Ahold: a structural reset in grocery economics

The Supermarket Sector is moving beyond inflation driven revenue growth and beyond loss making digital expansion

The release of Ahold Delhaize's fourth quarter and full year 2025 financial results on 11 February 2026 marks a decisive moment in the global food retail sector. The group has transitioned from an inflationary defence to an offensive strategy focused on omnichannel profitability and regional consolidation. In a fiscal year marked by the first full execution cycle of the Growing Together strategy, the group has navigated divergent regional macroeconomic pressures while achieving a landmark milestone: achieving e-commerce profitability on a fully allocated basis. This performance suggests that the company has moved beyond the phase of digital retail growth at any price, establishing a blueprint for sustainable margins in an industry historically challenged by the high costs of last-mile delivery.

The consolidated results for the fourth quarter indicate a company operating with high efficiency. Net sales reached €23.5 billion, representing a 6.1% increase at constant exchange rates and 0.9% at actual exchange rates. This growth was significantly bolstered by the strategic integration of Profi, the Romanian retail giant, which contributed 3.2 percentage points to the constant-currency growth rate. However, the results also reflect the stabilisation paradox inherent in the European market, where volume growth remains fragile despite robust revenue figures. The group's underlying operating margin of 4.2% for the quarter not only exceeded the company's own guidance but also outperformed analyst expectations of 3.9%, a testament to the effectiveness of the Save for Our Customers cost-saving initiative.