Koninklijke Ahold Delhaize NV: Next in line? Bearish read-across to AD from ACI 1Q26 shortfall & downgraded FY26 Outlook

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Koninklijke Ahold Delhaize NV: Next in line? Bearish read-across to AD from ACI 1Q26 shortfall & downgraded FY26 Outlook

J P M O R G A N Europe Equity Research

23 July 2026

Koninklijke Ahold Delhaize NV Underweight

AD.AS, AD NA

Next in line? Bearish read-across to AD from ACI 1Q26 Price (22 Jul 26):€35.77

shortfall & downgraded FY26 Outlook Price Target (Dec-27):€24.07

Further de-rating looming. ACI cut FY IDs guidance by 2.5% at the midpoint European Food Retail

AC(now: -1.5% to -0.5%) and EPS by 20% after materially missing 1Q expectations. Borja Olcese

The shares are down 17% at time of writing vs S&P flat. Whilst we acknowledge (34-91) 516-1511

there might be some company specific issues in such a gap, we nonetheless believe borja.olcese@jpmorgan.com

the read across is bearish to Ahold-Delhaize and the broader group overall. J.P. Morgan Securities plc

Palak Garg

Ahold-Delhaize: Reiterate UW & -CW into 1H26. Earlier in June, we placed (91-22) 6157-5102

Ahold on -CW into 1H26 results on Aug 5. For context, recall that we had placed palak.x2.garg@jpmorgan.com

J.P. Morgan India Private Limited

the shares on our AFL in early May as the cracks in the investment case were

appearing more evident - given a slowdown across the broader market and Circana Specialist Sales contact details:

data that implies a deceleration in run rates, we expect 2Q to be reflective of further Olivia Petronilho - Specialist Sales -

top line slowdown/volume pressure, coupled with price investments denting European Consumer

margins. We lowered US IDs & margins and also European LFLs & margins into (44-20) 3493-3709

the print - consensus seems to have followed, yet only trimming 2Q and not FY olivia.b.petronilho@jpmorgan.com

expectations, altogether placing FY guidance and FY consensus at risk.