Netherlands' Ahold Delhaize Q2 revenue rises 1.9% at constant rates

Koninklijke Ahold Delhaize

05/08/2026 06:44

Overview
Netherlands food retailer's Q2 revenue rose 1.9% at constant rates amid challenging markets
Q2 underlying EPS fell 1.4% yr/yr and operating margin dipped to 3.9%
Company reiterates 2026 outlook and continues share buybacks

Outlook
Ahold Delhaize reiterates 2026 outlook for underlying operating margin of around 4%
Company expects mid- to high-single-digit diluted underlying EPS growth at constant exchange rates
Ahold Delhaize sees 2026 free cash flow of at least €2.3 bln and capex of around €2.7 bln

Result Drivers
ONLINE SALES GROWTH - Co said group online sales rose 8.6% at constant rates, led by 14.5% growth in the U.S., driven by customer demand for convenience and omnichannel offerings
PRICE INVESTMENTS AND VALUE INITIATIVES - Co said targeted price reductions and value-focused own-brand offerings supported market share gains and customer loyalty, but weighed on U.S. margins
NEGATIVE IMPACTS FROM PHARMACY PRICING AND EGG DEFLATION - Co said lower pharmacy prices due to the Inflation Reduction Act, egg price deflation, and reduced SNAP benefits negatively affected U.S. comparable sales

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
EUR 23.20 bln
 
Q2 Adjusted EPS
 
EUR 0.63
 
Q2 Adjusted EBIT Margin
 
3.90%
 
Q2 EBIT
 
EUR 866 mln
 
Q2 EBIT Margin
 
3.70%
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 9 "hold" and 3 "sell" or "strong sell"
The average consensus recommendation for the food retail & distribution peer group is "buy."
Wall Street's median 12-month price target for Koninklijke Ahold Delhaize N.V. is €40.00, about 16.3% above its August 4 closing price of €34.39
The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 14 three months ago

Reuters Recommended Reads
Aug 4 - Weis Markets Q2 profit falls as pharmacy pricing headwinds weigh
Aug 4 - ADM lifts 2026 profit forecast on strong margins, favorable biofuels outlook
Aug 3 - Tyson Foods cuts profit forecast as tight US cattle supplies hurt beef business

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)