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Q2 2026 results welcome August 5 , 2026 Ahold Delhaize 2
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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; disruption from developments in artificial intelligence or inability to realize related benefits; the impact of adverse publicity or operational disruption related to activism or negative media coverage; 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 – Q2 20262
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welcome Q2 2026 Ahold Delhaize – Q2 20263 New picture needed
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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 – Q2 2026
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• Anchored by the strong execution of our Growing Together strategy, we delivered a resilient performance in the second quarter. Through disciplined investments in our customer value propositions, innovation and growth, combined with strong cost management, we strengthened our market positions and gained share across our major markets and brands in an uncertain macroeconomic environment. • Q2 net sales were €23.2 billion, up 1.9% at constant exchange rates and up 0.3% at actual exchange rates. • Q2 comparable sales excluding gasoline increased 0.8% in the U.S. They were negatively impacted by 0.1 percentage points due to calendar shifts and 0.7 percentage points due to pharmacy pricing related to the Inflation Reduction Act. Deflation in egg prices and lower Supplementary Nutrition Assistance Program (SNAP) benefits from program changes had a negative impact of 0.9 percentage points. • Q2 comparable sales excluding gasoline increased 1.7% in Europe. Calendar shifts had a negative impact of 0.1 percentage points. • Ahold Delhaize's online sales increased 8.6% in Q2 at constant exchange rates and 7.3% at actual exchange rates. This was driven by strong growth of 14.5% at constant exchange rates in the U.S., where customers continue to appreciate the convenience, assortments and personalization offered by our online shopping experiences, supported by our strong omnichannel model. • Q2 underlying operating margin was 3.9%, a decrease of 0.1 percentage points at constant exchange rates. Improvements in Europe were more than offset by a modest decline in the U.S. • Q2 diluted underlying earnings per share (EPS) was €0.63, a decrease of 1.4% compared to the prior year at constant exchange rates. • Q2 IFRS operating income was €866 million and IFRS-diluted EPS from continuing operations was €0.60. • The 2026 interim dividend is €0.51 (2025: €0.51), based on the Group's dividend policy. • The Company reiterates its 2026 outlook (53 weeks): underlying operating margin of around 4%; mid-to high-single- digit diluted underlying EPS growth at constant exchange rates; free cash flow of at least €2.3 billion; and gross cash capital expenditures of around €2.7 billion. 5 Ahold Delhaize reports resilient Q2 results and reiterates guidance for the year Ahold Delhaize – Q2 2026
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quarterly performance Q2 2026 Ahold Delhaize – Q2 20266 Frans Muller New picture needed
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7 Ahold Delhaize – Q2 2026
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simplifying lives with tech, data and AI investing with discipline to strengthen our brands earning trust through value, quality and convenience Ahold Delhaize – Q2 20268
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9 Ahold Delhaize – Q2 2026
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meeting changing customer needs through own-brand own-brand penetration exceeded 40% at group level Ahold Delhaize – Q2 2026 10 Stop & Shop lowered prices across 137 stores in NY and NJ Albert Heijn lowered prices on >500 popular price favorites
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data, technology and AI as enablers for making life simpler Ahold Delhaize – Q2 202611 lens 1: re-imagining business domains lens 2: optimizing existing processes & systems lens 3: democratizing AI tools for all associates
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investing with discipline to strengthen omnichannel ecosystems Ahold Delhaize – Q2 202612
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13 Ahold Delhaize – Q2 2026
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financial highlights Q2 2026 Ahold Delhaize – Q2 202614 Jolanda Poots-Bijl
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second quarter results 2026 underlying results underlying income from continuing operations1 €558m vs LY constant rates (4.5%) online sales €2.7bn vs LY constant rates +8.6% net sales €23.2bn vs LY constant rates +1.9% underlying operating margin 1 3.9% vs LY constant rates (0.1) pts diluted underlying EPS1 €0.63 vs LY constant rates (1.4)% comparable sales growth excl. gas +1.2% U.S. +0.8% EU +1.7% €906m vs LY constant rates +0.3% 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 – Q2 202615
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second quarter results 2026 IFRS-reported results income from continuing operations €526m vs LY actual rates (4.2%) online sales €2.7bn vs LY actual rates +7.3% net sales €23.2bn vs LY actual rates +0.3% €866m vs LY actual rates +0.6% operating income diluted EPS from continuing operations €0.60 vs LY actual rates (1.1%) Ahold Delhaize – Q2 202616 operating margin 3.7% vs LY actual rates +0.0 pts €41m lower than underlying results, largely due to: • impairment charges on operating stores in the U.S.
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comparable sales growth trends by region Ex. Gas U.S. Q2 +0.8% Europe Q2 +1.7% Q2 group comparable sales growth excl. gas +1.2% Ahold Delhaize – Q2 202617 3.4% 2.9% 2.7% 1.5% 0.8% 2.6% 3.1% 2.9% 1.8% 1.6% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Actuals excluding gas Ex weather/calendar/other1 1. Includes the impact from pharmacy prices related to the Inflation Reduction Act in the U.S. and the cessation of tobacco sales in the Netherlands and Belgium 4.9% 2.8% 2.4% 2.6% 1.7% 5.8% 3.4% 2.9% 2.7% 1.8% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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US Q2 2026 highlights 1. At constant rates winning market share by offering the best quality & value ADUSA gaining market share across 4 out of 5 brands Food Lion 55th consecutive quarter of positive comparable sales growth and over 20% online growth Hannaford offering 3,500 key value items in its own-brand assortment at parity with leading competitors Online marking the 9th consecutive quarter of double-digit growth Own Brandnet sales €13.0bn +1.4% vs LY at constant rates online sales growth 14.5% vs. LY at constant rates underlying operating margin 4.2% (0.2 pts) vs. LY getting ready for the back-to-school period with new own brand kids lunch items 18 Ahold Delhaize – Q2 2026
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EU&I Q2 2026 highlights 1. At constant rates net sales €10.2bn +2.6% vs. LY at constant rates online sales growth 3.8% vs. LY at constant rates underlying operating margin 3.9% +0.1 pts vs LY strengthening our positions through disciplined execution bol launched a range of healthy, own-brand high fiber products, responding to the latest health trends Albert delivered its 38th consecutive quarter of comparable sales growth (excl calendar shifts) Delhaize expanded their ‘collect’ network to 178 locations with the ambition for national coverage by 2028 Albert Heijn reinforced loyalty as a key differentiator through their successful campaign: “effe bollen” Maxi introduced hundreds of high-quality affordable products under its new 'Price Favorites' label Ahold Delhaize – Q2 202619
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-303 -36 -1 -52 3 11 -36 302 715 FCF H1 2025 Changes in working capital Other operating cash flow Dividends from joint ventures Income taxes paid Net investments Net Lease Repayments Net interest paid FCF H1 2026 Q2 free cash flow bridge FCF Q2 2025 vs Last Year (in €m) Ahold Delhaize – Q2 202620 H1 free cash flow bridge FCF H1 2026 vs Last Year (in €m) Primarily the result of calendar and seasonal phasing between the quarters and year over year 227 -34 0 -45 -10 -14 -8 632 517 FCF Q2 2025 Changes in working capital Other operating cash flow Dividends from joint ventures Income taxes paid Net investments Net Lease Repayments Net interest paid FCF Q2 2026
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making healthier options more accessible and affordable 21 Ahold Delhaize – Q2 2026
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outlook 2026 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 €2.3 billion free cash flow underlying operating margin around 4.0% €1 billion share buyback2 around €2.7 billion gross capital expenditures 2026 is a 53-week calendar year 1. Based on constant rates 2. 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 3. Our dividend policy is to target a dividend payout ratio range of 40-50% Ahold Delhaize – Q2 202622
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Q&A
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thank you Ahold Delhaize - Q2 202425
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calendar Q2 2026 Ahold Delhaize – Q2 202626
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corporate calendar rolling 12 months Ahold Delhaize – Q2 202627 Q2 2027 Q1 2027 Q4 2026 November 4 Results Q3 2026 April 14 Annual General Meeting of Shareholders Q3 2026 August 5 Results Q2 2026 February 10 Results Q4 & FY 2026 May 5 Results Q1 2027