Report
Michiel Declercq

Ahold Delhaize Conference call feedback

Ahold Delhaize reported a good set of 3Q25 results, with comparable sales growing 2.9% to € 22.49bn, or in line with expectations (css: € 22.48bn, kbcse: € 22.51bn). The underlying EBIT increased by 13.4% at ccy to € 933m, or well above expectations (css: € 866m, kbcse: € 880m). The strong underlying EBIT performance was predominantly driven by a very strong margin improvement of 40bps to 4.6% in the US (css: 4.1%, kbcse: 4.2%). This was however partially driven by one-time non-recurring items, which had a positive impact of 20bps. Nevertheless, even when excluding for this effect, US margins still came in ahead of expectations. In line with previous years, the group also announced a new € 1.0bn SBB program for 2026.
Underlying
Koninklijke Ahold Delhaize N.V.

Koninklijke Ahold Delhaize is an international group of supermarket and foodservice operators based in Europe and the U.S. Co. operates supermarkets and convenience stores. In addition, Co. provides online food retailing services. Co. also finances, develops and manages store sites and shopping centers. Ahold Europe comprises Albert Heijn in the Netherlands and Belgium; Etos, Gall & Gall, and albert.nl in the Netherlands; and Albert / Hypernova in the Czech Republic and Slovakia. Ahold USA is organized into four retail divisions: Giant Carlisle, Giant Landover, Stop & Shop New England, and Stop & Shop New York Metro. The Peapod online business is also part of Ahold USA.

Provider
KBC Securities
KBC Securities

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Analysts
Michiel Declercq

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