Slides
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3 results Q3 2025 November 5, 2025 welcome
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cautionary notice This communication includes forward-looking statements. All statements other than statements of historical facts may be forward-looking 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. Ahold Delhaize – Q3 20252
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welcome Q3 2025 Ahold Delhaize – Q3 20253
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speakers Frans Muller President & Chief Executive Officer JP O’Meara SVP Investor Relations Jolanda Poots-Bijl Chief Financial Officer 4 Ahold Delhaize – Q3 2025
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• Through our family of great local brands, we have a strong understanding of what matters most to our customers. By making investments in pricing, expanding own-brand assortments and enhancing personalized loyalty programs, we deliver great value and trusted quality. Our focus on healthy and convenient options is especially important amid continued pressure on household budgets. Playing our role in local communities is deeply engrained in our culture and our brands' equity, and is an important differentiator in driving sustainable, long-term omnichannel growth. • Q3 net sales were €22.5 billion, up 6.1% at constant exchange rates and up 2.2% at actual exchange rates. Net sales were positively impacted by 3.6 percentage points at constant exchange rates from the acquisition of Profi and negatively impacted by 0.7 percentage points from the closure of Stop & Shop stores in the prior year and the cessation of tobacco sales in Belgium. • Q3 comparable sales excluding gasoline increased by 2.9%, up 2.9% in the U.S. and 2.8% in Europe. Comparable sales excluding gasoline were negatively impacted by 0.2 percentage points in the U.S. due to weather. The cessation of tobacco sales led to a negative impact of 0.6 percentage points in Europe. • Our brands' customers appreciate the convenience, assortments and personalization offered by our omnichannel shopping experiences, including the addition of new AI features. Ahold Delhaize's online sales increased by 12.2% in Q3 at constant exchange rates and 9.1% at actual exchange rates. This was driven by double-digit growth in online grocery in both regions and a strong performance at bol. • Q3 underlying operating margin was 4.1%, an increase of 0.3 percentage points at constant exchange rates. Strong performance in the U.S., which included 0.2 percentage points benefit from non-recurring items, more than offset the impact of the first-time consolidation of Profi and strategic U.S. price investments to accelerate growth. • Q3 IFRS operating income was €902 million and IFRS-diluted earnings per share (EPS) was €0.65. IFRS operating income was €31 million lower than underlying operating income. • Q3 diluted underlying EPS was €0.67, an increase of 8.7% compared to the prior year at actual exchange rates. • 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 exchange rates are subject to dollar volatility. • Ahold Delhaize announces a €1 billion share buyback program to start at the beginning of 2026. 5 Ahold Delhaize reports strong Q3 performance; 2025 outlook reconfirmed Ahold Delhaize – Q3 2025 3
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quarterly performance Q3 2025 Ahold Delhaize – Q3 20256 Frans Muller
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7 Ahold Delhaize – Q3 2025
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resilience cultureflexibility Ahold Delhaize – Q3 20258
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leaning into own-brand opportunities • Grew own-brand penetration at all brands • Identified further opportunities through cross functional and cross regional review • Sustaining momentum in the U.S., strengthening competitiveness in Europe 9 Ahold Delhaize – Q3 2025
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offering healthy food within customers’ budgets • Partnering with Circana to expand accessibility of Guiding Stars nutritional rating system in the U.S. • Supporting families returning to busy school schedules with fruits and vegetable snacks at Delhaize • Encouraging healthy eating among children through “Healthy Food Every Day” school program at Maxi Serbia 10 Ahold Delhaize – Q3 2025
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11 Ahold Delhaize – Q3 2025
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Food Lion well-positioned to capture growth • Launch of omnichannel remodels at 153 stores in Charlotte market • Construction of 92 stores in Greensboro market is underway • Remodeled Raleigh and Wilmington markets outpacing non-remodeled stores achieved 52nd consecutive quarter of same-store sales growth Ahold Delhaize – Q3 202512
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Europe increasing customer reach • Albert Heijn opened 85th store in Belgium • Delhaize announced 8 new stores to be opened early 2026 • Profi continues to expand footprint, intending to ramp up in next three years Ahold Delhaize – Q3 202513
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innovation at the core of our organization Albert Heijn’s generative AI Steijn empowering customers adding over 1 million Square feet of DC space in Burlington, NC retail media platform Edge scaled to the U.S. Ahold Delhaize – Q3 202514
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doing the right things to deliver a strong holiday experience 15 Ahold Delhaize – Q3 2025
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financial highlights Q3 2025 Ahold Delhaize – Q3 202516 Jolanda Poots-Bijl
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third quarter results 2025 underlying results underlying income from continuing operations1 €608m vs LY constant rates +9.7% online sales €2.4bn vs LY constant rates +12.2% net sales €22.5bn vs LY constant rates +6.1% underlying operating margin 1 4.1% vs LY constant rates +0.3 pts diluted underlying EPS1 €0.67 vs LY actual rates +8.7% comparable sales growth excl. gas +2.9% U.S. +2.9%, EU +2.8% €933m vs LY constant rates +13.4% underlying operating income 1 1. Adjusted for impairments of non-current assets, gains and losses on the sale of assets and leases/subleases, restructuring and related charges and other items considered not to be directly related to the underlying operating performance Ahold Delhaize – Q3 202517
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third quarter results 2025 IFRS-reported results income from continuing operations €584m vs LY actual rates +57.1% online sales €2.4bn vs LY actual rates +9.1% net sales €22.5bn vs LY actual rates +2.2% €902m vs LY actual rates +54.7% operating income diluted EPS €0.65 vs LY actual rates +61.7% Ahold Delhaize – Q3 202518 operating margin 4.0% vs LY actual rates +1.4 pts €31m lower than underlying results, largely due to costs associated with: • impairment charges on operating stores in the U.S. • adjustment on the losses related to affiliation in Belgium
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comparable sales growth trends by region ex. Gas Actuals excluding gas Ex weather/calendar/other U.S. Q3 +2.9% Europe Q3 +2.8% Q3 group comparable sales growth excl. gas +2.9% Ahold Delhaize – Q3 202519 1.2% 1.4% 3.1% 3.4% 2.9% 0.8% 1.2% 2.6% 2.6% 3.1% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 1.6% 1.2% 3.7% 4.9% 2.8% 4.9% 4.7% 4.8% 5.8% 3.4% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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US Q3 2025 highlights 1. At constant rates expanding brand strength and densifying our markets Stop & Shop launched new ‘Good Things Are in Store’ campaign to reinforce value and build customer trust Food Lion achieved over 25% growth in eCommerce The GIANT Company introduced new ‘Save Bigger’ campaign aimed at strengthening price perception Hannaford launched 200th school pantry, expanding food access for students in need Own Brandnet sales €12.9bn +1.9% vs LY at constant rates online sales growth 15.4% vs. LY at constant rates underlying operating margin 4.6% +0.4 pts vs. LY positive sales and unit growth for 10 th consecutive quarter 20 Ahold Delhaize – Q3 2025
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EU&I Q3 2025 highlights 1. At constant rates net sales €9.6bn +12.4% vs. LY at constant rates online sales growth 9.7% vs. LY at constant rates underlying operating margin 3.9% +0.0 pts vs LY high focus on value to sustain and grow competitive positions bol renovating its fresh produce section with a focus on more convenient and ready-made meals Delhaize introduced a new Sport & Health range to meet the growing demand for products that support a healthy lifestyle Price Favorites all brands have a minimum 900 Price Favorite products across their assortments Albert Heijn launched branded shelves, a net self-service advertising product for partners and suppliers Alfa Beta simplified loyalty point structure, allowing redemptions from just one point saved, increasing value experience Ahold Delhaize – Q3 202521
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22 Ahold Delhaize – Q3 2025
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Q3 free cash flow bridge FCF Q3 2025 vs Last Year (in €m) Ahold Delhaize – Q3 202523 FCF Q3 2025 YTD vs Last Year (in €m) Q3 YTD free cash flow bridge 536 -68 107 2 28 -63 -120 -33 389 FCF Q3 2024 Changes in working capital Other operating cash flow Dividends from joint ventures Income taxes paid Net investments Net Lease Repayments Net interest paid FCF Q3 2025 1,290 68 257 7 58 -308 -176 -90 1,104 FCF Q3 2024 YTD Changes in working capital Other operating cash flow Dividends from joint ventures Income taxes paid Net investments Net Lease Repayments Net interest paid FCF Q3 2025 YTD
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improving public health while maintaining flavor, quality and convenience collaborating with suppliers across our value chain to implement initiatives maintaining MSCI AA-rating and Sustainalytics Low Risk rating equipping associates to integrate health & sustainability in daily work Ahold Delhaize – Q3 202524
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outlook 2025 year-over- year growth in dividend per share2,3 at least €1.25 billion save for our customersmid-to high-single digit growth underlying EPS1 at least €2.2 billion free cash flow underlying operating margin around 4.0% €1 billion share buyback3 around €2.7 billion gross capital expenditures 1. Based on an average euro/U.S. dollar exchange rate for 2025 of 1.10 2. Calculated as a percentage of underlying income from continuing operations 3. 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. Additionally, the programs may be adjusted in response to corporate activities, including significant mergers and acquisitions. Ahold Delhaize – Q3 202525
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resilience cultureflexibility Ahold Delhaize – Q3 202526
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Q&A
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thank you Ahold Delhaize - Q2 202428
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calendar Q3 2025 Ahold Delhaize – Q3 202529
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corporate calendar rolling 12 months Ahold Delhaize – Q3 202530 Q3 2026 Q2 2026 Q1 2026 Q4 2025 November 5 Results Q3 2025 April 8 Annual General Meeting of Shareholders February 11 Results Q4 & FY 2025 May 6 Results Q1 2026 August 5 Results Q2 2026 February 25 Annual Report publication 2025