Ahold Delhaize

Koninklijke Ahold Delhaize N.V. is a Dutch food retail group with its head office in Zaandam. It serves over 77 million customers each week in Europe, the United States and Indonesia through 17 local brands, including Albert Heijn and Food Lion, and the online retailer bol. At the end of Q3 2026 it had 9,832 stores, including franchise and affiliate stores: 2,021 in the United States and 7,811 in Europe. Q3 2026 net sales were €23.1 billion, online sales were €2.6 billion and the underlying operating margin was 4.1%.

Frans Muller is President and Chief Executive Officer. The shares trade on Euronext Amsterdam and Brussels (AD). The pick is the American Depositary Receipt (ADR) that trades over the counter in the United States (ADRNY), in US dollars. Ahold Delhaize's Annual Report 2025 says that one ADR represents one ordinary share, that the program is a sponsored Level I program and that J.P.

Morgan is the depositary. Ahold Delhaize is not an SEC filer. It reports in euros under IFRS in its own reports.

The market prices Ahold Delhaize as a mature grocer with slow growth in the United States and a thin profit margin. Comparable sales in the United States grew 0.5% in Q3 2026. Lower SNAP benefits, a cyclospora outbreak, egg price deflation and pharmacy pricing changes held back growth. In October 2026 a cybersecurity incident hit online and supply-chain operations in the Benelux and the United States.

The company expects it to cut Q4 net sales by €200 million to €250 million and operating income by €75 million to €100 million, and it cut its 2026 outlook for earnings per share growth to low single digits. It also agreed to buy Tesco Czechia and Slovakia for an enterprise value of about €1.2 billion, with closing expected in 2027. For the price to rise, United States sales must return to steady growth when the one-time effects pass, the cost of the incident must stay inside the stated range, and the underlying operating margin must stay near 4%. A share buyback of €1 billion in 2027 lifts earnings per share if profit holds.

The Q4 report on February 17, 2027 is the next test. If United States sales recover and margins hold, the gap can close within about two years. If United States growth stays near zero, the gap could last longer. The ADR is priced in US dollars, so the euro exchange rate also moves its price.

1. Feb 17, 2027Pending

   Q4 2026 results: United States sales and incident costUnited States comparable sales growth above 0.5% and a cost of the incident inside the stated range pass; weaker sales or a higher cost fails.
2. May 12, 2027Pending

   Q1 2027 results: United States salesUnited States comparable sales growth excluding gasoline above the Q3 2026 rate of 0.5% passes; a lower rate fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Ahold Delhaize reported Q3 2026 results. Net sales were €23.1 billion, comparable sales excluding gasoline rose 1.2% (0.5% in the United States and 2.1% in Europe), and diluted underlying earnings per share were €0.69. It cut its 2026 outlook: underlying operating margin approaching 4.0%, low-single-digit growth in diluted underlying earnings per share at constant rates, and free cash flow of around €2.1 billion. It announced a €1 billion share buyback to start at the beginning of 2027. It also said that a cybersecurity incident in October 2026 mainly affected its online capabilities in the Benelux and the United States and its Benelux supply-chain operations, that it has restored most affected operations and that bol was not affected.
• October 30, 2026Ahold Delhaize agreed to buy 100% of Tesco Czechia and Slovakia. The enterprise value is about €1.2 billion, or €1.7 billion after IFRS 16 lease adjustment. It expects to close in 2027 after regulatory clearances and to fund the deal with committed financing and existing resources.
• August 5, 2026Ahold Delhaize announced an interim dividend for 2026 of €0.51 per common share. It paid the dividend on August 27, 2026.

• Slow United States growth. Comparable sales excluding gasoline in the United States grew 0.5% in Q3 2026, and the underlying operating margin there fell 0.3 percentage points to 4.3%. The United States is more than half of net sales.
• Cybersecurity. The October 2026 incident is expected to cut Q4 operating income by €75 million to €100 million. More response costs or a new incident could cost more and hurt trust in the online business.
• Thin margins. The underlying operating margin was 4.1% in Q3 2026. A small rise in costs or a price cut to win customers can remove much of the profit.
• Debt and leases. Net debt was €16,087 million at September 27, 2026, of which most is lease liabilities. The Tesco Czechia and Slovakia deal adds financing in 2027.
• Currency and trading. The ADR is priced in US dollars, and the profit is in euros and dollars, so exchange rates move the ADR price. The ADR trades over the counter, with an average daily volume of 78,452 in 2025, so it is thinner than the shares in Amsterdam.

Net debt was €16,087 million at September 27, 2026, with lease liabilities of €10,572 million in the non-current part, against €15,961 million at June 28, 2026 and €14,699 million at December 28, 2025. Gross debt was €19,747 million and cash and similar items were €3,660 million. Read more

Yield at the current rate

3.6% (current annual rate, at today’s price)

Dividend yield

3.6% (last 12 months, at today’s price of $39.22)

Paid per share

$1.415 in the last 12 months (2 payments)

Current annual rate

$1.415 (the last two payments)

Latest ex-dividend date

August 17, 2026, $0.589 per share

Dividends per share by year

From 2020 to 2025, the dividend fell by about 7.0% a year. From 2015 to 2025, the dividend grew by about 3.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.