Q2 2026 Koninklijke Ahold Delhaize NV Earnings Call Transcript
Key Points
- Gained market share across most major markets, demonstrating the resilience of the Growing Together strategy.
- Own-brand food penetration exceeded 40%, a key milestone, supported by successful launches in the US and Europe.
- Online sales grew 14.5% in the US, with Food Lion up over 20%, and the online channel is now profitable on a fully allocated basis.
- European margin improved by 10 basis points, driven by synergies in Romania and labor productivity gains.
- Reiterated full-year guidance with confidence, citing a strong start to Q3 and disciplined capital allocation.
- Underlying operating margin declined 10 basis points, with US margin down 20 basis points due to price investments and higher utility costs.
- US comparable sales were negatively impacted by 1.7 percentage points from pharmacy, egg deflation, and SNAP benefit reductions.
- Free cash flow year-to-date is EUR430 million lower than last year, primarily due to working capital timing effects.
- Consumer environment remains challenging with subdued volumes and intense competition, particularly in the US and Europe.
- Serbia's performance was negatively impacted by the government decree on grocery pricing, with recovery expected to take several quarters.
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.
And 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.
Good morning.
We are Ajo Delez.
We operate in nine countries on three continents. We have 17.
Ladies and gentlemen, good morning and welcome to the analysts conference call on the second quarter 2026 results of Ahol Del Haz. Please note that this call is being webcast and recorded. During this call, Ahol Del Haz anticipates making projections and forward-looking statements. All statements
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