Good morning. We are Ahold Delhaize. We operate in nine countries on three continents. We have 17 brands and well over 9,400 stores. Every day, 393,000 people work hard to serve over 72 million customers per week. You could say that we're a big company, yet we put all our efforts into being small. When you're small, you are a part of your local community. You can customize stores on a local level. When you're small, you can connect with the people you work with. Small. What does it mean? Small means that we take the best local innovations and share them across the world. From being the first to bring the barcode from the U.S. to the Netherlands in the 1970s, introducing AI solutions to predict shelf life and limit food waste, to being open for everyone and sharing values, a passion for serving customers, and a love for peanut butter, just not always with jelly. Okay, let's continue. Small means understanding our responsibility to provide access to essential products. It's about realizing that everything that happens in society affects us, our stores, and our customers. That works both ways. With every small step we take, we make giant leaps, helping customers to make better choices by gradually reducing salt, sugar, and fat from products, encouraging healthier and more sustainable shopping baskets, and working together with suppliers and farmers towards a more sustainable food system. Together, we inspire everyone to eat and live better for a healthier future for people and planet. [Break] Ladies and gentlemen, good morning and welcome to the analyst conference call on the second quarter 2026 results of Ahold Delhaize. Please note that this call is being webcast and recorded. During this call, Ahold Delhaize anticipates making projections and forward-looking statements. All statements other than statements of historical facts may be forward-looking statements. Forward-looking statements are subject to risks, uncertainties, and other factors that are difficult to predict, and they may cause our actual results to differ materially from future results expressed or implied by such forward-looking statements. You should not place undue reliance on any of these forward-looking statements. The introduction will be followed by a Q&A session. Any views expressed by those asking questions are not necessarily the views of Ahold Delhaize. At this time, I would like to hand the call over to J.P. O'Meara, Senior Vice President, Head of Investor Relations. Please go ahead, J.P. Thank you very much, Sharon. Welcome back. We missed you last quarter. Good morning to everyone joining us today. I'm delighted to welcome you to our Q2 2026 results conference call. On today's call are Frans Muller, our President and CEO, and Jolanda Poots-Bijl, our CFO. After a brief presentation, we would open the call for questions. In case you haven't seen it, the earnings release and the accompanying presentation slides can be accessed through the investor section of our website, aholddelhaize.com, which also provides extra disclosures and details for your convenience. To ensure everyone has the opportunity to get their questions answered today, I ask that you initially limit yourself to two questions and not four two-part questions to make sure everybody on the call will have sufficient time. If you have further questions, feel free to reenter the queue. To ensure ease of speaking, all growth rates mentioned in today's prepared remarks will be at constant exchange rates unless otherwise stated. With that, Frans, over to you. Thank you very much, J.P., good morning, everyone. I'm pleased to report that we delivered a resilient second quarter. We executed well against our Growing Together strategy, gained market share, and are reiterating our full year guidance in a softer macroeconomic environment. Before I discuss the quarter in more detail, I would like to reflect on an important milestone. This summer marks the 10th anniversary of the merger between Ahold and Delhaize Group. What began as a belief that strong local brands could become even stronger, through international scale, has become a proven model for profitable growth and market share expansion. Ten years on, we operate from a position of strength with clear priorities and significant opportunities ahead. Challenging markets provide the clearest test of a business. When households are under pressure and competition for every shopping trip remains intense, the strength of your brands, the relevance of your proposition, and the trust you have earned become even more important. Relative market share is one of the clearest measures of whether customers continue to recognize the value you create. Market share is earned and not given. Our first half performance is a proof point that our Growing Together strategy is working. It also reinforces how we are steering the business in this difficult environment First, we stay close to our customers and earn their trust every day through value, quality, and convenience. That means strengthening our Own Brand proposition, investing in price where it matters most, and using customer insights to respond thoughtfully and quickly as needs evolve. Second, we make life simpler for our associates. We are investing in technology, data, and AI to reduce complexity, improve decisions, and give our teams better tools. The objective is straightforward: enable our associates to work more effectively and spend more time serving customers. Third, we invest with discipline. Strong cash flow generation gives us the freedom to strengthen our brands, build future capabilities, and maintain the financial resilience to invest throughout the cycle. Discipline does not reduce our ambition. It just enables it. Steering our business in this way reflects both the simple and the complex part of retail. We need to run great stores, provide compelling value, keep products available, and serve customers well every day. At the same time, we must modernize our technology, scale omnichannel capabilities, and prepare our business for the next generation of retail. We are determined to do both exceptionally well. Let me bring each of these to life in a little bit more detail. It all starts with the customer. Every decision we make is guided by how we can deliver greater value, better choices, and more convenient experiences in customers' daily lives. Every week, millions of loyalty interactions help our brands understand customers in real time. Combined with data and AI, these insights enable us to personalize experiences, make better decisions, and strengthen the connection between our local brands and the communities they serve. That local intimacy, strengthened by the scale and capabilities of the group, enables our brands to tailor assortments, sharpen their value proposition, and respond effectively as customers' needs change. This is how trust is built, through many special and small decisions and experiences delivered consistently every day. One of the most important drivers of this is through our Own Brand assortment. In the quarter, Own Brand food penetration increased by 0.7 percentage points. This marks an important milestone, with group penetration now exceeding 40%. We are particularly pleased with the continued progress across our U.S. brands, supported by the successful launch of our 200 new Own Brand items across 25 center store categories and selected fresh categories as well, including tomatoes and packaged salads. As our brands prepare for the back-to-school season, they are expanding the assortment with new children's lunch products, helping parents manage the demands of a busy time of the year. Own Brands is most powerful when combined with meaningful and sustained price investment. Our brands are being precise about where price distance matters most and where investment can make the greatest difference to customers. A few examples include, for example, Stop & Shop lowered everyday prices across all 137 stores in New York and New Jersey. All Stop & Shop locations now have the price investments in place. Hannaford has priced more than 3,500 key value items in its Own Brand assortment at parity with leading competitors. Ahold Delhaize lowered prices on more than 500 popular Price Favorites to further strengthen its value proposition. In Serbia, Maxi now offers over 600 high-quality affordable products under its new Price Favorites label. Across our business, by providing smarter tools and simpler ways of working, our teams are focused on making life simpler for associates so they can spend more of their time serving customers and innovation. Data technology and AI are important enablers. We are investing where it can improve decisions, remove friction, strengthen productivity, and create new opportunities at scale. We approach AI through three clear lenses: reimagining business domains, optimizing existing processes and systems, and democratizing AI tools for all of our associates. After proving results with over 120 AI use cases, we are moving to the next level of maturity. We're now looking at end-to-end transformation across sourcing and merchandising, marketing, store operation, and Agentic Shopping. In sourcing and merchandising, Ahold Delhaize is helping shape a future in which agents support better and faster decisions, helping teams get the right products onto the shelves at the right price points. In marketing, bol has launched campaigns featuring AI-generated models, and this illustrates how AI can shift the role of marketeers from producing every element of content to directing the process, setting context and guardrails, and providing human oversight. In agentic shopping, we are developing our own autonomous shopping agents while optimizing our interfaces with external AI agents so that our products can be found and purchased easily through third-party AI assistants. These are sophisticated capabilities, and we are approaching them thoughtfully. That means testing, learning, and scaling what works with clear governance and human accountability. In parallel, we are modernizing and harmonizing our retail technology backbone. This creates the foundation for the next generation of AI-enabled capabilities and will allow us to deploy improved retail performance solutions at scale. Let me now turn to how we are investing with discipline to strengthen our brands and their omnichannel ecosystems, where online continues to show stronger customer appreciation and further growth opportunity. At the heart of this opportunity is convenience, which remains a primary driver of online grocery adoption and retention. Convenience is not one thing. It's created through time saved, digital ease, and assortment quality and reliability. First, convenience means saving customers time, and whether they choose Click & Collect or delivery, same day or next day, or even same hour, our brands are making it easier to fit grocery shopping into day-to-day life with flexible solutions that reduce friction and support repeat engagement. In the U.S., nearly half of online sales come from Click & Collect, which continues to grow at a healthy pace. To meet demand, our teams are using data and PRISM analytical functionality to increase capacity and more effectively allocate labor. In high volume stores, we are introducing dedicated order picking space, reducing disruption for in-store customers while improving efficiency and capacity. At Delhaize in Belgium, collect is the fastest growing channel, with growth of over 20% this year. Last year, Delhaize made collect easier and more affordable by removing fees for in-store pickup. With online penetration still offering substantial room for growth, we are now expanding the network with the ambition of rolling out to all stores by 2028. Second, we are making the shopping journey simpler and more seamless, and this includes digital and Agentic AI functionality that helps customers plan and complete their shopping. In the coming quarter, Stop & Shop and The Giant Company will pilot AI-powered functionality that connects recipes with ingredients, enabling customers to find meal inspiration, personalized options based on preference and purchase history, and add ingredients directly to their baskets. Albert Heijn is adding functionality to My Albert Heijn app focused on social and Agentic Shopping, enabling customers to discover recipes through Instagram and TikTok and turn them into shopping lists. To wrap up, I'm pleased by the progress we are making with our investments and our strategy execution. Even more so, I'm proud about our teams, how they are anticipating and responding to the environment we are operating in. We are clear about our strength and determined to use this backdrop to create opportunities to ensure our relative pace of growth stays strong. With that, over you to Jolanda to discuss the financials. Thank you, Frans, and good morning to everyone. As Frans shared, we are navigating a demanding environment from a position of strength. I'm encouraged by our performance in the quarter. Our volumes are resilient, and we are winning share in most of our major markets. Energy and utility costs continue to affect household budgets and operating expenses across the value chain. At the same time, competition for every shopping trip remains high, with retailers continuing to invest in price and promotions. Our response is calm, focused, and disciplined. Two years into Growing Together, we are seeing our growth model mature with many of the actions we identified to strengthen competitiveness, now delivering tangible results. Let's have a look at the key underlying results for the quarter shown on slide 15. Net sales grew 1.9% to EUR 23.2 billion, and we were negatively impacted by 10 basis points from calendar shifts. Underlying operating margin was 3.9%, a decrease of 10 basis points. Improvements in Europe were offset by a modest decline in the U.S. Diluted underlying earnings per share was EUR 0.63, down 1.4% at constant rates, primarily due to higher financial expenses. Slide 16 shows our results on an IFRS reported basis for Q2. These were EUR 41 million lower than our underlying results, mainly related to impairment charges on operating stores in the U.S., the sale of investment properties, and lease terminations. For your convenience, slide 17 provides our comparable store sales trends with and without adjustments for calendar and other notable items. Turning to our regional performance, U.S. net sales were EUR 13 billion. Comparable sales excluding gas increased 0.8%. Topline performance was negatively impacted by a mix of factors: calendar shifts of 10 basis points, pharmacy sales impacted by the Inflation Reduction Act, resulting in 70 basis points, deflation in ag prices of 50 basis points, and a reduction in SNAP benefits from eligibility changes of 40 basis points. Together, these factors reduced our growth rate by 1.7 percentage points. In the second half of the year, we expect to see a similar impact in pharmacy and a lower impact from deflation in egg prices as we cycle last year's price spike. For SNAP, we expect some minor variability between the quarters due to the complexity of the program and the timing of benefits. For the full year, we expect an impact of around 60 to 80 basis points. Underneath these factors, our competitive position remains strong. We gained market share across most of our U.S. brands, demonstrating the resilience of our growth model and the relevance of our customer propositions. Underlying operating margin in the U.S. was 4.2%, down 20 basis points. A favorable mix in pharmacy was offset by price investments, higher utility costs, and the absorption of indirect costs from higher energy prices. Our U.S. omni-channel strategy remains an important driver of growth and a source of differentiation. Online sales increased by 14.5% in the quarter, with Food Lion growing by over 20%. This demonstrates the strength of our omni-channel model in expanding reach, improving convenience, and attracting new customers into our ecosystem. We also continue to strengthen the local market positions at the heart of our growth model. Our U.S. remodel program is delivering encouraging results, with completed projects consistently performing above baseline expectations. At Food Lion, we are currently remodeling 93 stores in the Greensboro market, with launches planned for the end of the year. Preparations are already underway for the next round of remodels in the Richmond and Roanoke markets. Turning now to Europe. Sales were EUR 10.2 billion. Comparable sales increased 1.8%, excluding the impact of calendar shifts. Underlying operating margin in Europe was 3.9%, up 10 basis points. The realization of synergies in Romania, lower turnover tax rate, or IMCA, and labor productivity improvements were partially offset by lower performance in Serbia versus last year, following the government decree on grocery pricing and by the absorption of indirect costs from higher energy prices. In Belgium, we are building on encouraging momentum, supported by strong operational discipline and the continued success of our localization and franchising strategy. Since the beginning of the year, we have strengthened our position by opening up seven new Delhaize stores and two Albert Heijn stores and by adding 300 convenience store locations through the Delfood acquisition. We've also continued to enhance the customer proposition. The successful Little Lions campaigns are delivering tangible improvements in price perception. Both Albert Heijn and Delhaize continue to gain market share in Belgium, reflecting the strength of their complementary propositions and the trust that customer place in the brands. At bol, performance was solid, affected by the comparison with a strong prior year and by continued consumer pressure, which contributed to downtrading in parts of the assortment. In a highly competitive market and evolving online shopping behavior, bol remains focused on strengthening its platform through productivity initiatives, enhanced advertising monetization, and the thoughtful deployment of AI. Customer loyalty remains an important differentiator, reinforced by the successful As a boller campaign, which stresses both the convenience and trustworthiness of bol. Moving on to free cash flow. Q2 free cash flow was EUR 632 million. Year to date, free cash flow was EUR 302 million, which is EUR 430 million lower than last year. The year-on-year movement was driven by net working capital, reflecting calendar effects and seasonal phasing related to the strong year-end in 2025. This is largely a matter of timing, and our full year 2026 guidance remains unchanged. Our strong cash generation over time gives us the capacity to invest in customers, associates, stores, technology, and future capabilities while maintaining disciplined shareholding returns. We remain thoughtful about capital allocation and are focused on converting performance into cash. I would also like to highlight the progress we're making toward our ambition to increase healthy food sales. Our brands are committed to make healthier and more sustainable choices affordable and accessible, helping customers and communities make positive choices and live healthier lives. A good example is Delhaize's expansion of the SuperPlus loyalty program through SuperPlus Families. For only EUR 1 a month, SuperPlus Families combines structural benefits on a wider range of healthy and plant-based own-branded products with volume discounts on family purchases. Recent customer research indicates that 60% of SuperPlus customers say the program helps them to live healthier lives. At Albert Heijn, product reformulations, the launch of new healthy snacks, and a new product line focused entirely on fiber contributed to steady year-on-year improvements in healthy food sales. In the U.S., our brands continue to respond to healthy eating trends, including strong growth in yogurt and high-protein products. Our brands are at the heart of their communities. Health is therefore not a separate agenda, it's part of how we build a relevant customer proposition and support the long-term wellbeing of the communities we serve. This brings me to our outlook. Our teams delivered a resilient first half of the year, and our performance so far in the third quarter is demonstrating the same level of resilience. We therefore reiterate our full-year guidance, which this year is based on a 53-week basis. Underlying operating margin of around 4%, free cash flow of at least EUR 2.3 billion, gross capital expenditures of around EUR 2.7 billion, and diluted underlying earnings per share growth at mid to high single digit based on a constant exchange rate. As we look to the coming months, we expect the operating environment to remain dynamic and demanding. Households are value-conscious. Volumes are subdued in several of our markets, and there's plenty of competition for every shopping trip. These conditions sharpen our focus. They make it even more important to stay close to our customers, act decisively, and direct our investment to the areas that visibly strengthen our competitive position. Our brands are well prepared as we enter the back-to-school and holiday periods with relevant campaigns, strong assortments, and compelling value supported by targeted price investments and increasingly convenient omni-channel propositions. At the same time, we remain disciplined on the fundamentals: running great stores, improving productivity, managing cash and capital carefully, and executing consistently. That balance, supporting customers today while investing in future capabilities to drive growth, is central in our strategy. With clear priorities and the confidence based on our great local brands' track record and execution, we build on the positive momentum and further progress towards our Growing Together ambitions. With that, I thank you for joining us, and Sharon, please open the lines for questions. Thank you. To ask a question, you will need to press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Thank you. We will now go to our first question. Our first question today comes from the line of Frederick Wild from Jefferies. Please go ahead. Good morning, Frans, Jolanda, and team. Thank you so much for taking my questions. They're both on the U.S., please. First of all, I don't suppose you could give us some of the margin moving parts in the U.S. in half two and how to think about the development from here, because I realize there are obviously quite a few different moving parts within that. Second, I don't suppose you could give us your sense of how the competitive environment in the U.S. is changing. Obviously, there have been lots of comments from competitors over the last few weeks about maybe changing investment programs. If you could give a sense of what you're seeing changing on the ground and how that's impacting your food inflation expectations for this year, that would be super helpful. Thank you. Thank you, Frederick, for those questions. As you know, we don't guide on a regional basis, but I'll try to shed a bit of light on those U.S. margins. As stated, there were, as always, quite a few elements impacting that margin. On the first element I would like to guide, of course, price investments. We are investing in prices to drive growth and to support our customers. We also had some upside through the pharmacy mix, and we expect that to continue in the following quarters. We also, of course, see higher utility rates that are impacting our margins. I think the negative impact from other elements are offset by positive impact. The most important ones are the ones that I just called out. If I look at the development in the next few quarters, I would say, as a group, we are confident that the margin prediction that we've given in our guidance is feasible for us, and I don't see a lot for the group, a lot of downside into that margin guidance that was given. Frederick, on the competitive element. First of all, I think we all know that we have number one and two positions on 90% of our total sales of the East Coast. We have strong market positions with strong relative market shares and brand strength. Having said that, we see a rather rational pricing environment at the moment. Between communication and reality, there's sometimes a gap what competitors tell us, but we are very much on the front foot. We have, by brand, our competitive set of competitors, and that differs between the South and the North and the Mid-Atlantic, and we are in line with our pricing strategy. Jolanda mentioned already our price investments, the $250 million for the full year. That's a quarter of the $1 billion for the total strategy period. We use those instruments to make sure that we stay competitive. If you then look at Stop & Shop, for example, which is in a high attention point, fully invested in price now. With the Stop & Shop, we gained market share, we gained sales, and we gained volume, and we have an NPS at an all-time high of 79. Far away, Frederick, from arrogant and overconfident, very focused. We look exactly what's happening, both in the categories but also offline and online. At the moment, I think we're doing the right thing, and that is, of course, for the second half, also super important. We follow very precisely everybody, image items, KPIs, foreground, background, and market by market, which is a different competitive set for Hannaford compared to The Giant Company or to Stop & Shop. We follow very precisely, and we measure the prices on a daily basis. That's super helpful. Thank you, both. Thank you. Your next question today comes from the line of Izabel Dobreva from Morgan Stanley. Please go ahead. Hello. Good morning, both, and thank you for taking my questions. Following up the question on the U.S. competitive environment and your price investments, could you spend a little bit of time discussing the timing of those price investments this quarter and why the margin was down? Was there an element of putting through more price investments in Q2 than you did last year, so it was kind of a seasonal mix and timing impact of having more investments year-on-year? Or is it a case that you're actually accelerating the price investments compared to the pace at which you were putting through a year ago, which would also continue into the back half? Then my second question is around your $1 billion price investment budget. If the environment evolves in such a way that you reach the conclusion at some point that you need to upsize this program, how quickly would you be able to find additional cost savings in order to potentially offset a larger price investment budget? Hi, Izabel. Good to have you back on the call, by the way, and thank you for the questions. Thank you. You're welcome. Our price investments are executed as we planned for. As we shared earlier, we have $1 billion over four years. They're not exactly equally spread over the four years. We phase them through the quarters as we see opportunities. If we see results from smaller pilots that we do that are positive, then we continue. It's not something you can mathematically upfront plan on a period-by-period basis. In this year, we are up to speed. We have executed according to the plan that I referred to, and we have our biggest DMAs done at this point in time. If you would ask us how fast can we upscale our cost savings, we are on a trajectory to deliver on the $1.25 billion cost savings for this year, and also that is in line with plan. I don't see any big deviations at this point in time. I do see that the price investments that we make, not only for Stop & Shop, but also for the other brands, are paying off. Because if you look at our volumes, overall for the group positive, also very competitive in the U.S., because the U.S. shows negative volumes. I think Nielsen stated 2.6% negative in the quarter. Our market share growing in most of the brands in U.S. indicates that what we're doing is paying off. We also see that, as Frans referred to, in Net Promoter Scores. For now, the trajectory is one that we have confidence in and will continue. If we see opportunities or if the market warrants, we will have the flexibility to go after those opportunities and deepen price investments, but we don't see the necessity at this point in time. Izabel, it's a quite, understatement, interesting environment at the moment where we trade, right? With raw materials, energy prices, geopolitics, and consumer sentiment. In that environment, we are trading very well. If energy prices come down, if raw materials are more normalized, when armed conflicts and these kind of things hopefully once get over with, might give us a little bit more space also to reinvest. At the moment, in this difficult environment, we find the reinvestments in our pricing as per strategy. I'm pretty proud of what the team did so far. Thank you. Your next question today comes from the line of Robert Jan Vos from ABN AMRO ODDO BHF. Please go ahead. Yes. Hi, good morning, all. Thanks for taking my questions. Coming back to the U.S., you showed that underlying, so corrected for the pharmacy impact and also weather, there was a small decrease in comparable sales growth in Q2 versus Q1. However, at the same time, food inflation increased, I think by almost 100 basis points. Is this a reflection of a deteriorating consumer sentiment? More specifically, did you see that more towards the end of the quarter, or was it more evenly through the quarter? My second question is on free cash flow. Very clear comments that you still expect the EUR 2.3 billion goal to be achieved. We already saw a recovery in Q2 versus Q1, but you're still trending below quite materially. Should we expect most of that recovery to come in Q3, or maybe we have to wait until the very end of the year in Q4? Those were my questions. Thank you. Thank you, Robert Jan. Jolanda will come back to the cash flow question. On pricing and inflation, we just talked also together with Izabel about pricing and price investments to stay online with our strategy. That's what we have done, also in this quarter. Where you could argue that the out-of-home statistics on CPI food at home is 2.7% in the quarter in June, our own internal inflation was much lower. If I would indicate that roughly about 1%, our internal inflation. That has to do, of course, with our price investments at the same time. Don't compare external total market inflation with our inflation because, yeah, we would like to be priced competitively, and we invested in our pricing as we worked the EUR 250 million per year. That's one thing. The second thing is that if you look at our total composition of the sales, that composition is also changing. If you look at the mix of Own Brands and national brands, also went at the benefit of our Own Brand development as well. Also there in the U.S., 70 basis points growth in the Own Brands assortment. That means also that gives you also a different mix. That mix is a beneficial mix, which comes to customers, and that's exactly why customers love our Own Brands. That's why this is also an instrument to be priced right or priced even better. On cash flow. Yes, Robert Jan, on cash flow. Yes, as you stated, the trend in Q2 is improving versus Q1, we're happy with that development. As you know, Q1 was subdued because of the over delivery year-end 2025. With working capital, it's always the same thing to bear in mind. If you have an over delivery in a certain period, the next period you need to cover for that. We are recovering, and with confidence, we reiterated our guidance for the full year. Will it be Q2 or Q4? We never guide on quarterly phasings, certainly not for free cash flow. As you know, the season is in Q4, and cash flow is always heavily focused on Q4. Our focus on working capital remains, and we do see that we are trending well and are recovering from that over delivery or outperformance in Q4 last year. That in a nutshell, is how we look at our free cash flow guidance. That's very helpful. Thank you both. Thank you. Your next question today comes from the line of Sreedhar Mahamkali from UBS. Please go ahead. Hi, good morning. Thanks for taking my questions. Maybe a couple again, please. I guess there is a broader concern, Frans, if you could address that'd be amazingly helpful because I think there's quite a lot of noises out of your peer group. I think you've already mentioned there's a bit of a gap between communication from peers and reality. If you can flesh that out in the markets that you're operating, particularly East Coast and Virginias and North Carolina, are you seeing anything actually change on the ground? With your years of experience, is this a noisy period, or do you think this is the beginning of a new wave of price-based competition? That would be incredibly helpful too, if you could help us understand a little bit better. Secondly, I think on the Q1 call, you talked about minimum wage changes in Netherlands from January 2027. A quarter on, do you have any further insights into how we should be thinking about the potential impact coming from there into next year and thereof your ability to take that on, realizing it's an industry-wide pressure, not for Ahold specifically. Thank you. Thank you, Sreedhar. Hope you're doing well. The peer group, and the announcements people make, I think you guys have very good data, which of the major players are in our markets and which are less in our markets, and our market shares and our relative market shares. That is already quite a difference from those operating national play and are not that strong in our East Coast markets. We talked quite a couple of times about our market positioning in the north, in the south, and the Mid-Atlantic. I think what is fair to say, and that we also see in our numbers, that if you look at online, I think that is an important part where we will grow more and where we also see a little bit more activity by two larger operators. On the ground, on store level, a nice proof point is the Stop & Shop investment in New Jersey and New York, where we see those price investments do work and do yield volume and sales growth. Not all the big competitors in the U.S. are also active in our markets, nor do they have big shares. Market by market, we look at this. I think there's not a new phenomenon to identify, to indicate here, Sreedhar. It's also clear is that we have an opportunity here to grow our online growth more. Yeah, Sreedhar, on the minimum wages, there are still some decisions to be made by the Dutch government on this topic. The big changes are still out there. If I look at the current changes in minimum wages and in wages in general, as always, we strive to offset them with our Save for Our Customer program, productivity improvements, AI, et cetera. That is the continuous, one could say balancing act that we're in. Thank you. We will now go to the next question. The next question comes from the line of Monique Pollard from Citi. Please go ahead. Oh, morning. Thank you for taking my questions. I've got two as well if I can. The first question was just on the backdrop in Europe in terms of inflation. I think a number of your markets you're now seeing some level of disinflation. Just wanted to understand whether that is a negative or a positive for the top line when you think about sort of the dual impacts of both pricing and volume on the consumer. Then the second question I had was on the private label penetration, which looking really good obviously this period. Just trying to get a sense, if I can from you, of how much you think the higher penetration is a function of a sort of more cautious consumer and the more volatile and weaker macro, versus how much you think is the internal work you're doing in terms of realigning the stores and the product portfolio. Thank you for the question, first of all. Let me answer the second one. Jolanda, can you take the first? Is it okay for you? Yeah. The first question, can you reiterate that one for me? The Europe inflation- Do you see inflation as a positive or a negative? Sorry. Positive or a negative. Sorry. I don't have the best ears in the world. Ultimately, I follow what impacts our customers. A negative inflation in an environment where prices have been increasing quite substantially, I would call out as a positive because it supports our customers. Will, in the end, it might take a bit of time, there might be a lag, it will, in the end, drive positive volumes as well. In general, that's on the long run, an inflation of around 2% is, I think, healthy. You wouldn't want to have deflation for a longer period of time. At this point, I would say helping customers, helping our volumes. That is how I would depict that. Yeah. Net sales in Europe are 1.6%, comp sales in Europe 1.7%. A very different inflationary environment in the Benelux versus the CSE countries, the eastern part. That's also a mix we should see. I agree to that. Also there, to be priced right is also super important here, and that will gain loyalty, and that will gain sales in the end. Also what we said earlier, the Own Brand mix might also play an important role here, even more important than in the U.S. The second thing, question was about- Own Brands Own Brands.- Whether or not it's more of a conscious- Okay customer or- Sorry about that. Own Brands. With Own Brand, a very clear strategy. This is meant to differentiate ourselves, to have a unique set of brands, Own Brand items, which serve not only value in a number of instances with our Price Favorites, but also serve better ingredients, serving healthier choices. You see, for example, if it's Hannaford, or if it's Food Lion, or if it's Albert Heijn, or Delhaize, or Mega Image in Romania, that customers are focused on brands which have a better formulation, which have better ingredients, which have less additives, which are healthier, for their own diet. That's one thing. On the other thing, as we know that a lot of household budgets are challenged, the component of value and price is also important. That's why the Price Favorites are there. In our total Own Brand category, Own Brand portfolio, we have different roles what Own Brand play. For us, it's important to make sure that Own Brand are the right answer for our customers, for the various angles of interest they have. That is both for an affluent customer can be different than for a challenged household customer. That is how we construe that. We do this because we think that customers are looking for these kind of solutions, and we see also very nice upticks in our Own Brand shares. If you look at the vegan assortment at Albert Heijn, we see very beautiful upticks and over fair market share participations at our end. You see at Stop & Shop, when they work on their price positioning in Own Brand, that also customers react to this for those elements where budgets are challenged. Own Brand strategically for us are important, 45% 2028 is our target. Breakthrough just made with 40%, we're on the right trajectory. You see that customers love it. They love the different roles and the total portfolio of brands. Customers come with different demands in our stores. The variety of groups is quite high. That's the beauty of Own Brand. It can serve different customer groups for different purposes. I think, Frans, also in an era maybe of Agentic AI ahead of us, that having that loyalty, which is always very important, might become even more important than it was in the past. Double down on own branded sales. That's the strategy. Very clear. Thank you. Thank you. Your next question today comes from the line of Rob Joyce from BNP Paribas. Please go ahead. Hi. Thanks very much for taking the questions. The first one, just on the U.S., it looks like grocery sales tracking reasonably below overall consumer spending. Can you just give us a bit more detail as to the kind of changes or weaknesses you might be seeing in the U.S. consumer? Whether we'd expect any of those to change in the second half, maybe giving us a bit of clarification on the expected impact of SNAP in the second half would be great. The second one, again on the U.S. Appreciate you're not that keen on giving color on the individual segments, but I think there was quite a bit of concern in the market about the tough margin comps in the second half in the U.S., versus second half last year. Do we think the second quarter of 2026 at 15 basis points down is a reasonable read for the second half of 2026 in terms of that U.S. margin? Any color you can give us on that would be much appreciated. Thank you. Thank you, Rob. I think it's fair to say in the present environment, we talked about the macro environment as well and what it does to consumers and sentiment and household budgets. I think sales overall are softer, both in the U.S. and in Europe. I think we have to live with that. It is a relative view we need to have. I already indicated earlier that through our price investments, we see a different type of inflation than maybe the CPI at the Northeast would tell us. I also expect this to be rather a stable environment on sentiment as such, and we might see some changes when geopolitically there are some breakthroughs there. That is not for us as a retailer to forecast. A softer sales environment in which we do very well, I think, in competing, most of our brands are gaining market share. We showed you the results, both on margin and on sales. That also despite all the investments we have made in a higher participation online, the investments we made in digital and technology all geared for the future, and the 40% Own Brand participation. A softer sales environment, which I think will stay for the rest of the year, in which we do pretty well. Yes, Rob, your question on the U.S. margin. As we stated, indeed, we don't go into regional guidances and certainly not on a quarter basis, but the full year guidance of around 4%, as I stated, we don't see a lot of downside in that guidance. For us, it's not just margin, it's the combination of margin with growth, market share, hence competitive strength. That together will allow us to reiterate our guidance, not only for this year, but also for the Growing Together period in which we aim for high single-digit growth on EPS. That's the guidance that I can give you at this point in time. Well, maybe for Rob, maybe. Are you making an exception for Rob, Frans? An extra nugget, maybe. I think if we look at the start of the third quarter, the month of July, fresh from the press, we had a strong start in July in our results in the U.S. I think there's also just give us an extra support for our confidence in our total guidance for the year. Okay. Thank you. Just sorry, on the SNAP bit. Thanks for the call on that. On SNAP in the second half, have you got another guide on the expectations there? SNAP, we guided, Rob, it's difficult to exactly predict, of course, but we guided for the full year on 60 to 80 basis points. Okay. Thank you. Our SNAP participation, what is it, 5.5%, right? Yeah, just below 5.5%. I rounded this for you. Yeah. Our SNAP shares went down, of course, after COVID. 5.3% at this point. 5.3% total SNAP share in our total U.S. business. Yeah. At this point in time. At this point in time. Okay. Okay. Thank you. Thank you. Your next question today comes from the line of Xavier Le Mené from Bank of America. Please go ahead. Yes, good morning. Hopefully you can hear me well. Two questions. The first one on the price investments, the $1 billion that you've got over a full year. You're almost halfway there. How comfortable do you feel with that $1 billion number? Do you think opportunity potentially to go faster to increase it, or do you think that's still the right number? That would be the first question. The second one is, can you comment a bit more on Romania and the improvement that you've seen there, especially with synergies and how the, also the macro environment in Romania on what was potentially the kind of positive contribution you had from Romania in Q2? Yeah. On the price investments, as we shared when we launched our strategy, it doesn't always work to speed up your price investments. We really do this on a batch by batch or cluster of stores by cluster of stores kind of basis. You invest in price, you see the response of customers and competitive set around you, and then you take the next step. We're not going to speed it up with the information we have at this point in time. We allow ourselves the flexibility to take the opportunities we see there or to, if the market warrants, to speed up in certain smaller parts within the brand, if that's necessary. With all the experience up to this point in time, we are trending well. We're in line with strategy. There's no need for adjustments so far. I would also like to point out, it's not just price. If I take the Stop & Shop example, we're tracking well against our strategic price investment, but the fact that the Net Promoter Score is now at 79, which is an all-time high, really also helps to drive that price perception, and that supports the market share of, in Q1 it was 70 basis points for Stop & Shop. Based on Nielsen data. To reach that, it's more than just that price investment, it's the relevance of your assortment. It's also down to old-fashioned things like the cleanliness, the friendliness of your staff, et cetera. It's all that together that combines, that drives results. We don't want to be owner focused on price as well. We just want to make sure that our price distance versus our chosen competitive sets, it's there where we need it to drive growth, and that is working out well this far. I'm fully agreement with Jolanda, Xavier. Our customer value proposition is much richer and broader than price only. It's also about the things Jolanda mentioned. We talked about healthier products. We talked about convenience, product development. Last week I was visiting a Food Lion and a Giant Company, in both in the Carolinas and in Pennsylvania. If you see what all kind of things they do to understand customers even better, to be super competitive and not only in store, but also online, on promotions, but also on assortment and on Own Brands and on store execution. To make those shopping journeys more convenient, more interesting, and also give customers more ideas through their digital apps, on recipes, on solutions to manage budgets, but also to get another surprising meal on the table for the family. It's amazing what the brands do and that customer value proposition, I think is the most striking element in our differentiation. Price is, of course, an important element there, but it's not the only one. When we then go to Romania, the question was, how are we cruising in our present situation? I think we made good progress in integration of the brands of Mega Image and Profi. We see now that also the synergies of this merger are now starting to flow in. The purchasing synergies we already have dealt with, and they were better than expected. We also see now the other synergies coming in. You look at store network, you look at the logistics, you look at the propositions, you look at the mutual learnings, both towards Profi and towards Mega Image. I think we learn from both brands. I'm positive about that trajectory of integration, and it will give more benefits there to get into our business case. Thank you very much. Thank you. Our next question comes from the line of Maxime Stranart from ING Bank. Please go ahead. Hi. Good morning, Frans and Jolanda. Two questions on my side, if I may. First of all, I think you mentioned previously that you see internal inflation around 1%. Is it the level you're confident with for the remainder of the year, or do you see some evolution in there, obviously, egg deflation being one of the major impacts in H2? Secondly, looking at Europe, actually quite an impressive margin improvement compared to the first quarter of the year. Can you maybe elaborate a bit on what was the main driver? Obviously understanding that Romania was better than expected, but anything else you want to highlight there? That would be very helpful. Thank you. Yeah. On that inflation, I indicated this, our net inflation, we see a pretty consistent second half of this year. It's very difficult to forecast all these kind of things. These kind of things are a result area of being priced right. That's a target for our company. There's not so much to add to that statement for the second half of this year, we'll be in the composition of mix and the composition of areas and brands, and composition of to make sure that we stay competitive, in the markets where we are. Like we heard earlier, if most of our markets gain share, then I think we do quite a bit of things right. On Europe and the margins, yes, we're cruising towards that 4% for Europe that we've guided for in the past, right, where we stated that Europe should recover to that level. What is supporting in that area is, of course, Romanian synergies, as Frans indicated. In Serbia, of course, we have a downside because of the decree that has now ended. To recover from that will take a few quarters going forward, but we will see improvements if you compare quarter-to-quarter. Next to that, of course, also Europe has to face wage increases and the indirect consequences of energy prices being elevated. It's a mixed bag as usual, but we are confident with the development in the European margin. Maybe one highlight, we had the Delhaize transformation in the last few years, and Delhaize is progressing really well, both on market share sales growth, but also on their margin trajectory. I am not an expert on eggs necessarily, Maxime, but on the U.S. egg prices, I do not see a further deflation there. We cycled it, right? Yeah, we cycled it, but it came down a lot, those prices already. I think the present levels are the levels. Yeah, normal forecast for the future. Although also there, don't ask me to forecast avian flu and these kind of things. That is beyond my competence. Thank you. Your next question today comes from the line of Manjari Dhar from RBC. Please go ahead. Morning. Thank you for taking my questions. I also had two, if I may. My first question is on online. I think you mentioned that you see further opportunity there in the U.S. I was just wondering if you could give some color on how you are going to drive further growth in U.S. online, and maybe how that impacts the margin there. My second question is just a follow-up on European deflation. Could you just give some color on how you sort of see the exit rate there, and when you expect potentially some change in European deflation? The first one, and thank you for that question. So how we drive growth online. For me, the most important element in driving online, it starts with our assortment. Because we have a huge assortment which is localized. So if you order, I take you as an example, via your local Food Lion store, you get the assortment you know, which is broad and which is good, which is localized, and it also gives you the trust in what you get delivered. Next to that, we also work with partners of choice. We just added Uber Eats to DoorDash and Instacart. So if the customer prefers to use those channels, we also offer them. I would also say that, together with the assortment, the localization, the trust, we also have that speed of delivery that is very convenient for our customers. We are expanding also our personalized offerings online. So all in all, we have a good offer. We follow the customers where they want to go, and we get lots of appreciation. This was our sixth or seventh consecutive quarter of double-digit online growth. I am looking at my colleagues. It is the ninth consecutive quarter of double-digit growth at U.S. So I think we are on a good trajectory, and we do see further opportunities going forward. As CFO of the company, I am also pleased that, on a fully allocated basis, we now achieved profitability on online. So we have both the growth profitability improving, and we double down on it going forward. Jolanda, assortment is absolutely the right, and one of the right differentiators in online. I think two things. If you look at our produce, fresh meat and fish assortments with all the five brands in the U.S., we have a really and very compelling assortment, not in number of items, but also in availability, also in freshness. If you then compare that to a number of our competitors, I would not arrogantly but proudly say, the teams do an excellent job in our total fresh proposition, which are up to 40% of our sales in the U.S., and that is also where we excel and where we differentiate a lot. That is not only in the national brands, but for sure also a big share in Own Brand, too, in the produce and the fresh areas. I think that is an important differentiator for customers. The second thing is we beefed up our capacity quite a bit for online. We have more room to grow with our pick from store and the partners, as Jolanda just mentioned. We increased our capacity so we can grow that double-digit online also for the future. We prepared for that both with PRISM, our software for in-store pick and pick from store, but also with our partners. I'm optimistic there that we will get there, and that it's not only a target for the U.S., by the way, double-digit, but also remains the same target for Europe. On the European question on inflation. Yeah, it will oscillate. Is that the right word, the right English word? It will oscillate a little bit for the rest of the year. We monitor this very carefully ourselves. That also has to do with a number of things on the macros. The macros is difficult to influence. We negotiate sharply with the positions in the markets where we have. We work with customers on a good Own Brand, national brand composition. A little bit difficult to forecast there, but it will be oscillating a little bit for the second half of the year. Sharon, we have time for one very quick question, and then we can call it a day. Thank you very much. We will now take your final question. The final question comes from the line of François Digard from Kepler Cheuvreux. Please go ahead. Thank you very much. Good morning. Maybe you have given some details, but I missed that. You like private label penetration, but can you also share the underlying private label growth rate in Q2, both in value and volume terms? How did that compare with national brands growth? On what contribution do you expect private labels to make to medium-term top line growth? Thank you. Thank you, François, for that question. It's a pretty precise question you have, which is not normal reporting. Check in with the IR department later on to get that answer more precisely. What I can give you is that we grow faster with our Own Brands overall than with our national brands. Differs by category, by the way, and not only between fresh and center store when we talk about the U.S., but differs by category. If we look at our value Own Brand labels, so the more price-sensitive labels, there we grow faster than the rest of the Own Brand categories. We also grow there faster than the national brand categories as such. Within the Own Brand portfolio, that is different. Overall, as we're gaining share, it's a good assumption that we grow faster with our Own Brand assortments than with our national brands, but it might differ by category, too. Phone in and call in to the IR department if they have more color for you. That is, at the moment, in the way you ask the questions of that position, at the moment, too complex. Okay. Thank you. Thank you. Thank you. That was our final question for today. I will now hand the call back for closing remarks. Yes, Sharon. Thank you very much, and thank you all for joining today. We will be available, of course, for the rest of the day for anything we haven't covered, Own Brand being one of them. Look forward to seeing you all on the road tomorrow, and obviously in September when we're back to the heavy conference season again. Enjoy the rest of your summers. Thank you for joining. See you next time. Enjoy the extended families, too, I heard, that's also good news. Yeah. All the best. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.