Note 13](#page-22-0)*.*

|                                             | Ahold Delhaize |             | The United States                 |            | Europe                            |            |                                   |
|---------------------------------------------|----------------|-------------|-----------------------------------|------------|-----------------------------------|------------|-----------------------------------|
|                                             | HY<br>2025     | %<br>change | %<br>change<br>constant<br>rates1 | HY<br>2025 | %<br>change<br>constant<br>rates1 | HY<br>2025 | %<br>change<br>constant<br>rates1 |
| € million, except per share data            |                |             |                                   |            | 26 weeks 2025 vs. 26 weeks 2024   |            |                                   |
| Net sales                                   | 46,368         | 5.2 %       | 5.8 %                             | 27,095     | 1.9 %                             | 19,273     | 11.8 %                            |
| Comparable sales growth excluding gasoline1 | 3.7 %          |             |                                   | 3.3 %      |                                   | 4.3 %      |                                   |
| Online sales                                | 5,030          | 13.6 %      | 14.0 %                            | 2,341      | 17.2 %                            | 2,689      | 11.4 %                            |
| Net consumer online sales1                  | 6,511          | 11.9 %      | 12.2 %                            | 2,341      | 17.2 %                            | 4,169      | 9.6 %                             |
| Operating income                            | 1,741          | 9.3 %       | 10.0 %                            | 1,148      | (7.5) %                           | 657        | 68.4 %                            |
| Operating margin                            | 3.8 %          | 0.1 pp      | 0.1 pp                            | 4.2 %      | (0.4) pp                          | 3.4 %      | 1.1 pp                            |
| Underlying operating income1                | 1,807          | 0.7 %       | 1.4 %                             | 1,181      | (4.4) %                           | 690        | 16.7 %                            |
| Underlying operating margin1                | 3.9 %          | (0.2) pp    | (0.2) pp                          | 4.4 %      | (0.3) pp                          | 3.6 %      | 0.2 pp                            |
| Diluted EPS                                 | 1.21           | 12.4 %      | 13.1 %                            |            |                                   |            |                                   |
| Diluted underlying EPS1                     | 1.27           | 2.6 %       | 3.3 %                             |            |                                   |            |                                   |
| Free cash flow1                             | 715            | (5.2) %     | (4.4) %                           |            |                                   |            |                                   |

*1. Comparable sales growth excluding gasoline, net consumer online sales, underlying operating income and related margin, diluted underlying EPS, free cash flow, and the percentage changes at constant rates are alternative performance measures that are used throughout this report. For a description of alternative performance measures and a reconciliation between percentage changes and percentage changes at constant rates, see* [Note 13](#page-22-0)*.*

### **Comments from Frans Muller, President and CEO of Ahold Delhaize**

"I am pleased to report solid second quarter performance, with strong sales growth supported by positive volumes in both regions. In an environment where customers prioritize value and convenience, our Growing Together strategy stands out as a key strength. Our brands' unwavering commitment to delivering exceptional customer value has enabled us to maintain or improve our market positions and continue to drive momentum in growth. At the same time, through strong operational execution by our teams and associates, we delivered a healthy and stable underlying operating margin of 4.0% and IFRS operating income of €861 million.

![](_page_3_Picture_1.jpeg)

"During the quarter, group net sales increased 6.5% at constant rates (3.3% at actual rates) and comparable sales growth excluding gasoline was 4.0%. Net group sales were positively impacted by 3.4 percentage points from the Profi acquisition and negatively impacted by 1.2 percentage points from the closure of Stop & Shop stores and the cessation of tobacco sales in the Netherlands and Belgium.

"In the U.S., net sales increased 1.9% at constant rates (decreased 3.1% at actual rates), while comparable sales growth excluding gasoline increased 3.4%, positively impacted by 0.9 percentage points from calendar shifts. All of our U.S. brands have now launched price investments, while strategically leveraging the strength of our own-brand portfolios. So far this year, we have introduced 300 new own-brand products and seen sales growth outpace the rest of the store in both dollars and units. It has also been one year since we announced decisive and deliberate actions to ensure a stable and thriving future for Stop & Shop. We are encouraged by customers' response to the initiatives we have implemented thus far. Where we have made investments, we are attracting new customers and seeing increasing volumes and an improving net promoter score.

"In Europe, our growth trajectory has been remarkable. Net sales increased 13.4% at constant rates (13.3% at actual rates), including the impact of Profi, while comparable sales excluding gasoline increased 4.9%, despite the net negative impact from tobacco and calendar shifts of 0.9 percentage points. This extends a period of impressive performance, as our teams drive innovation and adapt swiftly to evolving consumer trends. Bol grew 12.5%. We are making great progress on two key strategies at this brand: international partner expansion, through which we have already onboarded around 300 high-quality international partners so far this year, and the expansion of our advertising services, which have grown over 30% during the quarter. We are also making good progress with the integration of Profi, which has significantly contributed to our revenue growth in Europe and strengthened our market position within Romania.

"During the first half of the year, we already achieved a key milestone by reaching e-commerce profitability on a fully allocated basis. This underscores the strength and scalability of our omnichannel model, which is an important long-term driver of market share growth. Our improved online profitability is the result of several key factors, including our orientation towards less asset-intense same-day delivery models, increasing fulfilment capacity, automating operations and leveraging retail media propositions. It is particularly encouraging to see that, more and more, customers are finding value in the convenience and flexibility of our brands' omnichannel offerings. During the quarter, online sales grew 14.4%, marking the fifth consecutive quarter of double-digit growth. We also expanded our e-commerce market share in both regions. This quarter, we completed the rollout of PRISM, our proprietary e-commerce platform, at Food Lion, with plans to extend it to Hannaford in the second half of the year. Delhaize has doubled its ecommerce capacity in Belgium with a new distribution center in Vorst. At Albert Heijn, our proposition for B2B customers has paid off, with sales and orders increasing by over 10%.

"Our success is driven by the dedication of more than 390,000 associates who serve over 72 million customers weekly. Their hard work and commitment are at the core of our brands' operations and community engagement. To support associates, our brands are investing in technology to simplify their ways of working and make their jobs easier. Most of our European brands have introduced AI-driven assistants, including MaxiGPT in Serbia, LionGPT at Delhaize, Albot at Albert and De Assistent at Albert Heijn. These AI solutions ensure associates have easy access to the right information so they can help customers better and faster. Albert is rolling out AI technology that helps cashiers quickly identify unpackaged items, shortening the checkout process, improving accuracy, and making the work easier. In the U.S., we have rolled out updates to our Spectrum proprietary technology to simplify and modernize order management for online fulfilment.

"In the first half of 2025, we made good progress on our performance in the areas of healthy food sales, CO₂e emissions and food waste*.* This year, our brands are putting a key focus on expanding the offering of healthy and sustainable food options for our customer base. Through innovation and creative solutions, I am convinced we can achieve a lot. A good example of this in the most recent quarter was Albert Heijn's introduction of 15 new products that combine both animal-derived and plant-based ingredients. This mix provides a familiar taste and texture, along with improved nutritional values (such as lower saturated fat content) and lower CO₂e emissions. To reduce food waste, Albert has been actively promoting its initiative to upcycle unsold products, for example, transforming ripe bananas into banana bread.

"Our focus on striking the right balance between investing in growth and creating opportunities to drive operational excellence continue to fuel the positive outlook for our company. With our strong culture – known for its agility, consistency, ability to drive transformative change and commitment to sustainability – I am confident we are well prepared to navigate the complexities of the current business environment and position the company to drive brand strength and market share growth in the coming periods."

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## Ahold Delhaize performance

| € million, except per share data                                                                 | Q2<br>2025<br>(13 weeks) (13 weeks) | Q2<br>2024 | %<br>change | %<br>change<br>constant<br>rates1 | HY<br>2025<br>(26 weeks) (26 weeks) | HY<br>2024 | %<br>change | %<br>change<br>constant<br>rates1 |
|--------------------------------------------------------------------------------------------------|-------------------------------------|------------|-------------|-----------------------------------|-------------------------------------|------------|-------------|-----------------------------------|
|                                                                                                  |                                     |            |             |                                   |                                     |            |             |                                   |
| Net sales                                                                                        | 23,092                              | 22,349     | 3.3 %       | 6.5 %                             | 46,368                              | 44,077     | 5.2 %       | 5.8 %                             |
| Of which: online sales                                                                           | 2,485                               | 2,223      | 11.8 %      | 14.4 %                            | 5,030                               | 4,429      | 13.6 %      | 14.0 %                            |
| Net consumer online sales1                                                                       | 3,245                               | 2,952      | 9.9 %       | 11.8 %                            | 6,511                               | 5,818      | 11.9 %      | 12.2 %                            |
| Operating income                                                                                 | 861                                 | 790        | 9.0 %       | 13.5 %                            | 1,741                               | 1,593      | 9.3 %       | 10.0 %                            |
| Income from continuing operations                                                                | 548                                 | 499        | 10.0 %      | 14.8 %                            | 1,103                               | 1,012      | 9.0 %       | 9.7 %                             |
| Net income                                                                                       | 548                                 | 499        | 10.0 %      | 14.8 %                            | 1,103                               | 1,012      | 9.0 %       | 9.7 %                             |
| Basic income per share from<br>continuing operations<br>(EPS)                                    | 0.61                                | 0.53       | 13.5 %      | 18.4 %                            | 1.21                                | 1.08       | 12.5 %      | 13.2 %                            |
| Diluted income per share from<br>continuing operations<br>(diluted EPS)                          | 0.60                                | 0.53       | 13.3 %      | 18.3 %                            | 1.21                                | 1.08       | 12.4 %      | 13.1 %                            |
| Underlying EBITDA1                                                                               | 1,806                               | 1,811      | (0.3) %     | 3.0 %                             | 3,625                               | 3,532      | 2.6 %       | 3.2 %                             |
| Underlying EBITDA margin1                                                                        | 7.8 %                               | 8.1 %      | (0.3) pp    | (0.3) pp                          | 7.8 %                               | 8.0 %      | (0.2) pp    | (0.2) pp                          |
| Underlying operating income1                                                                     | 917                                 | 933        | (1.6) %     | 1.9 %                             | 1,807                               | 1,794      | 0.7 %       | 1.4 %                             |
| Underlying operating margin1                                                                     | 4.0 %                               | 4.2 %      | (0.2) pp    | (0.2) pp                          | 3.9 %                               | 4.1 %      | (0.2) pp    | (0.2) pp                          |
| Underlying income per share from<br>continuing operations – basic<br>(underlying EPS)1           | 0.65                                | 0.65       | 0.8 %       | 4.6 %                             | 1.27                                | 1.24       | 2.7 %       | 3.4 %                             |
| Underlying income per share from<br>continuing operations – diluted<br>(diluted underlying EPS)1 | 0.65                                | 0.65       | 0.7 %       | 4.5 %                             | 1.27                                | 1.24       | 2.6 %       | 3.3 %                             |
| Free cash flow1                                                                                  | 517                                 | 378        | 36.7 %      | 46.1 %                            | 715                                 | 754        | (5.2) %     | (4.4) %                           |

*1. Net consumer online sales, underlying EBITDA and related margin, underlying operating income and related margin, basic and diluted underlying income per share from continuing operations, free cash flow, and the percentage changes at constant rates are alternative performance measures that are used throughout this report. For a description of alternative performance measures and a reconciliation between percentage changes and percentage changes at constant rates, see* [Note 13](#page-22-0).

Ahold Delhaize net sales were €23.1 billion, an increase of 6.5% at constant exchange rates and up 3.3% at actual exchange rates. Our net sales growth was driven by the Profi acquisition, comparable sales growth excluding gasoline of 4.0%, and store openings, partially offset by the closure of Stop & Shop stores and lower gasoline sales. The Company's Q2 comparable sales excluding gasoline were positively impacted by 0.8 percentage points, due to calendar shifts, and negatively impacted by 0.6 percentage points from the cessation of tobacco sales at supermarkets in the Netherlands and Belgium.

In Q2, Ahold Delhaize online sales increased 14.4% at constant exchange rates. This was driven by double-digit growth in online grocery in both regions and strong performance at bol.

Ahold Delhaize underlying operating margin was 4.0%, a decrease of 0.2 percentage points at constant exchange rates. Strong performance in Europe was offset by the impact of the first-time consolidation of Profi and price investments in the U.S.

In Q2, Ahold Delhaize IFRS operating income was €861 million, representing an IFRS operating margin of 3.7%.

Diluted EPS was €0.60 and diluted underlying EPS was €0.65, up 0.7% at actual currency rates compared to last year's results.

In the quarter, Ahold Delhaize purchased 9.7 million of its own shares for €337 million, bringing the total amount to €442 million in the first half of the year. The 2025 interim dividend is €0.51, compared to €0.50 in 2024, and is in line with the Group's interim dividend policy.

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## Performance by segment

## **The United States**

|                                                | Q2<br>2025<br>(13 weeks) (13 weeks) | Q2<br>2024 | %<br>change | %<br>change<br>constant<br>rates1 | HY<br>2025<br>(26 weeks) (26 weeks) | HY<br>2024 | %<br>change | %<br>change<br>constant<br>rates1 |
|------------------------------------------------|-------------------------------------|------------|-------------|-----------------------------------|-------------------------------------|------------|-------------|-----------------------------------|
| \$ million                                     |                                     |            |             |                                   |                                     |            |             |                                   |
| Net sales                                      | 14,895                              | 14,617     | 1.9 %       |                                   | 29,547                              | 29,006     | 1.9 %       |                                   |
| Of which: online sales                         | 1,274                               | 1,094      | 16.4 %      |                                   | 2,552                               | 2,178      | 17.2 %      |                                   |
| € million                                      |                                     |            |             |                                   |                                     |            |             |                                   |
| Net sales                                      | 13,153                              | 13,576     | (3.1) %     | 1.9 %                             | 27,095                              | 26,827     | 1.0 %       | 1.9 %                             |
| Of which: online sales                         | 1,125                               | 1,016      | 10.7 %      | 16.4 %                            | 2,341                               | 2,015      | 16.2 %      | 17.2 %                            |
| Operating income                               | 531                                 | 614        | (13.6) %    | (9.2) %                           | 1,148                               | 1,249      | (8.1) %     | (7.5) %                           |
| Underlying operating income1                   | 572                                 | 632        | (9.4) %     | (4.7) %                           | 1,181                               | 1,246      | (5.2) %     | (4.4) %                           |
| Underlying operating margin1                   | 4.4 %                               | 4.7 %      | (0.3) pp    | (0.3) pp                          | 4.4 %                               | 4.6 %      | (0.3) pp    | (0.3) pp                          |
| Comparable sales growth excluding<br>gasoline1 | 3.4 %                               | (0.4) %    |             |                                   | 3.3 %                               | 0.2 %      |             |                                   |

*1. Underlying operating income and related margin, comparable sales growth excluding gasoline, and the percentage changes in constant rates are alternative performance measures that are used throughout this report. For a description of alternative performance measures and a reconciliation between percentage changes and percentage changes constant rates, see* [Note 13.](#page-22-0)

U.S. net sales were €13.2 billion, an increase of 1.9% at constant exchange rates and down 3.1% at actual exchange rates. Comparable sales excluding gasoline in the U.S. increased 3.4%, driven by continued growth in online and pharmacy sales. Calendar shifts had a positive impact of approximately 0.9 percentage points. Net sales were negatively impacted by 1.1 percentage points from the closure of Stop & Shop stores and lower gasoline sales.

In Q2, online sales increased 16.4% in constant currency, led by strong growth at Food Lion.

Underlying operating margin in the U.S. was 4.4%, down 0.3 percentage points due to price investments and the dilutive impact from growth in online and pharmacy sales.

U.S. IFRS operating income was €531 million, representing an IFRS operating margin of 4.0%. IFRS results were €42 million lower than underlying results due, in part, to store impairments.

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### **Europe**

| € million                                      | Q2<br>2025<br>(13 weeks) (13 weeks) | Q2<br>2024 | %<br>change | %<br>change<br>constant<br>rates1 | HY<br>2025<br>(26 weeks) (26 weeks) | HY<br>2024 | %<br>change | %<br>change<br>constant<br>rates1 |
|------------------------------------------------|-------------------------------------|------------|-------------|-----------------------------------|-------------------------------------|------------|-------------|-----------------------------------|
| Net sales                                      | 9,939                               | 8,772      | 13.3 %      | 13.4 %                            | 19,273                              | 17,250     | 11.7 %      | 11.8 %                            |
| Of which: online sales                         | 1,360                               | 1,207      | 12.7 %      | 12.7 %                            | 2,689                               | 2,414      | 11.4 %      | 11.4 %                            |
| Net consumer online sales1                     | 2,120                               | 1,936      | 9.5 %       | 9.5 %                             | 4,169                               | 3,803      | 9.6 %       | 9.6 %                             |
| Operating income                               | 355                                 | 202        | 75.7 %      | 75.7 %                            | 657                                 | 390        | 68.4 %      | 68.4 %                            |
| Underlying operating income1                   | 369                                 | 324        | 14.0 %      | 14.0 %                            | 690                                 | 592        | 16.7 %      | 16.7 %                            |
| Underlying operating margin1                   | 3.7 %                               | 3.7 %      | — pp        | — pp                              | 3.6 %                               | 3.4 %      | 0.2 pp      | 0.2 pp                            |
| Comparable sales growth excluding<br>gasoline1 | 4.9 %                               | 2.4 %      |             |                                   | 4.3 %                               | 2.6 %      |             |                                   |

*1. Net consumer online sales, underlying operating income and related margin, comparable sales growth excluding gasoline, and the percentage changes in constant rates are alternative performance measures that are used throughout this report. For a description of alternative performance measures and a reconciliation between percentage changes and percentage changes constant rates, see* [Note 13](#page-22-0).

European net sales were €9.9 billion, an increase of 13.4% at constant exchange rates and 13.3% at actual exchange rates. The higher net sales were partly due to the Profi acquisition, an increase in comparable sales of 4.9%, and store openings, partially offset by the impact from the conversion of stores in Belgium to affiliates. Europe's comparable sales excluding gasoline had a positive impact of 0.7 percentage points from calendar shifts and a negative impact of 1.6 percentage points resulting from the cessation of tobacco sales at supermarkets in the Netherlands and Belgium.

In Q2, online sales increased 12.7%, driven by double-digit growth at bol and Albert Heijn.

Underlying operating margin in Europe was 3.7%, in line with the prior year. Strong performance in the Benelux was offset by the impact of the first-time consolidation of Profi. Europe's Q2 IFRS operating income was €355 million, representing an IFRS operating margin of 3.6%.

| € million                                                                | Q2<br>2025<br>(13 weeks) (13 weeks) | Q2<br>2024 | %<br>change | %<br>change<br>constant<br>rates1 | HY<br>2025 | HY<br>2024<br>(26 weeks) (26 weeks) | %<br>change | %<br>change<br>constant<br>rates1 |
|--------------------------------------------------------------------------|-------------------------------------|------------|-------------|-----------------------------------|------------|-------------------------------------|-------------|-----------------------------------|
| Operating income (expense)                                               | (24)                                | (26)       | (6.1) %     | (7.1) %                           | (65)       | (47)                                | 38.0 %      | 39.0 %                            |
| Underlying operating income<br>(expense)1                                | (24)                                | (23)       | 6.2 %       | 4.8 %                             | (65)       | (44)                                | 47.7 %      | 48.7 %                            |
| Insurance results                                                        | 16                                  | 17         | (3.9) %     | 0.1 %                             | 13         | 36                                  | (63.5) %    | (63.9) %                          |
| Underlying operating income<br>(expense) excluding insurance<br>results1 | (41)                                | (40)       | 1.9 %       | 2.9 %                             | (78)       | (79)                                | (2.2) %     | (2.4) %                           |

## **Ahold Delhaize Group**

*1. Underlying operating income (expense), underlying operating income (expense) excluding insurance results, and the percentage changes in constant rates are alternative performance measures that are used throughout this report. For a description of alternative performance measures and a reconciliation between percentage changes and percentage changes constant rates, see* [Note 13.](#page-22-0)

In Q2, Ahold Delhaize Group underlying operating expense was €24 million, compared to €23 million in the prior year. Underlying operating expense excluding insurance results increased €1 million.

![](_page_7_Picture_1.jpeg)

## **Outlook**

Following the first half of the year, Ahold Delhaize reiterates its 2025 outlook. Underlying operating margin is expected to be around 4%; free cash flow is expected to be at least €2.2 billion; and gross capital expenditures are planned at around €2.7 billion. Diluted underlying EPS is expected to grow at a mid- to high-single-digit rate, based on an average euro/U.S. dollar exchange rate for the full year of 1.10. Diluted underlying EPS results at actual exchange rates are subject to dollar volatility.

The following are changes in the business that will impact comparable performance for 2025 and that have been incorporated into our Outlook:

- The acquisition of Profi closed on January 3, 2025, and is expected to add around €3 billion in net sales.
- The closure of underperforming Stop & Shop stores was completed in 2024. The estimated net impact to 2025 reported net sales from these closures is between \$550 and \$575 million.
- The cessation of tobacco sales will impact Albert Heijn's net sales at franchised stores for the first half of the year. In addition, Delhaize and Albert Heijn stores in Belgium ended tobacco sales as of April 1, 2025, due to regulation changes. This will have around a 1.0 percentage-point impact on reported and comparable store sales in Europe in 2025.

|         | Full-year<br>outlook | Underlying<br>operating<br>margin | Diluted<br>underlying<br>EPS3          | Save for Our<br>Customers | Gross capital<br>expenditures | Free cash<br>flow1       | Dividend<br>payout2,4                  | Share<br>buyback4 |
|---------|----------------------|-----------------------------------|----------------------------------------|---------------------------|-------------------------------|--------------------------|----------------------------------------|-------------------|
| Outlook | 2025                 | Around<br>4%                      | Mid- to<br>high-single<br>digit growth | At least<br>€1.25 billion | Around €2.7<br>billion        | At least €2.2<br>billion | YOY growth in<br>dividend per<br>share | €1 billion        |

*1. Excludes M&A.*

- *3. Based on an average euro/U.S. dollar exchange rate for the full year of 1.10.*
- *4. Management remains committed to the company's share buyback and dividend programs while continuously assessing macroeconomic, geopolitical, and legislative factors as part of its decision-making process. In addition, the programs may be adjusted in response to corporate activities, including significant mergers and acquisitions.*

*<sup>2.</sup> Calculated as a percentage of underlying income from continuing operations.*

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## Financial review

## **Q2 2025 (compared to Q2 2024)**

Underlying operating income decreased by €15 million to €917 million, and was adjusted for the following items, which impacted reported IFRS operating income by €(56) million:

- Impairments of €44 million (Q2 2024: €31 million)
- (Gains) and losses on leases and the sale of assets of €(5) million (Q2 2024: €77 million)
- Restructuring and related charges and other items of €17 million (Q2 2024: €35 million)

The impairments mainly relate to operating stores in the U.S. The loss on leases and the sale of assets in Q2 2024 mainly relate to losses recognized on the sale of stores to franchisees in Belgium. Restructuring and related charges and other items mainly includes acquisition and integration costs related to the Profi acquisition. Including these items, IFRS operating income increased by €71 million to €861 million.

Income from continuing operations was €548 million, representing an increase of €50 million compared to last year. This was driven by a €71 million increase in operating income, lower income taxes of €6 million and a higher share in income from joint ventures of €1 million, partially offset by higher net financial expenses of €29 million.

Free cash flow was €517 million, representing an increase of €139 million compared to Q2 2024. This change is due to an increase in operating cash flows of €213 million and an increase in dividends received from joint ventures of €4 million, offset by an increase in net investments of €57 million, higher net lease repayments of €7 million and higher net interest paid of €14 million.

Net debt remained stable at €15.5 billion (decreased by €12 million) compared to Q1 2025. Dividends paid of €611 million and share buyback of €337 million were offset by a positive free cash flow of €517 million and foreign exchange and other impacts on net debt of €443 million.

### **Half year 2025 (compared to half year 2024)**

Underlying operating income increased by €13 million to €1,807 million and was adjusted for the following items, which impacted reported IFRS operating income:

- Impairments of €53 million (HY 2024: €47 million)
- (Gains) and losses on leases and the sale of assets of €(16) million (HY 2024: €112 million)
- Restructuring and related charges and other items of €30 million (HY 2024: €42 million)

The impairments mainly relate to operating stores in the U.S. The gains on leases and the sale of assets mainly relate to lease terminations in the U.S. The loss on leases and the sale of assets in HY 2024 mainly relate to losses recognized on the sale of stores to franchisees in Belgium. Restructuring and related charges and other items mainly includes acquisition and integration costs related to the Profi acquisition. Including these items, IFRS operating income increased by €148 million to €1,741 million.

Income from continuing operations was €1,103 million, representing a increase of €91 million compared to last year. This was driven by a €148 million increase in operating income, partially offset by higher net financial expenses of €42 million, higher income taxes of €12 million and a lower share in income from joint ventures of €3 million.

Free cash flow was €715 million, representing a decrease of €39 million compared to last year. This change is due to an increase in operating cash flows of €315 million and an increase in dividends received from joint ventures of €4 million, offset by an increase in net investments of €246 million, higher net interest paid of €57 million and higher net lease repayments of €56 million.

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## Store portfolio

Store portfolio (including franchise and affiliate stores):

|                   | End of<br>Q2 2024 | Acquired | Opened | Closed /<br>sold | End of<br>Q2 2025 |
|-------------------|-------------------|----------|--------|------------------|-------------------|
| The United States | 2,048             | —        | 4      | (34)             | 2,018             |
| Europe1           | 5,687             | 1,768    | 178    | (74)             | 7,559             |
| Total             | 7,735             | 1,768    | 182    | (108)            | 9,577             |

*1. The number of stores at the end of Q2 2025 includes 1,137 specialty stores (Etos and Gall & Gall); (end of Q2 2024: 1,144).*

|                   | End of<br>Q4 2024 | Acquired | Opened | Closed /<br>sold | End of<br>Q2 2025 |
|-------------------|-------------------|----------|--------|------------------|-------------------|
| The United States | 2,017             | —        | 2      | (1)              | 2,018             |
| Europe1           | 5,748             | 1,768    | 82     | (39)             | 7,559             |
| Total             | 7,765             | 1,768    | 84     | (40)             | 9,577             |

*1. The number of stores at the end of Q2 2025 includes 1,137 specialty stores (Etos and Gall & Gall); (end of Q4 2024: 1,139).*

## Risks and uncertainties

Ahold Delhaize's enterprise risk management program provides executive management with a periodic and holistic understanding of the Company's key business risks and the management practices, policies and procedures in place to mitigate these risks. Ahold Delhaize recognizes strategic, operational, financial, compliance and sustainability risk categories.

Increased geopolitical volatility continues to present risks, such as disruption to supply chains, cyber attacks, import tariffs, volatility in commodity prices, insecurity and elevated financial risks. We closely monitor these developments and determine the impacts on business, consumer trends, technology and data, regulatory environment, people, organized labor and our financial position. Our monitoring activities include impact assessment as well as the implementation of measures to reduce these risks.

An integrated comprehensive analysis of the principal risks faced by Ahold Delhaize is included in the Risks and opportunities section of Ahold Delhaize's Annual Report 2024, which was published on February 26, 2025.

## Independent auditor's involvement

The contents of this interim report have not been audited or reviewed by an independent external auditor.

## Declarations

The members of Ahold Delhaize's Management Board hereby declare that, to the best of their knowledge, the half-year financial statements included in this interim report, which have been prepared in accordance with IAS 34 "Interim Financial Reporting," give a true and fair view of Ahold Delhaize's assets, liabilities, financial position and profit or loss and the undertakings included in the consolidation taken as a whole, and the half-year management report included in this interim report includes a fair review of the information required pursuant to section 5:25d, subsections 8 and 9, of the Dutch Act on Financial Supervision "Wet op het financieel toezicht."

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## Consolidated income statement

| € million, except per share data                                                    | Note | Q2<br>2025 | Q2<br>2024 | HY<br>2025 | HY<br>2024 |
|-------------------------------------------------------------------------------------|------|------------|------------|------------|------------|
| Net sales                                                                           | '4/5 | 23,092     | 22,349     | 46,368     | 44,077     |
| Cost of sales                                                                       |      | (16,985)   | (16,366)   | (34,089)   | (32,270)   |
| Gross profit                                                                        |      | 6,107      | 5,982      | 12,279     | 11,807     |
| Other income                                                                        |      | 114        | 114        | 227        | 224        |
| Selling expenses                                                                    |      | (4,431)    | (4,332)    | (8,933)    | (8,586)    |
| General and administrative expenses                                                 |      | (930)      | (974)      | (1,832)    | (1,852)    |
|                                                                                     |      |            |            |            |            |
| Operating income                                                                    | 4    | 861        | 790        | 1,741      | 1,593      |
| Interest income                                                                     |      | 42         | 63         | 88         | 110        |
| Interest expense                                                                    |      | (87)       | (98)       | (176)      | (174)      |
| Net interest expense on defined benefit pension plans                               |      | (2)        | (5)        | (4)        | (10)       |
| Interest accretion to lease liability                                               |      | (115)      | (105)      | (235)      | (208)      |
| Other financial income (expense)                                                    |      | (7)        | 3          | —          | (3)        |
| Net financial expenses                                                              |      | (170)      | (141)      | (326)      | (285)      |
| Income before income taxes                                                          |      | 691        | 649        | 1,414      | 1,308      |
|                                                                                     |      |            |            |            |            |
| Income taxes                                                                        | 6    | (147)      | (153)      | (315)      | (303)      |
| Share in income of joint ventures and associates                                    |      | 4          | 3          | 4          | 6          |
| Income from continuing operations                                                   |      | 548        | 499        | 1,103      | 1,012      |
| Income from discontinued operations                                                 |      | —          | —          | —          | —          |
| Net income                                                                          |      | 548        | 499        | 1,103      | 1,012      |
|                                                                                     |      |            |            |            |            |
| Attributable to:                                                                    |      |            |            |            |            |
| Common shareholders                                                                 |      | 548        | 499        | 1,103      | 1,012      |
| Non-controlling interests                                                           |      | —          | —          | —          | —          |
| Net income                                                                          |      | 548        | 499        | 1,103      | 1,012      |
| Net income per share attributable to common shareholders:                           |      |            |            |            |            |
| Basic                                                                               |      | 0.61       | 0.53       | 1.21       | 1.08       |
| Diluted                                                                             |      | 0.60       | 0.53       | 1.21       | 1.08       |
| Income from continuing operations per share attributable to common<br>shareholders: |      |            |            |            |            |
| Basic                                                                               |      | 0.61       | 0.53       | 1.21       | 1.08       |
| Diluted                                                                             |      | 0.60       | 0.53       | 1.21       | 1.08       |
| Weighted average number of common shares outstanding (in<br>millions):              |      |            |            |            |            |
| Basic                                                                               |      | 906        | 934        | 909        | 938        |
| Diluted                                                                             |      | 909        | 936        | 913        | 941        |
| Average U.S. dollar exchange rate (euro per U.S. dollar)                            |      | 0.8832     | 0.9289     | 0.9172     | 0.9249     |

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## Consolidated statement of comprehensive income

| € million                                                                     | Note | Q2<br>2025 | Q2<br>2024 | HY<br>2025 | HY<br>2024 |
|-------------------------------------------------------------------------------|------|------------|------------|------------|------------|
| Net income                                                                    |      | 548        | 499        | 1,103      | 1,012      |
| Remeasurements of pension plans:                                              |      |            |            |            |            |
| Remeasurements before taxes – income                                          |      | 36         | 222        | 15         | 102        |
| Income taxes                                                                  |      | (9)        | (57)       | (4)        | (26)       |
| Non-realized gains (losses) on debt and equity instruments:                   |      |            |            |            |            |
| Fair value result for the period                                              |      | —          | (28)       | —          | (27)       |
| Income taxes                                                                  |      | —          | 7          | —          | 7          |
| Other comprehensive income that will not be reclassified to profit or<br>loss |      | 27         | 144        | 11         | 56         |
| Currency translation differences in foreign interests:                        |      |            |            |            |            |
| Continuing operations                                                         |      | (977)      | 93         | (1,450)    | 354        |
| Cumulative translation differences transferred to net income                  |      | —          | —          | —          | —          |
| Income taxes                                                                  |      | —          | —          | (1)        | 1          |
| Cash flow hedges:                                                             |      |            |            |            |            |
| Fair value result for the period                                              |      | —          | —          | —          | 5          |
| Transfers to net income                                                       |      | —          | —          | 1          | 1          |
| Income taxes                                                                  |      | —          | —          | —          | (2)        |
| Non-realized gains (losses) on debt and equity instruments:                   |      |            |            |            |            |
| Fair value result for the period                                              |      | —          | —          | —          | —          |
| Income taxes                                                                  |      | —          | —          | —          | —          |
| Other comprehensive income (loss) of joint ventures – net of income<br>taxes: |      |            |            |            |            |
| Share of other comprehensive income (loss) from continuing<br>operations      |      | —          | —          | —          | —          |
| Other comprehensive income (loss) reclassifiable to profit or loss            |      | (977)      | 93         | (1,449)    | 359        |
| Total other comprehensive income (loss)                                       |      | (950)      | 237        | (1,438)    | 415        |
| Total comprehensive income (loss)                                             |      | (402)      | 736        | (336)      | 1,427      |
| Attributable to:                                                              |      |            |            |            |            |
| Common shareholders                                                           |      | (402)      | 736        | (336)      | 1,427      |
| Non-controlling interests                                                     |      | —          | —          | —          | —          |
| Total comprehensive income (loss)                                             |      | (402)      | 736        | (336)      | 1,427      |
|                                                                               |      |            |            |            |            |
| Attributable to:                                                              |      |            |            |            |            |
| Continuing operations                                                         |      | (402)      | 736        | (336)      | 1,427      |
| Discontinued operations                                                       |      | —          | —          | —          | —          |
| Total comprehensive income (loss)                                             |      | (402)      | 736        | (336)      | 1,427      |

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# Consolidated balance sheet

| € million<br>Note                                           | June 29,<br>2025 | December 29,<br>2024 |
|-------------------------------------------------------------|------------------|----------------------|
| Assets                                                      |                  |                      |
| Property, plant and equipment                               | 11,446           | 11,953               |
| Right-of-use assets                                         | 9,439            | 9,649                |
| Investment property                                         | 538              | 591                  |
| Intangible assets                                           | 13,673           | 13,420               |
| Investments in joint ventures and associates                | 254              | 279                  |
| Other non-current financial assets                          | 1,049            | 1,021                |
| Deferred tax assets                                         | 145              | 161                  |
| Other non-current assets                                    | 253              | 243                  |
| Total non-current assets                                    | 36,797           | 37,316               |
| Assets held for sale                                        | 7<br>86          | 49                   |
| Inventories                                                 | 4,904            | 4,797                |
| Receivables                                                 | 2,437            | 2,721                |
| Other current financial assets                              | 392              | 323                  |
| Income taxes receivable                                     | 58               | 95                   |
| Prepaid expenses and other current assets                   | 373              | 373                  |
| Cash and cash equivalents                                   | 9<br>3,939       | 6,169                |
| Total current assets                                        | 12,189           | 14,526               |
|                                                             |                  |                      |
| Total assets                                                | 48,986           | 51,842               |
| Equity and liabilities                                      |                  |                      |
| Equity attributable to common shareholders                  | 8<br>14,108      | 15,454               |
|                                                             |                  |                      |
| Loans                                                       | 4,598            | 5,175                |
| Other non-current financial liabilities                     | 10,735           | 11,103               |
| Pensions and other post-employment benefits                 | 494              | 553                  |
| Deferred tax liabilities                                    | 1,050            | 1,051                |
| Provisions                                                  | 932              | 1,042                |
| Other non-current liabilities                               | 77               | 68                   |
| Total non-current liabilities                               | 17,886           | 18,992               |
| Liabilities related to assets held for sale                 | 7<br>26          | 5                    |
| Accounts payable                                            | 8,606            | 8,524                |
| Other current financial liabilities                         | 4,682            | 4,610                |
| Income taxes payable                                        | 145              | 104                  |
| Provisions                                                  | 554              | 569                  |
| Other current liabilities                                   | 2,980            | 3,583                |
| Total current liabilities                                   | 16,992           | 17,396               |
|                                                             |                  |                      |
| Total equity and liabilities                                | 48,986           | 51,842               |
| Period-end U.S. dollar exchange rate (euro per U.S. dollar) | 0.8534           | 0.9591               |

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Interim financial statements

## Consolidated statement of changes in equity

| € million                                                                | Note | Share<br>capital | Additional<br>paid-in<br>capital | Currency<br>translation<br>reserve | Cash flow<br>hedging<br>reserve | Other<br>reserves<br>including<br>retained<br>earnings1 | Equity<br>attributable<br>to common<br>shareholders |
|--------------------------------------------------------------------------|------|------------------|----------------------------------|------------------------------------|---------------------------------|---------------------------------------------------------|-----------------------------------------------------|
| Balance as of December 31, 2023                                          |      | 10               | 8,413                            | 173                                | (9)                             | 6,168                                                   | 14,755                                              |
| Net income attributable to common<br>shareholders                        |      | —                | —                                | —                                  | —                               | 1,012                                                   | 1,012                                               |
| Other comprehensive income (loss)<br>attributable to common shareholders |      | —                | —                                | 355                                | 4                               | 56                                                      | 415                                                 |
| Total comprehensive income (loss)<br>attributable to common shareholders |      | —                | —                                | 355                                | 4                               | 1,067                                                   | 1,427                                               |
| Dividends                                                                |      | —                | —                                | —                                  | —                               | (573)                                                   | (573)                                               |
| Share buyback                                                            |      | —                | —                                | —                                  | —                               | (501)                                                   | (501)                                               |
| Cancellation of treasury shares                                          |      | —                | (226)                            | —                                  | —                               | 226                                                     | —                                                   |
| Share-based payments                                                     |      | —                | —                                | —                                  | —                               | 25                                                      | 25                                                  |
| Balance as of June 30, 2024                                              |      | 9                | 8,187                            | 528                                | (4)                             | 6,412                                                   | 15,133                                              |
|                                                                          |      |                  |                                  |                                    |                                 |                                                         |                                                     |
| Balance as of December 29, 2024                                          |      | 9                | 7,516                            | 866                                | (4)                             | 7,067                                                   | 15,454                                              |
| Net income attributable to common<br>shareholders                        |      | —                | —                                | —                                  | —                               | 1,103                                                   | 1,103                                               |
| Other comprehensive income (loss)<br>attributable to common shareholders |      | —                | —                                | (1,450)                            | 1                               | 11                                                      | (1,438)                                             |
| Total comprehensive income (loss)<br>attributable to common shareholders |      | —                | —                                | (1,450)                            | 1                               | 1,114                                                   | (336)                                               |
| Dividends                                                                | 8    | —                | —                                | —                                  | —                               | (611)                                                   | (611)                                               |
| Share buyback                                                            | 8    | —                | —                                | —                                  | —                               | (442)                                                   | (442)                                               |
| Cancellation of treasury shares                                          |      | —                | (415)                            | —                                  | —                               | 415                                                     | —                                                   |
| Share-based payments                                                     |      | —                | —                                | —                                  | —                               | 41                                                      | 41                                                  |
| Balance as of June 29, 2025                                              |      | 9                | 7,102                            | (585)                              | (3)                             | 7,584                                                   | 14,108                                              |

*1. Other reserves include, among others, the remeasurements of defined benefit plans.* 

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## Consolidated statement of cash flows

| Q2<br>Q2<br>HY<br>HY<br>€ million<br>Note<br>2025<br>2024<br>2025<br>2024<br>Income from continuing operations<br>548<br>499<br>1,103<br>1,012<br>Adjustments for:<br>Net financial expenses<br>170<br>141<br>326<br>285<br>Income taxes<br>147<br>153<br>315<br>303<br>Share in income of joint ventures and associates<br>(4)<br>(3)<br>(4)<br>(6)<br>Depreciation, amortization and impairments<br>933<br>909<br>1,870<br>1,785<br>(Gains) losses on leases and the sale of assets / disposal<br>groups held for sale<br>(7)<br>78<br>(28)<br>113<br>Share-based compensation expenses<br>32<br>14<br>41<br>25<br>Operating cash flows before changes in operating assets and<br>liabilities<br>1,820<br>1,791<br>3,623<br>3,515<br>Changes in working capital:<br>Changes in inventories<br>(166)<br>(99)<br>(250)<br>(106)<br>Changes in receivables and other current assets<br>(48)<br>(83)<br>221<br>(1)<br>Changes in payables and other current liabilities<br>238<br>7<br>(400)<br>(457)<br>Changes in other non-current assets, other non-current liabilities<br>and provisions<br>(53)<br>(11)<br>(68)<br>(108)<br>Cash generated from operations<br>1,790<br>1,605<br>3,128<br>2,842<br>Income taxes paid – net<br>(195)<br>(224)<br>(237)<br>(267)<br>Operating cash flows from continuing operations<br>1,594<br>1,382<br>2,891<br>2,575<br>Operating cash flows from discontinued operations<br>—<br>—<br>—<br>—<br>Net cash from operating activities<br>1,594<br>1,382<br>2,891<br>2,575<br>Purchase of non-current assets<br>(618)<br>(554)<br>(1,227)<br>(1,112)<br>Divestments of assets / disposal groups held for sale<br>13<br>6<br>39<br>169<br>Acquisition of businesses, net of cash acquired<br>3<br>(16)<br>(19)<br>(1,231)<br>(24)<br>Divestment of businesses, net of cash divested<br>(16)<br>18<br>(38)<br>43<br>Dividends received from joint ventures<br>21<br>18<br>22<br>18<br>Interest received<br>36<br>56<br>76<br>97<br>Lease payments received on lease receivables<br>33<br>32<br>68<br>63<br>Change in investment in debt / equity instruments<br>—<br>—<br>(89)<br>—<br>Other<br>(55)<br>(8)<br>(60)<br>(10)<br>Investing cash flows from continuing operations<br>(601)<br>(451)<br>(2,440)<br>(756)<br>Investing cash flows from discontinued operations<br>—<br>—<br>—<br>—<br>Net cash from investing activities<br>(601)<br>(451)<br>(2,440)<br>(756)<br>Proceeds from long-term debt<br>—<br>—<br>499<br>1,594<br>Interest paid<br>(93)<br>(99)<br>(168)<br>(132)<br>Repayments of loans<br>(605)<br>(5)<br>(612)<br>(23)<br>Changes in short-term loans<br>527<br>(216)<br>(45)<br>1,019<br>Repayment of lease liabilities<br>(470)<br>(462)<br>(984)<br>(924)<br>Dividends paid on common shares<br>8<br>(611)<br>(573)<br>(611)<br>(573)<br>Share buyback<br>8<br>(337)<br>(287)<br>(442)<br>(501)<br>Other cash flows from derivatives<br>—<br>—<br>—<br>—<br>Other<br>4<br>2<br>4<br>(6)<br>Financing cash flows from continuing operations<br>(1,584)<br>(1,640)<br>(2,358)<br>453<br>Financing cash flows from discontinued operations<br>—<br>—<br>—<br>—<br>Net cash from financing activities<br>(1,584)<br>(1,640)<br>(2,358)<br>453<br>Net cash from operating, investing and financing activities<br>(591)<br>(710)<br>(1,908)<br>2,272<br>Cash and cash equivalents at the beginning of the period<br>(excluding restricted cash)<br>4,721<br>6,508<br>6,157<br>3,475<br>Effect of exchange rates on cash and cash equivalents<br>(210)<br>25<br>(330)<br>76<br>Cash and cash equivalents at the end of the period<br>(excluding restricted cash)<br>9<br>3,920<br>5,823<br>3,920<br>5,823<br>Average U.S. dollar exchange rate (euro per U.S. dollar)<br>0.8832<br>0.9289<br>0.9172<br>0.9249 |  |  |  |
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<span id="page-15-0"></span>![](_page_15_Picture_1.jpeg)

## Notes to the summarized financial information

## **1. The Company and its operations**

The principal activity of Koninklijke Ahold Delhaize N.V. ("Ahold Delhaize" or the "Company"), a public limited liability company with its registered seat and head office in Zaandam, the Netherlands, is the operation of retail food stores and e-commerce primarily in the United States and Europe.

The information in these condensed consolidated interim financial statements ("financial statements") is unaudited.

## **2. Accounting policies**

#### **Basis of preparation**

This summarized financial information has been prepared in accordance with IAS 34 "Interim Financial Reporting. The accounting policies applied in these financial statements are consistent with those applied in Ahold Delhaize's 2024 financial statements, except as otherwise indicated below under "New and revised IFRSs effective in 2025."

Historical cost is used as the measurement basis unless otherwise indicated. The financial statements have been prepared on the basis of the going concern assumption.

All amounts disclosed are in millions of euros (€), unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided.

Ahold Delhaize's financial year is a 52- or 53-week period ending on the Sunday nearest to December 31 for the Company and our European operations, or the Saturday before the Sunday nearest to December 31 for our operations in the United States. The financial year 2025 and the comparative financial year 2024 are based on a 4/4/5-week calendar, with four equal quarters of 13 weeks that end on Sunday for our European operations and on Saturday for our operations in the United States.

### **Risks and uncertainties**

Increased geopolitical volatility continues to present risks such as disruption to supply chains, cyber attacks, import tariffs, volatility in commodity prices, insecurity and elevated financial risks. We closely monitor these developments and determine the impacts on business, consumer trends, technology and data, the regulatory environment, people, organized labor and our financial position. Our monitoring activities include impact assessment as well as the implementation of measures to reduce these risks.

Ahold Delhaize's enterprise risk management program provides executive management with a periodic and holistic understanding of the Company's key business risks and the management practices, policies and procedures in place to mitigate these risks. Ahold Delhaize recognizes strategic, operational, financial, compliance and sustainability risk categories.

An integrated comprehensive analysis of the principal risks faced by Ahold Delhaize is included in the Risks and opportunities section of Ahold Delhaize's Annual Report 2024, which was published on February 26, 2025.

### **Seasonality**

Under normal economic conditions, Ahold Delhaize's net sales are impacted by seasonal fluctuations, typically resulting in higher net sales and income in the days leading up to national holidays, such as Christmas and Easter, as well as the Fourth of July in the U.S.

<span id="page-16-0"></span>![](_page_16_Picture_0.jpeg)

#### **New and revised IFRSs effective in 2025**

The amendments to IAS 21, *"The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability"*  became effective in the current financial year starting as of December 30, 2024. These amendments do not have an impact on the Company's interim condensed consolidated financial statements.

## **3. Business combinations and goodwill**

During 2025, Ahold Delhaize has completed the acquisition of Profi Rom Food SRL and various small store acquisitions for a total purchase consideration of €1,272 million. The provisional allocation of the fair values of the identifiable assets acquired, liabilities assumed and goodwill arising from the acquisitions through Q2 2025 is as follows:

| € million                                       | Profi<br>acquisition | Other<br>acquisitions | Total<br>acquisitions |
|-------------------------------------------------|----------------------|-----------------------|-----------------------|
| Property, plant and equipment                   | 363                  | 2                     | 365                   |
| Right-of-use asset                              | 473                  | 2                     | 475                   |
| Other intangible assets                         | 275                  | 4                     | 279                   |
| Inventories                                     | 228                  | —                     | 228                   |
| Cash and cash equivalents                       | 51                   | 3                     | 53                    |
| Other non-current financial liabilities         | (418)                | (2)                   | (421)                 |
| Deferred tax liability                          | (42)                 | —                     | (42)                  |
| Accounts payable                                | (518)                | (2)                   | (520)                 |
| Other current financial liabilities             | (69)                 | —                     | (69)                  |
| Other assets and liabilities – net              | 24                   | 3                     | 28                    |
| Net identifiable assets acquired                | 366                  | 10                    | 376                   |
| Goodwill                                        | 887                  | 9                     | 896                   |
| Total preliminary purchase consideration        | 1,253                | 19                    | 1,272                 |
| Purchase consideration in kind                  | —                    | —                     | —                     |
| Cash acquired (excluding restricted cash)       | (39)                 | (3)                   | (41)                  |
| Acquisition of businesses, net of cash acquired | 1,215                | 16                    | 1,231                 |

A reconciliation of Ahold Delhaize's goodwill balance is as follows:

| € million                                  | Goodwill |
|--------------------------------------------|----------|
| As of December 29, 2024                    |          |
| At cost                                    | 8,098    |
| Accumulated impairment losses              | (8)      |
| Opening carrying amount                    | 8,090    |
| Acquisitions through business combinations | 896      |
| Transfers to / from assets held for sale   | (1)      |
| Exchange rate differences                  | (588)    |
| Closing carrying amount                    | 8,398    |
| As of June 29, 2025                        |          |
| At cost                                    | 8,405    |
| Accumulated impairment losses              | (8)      |
| Closing carrying amount                    | 8,398    |

<span id="page-17-0"></span>![](_page_17_Picture_0.jpeg)

#### **Acquisition of Profi**

On December 4, 2024, Ahold Delhaize announced that the Romanian regulatory authorities had approved the acquisition of 100% of Romanian grocery retailer Profi Rom Food SRL (Profi) from MidEuropa. The acquisition more than doubles Ahold Delhaize's retail footprint in Romania, where it operates nearly 1,000 stores under the Mega Image brand. The combination will complement and expand Ahold Delhaize's existing Romanian footprint to better serve both urban and rural areas. The strong format fit and complementary customer propositions between the Profi and Mega Image brands will allow them to better serve the Romanian consumer, driving both sales growth and profitability. The acquisition was completed on January 3, 2025.

The preliminary purchase consideration was paid in cash and is derived from the preliminary financial accounts as provided by the seller upon acquisition date. As the preliminary financial closing accounts and certain valuation assessments still need to be finalized, the initial accounting is not yet completed and, therefore, considered provisional.

The provisional allocation of the fair values of the identifiable assets acquired, liabilities assumed and goodwill arising from the acquisition of Profi is presented in the table above. Other intangible assets mainly includes the Profi brand name, for an amount of €240 million. Other non-current financial liabilities and Other current financial liabilities mainly consist of lease liabilities.

The goodwill is attributable to the synergies expected from the combination of the operations and the ability to strengthen our presence in both urban and rural areas. The goodwill from the acquisition of Profi is not deductible for tax purposes.

Since the acquisition, Profi contributed net sales of €739 million to Q2 2025 (YTD 2025: €1,385 million) and had a modest negative impact on Q2 2025 and YTD 2025 net income.

### **4. Segment reporting**

Ahold Delhaize's retail operations are presented in two reportable segments. In addition, Ahold Delhaize Group (formerly "Global Support Office") is presented separately. Ahold Delhaize Group is not considered a reportable segment as it does not engage in business activities from which it may earn revenues.

Ahold Delhaize's unconsolidated joint ventures JMR – Gestão de Empresas de Retalho, SGPS, S.A. ("JMR") and P.T. Lion Super Indo ("Super Indo") are excluded from the segment information below.

The accounting policies used for the segments are the same as the accounting policies used for this summarized financial information, as described in *[Note 2](#page-15-0)*.

All reportable segments sell a wide range of perishable and non-perishable food and non-food consumer products.

| Reportable segment   | Operating segments included in the reportable segment                                    |
|----------------------|------------------------------------------------------------------------------------------|
| The United States    | Food Lion, Stop & Shop, The GIANT Company, Hannaford and Giant Food                      |
| Europe               | Albert Heijn (the Netherlands and Belgium)                                               |
|                      | Delhaize (Belgium and Luxembourg)                                                        |
|                      | bol (the Netherlands and Belgium)                                                        |
|                      | Albert (Czech Republic)                                                                  |
|                      | Alfa Beta (Greece)                                                                       |
|                      | Mega Image (Romania)                                                                     |
|                      | Profi (Romania)                                                                          |
|                      | Delhaize Serbia (Serbia)                                                                 |
|                      | Etos (the Netherlands)                                                                   |
|                      | Gall & Gall (the Netherlands)                                                            |
| Other                | Included in Other                                                                        |
| Other retail         | Unconsolidated joint ventures JMR (49%) and Super Indo (51%)                             |
| Ahold Delhaize Group | Ahold Delhaize Group staff (the Netherlands, Belgium, Switzerland and the United States) |

![](_page_18_Picture_0.jpeg)

#### **Q2 2025**

| € million                                             | The United<br>States | Europe | Total<br>operating<br>segments | Ahold<br>Delhaize<br>Group | Ahold<br>Delhaize |
|-------------------------------------------------------|----------------------|--------|--------------------------------|----------------------------|-------------------|
| Net sales                                             | 13,153               | 9,939  | 23,092                         | —                          | 23,092            |
| Of which: online sales                                | 1,125                | 1,360  | 2,485                          | —                          | 2,485             |
| Operating income (expense)                            | 531                  | 355    | 886                            | (24)                       | 861               |
| Impairment losses and reversals – net2                | 41                   | 4      | 44                             | —                          | 44                |
| (Gains) losses on leases and the sale of assets – net | (1)                  | (3)    | (5)                            | —                          | (5)               |
| Restructuring and related charges and other items3    | 3                    | 14     | 17                             | —                          | 17                |
| Adjustments to operating income1                      | 42                   | 14     | 56                             | —                          | 56                |
| Underlying operating income (expense)                 | 572                  | 369    | 942                            | (24)                       | 917               |

*1. Included in General and administrative expenses in the consolidated income statement.*

*2. The impairments mainly relate to operating stores in the U.S.*

*3. Restructuring and related charges and other items mainly relates to acquisition and integration costs related to the Profi acquisition (see* [Note 3](#page-16-0)*).*

### **Q2 2024**

| € million                                              | The United<br>States | Europe | Total<br>operating<br>segments | Ahold<br>Delhaize<br>Group | Ahold<br>Delhaize |
|--------------------------------------------------------|----------------------|--------|--------------------------------|----------------------------|-------------------|
| Net sales                                              | 13,576               | 8,772  | 22,349                         | —                          | 22,349            |
| Of which: online sales                                 | 1,016                | 1,207  | 2,223                          | —                          | 2,223             |
| Operating income (expense)                             | 614                  | 202    | 816                            | (26)                       | 790               |
| Impairment losses and reversals – net                  | 6                    | 26     | 31                             | —                          | 31                |
| (Gains) losses on leases and the sale of assets – net2 | (2)                  | 79     | 77                             | —                          | 77                |
| Restructuring and related charges and other items      | 14                   | 18     | 31                             | 3                          | 35                |
| Adjustments to operating income1                       | 18                   | 122    | 140                            | 3                          | 143               |
| Underlying operating income (expense)                  | 632                  | 324    | 956                            | (23)                       | 933               |

*1. Included in General and administrative expenses in the consolidated income statement.*

*2. (Gains) losses on leases and the sale of assets – net is mainly driven by losses on the sale of stores to franchisees in Belgium.*

### **Half year 2025**

| € million                                              | The United<br>States | Europe | Total<br>operating<br>segments | Ahold<br>Delhaize<br>Group | Ahold<br>Delhaize |
|--------------------------------------------------------|----------------------|--------|--------------------------------|----------------------------|-------------------|
| Net sales                                              | 27,095               | 19,273 | 46,368                         | —                          | 46,368            |
| Of which: online sales                                 | 2,341                | 2,689  | 5,030                          | —                          | 5,030             |
| Operating income                                       | 1,148                | 657    | 1,805                          | (65)                       | 1,741             |
| Impairment losses and reversals – net2                 | 45                   | 7      | 53                             | —                          | 53                |
| (Gains) losses on leases and the sale of assets – net3 | (17)                 | 1      | (16)                           | —                          | (16)              |
| Restructuring and related charges and other items4     | 5                    | 25     | 30                             | —                          | 30                |
| Adjustments to operating income1                       | 33                   | 33     | 66                             | —                          | 66                |
| Underlying operating income                            | 1,181                | 690    | 1,871                          | (65)                       | 1,807             |

*1. Included in General and administrative expenses in the consolidated income statement.*

*2. The impairments mainly relate to operating stores in the U.S.*

*3. (Gains) losses on leases and the sale of assets – net mainly relates to lease terminations in the U.S.*

*4. Restructuring and related charges and other items mainly relates to acquisition and integration costs related to the Profi acquisition (see* [Note 3](#page-16-0)*).*

![](_page_19_Picture_0.jpeg)

#### **Half year 2024**

| € million                                              | The United<br>States | Europe | Total<br>operating<br>segments | Ahold<br>Delhaize<br>Group | Ahold<br>Delhaize |
|--------------------------------------------------------|----------------------|--------|--------------------------------|----------------------------|-------------------|
| Net sales                                              | 26,827               | 17,250 | 44,077                         | —                          | 44,077            |
| Of which: online sales                                 | 2,015                | 2,414  | 4,429                          | —                          | 4,429             |
| Operating income (expense)                             | 1,249                | 390    | 1,640                          | (47)                       | 1,593             |
| Impairment losses and reversals – net                  | 8                    | 39     | 47                             | —                          | 47                |
| (Gains) losses on leases and the sale of assets – net2 | (16)                 | 128    | 112                            | —                          | 112               |
| Restructuring and related charges and other items      | 4                    | 35     | 39                             | 3                          | 42                |
| Adjustments to operating income1                       | (3)                  | 202    | 198                            | 3                          | 201               |
| Underlying operating income (expense)                  | 1,246                | 592    | 1,838                          | (44)                       | 1,794             |

*1. Included in General and administrative expenses in the consolidated income statement.*

*2. (Gains) losses on leases and the sale of assets – net is mainly driven by losses on the sale of stores to franchisees in Belgium.*

#### **Additional information**

Results in local currency for the United States are as follows:

| \$ million                  | Q2<br>2025 | Q2<br>2024 | HY<br>2025 | HY<br>2024 |
|-----------------------------|------------|------------|------------|------------|
| Net sales                   | 14,895     | 14,617     | 29,547     | 29,006     |
| Of which: online sales      | 1,274      | 1,094      | 2,552      | 2,178      |
| Operating income            | 600        | 661        | 1,249      | 1,351      |
| Underlying operating income | 649        | 680        | 1,288      | 1,347      |

#### **5. Net sales**

|                                                      | Q2 2025              |        |                   | Q2 2024              |        |                   |  |
|------------------------------------------------------|----------------------|--------|-------------------|----------------------|--------|-------------------|--|
| € million                                            | The United<br>States | Europe | Ahold<br>Delhaize | The United<br>States | Europe | Ahold<br>Delhaize |  |
| Sales from owned stores                              | 11,964               | 5,818  | 17,782            | 12,493               | 5,007  | 17,500            |  |
| Sales to and fees from franchisees and<br>affiliates | —                    | 2,687  | 2,687             | —                    | 2,502  | 2,502             |  |
| Online sales                                         | 1,125                | 1,360  | 2,485             | 1,016                | 1,207  | 2,223             |  |
| Wholesale sales                                      | 50                   | 30     | 80                | 51                   | 22     | 73                |  |
| Other sales                                          | 14                   | 44     | 58                | 17                   | 34     | 51                |  |
| Net sales                                            | 13,153               | 9,939  | 23,092            | 13,576               | 8,772  | 22,349            |  |

|                                                      | 2025                 |        |                   | 2024                 |        |                   |  |
|------------------------------------------------------|----------------------|--------|-------------------|----------------------|--------|-------------------|--|
| € million                                            | The United<br>States | Europe | Ahold<br>Delhaize | The United<br>States | Europe | Ahold<br>Delhaize |  |
| Sales from owned stores                              | 24,624               | 11,269 | 35,893            | 24,680               | 9,988  | 34,669            |  |
| Sales to and fees from franchisees and<br>affiliates | —                    | 5,175  | 5,175             | —                    | 4,737  | 4,737             |  |
| Online sales                                         | 2,341                | 2,689  | 5,030             | 2,015                | 2,414  | 4,429             |  |
| Wholesale sales                                      | 101                  | 58     | 159               | 104                  | 46     | 150               |  |
| Other sales                                          | 30                   | 81     | 111               | 27                   | 65     | 93                |  |
| Net sales                                            | 27,095               | 19,273 | 46,368            | 26,827               | 17,250 | 44,077            |  |

![](_page_20_Picture_0.jpeg)

### **6. Income taxes**

The income tax expense and effective tax rate for Q2 2025 are lower than Q2 2024, mainly due to one-time items. The income tax expense for HY 2025 is higher than HY 2024, mainly due to higher income. The effective tax rate for HY 2025 is lower than HY 2024, mainly due to one-time items.

Interim financial statements

## **7. Assets and liabilities held for sale**

Assets held for sale and related liabilities consist primarily of non-current assets and associated liabilities of retail locations.

## **8. Equity attributable to common shareholders**

#### **Dividend on common shares**

On April 9, 2025, the General Meeting of Shareholders approved the dividend over 2024 of €1.17 per common share. The interim dividend for 2024 of €0.50 per common share was paid on August 29, 2024. The final dividend of €0.67 per common share was paid on April 24, 2025.

#### **Share buyback**

On December 30, 2024, the Company commenced the €1 billion share buyback program that was announced on November 6, 2024. The program is expected to be completed before the end of 2025.

In the first half of the year, 12,834,857 of the Company's own shares were repurchased at an average price of €34.40 per share. The share buyback program did not result in a significant net transactional fee or income (nil).

The number of outstanding common shares as of June 29, 2025, was 902,881,663 (December 29, 2024: 913,583,817).

## **9. Cash**

The following table presents the reconciliation between the cash and cash equivalents as presented in the statement of cash flows and on the balance sheet:

| € million                                                             | June 29,<br>2025 | December 29,<br>2024 |
|-----------------------------------------------------------------------|------------------|----------------------|
| Cash and cash equivalents as presented in the statement of cash flows | 3,920            | 6,157                |
| Restricted cash                                                       | 19               | 12                   |
| Cash and cash equivalents as presented on the balance sheet           | 3,939            | 6,169                |

Cash and cash equivalents include an amount held under a notional cash pooling arrangement of €1,455 million (December 29, 2024: €1,961 million), which is fully offset by an identical amount included under Other current financial liabilities.

## **10. Financial instruments**

On March 3, 2025, Ahold Delhaize announced that it successfully launched and priced a €500 million eightyear sustainability-linked bond, maturing on March 10, 2033. The bond was priced at 99.723% and carries an annual coupon of 3.250%. The settlement of the bond issue took place on March 10, 2025.

The bond was issued in accordance with Ahold Delhaize's Sustainability-Linked Bond Framework, updated in March 2024, and structured in accordance with the 2023 International Capital Market Association (ICMA) Sustainability-Linked Bond Principles.

![](_page_21_Picture_1.jpeg)

The bond is linked to Ahold Delhaize achieving targets in 2030 on the following KPIs:

- 50% reduction in absolute scope 1 and 2 greenhouse gas (GHG) emissions compared to the financial year ending December 30, 2018 (the scope 1 and 2 GHG emissions baseline year)
- 30.3% and 42% reduction in absolute scope 3 forest, land and agriculture (FLAG) and energy and industrial (E&I) (non-FLAG) GHG emissions, respectively, compared to the financial year ending January 3, 2021 (the scope 3 FLAG and E&I GHG emissions baseline year)
- 50% reduction of food waste compared to the financial year ending January 1, 2017 (the food waste baseline year)

The sustainability-linked feature will result in a coupon adjustment of +50 bps if Ahold Delhaize's performance does not achieve one or more of the stated KPIs. The sustainability performance reference date is December 29, 2030. Any adjustment to the rate of interest, if applicable, shall take effect and accrue from the interest payment date immediately following March 10, 2031 (i.e., prospectively).

The following table presents the fair value of financial instruments, based on Ahold Delhaize's categories of financial instruments, including current portions, compared to the carrying amount at which these instruments are included on the balance sheet. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

The carrying amount of trade and other (non-)current receivables, cash and cash equivalents, accounts payable, short-term deposits and similar instruments, and other current financial assets and liabilities approximate their fair values because of the short-term nature of these instruments and, for receivables, because any expected recoverability loss is reflected in an impairment loss.

| June 29, 2025                                                        |                    | December 29, 2024 |                    |               |
|----------------------------------------------------------------------|--------------------|-------------------|--------------------|---------------|
| € million                                                            | Carrying<br>amount | Fair<br>value     | Carrying<br>amount | Fair<br>value |
| Financial assets at amortized cost                                   |                    |                   |                    |               |
| Loans receivable                                                     | 227                | 224               | 162                | 162           |
| Lease receivable                                                     | 570                | 559               | 575                | 559           |
| Financial assets at fair value through profit or loss                |                    |                   |                    |               |
| Reinsurance contract asset                                           | 303                | 303               | 334                | 334           |
| Investments in debt instruments                                      | 91                 | 91                | 7                  | 7             |
| Financial assets at fair value through other comprehensive<br>income |                    |                   |                    |               |
| Investments in equity instruments                                    | —                  | —                 | —                  | —             |
| Derivative financial instruments                                     |                    |                   |                    |               |
| Derivatives                                                          | 17                 | 17                | 17                 | 17            |
| Financial liabilities at amortized cost                              |                    |                   |                    |               |
| Notes                                                                | (5,399)            | (5,362)           | (5,652)            | (5,578)       |
| Other loans                                                          | (4)                | (4)               | —                  | —             |
| Financing obligations                                                | (120)              | (47)              | (153)              | (65)          |
| Other financial liabilities                                          | (107)              | (107)             | (156)              | (157)         |
| Financial liabilities at fair value through profit or loss           |                    |                   |                    |               |
| Reinsurance contract liability                                       | (257)              | (257)             | (286)              | (286)         |
| Derivative financial instruments                                     |                    |                   |                    |               |
| Derivatives                                                          | (15)               | (15)              | (23)               | (23)          |

<span id="page-22-0"></span>![](_page_22_Picture_0.jpeg)

Of Ahold Delhaize's categories of financial instruments, only derivatives, investments in debt and certain equity instruments and reinsurance assets (liabilities) are measured and recognized on the balance sheet at fair value. The fair value measurements are categorized within Level 2 or 3 of the fair value hierarchy. A description of the valuation techniques and inputs used to develop the measurements is included in *Note 30* of Ahold Delhaize's 2024 financial statements, as included in the Annual Report 2024, published on February 26, 2025.

Ahold Delhaize posted deposits as collateral in the net amount of €16 million as of June 29, 2025 (December 29, 2024: €24 million). The counterparties have an obligation to repay the deposits to Ahold Delhaize upon settlement of the contracts.

## **11. Related-party transactions**

Ahold Delhaize has entered into arrangements with a number of its subsidiaries and affiliated companies in the course of its business. These arrangements relate to service transactions and financing agreements. Furthermore, Ahold Delhaize considers transactions with key management personnel to be related-party transactions. As of the balance sheet date, June 29, 2025, there have been no significant changes in the related-party transactions from those described in Ahold Delhaize's Annual Report 2024.

## **12. Commitments and contingencies**

A comprehensive overview of commitments and contingencies as of December 29, 2024, is included in *Note 34* of Ahold Delhaize's 2024 financial statements, as included in the Annual Report 2024, published on February 26, 2025. There have been no significant changes in the commitments and contingencies from those described in Ahold Delhaize's Annual Report 2024, with the exception of the commitment to acquire 100% of Romanian grocery retailer Profi Rom Food SRL. The commitment is no longer in effect since the acquisition was completed on January 3, 2025. For details, see *[Note](#page-16-0)* [3.](#page-16-0)

![](_page_23_Picture_0.jpeg)

### **13. Alternative performance measures**

This interim report includes alternative performance measures (also known as non-GAAP measures). The descriptions of these alternative performance measures are included under *Definitions and abbreviations* in Ahold Delhaize's Annual Report 2024, and an updated list of all our alternative performance measures is published on our website at [www.aholddelhaize.com.](www.aholddelhaize.com) For the calculation methods of percentages, see the descriptions of these alternative performance measures published on our website.

#### **Free cash flow**

| € million                                             | Q2<br>2025 | Q2<br>2024 | HY<br>2025 | HY<br>2024 |
|-------------------------------------------------------|------------|------------|------------|------------|
| Operating cash flows from continuing operations       | 1,594      | 1,382      | 2,891      | 2,575      |
| Purchase of non-current assets                        | (618)      | (554)      | (1,227)    | (1,112)    |
| Divestments of assets / disposal groups held for sale | 13         | 6          | 39         | 169        |
| Dividends received from joint ventures                | 21         | 18         | 22         | 18         |
| Interest received                                     | 36         | 56         | 76         | 97         |
| Interest paid                                         | (93)       | (99)       | (168)      | (132)      |
| Lease payments received on lease receivables          | 33         | 32         | 68         | 63         |
| Repayment of lease liabilities                        | (470)      | (462)      | (984)      | (924)      |
| Free cash flow                                        | 517        | 378        | 715        | 754        |

#### **Net debt**

| € million                                                                                                                                         | June 29,<br>2025 | March 30,<br>2025 | December 29,<br>2024 |
|---------------------------------------------------------------------------------------------------------------------------------------------------|------------------|-------------------|----------------------|
| Loans                                                                                                                                             | 4,598            | 4,714             | 5,175                |
| Lease liabilities                                                                                                                                 | 10,468           | 10,965            | 10,809               |
| Non-current portion of long-term debt                                                                                                             | 15,065           | 15,679            | 15,985               |
| Short-term borrowings and current portion of long-term debt and lease<br>liabilities                                                              | 4,489            | 4,695             | 4,330                |
| Gross debt                                                                                                                                        | 19,554           | 20,374            | 20,315               |
| Less: cash, cash equivalents, short-term deposits and similar instruments,<br>and short-term portion of investments in debt instruments1, 2, 3, 4 | 4,037            | 4,845             | 6,185                |
| Net debt                                                                                                                                          | 15,517           | 15,529            | 14,129               |

*1. Short-term deposits and similar instruments include investments with a maturity of between three and 12 months. The balance of these instruments as of June 29, 2025, amounted to €14 million (March 30, 2025: €16 million and December 29, 2024: €16 million) and is presented within other current financial assets in the consolidated balance sheet.*

*2. Included in the short-term portion of investments in debt instruments is a bond fund in the amount of €85 million (March 30, 2025: €91 million and December 29, 2024: nil).* 

*3. Book overdrafts, representing the excess of total issued checks over available cash balances within the Ahold Delhaize cash concentration structure, are classified in accounts payable and do not form part of net debt. This balance as of June 29, 2025, amounted to €285 million (March 30, 2025: €318 million and December 29, 2024: €185 million).*

*4. Cash and cash equivalents include an amount held under a notional cash pooling arrangement of €1,455 million (March 30, 2025: €1,352 million and December 29, 2024: €1,961 million). This cash amount is fully offset by an identical amount included under short-term borrowings and current portion of long-term debt.*

![](_page_24_Picture_0.jpeg)

### **Underlying EBITDA**

The reconciliation from IFRS operating income (expenses) to underlying operating income (expenses) is included in *[Note 4](#page-17-0)*.

| € million                     | Q2<br>2025 | Q2<br>2024 | HY<br>2025 | HY<br>2024 |
|-------------------------------|------------|------------|------------|------------|
| Underlying operating income   | 917        | 933        | 1,807      | 1,794      |
| Depreciation and amortization | 889        | 878        | 1,818      | 1,738      |
| Underlying EBITDA             | 1,806      | 1,811      | 3,625      | 3,532      |

#### **Underlying income from continuing operations**

| € million, except per share data                                                              | Q2<br>2025 | Q2<br>2024 | HY<br>2025 | HY<br>2024 |
|-----------------------------------------------------------------------------------------------|------------|------------|------------|------------|
| Income from continuing operations                                                             | 548        | 499        | 1,103      | 1,012      |
| Adjustments to operating income (see Note 4)                                                  | 56         | 143        | 66         | 201        |
| Tax effect on adjustments to operating income                                                 | (13)       | (35)       | (12)       | (50)       |
| Underlying income from continuing operations                                                  | 592        | 606        | 1,156      | 1,162      |
| Underlying income from continuing operations for the purpose of<br>diluted earnings per share | 592        | 606        | 1,156      | 1,162      |
| Basic income per share from continuing operations1                                            | 0.61       | 0.53       | 1.21       | 1.08       |
| Diluted income per share from continuing operations2                                          | 0.60       | 0.53       | 1.21       | 1.08       |
| Underlying income per share from continuing operations – basic1                               | 0.65       | 0.65       | 1.27       | 1.24       |
| Underlying income per share from continuing operations – diluted2                             | 0.65       | 0.65       | 1.27       | 1.24       |

*1. Basic and underlying earnings per share from continuing operations are calculated by dividing the (underlying) income from continuing operations attributable to equity holders by the average numbers of shares outstanding. The weighted average number of shares used for calculating the basic and underlying earnings per share for Q2 2025 is 906 million (Q2 2024: 934 million) and for half year 2025 is 909 million (HY 2024: 938 million).* 

*2. The diluted earnings per share from continuing operations and diluted underlying EPS are calculated by dividing the diluted (underlying) income from continuing operations by the diluted weighted average number of shares outstanding. The diluted weighted average number of shares used for calculating the diluted earnings per share from continuing operations and diluted underlying EPS for Q2 2025 is 909 million (Q2 2024: 936 million) and for half year 2025 is 913 million (HY 2024: 941 million).*

![](_page_25_Picture_0.jpeg)

#### **Online sales**

The difference between online sales and net consumer online sales is third-party online sales, as shown below.

#### *Ahold Delhaize*

| € million                 | Q2<br>2025 | Q2<br>2024 | % change | HY<br>2025 | HY<br>2024 | % change |
|---------------------------|------------|------------|----------|------------|------------|----------|
| Grocery online sales      | 1,703      | 1,527      | 11.5 %   | 3,487      | 3,038      | 14.8 %   |
| Other online sales        | 782        | 696        | 12.4 %   | 1,544      | 1,391      | 11.0 %   |
| Online sales              | 2,485      | 2,223      | 11.8 %   | 5,030      | 4,429      | 13.6 %   |
| Third-party online sales  | 760        | 729        | 4.2 %    | 1,480      | 1,389      | 6.6 %    |
| Net consumer online sales | 3,245      | 2,952      | 9.9 %    | 6,511      | 5,818      | 11.9 %   |

#### *The United States*

| € million                 | Q2<br>2025 | Q2<br>2024 | % change | HY<br>2025 | HY<br>2024 | % change |
|---------------------------|------------|------------|----------|------------|------------|----------|
| Grocery online sales      | 1,125      | 1,016      | 10.7 %   | 2,341      | 2,015      | 16.2 %   |
| Other online sales        | —          | —          | —        | —          | —          | —        |
| Online sales              | 1,125      | 1,016      | 10.7 %   | 2,341      | 2,015      | 16.2 %   |
| Third-party online sales  | —          | —          | —        | —          | —          | —        |
| Net consumer online sales | 1,125      | 1,016      | 10.7 %   | 2,341      | 2,015      | 16.2 %   |

#### *Europe*

| € million                 | Q2<br>2025 | Q2<br>2024 | % change | HY<br>2025 | HY<br>2024 | % change |
|---------------------------|------------|------------|----------|------------|------------|----------|
| Grocery online sales      | 578        | 511        | 13.1 %   | 1,145      | 1,023      | 12.0 %   |
| Other online sales        | 782        | 696        | 12.4 %   | 1,544      | 1,391      | 11.0 %   |
| Online sales              | 1,360      | 1,207      | 12.7 %   | 2,689      | 2,414      | 11.4 %   |
| Third-party online sales  | 760        | 729        | 4.2 %    | 1,480      | 1,389      | 6.6 %    |
| Net consumer online sales | 2,120      | 1,936      | 9.5 %    | 4,169      | 3,803      | 9.6 %    |

![](_page_26_Picture_0.jpeg)

#### **Comparable sales**

Comparable sales reconciles to net sales, as shown below.

#### *Ahold Delhaize*

| € million                       | Q2<br>2025 | Q2<br>2024 | % change | HY<br>2025 | HY<br>2024 | % change |
|---------------------------------|------------|------------|----------|------------|------------|----------|
| Net sales                       | 23,092     | 22,349     | 3.3 %    | 46,368     | 44,077     | 5.2 %    |
| Gas sales                       | (203)      | (251)      | (18.9) % | (415)      | (488)      | (14.9) % |
| Adjustments to comparable sales | (1,300)    | (1,343)    | (3.3) %  | (2,511)    | (1,686)    | 49.0 %   |
| Comparable sales (ex gas)       | 21,589     | 20,754     | 4.0 %    | 43,442     | 41,903     | 3.7 %    |

Interim financial statements

### *The United States*

| € million                       | Q2<br>2025 | Q2<br>2024 | % change | HY<br>2025 | HY<br>2024 | % change |
|---------------------------------|------------|------------|----------|------------|------------|----------|
| Net sales                       | 13,153     | 13,576     | (3.1) %  | 27,095     | 26,827     | 1.0 %    |
| Gas sales                       | (203)      | (251)      | (18.9) % | (415)      | (488)      | (14.9) % |
| Adjustments to comparable sales | (44)       | (849)      | (94.9) % | (101)      | (603)      | (83.3) % |
| Comparable sales (ex gas)       | 12,906     | 12,477     | 3.4 %    | 26,579     | 25,736     | 3.3 %    |

#### *Europe*

| € million                       | Q2<br>2025 | Q2<br>2024 | % change | HY<br>2025 | HY<br>2024 | % change |
|---------------------------------|------------|------------|----------|------------|------------|----------|
| Net sales                       | 9,939      | 8,772      | 13.3 %   | 19,273     | 17,250     | 11.7 %   |
| Gas sales                       | —          | —          | — %      | —          | —          | — %      |
| Adjustments to comparable sales | (1,256)    | (494)      | 154.1 %  | (2,410)    | (1,083)    | 122.6 %  |
| Comparable sales (ex gas)       | 8,683      | 8,278      | 4.9 %    | 16,863     | 16,167     | 4.3 %    |

![](_page_27_Picture_0.jpeg)

#### **Constant exchange rates**

In the tables below, we show the movements at actual exchange rates versus the movements at constant exchange rates.

#### *Ahold Delhaize*

|                                        | Q2 2025 vs. Q2 2024            |  |                                            | HY 2025 vs 2024                  |                       |       |                                            |                                  |
|----------------------------------------|--------------------------------|--|--------------------------------------------|----------------------------------|-----------------------|-------|--------------------------------------------|----------------------------------|
| % movement                             | At actual<br>exchange<br>rates |  | Impact of<br>constant<br>exchange<br>rates | At constant<br>exchange<br>rates | At actual<br>exchange | rates | Impact of<br>constant<br>exchange<br>rates | At constant<br>exchange<br>rates |
| Net sales                              | 3.3 %                          |  | 3.2 pp                                     | 6.5 %                            | 5.2 %                 |       | 0.6 pp                                     | 5.8 %                            |
| Online sales                           | 11.8 %                         |  | 2.6 pp                                     | 14.4 %                           | 13.6 %                |       | 0.5 pp                                     | 14.0 %                           |
| Net consumer online sales              | 9.9 %                          |  | 1.9 pp                                     | 11.8 %                           | 11.9 %                |       | 0.3 pp                                     | 12.2 %                           |
| Operating income                       | 9.0 %                          |  | 4.5 pp                                     | 13.5 %                           | 9.3 %                 |       | 0.7 pp                                     | 10.0 %                           |
| Operating margin                       | 0.2 pp                         |  | — pp                                       | 0.2 pp                           | 0.1 pp                |       | — pp                                       | 0.1 pp                           |
| Income from continuing operations      | 10.0 %                         |  | 4.8 pp                                     | 14.8 %                           | 9.0 %                 |       | 0.7 pp                                     | 9.7 %                            |
| Net income                             | 10.0 %                         |  | 4.8 pp                                     | 14.8 %                           | 9.0 %                 |       | 0.7 pp                                     | 9.7 %                            |
| Underlying operating income            | (1.6) %                        |  | 3.5 pp                                     | 1.9 %                            | 0.7 %                 |       | 0.7 pp                                     | 1.4 %                            |
| Underlying operating margin            | (0.2) pp                       |  | — pp                                       | (0.2) pp                         | (0.2) pp              |       | — pp                                       | (0.2) pp                         |
| Basic EPS from continuing operations   | 13.5 %                         |  | 5.0 pp                                     | 18.4 %                           | 12.5 %                |       | 0.8 pp                                     | 13.2 %                           |
| Diluted EPS from continuing operations | 13.3 %                         |  | 5.0 pp                                     | 18.3 %                           | 12.4 %                |       | 0.8 pp                                     | 13.1 %                           |
| Basic EPS from all operations          | 13.5 %                         |  | 5.0 pp                                     | 18.4 %                           | 12.5 %                |       | 0.8 pp                                     | 13.2 %                           |
| Diluted EPS from all operations        | 13.3 %                         |  | 5.0 pp                                     | 18.3 %                           | 12.4 %                |       | 0.8 pp                                     | 13.1 %                           |
| Underlying EPS                         | 0.8 %                          |  | 3.8 pp                                     | 4.6 %                            | 2.7 %                 |       | 0.7 pp                                     | 3.4 %                            |
| Diluted underlying EPS                 | 0.7 %                          |  | 3.7 pp                                     | 4.5 %                            | 2.6 %                 |       | 0.7 pp                                     | 3.3 %                            |
| Free cash flow                         | 36.7 %                         |  | 9.4 pp                                     | 46.1 %                           | (5.2) %               |       | 0.7 pp                                     | (4.4) %                          |
| Grocery online sales                   | 11.5 %                         |  | 3.8 pp                                     | 15.3 %                           | 14.8 %                |       | 0.7 pp                                     | 15.4 %                           |

#### *The United States*

|                             | Q2 2025 vs. Q2 2024            |                                            |                                  | HY 2025 vs 2024                |                                            |                                  |  |
|-----------------------------|--------------------------------|--------------------------------------------|----------------------------------|--------------------------------|--------------------------------------------|----------------------------------|--|
| % movement                  | At actual<br>exchange<br>rates | Impact of<br>constant<br>exchange<br>rates | At constant<br>exchange<br>rates | At actual<br>exchange<br>rates | Impact of<br>constant<br>exchange<br>rates | At constant<br>exchange<br>rates |  |
| Net sales                   | (3.1) %                        | 5.0 pp                                     | 1.9 %                            | 1.0 %                          | 0.9 pp                                     | 1.9 %                            |  |
| Online sales                | 10.7 %                         | 5.7 pp                                     | 16.4 %                           | 16.2 %                         | 1.0 pp                                     | 17.2 %                           |  |
| Net consumer online sales   | 10.7 %                         | 5.7 pp                                     | 16.4 %                           | 16.2 %                         | 1.0 pp                                     | 17.2 %                           |  |
| Operating income            | (13.6) %                       | 4.4 pp                                     | (9.2) %                          | (8.1) %                        | 0.6 pp                                     | (7.5) %                          |  |
| Operating margin            | (0.5) pp                       | — pp                                       | (0.5) pp                         | (0.4) pp                       | — pp                                       | (0.4) pp                         |  |
| Underlying operating income | (9.4) %                        | 4.7 pp                                     | (4.7) %                          | (5.2) %                        | 0.8 pp                                     | (4.4) %                          |  |
| Underlying operating margin | (0.3) pp                       | — pp                                       | (0.3) pp                         | (0.3) pp                       | — pp                                       | (0.3) pp                         |  |
| Grocery online sales        | 10.7 %                         | 5.7 pp                                     | 16.4 %                           | 16.2 %                         | 1.0 pp                                     | 17.2 %                           |  |

![](_page_28_Picture_0.jpeg)

#### *Europe*

|                             | Q2 2025 vs. Q2 2024            |                                            |                                  | HY 2025 vs 2024                |                                            |                                  |  |
|-----------------------------|--------------------------------|--------------------------------------------|----------------------------------|--------------------------------|--------------------------------------------|----------------------------------|--|
| % movement                  | At actual<br>exchange<br>rates | Impact of<br>constant<br>exchange<br>rates | At constant<br>exchange<br>rates | At actual<br>exchange<br>rates | Impact of<br>constant<br>exchange<br>rates | At constant<br>exchange<br>rates |  |
| Net sales                   | 13.3 %                         | 0.1 pp                                     | 13.4 %                           | 11.7 %                         | — pp                                       | 11.8 %                           |  |
| Online sales                | 12.7 %                         | — pp                                       | 12.7 %                           | 11.4 %                         | — pp                                       | 11.4 %                           |  |
| Net consumer online sales   | 9.5 %                          | — pp                                       | 9.5 %                            | 9.6 %                          | — pp                                       | 9.6 %                            |  |
| Operating income            | 75.7 %                         | 0.1 pp                                     | 75.7 %                           | 68.4 %                         | — pp                                       | 68.4 %                           |  |
| Operating margin            | 1.3 pp                         | — pp                                       | 1.3 pp                           | 1.1 pp                         | — pp                                       | 1.1 pp                           |  |
| Underlying operating income | 14.0 %                         | — pp                                       | 14.0 %                           | 16.7 %                         | — pp                                       | 16.7 %                           |  |
| Underlying operating margin | — pp                           | — pp                                       | — pp                             | 0.2 pp                         | — pp                                       | 0.2 pp                           |  |
| Grocery online sales        | 13.1 %                         | — pp                                       | 13.1 %                           | 12.0 %                         | — pp                                       | 12.0 %                           |  |

#### *Ahold Delhaize Group*

|                                                                      | Q2 2025 vs. Q2 2024            |                                            |                                  | HY 2025 vs 2024                |                                            |                                  |  |
|----------------------------------------------------------------------|--------------------------------|--------------------------------------------|----------------------------------|--------------------------------|--------------------------------------------|----------------------------------|--|
| % movement                                                           | At actual<br>exchange<br>rates | Impact of<br>constant<br>exchange<br>rates | At constant<br>exchange<br>rates | At actual<br>exchange<br>rates | Impact of<br>constant<br>exchange<br>rates | At constant<br>exchange<br>rates |  |
| Operating income (expense)                                           | (6.1) %                        | (1.0) pp                                   | (7.1) %                          | 38.0 %                         | 1.0 pp                                     | 39.0 %                           |  |
| Underlying operating income (expense)                                | 6.2 %                          | (1.5) pp                                   | 4.8 %                            | 47.7 %                         | 1.0 pp                                     | 48.7 %                           |  |
| Insurance results                                                    | (3.9) %                        | 4.0 pp                                     | 0.1 %                            | (63.5) %                       | (0.4) pp                                   | (63.9) %                         |  |
| Underlying operating income (expense)<br>excluding insurance results | 1.9 %                          | 0.9 pp                                     | 2.9 %                            | (2.2) %                        | (0.1) pp                                   | (2.4) %                          |  |

#### **Gross capital expenditures**

| € million                                                                            | HY<br>2025 | HY<br>2024 | Change | %<br>of sales |
|--------------------------------------------------------------------------------------|------------|------------|--------|---------------|
| The United States                                                                    | 1,136      | 1,033      | 103    | 4.2%          |
| Europe                                                                               | 741        | 641        | 99     | 3.8%          |
| Ahold Delhaize Group                                                                 | 9          | 9          | 1      |               |
| Total regular capital expenditures                                                   | 1,886      | 1,683      | 203    | 4.1%          |
| Acquisition capital expenditures                                                     | 2,015      | 24         | 1,991  | 4.3%          |
| Total capital expenditures                                                           | 3,901      | 1,707      | 2,194  | 8.4%          |
|                                                                                      |            |            |        |               |
| Total regular capital expenditures                                                   | 1,886      | 1,683      | 203    | 4.1%          |
| Right-of-use assets                                                                  | (770)      | (668)      | (102)  | (1.7) %       |
| Change in property, plant and equipment payables (and other non-cash<br>adjustments) | 111        | 96         | 14     | 0.2%          |
| Gross capital expenditure (CapEx)<br>(Purchase of non-current assets)                | 1,227      | 1,112      | 115    | 2.6%          |

![](_page_29_Picture_0.jpeg)

### **14. Subsequent events**

There have been no significant subsequent events.

Interim financial statements

Zaandam, the Netherlands, August 5, 2025

#### **Management Board**

Frans Muller (President and Chief Executive Officer) Jolanda Poots-Bijl (Chief Financial Officer) JJ Fleeman (Chief Executive Officer Ahold Delhaize USA) Claude Sarrailh (Chief Executive Officer Ahold Delhaize Europe and Indonesia)

![](_page_30_Picture_0.jpeg)

## **Financial calendar**

Ahold Delhaize's financial year consists of 52 or 53 weeks and ends on the Sunday nearest to December 31 for the Company and our European operations, or the Saturday before the Sunday nearest to December 31 for our operations in the United States. Ahold Delhaize's 2025 financial year consists of 52 weeks and ends on December 28, 2025.

The key publication dates for 2025 are as follows: November 5: Results Q3 2025

## **Cautionary notice**

This communication contains information that qualifies as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This communication includes forward-looking statements. All statements other than statements of historical facts may be forwardlooking statements. Forward-looking statements can be identified by certain words, such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will" and similar references to future periods. Forward-looking statements are subject to risks, uncertainties and other factors that are difficult to predict and that may cause the actual results of Koninklijke Ahold Delhaize N.V. (the "Company") to differ materially from future results expressed or implied by such forward-looking statements. Therefore, you should not place undue reliance on any of these forward-looking statements. Factors that might cause or contribute to such a material difference include, but are not limited to, risks relating to the Company's inability to successfully implement its strategy, manage the growth of its business or realize the anticipated benefits of acquisitions; risks relating to competition and pressure on profit margins in the food retail industry; the impact of economic conditions, including high levels of inflation, on consumer spending; changes in consumer expectations and preferences; turbulence in the global capital markets; political developments, natural disasters and pandemics; wars and geopolitical conflicts; climate change; energy supply issues; raw material scarcity and human rights developments in the supply chain; disruption of operations and other factors negatively affecting the Company's suppliers; the unsuccessful operation of the Company's franchised and affiliated stores; changes in supplier terms and the inability to pass on cost increases to prices; risks related to environmental, social and governance matters (including performance) and sustainable retailing;risks related to data management and data privacy; food safety issues resulting in product liability claims and adverse publicity; environmental liabilities associated with the properties that the Company owns or leases; competitive labor markets, changes in labor conditions and labor disruptions; increases in costs associated with the Company's defined benefit pension plans; ransomware and other cybersecurity issues relating to the failure or breach of security of IT systems; the Company's inability to successfully complete divestitures and the effect of contingent liabilities arising from completed divestitures; antitrust and similar legislation; unexpected outcomes in the Company's legal proceedings; additional expenses or capital expenditures associated with compliance with federal, regional, state and local laws and regulations; unexpected outcomes with respect to tax audits; the impact of the Company's outstanding financial debt; the Company's ability to generate positive cash flows; fluctuation in interest rates; the change in reference interest rate; the impact of downgrades of the Company's credit ratings and the associated increase in the Company's cost of borrowing; exchange rate fluctuations; inherent limitations in the Company's control systems; changes in accounting standards; inability to obtain effective levels of insurance coverage; adverse results arising from the Company's claims against its self-insurance program; the Company's inability to locate appropriate real estate or enter into real estate leases on commercially acceptable terms; and other factors discussed in the Company's public filings and other disclosures.

Forward-looking statements reflect the current views of the Company's management and assumptions based on information currently available to the Company's management. Forward-looking statements speak only as of the date they are made, and the Company does not assume any obligation to update such statements, except as required by law.

#### For more information:

Press office: +31 88 659 9211 Investor relations: +31 88 659 9209 Social media: Instagram: @AholdDelhaize / LinkedIn: @AholdDelhaize

#### **About Ahold Delhaize**

Ahold Delhaize's family of great local brands serves over 72 million customers each week in Europe, the United States and Indonesia. Together, these 17 brands employ more than 390,000 associates, and operate around 9,400 supermarkets, convenience stores and specialty stores. Our group includes the top online retailer in the Benelux, bol, and the leading online grocers in the U.S. and the Benelux. Ahold Delhaize brands are at the forefront of sustainable retailing, supporting local communities and helping customers make healthier choices. Headquartered in Zaandam, the Netherlands, Ahold Delhaize is listed on the Euronext Amsterdam and Brussels stock exchanges (ticker: AD). Its American Depositary Receipts are traded on the over-the-counter market in the U.S. and quoted on the OTCQX International marketplace (ticker: ADRNY).

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