AHOLD DELHAIZE (+) : Corporate contact: key takeaways

研报英文原文证据摘录

AHOLD DELHAIZE (+) : Corporate contact: key takeaways

EQUITIES

FOOD RETAIL

AHOLD DELHAIZE OUTPERFORMPRICE* EUR34.6  TARGET PRICE EUR42 (UPSIDE 21%)

FLASH NOTE

Corporate contact: key takeaways

23 JUNE 2026 Securities Research Report Production time: 05:48* (London time)

Research Analyst & Publishing Entities

Rob Joyce BNP Paribas London Branch (+44) 203 430 8401 rob.joyce@uk.bnpparibas.com

What happened?

We have spoken to Ahold Delhaize (+) IR (a conversation which we initiated), who are due to report 2Q26 on August

5th pre market. There was no change to guidance. Overall, the message was one of executing in challenging markets.

While a stronger USD and higher US 3 year yields (leading to lower insurance costs) will mean any FY Group consensus

downgrades are likely to be immaterial, we came away from the call seeing small downside risk to US comp store sales

and margin consensus estimates for 2Q26. It is also worth noting that results are still 6 weeks away, so with gas prices

falling and AD front loading price investments, results day commentary on the US trajectory post the 2Q period end will

be important.

Key takeaways:

On the US in 2Q26: AD noted external data pointing to a c.70-80bps slowdown in its US markets vs 1Q. While we

expect Ahold to have continued taking market share in 2Q26, we see consensus potentially moving below the +1.5%

reported in 1Q26, vs the +1.9% we see in Bloomberg. AD re-iterated comments made at 1Q26 that they stepped up

price investments at Stop and Shop in 2Q26 vs 2Q25, suggesting small downside risk to Bberg cons at +2bps EBIT

margins for 2Q26.

On Europe in 2Q26: AD noted external data that showed inflation slowing across several European markets (notably

the Netherlands), partially offset by a QoQ improvement in Belgium.