growing together
creating value every day

annual report 2025 highlights

introduction our stories CEO message performance year in review local brands strategy sustainability

We are Ahold Delhaize, a family of great local brands with deep roots in our communities.

Our focus remains local, delivering what our brands’ customers tell us they want – healthier, high-quality and affordable choices. We believe the everyday choices we all make matter. We pride ourselves on being close to local customers, while our scale helps us drive growth and make progress where it matters most, for people and planet.

Our Growing Together strategy ensures we keep delivering what customers and our wider stakeholders need today and in the future.

Creating value every day.

our stories

Our Growing Together strategy includes six strategic priorities. Each of these is brought to life by a story from our brands or regions, showing how we are creating value every day for our brands' customers, associates and other stakeholders.

thriving people

We create a caring place to work, inspiring growth and collaboration, where everyone is heard and valued and finds purpose in serving our communities.

thriving people

Six people dressed in traditional Indian attire sitting on the floor behind colorful rangoli designs and brass oil lamps, with a festive background featuring lit candles.

Honoring days that matter

At Ahold Delhaize, we’re proud to be open for everyone. We employ associates who bring a rich mix of traditions, cultures and beliefs – and strive to honor the moments in life that matter most to them. That’s why many of our brands offer paid time off and additional holiday or well-being days that associates can use to mark these meaningful occasions.

Inspired by similar arrangements in our brands – including Mega Image, bol and the U.S. brands – in 2025, as part of our Life Events Framework, Ahold Delhaize Group launched a pilot of a new floating holidays policy.

It gives Netherlands-based associates from the Ahold Delhaize Group and Ahold Delhaize EU&I the flexibility to celebrate the cultural or religious holidays that matter most to them. These associates can swap any Dutch public holiday for a day that holds personal cultural or religious significance.

We highlighted the program during the first-ever Diwali celebration at the Ahold Delhaize Group office in Zaandam in October and are working to expand the policy to more European brands in 2026.

Why is this a strategic priority?

Ahold Delhaize operates at the heart of society. Each of our great local brands understands and reflects the unique character and needs of its communities. As we work to be the most local, future-proof and inclusive grocery retailer, we empower associates with the right resources, supportive conditions and meaningful opportunities. By investing in people, we enable them to serve customers well every day and feel a sense of purpose in their work.

What are we doing about it?

Local

Building great local brands starts with building strong talent pipelines – attracting, developing, and retaining the best people, who reflect their communities. Each brand aspires to be the leading employer in its market – this goal is reflected in our people promise. See the section Own workforce of the chapter Sustainability statements.

Supporting communities is deeply rooted in who our local brands are. During the Dutch Week Against Loneliness, Albert Heijn sponsored dinners at around 50 neighborhood Resto VanHarte restaurants to bring people together over a three-course meal. In the U.S., Food Lion Feeds achieved a historic milestone by donating 1.5 billion meals to neighbors facing food insecurity, reflecting our commitment to nourishing the towns and cities our brands serve.

Future-proof

At Ahold Delhaize and our brands, we believe that delivering the best customer experience requires an outstanding associate experience. Roles across our stores, DCs and offices continuously change due to shifting customer expectations and technological advancements. Our brands invest in upskilling and reskilling associates, providing them with opportunities for continuous learning and growth. For example, our “Get AI-quipped” series helps associates and leaders explore the impact of AI in their day-to-day work through learning sessions, hands-on workshops and leadership discussions. Our great local brands see the impact of their commitment to associates in the positive results of their annual Associate Engagement Surveys.

The brands support associates’ development to help them prepare for the future of work while also leveraging technology to support productivity, efficiency and job satisfaction. For example, several of our brands launched AI-powered digital assistants to empower teams with instant access to information and provide answers to daily questions – about things like product locations or stock levels – making their work easier and more enjoyable. At Albert Heijn, around 80,000 store associates use the Assistant, initiating over 40,000 conversations weekly. It reached a peak of 25,000 conversations a day around Christmas, as associates helped customers find their holiday products. These real-time answers help associates serve customers better, reflecting our commitment to technology that truly supports people and improves work life.

Inclusive

Our pledge is simple: each Ahold Delhaize brand aspires to be open for everyone. Across the brands, this ambition comes to life and is anchored in our 100/100/100 diversity, equity and inclusion (DE&I) aspiration: to achieve 100% gender equity, be 100% reflective of the communities the brands serve and have a culture that is 100% inclusive. In 2025, women made up 50.5% of our collective workforce. For more information, see Equal treatment and opportunities for all in the Own workforce section of the chapter Sustainability statements.

Our people’s expertise, care and passion for serving customers set us apart. They power our aspiration to be the most local, future-proof, and inclusive company – leading, innovating, and serving our markets better every day.

aspirations

#1 or 2
employer of choice in each of our brands’ markets
drive progress to
100/100/100
gender equity, reflective of our communities and inclusive
Two grocery store employees in bright green shirts smiling and interacting with a customer near a display of eggplants and cucumbers.

healthy communities & planet

We accelerate the transition to a healthier and more sustainable food system and create a brighter future for our communities.1

healthy communities & planet

An illustration of a figure sitting on top of the world which has vegetables and a laptop surrounding it supported by the words healthy future academy.

Connecting ambition with action

In early 2025, we surveyed associates across Ahold Delhaize about their knowledge of health and sustainability. We found that while they are passionate about our healthy communities & planet ambitions, only a small percentage feels confident they know how to support them in their day-to-day work.

That’s why we launched the Healthy Future Academy. This online learning platform, combined with in-person workshops, equips associates with the knowledge and confidence they need to take action in their roles and build a healthier future for people and the planet. It aims to help them understand the challenges we face in areas like climate, circularity and healthier diets; explore how we can create lasting change together; and discover how to inspire others and make health and sustainability part of our daily work.

The Healthy Future Academy provides bite-sized, 20-minute interactive learning modules, that include videos of experts and colleagues who are already making a difference. In addition to a foundational course, we also developed custom modules for finance, sourcing and business technology to better fit the work of associates in these fields. “The Healthy Future Academy does a brilliant job of connecting our health and sustainability goals to procurement realities. It helps our teams think more strategically about how we source and partner for sustainable long-term value creation,” said Tom Rood, Head of Procurement, Ahold Delhaize EU&I.

Why is this a strategic priority?

Food is at the heart of our lives. It nourishes us, brings us together and shapes the places we call home. What we put on our plates has an impact on our health and on the world beyond our kitchen table. Without a thriving planet, food itself is at risk – and so is the future of our business. That’s why the everyday choices we all make matter. Together, they shape our health, our communities and the tomorrow we are building.

At Ahold Delhaize, our purpose is to inspire everyone to eat and live better, for a healthier future for people and planet.

As a family of great local brands, we are ambitious about the positive impact we can have, and about making measurable progress. We act every day, learning and improving as we go. Constantly innovating to find new ways to make progress where it matters most for people and planet. But we can’t get there alone. Together with our partners, we’re taking meaningful steps that help build healthier communities and planet.

Within our Growing Together strategy, this work focuses on three areas where we can have the greatest impact: healthier communities, nature and climate, and circularity.

What are we doing about it?

Healthier communities

To help communities live healthier lives, we focus on making healthier food choices accessible, improving food security and respecting human rights.

We strive to make healthier options more accessible and affordable, so customers can choose well every day. This means reformulating products to improve nutrition, rewarding better habits and inspiring others to do the same. Fresh, healthy and affordable food is central to this – it strengthens our brands’ connection with customers and earns their loyalty over time.

As the demand for healthier food grows, the Ahold Delhaize brands help drive it, offering products and services with the right balance of price, convenience and quality. This focus creates growth for our business while supporting healthier lives and food security in the communities our brands serve.

We know that creating healthier communities is not just about food. It’s also about respect for the people who grow, make and transport it. Together with peers and partners, we work to uphold human rights and working conditions for workers and communities across our value chain.

Nature and climate

Our business depends on nature’s ability to sustain the land and water systems that farming and the wider food system depend on. It takes many partners to deliver for our brands’ customers, which is why we’re working to reduce emissions within our operations and across the value chain. To support this, we’re shifting to renewable energy, lowering costs over time while helping to sustain the natural systems that underpin food production.

Working with partners on nature and climate is the only way to build long-term business resilience and deliver meaningful impact. Together, we’re exploring new ways to grow, source, transport and sell food — strengthening the food system and supporting healthy, sustainable diets for generations to come.

Circularity

Using resources efficiently and reducing waste are essential to a stronger food system. We value what goes into every product and take our responsibility seriously: cutting food waste and enabling materials to circulate for as long as possible. By optimizing resources, we minimize costs, lower emissions in our value chain and help eliminate waste and pollution.

ambitions 2025-2028

net zero
across our value chain by 2050¹
grow
healthy sales

1. In the setting of our long-term and net-zero SBTi targets, we are planning to also make use of removals to the extent permitted by SBTi guidance.
Two people handing a box of fresh produce and groceries from the back of a white van to a smiling woman.

vibrant customer experiences

We serve our customers’ life needs through our core business, and an expanding ecosystem of integrated products, services, channels and data.

vibrant customer experiences

Person holding and pointing at a printed coupon sheet in front of a self-service digital coupon kiosk.

Savings for all, zero barriers

Stop & Shop is making digital couponing more accessible to all its customers through its innovative new Savings Station kiosks. They ensure all customers can benefit from the store’s weekly circular digital coupons and personalized offers – no smartphone, internet access or computer required.

Customers can activate the offers by scanning their loyalty card or entering their phone number. Or for those who prefer a contactless option, a QR code is also available. Then the coupons are automatically applied at checkout.

During these times of economic uncertainty, Stop & Shop’s Savings Station kiosks help address barriers faced by seniors and low-income customers to access digital offers that make a dent in their grocery bills. It’s all part of our mission to create seamless shopping experiences that benefit all customers.

“I don’t have to download the digital coupons; being an elderly [person] the kiosk makes it so easy for me! Thank you!!”
Stop & Shop customer in Bristol, Connecticut

Why is this a strategic priority?

Customers increasingly expect seamless, tailored and engaging shopping experiences – whenever and however they choose to shop. They engage with our brands across multiple touchpoints, from click and collect and mobile apps to in-store visits, creating opportunities to build stronger connections and deliver products, services and solutions that feel personal and relevant. We want to make every interaction vibrant and meaningful, through community engagement, inspiring store experiences and seamless digital integration.

What are we doing about it?

Driving omnichannel engagement

In 2025, we continued to accelerate our omnichannel transformation, building on a strong foundation. Our brands offer customers a seamless, integrated experience – in-store, online and via mobile apps – supported by agile fulfillment networks and innovative partnerships. With growing e-commerce market share in both regions, our omnichannel proposition is a key differentiator.

In the U.S., our local brands are transforming stores to be more modern, convenient and welcoming, for easier and more enjoyable shopping. Partnerships with DoorDash and Instacart enhance home delivery speed and convenience, while addressing customers’ demand for practical, time-saving solutions. For seven consecutive quarters, online grocery sales have generated double-digit growth, proving that our digital and physical shopping experiences are working in harmony to meet customers’ evolving needs.

In Europe, we are also continually strengthening our presence through our stores – they serve as community hubs, supporting local residents and businesses while anchoring the customer experience. Bringing Profi on board, together with our existing brand Mega Image, has strengthened our omnichannel presence in rural and urban markets in Romania. To better integrate online shopping, personalized promotions and loyalty programs, we have also expanded a unified modular app across Albert, Delhaize, Maxi, Mega Image and Alfa Beta. This creates a more connected customer journey that fits the way people want to shop today.

Growing loyalty through personalization

Personalized value remains a critical driver of customer loyalty and repeat business. We are transforming our programs to reach 80% omnichannel loyalty sales penetration by 2028.

During 2025, our U.S. brands delivered over 14.2 billion personalized offers, up 18% year over year. Many of their loyalty programs were recognized by the industry in 2025, including My Hannaford Rewards, named by Newsweek as one of America’s Best Loyalty Programs. In Europe, Albert Heijn Premium has over one million subscribers.

In some cases, loyalty and health can reinforce one another, as in Czech Republic where My Albert offers 15% off Nature’s Promise own-brand products and credits on selected healthy products along with weekly personalized rewards and incremental rewards at spend thresholds. These new features have doubled customer engagement and discounts redeemed and increased loyalty sales penetration.

Our brands have also enhanced their digital engagement through inspirational, health-focused personalization, such as personalized Mediterranean diet meal planning at Alfa Beta in Greece and weight loss meal plans at Stop & Shop, including access to licensed dietitians. By keeping the customer at the center of all we do, we continue to build trust, deepen loyalty and set the standard for vibrant, personalized retail experiences.

ambitions 2025-2028

~30m
monthly active app users
80%
omnichannel loyalty sales
Young male employee in safety vest holding grocery bags loading an elderly woman's car in a parking lot with shopping cart nearby.

trusted product

We translate our passion for food into healthy, fresh and affordable products that are accessible to our brands’ customers.

trusted product

Three cans of Delhaize brand extra fine green peas, 200g each, with nutrition labels.

Supporting healthier choices

Delhaize Belgium has led its market in making healthy, fresh and affordable products accessible since it became the first Belgian retailer to introduce Nutri-Score in 2018, helping customers make informed choices about their food. Today, it offers the largest share of Nutri-Score A and B products in Belgium and Luxembourg, highlights the Nutri-Scores on shelf price labels so they’re even easier to spot, and further encourages healthier choices through “Nutri-Boost” 10% price reductions for loyalty customers.

Delhaize also reformulates 1,500 products each year to improve nutritional quality and Nutri-Scores and has committed to overhauling its own-brand canned vegetables: by 2026, 87% will be completely free of added salt, resulting in 7.71 tons less salt in Belgian kitchens.

In 2025, the brand raised awareness even further by running two major national marketing campaigns – during the summer and at back-to-school time – encouraging customers to choose a healthy range of seasonal fruits and vegetables.
 
All this hard work to support healthier choices – and also advance Delhaize’s other sustainability goals – was affirmed when the brand was named Belgium’s number one retailer in health and sustainability in the Sciensano 2025 Business Impact Assessments study for its efforts to build a resilient supply chain, promote healthier and sustainable diets and advance circularity.

Why is this a strategic priority? 

Consumers are increasingly seeking products that are healthy, locally sourced, fresh and produced sustainably, while still prioritizing value. In 2025, despite rising commodity prices, our brands remained committed to offering trusted products at competitive prices that meet health and local preferences without sacrificing affordability or quality. Ahold Delhaize continues to support households in managing grocery budgets through price cuts, expanded savings programs and innovative own-brand options – making it easier for customers to shop smart and save.

What are we doing about it? 

Driving price, value and assortment 

Supporting customer choice by providing easy access to affordable and healthy food options is at the center of the customer value proposition at all our great local brands. In 2025, as household budgets remained under pressure, our brands continued to act with purpose to ensure grocery shopping stays accessible and relevant.

Strategic price investments – including $1 billion committed in the U.S. – are helping us maintain a competitive edge while supporting families through economic uncertainty. In the U.S., Giant Food has lowered prices on hundreds of items through its “Fresh Low Prices” program, while Stop & Shop is executing a multi-year strategy to reduce everyday prices. Meanwhile, each of our European brands now offers at least 900 “Price Favorite” everyday low-priced products.

Our commitment to affordability is also reflected in our longstanding participation in purchasing alliances, such as Eurelec and Coopernic, as well as newer initiatives to align product specifications and grow strategic supplier relationships.

Through these efforts, our brands leverage our scale to deliver value to customers amid increasing costs, while maintaining robust relationships with suppliers.

Own brands 

Own brands are a key lever of our strategy to help families access quality products at competitive prices. They are also a key differentiator, as customers can only get these products in our brands’ stores. In 2025, our brands accelerated efforts to grow own-brand food penetration and reached 39.8% of total food sales, by expanding their assortments, including with healthier options, and introducing innovative formats that meet evolving customer preferences, such as new hybrid meat- and plant-based products and convenient ready-to-eat offerings. The brands also continue to reformulate core own-brand products with less sugar, salt and fat, while maintaining affordability.

Our brands offer thousands of own-brand products across both regions, with a continued emphasis on quality and value. In 2025, the U.S. brands launched 1,100 new own-brand products, and the European brands introduced 1,450 more, featuring a wider selection of plant-based and organic options.

These efforts were recognized by many external awards over the years. Alfa Beta’s Nature’s Promise and Close to the Greek land product lines earned prestigious distinctions this year at the Superior Taste Awards and World Quality Awards 2025, respectively.

Across all our brands’ markets, we remain dedicated to helping households manage their grocery budgets without compromising on quality. Through price reductions, savings programs and innovative own-brand offerings, our brands make it easier for families to shop smart and save more.

aspirations

enhance
price position
~45%
own-brand food share
Person scanning barcode on netted yellow organic lemons labeled Nature's Promise Bio in wooden crates at a market.

driving customer innovation

We drive further growth by building profitable complementary businesses and innovating to support the customers of tomorrow.

driving customer innovation

A colourful illustration showing a girl sitting down, a robot inside a browser window and a bag of food shopping.

Using AI to help shop, cook and work

Albert Heijn has introduced AI innovations that create value for customers and associates by making shopping, cooking and daily work easier and more convenient.

Albert Heijn’s new AI kitchen assistant, Steijn, helps customers with all kinds of cooking questions, like what to eat, what drink pairs well with your meal, or how to cut onions without tears. Integrated in the AH app, most conversations with Steijn happen around 4:00 pm, when customers are looking for dinner inspiration. The Scan & Cook functionality, also integrated into the app, generates tasty recipes for customers after scanning a photo of ingredients in their fridge or in the store.

AI innovations are also making associates’ work easier and more rewarding. The brand launched an AI Store Associate Assistant that provides instant access to key information right when associates need it, enabling them to assist customers faster and better.

Through its AHGPT Marketplace, the brand has even empowered colleagues in the Albert Heijn headquarters to build their own AI agents for work, with clear guardrails. Associates have built over 500 agents, helping with tasks like drafting and translating emails, answering questions using internal sources and analyzing Excel files.

Why is this a strategic priority?

Just as our brands continually enhance their stores, we also prioritize investments in innovation and technology to ensure they can deliver exceptional and personalized service to customers every day. These efforts strengthen our omnichannel capabilities and drive our sustainability agenda, creating lasting impact and helping us stay ahead in a competitive market. By embracing innovation, we unlock new avenues for revenue growth and operational efficiency. Building complementary businesses allows us to diversify our income streams, often at higher margins than traditional grocery operations.

What are we doing about it?

We’re harnessing innovation to maximize the value of our brands’ extensive customer base and established infrastructure. For instance, we’re making ongoing investments in our technology platforms, data and AI expertise, enabling swift adoption of emerging technologies while maintaining data reliability, accessibility and security.

We’re actively exploring the potential of generative AI, a technology poised to influence many aspects of our business – from associates and operations to customers and environmental impact. For instance, this year, bol introduced the Gift Finder, a new AI-powered feature in the brand’s app that helps customers quickly find suitable gifts based on a few short questions. Albert is using AI to enhance customer service at the register by automatically recognizing unpackaged products, such as fruit and vegetables, while our U.S. brands use it to minimize store theft at the checkout. Beyond front-of-store operations, AI contributes to supply chain optimization, automates administrative processes such as invoice management and human resources workflows, and improves logistics efficiency. Furthermore, AI plays a role in app rationalization, engineering prompt development and other key technology implementations.

We’re also seizing the momentum to grow complementary income streams by:

  • Expanding retail media, data and insights through Gambit and Edge, our proprietary advertising platforms in Europe and the U.S.
  • Advancing B2B business models, such as Branded Shelves, a new advertising product from bol that gives partners their own digital storefronts to showcase their brands’ stories
  • Growing digital services, such as the digital health offering provided by some of our brands
  • Investing in innovative start-ups and scale-ups, such as Harmonya, Protex AI, Keychain and Topsort through W23 Global, a retail venture capital fund. Through this fund, we invest in start-ups and scale-ups that deploy technology to improve customer experiences, transform the grocery value chain and help address the sector’s sustainability challenges, together with four other retailers.

In the U.S., as mentioned above, we have taken bold steps to grow our retail media business. Starting in January 2026, we launched Edge, our proprietary advertising platform powered by Gambit’s technology, which was tried, tested and proven across our European brands. Edge powers on-site display, sponsored search and in-store digital screens, enabling CPG partners to reach over 26 million weekly customers through fast, measurable campaigns. Our omnichannel model spans physical and digital stores, driving personalized offers and new revenue opportunities.

Our approach to innovation is rooted in our ability to experiment locally and scale successful solutions across all our brands and markets.

ambitions 2025-2028

€3bn
complementary income streams
accelerate
innovation
Smiling woman holding broccoli and a shopping basket in a grocery store's produce section with various vegetables around.

portfolio & operational excellence

We use technology and data, we save for our customers every day and we leverage scale to become the most operationally efficient in our industry.

portfolio & operational excellence

Three phone screen mock ups on a light pink background.

Scaling tech to deliver local impact

By cooperating across brands to build unified digital platforms, we are bringing major benefits to the company – and, even better, to our brands’ customers.

In early 2025, we finished a year-long rollout of a unified modular app across our European brands Delhaize, Albert, Mega Image, Maxi and Alfa Beta that gives customers an improved shopping experience and more personal offers and recommendations. Since go-live, this has resulted in higher e-commerce sales in the app (+12% over 2024), as well as more weekly app users (+31% over 2024) and loyalty redemptions (+33% over 2024).

Later in the year, we wrapped up a major, multi-year project in the U.S., with the launch of PRISM, a proprietary omnichannel platform for the Ahold Delhaize USA brands.

The scalable platform provides a great customer experience localized for each brand’s customers, while enabling a strong foundation to better serve omnichannel U.S. shoppers, both now and in the future. Customers benefit from expanded payment options, like EBT and Apple Pay, smarter substitutions and enhanced convenience, personalization and control. Behind the scenes, adjacent technology gives store teams better tools to serve customers with speed and accuracy, for a digital experience that’s simpler, smarter and more seamless.

Both projects have shown us how, by working together across technology teams and brands, we can truly elevate the experience for local customers.

Why is this a strategic priority?

We are known for our ability to deliver consistent financial and business performance by leveraging our scale and operational discipline. Our brands remain focused on driving efficiencies that enable us to reinvest in our customer value proposition and digital and sustainability agenda. By simplifying processes and identifying saving opportunities, we create headroom for growth and sustainable long-term value creation.

What are we doing about it?

Portfolio excellence

We continue to evolve our portfolio through a disciplined blend of organic expansion and strategic acquisitions, with a clear focus on businesses that deliver sustainable, long-term returns. Strengthening our leading brands remains central to our strategy. In Europe, we build on our Benelux leadership through Albert Heijn and Delhaize, while accelerating growth in CSE. The acquisition of Profi has doubled our presence in Romania and unlocked synergies with Mega Image, reinforcing our ambition to lead in the markets our brands serve.

Our brands also invest in store remodels, relocations and new openings to enhance their market positions and community impact.

When necessary, our brands act to strengthen future performance, as we continue to do with Stop & Shop in the U.S. With a clear capital approach, we prioritize initiatives that elevate the customer value proposition and support vibrant retail hubs across our brands’ markets.

Early results at Stop & Shop are encouraging – where we have made investments, we are attracting new customers, increasing volumes and seeing substantial improvements in net promoter scores.

Operational excellence

We continue to invest in our local brands while maintaining a disciplined focus on cost and operational efficiency. We leverage our scale to combine sourcing power by building strategic purchasing alliances, participating in joint sourcing initiatives and scaling own-brand portfolios. These initiatives help us reduce the cost of goods sold and strengthen procurement negotiations, allowing us to balance price investments in the U.S. and the integration of new brands like Profi while maintaining healthy margins.

Technology is a key enabler, helping the brands to better serve customers, making work easier, and lowering costs to reinvest in our business. AI and automation simplify logistics, store operations and back-office processes. For instance, automating two Albert Heijn Home Shop Centers (HSCs) has increased productivity by 20%. Automated packaging machines at bol help us deliver orders at a higher speed and with 27% less packaging materials. Along with other strategic initiatives, these investments have enabled us to reach e-commerce profitability for 2025 on a fully allocated basis.

By leveraging scale and innovation, we continue to deliver value for customers and communities.

Save for Our Customers

In recent years, we have further strengthened our cost savings power through our Save for Our Customers program, a strategic enabler helping us grow and stay resilient in a changing retail landscape. We raised our target to €5 billion in savings from 2025 to 2028, which will be reinvested in our customer value proposition, technology and sustainability agenda to fuel growth. Both regions are on track to reach our target, leveraging scale and synergy to deliver impact.

ambitions 2025-2028

differentially
invest & grow
€5bn
Save for Our Customers
Two warehouse workers in blue uniforms with reflective stripes smiling and operating a handheld device near yellow safety barriers.

1. For us, this means providing affordable, healthy food while partnering to drive decarbonization, sustain nature and reduce waste.

read more about our growing together strategy

message from our CEO

creating value every day for the people who count on us
Frans Muller, President and CEO of Ahold Delhaize

"I’m proud of all associates for staying purposefully committed to improving our customer offerings and making a difference for people and planet."

Dear readers,

During the first full year of implementing our Growing Together strategy, associates across Ahold Delhaize and its great local brands remained focused on creating value every day for customers, communities and everyone else our business touches.

message from our CEO

A photo of the CEO leaning against a wall looking to the left

Dear readers, 

During the first full year of implementing our Growing Together strategy, associates across Ahold Delhaize and its great local brands remained steadily focused on creating value every day for customers, for communities and everyone else our business touches.

Staying focused as the world around us changes

In 2025, we operated in a rapidly shifting environment that brought both new challenges and meaningful opportunities. Government policy changes were frequent and often unpredictable, supply chain disruptions contributed to inflation volatility across several product categories, and rapid advances in AI and other technologies continued to reshape how we work and live. At the same time, households felt sustained pressure from higher living expenses, an uncertain economic outlook and the tension of an increasingly polarized society.

As a company with nearly 400,000 people and 17 brands that serve 77 million customers each week, we have a role to play in helping customers manage their budgets with more affordable groceries. In addition, we foster connection and dialogue in the more than 9,500 communities our brands serve. I’m proud of all associates for staying purposefully committed to improving our customer offerings and making a difference for people and planet.

Understanding and meeting evolving customer needs

Our unique mix of international scale and local connections drove our success in 2025. The deep expertise within our family of local brands gives us a real-time understanding of what matters most to customers. We focus on enabling thoughtful choices that improve every visit – whether in store or online – through greater affordability, stronger assortments and smart technology. As customer needs continue to evolve, our brands are constantly adapting the value proposition and product offerings so shoppers feel a positive difference every time they shop with us.

Recognizing the financial strain that many households face, our brands worked hard to deliver trusted products at affordable prices. We invested in price – including through a commitment to invest $1 billion in U.S. prices over the next four years – and strengthened own-brand assortments. Customers appreciate the quality, value, choice and innovation these ranges provide – sales growth in own brands is outpacing all other products, across Ahold Delhaize. In 2025, our local brands introduced 1,100 new own-brand products in the U.S. and 1,450 in Europe, including 250 entry-priced products.

We’ve also seen healthy eating evolve from a trend to a mainstream expectation. Making healthy choices affordable and accessible has been a core part of our strategy for years. In particular, our brands strive to improve the nutritional value of their offerings by reformulating products and highlighting healthier alternatives during the shopping journey. They also contribute to local programs that support health and well-being. For example, Maxi Serbia organized its third Healthy Food Every Day program to encourage healthy eating by students across the country.

To ensure customers can shop in the way that is most convenient for them, we are growing our omnichannel solutions – our key differentiator. Giving customers a seamlessly connected online and offline shopping experience is helping us drive sales growth at a faster pace than the market. Our online sales are growing at double digit levels, and we were pleased to announce we reached e-commerce profitability on a fully allocated basis during the year. At the same time, we are expanding our brands’ store footprints and modernizing stores, always looking for ways to further optimize the shopping journey.

Using technology to accelerate innovation and efficiency

A core element of our strategy is to invest in growth. This includes significantly increasing automation through long-term investments in our physical infrastructure and improving our processes through technology to make shopping easier and more personal while supporting associates in their daily work. Our ability to leverage advancements in technology, especially AI, is accelerating this innovation and enabling a stronger, more seamless omnichannel shopping experience.

For example, in its customer app, Albert Heijn launched Steijn, an assistant that answers any and all food-related questions, and added the Scan and Cook feature that lets customers take a photo of their ingredients and find a suitable recipe. The brand also developed an in-store assistant for associates that uses machine learning to give them instant access to information they need to assist customers faster and better.

We expanded our retail media capabilities, building on this increasingly effective channel to create more relevant customer experiences and additional revenue streams.

Our European and U.S. brands collaborated to enhance our European retail media ad platform and bring it over to the U.S. this year – a great example of how we scale technology between brands and across regions. This platform is creating new opportunities for consumer packaged goods (CPG) partners to reach the more than 26 million customers who interact with the U.S. brands each week.

We have always prioritized maintaining a modern fleet of stores and distribution centers (DCs). As part of our ongoing commitment to spend around 3% of sales on CapEx, we made a major commitment to build a new state-of-the-art DC in North Carolina to support growth in the U.S.

Powering the engine that drives our growth

Our growth is powered by our focus on driving operational excellence and delivering cost savings, to reinvest in price and the customer experience. We have achieved €1.3 billion in cost savings as part of our Save for Our Customers program, to fund all the things that create value for customers, including smart technology, modern and inviting stores, more sustainable refrigeration and expanded electric vehicle fleets for online deliveries.

We welcomed Profi into our family of local brands and are strengthening its customer proposition in Romania. Teams at Profi and Mega Image are optimizing their store networks to leverage local strengths and prepare for accelerated growth in 2026 and beyond.

And we’re starting to see a positive customer response to the work we’ve done at Stop & Shop to position the brand for a stable and thriving future. Our teams here are energized and enthusiastic about the results.

Making a difference for communities and the planet

An important aspect of our Growing Together strategy is our healthy communities & planet priority. We believe we have the responsibility and opportunity to drive change beyond our own operations.

In 2025, our good progress on sustainability was reflected in external recognition, including a reconfirmation of our A- climate rating by global benchmark CDP. We also maintained our MSCI AA and Sustainalytics Low Risk ratings.

The Science Based Targets initiative (SBTi) validated our scope 3 greenhouse gas (GHG) emission reduction targets, underscoring the rigor of our ambitions and helping us accelerate meaningful change across our value chain.

We successfully priced our third Sustainability-Linked Bond – a €500 million, eight-year bond – which aligns our funding strategy to our healthy communities & planet ambitions. And we published our second Green Bond Allocation and Impact Report, outlining how we used the proceeds from the 2024 Green Bond, and the environmental impact of these investments.

Our brands invested over €250 million during the year in causes important to their communities. For example, Food Lion hit its target of donating 1.5 billion meals to community members facing food insecurity, months early, and announced an even more ambitious goal – to provide three billion meals by 2032.

Outlook for the year ahead

As we leave 2025 behind, we can be proud of the progress we achieved and the strong foundation we built during the first year of Growing Together.

Our strategy has been pressure tested, our capabilities are evolving, and our teams are operating in a strong rhythm, which is delivering compounding results. We are carrying this momentum into 2026 with confidence in our execution, our portfolio and our ability to continue creating value for customers, associates, communities and shareholders.

I would like to thank all associates, who inspire me with their passion for creating value every day; our brands’ customers for their trust; our valued partners for their great collaboration; and, of course, our shareholders for their support.

‍Frans Muller
President and CEO
A photo of the CEO leaning against a wall looking to the left

performance highlights

Group highlights
financial highlights
sustainability highlights
Net sales
€
92.4
bn
3.4%
(+5.9% at constant rates)
(+5.9% at constant rates)
Hover over chart to reveal
2024,2025
false
89.4, 92.4
#B2EEBB, #FFFFFF
10
90
0
false
bn
€
true
18
400
#FFFFFF
Euclidflex
2025
€92.4bn
2024
€89.4bn
Free cash flow1
€
2.6
bn
€0.1bn
Hover over chart to reveal
2024,2025
false
2.5, 2.6
#B2EEBB, #FFFFFF
0.5
2.5
0
false
bn
€
true
18
400
#FFFFFF
Euclidflex
2025
€2.6bn
2024
€2.5bn
Dividend per common share
€
1.24
€0.07
(47% of net profit)
(47% of net profit)
Hover over chart to reveal
2024,2025
false
1.17, 1.24
#B2EEBB, #FFFFFF
0.2
1.2
0
false
€
true
18
400
#FFFFFF
Euclidflex
2025
€1.24
2024
€1.17
Online sales
€
10.3
bn
11.2%
(+13.3% at constant rates)
(+13.3% at constant rates)
Hover over chart to reveal
2024,2025
false
9.2, 10.3
#B2EEBB, #FFFFFF
1
10
0
false
bn
€
true
18
400
#FFFFFF
Euclidflex
2025
€10.3bn
2024
€9.2bn
Underlying operating income
€
3.7
bn
3.5%
2024: €3.6bn
2024: €3.6bn
Underlying operating income margin
4
.0%
—pp
2024: 4.0%
2024: 4.0%
Net income
€
2.3
bn
28.4%
2024: €1.8bn
2024: €1.8bn
Diluted income per share from continuing operations
€
2.5
0
32.3%
2024: €1.89
2024: €1.89
Diluted underlying income per share from continuing operations
€
2.67
5.0%
(+7.8% at constant rates)
2024: €2.54
2024: €2.54

1. In 2025, after €2.6 billion cash CapEx (2024: after €2.3 billion cash CapEx)

Own-brand food sales from healthy products1
52.1
%
0.3 pp
2025 on the same basis as 2024
(excluding Nutri-Score 2.0 impact in Central and Southeastern Europe (CSE)):
2025 on the same basis as 2024
(excluding Nutri-Score 2.0 impact in Central and Southeastern Europe (CSE)):
52.8
%
0.4 pp
Hover over chart to reveal
2024,2025
false
52.4, 52.1
#B2EEBB, #FFFFFF
10
55
0
false
%
true
18
400
#FFFFFF
Euclidflex
2025
52.1%
2024
52.4%
Reduction in absolute CO₂-equivalent emissions (scope 1 and 2)²
39.1
%
3.4 pp
2025: 2,440 kt
2025: 2,440 kt
Hover over chart to reveal
2024,2025
false
35.8, 39.1
#B2EEBB, #FFFFFF
3
36
0
false
%
true
18
400
#FFFFFF
Euclidflex
2025
39.1%
2024
35.8%
Reduction in food waste
(T/€ million)3
39.1
%
4.4 pp
2024: 34.6%
2024: 34.6%
Associate engagement
79
%
1 pp
2024: 78%
Industry benchmark: 77%
2024: 78%
Industry benchmark: 77%
AES inclusion index
82
%
1 pp
2024: 81%
Industry benchmark: 75%
2024: 81%
Industry benchmark: 75%
2023: AAA
MSCI index
AA
unchanged
2024: AA
2024: 81%
Industry benchmark: 75%
  1. Performance measured at constant exchange rates (rates that applied at the time the target was set).
  2. The reduction is measured against the 2018 baseline: 4,010 ktCO₂e emissions.
  3. The reduction is measured against the 2016 baseline: 4.89 t/€ million. Performance measured at constant exchange rates (rates that applied at the time the target was set).
Group performance
Net sales
€
92.4
bn
5.9%*
3.4% vs. 2024
3.4% vs. 2024
Comparable sales growth (excluding gasoline sales)
3.2
%
Operating income
€
3.5
bn
31.0%*
27.2% vs. 2024
27.2% vs. 2024
Underlying operating income
€
3.7
bn
6.2%*
3.5% vs. 2024
3.5% vs. 2024
Underlying operating margin
4
.0%
—pp*
0.0 pp vs. 2024
0.0 pp vs. 2024
Free cash flow
€
2.6
bn
€0.1bn
Gross cash CapEx
€
2.6
bn
11.5%

*At constant rates

United States
Net sales
€
53.1
bn
2.0%*
2024: €54.2bn
(2.1)% vs. 2024
2024: €54.2bn
(2.1)% vs. 2024
Comparable sales growth (excluding gasoline sales)
3
.0%
Operating income
€
2.3
bn
7.3%*
2024: €2.2bn
2.8% vs. 2024
2024: €2.2bn
2.8% vs. 2024
Underlying operating income
€
2.4
bn
3.7%*
2024: €2.4bn
(0.6)% vs. 2024
2024: €2.4bn
(0.6)% vs. 2024
Underlying operating margin
4.5
%
0.1 pp*
2024: 4.4%
0.1 pp vs. 2024
2024: 4.4%
0.1 pp vs. 2024
Online sales
€
4.6
bn
18.2%*
2024: €4.1bn
13.4% vs. 2024
2024: €4.1bn
13.4% vs. 2024

*At constant rates

Europe
Net sales
€
39.3
bn
11.7%*
2024: €35.2bn
11.8% vs. 2024
2024: €35.2bn
11.8% vs. 2024
Comparable sales growth (excluding gasoline sales)
3.4
%
0.0% vs 2024
Operating income
€
1.4
bn
54.8%*
2024: €0.9bn
55.0% vs. 2024
2024: €0.9bn
55.0% vs. 2024
Underlying operating income
€
1.5
bn
11.3%*
2024: €1.3bn
11.4% vs. 2024
2024: €1.3bn
11.4% vs. 2024
Underlying operating margin
3.8
%
0.0 pp*
2024: 3.8%
0.0 pp vs. 2024
2024: 3.8%
0.0 pp vs. 2024
Online sales
€
5.6
bn
‍9.6%*
2024: €5.1bn
9.6% vs. 2024
2024: €5.1bn
9.6% vs. 2024

*At constant rates

year in review

Q1

Expanding customer reach

Ahold Delhaize completed the acquisition of Profi Rom Food SRL (Profi), doubling our retail footprint in Romania.

Investing in prices

Our Ahold Delhaize USA brands kicked off the first round of price investments toward a total of $1 billion over the next four years – creating value for customers throughout their stores. Giant Food lowered prices on hundreds of own-brand products, and Stop & Shop launched price investments in 40% of its store fleet during the quarter.

Earning recognition

Ahold Delhaize received the 2025 global Leading Employers award, highlighting our progress on our thriving people  strategic priority.

top 1%
of employers globally

Meeting value with values

Ahold Delhaize successfully priced a €500 million eight-year Sustainability-Linked Bond, which was oversubscribed due to great interest. This helps align our funding strategy with our healthy communities & planet agenda.

€500 million
Sustainability-Linked Bond

Feeding neighbours

Food Lion reached its goal to donate 1.5 billion meals to neighbors facing food insecurity, months ahead of schedule, and announced a new goal of three billion plates by 2032.

1.5 billion
meals served to hungry neighbors

Offering lower-impact protein

Our European food retail brands announced a consolidated target, aiming for 50% plant-based food sales by 2030.

Q2

Delivering
e-profitability

Ahold Delhaize reached e-commerce profitability on a fully allocated basis, demonstrating the strength and scalability of our omnichannel model.

Leading in climate

Ahold Delhaize was recognized as a leader in climate, achieving an A- climate ranking from the Carbon Disclosure Project (CDP). This was an important reflection of our efforts in support of the transition to a low-carbon economy.

A-
rating from CDP

Creating operational efficiency

Delhaize Belgium opened a new €53 million DC to double its e-commerce capacity – from 25,000 to 50,000 orders per week – and expand its customer reach.

€53 million
invested

Powering service through AI

Maxi Serbia launched MaxiGPT, an AI digital assistant that equips store associates with quick answers to essential daily tasks, making their work smoother and more efficient.

Science-backed climate action

The SBTi validated Ahold Delhaize’s near-term and long-term scope 1, 2 and 3 climate targets.

Q3

Preparing for tomorrow

Ahold Delhaize invested in AI-powered start-ups, Harmonya and Protex, through W23 Global, to advance customer-focused innovation.

Creating state-of-the-art distribution

Ahold Delhaize USA announced plans to build a new, automated DC in North Carolina to deliver fresh and frozen grocery items to Food Lion.

$860 million
to be invested

Empowering associates 

Ahold Delhaize launched Healthy Future Academy, a new learning platform helping associates integrate health and sustainability into their daily work.

Building digital expertise

Our AD/01 tech studio in Bucharest reached a milestone when its team passed the 200 mark, growing to more than 230 associates by the end of the year.

230+
team members at AD/01

Navigating industry headwinds

A new government decree on the limitation of prices was implemented in Serbia, heavily impacting low-margin food retailers, including Delhaize Serbia.

Reimagining the store experience

Food Lion made further progress on its omnichannel remodeling program in North Carolina, launching remodels at 153 stores in Charlotte and starting construction on 92 additional stores in Greensboro. Remodeled locations in Raleigh and Wilmington are already outpacing non-remodeled stores.

Q4

Staying on the cutting edge

Ahold Delhaize USA introduced Edge, a new proprietary retail media ad platform built for grocery retail, to enhance CPG engagement and the omnichannel customer experience.

Advancing toward zero-emission energy

Ahold Delhaize signed another Virtual Power Purchase Agreement (VPPA) in Europe. It brings Ahold Delhaize’s future renewable electricity coverage in Europe to 76%, based on projected consumption across its European brands, helping us move toward green energy use while improving our cost base. This follows the signing of a direct PPA in 2023 and another virtual one in 2024.

Serving omnichannel shoppers better

Ahold Delhaize USA completed the rollout of our proprietary omnichannel platform, PRISM, to help provide a shopping experience that’s simpler, smarter and more seamless.

Celebrating Romanian roots

Mega Image marked 30 years of retail operations in Romania with a campaign celebrating its customers, associates and communities, and offering special rewards and promotions.

30 years
serving customers in Romania
first quarter

Expanding customer reach

Ahold Delhaize completed the acquisition of Profi Rom Food SRL (Profi), doubling our retail footprint in Romania.

Investing in prices

Our Ahold Delhaize USA brands kicked off the first round of price investments toward a total of $1 billion over the next four years – creating value for customers throughout their stores. Giant Food lowered prices on hundreds of own-brand products, and Stop & Shop launched price investments in 40% of its store fleet during the quarter.

Earning recognition

Ahold Delhaize received the 2025 global Leading Employers award, highlighting our progress on our thriving people  strategic priority.

top 1%
of employers globally

Meeting value with values

Ahold Delhaize successfully priced a €500 million eight-year Sustainability-Linked Bond, which was oversubscribed due to great interest. This helps align our funding strategy with our healthy communities & planet agenda.

€500 million
Sustainability-Linked Bond

Feeding neighbours

Food Lion reached its goal to donate 1.5 billion meals to neighbors facing food insecurity, months ahead of schedule, and announced a new goal of three billion plates by 2032.

1.5 billion
meals served to hungry neighbors

Offering lower-impact protein

Our European food retail brands announced a consolidated target, aiming for 50% plant-based food sales by 2030.

second quarter

Delivering
e-profitability

Ahold Delhaize reached e-commerce profitability on a fully allocated basis, demonstrating the strength and scalability of our omnichannel model.

Leading in climate

Ahold Delhaize was recognized as a leader in climate, achieving an A- climate ranking from the Carbon Disclosure Project (CDP). This was an important reflection of our efforts in support of the transition to a low-carbon economy.

A-
rating from CDP

Creating operational efficiency

Delhaize Belgium opened a new €53 million DC to double its e-commerce capacity – from 25,000 to 50,000 orders per week – and expand its customer reach.

€53 million
invested

Powering service through AI

Maxi Serbia launched MaxiGPT, an AI digital assistant that equips store associates with quick answers to essential daily tasks, making their work smoother and more efficient.

Science-backed climate action

The SBTi validated Ahold Delhaize’s near-term and long-term scope 1, 2 and 3 climate targets.

third quarter

Preparing for tomorrow

Ahold Delhaize invested in AI-powered start-ups, Harmonya and Protex, through W23 Global, to advance customer-focused innovation.

Creating state-of-the-art distribution

Ahold Delhaize USA announced plans to build a new, automated DC in North Carolina to deliver fresh and frozen grocery items to Food Lion.

$860 million
to be invested

Empowering associates 

Ahold Delhaize launched Healthy Future Academy, a new learning platform helping associates integrate health and sustainability into their daily work.

Building digital expertise

Our AD/01 tech studio in Bucharest reached a milestone when its team passed the 200 mark, growing to more than 230 associates by the end of the year.

230+
team members at AD/01

Navigating industry headwinds

A new government decree on the limitation of prices was implemented in Serbia, heavily impacting low-margin food retailers, including Delhaize Serbia.

Reimagining the store experience

Food Lion made further progress on its omnichannel remodeling program in North Carolina, launching remodels at 153 stores in Charlotte and starting construction on 92 additional stores in Greensboro. Remodeled locations in Raleigh and Wilmington are already outpacing non-remodeled stores.

fourth quarter

Staying on the cutting edge

Ahold Delhaize USA introduced Edge, a new proprietary retail media ad platform built for grocery retail, to enhance CPG engagement and the omnichannel customer experience.

Advancing toward zero-emission energy

Ahold Delhaize signed another Virtual Power Purchase Agreement (VPPA) in Europe. It brings Ahold Delhaize’s future renewable electricity coverage in Europe to 76%, based on projected consumption across its European brands, helping us move toward green energy use while improving our cost base. This follows the signing of a direct PPA in 2023 and another virtual one in 2024.

Serving omnichannel shoppers better

Ahold Delhaize USA completed the rollout of our proprietary omnichannel platform, PRISM, to help provide a shopping experience that’s simpler, smarter and more seamless.

Celebrating Romanian roots

Mega Image marked 30 years of retail operations in Romania with a campaign celebrating its customers, associates and communities, and offering special rewards and promotions.

30 years
serving customers in Romania

our great local brands

Click on a region to learn more.
a map of the world

United States

The United States is our biggest market. Our brands operate some of the country’s most established, innovative and well-known supermarkets and online grocers, all along the East Coast.

0 +00

stores
2024: 2,017

0 +00

pick-up points
2024: 1,635

our great local brands

Click to explore

Food Lion logo Stop & Shop logo The Giant Company logo Hannaford logo Giant logo

Joint ventures

Our joint ventures, Super Indo in Indonesia and Pingo Doce in Portugal, are among the leading supermarket brands in their respective countries.

our great local brands
Super Indo logo
1997
established
51%
ownership
Pingo Doce logo
1992
established
49%
ownership

Europe

Our leading brands in Europe serve customers through store formats tailored to their needs, including innovative online businesses. While some have been household names for more than a century, they remain ground-breaking and forward-thinking retailers today.

0 +00*

stores
2024: 5,748

0 -00

pick-up points
2024: 276

* Uplift caused by Profi acquisition

our great local brands

Click to explore

Albert Heijn logo Bol logo Etos logo Gall & Gall logo Delhaize logo albert logo Bainonounos logo 1 Ena Food logo Mega Image logo Maxi logo

Joint ventures

Our joint ventures, Super Indo in Indonesia and Pingo Doce in Portugal, are among the leading supermarket brands in their respective countries.

our great local brands
Super Indo logo
1997
established
51%
ownership
Pingo Doce logo
1992
established
49%
ownership
Food Lion logo Stop & Shop logo Hannaford logo The Giant Company logo Giant logo Albert Heijn logo profi logo Delhaize logo Etos logo Albert logo boi. logo Maxi logo Mega Image logo Bainonounos logo Super Indo logo 1 Ena Food logo Gall & Gall logo

United States

The United States is our biggest market. Our brands operate some of the country’s most established, innovative and well-known supermarkets and online grocers, all along the East Coast.

0 +00

stores
2024: 2,017

0 +00

pick-up points
2024: 1,635

our great local brands

Click to explore

Food Lion logo Stop & Shop logo The Giant Company logo Hannaford logo Giant logo

Europe

Our leading brands in Europe serve customers through store formats tailored to their needs, including innovative online businesses. While some have been household names for more than a century, they remain ground-breaking and forward-thinking retailers today.

0 +00*

stores
2024: 5,748

0 -00

pick-up points
2024: 276

* Uplift caused by Profi acquisition

our great local brands

Click to explore

Albert Heijn logo Bol logo Etos logo Gall & Gall logo Delhaize logo albert logo Bainonounos logo 1 Ena Food logo Mega Image logo Maxi logo

Joint ventures

Our joint ventures, Super Indo in Indonesia and Pingo Doce in Portugal, are among the leading supermarket brands in their respective countries.

our great local brands

Click to explore

Super Indo logo
1997
established
51%
ownership
Pingo Doce logo
1992
established
49%
ownership
associates1
384000
customers served every week, both in stores and online
77
 million
great local consumer-facing brands²
17
stores serving local communities in Europe and the United States3
9551
  1. Excluding our joint venture brands’ associates
  2. Excluding joint venture brand with minority stake
  3. Excluding our joint venture brands’ stores
net sales
€
92.4
bn
Hover over chart to reveal
Europe, U.S.
39.3, 53.1
#00C81E,#B2EEBB
false
bn
€
Europe
€39.3bn
U.S.
€53.1bn
online sales
€
10.3
bn
Hover over chart to reveal
Europe, U.S.
5.6,4.6
#00C81E,#B2EEBB
false
bn
€
Europe
€5.6bn
U.S.
€4.6bn

building on our growing together strategy

In 2025, we started executing our Growing Together strategy, focused on consistently delivering value to customers and stakeholders, both now and in the future.
download our growing together strategy section
our purpose
our vision
our values
strategic priorities
our purpose
inspiring everyone to eat and live better, for a healthier future for people and planet
our vision
together, we are your trusted local food retailer
our values
Icon of two people giving each other a high five inside a circle

teamwork

Together we take ownership, collaborate and win.

Icon of two hand shaking inside a circle

integrity

We do the right thing and earn customers’ trust.

Icon of a heart and a hand inside a circle

care

We care for our customers, our colleagues, and our communities.

icon of a star inside a circle

courage

We drive change, are open minded, bold and innovative.

Icon of a winking face inside a circle

humor

We are humble, down-to-earth, and don’t take ourselves too seriously.

strategic priorities

thriving people

We create a caring place to work inspiring growth and collaboration, where everyone is heard, valued and finds purpose in serving our communities.

healthy communities & planet

We accelerate the transition to a healthier and more sustainable food system and create a brighter future for our communities.

vibrant customer experiences

We serve our customers’ life needs through our core, and an expanding ecosystem of integrated products, services, channels and data.

trusted product

We translate our passion for food into healthy, fresh and affordable products that are accessible for our customers.

driving customer innovation

We drive further growth by building profitable complementary businesses and through innovation to support our customers of tomorrow.

portfolio & operational excellence

We use technology and data, we save for our customers every day and we leverage scale to become the most operationally efficient in our industry.

our purpose
inspiring everyone to eat and live better, for a healthier future for people and planet
our vision
together, we are your trusted local food retailer
our values
Icon of two people giving each other a high five inside a circle

teamwork

Together we take ownership, collaborate and win.

Icon of two hand shaking inside a circle

integrity

We do the right thing and earn customers’ trust.

Icon of a heart and a hand inside a circle

care

We care for our customers, our colleagues, and our communities.

icon of a star inside a circle

courage

We drive change, are open minded, bold and innovative.

Icon of a winking face inside a circle

humor

We are humble, down-to-earth, and don’t take ourselves too seriously.

strategic priorities

thriving people

We create a caring place to work inspiring growth and collaboration, where everyone is heard, valued and finds purpose in serving our communities.

healthy communities & planet

We accelerate the transition to a healthier and more sustainable food system and create a brighter future for our communities.

vibrant customer experiences

We serve our customers’ life needs through our core, and an expanding ecosystem of integrated products, services, channels and data.

trusted product

We translate our passion for food into healthy, fresh and affordable products that are accessible for our customers.

driving customer innovation

We drive further growth by building profitable complementary businesses and through innovation to support our customers of tomorrow.

portfolio & operational excellence

We use technology and data, we save for our customers every day and we leverage scale to become the most operationally efficient in our industry.

sustainability

environment
social
governance

Environmental: at a glance

Our ambition

Our business depends on nature’s ability to sustain the land and water systems that farming and the wider food system rely on.

It takes many partners to deliver for our customers, which is why we are working to reduce emissions in our operations and across the value chain.

Working with partners on nature and climate is the only way to build long-term business resilience and deliver meaningful impact. Together, we are exploring new ways to grow, source, transport and sell food – strengthening the food system and supporting healthy, sustainable diets for generations to come.

Two people harvesting green leafy vegetables in a garden with red soil and stone-bordered planting beds.

nature

Key topics: Water and marine resources, biodiversity and ecosystems, pollution and animal welfare

By working with partners across our value chain, we can turn shared challenges into shared progress for the industry. Together, we aim to enhance soil, water and biodiversity – the essential resources that food depends on.

>93%
certification or compliance with our guidance for all seven critical commodities
(compared to >91% in 2024)

climate

Key topics: Climate change mitigation,
energy use, climate adaptation

We are working to reduce emissions within our operations and across the value chain. To support this, we are shifting to renewable energy, lowering costs over time, while helping to sustain the natural systems that underpin food production.

Reach net-zero1 GHG emissions in our own operations by 2040
39.1%
reduction
scope 1 and 2 emissions
(compared to 35.8% in 2024)
Multiple wind turbines spread across a dense green forest under a clear blue sky.

circularity

Key topics: Packaging, waste

We value what goes into every product and take our responsibility seriously: cutting food waste and enabling materials to circulate for as long as possible. By optimizing resources, we minimize costs, lower emissions in our value chain and help eliminate waste and pollution.

50% reduction of total tonnes of food waste per €1 million of food sales against our 2016 baseline by 2030
39.1%
reduction
of total food waste per €1 million of food sales, at constant rates
(compared to 34.6% in 2024)

Social: at a glance

Our ambition

Ahold Delhaize and its great local brands have a social impact within, but also beyond, the boundaries of our offices and our brands’ stores and DCs. Our brands strive to ensure every associate can thrive and aim to drive positive impact by helping customers and associates make healthy, sustainable choices and have access to affordable, high-quality nutritious products.

We also strive to reduce negative impacts, by respecting human rights in our brands’ own operations and across our supply chain. We work across three pillars:

  • Own workforce
  • Labor and human rights across the value chain
  • Customers
Smiling female warehouse worker with headset and gloves standing by a metal cart in a store or distribution center.

own workforce

Key topics: Own workforce

Delivering on our people promise, creating a caring place to work, that inspires growth and collaboration, where everyone is heard and valued and finds purpose in serving our brands’ communities.

79%
associate engagement score
(2024: 78%)

labor & human rights

Key topics: Labor and human rights of workers and communities in the value chain

We believe that our commitment to human rights is foundational to people in our own operations and supply chains.

We strive for all production sites for own-brand products located in high-risk countries to be audited against an Ahold Delhaize-approved social standard.

94%
production sites in high-risk countries audited
(compared to 93% in 2024)
Man harvesting ripe red tomatoes in a greenhouse filled with green tomato plants.

customers

Key topics: Product safety and customers’ health and nutrition

To help people in our brands’ communities live healthier lives, we focus on making healthier food choices accessible, improving food security and maintaining the highest levels of product safety for our brand’ customers.

Our target is to have more than 51.7% healthy own-brand food sales as a proportion of total own-brand food sales by 2025.

52.1%
healthy own-brand food sales out of total own-brand food sales (at constant exchange rates)
(compared to 52.4% in 2024)

Governance

corporate culture

Impact on associates, customers, value chain workers, shareholders, suppliers and broader society through ethical business practices that are defined by policies, training and other initiatives for ethical business conduct and supported by an ethical culture.

Close-up view of cream-colored mushroom gills with delicate, curved ridges.
  1. In the setting of our long-term and net-zero SBTi targets, we are planning to also make use of removals, to the extent permitted by SBTi guidance.
download our sustainability statements

value creation

our value chain

Our impact goes way beyond stores and online. From sourcing to consumption, our brands partner with thousands of global suppliers to deliver products to our DCs. Together, we create a sustainable value chain that offers quality products and empowers 77 million customers each week to make healthier choices for better living.

raw materials

upstream

Our brands source products from producers near and far, who grow and cultivate raw materials or raise livestock for commodity production.

over 180
sourcing countries

production and transport

upstream

Suppliers harvest, assemble, prepare and package the ingredients before products are transported to our brands’ warehouses.

over 15,000
tier 1 suppliers

warehouse and distribution

upstream and own operations

Vendors deliver products to our brands’ DCs.

Our brands prepare products for transport to stores, e-commerce fulfillment centers, HSCs, pick-up points and customers’ homes.

over 80
DCs and HSCs worldwide

retail

own operations

Our well-known local brands serve the needs of 77 million customers each week, providing a leading local food shopping experience in stores and online.

9,551
local stores¹

customer experience

downstream

Our brands serve customers’ life needs through our core food retail business, and an expanding ecosystem of integrated products, services, channels and data.

77 million
customers each week

We draw on key resources across the value chain to enable us to create value for our key stakeholders.

inputs
Natural capital
Human capital
Intellectual capital
Financial capital
  1. Excluding our joint venture brands’ stores

inputs

The resources we need – inputs

Natural capital

Operating our businesses requires natural resources. We focus on responsible sourcing and the efficient use of energy, water and raw materials in order to contribute to the protection of ecosystems.

4,949
total fossil energy consumption (in GWh)
2,428
total non-fossil energy consumption (in GWh)

Human capital

People are at the heart of our business. Brand associates drive the processes and operations that keep everything running smoothly and ensure our brands meet the needs of customers every day.

384,000
associates are employed by our brands worldwide¹
50.5%
female
47.2%
male
2.3%
other
(2024: 51.5% female, 47.9% male, 1.3% other)

Intellectual capital

Intellectual capital comprises the intangible assets, such as data, knowledge and technology, that we leverage to ensure our brands stay ahead of industry trends and deliver smarter solutions for customers and communities.

30 million
loyalty card holders
over 15,000
online learning courses completed through LinkedIn Learning

Financial capital

We maintain a sustainable mix of debt and equity, ensuring a strong financial position that supports growth and resilience.

€500 million
eight-year sustainability-linked bond issued in 2025
€2,564 million
CapEx, including spend on tech and mechanization
  1. Excluding our joint venture brands’ stores

value created

Our customers

Outputs

52.1%
own-brand food sales from healthy products, at constant exchange rates
(2024: 52.4%)
€1.29 billion
Save for Our Customers in 2025
(2024: €1.35 billion)

Outcomes

  • Our brands helped customers make healthier choices.
  • We funded growth in key retail and e-commerce channels by reinvesting in the business.

Our associates

Outputs

Our brands collectively scored:
79%
associate engagement
(2024: 78%)
82%
inclusion score
(2024: 81%)

Outcomes

  • Our brands fostered diverse, engaged and inclusive teams and created a safe place to work.
  • Our brands fairly remunerated our associates in line with job-level and local market norms.

Our communities

Outputs

39.1%
reduction in absolute CO₂-equivalent
scope 1 and 2 emissions in 2025
(vs. 2018 baseline; 2024: 35.8%)
74.9 thousand
tonnes of food donated
(2024: 74.8 thousand tonnes)

Outcomes

  • We contributed to reducing our environmental footprint and waste.
  • Our brands provided food to those in need.

Our shareholders

Outputs

€1.24
per share dividends for 2025
(2024: €1.17)
€1 billion
share buyback program
(2024: €1 billion)

Outcomes

  • We ensured sustainable returns to shareholders.
  • We maintained a strong financial position.
download our value creation model

financial statements and sustainability notes

To read our financial statements and sustainability notes, download the section here. Visit the Ahold Delhaize Investors page for more financial information and all documentation related to our Annual Report 2025.

download financial statements and sustainability notes
visit investors page