Koninklijke Ahold Delhaize NV When the music stops: Placing shares on - CW into 2Q26; Reiterate UW

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Koninklijke Ahold Delhaize NV When the music stops: Placing shares on - CW into 2Q26; Reiterate UW

J P M O R G A N Europe Equity Research

24 June 2026

Koninklijke Ahold Delhaize NV Underweight

AD.AS, AD NA

When the music stops: Placing shares on - CW into Price (23 Jun 26):€34.91

2Q26; Reiterate UW ▲Price Target (Dec-27):€24.07 Prior (Dec-27):€23.86

We are placing Ahold Delhaize on Negative Catalyst Watch ahead of 1H26 results

on Aug 5. For context, recall that we had placed the shares on our AFL in early May European Food Retail

as the cracks in the investment case were appearing more evident - given a Borja Olcese AC

slowdown across the broader market and Circana data that implies a deceleration (34-91) 516-1511

in run rates, we expect 2Q to be reflective of further top line slowdown/volume borja.olcese@jpmorgan.com

J.P. Morgan Securities plc

pressure, coupled with price investments denting margins, in contrast to rather

Palak Gargbullish market expectations. Into 2Q26 specifically, we therefore see risk for

(91-22) 6157-5102

disappointment, and the need for expectations to reset (consensus seems too high palak.x2.garg@jpmorgan.com

for both IDs/LFLs and margins in both the US & Europe in 2Q/2H26, when AD J.P. Morgan India Private Limited

faces high comps). With this note, we fine tune our estimates, particularly for 2Q,

reducing operating profit estimates by 1.5% at the group level (US c2% d/g, Europe Specialist Sales contact details:

c4% d/g, partly offset by FX and global functions). We now expect (i) US LFL at Olivia Petronilho - Specialist Sales -

1% (vs 2% prior), given a) slowdown across the broader market (see read-across European Consumer

from WMT and KR), and b) Circana-implied run rates decelerating; (ii) we model (44-20) 3493-3709