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1 The Company and its operations
The principal activity of Koninklijke Ahold Delhaize N.V. (\u201c Ahold Delhaize\u201d or the \u201cCompany\u201d or
\u201cGroup\u201d), a public limited liability company with its registered seat and head office in Zaandam,
the Netherlands , is the operation of retail food stores and e-commerce primarily in the United
States and Europe. The Company is registered with the Dutch Trade Register under number
35000363 .
On February 24, 2026, the Management Board authorized the financial statements. The financial
statements, as presented in this Annual Report, are subject to adoption by the Ahold Delhaize
General Meeting of Shareholders. The Company has the ability to amend and reissue the
financial statements up to the moment the financial statements are adopted by the General
Meeting of Shareholders.
Ahold Delhaize\u2019s significant subsidiaries, joint ventures and associates are listed in Note 35.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-372": { "value": "Koninklijke Ahold Delhaize N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-373": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-374": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-375": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-376": { "value": "operation of retail food stores and e-commerce primarily in the United States and Europe", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-377": { "value": "United States and Europe", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-378": { "value": "
On February 24, 2026, the Management Board authorized the financial statements. The financial
statements, as presented in this Annual Report, are subject to adoption by the Ahold Delhaize
General Meeting of Shareholders. The Company has the ability to amend and reissue the
financial statements up to the moment the financial statements are adopted by the General
Meeting of Shareholders.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-379": { "value": "
2 Basis of preparation
These financial statements have been prepared in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the EU and also comply with the financial reporting
requirements included in Part 9 of Book 2 of the Dutch Civil Code.
Historical cost is used as the measurement basis, unless otherwise indicated. The financial
statements have been prepared on the basis of the going concern assumption.
Ahold Delhaize\u2019s financial year is a 52- or 53-week period ending on the Sunday nearest
to December 31 for the Company and our European operations, or the Saturday before the
Sunday nearest to December 31 for our operations in the United States. The financial year
2025 consisted of 52 weeks and ended on December\u00a028, 2025. The comparative financial
year 2024 consisted of 52 weeks and ended on December\u00a029, 2024.
These consolidated financial statements are presented in millions of euros (\u20ac), unless otherwise
stated. Due to rounding, numbers presented may not add up precisely to the totals provided.
2 Basis of preparation continued
The following exchange rates of the euro (\u20ac) against the U.S. dollar\u00a0($), the Czech crown (CZK),
the Romanian leu (RON) and the Serbian dinar (RSD) have been used in the preparation of these
financial statements:
2025
2024
U.S. dollar
Average exchange rate
0.8874
0.9242
Year-end closing exchange rate
0.8495
0.9591
Czech crown
Average exchange rate
0.0405
0.0398
Year-end closing exchange rate
0.0412
0.0397
Romanian leu
Average exchange rate
0.1984
0.2010
Year-end closing exchange rate
0.1965
0.2009
Serbian dinar
Average exchange rate
0.0085
0.0085
Year-end closing exchange rate
0.0085
0.0086
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-380": { "value": "
These financial statements have been prepared in accordance with International Financial
Reporting Standards (IFRSs) as adopted by the EU and also comply with the financial reporting
requirements included in Part 9 of Book 2 of the Dutch Civil Code.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-381": { "value": "financial year 2025 consisted of 52 weeks and ended on December\u00a028, 2025", "dimensions": { "concept": "ifrs-full:PeriodCoveredByFinancialStatements", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-382": { "value": "The comparative financial year 2024 consisted of 52 weeks and ended on December\u00a029, 2024.", "dimensions": { "concept": "ifrs-full:PeriodCoveredByFinancialStatements", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00" } }, "f-383": { "value": "in millions", "dimensions": { "concept": "ifrs-full:LevelOfRoundingUsedInFinancialStatements", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-384": { "value": "euros (\u20ac)", "dimensions": { "concept": "ifrs-full:DescriptionOfPresentationCurrency", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-385": { "value": "
Significant estimates, assumptions and judgments
The preparation of financial statements requires management to make a number of estimates
and assumptions that affect the reported amounts of assets and liabilities, revenues and
expenses, and the disclosure of contingent assets and liabilities which, by definition, will seldom
equal the actual results. All assumptions, expectations and forecasts used as a basis for certain
estimates within these financial statements represent good faith assessments of Ahold Delhaize\u2019s
current and future performance for which management believes there is a reasonable basis.
They involve risks, uncertainties and other factors that could cause the Company\u2019s actual
future results, performance and achievements to differ materially from those forecasted.
Information on the estimates, assumptions and judgments that management considers most
critical is included in the notes as listed below.
Area
Note
Description
Judgments1
Estimates2
Vendor allowances
Expenses and other income
\u00fc
\u00fc
Inventories
Receivables
Income taxes
Income taxes
\u00fc
\u00fc
Commitments and contingencies
Intangible assets
Acquisitions
\u00fc
\u00fc
Intangible assets
Leases and sale and
leaseback transactions
Right-of-use assets
\u00fc
\u00fc
Leases
Impairments
Segment reporting
\u00fc
\u00fc
Expenses and other income
Property, plant and equipment
Right-of-use assets
Investment property
Intangible assets
Company and multi-employer
pension obligations
Pensions and other post-employment
benefits
\u00fc
\u00fc
Provisions and contingencies
Provisions
\u00fc
\u00fc
Commitments and contingencies
Derivatives
30
Financial risk management and
financial instruments
\u00fc
1. In applying Ahold Delhaize\u2019s accounting policies, management makes judgments that may have a significant effect on the amounts
recognized in the financial statements (i.e., current recognition).
2. Management makes assumptions about the future and other major sources of estimation uncertainty at the end of the reporting
period, which may have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within
the next financial year.
Fair value measurements
For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3,
based on the degree to which the inputs to the fair value measurements are observable and
the significance of the inputs to the fair value measurement in its entirety, which are described
as follows:
\u00f3 Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets
that the Company can access at the measurement date.
\u00f3 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable
for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
\u00f3 Level 3 inputs are unobservable inputs for the asset or liability.
2 Basis of preparation continued
Risks and uncertainties
An integrated comprehensive analysis of the principal risks faced by Ahold Delhaize is
included in the Risks and opportunities section of this Annual Report. The main risks, some
of which are outlined here,\u00a0relate to macroeconomic and sociopolitical developments, the
competitive environment, supply chain and business continuity, cybersecurity, IT systems,
and nature and climate.
Macroeconomic developments and geopolitical tensions
Geopolitical volatility and tensions increased during 2025, with developments such as import
tariffs, fluctuations in commodity prices, rising insecurity and interstate conflicts elevating our
financial and operating risks. These dynamics, many of which lie outside our control or influence,
created additional uncertainty across our operating environment and supply chain. Food price
inflation and cost-of-living pressures continued to impact households, and consumers have
continued to focus on price and value. We have also seen elevated levels of scrutiny on food
prices in several of our brands\u2019 markets, with our Serbian brand\u2019s operations, in particular,
being impacted by government intervention.
We closely monitored macroeconomic and geopolitical developments and conducted scenario
analyses to evaluate potential impacts on our business and financial position. Based on these
insights, we continued to strengthen our risk monitoring capabilities and resilience, ensuring
ongoing monitoring and preparedness for a wide range of potential outcomes.
Climate change
The climate-related risks can be divided into two major categories: risks related to the transition
to a lower-carbon economy (transition risks) and risks related to the physical impacts of climate
change (physical risks).
\u00f3 Transition risks: Our financial performance may be affected by the nature, speed and focus
of policy, legal, technology and market changes.
\u00f3 Physical risks: Our financial performance may be affected by changes in the severity and
intensity of climate hazards, which may damage Ahold Delhaize assets and/or result in
operational and revenue disruption. Shifting climate patterns may also lead to adverse value
chain \u2013 for example, by impacting water availability, sourcing and quality and food security.
We consider the impact of climate change in assessing whether assets may be impaired or
whether the useful life of assets needs to be shortened due to early replacement (see Note 11
and Note 14). We also consider climate-related risks for larger projects and limit financial losses
by procuring property damage and business interruption insurance against damage from natural
catastrophes and weather-related events, such as floods, hurricanes and winter storms.
Use of estimates
The preparation of these consolidated financial statements requires management to make a
number of estimates and assumptions that affect the reported amounts of assets and liabilities,
revenues and expenses, and the disclosure of contingent assets and liabilities which, by
definition, will seldom equal the actual results. The Company regularly updates its significant
assumptions and estimates. In relation to this, current macroeconomic developments and
geopolitical tensions primarily impacted the following areas:
Impairments
Cash-generating units (CGUs), to which goodwill and brand names have been allocated, as
well as intangible assets under development and other intangible assets with indefinite lives,
are tested for impairment annually, or more frequently when there is an indication that the CGU
or an asset may be impaired. An impairment trigger assessment is performed on a quarterly
basis to determine whether there is an indication, based on either internal or external sources
of information, that an asset or a CGU may be impaired.
The Company performed its annual goodwill impairment test in the fourth quarter. Free cash flow
projections for the CGUs reflect current macroeconomic circumstances and include estimates for
cash outflows when local requirements demand (faster) investment in assets with lower global
warming potential, as well as certain cost-savings to reduce negative impacts. The weighted
average cost of capital (WACC) rates applied are aligned with the current macroeconomic
environment. For more information, see Note 14.
With regard to non-current assets other than goodwill and other intangible assets with indefinite
lives, the Company assessed, on a quarterly basis, whether there was any indication that
non-current assets were impaired. Where such indicators of impairment existed, the Company
estimated the recoverable amount of the individual asset, where possible, or, otherwise, the
CGU to which the asset belonged. The pre-tax discount rates that were applied are aligned
with the current economic environment. For more information, see Note 11.
Impairment testing financial assets
The Company measures the loss allowance at an amount equal to the lifetime-expected credit
losses for trade receivables, contract assets and lease receivables. An updated assessment of
the lifetime-expected credit losses was made based on reasonable and supportable information.
The overall impact of the wider macroeconomic developments was not material.
Fair value measurements
Of the Company\u2019s categories of financial instruments, only derivatives, investments in debt and
certain equity instruments, and reinsurance assets (liabilities) are measured and recognized
on the balance sheet at fair value.
The fair value measurements of the virtual PPAs are categorized within Level 3 of the fair value
hierarchy. The Company uses unobservable input data, such as the volume of generated solar
power and the price curves of the respective electricity market.
Other fair value measurements are categorized within Level 2 of the fair value hierarchy.
The volatility and uncertainty in the financial markets did not materially impact the fair
values of these financial assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-386": { "value": "
Fair value measurements
For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3,
based on the degree to which the inputs to the fair value measurements are observable and
the significance of the inputs to the fair value measurement in its entirety, which are described
as follows:
\u00f3 Level 1 inputs are quoted prices (unadjusted) for identical assets or liabilities in active markets
that the Company can access at the measurement date.
\u00f3 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable
for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).
\u00f3 Level 3 inputs are unobservable inputs for the asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-387": { "value": "Risks and uncertaintiesAn integrated comprehensive analysis of the principal risks faced by Ahold Delhaize is included in the Risks and opportunities section of this Annual Report. The main risks, some of which are outlined here,\u00a0relate to macroeconomic and sociopolitical developments, the competitive environment, supply chain and business continuity, cybersecurity, IT systems,and nature and climate.Macroeconomic developments and geopolitical tensions Geopolitical volatility and tensions increased during 2025, with developments such as import tariffs, fluctuations in commodity prices, rising insecurity and interstate conflicts elevating our financial and operating risks. These dynamics, many of which lie outside our control or influence, created additional uncertainty across our operating environment and supply chain. Food price inflation and cost-of-living pressures continued to impact households, and consumers have continued to focus on price and value. We have also seen elevated levels of scrutiny on food prices in several of our brands\u2019 markets, with our Serbian brand\u2019s operations, in particular, being impacted by government intervention. We closely monitored macroeconomic and geopolitical developments and conducted scenario analyses to evaluate potential impacts on our business and financial position. Based on these insights, we continued to strengthen our risk monitoring capabilities and resilience, ensuring ongoing monitoring and preparedness for a wide range of potential outcomes.Climate changeThe climate-related risks can be divided into two major categories: risks related to the transition to a lower-carbon economy (transition risks) and risks related to the physical impacts of climate change (physical risks). \u00f3 Transition risks: Our financial performance may be affected by the nature, speed and focus of policy, legal, technology and market changes.\u00f3 Physical risks: Our financial performance may be affected by changes in the severity and intensity of climate hazards, which may damage Ahold Delhaize assets and/or result in operational and revenue disruption. Shifting climate patterns may also lead to adverse value chain \u2013 for example, by impacting water availability, sourcing and quality and food security.We consider the impact of climate change in assessing whether assets may be impaired or whether the useful life of assets needs to be shortened due to early replacement (see Note 11 and Note 14). We also consider climate-related risks for larger projects and limit financial losses by procuring property damage and business interruption insurance against damage from natural catastrophes and weather-related events, such as floods, hurricanes and winter storms.Use of estimatesThe preparation of these consolidated financial statements requires management to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities which, by definition, will seldom equal the actual results. The Company regularly updates its significant assumptions and estimates. In relation to this, current macroeconomic developments and geopolitical tensions primarily impacted the following areas:ImpairmentsCash-generating units (CGUs), to which goodwill and brand names have been allocated, as well as intangible assets under development and other intangible assets with indefinite lives, are tested for impairment annually, or more frequently when there is an indication that the CGU or an asset may be impaired. An impairment trigger assessment is performed on a quarterly basis to determine whether there is an indication, based on either internal or external sources of information, that an asset or a CGU may be impaired. The Company performed its annual goodwill impairment test in the fourth quarter. Free cash flow projections for the CGUs reflect current macroeconomic circumstances and include estimates for cash outflows when local requirements demand (faster) investment in assets with lower global warming potential, as well as certain cost-savings to reduce negative impacts. The weighted average cost of capital (WACC) rates applied are aligned with the current macroeconomic environment. For more information, see Note 14. With regard to non-current assets other than goodwill and other intangible assets with indefinite lives, the Company assessed, on a quarterly basis, whether there was any indication that non-current assets were impaired. Where such indicators of impairment existed, the Company estimated the recoverable amount of the individual asset, where possible, or, otherwise, the CGU to which the asset belonged. The pre-tax discount rates that were applied are aligned with the current economic environment. For more information, see Note 11.Impairment testing financial assetsThe Company measures the loss allowance at an amount equal to the lifetime-expected credit losses for trade receivables, contract assets and lease receivables. An updated assessment of the lifetime-expected credit losses was made based on reasonable and supportable information. The overall impact of the wider macroeconomic developments was not material.Fair value measurementsOf the Company\u2019s categories of financial instruments, only derivatives, investments in debt and certain equity instruments, and reinsurance assets (liabilities) are measured and recognized on the balance sheet at fair value.The fair value measurements of the virtual PPAs are categorized within Level 3 of the fair value hierarchy. The Company uses unobservable input data, such as the volume of generated solar power and the price curves of the respective electricity market. Other fair value measurements are categorized within Level 2 of the fair value hierarchy. The volatility and uncertainty in the financial markets did not materially impact the fair values of these financial assets and liabilities.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-388": { "value": "
3 General accounting policies
Where necessary, accounting policies relating to financial statement captions are included in
the relevant notes to the consolidated financial statements. These are presented in a paragraph
titled Accounting policies at the bottom of each note. The accounting policies outlined in this
Note are applied throughout the financial statements.
Consolidation
The consolidated financial statements incorporate the financial figures of the Company and
its subsidiaries. Subsidiaries are entities over which the Company has control. The Company
controls an entity when it is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power over the entity. Subsidiaries
are fully consolidated from the date that control commences until the date that control ceases.
All intra-group transactions, balances, income and expenses are eliminated upon consolidation.
Unrealized losses on intra-group transactions are eliminated, unless the transaction provides
evidence of an impairment of the assets transferred.
Non-controlling interests are recorded, as appropriate, on the consolidated balance sheet,
in the consolidated income statement, and in the consolidated statement of comprehensive
income for the non-controlling shareholders\u2019 share in the net assets and the income or loss
of subsidiaries. Non-controlling shareholders\u2019 interest in an acquired subsidiary is initially
measured at the non-controlling interest\u2019s proportion of the net fair value of the assets,
liabilities and contingent liabilities recognized.
Foreign currency translation
The financial statements of subsidiaries, joint ventures and associates are prepared in their
functional currencies, which are determined based on the primary economic environment in which
they operate. Transactions in currencies other than the functional currency are recorded at the
rates of exchange prevailing on the transaction dates. At each balance sheet date, monetary
items denominated in foreign currencies are translated into the entity\u2019s functional currency at the
then prevailing rates. Exchange differences arising on the settlement and translation of monetary
items are included in net income for the period. Goodwill and fair value adjustments arising on
the acquisition of a foreign entity are considered as assets and liabilities denominated in the
functional currency of the foreign entity.
Upon consolidation, the assets and liabilities of subsidiaries with a functional currency other
than the euro are translated into euros using the exchange rates prevailing at the balance sheet
date. Income and expense items are translated at the average exchange rates for the respective
periods. Exchange rate differences arising during consolidation and on the translation of
investments in subsidiaries are included in other comprehensive income and in equity, in the
currency translation reserve. Intercompany loans to and from foreign entities for which settlement
is neither planned nor likely to occur in the foreseeable future are considered to increase or
decrease the net investment in that foreign entity; therefore, the exchange rate differences
relating to these loans are also included in other comprehensive income and in equity, in the
currency translation reserve.
On the disposal of a foreign operation resulting in loss of control, loss of joint control or loss
of significant influence, the related cumulative exchange rate difference that was included
in equity is transferred to the consolidated income statement.
Financial alternative performance measures
In presenting and discussing Ahold Delhaize\u2019s operating results, management uses certain
financial alternative performance measures not defined by IFRS (Note 6). These financial
alternative performance measures should not be viewed in isolation as alternatives to the
equivalent IFRS measures and should be used as supplementary information in conjunction
with the most directly comparable IFRS measures. Financial alternative performance measures
do not have a standardized meaning under IFRS and, therefore, may not be comparable to
similar measures presented by other companies. Where a non-financial measure is used to
calculate an operational or statistical ratio, this is also considered an alternative performance
measure. For the definitions of the financial alternative performance measures, see Definitions
and abbreviations. For reconciliations between financial alternative performance measures
and IFRS measures, see Financial alternative performance measures.
New accounting policies effective for 2025
The amendments to IAS 21, \u201cThe Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability,\u201d became effective in the current financial year starting as of December 30, 2024.
These amendments do not have an impact on the Company\u2019s consolidated financial statements.
In December 2024, the IASB issued targeted amendments to help companies better report the
financial effects of nature-dependent electricity contracts, which are often structured as PPAs.
The amendments to IFRS 9, \u201cFinancial Instruments\u201d and IFRS 7, \u201cFinancial Instruments:
Disclosures\u201d include:
\u2022 Clarifying the application of the \u201cown-use\u201d requirements
\u2022 Permitting hedge accounting if these contracts are used as hedging instruments
\u2022 Adding new disclosure requirements to enable investors to understand the effect of these
contracts on a company\u2019s financial performance and cash flows
The amendments have been early adopted after the EU endorsement on June 30, 2025.
New accounting policies not yet effective for 2025
The IASB has issued several standards, or revisions to standards, that are not yet effective
for 2025, but\u00a0will become effective in coming years.
IFRS 18, \u201cPresentation and Disclosure in Financial Statements\u201d
In April 2024, the IASB issued a new Standard, IFRS 18, \u201cPresentation and Disclosure
in Financial Statements,\u201d which replaces IAS 1, \u201cPresentation of Financial Statements.\u201d
The new Standard carries forward many requirements from IAS 1 unchanged. IFRS 18
is the culmination of the IASB\u2019s Primary Financial Statements project and introduces three
sets of new requirements to improve companies\u2019 reporting of financial performance and
give investors a better basis for analyzing and comparing companies:
\u00f3 Improved comparability in the statement of profit or loss (income statement)
\u00f3 Enhanced transparency of management-defined performance measures
\u00f3 More useful grouping of information in the financial statements
3 General accounting policies continued
IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027,
with earlier application permitted. The Company is currently assessing the impact on its
consolidated financial statements.
Amendments to IFRS 9 and IFRS 7, \u201cAmendments to the Classification and
Measurement of Financial Instruments\u201d
On May 30, 2024, the IASB issued amendments to the classification and measurement
requirements in IFRS 9, \u201cFinancial Instruments,\u201d and IFRS 7, \u201cFinancial Instruments:
Disclosures.\u201d The amendments address diversity in accounting practice by making the
requirements more understandable and consistent. The amendments are effective for annual
periods beginning on or after January 1, 2026. The Company does not anticipate that the
application of these amendments will have a significant effect on the future consolidated
financial statements.
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
On July 18, 2024, the IASB issued narrow amendments to the IFRS Accounting Standards
and accompanying guidance as part of its regular maintenance of the Standards. These
amendments include clarifications, simplifications, corrections and changes aimed at improving
the consistency of several IFRS Accounting Standards. The amended Standards are as follows:
\u00f3 IFRS 1, \u201cFirst-time Adoption of International Financial Reporting Standards\u201d
\u00f3 IFRS 7, \u201cFinancial Instruments: Disclosures\u201d and its accompanying \u201cGuidance
on implementing IFRS 7\u201d
\u00f3 IFRS 9, \u201cFinancial Instruments\u201d
\u00f3 IFRS 10, \u201cConsolidated Financial Statements\u201d
\u00f3 IAS 7, \u201cStatement of Cash Flows\u201d
The amendments are effective for annual periods beginning on or after January 1, 2026.
The Company does not anticipate that the application of these amendments will have a
significant effect on the future consolidated financial statements.
There are no other IFRSs that have been issued but are not yet effective that are expected
to have a material effect on the future consolidated financial statements.
\"Methodology.svg\"
Accounting policies
Ahold Delhaize accounts for business combinations using the acquisition method when control
is transferred to the Company. The consideration transferred in the acquisition is generally
measured at fair value, as are the identifiable net assets acquired and the liabilities assumed.
Transaction costs are expensed as incurred. Any contingent consideration is measured at fair
value at the acquisition date. If\u00a0the contingent consideration is classified as equity, then it is not
remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in
the fair value of the contingent consideration are recognized in profit or\u00a0loss.
\"Methodology.svg\"
Accounting policies
Non-current assets and disposal groups are classified as held for sale if their carrying amount
will be recovered through a sale transaction rather than through continuing use. For this to be the
case, the asset (or disposal group) must be available for immediate sale in its present condition
and its sale must be highly probable. Non-current assets (or disposal groups) classified as held
for sale are measured at the lower of the asset\u2019s carrying amounts or the fair value less costs of
disposal. Depreciation or amortization of an asset ceases when it is classified as held for sale.
Equity accounting ceases for an investment in a joint venture or associate when it is classified as
held for sale; instead, dividends received are recognized in the consolidated income statement.
A discontinued operation is a component of the Company that either has been disposed of or is
classified as held for sale, and represents a separate major line of business or geographical area of
operations or is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations. Results from discontinued operations that are clearly identifiable
as part of the component disposed of and that will not be recognized subsequent to the disposal
are presented separately as a single amount in the consolidated income statement. Results and
cash flows from discontinued operations are reclassified for prior periods presented in the financial
statements so that the results and cash flows from discontinued operations relate to all operations
that have been discontinued as of the balance sheet date for the latest period presented.
\"Methodology.svg\"
Accounting policies
The accounting policies used for the segments are the same as the accounting policies used
for the consolidated financial statements. Ahold Delhaize\u2019s operating segments are its retail
operating companies that engage in business activities from which they earn revenues and
incur expenses, and whose operating results are regularly reviewed by the Executive Committee
to make decisions about resources to be allocated to the segments and to assess their
performance. In establishing the reportable segments, certain operating segments with similar
economic characteristics have been aggregated. As Ahold Delhaize\u2019s operating segments offer
similar products using complementary business models, and there is no discernible difference in
customer bases, Ahold Delhaize\u2019s policy on aggregating its operating segments into reportable
segments is based on geography, macroeconomic environment and management oversight.
The segments\u2019 performance is evaluated against several measures, of which operating income
and underlying operating income are the most important. Underlying operating income is regularly
reviewed by the Executive Committee and is defined as total operating income, adjusted for
impairments of non-current assets, gains and losses on the sale of assets, gains and losses on
leases and subleases, restructuring and related charges, and other items considered not to be
directly related to the underlying operating performance. Ahold Delhaize\u2019s management believes
this measure provides better insight into the underlying operating performance of the Company\u2019s
operations. This alternative performance measure should be considered in addition to, but not
as a substitute for, operating income.
\"Methodology.svg\"
Accounting policies
Ahold Delhaize generates and recognizes net sales to retail customers as it satisfies its
performance obligation at the point of sale in its stores and upon delivery of goods through
its online channels. The Company also generates revenues from the sale of products to retail
franchisees and affiliates that are recognized upon delivery. Ahold Delhaize recognizes fees
from franchisees and affiliates as revenue as services are performed or the granted rights are
used. Revenue from the sale of gift cards and gift certificates is recognized when the gift card
or gift certificate is redeemed by the retail customer. Future discounts earned by customers in
connection with bonus or loyalty cards and other Company-sponsored programs are deferred
on the balance sheet at the time of the sale and subsequently recognized in the income
statement when redeemed. When the Company expects that gift cards and future discounts
under bonus and loyalty programs will not be redeemed, the breakage that is able to be
estimated is recognized proportionately as revenue at the time that the Company\u2019s performance
obligations are satisfied (e.g., as customers redeem their award credits or purchase goods
using gift cards or vouchers).
Ahold Delhaize\u2019s sales activities do not result in the Company having a material amount of
unperformed obligations and, therefore, no contract assets are recognized separately from
receivables. The Company does enter into transactions with customers where contract liabilities
result from consideration being received from the customer prior to the Company satisfying
its performance obligations. These contract liabilities are presented on the balance sheet
and in the notes as deferred income and gift card liabilities; see Note 27.
Generally, net sales and cost of sales are recorded based on the gross amount received from the
customer for products sold and the amount paid to the vendor for products purchased, excluding
sales taxes and value-added taxes. However, for certain products or services, such as sales
through bol\u2019s partner platform and the sale of lottery tickets, third-party prepaid phone cards,
stamps and public transportation tickets, Ahold Delhaize acts as an agent and, consequently,
records the amount of commission income in its net sales. Net sales also reflect the value
of products sold to customers for which the Company anticipates returns from customers,
when such returns are considered to be material. Currently, customer returns mainly relate
to Ahold Delhaize\u2019s online general merchandise sales, and are included in Accrued expenses
in Note 27. Past customer return practices provide the basis for determining the anticipated
returns that the Company is exposed to at the balance sheet date.
\"Methodology.svg\"
Accounting policies
Cost of sales
Cost of sales includes the purchase price of the products sold and other costs incurred in
bringing the inventories to the location and condition ready for sale. These costs include: costs
of purchasing, storing and rent; depreciation of property, plant and equipment and right-of-use
assets; salaries; and cost of transporting products, to the extent that it relates to bringing the
inventories to the location and condition ready for sale.
Vendor allowances
Ahold Delhaize receives various types of vendor allowances. The most common allowances
vendors offer are (i) volume allowances, which are off-invoice or amounts billed back to vendors
based on the quantity of products sold to customers or purchased from the vendor and (ii)
promotional allowances, which relate to cooperative advertising and market development efforts.
Volume allowances are recognized as a reduction of the cost of the related products as they are
sold. Promotional allowances are recognized as a reduction of the cost of the related products
when the Company has performed the activities specified in the contract with the vendor. If the
contract does not specify any performance criteria, the allowance is recognized over the term
of the contract.
Vendor allowances are generally deducted from cost of sales, unless there is clear evidence
that they should be classified as revenue resulting from the Company providing a distinct good
or service to the vendor. Ahold Delhaize recognizes vendor allowances only where there is
evidence of a binding arrangement with the vendor, the amount can be estimated reliably
and receipt is probable.
Selling expenses
Selling expenses relate to our store and online operations and consist of employees\u2019 salaries
and wages, store expenses, depreciation related to owned and leased stores, amortization of
intangible assets, advertising costs, outbound logistics costs (order fulfillment and delivery cost)
and other selling expenses.
General and administrative expenses
General and administrative expenses consist of support office employees\u2019 salaries and wages,
rent and depreciation of support offices, amortization of intangible assets, impairment losses
and reversals, gains and losses on the sale of non-current assets and disposal groups held
for sale, restructuring costs, and other general and administrative expenses.
\"Methodology.svg\"
Accounting policies
Income tax expense represents the sum of current and deferred tax. Income tax is recognized
in the income statement, except to the extent that it relates to items recognized directly in equity
or other comprehensive income. Current tax expense is based on the best estimate of taxable
income for the year, using tax rates that have been enacted or substantively enacted at the
balance sheet date and adjustments for current taxes payable (receivable) for prior years.
Deferred tax is the tax expected to be payable or recoverable on differences between the
carrying amounts of assets and liabilities and the corresponding tax basis used in the
computation of taxable income. Deferred tax assets and liabilities are generally recognized
for all temporary differences. However, deferred tax liabilities are not recognized if they arise
from the initial recognition of goodwill.
Deferred income tax is not accounted for if it arises from the initial recognition of an asset or
liability in a transaction other than a business combination that, at the time of the transaction,
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using
tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting
period and are expected to apply when the related deferred income tax asset is realized or
the deferred income tax liability is settled.
Deferred tax assets, including deferred tax assets for tax loss carryforward positions and tax
credit carryforward positions, are recognized to the extent that it is probable that future taxable
income will be available against which temporary differences, unused tax losses or unused tax
credits can be utilized. The carrying amount of deferred tax assets is reviewed at each balance
sheet date and reduced to the extent that it is no longer probable that sufficient taxable income
will be available to allow all or part of the assets to be recovered.
Deferred tax assets and liabilities are not discounted; they are offset on the balance sheet
when there is a legally enforceable right to offset current tax assets against current tax liabilities
and when the deferred income taxes relate to income taxes levied by the same fiscal authority.
Current income tax assets and liabilities are offset on the balance sheet when there is a legally
enforceable right to offset and when the Company intends either to settle on a net basis or to
realize the asset and settle the liability simultaneously.
The ultimate tax effects of some transactions can be uncertain for a considerable period of time,
requiring management to estimate the related current and deferred tax positions. The Company
recognizes liabilities for uncertain tax positions when it is probable that additional taxes will be
due or\u00a0recognizes assets for uncertain tax positions when it is probable that the benefit will flow to
the Company and the benefit can be reliably measured. To measure the liability for the uncertain
tax position, management determines whether uncertainties need to be considered separately or
together, based on which approach better predicts the resolution of the uncertainty. The Company
also recognizes the liability for either the most likely amount or the expected value (probability
weighted average), depending on which method it expects to better predict the resolution.
These liabilities are presented as current income taxes payable, except in jurisdictions where
prior tax losses are being carried forward to be used to offset future taxes that will be due. In
these instances, the liabilities are presented as a reduction of deferred tax assets. Interest
accrued on uncertain tax positions is considered to be a financial expense of the Company.
Any other adjustments to uncertain tax position liabilities are recognized within Income
tax expense.
A (voluntary) tax payment of a disputed amount to the tax authority meets the definition of an
asset and is recognized as a current or non-current income tax receivable, depending on the
timing of the expected resolution. The payment is an asset for the Company because it will
either be refunded by the tax authority or be used to settle the tax liability arising from the
resolution of the dispute.
\"Methodology.svg\"
Accounting policies
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Cost includes expenditures that are directly attributable to the acquisition
or construction of an asset and borrowing costs incurred during construction. Where applicable,
estimated asset retirement costs are added to the cost of an asset. Subsequent expenditures
are capitalized only when it is probable that future economic benefits associated with the item
will flow to the Company and the costs can be measured reliably. All other subsequent
expenditures represent repairs and maintenance and are expensed as incurred.
Depreciation is computed using the straight-line method based on the estimated useful lives
of the items of property, plant and equipment, taking into account the estimated residual value.
Where an item of property, plant and equipment comprises major components having different
useful lives, each such part is depreciated separately.
The ranges of estimated useful lives of property, plant and equipment are:
Land
indefinite
Buildings
30\u201340 years
Certain structural components of buildings
10\u201330 years
Machinery and equipment
3\u201318 years
Other
5\u201310 years
The useful lives, depreciation method and residual value are reviewed at each balance sheet
date and adjusted, if appropriate.
Depreciation of leasehold improvements is calculated on a straight-line basis over either the
lease term (including renewal periods when renewal is reasonably assured) or the estimated
useful life of the asset, whichever is shorter.
Impairment of non-current assets other than goodwill
Ahold Delhaize assesses on a quarterly basis whether there is any indication that non-current
assets may be impaired. If indicators of impairment exist, the Company estimates the recoverable
amount of the asset. If it is not possible to estimate the recoverable amount of an individual
asset, the Company estimates the recoverable amount of the CGU to which it belongs. Individual
stores are considered separate CGUs for impairment testing purposes. The carrying value of
the store includes mainly its property, plant and equipment and right-of-use assets (if held
under a lease arrangement).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal or the asset\u2019s
value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. The estimated future cash flows exclude
lease payments if the CGU is held under a lease arrangement, but include a replacement
CapEx if needed to maintain the ongoing operation during the forecast period.
An impairment loss is recognized in the income statement for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount.
In subsequent years, the Company assesses whether indications exist that impairment losses
previously recognized for non-current assets other than goodwill may no longer exist or may have
decreased. If any such indication exists, the recoverable amount of that asset is recalculated and,
if required, its carrying amount is increased to the revised recoverable amount. The increase is
recognized in operating income as an impairment reversal. An impairment reversal is recognized
only if it arises from a change in the assumptions that were used to calculate the recoverable
amount. The increase in an asset\u2019s carrying amount due to an impairment reversal is limited
to the depreciated amount that would have been recognized had the original impairment
not occurred.
As noted above, companies are required to assess at each reporting date whether there is an
indication that a non-current asset may be impaired. One such indicator is significant changes
with adverse effects in the technological, market, economic or legal environment in which the
Company operates that have taken place during the period (or will take place in the near future).
Transitioning to a lower-carbon economy may trigger such adverse effects. Therefore, Ahold
Delhaize also considers the impact of climate change in assessing whether assets may be
impaired or whether the useful life of assets needs to be shortened due to early replacement.
\"Methodology.svg\"
Accounting policies
For more information on the accounting policies for leases, see Note 33.
\"Methodology.svg\"
Accounting policies
Investment property consists of land and buildings held by Ahold Delhaize to earn rental income
or for capital appreciation, or both. These properties are not used by the Company in the ordinary
course of business. The Company often owns (or leases) shopping centers containing an Ahold
Delhaize as well as third-party retail units. In these cases, the third-party retail units generate
rental income, but are primarily of strategic importance for operating purposes to Ahold Delhaize
in its retail operations. The Company recognizes the part of an owned (or leased) shopping
center that is leased to third-party retailers as investment property, unless it represents an
insignificant portion of the property. Land and buildings leased to franchisees are not considered
to be investment property, as they contribute directly to Ahold Delhaize\u2019s retail operations.
Investment property is measured on the same basis as property, plant and equipment.
Right-of-use assets are separately disclosed as a line in the balance sheet, but right-of-use
assets that meet the definition of investment property are included in Investment property
and separately disclosed in the notes.
\"Methodology.svg\"
Accounting policies
Goodwill and impairment of goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Company\u2019s interest in the net fair value of the identifiable assets and
14 Intangible assets continued
liabilities assumed at the date of acquisition. It is carried at cost less accumulated impairment
losses. Goodwill on acquisitions of joint ventures and associates is included in the carrying
amount of the investment.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups
of CGUs) that is expected to benefit from the synergies of a business combination. Goodwill
is allocated to a CGU (or group of CGUs) representing the lowest level within the Company at
which the goodwill is monitored for internal management purposes and is never larger than an
operating segment before aggregation. CGUs to which goodwill has been allocated are tested
for impairment annually or more frequently when there is an indication that the CGU may be
impaired. Goodwill on acquisitions of joint ventures and associates is assessed for impairment
as part of the investment whenever there is an indication that the investment may be impaired.
An impairment loss is recognized for the amount by which the CGU\u2019s carrying amount exceeds
its recoverable amount. The recoverable amount is the higher of a CGU\u2019s fair value less costs of
disposal or its value in use. An impairment loss is allocated first to reduce the carrying amount of
the goodwill and then to\u00a0the other assets of the CGU pro rata on the basis of the carrying amount
of each asset. An impairment loss recognized for goodwill is not reversed in subsequent periods.
On the partial or complete disposal of an operation, the goodwill attributable to that operation
is included in the determination of the gain or loss on disposal.
Other intangible assets
Separately acquired intangible assets and internally developed software are carried at cost
less accumulated amortization and impairment losses. Intangible assets acquired in a business
combination are recognized at fair value at the date of acquisition (which is regarded as their cost).
Brand names and customer, franchise and affiliate relationships acquired in business acquisitions
are stated at fair value, determined using an income approach. Direct costs related to the
development of software for internal use are capitalized only if the costs can be measured
reliably, technical feasibility has been established, future economic benefits are probable, and
the Company intends to complete development and use the software. All other costs, including
all overhead, general and administrative, and training costs, are expensed as incurred.
Amortization is computed using the straight-line method based on estimated useful lives,
which are as follows:
Retail brands
indefinite
Own brands
10\u201315 years
Software
3\u201310 years
Franchise and affiliate relationships
14\u201340 years
Customer relationships
7\u201325 years
Other
5 years\u2013indefinite
The useful lives, amortization method and residual value are reviewed at each balance sheet
date and adjusted, if appropriate. Brand names, intangible assets under development and other
intangible assets with indefinite lives are assessed for impairment annually or whenever there
is an indication that the asset may be impaired.
\"Methodology.svg\"
Accounting policies
Investments in joint arrangements are classified as either joint operations or joint ventures
depending on the contractual rights and obligations each investor has rather than the legal
structure of the joint arrangement. Joint operations arise where Ahold Delhaize has both rights
to the assets and obligations for the liabilities relating to the arrangement and, therefore, the
Company accounts for its share of assets, liabilities, revenue and expenses. Joint ventures
arise where Ahold Delhaize has rights to the net assets of the arrangement and, therefore,
the Company equity accounts for its interest.
Associates are entities over which Ahold Delhaize has significant influence but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Significant influence is defined as the power to participate in the financial and operating
policy decisions of the entity but not control or joint control over those policies. Associates
are accounted for using the equity method.
Under the equity method, investments in joint ventures and associates are measured initially
at cost and subsequently adjusted for post-acquisition changes in Ahold Delhaize\u2019s share of
the net assets of the investment (net of any accumulated impairment in the value of individual
investments). Where necessary, adjustments are made to the financial figures of joint ventures
and associates to ensure consistency with the accounting policies of the Company.
Unrealized gains on transactions between Ahold Delhaize and its joint ventures and
associates are eliminated to the extent of the Company\u2019s stake in these investments.
Unrealized losses are also eliminated unless the transaction provides evidence of
an impairment of the assets transferred.
\"Methodology.svg\"
Accounting policies
For more information on the accounting policies for financial assets and reinsurance contract
assets, see Note\u00a030.
\"Methodology.svg\"
Accounting policies
Inventories
Inventories are stated at the lower of cost or net realizable value. Cost consists of all costs of
purchase, cost of conversion and other costs incurred in bringing the inventories to their location
and condition ready for sale, net of vendor allowances attributable to inventories. For certain
inventories, cost is approximated using the retail method, in which the sales value of the
inventories is reduced by the appropriate percentage of gross margin. The cost of inventories is
determined using either the first-in, first-out (FIFO) method or the weighted average cost method,
depending on their nature or use. Net realizable value is the estimated selling price in the
ordinary course of business, less the estimated marketing, distribution and selling\u00a0expenses.
Included in the value of inventory is an amount representing the estimated value of inventories
that have already been sold that the Company expects to be returned for a refund by customers.
Cost of sales
For more information on the accounting policies for cost of sales, see Note 8.
Vendor allowances
For more information on the accounting policies for vendor allowances, see Note 8.
\"Methodology.svg\"
Accounting policies
For more information on the accounting policies for financial assets and reinsurance contract
assets, see\u00a0Note\u00a030.
\"Methodology.svg\"
Accounting policies
Equity instruments issued by the Company are recorded at the value of proceeds received.
Own equity instruments that are bought back (treasury shares) are deducted from equity.
When reissued or canceled, shares are removed from the treasury shares on a FIFO basis,
and recorded as a reduction of the additional paid-in capital, in accordance with the Company\u2019s
Articles of Association. Incremental costs that are directly attributable to issuing or buying back
own equity instruments are recognized directly in equity, net of the related tax. No gain or loss
is recognized in the\u00a0income statement on the purchase, sale, issuance or cancellation of the
Company\u2019s own equity instruments.
\"Methodology.svg\"
Accounting policies
Financial guarantees
Financial guarantees made by Ahold Delhaize to third parties that may require the Company to
incur future cash outflows if called upon to satisfy are recognized at inception as liabilities at fair
value. Fair value is measured as the premium received, if any, or calculated using a scenario
analysis. Subsequently, the liability is measured at the higher of the best estimate of the
expenditure required to settle the obligation or the amount initially recognized less cumulative
amortization corresponding to the expiration or repayment of the underlying amount guaranteed.
Reinsurance contract liability
For more information on the accounting policies for the reinsurance contract liabilities, see Note 30.
\"Methodology.svg\"
Accounting policies
Provisions are recognized when (i) the Company has a present (legal or constructive) obligation
as a result of past events, (ii) it is probable that an outflow of resources will be required to settle
the obligation, and (iii) the amount can be reliably estimated. The amount recognized is the best
estimate of the expenditure required to settle the obligation. Provisions are discounted whenever
the effect of the time value of money is significant.
The provision for the Company\u2019s self-insurance program is recorded based on claims filed and
an estimate of claims incurred but not yet reported. The provision includes expenses incurred in
the claim settlement process that can be directly associated with specific claims. Other expenses
incurred in the claim settlement process are expensed when incurred. The Company\u2019s estimate
of the required liability of such claims is recorded on a discounted basis, utilizing an actuarial
method based upon various assumptions that include, but are not limited to, historical loss
experience, projected loss development factors and actual payroll costs.
Restructuring-related provisions for severance and termination benefits are recognized when
the Company has approved a detailed formal restructuring plan and the restructuring has either
commenced or has been announced to those affected by it. Onerous contract provisions are
measured at the amount by which the unavoidable costs to fulfill agreements exceeds the
expected benefits from such agreements.
\"Methodology.svg\"
Accounting policies
For more information on the accounting policies for financial liabilities and reinsurance contract
liabilities, see Note 30 .
\"Methodology.svg\"
Accounting policies
The Company has chosen to prepare the statement of cash flows using the indirect method,
which presents cash flows from operating activities as the income from continuing operations
adjusted for non-cash transactions, deferrals or accruals of past or future operating cash receipts
or payments, and items of income or expense associated with investing or financing cash flows.
Cash flows in foreign currencies have been translated using weighted average periodic exchange
rates. Interest paid on loans is presented as a financing activity, while interest received is
presented as an investing activity. Acquisitions and divestments of businesses are presented
net of cash and cash equivalents acquired or disposed of, respectively. The Company has
chosen to present dividends paid to its shareholders as a financing activity.
In the cash flow statement, the Company has classified the principal portion of lease payments,
as well as the interest portion, within financing activities. Lease payments are not split between
interest and principal portions but are shown as one line, Repayment of lease liabilities, in the
cash flow statement. Lease payments for short-term leases, lease payments for leases of low-
value assets and variable lease payments not included in the measurement of the lease liability
are classified as cash flows from operating activities.
The Company has classified cash flows from operating leases as operating activities. Cash flows
representing the collection of principal and interest payments for finance lease receivables are
classified as investing activities and disclosed using a single line in the cash flow statement,
Lease payments received on lease receivables.
\"Methodology.svg\"
Accounting policies
Basic net income per share is calculated by dividing net income attributable to common
shareholders by the weighted average number of common shares outstanding during the
year. Basic income from continuing operations per share is calculated by dividing income
from continuing operations attributable\u00a0to common shareholders by the weighted average
number of common shares outstanding during the year.
Diluted income per share is calculated by dividing the net income/income from continuing
operations attributable to shareholders by the diluted weighted average number of common
shares outstanding. To determine the diluted weighted average number of common shares
outstanding, the weighted average number of shares outstanding is adjusted for the
conditional shares from the share-based compensation programs.
\"Methodology.svg\"
Accounting policies
Financial assets
Financial assets are recognized when the Company becomes a party to the contractual
provisions of a financial instrument. Financial assets are derecognized when the rights to receive
cash flows from the financial assets expire, or if the Company transfers the financial asset to
another party and does not retain control or substantially all risks and rewards of the asset.
Purchases and sales of financial assets in the normal course of business are accounted
for at settlement date (i.e., the date that the asset is delivered to or by the Company).
At initial recognition, the Company measures its financial assets at their fair value plus,
in the case of a financial asset not at fair value through profit and loss (FVPL), transaction
costs that are directly attributable to the acquisition or issue of the financial asset.
Upon initial recognition, the Company classifies its financial assets as subsequently measured
at either (i) amortized cost, (ii) fair value through other comprehensive income (FVOCI)
or (iii) FVPL on the basis of both:
\u00f3 The Company\u2019s business model for managing the financial assets
\u00f3 The contractual cash flow characteristics of the financial asset
Subsequent to initial recognition, financial assets are measured as described below.
Financial assets at amortized cost
Financial assets are measured at amortized cost if both (i) the financial asset is held within a
business model whose objective is to hold financial assets in order to collect contractual cash
flows and (ii) the contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
A financial asset measured at amortized cost is initially recognized at fair value plus transaction
cost\u00a0directly attributable to the asset. After initial recognition, the carrying amount of the financial
asset\u00a0measured at amortized cost is determined using the effective interest method, less any
impairment losses.
The Company\u2019s financial assets measured at amortized cost comprise loans receivable, net
investment in leases, trade and other (non-)current receivables, cash and cash equivalents,
short-term deposits and similar instruments.
Financial assets at FVOCI
A financial asset is measured at FVOCI if both (i) the financial asset is held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial
assets and (ii) the contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.\u00a0
The Company also has the option to designate other financial assets at FVOCI. In such
situations, the fair value movements are recognized in other comprehensive income, but any
dividends earned are recognized in profit or loss.
Investments in debt instruments measured at FVOCI are recognized initially at fair value plus
transaction cost directly attributable to the asset. After initial recognition, the asset is measured at
fair value, with changes in fair value included in other comprehensive income. Accumulated gains
or losses recognized through other comprehensive income are reclassified to profit or loss when
the debt instrument is derecognized.
There is no subsequent reclassification of fair value gains and losses to profit or loss following
the derecognition of the investments in equity instruments that are not held for trading and for
which the Company made an irrevocable election at the time of initial recognition to account
for the investment in equity instruments at FVOCI.
30 Financial risk management and financial instruments
continued
Financial assets at FVPL
When any of the above-mentioned conditions for classification of financial assets are not met,
a financial asset is classified as FVPL and measured at fair value with changes in fair value
recognized in profit or loss.
A financial asset measured at FVPL is recognized initially at fair value and its transaction cost
is recognized in profit or loss when incurred. A gain or loss on a financial asset measured at
FVPL is recognized in the income statement for the reporting period in which it arises.
The Company may, at initial recognition, irrevocably designate a financial asset as measured
at FVPL if doing so eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise from measuring assets or liabilities or recognizing
the gains and losses on them on different bases.
The Company\u2019s financial instruments measured at FVPL comprise reinsurance assets,
derivatives and certain cash equivalents and investments in debt instruments.
Impairment of financial assets
At each balance sheet date, the Company assesses whether there is objective evidence that
a financial asset or a group of financial assets is impaired and recognizes a loss allowance
for expected credit losses for financial assets measured at either amortized costs or fair value
through other comprehensive income. If, at the reporting date, the credit risk on a financial
instrument has not increased significantly since initial recognition, the Company measures the
loss allowance for the financial instrument at an amount equal to 12 months of expected credit
losses. If, at the reporting date, the credit risk on a financial instrument has increased significantly
since initial recognition, the Company measures the loss allowance for the financial instrument
at an amount equal to the lifetime-expected credit losses. The Company always measures the
loss allowance at an amount equal to lifetime-expected credit losses for trade receivables,
contract assets and lease receivables.
Financial liabilities
Financial liabilities are recognized when the Company becomes a party to the contractual
provisions of a financial instrument. Financial liabilities are derecognized when the
Company\u2019s obligations specified in the contract expire or are discharged or canceled.
All financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings, net of directly attributable transaction costs.
The Company classifies all financial liabilities as subsequently measured at amortized cost,
except for derivatives and reinsurance liabilities. Any difference between the proceeds and
redemption value is recognized in the income statement over the period of the loans and
short-term borrowings using the effective interest method.
Financial liabilities are classified as current liabilities unless the Company has an unconditional
right to defer settlement of the liability for at least 12 months after the balance sheet date.
Derivative financial instruments
All derivative financial instruments are initially recognized at fair value at the date the derivative
contracts are entered into and are subsequently remeasured to their fair value at the end of each
reporting period. Gains and losses resulting from the fair value remeasurement are recognized
in the income statement as fair value gains (losses) on financial instruments, unless the derivative
qualifies and is effective as a hedging instrument in a designated hedging relationship. In order
for a derivative financial instrument to qualify as a hedging instrument for accounting purposes,
the Company must document (i) at the inception of the transaction, the relationship between the
hedging instrument and the hedged item, as well as its risk management objectives and strategy
for undertaking various hedging transactions and (ii) its assessment, both at hedge inception and
on an ongoing basis, of whether the derivative that is used in the hedging transaction is highly
effective in offsetting changes in fair values or cash flows of hedged items. Derivatives that
are designated as hedges are accounted for as either cash flow hedges or fair value hedges.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as
cash flow hedges is recognized initially in the cash flow hedging reserve, a separate component
of equity. The gain or loss relating to the ineffective portion is recognized immediately in the
income statement. Amounts accumulated in equity are reclassified into the income statement in
the same period in which the related exposure impacts the income statement. When a cash flow
hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing
in equity at that time remains in equity and is reclassified to the income statement when the
forecasted transaction is ultimately recognized. When a forecasted transaction is no longer
expected to occur, the cumulative gain or loss existing in equity is immediately recognized
in the income statement.
Fair value hedge
Fair value changes of derivative instruments that qualify for fair value hedge accounting treatment
are recognized in the income statement in the periods in which they arise, together with any
changes in fair value of the hedged asset or liability. If the hedging instrument no longer meets
the criteria for hedge accounting, the adjustment to the carrying amount of the hedged item
is amortized in the income statement over the hedged item\u2019s remaining period to maturity.
Virtual PPAs
Virtual PPAs are considered to be derivative financial instruments. The agreements, including
the embedded renewable energy certificates, are accounted for at fair value and are included
as part of the derivative assets and liabilities. The difference between the fair value on initial
recognition and the transaction price is recognized in the income statement as other financial
income (expense) over the life of the instrument. Gains and losses resulting from the fair value
remeasurement are recognized in the income statement as fair value gains (losses) on financial
instruments if the agreement does not qualify for hedge accounting, and in the cash flow hedging
reserve if the agreement qualifies for hedge accounting.
30 Financial risk management and financial instruments
continued
Reinsurance contract assets and liabilities
Under Ahold Delhaize\u2019s self-insurance program, part of the insurance risk is ceded under a
reinsurance treaty, which is a pooling arrangement between unrelated companies. In accordance
with the pooling arrangement, the Company assumes a share of the reinsurance treaty risks that is
measured in relation to the percentage of Ahold Delhaize\u2019s participation in the treaty. Ahold Delhaize
applies the premium allocation approach, as the reinsurance contracts have a coverage period
of one year or less. Reinsurance contract assets include estimated receivable balances related to
reinsurance contracts purchased by the Company. Reinsurance liabilities represent the expected
insurance risks related to reinsurance contracts sold by the Company. Reinsurance contract assets
and liabilities are measured on a discounted basis using accepted actuarial methods.
Supply chain financing
The supply chain financing arrangements do not expose Ahold Delhaize to additional credit risk
or provide Ahold Delhaize with a significant benefit of additional financing and, accordingly, it is
Ahold Delhaize\u2019s policy to classify the amounts due under supply chain finance arrangements
with third-party banks as trade payables. In accordance with the Company\u2019s accounting policy,
trade payables are presented as operating activities in the cash flow statement. Suppliers choose
to enter into these arrangements, which provide them with the option of access to earlier payment
at favorable interest rates from the bank based on Ahold Delhaize\u2019s credit rating. If suppliers
do not choose early payment under these arrangements, their invoices are settled by the bank
under the applicable payment terms.
\"Methodology.svg\"
Accounting policies
The grant date fair value of equity-settled share-based compensation plans is expensed, with
a corresponding increase in equity, on a straight-line basis over the vesting periods of the grants.
The cumulative expense recognized at each balance sheet date reflects the extent to which the
vesting period has expired and the Company\u2019s best estimate of the number of performance shares
that will eventually vest. No expense is recognized for awards that do not ultimately vest, except
for awards where vesting is conditional upon a market condition (e.g., total shareholder return).
Those are treated as vested irrespective of whether or not the market condition is ultimately
satisfied, provided that all non-market conditions (e.g., continued employment) are satisfied.
\"Methodology.svg\"
Accounting policies
Definition of a lease
Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control
the use of an identified asset for a period of time in exchange for consideration. At inception,
or on reassessment of a contract that contains a lease component, the Company allocates
the consideration in the contract to each lease and non-lease component on the basis of
its relative stand-alone price.
The Company applies the recognition exemptions for short-term leases (less than 12 months)
and leases of low-value items, defined by the Company to be below $5,000 per item
(on acquisition). The payments for these exempted leases are recognized in the income
statement on a straight-line basis over the lease terms.
As a lessee
The Company recognizes a right-of-use asset, representing its right to use the underlying
asset, and a lease liability, representing its obligation to make lease payments, at the lease
commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the commencement date, plus any
initial direct costs incurred (for example, key money and lease contract commissions), less any
incentives received. The right-of-use asset for acquired leases is adjusted for any favorable or
unfavorable lease rights recognized as part of the purchase price allocation. The right-of-use
asset is subsequently depreciated using the straight-line method over the shorter of the lease
term or the useful life of the underlying asset. In addition, the right-of-use asset is reduced
by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the Company\u2019s incremental borrowing rate.
Generally, the Company uses its incremental borrowing rate as the discount rate.
The Company has elected to separate lease and non-lease components included in lease
payments for all leases. Lease payments included in the measurement of the lease liability
comprise the following:
\u00f3 Fixed payments, including in-substance fixed payments
\u00f3 Variable lease payments\u00a0that depend on an index or a rate, which are initially measured
using the index or rate at the commencement date
\u00f3 Amounts expected to be payable under a residual value guarantee
\u00f3 The exercise price of a purchase option that the Company is reasonably certain to exercise
\u00f3 Lease payments in an optional renewal period if the Company is reasonably certain
to exercise an extension option, and penalties for early termination of a lease unless
the Company is reasonably certain not to terminate early
The lease liability is measured at amortized cost using the effective interest rate method. The
lease liability is subsequently increased by the interest cost on the lease liability and decreased
by lease payments made. It is remeasured when there is a change in future lease payments
arising from a change in an index or rate, if there is a change in the Company\u2019s estimate of the
amount expected to be payable under a residual value guarantee, or if the Company changes
its assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the
carrying amount of the right-of-use asset, or is recorded in the income statement if the carrying
amount of the right-of-use asset has been reduced to zero.
The lease liability is included in Other current financial liabilities and Other non-current
financial liabilities.
The Company applies judgment to determine the lease term for the lease contracts in which it is
a lessee that include renewal and termination options. The assessment of whether the Company
is reasonably certain to exercise such options impacts the lease term, which significantly affects
the value of lease liabilities and right-of-use assets recognized. See Accounting estimates and
judgments for more information.
As a lessor
The Company classifies leases as finance or operating leases at lease inception based upon
whether the lease transfers substantially all of the risks and rewards incidental to ownership
of the underlying asset. As part of this assessment, the Company considers certain indicators,
such as whether the lease is for the majority of the economic life of the asset.
Leases classified as finance leases result in the recognition of a net investment in a lease
representing the Company\u2019s right to receive rent payments. The value of the net investment
in a lease is the value of the future rent payments to be received and the unguaranteed
residual value of the underlying asset discounted using the rate implicit in the lease.
When the Company is an intermediate lessor, it accounts for its interests in the head lease
and the sublease separately. It assesses the lease classification of a sublease with reference
to the right-of-use asset arising from the head lease, not with reference to the underlying asset.
If a head lease is a short-term lease to which the Company applies the exemption described
above, then it classifies the sublease as an operating lease.
If an arrangement contains lease and non-lease components, the Company applies IFRS\u00a015
to allocate the consideration in the contract.
The Company recognizes lease payments received under operating leases as income
on a straight-line basis over the lease term as part of Rent income.
33 Leases continued
Sale and leaseback
Sale and leaseback transactions are defined as transactions that lead to a sale according to
IFRS\u00a015 \u201cRevenue from Contracts with Customers.\u201d Under IFRS\u00a015, the seller-lessee must
determine whether the transaction qualifies as a sale for which revenue is recognized (i.e., the
transaction is a genuine sale, where all performance obligations are satisfied and control has
transferred to the buyer-lessor), or the transaction is a collateralized borrowing. More specifically,
a sale is considered as such if there is no repurchase option on the asset at the end of the
lease term.
If the sale by the Company as seller-lessee qualifies as a sale, the Company derecognizes the
asset and recognizes a gain (or loss) that is limited to the proportion of the total gain (or loss)
relating to the rights transferred to the buyer-lessor. In addition, the Company recognizes a
right-of-use asset arising from the leaseback and measures it at the proportion of the previous
carrying amount of the asset relating to the right of use retained. The Company also recognizes
the lease liability.
If the fair value of the consideration for the sale does not equal the fair value of the asset,
or if the payments for the lease are not at market rates, adjustments are made to measure
the sales proceeds at fair value as follows:
a. Any below-market terms should be accounted for as a prepayment of lease payments.
b. Any above-market terms should be accounted for as additional financing provided
by the buyer-lessor.
If the sale by the Company does not qualify as a sale, the Company keeps the asset transferred
on its balance sheet and recognizes a financing obligation equal to the transferred proceeds
or cash received.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-389": { "value": "
Consolidation
The consolidated financial statements incorporate the financial figures of the Company and
its subsidiaries. Subsidiaries are entities over which the Company has control. The Company
controls an entity when it is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power over the entity. Subsidiaries
are fully consolidated from the date that control commences until the date that control ceases.
All intra-group transactions, balances, income and expenses are eliminated upon consolidation.
Unrealized losses on intra-group transactions are eliminated, unless the transaction provides
evidence of an impairment of the assets transferred.
Non-controlling interests are recorded, as appropriate, on the consolidated balance sheet,
in the consolidated income statement, and in the consolidated statement of comprehensive
income for the non-controlling shareholders\u2019 share in the net assets and the income or loss
of subsidiaries. Non-controlling shareholders\u2019 interest in an acquired subsidiary is initially
measured at the non-controlling interest\u2019s proportion of the net fair value of the assets,
liabilities and contingent liabilities recognized.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-390": { "value": "
Non-controlling interests are recorded, as appropriate, on the consolidated balance sheet,
in the consolidated income statement, and in the consolidated statement of comprehensive
income for the non-controlling shareholders\u2019 share in the net assets and the income or loss
of subsidiaries. Non-controlling shareholders\u2019 interest in an acquired subsidiary is initially
measured at the non-controlling interest\u2019s proportion of the net fair value of the assets,
liabilities and contingent liabilities recognized.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-392": { "value": "
Foreign currency translation
The financial statements of subsidiaries, joint ventures and associates are prepared in their
functional currencies, which are determined based on the primary economic environment in which
they operate. Transactions in currencies other than the functional currency are recorded at the
rates of exchange prevailing on the transaction dates. At each balance sheet date, monetary
items denominated in foreign currencies are translated into the entity\u2019s functional currency at the
then prevailing rates. Exchange differences arising on the settlement and translation of monetary
items are included in net income for the period. Goodwill and fair value adjustments arising on
the acquisition of a foreign entity are considered as assets and liabilities denominated in the
functional currency of the foreign entity.
Upon consolidation, the assets and liabilities of subsidiaries with a functional currency other
than the euro are translated into euros using the exchange rates prevailing at the balance sheet
date. Income and expense items are translated at the average exchange rates for the respective
periods. Exchange rate differences arising during consolidation and on the translation of
investments in subsidiaries are included in other comprehensive income and in equity, in the
currency translation reserve. Intercompany loans to and from foreign entities for which settlement
is neither planned nor likely to occur in the foreseeable future are considered to increase or
decrease the net investment in that foreign entity; therefore, the exchange rate differences
relating to these loans are also included in other comprehensive income and in equity, in the
currency translation reserve.
On the disposal of a foreign operation resulting in loss of control, loss of joint control or loss
of significant influence, the related cumulative exchange rate difference that was included
in equity is transferred to the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-391": { "value": "
Foreign currency translation
The financial statements of subsidiaries, joint ventures and associates are prepared in their
functional currencies, which are determined based on the primary economic environment in which
they operate. Transactions in currencies other than the functional currency are recorded at the
rates of exchange prevailing on the transaction dates. At each balance sheet date, monetary
items denominated in foreign currencies are translated into the entity\u2019s functional currency at the
then prevailing rates. Exchange differences arising on the settlement and translation of monetary
items are included in net income for the period. Goodwill and fair value adjustments arising on
the acquisition of a foreign entity are considered as assets and liabilities denominated in the
functional currency of the foreign entity.
Upon consolidation, the assets and liabilities of subsidiaries with a functional currency other
than the euro are translated into euros using the exchange rates prevailing at the balance sheet
date. Income and expense items are translated at the average exchange rates for the respective
periods. Exchange rate differences arising during consolidation and on the translation of
investments in subsidiaries are included in other comprehensive income and in equity, in the
currency translation reserve. Intercompany loans to and from foreign entities for which settlement
is neither planned nor likely to occur in the foreseeable future are considered to increase or
decrease the net investment in that foreign entity; therefore, the exchange rate differences
relating to these loans are also included in other comprehensive income and in equity, in the
currency translation reserve.
On the disposal of a foreign operation resulting in loss of control, loss of joint control or loss
of significant influence, the related cumulative exchange rate difference that was included
in equity is transferred to the consolidated income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-394": { "value": "
New accounting policies effective for 2025
The amendments to IAS 21, \u201cThe Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability,\u201d became effective in the current financial year starting as of December 30, 2024.
These amendments do not have an impact on the Company\u2019s consolidated financial statements.
In December 2024, the IASB issued targeted amendments to help companies better report the
financial effects of nature-dependent electricity contracts, which are often structured as PPAs.
The amendments to IFRS 9, \u201cFinancial Instruments\u201d and IFRS 7, \u201cFinancial Instruments:
Disclosures\u201d include:
\u2022 Clarifying the application of the \u201cown-use\u201d requirements
\u2022 Permitting hedge accounting if these contracts are used as hedging instruments
\u2022 Adding new disclosure requirements to enable investors to understand the effect of these
contracts on a company\u2019s financial performance and cash flows
The amendments have been early adopted after the EU endorsement on June 30, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-393": { "value": "
New accounting policies effective for 2025
The amendments to IAS 21, \u201cThe Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability,\u201d became effective in the current financial year starting as of December 30, 2024.
These amendments do not have an impact on the Company\u2019s consolidated financial statements.
In December 2024, the IASB issued targeted amendments to help companies better report the
financial effects of nature-dependent electricity contracts, which are often structured as PPAs.
The amendments to IFRS 9, \u201cFinancial Instruments\u201d and IFRS 7, \u201cFinancial Instruments:
Disclosures\u201d include:
\u2022 Clarifying the application of the \u201cown-use\u201d requirements
\u2022 Permitting hedge accounting if these contracts are used as hedging instruments
\u2022 Adding new disclosure requirements to enable investors to understand the effect of these
contracts on a company\u2019s financial performance and cash flows
The amendments have been early adopted after the EU endorsement on June 30, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-395": { "value": "
4 Acquisitions
Ahold Delhaize completed the acquisition of Profi Rom Food SRL and various small store acquisitions
for a total purchase consideration of \u20ac1,239\u00a0million. The allocation of the fair values of the identifiable
assets acquired, liabilities assumed and goodwill arising from the acquisitions during 2025 is as follows:
\u20ac million
Profi
Other
acquisitions
Total
acquisitions
Property, plant and equipment
363
4
367
Right-of-use asset
473
2
475
Other intangible assets
275
5
279
Inventories
228
1
229
Cash and cash equivalents
51
3
53
Other non-current financial liabilities
(418)
(2)
(421)
Deferred tax liability
(33)
\u2014
(33)
Accounts payable
(518)
(2)
(520)
Other current financial liabilities
(69)
\u2014
(69)
Other assets and liabilities \u2013 net
(6)
2
(4)
Net identifiable assets acquired
344
11
356
Goodwill
866
18
884
Total purchase consideration
1,210
29
1,239
Purchase consideration in kind
\u2014
(1)
(1)
Cash acquired (excluding restricted cash)
(39)
(3)
(41)
Acquisition of businesses, net of cash acquired
1,172
25
1,197
Acquisition of Profi
On December 4, 2024, Ahold Delhaize announced that the Romanian regulatory authorities had
approved the acquisition of 100% of Romanian grocery retailer Profi Rom Food SRL (Profi) from
MidEuropa. The acquisition more than doubles Ahold Delhaize\u2019s retail footprint in Romania,
where it operates nearly 1,000 stores under the Mega Image brand. The combination
complements and expands Ahold Delhaize\u2019s existing Romanian footprint to better serve both
urban and rural areas. The strong format fit and complementary customer propositions between
the Profi and Mega Image brands will allow them to better serve the Romanian consumer, driving
both sales growth and profitability. The acquisition was completed on January 3, 2025.
The purchase consideration was paid in cash. The allocation of the fair values of the identifiable
assets acquired, liabilities assumed and goodwill arising from the acquisition of Profi is presented
in the table above. Other intangible assets mainly includes the Profi brand name, for an amount
of \u20ac241 million. Other non-current financial liabilities and Other current financial liabilities mainly
consist of lease liabilities.
The goodwill is attributable to the synergies expected from the combination of the operations and
the ability to strengthen our presence in both urban and rural areas. The goodwill from the
acquisition of Profi is not deductible for tax purposes.
Since the acquisition, Profi contributed net sales of \u20ac2,867 million to 2025 and had a modest
negative impact on net income.
4 Acquisitions continued
\"Data.svg\"
Accounting estimates and judgments
Intangible assets acquired in a business acquisition and the financial liability related to non-
controlling interest are measured at fair value at the date of the acquisition.
To determine the fair value of intangible assets at the acquisition date, estimates and
assumptions are required. The valuation of the identifiable intangible assets involves estimates
of expected sales, earnings and/or future cash flows and requires the use of key assumptions,
such as discount rate, royalty rate and growth rates.
The financial liability related to the non-controlling interest is subsequently measured at amortized
cost. The measurement of the financial liability involves estimates of the cash flows to settle the non-
controlling interest based on the most likely scenario of the exercise of related call-and-put options.
\"Methodology.svg\"
Accounting policies
Ahold Delhaize accounts for business combinations using the acquisition method when control
is transferred to the Company. The consideration transferred in the acquisition is generally
measured at fair value, as are the identifiable net assets acquired and the liabilities assumed.
Transaction costs are expensed as incurred. Any contingent consideration is measured at fair
value at the acquisition date. If\u00a0the contingent consideration is classified as equity, then it is not
remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in
the fair value of the contingent consideration are recognized in profit or\u00a0loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-396": { "value": "
\"Methodology.svg\"
Accounting policies
Ahold Delhaize accounts for business combinations using the acquisition method when control
is transferred to the Company. The consideration transferred in the acquisition is generally
measured at fair value, as are the identifiable net assets acquired and the liabilities assumed.
Transaction costs are expensed as incurred. Any contingent consideration is measured at fair
value at the acquisition date. If\u00a0the contingent consideration is classified as equity, then it is not
remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in
the fair value of the contingent consideration are recognized in profit or\u00a0loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-397": { "value": "
5 Assets and liabilities held for sale and discontinued operations
Assets and liabilities held for sale
\u20ac million
December 28,
2025
December 29,
2024
Non-current assets and disposal groups held for sale
7
49
Total assets held for sale
7
49
Liabilities related to assets held for sale
\u2014
5
Assets held for sale at December\u00a028, 2025 , primarily comprises non-current assets of various
retail locations in The United States of \u20ac4 million ( December\u00a029, 2024: \u20ac0 million) and in Europe
of \u20ac2 million (December\u00a029, 2024: \u20ac49 million). Liabilities of \u20ac5 million at December\u00a029, 2024,
related to the certain assets held for sale in Europe.
Discontinued operations
Discontinued operations for the years ended 2025 and 2024 included minor adjustments
on various past divestments qualified as discontinued operations.
\"Methodology.svg\"
Accounting policies
Non-current assets and disposal groups are classified as held for sale if their carrying amount
will be recovered through a sale transaction rather than through continuing use. For this to be the
case, the asset (or disposal group) must be available for immediate sale in its present condition
and its sale must be highly probable. Non-current assets (or disposal groups) classified as held
for sale are measured at the lower of the asset\u2019s carrying amounts or the fair value less costs of
disposal. Depreciation or amortization of an asset ceases when it is classified as held for sale.
Equity accounting ceases for an investment in a joint venture or associate when it is classified as
held for sale; instead, dividends received are recognized in the consolidated income statement.
A discontinued operation is a component of the Company that either has been disposed of or is
classified as held for sale, and represents a separate major line of business or geographical area of
operations or is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations. Results from discontinued operations that are clearly identifiable
as part of the component disposed of and that will not be recognized subsequent to the disposal
are presented separately as a single amount in the consolidated income statement. Results and
cash flows from discontinued operations are reclassified for prior periods presented in the financial
statements so that the results and cash flows from discontinued operations relate to all operations
that have been discontinued as of the balance sheet date for the latest period presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-398": { "value": "
Assets and liabilities held for sale
\u20ac million
December 28,
2025
December 29,
2024
Non-current assets and disposal groups held for sale
7
49
Total assets held for sale
7
49
Liabilities related to assets held for sale
\u2014
5
Assets held for sale at December\u00a028, 2025 , primarily comprises non-current assets of various
retail locations in The United States of \u20ac4 million ( December\u00a029, 2024: \u20ac0 million) and in Europe
of \u20ac2 million (December\u00a029, 2024: \u20ac49 million). Liabilities of \u20ac5 million at December\u00a029, 2024,
related to the certain assets held for sale in Europe.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-399": { "value": "7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-400": { "value": "49000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-401": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-402": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-404": { "value": "
Discontinued operations
Discontinued operations for the years ended 2025 and 2024 included minor adjustments
on various past divestments qualified as discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-403": { "value": "
Discontinued operations
Discontinued operations for the years ended 2025 and 2024 included minor adjustments
on various past divestments qualified as discontinued operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-405": { "value": "
\"Methodology.svg\"
Accounting policies
Non-current assets and disposal groups are classified as held for sale if their carrying amount
will be recovered through a sale transaction rather than through continuing use. For this to be the
case, the asset (or disposal group) must be available for immediate sale in its present condition
and its sale must be highly probable. Non-current assets (or disposal groups) classified as held
for sale are measured at the lower of the asset\u2019s carrying amounts or the fair value less costs of
disposal. Depreciation or amortization of an asset ceases when it is classified as held for sale.
Equity accounting ceases for an investment in a joint venture or associate when it is classified as
held for sale; instead, dividends received are recognized in the consolidated income statement.
A discontinued operation is a component of the Company that either has been disposed of or is
classified as held for sale, and represents a separate major line of business or geographical area of
operations or is part of a single coordinated plan to dispose of a separate major line of business or
geographical area of operations. Results from discontinued operations that are clearly identifiable
as part of the component disposed of and that will not be recognized subsequent to the disposal
are presented separately as a single amount in the consolidated income statement. Results and
cash flows from discontinued operations are reclassified for prior periods presented in the financial
statements so that the results and cash flows from discontinued operations relate to all operations
that have been discontinued as of the balance sheet date for the latest period presented.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-406": { "value": "
6 Segment reporting
Reportable segments
Ahold Delhaize\u2019s retail operations are presented in two reportable segments. In addition, Ahold
Delhaize Group (formerly \u201cGlobal Support Office\u201d) is presented separately. Ahold Delhaize Group
is not considered a reportable segment, as it does not engage in business activities from which
it may earn revenues.
Ahold Delhaize\u2019s unconsolidated joint ventures JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS,
S.A. (\u201cJMR\u201d) and P.T. Lion Super Indo (\u201cSuper Indo\u201d) are excluded from the segment information
below. See Note 15 for disclosures related to the unconsolidated joint ventures.
All reportable segments sell a wide range of perishable and non-perishable food and non-food
consumer products.
Reportable segment
Operating segments included in the Reportable segment
The United States
Stop & Shop, Food Lion, The GIANT Company, Hannaford and Giant Food
Europe
Albert Heijn (the Netherlands and Belgium)
bol (the Netherlands and Belgium)
Alfa Beta (Greece)
Profi (Romania)
Etos (the Netherlands)
Delhaize (Belgium and Luxembourg)
Albert (Czech Republic)
Mega Image (Romania)
Delhaize Serbia (Serbia)
Gall & Gall (the Netherlands)
Other
Included in Other
Other retail
Unconsolidated joint ventures JMR (49%) and Super Indo (51%)
Ahold Delhaize Group
Ahold Delhaize Group staff (the Netherlands, Belgium, Switzerland and the United States)
6 Segment reporting continued
Segment reporting 2025
\u20ac million
The United
States
Europe
Total
operating
segments
Ahold
Delhaize
Group
Ahold
Delhaize
Net sales
53,063
39,289
92,352
\u2014
92,352
Of which: online sales
4,637
5,637
10,274
\u2014
10,274
Operating income (loss)
2,277
1,404
3,681
(139)
3,542
Adjusted for:
Impairment losses and reversals \u2013
net
118
29
147
\u2014
147
(Gains) losses on leases and the
sale of assets \u2013 net
(15)
17
1
\u2014
1
Restructuring and related charges
and other items
4
40
44
\u2014
44
Adjustments to operating income 1
107
86
192
\u2014
192
Underlying operating income (loss)
2,384
1,489
3,873
(139)
3,734
Other segment information
Additions to non-current assets2
2,194
3,942
6,136
30
6,166
Depreciation and amortization3
1,977
1,589
3,566
20
3,586
Share-based compensation expenses
37
18
55
14
70
1. Included in General and administrative expenses in the consolidated income statement
2. Additions to property, plant and equipment; right-of-use assets; investment property; and intangible assets (including assets
acquired through business combinations as well as net reassessments and modifications of right-of-use assets)
3. Depreciation and amortization of property, plant and equipment; right-of-use assets; investment property; and intangible assets
Impairment losses and reversals \u2013 net are net impairments of property, plant and equipment;
investment property; right-of-use assets; and intangible assets. The impairment losses and
reversals \u2013 net mainly relate to e-commerce fulfillment facilities and underperforming and closed
stores. (Gains) losses on leases and the sale of assets \u2013 net mainly relate to losses recognized
on the sale of stores to franchisees in Belgium, partially offset by lease terminations in the U.S.
Restructuring and related charges and other items mainly includes acquisition and integration
costs related to the Profi acquisition.
Segment reporting 2024
\u20ac million
The United
States
Europe
Total
operating
segments
Ahold
Delhaize
Group
Ahold
Delhaize
Net sales
54,198
35,158
89,356
\u2014
89,356
Of which: online sales
4,090
5,145
9,235
\u2014
9,235
Operating income (loss)
2,215
906
3,120
(337)
2,784
Adjusted for:
Impairment losses and reversals \u2013
net
154
75
229
\u2014
229
(Gains) losses on leases and the
sale of assets \u2013 net
(38)
219
181
\u2014
181
Restructuring and related charges
and other items
67
137
204
210
414
Adjustments to operating income1
183
431
614
210
824
Underlying operating income (loss)
2,398
1,336
3,734
(127)
3,608
Other segment information
Additions to non-current assets2
2,045
1,632
3,678
22
3,699
Depreciation and amortization3
2,053
1,407
3,459
18
3,477
Share-based compensation expenses
21
13
34
8
42
1. Included in General and administrative expenses in the consolidated income statement
2. Additions to property, plant and equipment; right-of-use assets; investment property; and intangible assets (including assets
acquired through business combinations as well as net reassessments and modifications of right-of-use assets)
3. Depreciation and amortization of property, plant and equipment; right-of-use assets; investment property; and intangible assets
Impairment losses and reversals \u2013 net are net impairments of property, plant and equipment;
investment property; right-of-use assets; and intangible assets, mainly related to the Stop
& Shop stores in the U.S. and, in Europe, to intangible assets and impairments related to bol.
The (Gains) losses on leases and the sale of assets \u2013 net mainly relate to the Belgium Future
Plan. Restructuring and related charges and other items mainly relate to an amendment to
and additional funding for the Dutch pension plan of \u20ac72 million in Europe and \u20ac206 million
in Ahold Delhaize Group (see Note 24).
Information about geographical areas
\u20ac million
The Netherlands
(country of
domicile)
The United
States
Rest of world
Ahold
Delhaize
2025
Net sales1
19,918
53,063
19,371
92,352
Non-current assets2
6,586
19,462
9,244
35,292
2024
Net sales1
19,112
54,198
16,045
89,356
Non-current assets2
6,519
21,920
7,173
35,613
1. Net sales are presented based on country of destination.
2. Non-current assets include property, plant and equipment; right-of-use assets; investment property; and intangible assets.
6 Segment reporting continued
Additional segment information
Segment results do not include significant non-cash items other than depreciation, amortization,
reassessments, modifications and additions of right-of-use assets, impairment losses and
reversals, and share-based compensation expenses.
Intersegment sales
Intersegment sales are executed under normal commercial terms and conditions that would
also be available to unrelated third parties. There were no material intersegment sales in 2025
or 2024.
Segment information joint ventures \u2013 Other retail (JMR and Super Indo)
The information with respect to JMR and Super Indo is presented in Note\u00a015.
\"Data.svg\"
Accounting estimates and judgments
Reportable segments
Management has applied judgment in determining the key economic characteristics
to be assessed for similarities in order to define the reportable segments.
Impairments
For more information on the accounting estimates and judgment policies for impairments,
see Note 11 and Note 14.
\"Methodology.svg\"
Accounting policies
The accounting policies used for the segments are the same as the accounting policies used
for the consolidated financial statements. Ahold Delhaize\u2019s operating segments are its retail
operating companies that engage in business activities from which they earn revenues and
incur expenses, and whose operating results are regularly reviewed by the Executive Committee
to make decisions about resources to be allocated to the segments and to assess their
performance. In establishing the reportable segments, certain operating segments with similar
economic characteristics have been aggregated. As Ahold Delhaize\u2019s operating segments offer
similar products using complementary business models, and there is no discernible difference in
customer bases, Ahold Delhaize\u2019s policy on aggregating its operating segments into reportable
segments is based on geography, macroeconomic environment and management oversight.
The segments\u2019 performance is evaluated against several measures, of which operating income
and underlying operating income are the most important. Underlying operating income is regularly
reviewed by the Executive Committee and is defined as total operating income, adjusted for
impairments of non-current assets, gains and losses on the sale of assets, gains and losses on
leases and subleases, restructuring and related charges, and other items considered not to be
directly related to the underlying operating performance. Ahold Delhaize\u2019s management believes
this measure provides better insight into the underlying operating performance of the Company\u2019s
operations. This alternative performance measure should be considered in addition to, but not
as a substitute for, operating income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-407": { "value": "92352000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-408": { "value": "3542000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-409": { "value": "89356000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-410": { "value": "2784000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-411": { "value": "
The accounting policies used for the segments are the same as the accounting policies used
for the consolidated financial statements. Ahold Delhaize\u2019s operating segments are its retail
operating companies that engage in business activities from which they earn revenues and
incur expenses, and whose operating results are regularly reviewed by the Executive Committee
to make decisions about resources to be allocated to the segments and to assess their
performance. In establishing the reportable segments, certain operating segments with similar
economic characteristics have been aggregated. As Ahold Delhaize\u2019s operating segments offer
similar products using complementary business models, and there is no discernible difference in
customer bases, Ahold Delhaize\u2019s policy on aggregating its operating segments into reportable
segments is based on geography, macroeconomic environment and management oversight.
The segments\u2019 performance is evaluated against several measures, of which operating income
and underlying operating income are the most important. Underlying operating income is regularly
reviewed by the Executive Committee and is defined as total operating income, adjusted for
impairments of non-current assets, gains and losses on the sale of assets, gains and losses on
leases and subleases, restructuring and related charges, and other items considered not to be
directly related to the underlying operating performance. Ahold Delhaize\u2019s management believes
this measure provides better insight into the underlying operating performance of the Company\u2019s
operations. This alternative performance measure should be considered in addition to, but not
as a substitute for, operating income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-413": { "value": "
7 Net sales
Sales by segment for 2025 are as follows:
\u20ac million
The United
States
Europe
Ahold
Delhaize
Sales from owned stores
48,166
22,789
70,956
Sales to and fees from franchisees and affiliates
\u2014
10,545
10,545
Online sales
4,637
5,637
10,274
Wholesale sales
202
126
328
Other sales
58
191
249
Net sales
53,063
39,289
92,352
Sales by segment for 2024 are as follows:
\u20ac million
The United
States
Europe
Ahold
Delhaize
Sales from owned stores
49,841
19,873
69,714
Sales to and fees from franchisees and affiliates
\u2014
9,888
9,888
Online sales
4,090
5,145
9,235
Wholesale sales
209
103
312
Other sales
58
150
208
Net sales
54,198
35,158
89,356
Net sales by product category are as follows:
Percentage of net sales
2025
2024
Food: perishable1
44.9%
44.8%
Food: non-perishable
35.1%
35.7%
Non-food1
12.9%
12.6%
Pharmacy
4.1%
3.9%
Commissions1
1.8%
1.7%
Gasoline
0.9%
1.1%
Media and data
0.3%
0.2%
Net sales
100%
100%
1. The comparative numbers are further disaggregated to reflect the separate presentation of the Commissions product category.
\"Data.svg\"
Accounting estimates and judgments
The recognition of revenue requires estimates regarding the timing of redemption of gift
cards and future discounts under bonus and loyalty programs. Consideration received from
the customer upon activation of a gift card is deferred until redemption or until the card expires,
at which time the liability is recognized as revenue. The Company estimates any gift card non-
redemptions and recognizes such breakage on a proportionate basis as redemptions occur.
7 Net sales continued
\"Methodology.svg\"
Accounting policies
Ahold Delhaize generates and recognizes net sales to retail customers as it satisfies its
performance obligation at the point of sale in its stores and upon delivery of goods through
its online channels. The Company also generates revenues from the sale of products to retail
franchisees and affiliates that are recognized upon delivery. Ahold Delhaize recognizes fees
from franchisees and affiliates as revenue as services are performed or the granted rights are
used. Revenue from the sale of gift cards and gift certificates is recognized when the gift card
or gift certificate is redeemed by the retail customer. Future discounts earned by customers in
connection with bonus or loyalty cards and other Company-sponsored programs are deferred
on the balance sheet at the time of the sale and subsequently recognized in the income
statement when redeemed. When the Company expects that gift cards and future discounts
under bonus and loyalty programs will not be redeemed, the breakage that is able to be
estimated is recognized proportionately as revenue at the time that the Company\u2019s performance
obligations are satisfied (e.g., as customers redeem their award credits or purchase goods
using gift cards or vouchers).
Ahold Delhaize\u2019s sales activities do not result in the Company having a material amount of
unperformed obligations and, therefore, no contract assets are recognized separately from
receivables. The Company does enter into transactions with customers where contract liabilities
result from consideration being received from the customer prior to the Company satisfying
its performance obligations. These contract liabilities are presented on the balance sheet
and in the notes as deferred income and gift card liabilities; see Note 27.
Generally, net sales and cost of sales are recorded based on the gross amount received from the
customer for products sold and the amount paid to the vendor for products purchased, excluding
sales taxes and value-added taxes. However, for certain products or services, such as sales
through bol\u2019s partner platform and the sale of lottery tickets, third-party prepaid phone cards,
stamps and public transportation tickets, Ahold Delhaize acts as an agent and, consequently,
records the amount of commission income in its net sales. Net sales also reflect the value
of products sold to customers for which the Company anticipates returns from customers,
when such returns are considered to be material. Currently, customer returns mainly relate
to Ahold Delhaize\u2019s online general merchandise sales, and are included in Accrued expenses
in Note 27. Past customer return practices provide the basis for determining the anticipated
returns that the Company is exposed to at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-412": { "value": "
7 Net sales
Sales by segment for 2025 are as follows:
\u20ac million
The United
States
Europe
Ahold
Delhaize
Sales from owned stores
48,166
22,789
70,956
Sales to and fees from franchisees and affiliates
\u2014
10,545
10,545
Online sales
4,637
5,637
10,274
Wholesale sales
202
126
328
Other sales
58
191
249
Net sales
53,063
39,289
92,352
Sales by segment for 2024 are as follows:
\u20ac million
The United
States
Europe
Ahold
Delhaize
Sales from owned stores
49,841
19,873
69,714
Sales to and fees from franchisees and affiliates
\u2014
9,888
9,888
Online sales
4,090
5,145
9,235
Wholesale sales
209
103
312
Other sales
58
150
208
Net sales
54,198
35,158
89,356
Net sales by product category are as follows:
Percentage of net sales
2025
2024
Food: perishable1
44.9%
44.8%
Food: non-perishable
35.1%
35.7%
Non-food1
12.9%
12.6%
Pharmacy
4.1%
3.9%
Commissions1
1.8%
1.7%
Gasoline
0.9%
1.1%
Media and data
0.3%
0.2%
Net sales
100%
100%
1. The comparative numbers are further disaggregated to reflect the separate presentation of the Commissions product category.
\"Data.svg\"
Accounting estimates and judgments
The recognition of revenue requires estimates regarding the timing of redemption of gift
cards and future discounts under bonus and loyalty programs. Consideration received from
the customer upon activation of a gift card is deferred until redemption or until the card expires,
at which time the liability is recognized as revenue. The Company estimates any gift card non-
redemptions and recognizes such breakage on a proportionate basis as redemptions occur.
7 Net sales continued
\"Methodology.svg\"
Accounting policies
Ahold Delhaize generates and recognizes net sales to retail customers as it satisfies its
performance obligation at the point of sale in its stores and upon delivery of goods through
its online channels. The Company also generates revenues from the sale of products to retail
franchisees and affiliates that are recognized upon delivery. Ahold Delhaize recognizes fees
from franchisees and affiliates as revenue as services are performed or the granted rights are
used. Revenue from the sale of gift cards and gift certificates is recognized when the gift card
or gift certificate is redeemed by the retail customer. Future discounts earned by customers in
connection with bonus or loyalty cards and other Company-sponsored programs are deferred
on the balance sheet at the time of the sale and subsequently recognized in the income
statement when redeemed. When the Company expects that gift cards and future discounts
under bonus and loyalty programs will not be redeemed, the breakage that is able to be
estimated is recognized proportionately as revenue at the time that the Company\u2019s performance
obligations are satisfied (e.g., as customers redeem their award credits or purchase goods
using gift cards or vouchers).
Ahold Delhaize\u2019s sales activities do not result in the Company having a material amount of
unperformed obligations and, therefore, no contract assets are recognized separately from
receivables. The Company does enter into transactions with customers where contract liabilities
result from consideration being received from the customer prior to the Company satisfying
its performance obligations. These contract liabilities are presented on the balance sheet
and in the notes as deferred income and gift card liabilities; see Note 27.
Generally, net sales and cost of sales are recorded based on the gross amount received from the
customer for products sold and the amount paid to the vendor for products purchased, excluding
sales taxes and value-added taxes. However, for certain products or services, such as sales
through bol\u2019s partner platform and the sale of lottery tickets, third-party prepaid phone cards,
stamps and public transportation tickets, Ahold Delhaize acts as an agent and, consequently,
records the amount of commission income in its net sales. Net sales also reflect the value
of products sold to customers for which the Company anticipates returns from customers,
when such returns are considered to be material. Currently, customer returns mainly relate
to Ahold Delhaize\u2019s online general merchandise sales, and are included in Accrued expenses
in Note 27. Past customer return practices provide the basis for determining the anticipated
returns that the Company is exposed to at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-414": { "value": "92352000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-415": { "value": "89356000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-416": { "value": "
\"Methodology.svg\"
Accounting policies
Ahold Delhaize generates and recognizes net sales to retail customers as it satisfies its
performance obligation at the point of sale in its stores and upon delivery of goods through
its online channels. The Company also generates revenues from the sale of products to retail
franchisees and affiliates that are recognized upon delivery. Ahold Delhaize recognizes fees
from franchisees and affiliates as revenue as services are performed or the granted rights are
used. Revenue from the sale of gift cards and gift certificates is recognized when the gift card
or gift certificate is redeemed by the retail customer. Future discounts earned by customers in
connection with bonus or loyalty cards and other Company-sponsored programs are deferred
on the balance sheet at the time of the sale and subsequently recognized in the income
statement when redeemed. When the Company expects that gift cards and future discounts
under bonus and loyalty programs will not be redeemed, the breakage that is able to be
estimated is recognized proportionately as revenue at the time that the Company\u2019s performance
obligations are satisfied (e.g., as customers redeem their award credits or purchase goods
using gift cards or vouchers).
Ahold Delhaize\u2019s sales activities do not result in the Company having a material amount of
unperformed obligations and, therefore, no contract assets are recognized separately from
receivables. The Company does enter into transactions with customers where contract liabilities
result from consideration being received from the customer prior to the Company satisfying
its performance obligations. These contract liabilities are presented on the balance sheet
and in the notes as deferred income and gift card liabilities; see Note 27.
Generally, net sales and cost of sales are recorded based on the gross amount received from the
customer for products sold and the amount paid to the vendor for products purchased, excluding
sales taxes and value-added taxes. However, for certain products or services, such as sales
through bol\u2019s partner platform and the sale of lottery tickets, third-party prepaid phone cards,
stamps and public transportation tickets, Ahold Delhaize acts as an agent and, consequently,
records the amount of commission income in its net sales. Net sales also reflect the value
of products sold to customers for which the Company anticipates returns from customers,
when such returns are considered to be material. Currently, customer returns mainly relate
to Ahold Delhaize\u2019s online general merchandise sales, and are included in Accrued expenses
in Note 27. Past customer return practices provide the basis for determining the anticipated
returns that the Company is exposed to at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-417": { "value": "
8 Expenses and other income
Expenses by nature
The aggregate of cost of sales, selling expenses, and general and administrative expenses
is specified by nature as follows:
\u20ac million
2025
2024
Cost of product
63,941
61,831
Labor costs
12,918
13,089
Other operational expenses
8,619
8,131
Depreciation and amortization
3,586
3,477
Rent expenses
57
65
Impairment losses and reversals \u2013 net
147
229
(Gains) losses on leases and the sale of assets \u2013 net
1
181
Total expenses by nature
89,270
87,003
The impairment losses and reversals\u00a0 \u2013 net were recognized mainly for e-commerce facilities and
underperforming and closed stores.
Other income by nature
Other income is specified as follows:
\u20ac million
2025
2024
Rent income
180
170
Advertising income
\u2014
\u2014
Other income
280
261
Total other income
460
431
For more information on rent expenses and rent income, see Note 33.
\"Data.svg\"
Accounting estimates and judgments
Vendor allowances
When vendor allowances cannot be specifically identified in the purchase price of products, this
requires management to apply judgments and estimates, mainly surrounding the timing of when
performance obligations have been fulfilled, the volume of purchases that will be made during
a period of time, the product remaining in ending inventory, and the probability that funds can
be collected from vendors. Using these judgments and estimates, management\u2019s practice is to
allocate earned vendor allowances between cost of sales and inventory based upon the amount
of related product that was sold and the amount that remains in ending inventories. This practice
is based on the turnover of the inventories.
8 Expenses and other income continued
Impairments
For more information on the accounting estimates and judgments for impairments,
see Note 11 and Note 14.
\"Methodology.svg\"
Accounting policies
Cost of sales
Cost of sales includes the purchase price of the products sold and other costs incurred in
bringing the inventories to the location and condition ready for sale. These costs include: costs
of purchasing, storing and rent; depreciation of property, plant and equipment and right-of-use
assets; salaries; and cost of transporting products, to the extent that it relates to bringing the
inventories to the location and condition ready for sale.
Vendor allowances
Ahold Delhaize receives various types of vendor allowances. The most common allowances
vendors offer are (i) volume allowances, which are off-invoice or amounts billed back to vendors
based on the quantity of products sold to customers or purchased from the vendor and (ii)
promotional allowances, which relate to cooperative advertising and market development efforts.
Volume allowances are recognized as a reduction of the cost of the related products as they are
sold. Promotional allowances are recognized as a reduction of the cost of the related products
when the Company has performed the activities specified in the contract with the vendor. If the
contract does not specify any performance criteria, the allowance is recognized over the term
of the contract.
Vendor allowances are generally deducted from cost of sales, unless there is clear evidence
that they should be classified as revenue resulting from the Company providing a distinct good
or service to the vendor. Ahold Delhaize recognizes vendor allowances only where there is
evidence of a binding arrangement with the vendor, the amount can be estimated reliably
and receipt is probable.
Selling expenses
Selling expenses relate to our store and online operations and consist of employees\u2019 salaries
and wages, store expenses, depreciation related to owned and leased stores, amortization of
intangible assets, advertising costs, outbound logistics costs (order fulfillment and delivery cost)
and other selling expenses.
General and administrative expenses
General and administrative expenses consist of support office employees\u2019 salaries and wages,
rent and depreciation of support offices, amortization of intangible assets, impairment losses
and reversals, gains and losses on the sale of non-current assets and disposal groups held
for sale, restructuring costs, and other general and administrative expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-418": { "value": "
Expenses by nature
The aggregate of cost of sales, selling expenses, and general and administrative expenses
is specified by nature as follows:
\u20ac million
2025
2024
Cost of product
63,941
61,831
Labor costs
12,918
13,089
Other operational expenses
8,619
8,131
Depreciation and amortization
3,586
3,477
Rent expenses
57
65
Impairment losses and reversals \u2013 net
147
229
(Gains) losses on leases and the sale of assets \u2013 net
1
181
Total expenses by nature
89,270
87,003
The impairment losses and reversals\u00a0 \u2013 net were recognized mainly for e-commerce facilities and
underperforming and closed stores.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-419": { "value": "
Other income by nature
Other income is specified as follows:
\u20ac million
2025
2024
Rent income
180
170
Advertising income
\u2014
\u2014
Other income
280
261
Total other income
460
431
For more information on rent expenses and rent income, see Note 33.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-420": { "value": "460000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-421": { "value": "431000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-422": { "value": "
\"Methodology.svg\"
Accounting policies
Cost of sales
Cost of sales includes the purchase price of the products sold and other costs incurred in
bringing the inventories to the location and condition ready for sale. These costs include: costs
of purchasing, storing and rent; depreciation of property, plant and equipment and right-of-use
assets; salaries; and cost of transporting products, to the extent that it relates to bringing the
inventories to the location and condition ready for sale.
Vendor allowances
Ahold Delhaize receives various types of vendor allowances. The most common allowances
vendors offer are (i) volume allowances, which are off-invoice or amounts billed back to vendors
based on the quantity of products sold to customers or purchased from the vendor and (ii)
promotional allowances, which relate to cooperative advertising and market development efforts.
Volume allowances are recognized as a reduction of the cost of the related products as they are
sold. Promotional allowances are recognized as a reduction of the cost of the related products
when the Company has performed the activities specified in the contract with the vendor. If the
contract does not specify any performance criteria, the allowance is recognized over the term
of the contract.
Vendor allowances are generally deducted from cost of sales, unless there is clear evidence
that they should be classified as revenue resulting from the Company providing a distinct good
or service to the vendor. Ahold Delhaize recognizes vendor allowances only where there is
evidence of a binding arrangement with the vendor, the amount can be estimated reliably
and receipt is probable.
Selling expenses
Selling expenses relate to our store and online operations and consist of employees\u2019 salaries
and wages, store expenses, depreciation related to owned and leased stores, amortization of
intangible assets, advertising costs, outbound logistics costs (order fulfillment and delivery cost)
and other selling expenses.
General and administrative expenses
General and administrative expenses consist of support office employees\u2019 salaries and wages,
rent and depreciation of support offices, amortization of intangible assets, impairment losses
and reversals, gains and losses on the sale of non-current assets and disposal groups held
for sale, restructuring costs, and other general and administrative expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-423": { "value": "
9 Net financial expenses
\u20ac million
2025
2024
Interest income
159
221
Interest expense
(350)
(340)
Net interest expense on defined benefit pension plans
(8)
(20)
Interest accretion to lease liability
(465)
(422)
Gains (losses) on foreign exchange
6
1
Fair value gains (losses) on financial instruments
12
(1)
Other gains (losses)
(2)
\u2014
Other financial income (expense)
16
(1)
Net financial expenses
(647)
(562)
Interest income relates primarily to interest earned on cash and cash equivalents, short-term
cash deposits and similar instruments. In 2025, interest income included dividend on a money
market fund in the amount of \u20ac15 million (2024: \u20ac19 million).
Interest expense relates primarily to notes and financing obligations and also includes:
\u00f3 Interest accretions to provisions, which mainly consists of interest accretions to the provision
for self-insurance in the amount of \u20ac47 million (2024: \u20ac53\u00a0million). For details, see Note 25 .
\u00f3 Interest accretion on the Food Employers Labor Relations Association (FELRA) settlement
liability of \u20ac19 million (2024: \u20ac21 million). See Note 24.
Net interest expense on defined benefit pension plans is related to the Company\u2019s pension
plans being in a net liability position over 2025 and 2024.
Interest accretion to lease liabilities is impacted by interest rates. For more information on leases
and the interest accretion thereon, see Note 33 .
Foreign exchange results arising from the purchase of goods for sale or goods and services
consumed in Ahold Delhaize\u2019s operations are included in cost of sales or in the appropriate
element of operating expenses, respectively. In 2025, the Company recorded a net exchange
loss of \u20ac6 million in operating income (2024: net exchange gain of \u20ac2 million).
Fair value gains (losses) on financial instruments primarily relate to money market funds, which were
reclassified from the category \u201camortized cost\u201d to \u201cfair value through profit or loss\u201d (see Note 30).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-424": { "value": "159000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromInterest", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-425": { "value": "221000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromInterest", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-426": { "value": "350000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpense", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-427": { "value": "340000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpense", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-428": { "value": "-8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-429": { "value": "-20000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-430": { "value": "465000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseOnLeaseLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-431": { "value": "422000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseOnLeaseLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-432": { "value": "16000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherFinanceIncomeCost", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-433": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherFinanceIncomeCost", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-434": { "value": "-647000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-435": { "value": "-562000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-436": { "value": "
Interest income relates primarily to interest earned on cash and cash equivalents, short-term
cash deposits and similar instruments. In 2025, interest income included dividend on a money
market fund in the amount of \u20ac15 million (2024: \u20ac19 million).
Foreign exchange results arising from the purchase of goods for sale or goods and services
consumed in Ahold Delhaize\u2019s operations are included in cost of sales or in the appropriate
element of operating expenses, respectively. In 2025, the Company recorded a net exchange
loss of \u20ac6 million in operating income (2024: net exchange gain of \u20ac2 million).
Fair value gains (losses) on financial instruments primarily relate to money market funds, which were
reclassified from the category \u201camortized cost\u201d to \u201cfair value through profit or loss\u201d (see Note 30).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-437": { "value": "
Interest expense relates primarily to notes and financing obligations and also includes:
\u00f3 Interest accretions to provisions, which mainly consists of interest accretions to the provision
for self-insurance in the amount of \u20ac47 million (2024: \u20ac53\u00a0million). For details, see Note 25 .
\u00f3 Interest accretion on the Food Employers Labor Relations Association (FELRA) settlement
liability of \u20ac19 million (2024: \u20ac21 million). See Note 24.
Net interest expense on defined benefit pension plans is related to the Company\u2019s pension
plans being in a net liability position over 2025 and 2024.
Interest accretion to lease liabilities is impacted by interest rates. For more information on leases
and the interest accretion thereon, see Note 33 .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-438": { "value": "
10 Income taxes
Income taxes on continuing operations
The following table specifies the current and deferred tax components of income taxes on
continuing operations in the income statement:
\u20ac million
2025
2024
Current income taxes
Domestic taxes (the Netherlands)
(158)
(105)
Foreign taxes
United States
(198)
(161)
Europe \u2013 Other
(157)
(158)
Total current tax expense
(513)
(424)
Deferred income taxes
Domestic taxes (the Netherlands)
(11)
40
Foreign taxes
United States
(83)
(82)
Europe \u2013 Other
(42)
(16)
Total deferred tax expense
(136)
(58)
Total income taxes on continuing operations
(649)
(481)
Effective income tax rate on continuing operations
Ahold Delhaize\u2019s effective tax rate in its consolidated income statement differed from the
Netherlands\u2019 statutory income tax rate of 25.8%. The following table reconciles the statutory
income tax rate with the effective income tax rate in the consolidated income statement:
2025
\u20ac million
Tax rate
Income before income taxes
2,895
Income tax expense at statutory tax rate
(747)
25.8%
Adjustments to arrive at effective income tax rate:
Rate differential (local rates versus the statutory rate of the Netherlands)
87
(3.0)%
Deferred tax income (expense) related to recognition of deferred tax assets \u2013
net
(7)
0.3%
Non-taxable income (expense)
(15)
0.5%
Other
34
(1.2)%
Total income taxes
(649)
22.4%
2024
\u20ac million
Tax rate
Income before income taxes
2,222
Income tax expense at statutory tax rate
(573)
25.8%
Adjustments to arrive at effective income tax rate:
Rate differential (local rates versus the statutory rate of the Netherlands)
93
(4.2)%
Deferred tax income (expense) related to recognition of deferred tax assets \u2013
net
(3)
0.1%
Non-taxable income (expense)
(3)
0.1%
Other
5
(0.2)%
Total income taxes
(481)
(21.7%)
The rate differential indicates the effect of Ahold Delhaize\u2019s taxable income being generated
and taxed in jurisdictions where tax rates differ from the statutory tax rate in the Netherlands.
Other includes discrete items, such as one-time transactions, movement in uncertain tax
positions and (state) tax rate changes impacting deferred tax in the balance sheet.
OECD Pillar Two model rules
As of the year 2024, the Pillar Two directive (the Global Anti-Base Erosion Proposal
or \u201cGloBE\u201d \u2013 EU Directive 2022/2523) is applicable.
Ahold Delhaize has applied a temporary mandatory relief from deferred tax accounting for
the impact of the top-up tax. Ahold Delhaize thus books the top-up tax as a current tax when
it occurs. Hence, there are no deferred positions recorded related to Pillar Two. For 2024
and 2025, no top-up tax is due.
Income taxes on discontinued operations
Current and deferred income tax related to discontinued operations amounted to nil in 2025
(2024: nil).
10 Income taxes continued
Deferred income tax
The significant components and annual movements of deferred income tax assets and liabilities as of December\u00a028, 2025, and December\u00a029, 2024, are as\u00a0follows:
\u20ac million
December 31,
2023
Recognized
in income
statement
Other
December 29,
2024
Recognized
in income
statement
Other
December 28,
2025
Leases and financings
404
18
33
455
(6)
(42)
407
Pensions and other (post-)employment benefits
342
6
(84)
264
7
(20)
251
Provisions
98
(37)
19
80
17
(9)
88
Interest
58
5
5
68
(12)
(9)
47
Other
16
2
(5)
13
16
(3)
27
Total gross deductible temporary differences
918
(5)
(33)
880
23
(83)
820
Unrecognized deductible temporary differences
(4)
\u2014
4
\u2014
\u2014
\u2014
\u2014
Total recognized deductible temporary differences
914
(5)
(29)
880
23
(83)
820
Tax losses and tax credits
377
64
(211)
230
(76)
(3)
150
Unrecognized tax losses and tax credits
(230)
\u2014
214
(16)
\u2014
(3)
(19)
Total recognized tax losses and tax credits
147
64
3
214
(76)
(6)
131
Total net deferred tax asset position
1,061
58
(26)
1,093
(54)
(88)
951
Property, plant and equipment and intangible assets
(1,504)
(100)
(59)
(1,663)
(66)
80
(1,650)
Inventories
(285)
(16)
(18)
(320)
(16)
39
(297)
Total deferred tax liabilities
(1,789)
(116)
(78)
(1,983)
(83)
119
(1,947)
Net deferred tax assets (liabilities)
(729)
(58)
(104)
(890)
(136)
30
(996)
The column Other in the table above includes amounts recorded in equity, acquisitions,
divestments and exchange rate differences, as well as reclassifications between deferred
tax components and the application of tax losses and tax credits against current year income
tax payables.
Deferred income tax assets and liabilities are offset on the balance sheet when there is a legally
enforceable right to offset current tax assets against current tax liabilities and when the deferred
income taxes relate to income taxes levied by the same fiscal authority. The deferred tax assets
and liabilities are presented as non-current assets and liabilities on the balance sheet as follows:
\u20ac million
December 28,
2025
December 29,
2024
Deferred tax assets
139
161
Deferred tax liabilities
(1,135)
(1,051)
Net deferred tax liabilities
(996)
(890)
10 Income taxes continued
As of December\u00a028, 2025, Ahold Delhaize had operating and capital loss carryforwards of a total nominal amount of \u20ac1,067 million (December\u00a029, 2024: \u20ac1,439 million). The following table specifies
the years in which Ahold Delhaize\u2019s operating and capital loss carryforwards and tax credits are scheduled to expire:
\u20ac million
2026
2027
2028
2029
2030
2031\u20132035
2036\u20132040
After 2040
Does not expire
Total
Operating and capital losses (nominal value)
34
40
78
12
238
257
50
11
348
1,067
Operating and capital losses (tax value)
2
2
5
2
17
13
2
\u2014
87
130
Tax credits
1
1
1
1
2
7
5
\u2014
1
20
Tax losses and tax credits
3
3
6
4
18
21
8
\u2014
88
150
Unrecognized tax losses and tax credits
(2)
(1)
(1)
(1)
(2)
(1)
(4)
\u2014
(7)
(19)
Total recognized tax losses and tax credits
1
1
5
3
16
20
4
\u2014
81
131
The majority of the above-mentioned deferred tax assets relate to tax jurisdictions in which
Ahold Delhaize has suffered a tax loss in the current or a preceding period. Operating and
capital loss carryforwards related to one jurisdiction may not be used to offset income taxes
in other jurisdictions. Of the loss carryforwards, \u20ac681 million relates to U.S. state taxes,
for which a weighted average tax rate of 5.3% applies.
A deferred income tax liability has been recognized for \u20ac3 million on undistributed earnings
of Ahold Delhaize\u2019s subsidiaries and joint ventures, as part of the undistributed earnings will
be distributed in the foreseeable future. The cumulative amount of undistributed earnings on
which the Group has not recognized deferred income taxes was approximately \u20ac20 million
at December\u00a028, 2025 (December\u00a029, 2024: \u20ac65 million).
Income taxes in equity and comprehensive income
Current and deferred income taxes recognized in and transferred from equity and comprehensive
income are as follows:
\u20ac million
2025
2024
Remeasurement of pension plans
4
(86)
Currency translation differences on loans
(1)
1
Cash flow hedges
\u2014
(2)
Non-realized gains (losses) on debt and equity instruments
\u2014
7
Share buyback
(17)
\u2014
Share-based compensation
4
3
Total
(11)
(77)
The withholding tax on share buyback amounts to \u20ac17 million, including an accrual for the year
2025 of \u20ac8 million, which will be paid at the beginning of 2026.
Income taxes paid
The following table specifies the income taxes paid per country:
\u20ac million
2025
2024
The United States
(147)
(205)
The Netherlands
(137)
(116)
Belgium
(19)
(11)
Greece
(1)
7
Czech Republic
(26)
(23)
Serbia
(6)
(11)
Romania
(54)
(17)
Switzerland
(109)
(89)
Luxembourg
\u2014
(5)
Total income taxes paid
(499)
(470)
10 Income taxes continued
\"Data.svg\"
Accounting estimates and judgments
The ultimate tax effects of transactions may be uncertain for a considerable period of time,
requiring management to estimate the related current and deferred tax positions. The Company
recognizes liabilities for uncertain tax positions when it is probable that additional tax will be due
or\u00a0recognizes assets for uncertain tax positions when it is probable that the benefit will flow to the
Company and the benefit can be reliably measured. Probability is estimated using the Company\u2019s
interpretation of legislation and relevant case law, and the Company assumes that the taxation
authorities have full knowledge of all facts and circumstances.
Management is required to make significant judgment in\u00a0determining whether deferred tax assets
are realizable. The Company determines this on the basis of expected taxable profits arising from
the reversal of recognized deferred tax liabilities and on the\u00a0basis of budgets, cash flow forecasts
and impairment models. The Company assesses and weighs all positive and negative evidence
to support this determination. Where utilization is not considered probable, deferred tax assets
are not recognized in the balance sheet.
\"Methodology.svg\"
Accounting policies
Income tax expense represents the sum of current and deferred tax. Income tax is recognized
in the income statement, except to the extent that it relates to items recognized directly in equity
or other comprehensive income. Current tax expense is based on the best estimate of taxable
income for the year, using tax rates that have been enacted or substantively enacted at the
balance sheet date and adjustments for current taxes payable (receivable) for prior years.
Deferred tax is the tax expected to be payable or recoverable on differences between the
carrying amounts of assets and liabilities and the corresponding tax basis used in the
computation of taxable income. Deferred tax assets and liabilities are generally recognized
for all temporary differences. However, deferred tax liabilities are not recognized if they arise
from the initial recognition of goodwill.
Deferred income tax is not accounted for if it arises from the initial recognition of an asset or
liability in a transaction other than a business combination that, at the time of the transaction,
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using
tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting
period and are expected to apply when the related deferred income tax asset is realized or
the deferred income tax liability is settled.
Deferred tax assets, including deferred tax assets for tax loss carryforward positions and tax
credit carryforward positions, are recognized to the extent that it is probable that future taxable
income will be available against which temporary differences, unused tax losses or unused tax
credits can be utilized. The carrying amount of deferred tax assets is reviewed at each balance
sheet date and reduced to the extent that it is no longer probable that sufficient taxable income
will be available to allow all or part of the assets to be recovered.
Deferred tax assets and liabilities are not discounted; they are offset on the balance sheet
when there is a legally enforceable right to offset current tax assets against current tax liabilities
and when the deferred income taxes relate to income taxes levied by the same fiscal authority.
Current income tax assets and liabilities are offset on the balance sheet when there is a legally
enforceable right to offset and when the Company intends either to settle on a net basis or to
realize the asset and settle the liability simultaneously.
The ultimate tax effects of some transactions can be uncertain for a considerable period of time,
requiring management to estimate the related current and deferred tax positions. The Company
recognizes liabilities for uncertain tax positions when it is probable that additional taxes will be
due or\u00a0recognizes assets for uncertain tax positions when it is probable that the benefit will flow to
the Company and the benefit can be reliably measured. To measure the liability for the uncertain
tax position, management determines whether uncertainties need to be considered separately or
together, based on which approach better predicts the resolution of the uncertainty. The Company
also recognizes the liability for either the most likely amount or the expected value (probability
weighted average), depending on which method it expects to better predict the resolution.
These liabilities are presented as current income taxes payable, except in jurisdictions where
prior tax losses are being carried forward to be used to offset future taxes that will be due. In
these instances, the liabilities are presented as a reduction of deferred tax assets. Interest
accrued on uncertain tax positions is considered to be a financial expense of the Company.
Any other adjustments to uncertain tax position liabilities are recognized within Income
tax expense.
A (voluntary) tax payment of a disputed amount to the tax authority meets the definition of an
asset and is recognized as a current or non-current income tax receivable, depending on the
timing of the expected resolution. The payment is an asset for the Company because it will
either be refunded by the tax authority or be used to settle the tax liability arising from the
resolution of the dispute.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-439": { "value": "649000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-440": { "value": "481000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-441": { "value": "2895000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-442": { "value": "649000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-443": { "value": "2222000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-444": { "value": "481000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-445": { "value": "
Deferred income tax
The significant components and annual movements of deferred income tax assets and liabilities as of December\u00a028, 2025, and December\u00a029, 2024, are as\u00a0follows:
\u20ac million
December 31,
2023
Recognized
in income
statement
Other
December 29,
2024
Recognized
in income
statement
Other
December 28,
2025
Leases and financings
404
18
33
455
(6)
(42)
407
Pensions and other (post-)employment benefits
342
6
(84)
264
7
(20)
251
Provisions
98
(37)
19
80
17
(9)
88
Interest
58
5
5
68
(12)
(9)
47
Other
16
2
(5)
13
16
(3)
27
Total gross deductible temporary differences
918
(5)
(33)
880
23
(83)
820
Unrecognized deductible temporary differences
(4)
\u2014
4
\u2014
\u2014
\u2014
\u2014
Total recognized deductible temporary differences
914
(5)
(29)
880
23
(83)
820
Tax losses and tax credits
377
64
(211)
230
(76)
(3)
150
Unrecognized tax losses and tax credits
(230)
\u2014
214
(16)
\u2014
(3)
(19)
Total recognized tax losses and tax credits
147
64
3
214
(76)
(6)
131
Total net deferred tax asset position
1,061
58
(26)
1,093
(54)
(88)
951
Property, plant and equipment and intangible assets
(1,504)
(100)
(59)
(1,663)
(66)
80
(1,650)
Inventories
(285)
(16)
(18)
(320)
(16)
39
(297)
Total deferred tax liabilities
(1,789)
(116)
(78)
(1,983)
(83)
119
(1,947)
Net deferred tax assets (liabilities)
(729)
(58)
(104)
(890)
(136)
30
(996)
The column Other in the table above includes amounts recorded in equity, acquisitions,
divestments and exchange rate differences, as well as reclassifications between deferred
tax components and the application of tax losses and tax credits against current year income
tax payables.
Deferred income tax assets and liabilities are offset on the balance sheet when there is a legally
enforceable right to offset current tax assets against current tax liabilities and when the deferred
income taxes relate to income taxes levied by the same fiscal authority. The deferred tax assets
and liabilities are presented as non-current assets and liabilities on the balance sheet as follows:
\u20ac million
December 28,
2025
December 29,
2024
Deferred tax assets
139
161
Deferred tax liabilities
(1,135)
(1,051)
Net deferred tax liabilities
(996)
(890)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-446": { "value": "139000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-447": { "value": "161000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-448": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-449": { "value": "86000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-450": { "value": "1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-451": { "value": "-1000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToExchangeDifferencesOnTranslationOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-452": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-453": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-454": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-455": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToInvestmentsInEquityInstrumentsOfOtherComprehensiveIncome", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-457": { "value": "
Income tax expense represents the sum of current and deferred tax. Income tax is recognized
in the income statement, except to the extent that it relates to items recognized directly in equity
or other comprehensive income. Current tax expense is based on the best estimate of taxable
income for the year, using tax rates that have been enacted or substantively enacted at the
balance sheet date and adjustments for current taxes payable (receivable) for prior years.
Deferred tax is the tax expected to be payable or recoverable on differences between the
carrying amounts of assets and liabilities and the corresponding tax basis used in the
computation of taxable income. Deferred tax assets and liabilities are generally recognized
for all temporary differences. However, deferred tax liabilities are not recognized if they arise
from the initial recognition of goodwill.
Deferred income tax is not accounted for if it arises from the initial recognition of an asset or
liability in a transaction other than a business combination that, at the time of the transaction,
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using
tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting
period and are expected to apply when the related deferred income tax asset is realized or
the deferred income tax liability is settled.
Deferred tax assets, including deferred tax assets for tax loss carryforward positions and tax
credit carryforward positions, are recognized to the extent that it is probable that future taxable
income will be available against which temporary differences, unused tax losses or unused tax
credits can be utilized. The carrying amount of deferred tax assets is reviewed at each balance
sheet date and reduced to the extent that it is no longer probable that sufficient taxable income
will be available to allow all or part of the assets to be recovered.
Deferred tax assets and liabilities are not discounted; they are offset on the balance sheet
when there is a legally enforceable right to offset current tax assets against current tax liabilities
and when the deferred income taxes relate to income taxes levied by the same fiscal authority.
Current income tax assets and liabilities are offset on the balance sheet when there is a legally
enforceable right to offset and when the Company intends either to settle on a net basis or to
realize the asset and settle the liability simultaneously.
The ultimate tax effects of some transactions can be uncertain for a considerable period of time,
requiring management to estimate the related current and deferred tax positions. The Company
recognizes liabilities for uncertain tax positions when it is probable that additional taxes will be
due or\u00a0recognizes assets for uncertain tax positions when it is probable that the benefit will flow to
the Company and the benefit can be reliably measured. To measure the liability for the uncertain
tax position, management determines whether uncertainties need to be considered separately or
together, based on which approach better predicts the resolution of the uncertainty. The Company
also recognizes the liability for either the most likely amount or the expected value (probability
weighted average), depending on which method it expects to better predict the resolution.
These liabilities are presented as current income taxes payable, except in jurisdictions where
prior tax losses are being carried forward to be used to offset future taxes that will be due. In
these instances, the liabilities are presented as a reduction of deferred tax assets. Interest
accrued on uncertain tax positions is considered to be a financial expense of the Company.
Any other adjustments to uncertain tax position liabilities are recognized within Income
tax expense.
A (voluntary) tax payment of a disputed amount to the tax authority meets the definition of an
asset and is recognized as a current or non-current income tax receivable, depending on the
timing of the expected resolution. The payment is an asset for the Company because it will
either be refunded by the tax authority or be used to settle the tax liability arising from the
resolution of the dispute.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-456": { "value": "
Income tax expense represents the sum of current and deferred tax. Income tax is recognized
in the income statement, except to the extent that it relates to items recognized directly in equity
or other comprehensive income. Current tax expense is based on the best estimate of taxable
income for the year, using tax rates that have been enacted or substantively enacted at the
balance sheet date and adjustments for current taxes payable (receivable) for prior years.
Deferred tax is the tax expected to be payable or recoverable on differences between the
carrying amounts of assets and liabilities and the corresponding tax basis used in the
computation of taxable income. Deferred tax assets and liabilities are generally recognized
for all temporary differences. However, deferred tax liabilities are not recognized if they arise
from the initial recognition of goodwill.
Deferred income tax is not accounted for if it arises from the initial recognition of an asset or
liability in a transaction other than a business combination that, at the time of the transaction,
affects neither accounting nor taxable profit or loss. Deferred income tax is determined using
tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting
period and are expected to apply when the related deferred income tax asset is realized or
the deferred income tax liability is settled.
Deferred tax assets, including deferred tax assets for tax loss carryforward positions and tax
credit carryforward positions, are recognized to the extent that it is probable that future taxable
income will be available against which temporary differences, unused tax losses or unused tax
credits can be utilized. The carrying amount of deferred tax assets is reviewed at each balance
sheet date and reduced to the extent that it is no longer probable that sufficient taxable income
will be available to allow all or part of the assets to be recovered.
Deferred tax assets and liabilities are not discounted; they are offset on the balance sheet
when there is a legally enforceable right to offset current tax assets against current tax liabilities
and when the deferred income taxes relate to income taxes levied by the same fiscal authority.
Current income tax assets and liabilities are offset on the balance sheet when there is a legally
enforceable right to offset and when the Company intends either to settle on a net basis or to
realize the asset and settle the liability simultaneously.
The ultimate tax effects of some transactions can be uncertain for a considerable period of time,
requiring management to estimate the related current and deferred tax positions. The Company
recognizes liabilities for uncertain tax positions when it is probable that additional taxes will be
due or\u00a0recognizes assets for uncertain tax positions when it is probable that the benefit will flow to
the Company and the benefit can be reliably measured. To measure the liability for the uncertain
tax position, management determines whether uncertainties need to be considered separately or
together, based on which approach better predicts the resolution of the uncertainty. The Company
also recognizes the liability for either the most likely amount or the expected value (probability
weighted average), depending on which method it expects to better predict the resolution.
These liabilities are presented as current income taxes payable, except in jurisdictions where
prior tax losses are being carried forward to be used to offset future taxes that will be due. In
these instances, the liabilities are presented as a reduction of deferred tax assets. Interest
accrued on uncertain tax positions is considered to be a financial expense of the Company.
Any other adjustments to uncertain tax position liabilities are recognized within Income
tax expense.
A (voluntary) tax payment of a disputed amount to the tax authority meets the definition of an
asset and is recognized as a current or non-current income tax receivable, depending on the
timing of the expected resolution. The payment is an asset for the Company because it will
either be refunded by the tax authority or be used to settle the tax liability arising from the
resolution of the dispute.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-458": { "value": "
11 Property, plant and equipment
\u20ac million
Buildings and
land
Other
Under
construction
Total
As of December 31, 2023
At cost
14,487
11,080
470
26,037
Accumulated depreciation and impairment losses
(7,285)
(7,105)
\u2014
(14,390)
Carrying amount
7,202
3,974
470
11,647
Year ended December 29, 2024
Additions
187
730
839
1,756
Transfers from under construction
651
350
(1,001)
(1)
Acquisitions through business combinations
4
2
\u2014
6
Depreciation
(640)
(977)
\u2014
(1,618)
Impairment losses
(80)
(37)
(15)
(133)
Impairment reversals
5
1
\u2014
5
Assets classified (to) from held for sale or sold
(65)
(25)
(1)
(91)
Other movements
(23)
8
\u2014
(15)
Exchange rate differences
244
145
8
397
Closing carrying amount
7,483
4,170
300
11,953
As of December 29, 2024
At cost
15,315
11,998
300
27,614
Accumulated depreciation and impairment losses
(7,832)
(7,829)
\u2014
(15,660)
Carrying amount
7,483
4,170
300
11,953
Year ended December 28, 2025
Additions
272
847
862
1,981
Transfers from under construction
526
282
(807)
\u2014
Acquisitions through business combinations
121
245
2
367
Depreciation
(641)
(1,016)
\u2014
(1,656)
Impairment losses
(73)
(49)
(1)
(123)
Impairment reversals
1
1
\u2014
2
Assets classified (to) from held for sale or sold
(18)
(8)
(16)
(43)
Other movements
(13)
4
1
(8)
Exchange rate differences
(519)
(316)
(10)
(844)
Closing carrying amount
7,138
4,160
331
11,629
As of December 28, 2025
At cost
14,773
11,803
331
26,907
Accumulated depreciation and impairment losses
(7,635)
(7,643)
\u2014
(15,278)
Carrying amount
7,138
4,160
331
11,629
Buildings and land includes stores, DCs, warehouses and improvements to these assets.
Other property, plant and equipment mainly consists of furnishings, machinery and equipment,
trucks, trailers and other vehicles. Assets under construction mainly consists of stores and
improvements to stores and furnishings, machinery and equipment.
The higher of the value in use or fair value less costs of disposal represents an asset\u2019s recoverable
amount. The value-in-use method involves estimating future cash flows. The present value of
estimated future cash flows has been calculated using pre-tax discount rates ranging between 6.1%
and 13.6% ( 2024: 6.1%-13.3% ). Fair value represents the price that would be received to sell an asset
in an orderly transaction between market participants and is generally measured by using an income
approach or a market approach. The income approach is generally applied by using discounted cash
flow projections based on the assets\u2019 highest and best use from a market participants\u2019 perspective.
The market approach requires a comparison of the subject assets to transactions involving
comparable assets by using inputs such as bid or ask prices or market multiples.
In 2025, Ahold Delhaize recognized net impairment losses of \u20ac121\u00a0million for property, plant and
equipment (2024: \u20ac127\u00a0million). These were related to The United States (2025: \u20ac105\u00a0million, 2024:
\u20ac93\u00a0million) and Europe (2025: \u20ac16\u00a0million , 2024: \u20ac34\u00a0million). Net impairment losses in 2025 were
recognized mainly for e-commerce fulfillment facilities and underperforming and closed stores.
Net impairment losses in 2024 were recognized mainly for underperforming and closed stores.
The additions to property, plant and equipment include capitalized borrowing costs of \u20ac1\u00a0million
(2024: \u20ac3\u00a0million). Generally, the capitalization rate used to determine the amount of capitalized
borrowing costs is a weighted average of the interest rate applicable to the respective operating
companies. This rate ranged between 3.6% and 8.2% (2024: 2.8%-8.8%).
Other movements mainly includes transfers between asset classes and between property,
plant and equipment, investment property and intangible assets.
In 2025, both gross book value (cost) and accumulated depreciation and impairments of buildings and
land and other property, plant and equipment were reduced by approximately \u20ac151 million and \u20ac512
million, respectively. These reductions were for assets that have been fully depreciated and are no
longer in use and had no impact on the net book value or on the consolidated income statement.
The carrying amount of buildings and land includes amounts related to assets held under
financings of \u20ac71\u00a0million (December\u00a029, 2024: \u20ac90\u00a0million). Ahold Delhaize does not have
legal title to these assets.
Property, plant and equipment with a carrying amount of \u20ac5\u00a0million ( December\u00a029, 2024:
\u20ac5\u00a0million) has been pledged as security for liabilities, mainly for loans.
\"Data.svg\"
Accounting estimates and judgments
Judgments are required, to determine not only whether there is an indication that an asset may
be impaired, but also whether indications exist that impairment losses previously recognized may
no longer exist or may have decreased (impairment reversal). After indications of impairment
have been identified, estimates and assumptions are used in the determination of the recoverable
amount of a non-current asset. These involve estimates of expected future cash flows (based
on future growth rates and remaining useful life) and residual value assumptions, as well as
discount rates to calculate the present value of the future cash flows.
11 Property, plant and equipment continued
\"Methodology.svg\"
Accounting policies
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Cost includes expenditures that are directly attributable to the acquisition
or construction of an asset and borrowing costs incurred during construction. Where applicable,
estimated asset retirement costs are added to the cost of an asset. Subsequent expenditures
are capitalized only when it is probable that future economic benefits associated with the item
will flow to the Company and the costs can be measured reliably. All other subsequent
expenditures represent repairs and maintenance and are expensed as incurred.
Depreciation is computed using the straight-line method based on the estimated useful lives
of the items of property, plant and equipment, taking into account the estimated residual value.
Where an item of property, plant and equipment comprises major components having different
useful lives, each such part is depreciated separately.
The ranges of estimated useful lives of property, plant and equipment are:
Land
indefinite
Buildings
30\u201340 years
Certain structural components of buildings
10\u201330 years
Machinery and equipment
3\u201318 years
Other
5\u201310 years
The useful lives, depreciation method and residual value are reviewed at each balance sheet
date and adjusted, if appropriate.
Depreciation of leasehold improvements is calculated on a straight-line basis over either the
lease term (including renewal periods when renewal is reasonably assured) or the estimated
useful life of the asset, whichever is shorter.
Impairment of non-current assets other than goodwill
Ahold Delhaize assesses on a quarterly basis whether there is any indication that non-current
assets may be impaired. If indicators of impairment exist, the Company estimates the recoverable
amount of the asset. If it is not possible to estimate the recoverable amount of an individual
asset, the Company estimates the recoverable amount of the CGU to which it belongs. Individual
stores are considered separate CGUs for impairment testing purposes. The carrying value of
the store includes mainly its property, plant and equipment and right-of-use assets (if held
under a lease arrangement).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal or the asset\u2019s
value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. The estimated future cash flows exclude
lease payments if the CGU is held under a lease arrangement, but include a replacement
CapEx if needed to maintain the ongoing operation during the forecast period.
An impairment loss is recognized in the income statement for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount.
In subsequent years, the Company assesses whether indications exist that impairment losses
previously recognized for non-current assets other than goodwill may no longer exist or may have
decreased. If any such indication exists, the recoverable amount of that asset is recalculated and,
if required, its carrying amount is increased to the revised recoverable amount. The increase is
recognized in operating income as an impairment reversal. An impairment reversal is recognized
only if it arises from a change in the assumptions that were used to calculate the recoverable
amount. The increase in an asset\u2019s carrying amount due to an impairment reversal is limited
to the depreciated amount that would have been recognized had the original impairment
not occurred.
As noted above, companies are required to assess at each reporting date whether there is an
indication that a non-current asset may be impaired. One such indicator is significant changes
with adverse effects in the technological, market, economic or legal environment in which the
Company operates that have taken place during the period (or will take place in the near future).
Transitioning to a lower-carbon economy may trigger such adverse effects. Therefore, Ahold
Delhaize also considers the impact of climate change in assessing whether assets may be
impaired or whether the useful life of assets needs to be shortened due to early replacement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-459": { "value": "
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Cost includes expenditures that are directly attributable to the acquisition
or construction of an asset and borrowing costs incurred during construction. Where applicable,
estimated asset retirement costs are added to the cost of an asset. Subsequent expenditures
are capitalized only when it is probable that future economic benefits associated with the item
will flow to the Company and the costs can be measured reliably. All other subsequent
expenditures represent repairs and maintenance and are expensed as incurred.
Depreciation is computed using the straight-line method based on the estimated useful lives
of the items of property, plant and equipment, taking into account the estimated residual value.
Where an item of property, plant and equipment comprises major components having different
useful lives, each such part is depreciated separately.
The ranges of estimated useful lives of property, plant and equipment are:
Land
indefinite
Buildings
30\u201340 years
Certain structural components of buildings
10\u201330 years
Machinery and equipment
3\u201318 years
Other
5\u201310 years
The useful lives, depreciation method and residual value are reviewed at each balance sheet
date and adjusted, if appropriate.
Depreciation of leasehold improvements is calculated on a straight-line basis over either the
lease term (including renewal periods when renewal is reasonably assured) or the estimated
useful life of the asset, whichever is shorter.
Impairment of non-current assets other than goodwill
Ahold Delhaize assesses on a quarterly basis whether there is any indication that non-current
assets may be impaired. If indicators of impairment exist, the Company estimates the recoverable
amount of the asset. If it is not possible to estimate the recoverable amount of an individual
asset, the Company estimates the recoverable amount of the CGU to which it belongs. Individual
stores are considered separate CGUs for impairment testing purposes. The carrying value of
the store includes mainly its property, plant and equipment and right-of-use assets (if held
under a lease arrangement).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal or the asset\u2019s
value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. The estimated future cash flows exclude
lease payments if the CGU is held under a lease arrangement, but include a replacement
CapEx if needed to maintain the ongoing operation during the forecast period.
An impairment loss is recognized in the income statement for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount.
In subsequent years, the Company assesses whether indications exist that impairment losses
previously recognized for non-current assets other than goodwill may no longer exist or may have
decreased. If any such indication exists, the recoverable amount of that asset is recalculated and,
if required, its carrying amount is increased to the revised recoverable amount. The increase is
recognized in operating income as an impairment reversal. An impairment reversal is recognized
only if it arises from a change in the assumptions that were used to calculate the recoverable
amount. The increase in an asset\u2019s carrying amount due to an impairment reversal is limited
to the depreciated amount that would have been recognized had the original impairment
not occurred.
As noted above, companies are required to assess at each reporting date whether there is an
indication that a non-current asset may be impaired. One such indicator is significant changes
with adverse effects in the technological, market, economic or legal environment in which the
Company operates that have taken place during the period (or will take place in the near future).
Transitioning to a lower-carbon economy may trigger such adverse effects. Therefore, Ahold
Delhaize also considers the impact of climate change in assessing whether assets may be
impaired or whether the useful life of assets needs to be shortened due to early replacement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-460": { "value": "
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Cost includes expenditures that are directly attributable to the acquisition
or construction of an asset and borrowing costs incurred during construction. Where applicable,
estimated asset retirement costs are added to the cost of an asset. Subsequent expenditures
are capitalized only when it is probable that future economic benefits associated with the item
will flow to the Company and the costs can be measured reliably. All other subsequent
expenditures represent repairs and maintenance and are expensed as incurred.
Depreciation is computed using the straight-line method based on the estimated useful lives
of the items of property, plant and equipment, taking into account the estimated residual value.
Where an item of property, plant and equipment comprises major components having different
useful lives, each such part is depreciated separately.
The ranges of estimated useful lives of property, plant and equipment are:
Land
indefinite
Buildings
30\u201340 years
Certain structural components of buildings
10\u201330 years
Machinery and equipment
3\u201318 years
Other
5\u201310 years
The useful lives, depreciation method and residual value are reviewed at each balance sheet
date and adjusted, if appropriate.
Depreciation of leasehold improvements is calculated on a straight-line basis over either the
lease term (including renewal periods when renewal is reasonably assured) or the estimated
useful life of the asset, whichever is shorter.
Other intangible assets
Separately acquired intangible assets and internally developed software are carried at cost
less accumulated amortization and impairment losses. Intangible assets acquired in a business
combination are recognized at fair value at the date of acquisition (which is regarded as their cost).
Brand names and customer, franchise and affiliate relationships acquired in business acquisitions
are stated at fair value, determined using an income approach. Direct costs related to the
development of software for internal use are capitalized only if the costs can be measured
reliably, technical feasibility has been established, future economic benefits are probable, and
the Company intends to complete development and use the software. All other costs, including
all overhead, general and administrative, and training costs, are expensed as incurred.
Amortization is computed using the straight-line method based on estimated useful lives,
which are as follows:
Retail brands
indefinite
Own brands
10\u201315 years
Software
3\u201310 years
Franchise and affiliate relationships
14\u201340 years
Customer relationships
7\u201325 years
Other
5 years\u2013indefinite
The useful lives, amortization method and residual value are reviewed at each balance sheet
date and adjusted, if appropriate. Brand names, intangible assets under development and other
intangible assets with indefinite lives are assessed for impairment annually or whenever there
is an indication that the asset may be impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-461": { "value": "
Items of property, plant and equipment are stated at cost less accumulated depreciation and
impairment losses. Cost includes expenditures that are directly attributable to the acquisition
or construction of an asset and borrowing costs incurred during construction. Where applicable,
estimated asset retirement costs are added to the cost of an asset. Subsequent expenditures
are capitalized only when it is probable that future economic benefits associated with the item
will flow to the Company and the costs can be measured reliably. All other subsequent
expenditures represent repairs and maintenance and are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-463": { "value": "
Impairment of non-current assets other than goodwill
Ahold Delhaize assesses on a quarterly basis whether there is any indication that non-current
assets may be impaired. If indicators of impairment exist, the Company estimates the recoverable
amount of the asset. If it is not possible to estimate the recoverable amount of an individual
asset, the Company estimates the recoverable amount of the CGU to which it belongs. Individual
stores are considered separate CGUs for impairment testing purposes. The carrying value of
the store includes mainly its property, plant and equipment and right-of-use assets (if held
under a lease arrangement).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal or the asset\u2019s
value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. The estimated future cash flows exclude
lease payments if the CGU is held under a lease arrangement, but include a replacement
CapEx if needed to maintain the ongoing operation during the forecast period.
An impairment loss is recognized in the income statement for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount.
In subsequent years, the Company assesses whether indications exist that impairment losses
previously recognized for non-current assets other than goodwill may no longer exist or may have
decreased. If any such indication exists, the recoverable amount of that asset is recalculated and,
if required, its carrying amount is increased to the revised recoverable amount. The increase is
recognized in operating income as an impairment reversal. An impairment reversal is recognized
only if it arises from a change in the assumptions that were used to calculate the recoverable
amount. The increase in an asset\u2019s carrying amount due to an impairment reversal is limited
to the depreciated amount that would have been recognized had the original impairment
not occurred.
As noted above, companies are required to assess at each reporting date whether there is an
indication that a non-current asset may be impaired. One such indicator is significant changes
with adverse effects in the technological, market, economic or legal environment in which the
Company operates that have taken place during the period (or will take place in the near future).
Transitioning to a lower-carbon economy may trigger such adverse effects. Therefore, Ahold
Delhaize also considers the impact of climate change in assessing whether assets may be
impaired or whether the useful life of assets needs to be shortened due to early replacement.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups
of CGUs) that is expected to benefit from the synergies of a business combination. Goodwill
is allocated to a CGU (or group of CGUs) representing the lowest level within the Company at
which the goodwill is monitored for internal management purposes and is never larger than an
operating segment before aggregation. CGUs to which goodwill has been allocated are tested
for impairment annually or more frequently when there is an indication that the CGU may be
impaired. Goodwill on acquisitions of joint ventures and associates is assessed for impairment
as part of the investment whenever there is an indication that the investment may be impaired.
An impairment loss is recognized for the amount by which the CGU\u2019s carrying amount exceeds
its recoverable amount. The recoverable amount is the higher of a CGU\u2019s fair value less costs of
disposal or its value in use. An impairment loss is allocated first to reduce the carrying amount of
the goodwill and then to\u00a0the other assets of the CGU pro rata on the basis of the carrying amount
of each asset. An impairment loss recognized for goodwill is not reversed in subsequent periods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-462": { "value": "
Impairment of non-current assets other than goodwill
Ahold Delhaize assesses on a quarterly basis whether there is any indication that non-current
assets may be impaired. If indicators of impairment exist, the Company estimates the recoverable
amount of the asset. If it is not possible to estimate the recoverable amount of an individual
asset, the Company estimates the recoverable amount of the CGU to which it belongs. Individual
stores are considered separate CGUs for impairment testing purposes. The carrying value of
the store includes mainly its property, plant and equipment and right-of-use assets (if held
under a lease arrangement).
The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal or the asset\u2019s
value in use. In assessing value in use, the estimated future cash flows are discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset. The estimated future cash flows exclude
lease payments if the CGU is held under a lease arrangement, but include a replacement
CapEx if needed to maintain the ongoing operation during the forecast period.
An impairment loss is recognized in the income statement for the amount by which the asset\u2019s
carrying amount exceeds its recoverable amount.
In subsequent years, the Company assesses whether indications exist that impairment losses
previously recognized for non-current assets other than goodwill may no longer exist or may have
decreased. If any such indication exists, the recoverable amount of that asset is recalculated and,
if required, its carrying amount is increased to the revised recoverable amount. The increase is
recognized in operating income as an impairment reversal. An impairment reversal is recognized
only if it arises from a change in the assumptions that were used to calculate the recoverable
amount. The increase in an asset\u2019s carrying amount due to an impairment reversal is limited
to the depreciated amount that would have been recognized had the original impairment
not occurred.
As noted above, companies are required to assess at each reporting date whether there is an
indication that a non-current asset may be impaired. One such indicator is significant changes
with adverse effects in the technological, market, economic or legal environment in which the
Company operates that have taken place during the period (or will take place in the near future).
Transitioning to a lower-carbon economy may trigger such adverse effects. Therefore, Ahold
Delhaize also considers the impact of climate change in assessing whether assets may be
impaired or whether the useful life of assets needs to be shortened due to early replacement.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups
of CGUs) that is expected to benefit from the synergies of a business combination. Goodwill
is allocated to a CGU (or group of CGUs) representing the lowest level within the Company at
which the goodwill is monitored for internal management purposes and is never larger than an
operating segment before aggregation. CGUs to which goodwill has been allocated are tested
for impairment annually or more frequently when there is an indication that the CGU may be
impaired. Goodwill on acquisitions of joint ventures and associates is assessed for impairment
as part of the investment whenever there is an indication that the investment may be impaired.
An impairment loss is recognized for the amount by which the CGU\u2019s carrying amount exceeds
its recoverable amount. The recoverable amount is the higher of a CGU\u2019s fair value less costs of
disposal or its value in use. An impairment loss is allocated first to reduce the carrying amount of
the goodwill and then to\u00a0the other assets of the CGU pro rata on the basis of the carrying amount
of each asset. An impairment loss recognized for goodwill is not reversed in subsequent periods.
Impairment of financial assets
At each balance sheet date, the Company assesses whether there is objective evidence that
a financial asset or a group of financial assets is impaired and recognizes a loss allowance
for expected credit losses for financial assets measured at either amortized costs or fair value
through other comprehensive income. If, at the reporting date, the credit risk on a financial
instrument has not increased significantly since initial recognition, the Company measures the
loss allowance for the financial instrument at an amount equal to 12 months of expected credit
losses. If, at the reporting date, the credit risk on a financial instrument has increased significantly
since initial recognition, the Company measures the loss allowance for the financial instrument
at an amount equal to the lifetime-expected credit losses. The Company always measures the
loss allowance at an amount equal to lifetime-expected credit losses for trade receivables,
contract assets and lease receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-464": { "value": "
12 Right-of-use assets
\u20ac million
Buildings and
land
Other
Total
Carrying amount as of December\u00a031, 2023
9,283
200
9,483
Year ended December 29, 2024
Additions
374
112
485
Reassessments and modifications to leases
877
\u2014
877
Depreciation
(1,247)
(63)
(1,311)
Termination of leases
(37)
(4)
(40)
Impairment losses
(50)
\u2014
(50)
Impairment reversals
2
\u2014
2
Transfer (to) from right-of-use assets \u2013 investment property
19
(14)
6
Reclassifications (to) from net investment in leases
(132)
\u2014
(132)
Exchange rate differences
322
7
329
Carrying amount as of December 29, 2024
9,412
237
9,649
Year ended December 28, 2025
Additions
335
150
485
Reassessments and modifications to leases
1,151
(4)
1,147
Acquisitions through business combinations
475
\u2014
475
Depreciation
(1,300)
(78)
(1,378)
Termination of leases
(23)
(6)
(28)
Impairment losses
(14)
\u2014
(14)
Assets classified (to) from held for sale or sold
(1)
\u2014
(1)
Transfer (to) from right-of-use assets \u2013 investment property
(31)
1
(30)
Reclassifications (to) from net investment in leases
(115)
\u2014
(115)
Exchange rate differences
(681)
(21)
(702)
Carrying amount as of December 28, 2025
9,208
280
9,488
Buildings and land includes stores, DCs and warehouses. Other mainly consists of furnishings,
machinery and equipment and vehicles. Right-of-use assets that meet the criteria of an
investment property are included in Note 13 . For more information on leases, see Note 33.
\"Data.svg\"
Accounting estimates and judgments
For more information on the accounting estimates and judgments policies for leases,
see Note 33, and for impairments, see Note 11.
\"Methodology.svg\"
Accounting policies
For more information on the accounting policies for leases, see Note 33.
33 Leases
Ahold Delhaize as lessee
Ahold Delhaize leases a significant number of its stores, as well as DCs, warehouses, offices
and other assets, under lease arrangements. Leases of retail stores typically run for periods
of 10 to 25 years, and warehouses and DCs for 10 to 20 years.
The Company also leases equipment, mainly IT equipment, with average contract terms of four
years. The majority of these are short-term leases and/or leases of low-value assets, and the
Company has elected not to recognize right-of-use assets and lease liabilities for these leases.
The Company expects the expenses incurred for short-term leases and leases of low-value
assets to remain broadly consistent in future years.
Right-of-use assets
See Note 12 and Note 13 for more information on the right-of-use assets.
Lease liabilities
The following table summarizes the expected maturity profile of the Company\u2019s lease liabilities
as presented in Note 23 (non-current portion) and Note 26 (current portion) as of December\u00a028,
2025, and December\u00a029, 2024, respectively, based on the undiscounted payments.
\u20ac million
December 28,
2025
December 29,
2024
Less than one year
1,879
1,900
One to five years
6,514
6,386
Five to 10 years
4,061
4,254
10 to 15 years
1,571
1,635
More than 15 years
695
905
Total undiscounted lease payments
14,721
15,080
Lease liabilities included in the balance sheet
11,974
12,253
Current portion (Note 26)
1,448
1,444
Non-current portion (Note 23)
10,526
10,809
33 Leases continued
General
Leases are managed by local management and, accordingly, lease terms are negotiated on
an individual basis and contain a wide range of different terms and conditions. The terms and
conditions of real estate leases include, among others, extension and termination options as well
as (additional) variable payments. A large proportion of the real estate leases also provide for
lease payment increases that are based on changes in local price indices, which are generally
determined annually. Lease liabilities are remeasured to reflect those revised lease payments
only when there is a change in the cash flows.
The Company does not have leases with significant guaranteed residual values or purchase options.
None of Ahold Delhaize\u2019s leases impose restrictions on the Company\u2019s ability to pay dividends,
incur additional debt or enter into additional leasing arrangements.
Extension and termination options
Extension and termination options are included in a large number of real estate leases across
the Company.\u00a0The majority of extension and termination options held are exercisable only by
the Company and not by the respective lessor.
As of December\u00a028, 2025, potential uncommitted future cash outflows of an estimated \u20ac35\u00a0billion
(undiscounted) (2024: \u20ac40\u00a0billion) have not been included in the lease liability (and right-of-use
asset) because it is not reasonably certain that the leases will be extended (or not terminated).
During the current financial year, an amount of \u20ac1,143 million (2024: \u20ac888 million) has been
recorded as a net increase in the right-of-use assets due to reassessments and modifications
of leases, which include, among others, the effect of exercising extension and termination
options and changes in lease payments due to inflation-related increases.
The table below summarizes the rate of exercise of termination options.
Number of contracts with
termination options exercisable
as of December 28, 2025
Number of leases
Number of contracts with
termination options not exercised
or not considered reasonably
certain to be exercised as of
December 28, 2025
Number of leases
Number of contracts with
termination options exercised or
considered reasonably certain to
be exercised as of December
28, 2025
Number of leases
Total
Ahold Delhaize
3,101
2,833
268
In countries like Greece, Romania and Serbia, it is general practice to be able to terminate
contracts, subject to a notice period. A large portion of the termination options listed above
relates to vehicle leases in Greece, Romania and Serbia.
In Belgium, real estate leases normally have an initial term of 27 years, with a maximum duration
of 45 years by tacit extension of the contract. The lessee has the right, by law, to terminate the
lease every three years. In practice, contracts are, therefore, recorded in the real estate system
as having a 27-year term with termination options every three years. These termination options
are then assessed as part of the determination of the lease term, which is normally established
as nine years, consistent with the investment cycle in the stores.
In other countries, limited to no termination options are in place.
Variable payments
Variable payment terms are used for a variety of reasons, including minimizing the fixed cost
base for newly established stores or for reasons of margin control and operational flexibility.
Variable lease payment terms vary widely across the Company:
\u00f3 The majority of variable payment terms are based on a range of percentages of store sales.
Percentages vary per contract and generally range between 1% and 6% of net sales of the
applicable store.
\u00f3 Some variable payment terms include minimum rent clauses.
Variable lease payments that depend on sales are recognized in profit or loss in the period in
which the condition that triggers those payments occurs. The overall financial effect of using
variable payment terms is that higher rental costs are incurred by stores with higher sales.
The Company expects the amount of variable rental payments to remain broadly consistent
in future\u00a0years.
Commitment for leases not yet commenced
In addition to the leases included on the balance sheet, Ahold Delhaize has signed lease
agreements\u00a0for properties under development of which it has not yet taken possession. The
future undiscounted lease payments, including non-lease components, for these agreements
amount to approximately \u20ac563\u00a0million (2024: \u20ac598\u00a0million). Of this, approximately \u20ac230 million
relates to an investment commitment to transform and expand the supply chain operations on
the U.S. East Coast. \u00a0
Sale and leaseback transactions
There have been no significant sale and leaseback transactions in 2025 and 2024. The gain
on sale and leaseback transactions of \u20ac2\u00a0million in 2025 and the loss of \u20ac2\u00a0million in 2024
relate to transactions in the Netherlands, Belgium, Czech Republic and Serbia.
Amounts recognized in the income statement
\u20ac million
2025
2024
Variable lease payments not included in the measurement of lease liabilities
(26)
(24)
Expenses related to short-term leases
(15)
(18)
Expenses relating to leases of low-value assets that are not shown above as
short-term leases
(15)
(22)
Total rent expense
(57)
(65)
Depreciation charge for right-of-use assets
(1,400)
(1,333)
Interest accretion to lease liability
(465)
(422)
Gains (losses) on sale and leaseback transactions
2
(2)
Income from subleasing right-of-use assets
53
52
During 2025, net impairments of \u20ac14\u00a0million (2024: \u20ac47\u00a0million) on right-of-use assets (excluding
investment properties) and \u20ac2\u00a0million (2024: \u20ac2\u00a0million) on investment property right-of-use
assets were recorded. The impairments in 2025 are mainly related to several smaller impairments
in the U.S. and the Netherlands. In 2024, the impairments were mainly related to the Stop & Shop
store closures.
33 Leases continued
Amounts recognized in the cash flow statement
\u20ac million
2025
2024
Total cash outflow for leases
(2,001)
(1,808)
The total cash outflow for leases consists of repayment of lease liabilities (both the principal
and interest portion of lease payments), the cash outflows from short-term and low-value
leases and variable lease payments not included in the measurement of lease liabilities.
Ahold Delhaize as lessor
Ahold Delhaize rents out its investment properties (mainly retail units in shopping centers
containing an Ahold Delhaize store) and also (partially) subleases various other properties
that are leased by Ahold Delhaize. Ahold Delhaize classifies these leases as operating or
finance leases.
Operating leases
The following table sets out the maturity analysis of lease payments, showing the undiscounted
lease payments to be received after the reporting date:
\u20ac million
December 28,
2025
December 29,
2024
Less than one year
138
148
One to two years
119
130
Two to three years
101
78
Three to four years
53
50
Four to five years
34
34
More than five years
95
102
Total undiscounted lease payments
540
543
Finance leases
Net investment in leases
\u20ac million
2025
2024
As of the beginning of the year
Current portion
117
98
Non-current portion
576
538
Carrying amount at the beginning of the year
693
636
Additions
\u2014
\u2014
Interest accretion
22
18
Repayments
(138)
(125)
Impairment losses and reversals \u2013 net
\u2014
\u2014
Terminations
\u2014
1
Reassessments and modifications
35
11
Reclassifications (to) from right-of-use assets
110
144
Exchange rate differences
(16)
8
Closing carrying amount
704
693
As of the end of the year
Current portion (Note 19)
117
117
Non-current portion (Note 16)
588
576
Carrying amount at the end of the year
704
693
33 Leases continued
The following table sets out the maturity analysis of lease receivables, showing the undiscounted
lease payments to be received after the reporting date:
\u20ac million
December 28,
2025
December 29,
2024
Less than one year
125
124
One to two years
119
114
Two to three years
102
92
Three to four years
84
79
Four to five years
66
64
More than five years
195
193
Total undiscounted lease payments receivable
691
666
Unearned finance income
(90)
(87)
Total discounted lease payments receivable
601
579
Cumulative impairment losses
(4)
(4)
Lease receivable
597
575
Unguaranteed residual value
107
118
Net investment in leases
704
693
Lease receivables are principally for real estate. Terms range primarily from five to 14 years.
There are no significant changes in the provision for impairment.
The Company, as lessor, manages risks associated with rights retained in the underlying assets
mainly by screening lessees for creditworthiness prior to entering into the lease agreement
and following up on outstanding lease payments as part of debtor management. In addition,
lease contracts generally include terms about rights in case of delinquency and default.
Lease contracts rarely include residual value guarantees.
Amounts recognized in the income statement
\u20ac million
2025
2024
Operating leases
Rent income relating to fixed payments on operating leases
166
159
Rent income relating to variable payments on operating leases
14
11
Total rent income
180
170
Interest income on net investment in leases
22
18
No significant rent concessions were provided by Ahold Delhaize.
\"Data.svg\"
Accounting estimates and judgments
Where the Company is the lessee, management is required to make judgments about whether
an arrangement contains a lease, the lease term and the appropriate discount rate to calculate
the present value of the lease payments.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot
be readily determined, which is generally the case for leases entered into by the Company as
lessee, management uses the incremental borrowing rate, being the rate that the Company would
have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use
asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Company uses a build-up approach that starts
with a risk-free interest rate adjusted for credit risk for leases held by the Company and makes
adjustments specific to the lease, for example related to term, country, currency and security.
On a quarterly basis, the Company calculates incremental borrowing rates for each country,
broken down into buckets of duration and underlying asset leased.
In determining the lease term, management considers all facts and circumstances that create
an economic incentive to exercise an extension option, or not to exercise a termination option.
Extension options (or periods after termination options) are only included in the lease term if it
is reasonably certain that the lease will be extended (or not terminated) and, as such, included
within lease liabilities.
For leases of stores, DCs and warehouses, the following factors are normally the most relevant:
\u00f3 If any leasehold improvements are expected to have a significant remaining value,
the Company is typically reasonably certain to extend (or not terminate).
\u00f3 If there are significant penalties to terminate (or not extend), the Company is typically
reasonably certain to extend (or not terminate).
\u00f3 Otherwise, the Company considers other factors, including historical lease durations
and the costs and business disruption required to replace the leased asset.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Company
becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only
revised if a significant event or a significant change in circumstances occurs, which affects this
assessment, and is within the lessee\u2019s control; for example, when significant investment in the
store is made that has a useful life beyond the current lease term.
Where the Company is the lessor, the classification of leases as finance leases or operating
leases requires judgments about the fair value of the leased asset, the economic life of the asset,
whether or not to include renewal or termination options in the lease term and the appropriate
discount rate to use to calculate the present value of the lease payments to be received.
Revenue recognition with respect to sale and leaseback transactions is dependent on
management\u2019s judgment of whether the Company has satisfied all of its performance obligations
and control of the asset is transferred to the buyer, and the determination of the fair value of
the asset.
33 Leases continued
\"Methodology.svg\"
Accounting policies
Definition of a lease
Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control
the use of an identified asset for a period of time in exchange for consideration. At inception,
or on reassessment of a contract that contains a lease component, the Company allocates
the consideration in the contract to each lease and non-lease component on the basis of
its relative stand-alone price.
The Company applies the recognition exemptions for short-term leases (less than 12 months)
and leases of low-value items, defined by the Company to be below $5,000 per item
(on acquisition). The payments for these exempted leases are recognized in the income
statement on a straight-line basis over the lease terms.
As a lessee
The Company recognizes a right-of-use asset, representing its right to use the underlying
asset, and a lease liability, representing its obligation to make lease payments, at the lease
commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the commencement date, plus any
initial direct costs incurred (for example, key money and lease contract commissions), less any
incentives received. The right-of-use asset for acquired leases is adjusted for any favorable or
unfavorable lease rights recognized as part of the purchase price allocation. The right-of-use
asset is subsequently depreciated using the straight-line method over the shorter of the lease
term or the useful life of the underlying asset. In addition, the right-of-use asset is reduced
by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the Company\u2019s incremental borrowing rate.
Generally, the Company uses its incremental borrowing rate as the discount rate.
The Company has elected to separate lease and non-lease components included in lease
payments for all leases. Lease payments included in the measurement of the lease liability
comprise the following:
\u00f3 Fixed payments, including in-substance fixed payments
\u00f3 Variable lease payments\u00a0that depend on an index or a rate, which are initially measured
using the index or rate at the commencement date
\u00f3 Amounts expected to be payable under a residual value guarantee
\u00f3 The exercise price of a purchase option that the Company is reasonably certain to exercise
\u00f3 Lease payments in an optional renewal period if the Company is reasonably certain
to exercise an extension option, and penalties for early termination of a lease unless
the Company is reasonably certain not to terminate early
The lease liability is measured at amortized cost using the effective interest rate method. The
lease liability is subsequently increased by the interest cost on the lease liability and decreased
by lease payments made. It is remeasured when there is a change in future lease payments
arising from a change in an index or rate, if there is a change in the Company\u2019s estimate of the
amount expected to be payable under a residual value guarantee, or if the Company changes
its assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the
carrying amount of the right-of-use asset, or is recorded in the income statement if the carrying
amount of the right-of-use asset has been reduced to zero.
The lease liability is included in Other current financial liabilities and Other non-current
financial liabilities.
The Company applies judgment to determine the lease term for the lease contracts in which it is
a lessee that include renewal and termination options. The assessment of whether the Company
is reasonably certain to exercise such options impacts the lease term, which significantly affects
the value of lease liabilities and right-of-use assets recognized. See Accounting estimates and
judgments for more information.
As a lessor
The Company classifies leases as finance or operating leases at lease inception based upon
whether the lease transfers substantially all of the risks and rewards incidental to ownership
of the underlying asset. As part of this assessment, the Company considers certain indicators,
such as whether the lease is for the majority of the economic life of the asset.
Leases classified as finance leases result in the recognition of a net investment in a lease
representing the Company\u2019s right to receive rent payments. The value of the net investment
in a lease is the value of the future rent payments to be received and the unguaranteed
residual value of the underlying asset discounted using the rate implicit in the lease.
When the Company is an intermediate lessor, it accounts for its interests in the head lease
and the sublease separately. It assesses the lease classification of a sublease with reference
to the right-of-use asset arising from the head lease, not with reference to the underlying asset.
If a head lease is a short-term lease to which the Company applies the exemption described
above, then it classifies the sublease as an operating lease.
If an arrangement contains lease and non-lease components, the Company applies IFRS\u00a015
to allocate the consideration in the contract.
The Company recognizes lease payments received under operating leases as income
on a straight-line basis over the lease term as part of Rent income.
33 Leases continued
Sale and leaseback
Sale and leaseback transactions are defined as transactions that lead to a sale according to
IFRS\u00a015 \u201cRevenue from Contracts with Customers.\u201d Under IFRS\u00a015, the seller-lessee must
determine whether the transaction qualifies as a sale for which revenue is recognized (i.e., the
transaction is a genuine sale, where all performance obligations are satisfied and control has
transferred to the buyer-lessor), or the transaction is a collateralized borrowing. More specifically,
a sale is considered as such if there is no repurchase option on the asset at the end of the
lease term.
If the sale by the Company as seller-lessee qualifies as a sale, the Company derecognizes the
asset and recognizes a gain (or loss) that is limited to the proportion of the total gain (or loss)
relating to the rights transferred to the buyer-lessor. In addition, the Company recognizes a
right-of-use asset arising from the leaseback and measures it at the proportion of the previous
carrying amount of the asset relating to the right of use retained. The Company also recognizes
the lease liability.
If the fair value of the consideration for the sale does not equal the fair value of the asset,
or if the payments for the lease are not at market rates, adjustments are made to measure
the sales proceeds at fair value as follows:
a. Any below-market terms should be accounted for as a prepayment of lease payments.
b. Any above-market terms should be accounted for as additional financing provided
by the buyer-lessor.
If the sale by the Company does not qualify as a sale, the Company keeps the asset transferred
on its balance sheet and recognizes a financing obligation equal to the transferred proceeds
or cash received.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-465": { "value": "
13 Investment property
\u20ac million
Right-of-use
asset
investment
property
Company-
owned
investment
property
Total
investment
property
As of December 31, 2023
At cost
628
812
1,440
Accumulated depreciation and impairment losses
(419)
(430)
(849)
Carrying amount
209
382
591
Year ended December 29, 2024
Additions
2
11
13
Reassessments and modifications to leases
11
\u2014
11
Acquisitions through business combinations
\u2014
\u2014
\u2014
Depreciation
(23)
(17)
(40)
Impairment losses
(2)
(1)
(4)
Impairment reversals
\u2014
\u2014
\u2014
Termination of leases
(5)
\u2014
(5)
Assets classified (to) from held for sale or sold
\u2014
(11)
(11)
Reclassifications (to) from net investment in leases
(5)
\u2014
(5)
Transfers (to) from right-of-use assets, property, plant and
equipment and intangible assets
3
13
15
Exchange rate differences
9
16
24
Closing carrying amount
198
392
591
As of December 29, 2024
At cost
955
1,039
1,994
Accumulated depreciation and impairment losses
(757)
(647)
(1,403)
Carrying amount
198
392
591
13 Investment property continued
\u20ac million
Right-of-use
asset
investment
property
Company-
owned
investment
property
Total
investment
property
Year ended December 28, 2025
Additions
2
6
8
Reassessments and modifications to leases
(4)
\u2014
(4)
Depreciation
(22)
(17)
(39)
Impairment losses
(2)
(6)
(8)
Impairment reversals
5
1
5
Termination of leases
(20)
\u2014
(20)
Assets classified (to) from held for sale or sold
\u2014
(22)
(22)
Reclassifications (to) from net investment in leases
5
\u2014
5
Transfers (to) from right-of-use assets, property, plant and
equipment and intangible assets
30
9
40
Exchange rate differences
(16)
(32)
(48)
Closing carrying amount
176
332
508
As of December 28, 2025
At cost
770
848
1,619
Accumulated depreciation and impairment losses
(594)
(516)
(1,110)
Carrying amount
176
332
508
A significant portion of the Company\u2019s investment property comprises shopping centers
containing both an Ahold Delhaize store and third-party retail units. The third-party retail units
generate rental income, but are primarily of strategic importance to Ahold Delhaize in its retail
operations. Ahold Delhaize recognizes the part of a shopping center leased to a third-party
retailer as investment property, unless it\u00a0represents an insignificant portion of the property.
The net impairment losses recognized were related to The United States (2025: \u20ac2\u00a0million,
2024:\u00a0\u20ac3\u00a0million) and Europe (2025 : \u20ac1 million, 2024: \u20ac0 million).
The Company-owned investment property includes an amount related to assets held under
financings of \u20ac11\u00a0million (December\u00a029, 2024: \u20ac16\u00a0million). Ahold Delhaize does not have
legal title to these assets.
The fair value of investment property as of December\u00a028, 2025, amounted to approximately
\u20ac709\u00a0million (December\u00a029, 2024: \u20ac826\u00a0million). Fair value of investment property has generally
been measured using an income or market approach. Fair value for right-of-use asset investment
property is the fair value of the right of use itself, not the fair value of the property under lease.
Approximately 78% of Ahold Delhaize\u2019s fair value measurements are categorized within Level 2.
The most significant inputs into this valuation approach are observable market retail yields
and tenant rents to calculate the fair value. The remaining fair value measurements that
are categorized within Level 3 primarily include the fair value measurements based on the
Company\u2019s own valuation methods and the fair value for certain mixed-use properties and
properties held for strategic purposes. For certain mixed-use properties and properties held for
strategic purposes, Ahold Delhaize cannot determine the fair value of the investment property
reliably. In such cases, the fair value is assumed to be equal to the carrying amount.
Rental income from investment property (both company-owned and right-of-use asset) included
in\u00a0the\u00a0income statement in 2025 amounted to \u20ac63\u00a0million (2024: \u20ac75\u00a0million). Direct operating
expenses\u00a0(including repairs and maintenance but excluding depreciation expense) arising from
rental-income-generating and non-rent-generating investment property in 2025 amounted to
\u20ac18\u00a0million (2024:\u00a0\u20ac27\u00a0million).
\"Data.svg\"
Accounting estimates and judgments
For more information on the accounting estimates and judgments policies for impairments,
see Note 11.
\"Methodology.svg\"
Accounting policies
Investment property consists of land and buildings held by Ahold Delhaize to earn rental income
or for capital appreciation, or both. These properties are not used by the Company in the ordinary
course of business. The Company often owns (or leases) shopping centers containing an Ahold
Delhaize as well as third-party retail units. In these cases, the third-party retail units generate
rental income, but are primarily of strategic importance for operating purposes to Ahold Delhaize
in its retail operations. The Company recognizes the part of an owned (or leased) shopping
center that is leased to third-party retailers as investment property, unless it represents an
insignificant portion of the property. Land and buildings leased to franchisees are not considered
to be investment property, as they contribute directly to Ahold Delhaize\u2019s retail operations.
Investment property is measured on the same basis as property, plant and equipment.
Right-of-use assets are separately disclosed as a line in the balance sheet, but right-of-use
assets that meet the definition of investment property are included in Investment property
and separately disclosed in the notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-466": { "value": "
Investment property consists of land and buildings held by Ahold Delhaize to earn rental income
or for capital appreciation, or both. These properties are not used by the Company in the ordinary
course of business. The Company often owns (or leases) shopping centers containing an Ahold
Delhaize as well as third-party retail units. In these cases, the third-party retail units generate
rental income, but are primarily of strategic importance for operating purposes to Ahold Delhaize
in its retail operations. The Company recognizes the part of an owned (or leased) shopping
center that is leased to third-party retailers as investment property, unless it represents an
insignificant portion of the property. Land and buildings leased to franchisees are not considered
to be investment property, as they contribute directly to Ahold Delhaize\u2019s retail operations.
Investment property is measured on the same basis as property, plant and equipment.
Right-of-use assets are separately disclosed as a line in the balance sheet, but right-of-use
assets that meet the definition of investment property are included in Investment property
and separately disclosed in the notes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-468": { "value": "
14 Intangible assets
\u20ac million
Goodwill
Brand names
Software
Franchisee
and affiliate
relationships
Customer
relationships
Other
Under
development
Total
As of December 31, 2023
At cost
7,796
3,278
2,661
653
216
299
246
15,149
Accumulated amortization and impairment losses
(8)
(19)
(1,686)
(131)
(161)
(146)
\u2014
(2,151)
Carrying amount
7,788
3,259
976
522
55
153
246
12,998
Year ended December 29, 2024
Additions
\u2014
\u2014
41
\u2014
1
7
482
531
Transfers from under development
\u2014
\u2014
546
\u2014
\u2014
2
(548)
\u2014
Acquisitions through business combinations
20
\u2014
\u2014
\u2014
\u2014
1
\u2014
20
Amortization
\u2014
(2)
(468)
(18)
(6)
(14)
(1)
(509)
Impairments
\u2014
(5)
(13)
\u2014
\u2014
(1)
(29)
(49)
Impairment reversals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Assets classified (to) from held for sale or sold
\u2014
\u2014
(3)
\u2014
\u2014
(3)
\u2014
(6)
Other movements
\u2014
\u2014
4
\u2014
\u2014
(8)
(2)
(6)
Exchange rate differences
283
123
24
\u2014
1
5
5
440
Closing carrying amount
8,090
3,374
1,107
504
51
140
152
13,420
As of December 29, 2024
At cost
8,098
3,401
3,081
653
222
301
152
15,909
Accumulated amortization and impairment losses
(8)
(27)
(1,974)
(149)
(171)
(160)
\u2014
(2,489)
Carrying amount
8,090
3,374
1,107
504
51
140
152
13,420
Year ended December 28, 2025
Additions
\u2014
\u2014
37
\u2014
\u2014
7
500
544
Transfers from under development
\u2014
\u2014
465
\u2014
\u2014
3
(468)
\u2014
Acquisitions through business combinations
884
241
33
\u2014
\u2014
5
1
1,163
Amortization
\u2014
(2)
(473)
(18)
(6)
(14)
\u2014
(513)
Impairments
\u2014
\u2014
(3)
\u2014
\u2014
\u2014
(2)
(5)
Impairment reversals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Assets classified (to) from held for sale or sold
(4)
\u2014
4
\u2014
\u2014
(5)
\u2014
(4)
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
(1)
Exchange rate differences
(607)
(260)
(54)
\u2014
(2)
(10)
(5)
(937)
Closing carrying amount
8,363
3,353
1,116
487
43
126
179
13,667
As of December 28, 2025
At cost
8,371
3,374
2,931
653
199
257
179
15,964
Accumulated amortization and impairment losses
(8)
(21)
(1,815)
(166)
(156)
(131)
\u2014
(2,297)
Carrying amount
8,363
3,353
1,116
487
43
126
179
13,667
Brand names include retail brands, as well as an insignificant amount for certain own brands
(referring to ranges of products). Retail brands are strong and well-established brands of
supermarkets, convenience stores and online stores protected by trademarks that are renewable
indefinitely in their relevant markets. There are not believed to be any legal, regulatory or
contractual provisions that limit their useful lives. Ahold Delhaize brands play an important
role in the Company\u2019s business strategy. Ahold Delhaize believes that there is currently no
foreseeable limit to the period over which the retail brands are expected to generate net cash
inflows and, therefore, they are assessed to have an indefinite useful life.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-467": { "value": "
14 Intangible assets
\u20ac million
Goodwill
Brand names
Software
Franchisee
and affiliate
relationships
Customer
relationships
Other
Under
development
Total
As of December 31, 2023
At cost
7,796
3,278
2,661
653
216
299
246
15,149
Accumulated amortization and impairment losses
(8)
(19)
(1,686)
(131)
(161)
(146)
\u2014
(2,151)
Carrying amount
7,788
3,259
976
522
55
153
246
12,998
Year ended December 29, 2024
Additions
\u2014
\u2014
41
\u2014
1
7
482
531
Transfers from under development
\u2014
\u2014
546
\u2014
\u2014
2
(548)
\u2014
Acquisitions through business combinations
20
\u2014
\u2014
\u2014
\u2014
1
\u2014
20
Amortization
\u2014
(2)
(468)
(18)
(6)
(14)
(1)
(509)
Impairments
\u2014
(5)
(13)
\u2014
\u2014
(1)
(29)
(49)
Impairment reversals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Assets classified (to) from held for sale or sold
\u2014
\u2014
(3)
\u2014
\u2014
(3)
\u2014
(6)
Other movements
\u2014
\u2014
4
\u2014
\u2014
(8)
(2)
(6)
Exchange rate differences
283
123
24
\u2014
1
5
5
440
Closing carrying amount
8,090
3,374
1,107
504
51
140
152
13,420
As of December 29, 2024
At cost
8,098
3,401
3,081
653
222
301
152
15,909
Accumulated amortization and impairment losses
(8)
(27)
(1,974)
(149)
(171)
(160)
\u2014
(2,489)
Carrying amount
8,090
3,374
1,107
504
51
140
152
13,420
Year ended December 28, 2025
Additions
\u2014
\u2014
37
\u2014
\u2014
7
500
544
Transfers from under development
\u2014
\u2014
465
\u2014
\u2014
3
(468)
\u2014
Acquisitions through business combinations
884
241
33
\u2014
\u2014
5
1
1,163
Amortization
\u2014
(2)
(473)
(18)
(6)
(14)
\u2014
(513)
Impairments
\u2014
\u2014
(3)
\u2014
\u2014
\u2014
(2)
(5)
Impairment reversals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Assets classified (to) from held for sale or sold
(4)
\u2014
4
\u2014
\u2014
(5)
\u2014
(4)
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
(1)
Exchange rate differences
(607)
(260)
(54)
\u2014
(2)
(10)
(5)
(937)
Closing carrying amount
8,363
3,353
1,116
487
43
126
179
13,667
As of December 28, 2025
At cost
8,371
3,374
2,931
653
199
257
179
15,964
Accumulated amortization and impairment losses
(8)
(21)
(1,815)
(166)
(156)
(131)
\u2014
(2,297)
Carrying amount
8,363
3,353
1,116
487
43
126
179
13,667
14 Intangible assets continued
Goodwill acquired in business combinations is allocated, at acquisition, to the CGUs or groups
of CGUs expected to benefit from the business combination.
Brand names include retail brands, as well as an insignificant amount for certain own brands
(referring to ranges of products). Retail brands are strong and well-established brands of
supermarkets, convenience stores and online stores protected by trademarks that are renewable
indefinitely in their relevant markets. There are not believed to be any legal, regulatory or
contractual provisions that limit their useful lives. Ahold Delhaize brands play an important
role in the Company\u2019s business strategy. Ahold Delhaize believes that there is currently no
foreseeable limit to the period over which the retail brands are expected to generate net cash
inflows and, therefore, they are assessed to have an indefinite useful life.
The carrying amounts of goodwill allocated to Ahold Delhaize\u2019s CGUs and brand names
recognized from business acquisitions are as follows:
\u20ac million
Goodwill
December\u00a028,
2025
Goodwill
December\u00a029,
2024
Brand names
December\u00a028,
2025
Brand names
December\u00a029,
2024
Cash-generating unit
The United States
Stop & Shop
952
1,074
\u2014
\u2014
Food Lion
1,017
1,148
1,226
1,385
The GIANT Company
546
616
\u2014
\u2014
Hannaford
1,746
1,971
728
823
Giant Food
321
362
\u2014
\u2014
Europe
Albert Heijn (the Netherlands
and Belgium)
1,772
1,767
\u2014
\u2014
Delhaize (Belgium and
Luxembourg)
447
439
786
786
bol (the Netherlands and
Belgium)
235
235
86
86
Albert (Czech Republic)
190
183
\u2014
\u2014
Alfa Beta (Greece)
144
143
135
136
Mega Image (Romania)
242
130
81
83
Profi (Romania)
731
\u2014
235
\u2014
Delhaize Serbia (Serbia)
12
12
76
76
Etos (the Netherlands)
8
8
\u2014
\u2014
Gall & Gall (the Netherlands)
1
1
\u2014
\u2014
Total
8,363
8,090
3,353
3,374
The acquisition of Profi was completed on January 3, 2025. For details, see Note 4. An amount
of \u20ac118 million of the goodwill arising from the acquisition was allocated to Mega Image.
It represents the portion of synergies attributed to Mega Image from this transaction.
Software and software development represent both costs from external purchases and internal
development costs. Intangible assets under development relate mainly to software development.
Franchisee and affiliate relationships relate to those contractual relationships in our franchisee
and affiliate businesses in Greece and Belgium, recognized in connection with the Ahold Delhaize
merger. Customer relationships consist primarily of pharmacy scripts and customer lists
recognized through the acquisition of bol in 2012. Other mainly includes location development
rights, deed restrictions and similar assets.
In 2025, both gross book value (cost) and accumulated depreciation and amortization of software
and, other intangible assets were reduced by approximately \u20ac559 million and \u20ac32 million,
respectively. These reductions were for assets that have been fully amortized and are no longer
in use and had no impact on the net book value or on the consolidated income statement.
Goodwill impairment testing
In the 2025 annual goodwill impairment test, with the exception of Delhaize, bol, Profi and
Mega Image, the recoverable amounts of the CGUs were based on value in use.
The cash flow projections used in determining recoverable amounts excluded the lease
payments that are considered financing and included replacement CapEx for the right-of-use
assets. The carrying values of the CGUs tested included their right-of-use assets.
Value in use is determined using discounted cash flow projections that cover a period of five
years and are based on the financial plans approved by the Company\u2019s management.
Fair value represents the price that would be received for selling an asset in an orderly
transaction between market participants and is generally measured using an income approach
and/or a market approach. For Delhaize, bol, Mega Imag e and Profi, the Company used
discounted cash flow projections based on the assets\u2019 highest and best use from a market
participants\u2019 perspective, taking financial plans as approved by management as a base (Level
3 valuation). Except for bol and Profi, the discounted cash flow projections cover a period of
five years. Due to the expected continuation of high growth in the relevant retail markets, the
Company projected cash flows for bol and Profi over a 10-year period to better reflect the
growth expectations in sales, profitability and cash generation, as the businesses have not
yet reached a steady state.
The terminal value is based on the Gordon growth formula (Free cash flows/(Weighted average
cost of capital (WACC) \u2013 long-term growth)) where long-term growth was generally assumed
to be nil.
The key assumptions for the goodwill impairment test relate to the WACC (hereafter: discount
rate), sales growth, operating margin and growth rate (terminal value).
The discount rates are determined based on external market data and reflect specific risks
relating to relevant CGUs, the key assumptions used in the cash flow projections, and the
composition of the assets and liabilities included in the CGUs\u2019 carrying value.
14 Intangible assets continued
The discount rates are as follows:
Pre-tax
discount rate
Post-tax
discount rate
The U.S. brands
8.7%-9.3%
6.7%
The brands in the Netherlands (excluding bol)
6.8%
5.0%
Delhaize
7.9%
5.9%
bol
13.5%
10.4%
Albert (Czech Republic)
7.9%
6.3%
Alfa Beta (Greece)
7.8%
6.2%
Mega Image and Profi (Romania)
11.1-11.3%
9.6%
Delhaize Serbia (Serbia)
9.7%
8.2%
The sales growth rates and operating margins used to estimate future performance are based
on past performance and our experience of growth rates and operating margins achievable in
Ahold Delhaize\u2019s main markets. The sales compound annual growth rates applied in the projected
periods ranged between 2.2% and 8.3% for the CGUs. The average operating margins applied
in the projected periods ranged between 2.2% and 6.2% for the CGUs. The terminal value to
extrapolate cash flows beyond the explicit forecast period included one year of additional growth
based on the long-term inflation expectations that ranged between 1.9% and 2.8% for the CGUs;
generally no additional growth was assumed thereafter. The long-term growth rates are
determined using the long-term inflation expectations, based on external market data.
Key assumptions relating to CGUs to which a significant amount of goodwill or intangible assets
with indefinite useful lives is allocated are as follows:
Pre-tax
discount rate
Post-tax
discount rate
Growth rate
(terminal
value)
Stop & Shop
8.7%
6.7%
2.3%
Food Lion
9.3%
6.7%
2.3%
Hannaford
9.2%
6.7%
2.3%
Albert Heijn, Etos and Gall & Gall
6.8%
5.0%
1.9%
Delhaize
7.9%
5.9%
1.9%
Profi
11.3%
9.6%
2.8%
Cash flow projections for these CGUs reflect current macroeconomic circumstances, including
increases in energy costs and inflation as well as certain cost-saving initiatives to reduce negative
impacts. The discount rates applied are aligned with the current macroeconomic environment.
For more information, see Note 2.
Additional capital investments to mitigate climate-related risks and transition to a lower-carbon
business can be phased out over a reasonably long period of time, mostly as part of investments in
the normal course of business. Free cash flow projections for the CGUs include estimates for cash
outflows when local requirements demand (faster) investment in assets with lower GWP, as well
as certain cost-savings to reduce negative impacts.
Given the macroeconomic circumstances, further reasonable negative changes in sales growth,
margins and discount rates would not result in impairment of these CGUs, except for Stop &
Shop, Giant Food and Profi.
In 2024, Stop & Shop reshaped its plans to position the business for growth. The brand focused on
multi-year investments in price and the customer value proposition, including customer experience
as part of its growth strategy in its markets. In addition, Stop & Shop closed 32 underperforming
stores by the beginning of November 2024. In 2025, the brand continued executing its new strategy,
and there are already encouraging improvements in performance. The key assumptions used in the
discounted cash flow projections are revenue growth and margin development. The sales growth is
based on actual experience, expected uplift from price investments and value proposition, and the
development of market share. The margin development is based on actual experience and
management\u2019s long-term projections with the expected leverage of higher sales and cost savings.
The recoverable amount for Stop & Shop exceeds the carrying amount by slightly more than 2%.
A sensitivity analysis indicates that the valuation is sensitive to changes in sales growth, operating
margins and pre-tax discount rate. The recoverable amount of Stop & Shop would be equal to its
carrying amount if the sales growth rates in the projection period were reduced, in absolute terms,
by 0.4%, if Stop & Shop\u2019s operating margins in the projection period were reduced, in absolute
terms, by 0.1%, or if the pre-tax discount rate was, in absolute terms, higher by 0.3%.
In addition, further reasonable negative changes in key assumptions would result in impairment
at Giant Food. The recoverable amount for Giant Food exceeds the carrying amount by slightly
more than 1%. The recoverable amount of Giant Food would be equal to its carrying amount if
the sales growth rates in the projection period were reduced, in absolute terms, by 0.2%, if Giant
Food\u2019s operating margins in the projection period were reduced, in absolute terms, by 0.03%,
or if the pre-tax discount rate was, in absolute terms, higher by 0.1%.
Finally, the recoverable amount for Profi marginally exceeds the carrying amount, consistent
with expectations, given the recent acquisition of Profi, as disclosed under Note 4.
\"Data.svg\"
Accounting estimates and judgments
Intangible assets
For accounting estimates and judgments relating to intangible assets, see Note 4.
Impairments
Judgments are required to determine whether there is an indication that a CGU to which
goodwill has been allocated may be impaired. Estimates and assumptions are involved in the
determination of the recoverable amount of the CGUs. These include assumptions related
to discount rates, cash flow projections (such as sales growth rates, operating margins and
growth rates to determine terminal value) and market multiples.
\"Methodology.svg\"
Accounting policies
Goodwill and impairment of goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Company\u2019s interest in the net fair value of the identifiable assets and
14 Intangible assets continued
liabilities assumed at the date of acquisition. It is carried at cost less accumulated impairment
losses. Goodwill on acquisitions of joint ventures and associates is included in the carrying
amount of the investment.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups
of CGUs) that is expected to benefit from the synergies of a business combination. Goodwill
is allocated to a CGU (or group of CGUs) representing the lowest level within the Company at
which the goodwill is monitored for internal management purposes and is never larger than an
operating segment before aggregation. CGUs to which goodwill has been allocated are tested
for impairment annually or more frequently when there is an indication that the CGU may be
impaired. Goodwill on acquisitions of joint ventures and associates is assessed for impairment
as part of the investment whenever there is an indication that the investment may be impaired.
An impairment loss is recognized for the amount by which the CGU\u2019s carrying amount exceeds
its recoverable amount. The recoverable amount is the higher of a CGU\u2019s fair value less costs of
disposal or its value in use. An impairment loss is allocated first to reduce the carrying amount of
the goodwill and then to\u00a0the other assets of the CGU pro rata on the basis of the carrying amount
of each asset. An impairment loss recognized for goodwill is not reversed in subsequent periods.
On the partial or complete disposal of an operation, the goodwill attributable to that operation
is included in the determination of the gain or loss on disposal.
Other intangible assets
Separately acquired intangible assets and internally developed software are carried at cost
less accumulated amortization and impairment losses. Intangible assets acquired in a business
combination are recognized at fair value at the date of acquisition (which is regarded as their cost).
Brand names and customer, franchise and affiliate relationships acquired in business acquisitions
are stated at fair value, determined using an income approach. Direct costs related to the
development of software for internal use are capitalized only if the costs can be measured
reliably, technical feasibility has been established, future economic benefits are probable, and
the Company intends to complete development and use the software. All other costs, including
all overhead, general and administrative, and training costs, are expensed as incurred.
Amortization is computed using the straight-line method based on estimated useful lives,
which are as follows:
Retail brands
indefinite
Own brands
10\u201315 years
Software
3\u201310 years
Franchise and affiliate relationships
14\u201340 years
Customer relationships
7\u201325 years
Other
5 years\u2013indefinite
The useful lives, amortization method and residual value are reviewed at each balance sheet
date and adjusted, if appropriate. Brand names, intangible assets under development and other
intangible assets with indefinite lives are assessed for impairment annually or whenever there
is an indication that the asset may be impaired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-469": { "value": "
Goodwill acquired in business combinations is allocated, at acquisition, to the CGUs or groups
of CGUs expected to benefit from the business combination.
The carrying amounts of goodwill allocated to Ahold Delhaize\u2019s CGUs and brand names
recognized from business acquisitions are as follows:
\u20ac million
Goodwill
December\u00a028,
2025
Goodwill
December\u00a029,
2024
Brand names
December\u00a028,
2025
Brand names
December\u00a029,
2024
Cash-generating unit
The United States
Stop & Shop
952
1,074
\u2014
\u2014
Food Lion
1,017
1,148
1,226
1,385
The GIANT Company
546
616
\u2014
\u2014
Hannaford
1,746
1,971
728
823
Giant Food
321
362
\u2014
\u2014
Europe
Albert Heijn (the Netherlands
and Belgium)
1,772
1,767
\u2014
\u2014
Delhaize (Belgium and
Luxembourg)
447
439
786
786
bol (the Netherlands and
Belgium)
235
235
86
86
Albert (Czech Republic)
190
183
\u2014
\u2014
Alfa Beta (Greece)
144
143
135
136
Mega Image (Romania)
242
130
81
83
Profi (Romania)
731
\u2014
235
\u2014
Delhaize Serbia (Serbia)
12
12
76
76
Etos (the Netherlands)
8
8
\u2014
\u2014
Gall & Gall (the Netherlands)
1
1
\u2014
\u2014
Total
8,363
8,090
3,353
3,374
The acquisition of Profi was completed on January 3, 2025. For details, see Note 4. An amount
of \u20ac118 million of the goodwill arising from the acquisition was allocated to Mega Image.
It represents the portion of synergies attributed to Mega Image from this transaction.
Software and software development represent both costs from external purchases and internal
development costs. Intangible assets under development relate mainly to software development.
Franchisee and affiliate relationships relate to those contractual relationships in our franchisee
and affiliate businesses in Greece and Belgium, recognized in connection with the Ahold Delhaize
merger. Customer relationships consist primarily of pharmacy scripts and customer lists
recognized through the acquisition of bol in 2012. Other mainly includes location development
rights, deed restrictions and similar assets.
In 2025, both gross book value (cost) and accumulated depreciation and amortization of software
and, other intangible assets were reduced by approximately \u20ac559 million and \u20ac32 million,
respectively. These reductions were for assets that have been fully amortized and are no longer
in use and had no impact on the net book value or on the consolidated income statement.
Goodwill impairment testing
In the 2025 annual goodwill impairment test, with the exception of Delhaize, bol, Profi and
Mega Image, the recoverable amounts of the CGUs were based on value in use.
The cash flow projections used in determining recoverable amounts excluded the lease
payments that are considered financing and included replacement CapEx for the right-of-use
assets. The carrying values of the CGUs tested included their right-of-use assets.
Value in use is determined using discounted cash flow projections that cover a period of five
years and are based on the financial plans approved by the Company\u2019s management.
Fair value represents the price that would be received for selling an asset in an orderly
transaction between market participants and is generally measured using an income approach
and/or a market approach. For Delhaize, bol, Mega Imag e and Profi, the Company used
discounted cash flow projections based on the assets\u2019 highest and best use from a market
participants\u2019 perspective, taking financial plans as approved by management as a base (Level
3 valuation). Except for bol and Profi, the discounted cash flow projections cover a period of
five years. Due to the expected continuation of high growth in the relevant retail markets, the
Company projected cash flows for bol and Profi over a 10-year period to better reflect the
growth expectations in sales, profitability and cash generation, as the businesses have not
yet reached a steady state.
The terminal value is based on the Gordon growth formula (Free cash flows/(Weighted average
cost of capital (WACC) \u2013 long-term growth)) where long-term growth was generally assumed
to be nil.
The key assumptions for the goodwill impairment test relate to the WACC (hereafter: discount
rate), sales growth, operating margin and growth rate (terminal value).
The discount rates are determined based on external market data and reflect specific risks
relating to relevant CGUs, the key assumptions used in the cash flow projections, and the
composition of the assets and liabilities included in the CGUs\u2019 carrying value.
14 Intangible assets continued
The discount rates are as follows:
Pre-tax
discount rate
Post-tax
discount rate
The U.S. brands
8.7%-9.3%
6.7%
The brands in the Netherlands (excluding bol)
6.8%
5.0%
Delhaize
7.9%
5.9%
bol
13.5%
10.4%
Albert (Czech Republic)
7.9%
6.3%
Alfa Beta (Greece)
7.8%
6.2%
Mega Image and Profi (Romania)
11.1-11.3%
9.6%
Delhaize Serbia (Serbia)
9.7%
8.2%
The sales growth rates and operating margins used to estimate future performance are based
on past performance and our experience of growth rates and operating margins achievable in
Ahold Delhaize\u2019s main markets. The sales compound annual growth rates applied in the projected
periods ranged between 2.2% and 8.3% for the CGUs. The average operating margins applied
in the projected periods ranged between 2.2% and 6.2% for the CGUs. The terminal value to
extrapolate cash flows beyond the explicit forecast period included one year of additional growth
based on the long-term inflation expectations that ranged between 1.9% and 2.8% for the CGUs;
generally no additional growth was assumed thereafter. The long-term growth rates are
determined using the long-term inflation expectations, based on external market data.
Key assumptions relating to CGUs to which a significant amount of goodwill or intangible assets
with indefinite useful lives is allocated are as follows:
Pre-tax
discount rate
Post-tax
discount rate
Growth rate
(terminal
value)
Stop & Shop
8.7%
6.7%
2.3%
Food Lion
9.3%
6.7%
2.3%
Hannaford
9.2%
6.7%
2.3%
Albert Heijn, Etos and Gall & Gall
6.8%
5.0%
1.9%
Delhaize
7.9%
5.9%
1.9%
Profi
11.3%
9.6%
2.8%
Cash flow projections for these CGUs reflect current macroeconomic circumstances, including
increases in energy costs and inflation as well as certain cost-saving initiatives to reduce negative
impacts. The discount rates applied are aligned with the current macroeconomic environment.
For more information, see Note 2.
Additional capital investments to mitigate climate-related risks and transition to a lower-carbon
business can be phased out over a reasonably long period of time, mostly as part of investments in
the normal course of business. Free cash flow projections for the CGUs include estimates for cash
outflows when local requirements demand (faster) investment in assets with lower GWP, as well
as certain cost-savings to reduce negative impacts.
Given the macroeconomic circumstances, further reasonable negative changes in sales growth,
margins and discount rates would not result in impairment of these CGUs, except for Stop &
Shop, Giant Food and Profi.
In 2024, Stop & Shop reshaped its plans to position the business for growth. The brand focused on
multi-year investments in price and the customer value proposition, including customer experience
as part of its growth strategy in its markets. In addition, Stop & Shop closed 32 underperforming
stores by the beginning of November 2024. In 2025, the brand continued executing its new strategy,
and there are already encouraging improvements in performance. The key assumptions used in the
discounted cash flow projections are revenue growth and margin development. The sales growth is
based on actual experience, expected uplift from price investments and value proposition, and the
development of market share. The margin development is based on actual experience and
management\u2019s long-term projections with the expected leverage of higher sales and cost savings.
The recoverable amount for Stop & Shop exceeds the carrying amount by slightly more than 2%.
A sensitivity analysis indicates that the valuation is sensitive to changes in sales growth, operating
margins and pre-tax discount rate. The recoverable amount of Stop & Shop would be equal to its
carrying amount if the sales growth rates in the projection period were reduced, in absolute terms,
by 0.4%, if Stop & Shop\u2019s operating margins in the projection period were reduced, in absolute
terms, by 0.1%, or if the pre-tax discount rate was, in absolute terms, higher by 0.3%.
In addition, further reasonable negative changes in key assumptions would result in impairment
at Giant Food. The recoverable amount for Giant Food exceeds the carrying amount by slightly
more than 1%. The recoverable amount of Giant Food would be equal to its carrying amount if
the sales growth rates in the projection period were reduced, in absolute terms, by 0.2%, if Giant
Food\u2019s operating margins in the projection period were reduced, in absolute terms, by 0.03%,
or if the pre-tax discount rate was, in absolute terms, higher by 0.1%.
Finally, the recoverable amount for Profi marginally exceeds the carrying amount, consistent
with expectations, given the recent acquisition of Profi, as disclosed under Note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-470": { "value": "
Goodwill impairment testing
In the 2025 annual goodwill impairment test, with the exception of Delhaize, bol, Profi and
Mega Image, the recoverable amounts of the CGUs were based on value in use.
The cash flow projections used in determining recoverable amounts excluded the lease
payments that are considered financing and included replacement CapEx for the right-of-use
assets. The carrying values of the CGUs tested included their right-of-use assets.
Value in use is determined using discounted cash flow projections that cover a period of five
years and are based on the financial plans approved by the Company\u2019s management.
Fair value represents the price that would be received for selling an asset in an orderly
transaction between market participants and is generally measured using an income approach
and/or a market approach. For Delhaize, bol, Mega Imag e and Profi, the Company used
discounted cash flow projections based on the assets\u2019 highest and best use from a market
participants\u2019 perspective, taking financial plans as approved by management as a base (Level
3 valuation). Except for bol and Profi, the discounted cash flow projections cover a period of
five years. Due to the expected continuation of high growth in the relevant retail markets, the
Company projected cash flows for bol and Profi over a 10-year period to better reflect the
growth expectations in sales, profitability and cash generation, as the businesses have not
yet reached a steady state.
The terminal value is based on the Gordon growth formula (Free cash flows/(Weighted average
cost of capital (WACC) \u2013 long-term growth)) where long-term growth was generally assumed
to be nil.
The key assumptions for the goodwill impairment test relate to the WACC (hereafter: discount
rate), sales growth, operating margin and growth rate (terminal value).
The discount rates are determined based on external market data and reflect specific risks
relating to relevant CGUs, the key assumptions used in the cash flow projections, and the
composition of the assets and liabilities included in the CGUs\u2019 carrying value.
14 Intangible assets continued
The discount rates are as follows:
Pre-tax
discount rate
Post-tax
discount rate
The U.S. brands
8.7%-9.3%
6.7%
The brands in the Netherlands (excluding bol)
6.8%
5.0%
Delhaize
7.9%
5.9%
bol
13.5%
10.4%
Albert (Czech Republic)
7.9%
6.3%
Alfa Beta (Greece)
7.8%
6.2%
Mega Image and Profi (Romania)
11.1-11.3%
9.6%
Delhaize Serbia (Serbia)
9.7%
8.2%
The sales growth rates and operating margins used to estimate future performance are based
on past performance and our experience of growth rates and operating margins achievable in
Ahold Delhaize\u2019s main markets. The sales compound annual growth rates applied in the projected
periods ranged between 2.2% and 8.3% for the CGUs. The average operating margins applied
in the projected periods ranged between 2.2% and 6.2% for the CGUs. The terminal value to
extrapolate cash flows beyond the explicit forecast period included one year of additional growth
based on the long-term inflation expectations that ranged between 1.9% and 2.8% for the CGUs;
generally no additional growth was assumed thereafter. The long-term growth rates are
determined using the long-term inflation expectations, based on external market data.
Key assumptions relating to CGUs to which a significant amount of goodwill or intangible assets
with indefinite useful lives is allocated are as follows:
Pre-tax
discount rate
Post-tax
discount rate
Growth rate
(terminal
value)
Stop & Shop
8.7%
6.7%
2.3%
Food Lion
9.3%
6.7%
2.3%
Hannaford
9.2%
6.7%
2.3%
Albert Heijn, Etos and Gall & Gall
6.8%
5.0%
1.9%
Delhaize
7.9%
5.9%
1.9%
Profi
11.3%
9.6%
2.8%
Cash flow projections for these CGUs reflect current macroeconomic circumstances, including
increases in energy costs and inflation as well as certain cost-saving initiatives to reduce negative
impacts. The discount rates applied are aligned with the current macroeconomic environment.
For more information, see Note 2.
Additional capital investments to mitigate climate-related risks and transition to a lower-carbon
business can be phased out over a reasonably long period of time, mostly as part of investments in
the normal course of business. Free cash flow projections for the CGUs include estimates for cash
outflows when local requirements demand (faster) investment in assets with lower GWP, as well
as certain cost-savings to reduce negative impacts.
Given the macroeconomic circumstances, further reasonable negative changes in sales growth,
margins and discount rates would not result in impairment of these CGUs, except for Stop &
Shop, Giant Food and Profi.
In 2024, Stop & Shop reshaped its plans to position the business for growth. The brand focused on
multi-year investments in price and the customer value proposition, including customer experience
as part of its growth strategy in its markets. In addition, Stop & Shop closed 32 underperforming
stores by the beginning of November 2024. In 2025, the brand continued executing its new strategy,
and there are already encouraging improvements in performance. The key assumptions used in the
discounted cash flow projections are revenue growth and margin development. The sales growth is
based on actual experience, expected uplift from price investments and value proposition, and the
development of market share. The margin development is based on actual experience and
management\u2019s long-term projections with the expected leverage of higher sales and cost savings.
The recoverable amount for Stop & Shop exceeds the carrying amount by slightly more than 2%.
A sensitivity analysis indicates that the valuation is sensitive to changes in sales growth, operating
margins and pre-tax discount rate. The recoverable amount of Stop & Shop would be equal to its
carrying amount if the sales growth rates in the projection period were reduced, in absolute terms,
by 0.4%, if Stop & Shop\u2019s operating margins in the projection period were reduced, in absolute
terms, by 0.1%, or if the pre-tax discount rate was, in absolute terms, higher by 0.3%.
In addition, further reasonable negative changes in key assumptions would result in impairment
at Giant Food. The recoverable amount for Giant Food exceeds the carrying amount by slightly
more than 1%. The recoverable amount of Giant Food would be equal to its carrying amount if
the sales growth rates in the projection period were reduced, in absolute terms, by 0.2%, if Giant
Food\u2019s operating margins in the projection period were reduced, in absolute terms, by 0.03%,
or if the pre-tax discount rate was, in absolute terms, higher by 0.1%.
Finally, the recoverable amount for Profi marginally exceeds the carrying amount, consistent
with expectations, given the recent acquisition of Profi, as disclosed under Note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-471": { "value": "
\"Methodology.svg\"
Accounting policies
Goodwill and impairment of goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Company\u2019s interest in the net fair value of the identifiable assets and
14 Intangible assets continued
liabilities assumed at the date of acquisition. It is carried at cost less accumulated impairment
losses. Goodwill on acquisitions of joint ventures and associates is included in the carrying
amount of the investment.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups
of CGUs) that is expected to benefit from the synergies of a business combination. Goodwill
is allocated to a CGU (or group of CGUs) representing the lowest level within the Company at
which the goodwill is monitored for internal management purposes and is never larger than an
operating segment before aggregation. CGUs to which goodwill has been allocated are tested
for impairment annually or more frequently when there is an indication that the CGU may be
impaired. Goodwill on acquisitions of joint ventures and associates is assessed for impairment
as part of the investment whenever there is an indication that the investment may be impaired.
An impairment loss is recognized for the amount by which the CGU\u2019s carrying amount exceeds
its recoverable amount. The recoverable amount is the higher of a CGU\u2019s fair value less costs of
disposal or its value in use. An impairment loss is allocated first to reduce the carrying amount of
the goodwill and then to\u00a0the other assets of the CGU pro rata on the basis of the carrying amount
of each asset. An impairment loss recognized for goodwill is not reversed in subsequent periods.
On the partial or complete disposal of an operation, the goodwill attributable to that operation
is included in the determination of the gain or loss on disposal.
Other intangible assets
Separately acquired intangible assets and internally developed software are carried at cost
less accumulated amortization and impairment losses. Intangible assets acquired in a business
combination are recognized at fair value at the date of acquisition (which is regarded as their cost).
Brand names and customer, franchise and affiliate relationships acquired in business acquisitions
are stated at fair value, determined using an income approach. Direct costs related to the
development of software for internal use are capitalized only if the costs can be measured
reliably, technical feasibility has been established, future economic benefits are probable, and
the Company intends to complete development and use the software. All other costs, including
all overhead, general and administrative, and training costs, are expensed as incurred.
Amortization is computed using the straight-line method based on estimated useful lives,
which are as follows:
Retail brands
indefinite
Own brands
10\u201315 years
Software
3\u201310 years
Franchise and affiliate relationships
14\u201340 years
Customer relationships
7\u201325 years
Other
5 years\u2013indefinite
The useful lives, amortization method and residual value are reviewed at each balance sheet
date and adjusted, if appropriate. Brand names, intangible assets under development and other
intangible assets with indefinite lives are assessed for impairment annually or whenever there
is an indication that the asset may be impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-472": { "value": "
Goodwill and impairment of goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration
transferred over the Company\u2019s interest in the net fair value of the identifiable assets and
14 Intangible assets continued
liabilities assumed at the date of acquisition. It is carried at cost less accumulated impairment
losses. Goodwill on acquisitions of joint ventures and associates is included in the carrying
amount of the investment.
For the purposes of impairment testing, goodwill is allocated to each of the CGUs (or groups
of CGUs) that is expected to benefit from the synergies of a business combination. Goodwill
is allocated to a CGU (or group of CGUs) representing the lowest level within the Company at
which the goodwill is monitored for internal management purposes and is never larger than an
operating segment before aggregation. CGUs to which goodwill has been allocated are tested
for impairment annually or more frequently when there is an indication that the CGU may be
impaired. Goodwill on acquisitions of joint ventures and associates is assessed for impairment
as part of the investment whenever there is an indication that the investment may be impaired.
An impairment loss is recognized for the amount by which the CGU\u2019s carrying amount exceeds
its recoverable amount. The recoverable amount is the higher of a CGU\u2019s fair value less costs of
disposal or its value in use. An impairment loss is allocated first to reduce the carrying amount of
the goodwill and then to\u00a0the other assets of the CGU pro rata on the basis of the carrying amount
of each asset. An impairment loss recognized for goodwill is not reversed in subsequent periods.
On the partial or complete disposal of an operation, the goodwill attributable to that operation
is included in the determination of the gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-473": { "value": "
Other intangible assets
Separately acquired intangible assets and internally developed software are carried at cost
less accumulated amortization and impairment losses. Intangible assets acquired in a business
combination are recognized at fair value at the date of acquisition (which is regarded as their cost).
Brand names and customer, franchise and affiliate relationships acquired in business acquisitions
are stated at fair value, determined using an income approach. Direct costs related to the
development of software for internal use are capitalized only if the costs can be measured
reliably, technical feasibility has been established, future economic benefits are probable, and
the Company intends to complete development and use the software. All other costs, including
all overhead, general and administrative, and training costs, are expensed as incurred.
Amortization is computed using the straight-line method based on estimated useful lives,
which are as follows:
Retail brands
indefinite
Own brands
10\u201315 years
Software
3\u201310 years
Franchise and affiliate relationships
14\u201340 years
Customer relationships
7\u201325 years
Other
5 years\u2013indefinite
The useful lives, amortization method and residual value are reviewed at each balance sheet
date and adjusted, if appropriate. Brand names, intangible assets under development and other
intangible assets with indefinite lives are assessed for impairment annually or whenever there
is an indication that the asset may be impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-476": { "value": "
15 Investments in joint ventures and associates
In 1992, Ahold Delhaize partnered with Jer\u00f3nimo Martins, SGPS, S.A. in the joint venture
JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS, S.A. (\u201cJMR\u201d). Ahold Delhaize holds 49% of the
shares in JMR and shares equal voting power on JMR\u2019s board of directors with Jer\u00f3nimo Martins,
SGPS, S.A. JMR operates food retail stores in Portugal under the brand name Pingo Doce.
Ahold Delhaize holds 51% of the shares in P.T. Lion Super Indo (\u201cSuper Indo\u201d). Super Indo
operates supermarkets in Indonesia. Although Ahold Delhaize has a 51% investment in Super
Indo, the Company cannot exercise its majority voting rights mainly due to (i) a quorum
requirement for the board of directors to decide on critical operating and financing activities
and (ii) a requirement for unanimous affirmative decisions in the board of directors on significant
and strategic investing and financing matters, such as budgets and business plans and any
resolution on the allocation of profits and distribution of dividends.
Therefore, JMR and Super Indo are joint ventures and are accounted for using the equity method.
There are no quoted market prices available.
Ahold Delhaize is also a partner in various smaller joint ventures and associates that are
individually not material to the Company.
Changes in the carrying amount of Ahold Delhaize\u2019s interest in joint ventures and associates
are as\u00a0follows:
\u20ac million
JMR
Super Indo
Other
Total
2025
2025
2025
2025
Beginning of the year
160
81
38
279
Investments in associates
\u2014
\u2014
6
6
Share in income (loss) of joint ventures and associates
13
10
(5)
18
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
\u2014
Dividend
(17)
(4)
(8)
(28)
Exchange rate differences
\u2014
(12)
(4)
(15)
End of the year
156
76
27
259
\u20ac million
JMR
Super Indo
Other
Total
2024
2024
2024
2024
Beginning of the year
168
71
29
268
Investments in associates
\u2014
\u2014
8
8
Share in income (loss) of joint ventures and associates
9
13
1
23
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
\u2014
Dividend
(17)
(3)
(1)
(22)
Exchange rate differences
\u2014
\u2014
2
2
End of the year
160
81
38
279
Share in income (loss) from continuing operations for Ahold Delhaize\u2019s interests in all individually
immaterial joint ventures was a gain of \u20ac1 million (2024: a gain of \u20ac2 million) and a loss of
\u20ac6\u00a0million for individually immaterial associates (2024: a loss of \u20ac1 million).
15 Investments in joint ventures and associates continued
Set out below is the summarized financial information for JMR and Super Indo (on a 100% basis).
\u20ac million
JMR
JMR
Super Indo
Super Indo
2025
2024
2025
2024
Summarized statement of comprehensive
income
Net sales
5,995
5,712
715
706
Depreciation and amortization
(224)
(214)
(22)
(21)
Interest income
\u2014
\u2014
4
4
Interest expense
(14)
(15)
\u2014
\u2014
Interest accretion to lease liability
(31)
(26)
(4)
(4)
Income tax expense
(7)
(2)
(2)
(1)
Income from continuing operations
27
19
19
25
Net income
27
19
19
25
Other comprehensive income (loss)
\u2014
\u2014
1
\u2014
Total comprehensive income
26
19
20
25
\u20ac million
JMR
JMR
Super Indo
Super Indo
December 28,
2025
December 29,
2024
December 28,
2025
December 29,
2024
Summarized balance sheet
Non-current assets
2,060
2,001
140
147
Current assets
Cash and cash equivalents
25
31
106
127
Other current assets
523
508
86
91
Total current assets
548
539
192
218
Non-current liabilities
Financial liabilities
496
452
49
51
Other liabilities
65
63
6
7
Total non-current liabilities
562
515
55
58
Current liabilities
Financial liabilities (excluding trade payables)
375
395
7
7
Other current liabilities
1,352
1,303
136
159
Total current liabilities
1,727
1,698
144
166
Net assets
319
327
133
141
The reconciliation of the summarized financial information presented above to the carrying
amount of JMR and Super Indo is as follows:
\u20ac million
JMR
JMR
Super Indo
Super Indo
2025
2024
2025
2024
Opening net assets
327
343
141
121
Net income
27
19
19
25
Other comprehensive income (loss)
\u2014
\u2014
1
\u2014
Dividend
(35)
(35)
(7)
(6)
Exchange rate differences
\u2014
\u2014
(20)
1
Closing net assets
319
327
133
141
Interest in joint venture
49%
49%
51%
51%
Closing net assets included in the carrying value
156
160
68
72
Goodwill
\u2014
\u2014
8
9
Carrying value
156
160
76
81
Commitments and contingent liabilities in respect of joint ventures
and associates
Pingo Doce, an indirectly wholly owned subsidiary of JMR in Portugal, is involved in several
proceedings, already pending in court, regarding the challenge of decisions by the Portuguese
Competition Authority (AdC) on alleged breaches of the respective antitrust laws for some
products sold in its stores. Following search-and-seizure actions carried out in late 2016 and
early 2017 in several companies operating in the food distribution sector, AdC decided to open
several inquiries. Within the scope of these inquiries, AdC issued several statements of objections
for alleged anti-competitive practices against various suppliers and retailers, including Pingo
Doce. Pingo Doce received 10 statements of objections for alleged anti-competitive practices,
consisting of price alignment for certain products. Throughout the course of these investigations,
Pingo Doce has fully cooperated with the authorities.
Up to the end of 2023, Pingo Doce was notified of decisions issued by the AdC regarding
the 10 above-mentioned proceedings, imposing fines on several retailers and their suppliers,
including Pingo Doce. In the case of Pingo Doce, these decisions resulted in the imposition
of fines in the amount of \u20ac190\u00a0million.
Pingo Doce disagrees with these decisions, which it considers to be completely ungrounded.
As such, Pingo Doce filed the respective appeals before the Competition, Regulation and
Supervision Court (\u201cTribunal da Concorr\u00eancia, Regula\u00e7\u00e3o e Supervis\u00e3o\u201d) in accordance with
the applicable deadlines. Under the terms of the applicable law, Pingo Doce also requested
suspensive effect to the appeals, subject to providing a guarantee, to prevent the immediate
payment of the fine. Since then, there have been limited developments related to these
proceedings. Based on the opinion of its legal counsels and economic advisors, Pingo Doce
is fully convinced of the strength and merits of its position. Therefore, no provision was
recognized for this imposed fine in Pingo Doce\u2019s accounts.
15 Investments in joint ventures and associates continued
In addition, our JMR joint venture is involved in several tax proceedings that challenge decisions
by the Portuguese tax authorities. These tax claims are contested by our JMR joint venture.
For these tax claims, JMR issued several bank guarantees for a total amount of \u20ac227 million.
Ahold Delhaize\u2019s indirect share of these JMR-issued guarantees is \u20ac111 million, based on
our ownership interest.
There are no other significant contingent liabilities or restrictions relating to the Company\u2019s
interest in the joint ventures and associates. The commitments are presented in Note 34.
\"Methodology.svg\"
Accounting policies
Investments in joint arrangements are classified as either joint operations or joint ventures
depending on the contractual rights and obligations each investor has rather than the legal
structure of the joint arrangement. Joint operations arise where Ahold Delhaize has both rights
to the assets and obligations for the liabilities relating to the arrangement and, therefore, the
Company accounts for its share of assets, liabilities, revenue and expenses. Joint ventures
arise where Ahold Delhaize has rights to the net assets of the arrangement and, therefore,
the Company equity accounts for its interest.
Associates are entities over which Ahold Delhaize has significant influence but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Significant influence is defined as the power to participate in the financial and operating
policy decisions of the entity but not control or joint control over those policies. Associates
are accounted for using the equity method.
Under the equity method, investments in joint ventures and associates are measured initially
at cost and subsequently adjusted for post-acquisition changes in Ahold Delhaize\u2019s share of
the net assets of the investment (net of any accumulated impairment in the value of individual
investments). Where necessary, adjustments are made to the financial figures of joint ventures
and associates to ensure consistency with the accounting policies of the Company.
Unrealized gains on transactions between Ahold Delhaize and its joint ventures and
associates are eliminated to the extent of the Company\u2019s stake in these investments.
Unrealized losses are also eliminated unless the transaction provides evidence of
an impairment of the assets transferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-475": { "value": "
15 Investments in joint ventures and associates
In 1992, Ahold Delhaize partnered with Jer\u00f3nimo Martins, SGPS, S.A. in the joint venture
JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS, S.A. (\u201cJMR\u201d). Ahold Delhaize holds 49% of the
shares in JMR and shares equal voting power on JMR\u2019s board of directors with Jer\u00f3nimo Martins,
SGPS, S.A. JMR operates food retail stores in Portugal under the brand name Pingo Doce.
Ahold Delhaize holds 51% of the shares in P.T. Lion Super Indo (\u201cSuper Indo\u201d). Super Indo
operates supermarkets in Indonesia. Although Ahold Delhaize has a 51% investment in Super
Indo, the Company cannot exercise its majority voting rights mainly due to (i) a quorum
requirement for the board of directors to decide on critical operating and financing activities
and (ii) a requirement for unanimous affirmative decisions in the board of directors on significant
and strategic investing and financing matters, such as budgets and business plans and any
resolution on the allocation of profits and distribution of dividends.
Therefore, JMR and Super Indo are joint ventures and are accounted for using the equity method.
There are no quoted market prices available.
Ahold Delhaize is also a partner in various smaller joint ventures and associates that are
individually not material to the Company.
Changes in the carrying amount of Ahold Delhaize\u2019s interest in joint ventures and associates
are as\u00a0follows:
\u20ac million
JMR
Super Indo
Other
Total
2025
2025
2025
2025
Beginning of the year
160
81
38
279
Investments in associates
\u2014
\u2014
6
6
Share in income (loss) of joint ventures and associates
13
10
(5)
18
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
\u2014
Dividend
(17)
(4)
(8)
(28)
Exchange rate differences
\u2014
(12)
(4)
(15)
End of the year
156
76
27
259
\u20ac million
JMR
Super Indo
Other
Total
2024
2024
2024
2024
Beginning of the year
168
71
29
268
Investments in associates
\u2014
\u2014
8
8
Share in income (loss) of joint ventures and associates
9
13
1
23
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
\u2014
Dividend
(17)
(3)
(1)
(22)
Exchange rate differences
\u2014
\u2014
2
2
End of the year
160
81
38
279
Share in income (loss) from continuing operations for Ahold Delhaize\u2019s interests in all individually
immaterial joint ventures was a gain of \u20ac1 million (2024: a gain of \u20ac2 million) and a loss of
\u20ac6\u00a0million for individually immaterial associates (2024: a loss of \u20ac1 million).
15 Investments in joint ventures and associates continued
Set out below is the summarized financial information for JMR and Super Indo (on a 100% basis).
\u20ac million
JMR
JMR
Super Indo
Super Indo
2025
2024
2025
2024
Summarized statement of comprehensive
income
Net sales
5,995
5,712
715
706
Depreciation and amortization
(224)
(214)
(22)
(21)
Interest income
\u2014
\u2014
4
4
Interest expense
(14)
(15)
\u2014
\u2014
Interest accretion to lease liability
(31)
(26)
(4)
(4)
Income tax expense
(7)
(2)
(2)
(1)
Income from continuing operations
27
19
19
25
Net income
27
19
19
25
Other comprehensive income (loss)
\u2014
\u2014
1
\u2014
Total comprehensive income
26
19
20
25
\u20ac million
JMR
JMR
Super Indo
Super Indo
December 28,
2025
December 29,
2024
December 28,
2025
December 29,
2024
Summarized balance sheet
Non-current assets
2,060
2,001
140
147
Current assets
Cash and cash equivalents
25
31
106
127
Other current assets
523
508
86
91
Total current assets
548
539
192
218
Non-current liabilities
Financial liabilities
496
452
49
51
Other liabilities
65
63
6
7
Total non-current liabilities
562
515
55
58
Current liabilities
Financial liabilities (excluding trade payables)
375
395
7
7
Other current liabilities
1,352
1,303
136
159
Total current liabilities
1,727
1,698
144
166
Net assets
319
327
133
141
The reconciliation of the summarized financial information presented above to the carrying
amount of JMR and Super Indo is as follows:
\u20ac million
JMR
JMR
Super Indo
Super Indo
2025
2024
2025
2024
Opening net assets
327
343
141
121
Net income
27
19
19
25
Other comprehensive income (loss)
\u2014
\u2014
1
\u2014
Dividend
(35)
(35)
(7)
(6)
Exchange rate differences
\u2014
\u2014
(20)
1
Closing net assets
319
327
133
141
Interest in joint venture
49%
49%
51%
51%
Closing net assets included in the carrying value
156
160
68
72
Goodwill
\u2014
\u2014
8
9
Carrying value
156
160
76
81
Commitments and contingent liabilities in respect of joint ventures
and associates
Pingo Doce, an indirectly wholly owned subsidiary of JMR in Portugal, is involved in several
proceedings, already pending in court, regarding the challenge of decisions by the Portuguese
Competition Authority (AdC) on alleged breaches of the respective antitrust laws for some
products sold in its stores. Following search-and-seizure actions carried out in late 2016 and
early 2017 in several companies operating in the food distribution sector, AdC decided to open
several inquiries. Within the scope of these inquiries, AdC issued several statements of objections
for alleged anti-competitive practices against various suppliers and retailers, including Pingo
Doce. Pingo Doce received 10 statements of objections for alleged anti-competitive practices,
consisting of price alignment for certain products. Throughout the course of these investigations,
Pingo Doce has fully cooperated with the authorities.
Up to the end of 2023, Pingo Doce was notified of decisions issued by the AdC regarding
the 10 above-mentioned proceedings, imposing fines on several retailers and their suppliers,
including Pingo Doce. In the case of Pingo Doce, these decisions resulted in the imposition
of fines in the amount of \u20ac190\u00a0million.
Pingo Doce disagrees with these decisions, which it considers to be completely ungrounded.
As such, Pingo Doce filed the respective appeals before the Competition, Regulation and
Supervision Court (\u201cTribunal da Concorr\u00eancia, Regula\u00e7\u00e3o e Supervis\u00e3o\u201d) in accordance with
the applicable deadlines. Under the terms of the applicable law, Pingo Doce also requested
suspensive effect to the appeals, subject to providing a guarantee, to prevent the immediate
payment of the fine. Since then, there have been limited developments related to these
proceedings. Based on the opinion of its legal counsels and economic advisors, Pingo Doce
is fully convinced of the strength and merits of its position. Therefore, no provision was
recognized for this imposed fine in Pingo Doce\u2019s accounts.
15 Investments in joint ventures and associates continued
In addition, our JMR joint venture is involved in several tax proceedings that challenge decisions
by the Portuguese tax authorities. These tax claims are contested by our JMR joint venture.
For these tax claims, JMR issued several bank guarantees for a total amount of \u20ac227 million.
Ahold Delhaize\u2019s indirect share of these JMR-issued guarantees is \u20ac111 million, based on
our ownership interest.
There are no other significant contingent liabilities or restrictions relating to the Company\u2019s
interest in the joint ventures and associates. The commitments are presented in Note 34.
\"Methodology.svg\"
Accounting policies
Investments in joint arrangements are classified as either joint operations or joint ventures
depending on the contractual rights and obligations each investor has rather than the legal
structure of the joint arrangement. Joint operations arise where Ahold Delhaize has both rights
to the assets and obligations for the liabilities relating to the arrangement and, therefore, the
Company accounts for its share of assets, liabilities, revenue and expenses. Joint ventures
arise where Ahold Delhaize has rights to the net assets of the arrangement and, therefore,
the Company equity accounts for its interest.
Associates are entities over which Ahold Delhaize has significant influence but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Significant influence is defined as the power to participate in the financial and operating
policy decisions of the entity but not control or joint control over those policies. Associates
are accounted for using the equity method.
Under the equity method, investments in joint ventures and associates are measured initially
at cost and subsequently adjusted for post-acquisition changes in Ahold Delhaize\u2019s share of
the net assets of the investment (net of any accumulated impairment in the value of individual
investments). Where necessary, adjustments are made to the financial figures of joint ventures
and associates to ensure consistency with the accounting policies of the Company.
Unrealized gains on transactions between Ahold Delhaize and its joint ventures and
associates are eliminated to the extent of the Company\u2019s stake in these investments.
Unrealized losses are also eliminated unless the transaction provides evidence of
an impairment of the assets transferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-474": { "value": "
15 Investments in joint ventures and associates
In 1992, Ahold Delhaize partnered with Jer\u00f3nimo Martins, SGPS, S.A. in the joint venture
JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS, S.A. (\u201cJMR\u201d). Ahold Delhaize holds 49% of the
shares in JMR and shares equal voting power on JMR\u2019s board of directors with Jer\u00f3nimo Martins,
SGPS, S.A. JMR operates food retail stores in Portugal under the brand name Pingo Doce.
Ahold Delhaize holds 51% of the shares in P.T. Lion Super Indo (\u201cSuper Indo\u201d). Super Indo
operates supermarkets in Indonesia. Although Ahold Delhaize has a 51% investment in Super
Indo, the Company cannot exercise its majority voting rights mainly due to (i) a quorum
requirement for the board of directors to decide on critical operating and financing activities
and (ii) a requirement for unanimous affirmative decisions in the board of directors on significant
and strategic investing and financing matters, such as budgets and business plans and any
resolution on the allocation of profits and distribution of dividends.
Therefore, JMR and Super Indo are joint ventures and are accounted for using the equity method.
There are no quoted market prices available.
Ahold Delhaize is also a partner in various smaller joint ventures and associates that are
individually not material to the Company.
Changes in the carrying amount of Ahold Delhaize\u2019s interest in joint ventures and associates
are as\u00a0follows:
\u20ac million
JMR
Super Indo
Other
Total
2025
2025
2025
2025
Beginning of the year
160
81
38
279
Investments in associates
\u2014
\u2014
6
6
Share in income (loss) of joint ventures and associates
13
10
(5)
18
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
\u2014
Dividend
(17)
(4)
(8)
(28)
Exchange rate differences
\u2014
(12)
(4)
(15)
End of the year
156
76
27
259
\u20ac million
JMR
Super Indo
Other
Total
2024
2024
2024
2024
Beginning of the year
168
71
29
268
Investments in associates
\u2014
\u2014
8
8
Share in income (loss) of joint ventures and associates
9
13
1
23
Share in other comprehensive income (loss) of joint
ventures
\u2014
\u2014
\u2014
\u2014
Dividend
(17)
(3)
(1)
(22)
Exchange rate differences
\u2014
\u2014
2
2
End of the year
160
81
38
279
Share in income (loss) from continuing operations for Ahold Delhaize\u2019s interests in all individually
immaterial joint ventures was a gain of \u20ac1 million (2024: a gain of \u20ac2 million) and a loss of
\u20ac6\u00a0million for individually immaterial associates (2024: a loss of \u20ac1 million).
15 Investments in joint ventures and associates continued
Set out below is the summarized financial information for JMR and Super Indo (on a 100% basis).
\u20ac million
JMR
JMR
Super Indo
Super Indo
2025
2024
2025
2024
Summarized statement of comprehensive
income
Net sales
5,995
5,712
715
706
Depreciation and amortization
(224)
(214)
(22)
(21)
Interest income
\u2014
\u2014
4
4
Interest expense
(14)
(15)
\u2014
\u2014
Interest accretion to lease liability
(31)
(26)
(4)
(4)
Income tax expense
(7)
(2)
(2)
(1)
Income from continuing operations
27
19
19
25
Net income
27
19
19
25
Other comprehensive income (loss)
\u2014
\u2014
1
\u2014
Total comprehensive income
26
19
20
25
\u20ac million
JMR
JMR
Super Indo
Super Indo
December 28,
2025
December 29,
2024
December 28,
2025
December 29,
2024
Summarized balance sheet
Non-current assets
2,060
2,001
140
147
Current assets
Cash and cash equivalents
25
31
106
127
Other current assets
523
508
86
91
Total current assets
548
539
192
218
Non-current liabilities
Financial liabilities
496
452
49
51
Other liabilities
65
63
6
7
Total non-current liabilities
562
515
55
58
Current liabilities
Financial liabilities (excluding trade payables)
375
395
7
7
Other current liabilities
1,352
1,303
136
159
Total current liabilities
1,727
1,698
144
166
Net assets
319
327
133
141
The reconciliation of the summarized financial information presented above to the carrying
amount of JMR and Super Indo is as follows:
\u20ac million
JMR
JMR
Super Indo
Super Indo
2025
2024
2025
2024
Opening net assets
327
343
141
121
Net income
27
19
19
25
Other comprehensive income (loss)
\u2014
\u2014
1
\u2014
Dividend
(35)
(35)
(7)
(6)
Exchange rate differences
\u2014
\u2014
(20)
1
Closing net assets
319
327
133
141
Interest in joint venture
49%
49%
51%
51%
Closing net assets included in the carrying value
156
160
68
72
Goodwill
\u2014
\u2014
8
9
Carrying value
156
160
76
81
Commitments and contingent liabilities in respect of joint ventures
and associates
Pingo Doce, an indirectly wholly owned subsidiary of JMR in Portugal, is involved in several
proceedings, already pending in court, regarding the challenge of decisions by the Portuguese
Competition Authority (AdC) on alleged breaches of the respective antitrust laws for some
products sold in its stores. Following search-and-seizure actions carried out in late 2016 and
early 2017 in several companies operating in the food distribution sector, AdC decided to open
several inquiries. Within the scope of these inquiries, AdC issued several statements of objections
for alleged anti-competitive practices against various suppliers and retailers, including Pingo
Doce. Pingo Doce received 10 statements of objections for alleged anti-competitive practices,
consisting of price alignment for certain products. Throughout the course of these investigations,
Pingo Doce has fully cooperated with the authorities.
Up to the end of 2023, Pingo Doce was notified of decisions issued by the AdC regarding
the 10 above-mentioned proceedings, imposing fines on several retailers and their suppliers,
including Pingo Doce. In the case of Pingo Doce, these decisions resulted in the imposition
of fines in the amount of \u20ac190\u00a0million.
Pingo Doce disagrees with these decisions, which it considers to be completely ungrounded.
As such, Pingo Doce filed the respective appeals before the Competition, Regulation and
Supervision Court (\u201cTribunal da Concorr\u00eancia, Regula\u00e7\u00e3o e Supervis\u00e3o\u201d) in accordance with
the applicable deadlines. Under the terms of the applicable law, Pingo Doce also requested
suspensive effect to the appeals, subject to providing a guarantee, to prevent the immediate
payment of the fine. Since then, there have been limited developments related to these
proceedings. Based on the opinion of its legal counsels and economic advisors, Pingo Doce
is fully convinced of the strength and merits of its position. Therefore, no provision was
recognized for this imposed fine in Pingo Doce\u2019s accounts.
15 Investments in joint ventures and associates continued
In addition, our JMR joint venture is involved in several tax proceedings that challenge decisions
by the Portuguese tax authorities. These tax claims are contested by our JMR joint venture.
For these tax claims, JMR issued several bank guarantees for a total amount of \u20ac227 million.
Ahold Delhaize\u2019s indirect share of these JMR-issued guarantees is \u20ac111 million, based on
our ownership interest.
There are no other significant contingent liabilities or restrictions relating to the Company\u2019s
interest in the joint ventures and associates. The commitments are presented in Note 34.
\"Methodology.svg\"
Accounting policies
Investments in joint arrangements are classified as either joint operations or joint ventures
depending on the contractual rights and obligations each investor has rather than the legal
structure of the joint arrangement. Joint operations arise where Ahold Delhaize has both rights
to the assets and obligations for the liabilities relating to the arrangement and, therefore, the
Company accounts for its share of assets, liabilities, revenue and expenses. Joint ventures
arise where Ahold Delhaize has rights to the net assets of the arrangement and, therefore,
the Company equity accounts for its interest.
Associates are entities over which Ahold Delhaize has significant influence but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Significant influence is defined as the power to participate in the financial and operating
policy decisions of the entity but not control or joint control over those policies. Associates
are accounted for using the equity method.
Under the equity method, investments in joint ventures and associates are measured initially
at cost and subsequently adjusted for post-acquisition changes in Ahold Delhaize\u2019s share of
the net assets of the investment (net of any accumulated impairment in the value of individual
investments). Where necessary, adjustments are made to the financial figures of joint ventures
and associates to ensure consistency with the accounting policies of the Company.
Unrealized gains on transactions between Ahold Delhaize and its joint ventures and
associates are eliminated to the extent of the Company\u2019s stake in these investments.
Unrealized losses are also eliminated unless the transaction provides evidence of
an impairment of the assets transferred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-477": { "value": "279000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-478": { "value": "18000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-479": { "value": "259000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-480": { "value": "23000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-481": { "value": "
\"Methodology.svg\"
Accounting policies
Investments in joint arrangements are classified as either joint operations or joint ventures
depending on the contractual rights and obligations each investor has rather than the legal
structure of the joint arrangement. Joint operations arise where Ahold Delhaize has both rights
to the assets and obligations for the liabilities relating to the arrangement and, therefore, the
Company accounts for its share of assets, liabilities, revenue and expenses. Joint ventures
arise where Ahold Delhaize has rights to the net assets of the arrangement and, therefore,
the Company equity accounts for its interest.
Associates are entities over which Ahold Delhaize has significant influence but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Significant influence is defined as the power to participate in the financial and operating
policy decisions of the entity but not control or joint control over those policies. Associates
are accounted for using the equity method.
Under the equity method, investments in joint ventures and associates are measured initially
at cost and subsequently adjusted for post-acquisition changes in Ahold Delhaize\u2019s share of
the net assets of the investment (net of any accumulated impairment in the value of individual
investments). Where necessary, adjustments are made to the financial figures of joint ventures
and associates to ensure consistency with the accounting policies of the Company.
Unrealized gains on transactions between Ahold Delhaize and its joint ventures and
associates are eliminated to the extent of the Company\u2019s stake in these investments.
Unrealized losses are also eliminated unless the transaction provides evidence of
an impairment of the assets transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-482": { "value": "
Investments in joint arrangements are classified as either joint operations or joint ventures
depending on the contractual rights and obligations each investor has rather than the legal
structure of the joint arrangement. Joint operations arise where Ahold Delhaize has both rights
to the assets and obligations for the liabilities relating to the arrangement and, therefore, the
Company accounts for its share of assets, liabilities, revenue and expenses. Joint ventures
arise where Ahold Delhaize has rights to the net assets of the arrangement and, therefore,
the Company equity accounts for its interest.
Under the equity method, investments in joint ventures and associates are measured initially
at cost and subsequently adjusted for post-acquisition changes in Ahold Delhaize\u2019s share of
the net assets of the investment (net of any accumulated impairment in the value of individual
investments). Where necessary, adjustments are made to the financial figures of joint ventures
and associates to ensure consistency with the accounting policies of the Company.
Unrealized gains on transactions between Ahold Delhaize and its joint ventures and
associates are eliminated to the extent of the Company\u2019s stake in these investments.
Unrealized losses are also eliminated unless the transaction provides evidence of
an impairment of the assets transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-483": { "value": "
Associates are entities over which Ahold Delhaize has significant influence but not control,
generally accompanying a shareholding of between 20% and 50% of the voting rights.
Significant influence is defined as the power to participate in the financial and operating
policy decisions of the entity but not control or joint control over those policies. Associates
are accounted for using the equity method.
Under the equity method, investments in joint ventures and associates are measured initially
at cost and subsequently adjusted for post-acquisition changes in Ahold Delhaize\u2019s share of
the net assets of the investment (net of any accumulated impairment in the value of individual
investments). Where necessary, adjustments are made to the financial figures of joint ventures
and associates to ensure consistency with the accounting policies of the Company.
Unrealized gains on transactions between Ahold Delhaize and its joint ventures and
associates are eliminated to the extent of the Company\u2019s stake in these investments.
Unrealized losses are also eliminated unless the transaction provides evidence of
an impairment of the assets transferred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-484": { "value": "
16 Other non-current financial assets
\u20ac million
December 28,
2025
December 29,
2024
Net investment in leases
588
576
Loans receivable
219
147
Reinsurance contract assets
152
182
Derivative financial instruments
136
16
Defined benefit assets
70
69
Investments in equity instruments
\u2014
\u2014
Other
26
29
Total other non-current financial assets
1,190
1,021
For more information on the Net investment in leases, see Note 33 .
Of the non-current loans receivable, \u20ac143\u00a0million matures in between one and five years and
\u20ac76\u00a0million after five years (December\u00a029, 2024: \u20ac86\u00a0million in between one and five years and
\u20ac62\u00a0million after five years). The current portion of loans receivable of \u20ac22\u00a0million (December\u00a029,
2024: \u20ac14\u00a0million) is included in Other current financial assets (see Note 19).
Part of the self-insured risk is ceded under a reinsurance treaty, which is a pooling arrangement
between unrelated companies. At the same time, Ahold Delhaize assumes a share of the
reinsurance treaty risks that is measured by Ahold Delhaize\u2019s participation percentage in the
treaty. The participation percentage is the ratio of premium paid by Ahold Delhaize to the total
premium paid by all treaty members. In connection with this pooling arrangement, the Company
recognizes reinsurance contract assets and reinsurance contract liabilities (see also Note 19,
Note 23 and Note 26) on\u00a0the\u00a0balance sheet. There were no significant gains or losses related
to this pooling arrangement during 2025 or 2024.
For more information on the Derivative financial instruments, see Note 30.
Defined benefit assets at December\u00a028, 2025 , represents defined benefit pension plans for
which the fair value of plan assets exceeds the present value of the defined benefit obligations.
For more information on defined benefit plans, see Note 24.
\"Methodology.svg\"
Accounting policies
For more information on the accounting policies for financial assets and reinsurance contract
assets, see Note\u00a030.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-485": { "value": "1190000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-486": { "value": "1021000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-487": { "value": "
Part of the self-insured risk is ceded under a reinsurance treaty, which is a pooling arrangement
between unrelated companies. At the same time, Ahold Delhaize assumes a share of the
reinsurance treaty risks that is measured by Ahold Delhaize\u2019s participation percentage in the
treaty. The participation percentage is the ratio of premium paid by Ahold Delhaize to the total
premium paid by all treaty members. In connection with this pooling arrangement, the Company
recognizes reinsurance contract assets and reinsurance contract liabilities (see also Note 19,
Note 23 and Note 26) on\u00a0the\u00a0balance sheet. There were no significant gains or losses related
to this pooling arrangement during 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-488": { "value": "
17 Inventories
\u20ac million
December 28,
2025
December 29,
2024
Finished products and merchandise inventories
4,656
4,689
Raw materials, packaging materials, technical supplies and other
139
107
Total inventories
4,794
4,797
In 2025, \u20ac2,065\u00a0million has been recognized as a write-off of inventories within cost of sales
in the income statement (2024 : \u20ac2,061\u00a0million ). Write-offs include, among others, spoilage,
damaged product, theft and product donated to food banks.
\"Data.svg\"
Accounting estimates and judgments
For more information on the accounting estimates and judgments policies for vendor allowances,
see Note 8.
\"Methodology.svg\"
Accounting policies
Inventories
Inventories are stated at the lower of cost or net realizable value. Cost consists of all costs of
purchase, cost of conversion and other costs incurred in bringing the inventories to their location
and condition ready for sale, net of vendor allowances attributable to inventories. For certain
inventories, cost is approximated using the retail method, in which the sales value of the
inventories is reduced by the appropriate percentage of gross margin. The cost of inventories is
determined using either the first-in, first-out (FIFO) method or the weighted average cost method,
depending on their nature or use. Net realizable value is the estimated selling price in the
ordinary course of business, less the estimated marketing, distribution and selling\u00a0expenses.
Included in the value of inventory is an amount representing the estimated value of inventories
that have already been sold that the Company expects to be returned for a refund by customers.
Cost of sales
For more information on the accounting policies for cost of sales, see Note 8.
Vendor allowances
For more information on the accounting policies for vendor allowances, see Note 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-489": { "value": "4794000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-490": { "value": "4797000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-491": { "value": "
Inventories
Inventories are stated at the lower of cost or net realizable value. Cost consists of all costs of
purchase, cost of conversion and other costs incurred in bringing the inventories to their location
and condition ready for sale, net of vendor allowances attributable to inventories. For certain
inventories, cost is approximated using the retail method, in which the sales value of the
inventories is reduced by the appropriate percentage of gross margin. The cost of inventories is
determined using either the first-in, first-out (FIFO) method or the weighted average cost method,
depending on their nature or use. Net realizable value is the estimated selling price in the
ordinary course of business, less the estimated marketing, distribution and selling\u00a0expenses.
Included in the value of inventory is an amount representing the estimated value of inventories
that have already been sold that the Company expects to be returned for a refund by customers.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-492": { "value": "
18 Receivables
\u20ac million
December 28,
2025
December 29,
2024
Trade receivables
1,437
1,472
Vendor allowance receivables
874
821
Other receivables
557
545
2,869
2,838
Provision for impairment
(111)
(118)
Total receivables
2,758
2,721
The receivable balances are presented net of accounts payable and subject to an enforceable
netting arrangement between the Company and the counterparty. The total effect of netting
as of December\u00a028, 2025, is \u20ac325\u00a0million (December\u00a029, 2024: \u20ac315\u00a0million).
At December\u00a028, 2025, the aging analysis of receivables was as follows:
Past due
\u20ac million
Total
Not past
due
0\u20133
months
3\u20136
months
6\u201312
months
> 12
months
Trade receivables
1,437
977
323
28
37
73
Vendor allowance
receivables
874
776
66
14
9
10
Other receivables
557
355
131
20
17
34
2,869
2,108
520
62
63
116
Provision for impairment
(111)
(4)
(16)
(6)
(18)
(66)
Total receivables
2,758
2,103
503
56
45
50
Expected credit loss
3.9%
0.2%
3.1%
10.3%
28.1%
57.1%
At December\u00a029, 2024 , the aging analysis of receivables was as follows:
Past due
\u20ac million
Total
Not past
due
0\u20133
months
3\u20136
months
6\u201312
months
> 12
months
Trade receivables
1,472
1,036
304
30
26
75
Vendor allowance
receivables
821
656
133
9
9
14
Other receivables
545
363
84
19
20
59
2,838
2,055
521
58
56
148
Provision for impairment
(118)
(12)
(11)
(6)
(20)
(68)
Total receivables
2,721
2,043
510
51
36
80
Expected credit loss
4.1%
0.6%
2.1%
11.1%
36.1%
45.9%
18 Receivables continued
The concentration of credit risk with respect to receivables is limited, as the Company\u2019s customer
base and vendor base are large. The Company does not hold any significant collateral on its
receivables. Management believes there is no further credit risk provision required in excess
of the normal individual and collective impairment assessment, based on the aging analysis
performed as of December\u00a028, 2025. For more information about credit risk, see Note 30.
The changes in the provision for impairment were as follows:
\u20ac million
2025
2024
Beginning of the year
(118)
(111)
Acquisitions through business combinations
(2)
\u2014
Charged to income
(58)
(30)
Used
64
24
Exchange rate differences
2
(1)
End of the year
(111)
(118)
\"Data.svg\"
Accounting estimates and judgments
For more information on the accounting estimates and judgments policies for vendor allowances,
see\u00a0Note 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-493": { "value": "2758000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-494": { "value": "2721000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-495": { "value": "
At December\u00a028, 2025, the aging analysis of receivables was as follows:
Past due
\u20ac million
Total
Not past
due
0\u20133
months
3\u20136
months
6\u201312
months
> 12
months
Trade receivables
1,437
977
323
28
37
73
Vendor allowance
receivables
874
776
66
14
9
10
Other receivables
557
355
131
20
17
34
2,869
2,108
520
62
63
116
Provision for impairment
(111)
(4)
(16)
(6)
(18)
(66)
Total receivables
2,758
2,103
503
56
45
50
Expected credit loss
3.9%
0.2%
3.1%
10.3%
28.1%
57.1%
At December\u00a029, 2024 , the aging analysis of receivables was as follows:
Past due
\u20ac million
Total
Not past
due
0\u20133
months
3\u20136
months
6\u201312
months
> 12
months
Trade receivables
1,472
1,036
304
30
26
75
Vendor allowance
receivables
821
656
133
9
9
14
Other receivables
545
363
84
19
20
59
2,838
2,055
521
58
56
148
Provision for impairment
(118)
(12)
(11)
(6)
(20)
(68)
Total receivables
2,721
2,043
510
51
36
80
Expected credit loss
4.1%
0.6%
2.1%
11.1%
36.1%
45.9%
18 Receivables continued
The concentration of credit risk with respect to receivables is limited, as the Company\u2019s customer
base and vendor base are large. The Company does not hold any significant collateral on its
receivables. Management believes there is no further credit risk provision required in excess
of the normal individual and collective impairment assessment, based on the aging analysis
performed as of December\u00a028, 2025. For more information about credit risk, see Note 30.
The changes in the provision for impairment were as follows:
\u20ac million
2025
2024
Beginning of the year
(118)
(111)
Acquisitions through business combinations
(2)
\u2014
Charged to income
(58)
(30)
Used
64
24
Exchange rate differences
2
(1)
End of the year
(111)
(118)
Credit risk
Ahold Delhaize has no significant concentrations of credit risk. The concentration of credit
risk with\u00a0respect to receivables is limited, as the Company\u2019s customer base and vendor base
are large. The Company applies the IFRS 9 simplified approach to measuring expected credit
losses, which uses a lifetime-expected loss allowance for all trade receivables. To measure
the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the numbers of past due days. The expected loss rate is calculated based
on delinquency status and actual historical credit loss experience. As a result, management
believes there is no further credit risk provision required over the normal individual and collective
impairment, based on an aging analysis performed as of December\u00a028, 2025. For further
discussion on Ahold Delhaize\u2019s receivables, see\u00a0Note 16 and\u00a0Note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-496": { "value": "2758000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-497": { "value": "2721000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-498": { "value": "
19 Other current financial assets
\u20ac million
December 28,
2025
December 29,
2024
Reinsurance contract assets \u2013 current portion (see Note 16 )
133
152
Net investment in leases \u2013 current portion (see Note 33)
117
117
Investments in debt instruments \u2013 current portion
86
\u2014
Short-term loans receivable
22
14
Short-term deposits and similar instruments
14
16
Derivative financial instruments \u2013 current portion
\u2014
\u2014
Other
12
24
Total other current financial assets
384
323
Investments in debt instruments, short-term deposits and similar instruments include short-term
investments with a maturity at acquisition of between three and 12 months. Of the short-term
deposits and similar instruments as of December\u00a028, 2025 , \u20ac14\u00a0million was restricted
(December\u00a029, 2024: \u20ac16\u00a0million). The restricted investments are held for insurance purposes
for U.S. workers\u2019 compensation and general liability programs.
At each reporting date, the Company assesses whether there is evidence that a financial asset
or group of financial assets is impaired and recognizes a loss allowance for expected credit
losses for financial assets measured at amortized costs.
In 2025, the Company recognized net impairment reversal for these financial assets of
\u20ac1 million (2024: \u20ac1 million net impairment loss). The net impairments were included in
Other gains (losses); see Note 9.
\"Methodology.svg\"
Accounting policies
For more information on the accounting policies for financial assets and reinsurance contract
assets, see\u00a0Note\u00a030.
26 Other current financial liabilities
\u20ac million
December 28,
2025
December 29,
2024
Lease liabilities \u2013 current portion
1,448
1,444
Bank overdrafts
590
1,962
Loans \u2013 current portion (see Note 22)
926
630
Short-term borrowings
336
295
Reinsurance contract liabilities \u2013 current portion (see Note 16 and Note 23)
104
124
Interest payable
92
83
Deposit liabilities
31
18
Derivative financial instruments
\u2014
1
Other
53
55
Total other current financial liabilities
3,582
4,610
For more information on lease liabilities, see Note 33 .
Bank overdrafts includes an amount of \u20ac590\u00a0million (December\u00a029, 2024: \u20ac1,961\u00a0million) that
relates to the overdraft position of a notional cash pooling arrangement. This bank overdraft
is fully offset by an identical amount included under Cash and cash equivalents (see Note 20
and Note 30).
The current portion of loans mainly includes the notes which are due in 2026 (see Note 22).
The \u20ac600 million notes were repaid on maturity in 2025.
Other mainly includes the current portion of the Dutch pension plan settlement in the amount
of \u20ac50 million due in 2026. In 2024, Other included the NETTI settlement liability in the amount
of $49 million, which was paid in 2025.
30 Financial risk management and financial instruments
Financial risk management
Ahold Delhaize is exposed to a variety of financial risks, including currency, interest rate, funding,
liquidity and counterparty risks. The Company\u2019s financial risk management is centralized through
its\u00a0Treasury function, which operates within a regularly reviewed framework of policies and
procedures. Ahold Delhaize\u2019s Management Board has overall responsibility for the establishment
and oversight of the Treasury risk management framework. Ahold Delhaize\u2019s management
reviews material changes to Treasury policies and receives information related to Treasury
activities. The Treasury function does not\u00a0operate as a profit center and manages the financial
risks that arise in relation to underlying business needs.
In accordance with its Treasury policies, Ahold Delhaize uses derivative instruments solely for
the purpose of hedging exposures. These exposures are mainly the result of interest rate and
currency risks arising from the Company\u2019s operations and its sources of financing. Ahold Delhaize
does not enter into derivative financial instruments for speculative purposes. The transaction
of derivative instruments is restricted to Treasury personnel only, and Ahold Delhaize\u2019s Internal
Control department reviews the Treasury internal control environment regularly.
Relationships with credit rating agencies and monitoring of key credit ratios are also managed
by the Treasury department.
30 Financial risk management and financial instruments
continued
Currency risk
Ahold Delhaize operates internationally and is exposed to foreign exchange risk arising from
currency exposures, primarily with respect to the U.S. dollar. Since Ahold Delhaize's subsidiaries
purchase and sell primarily in local currencies, the Company\u2019s exposure to exchange rate
movements in its commercial operations is limited. The Company is subject to foreign currency
exchange risks due to exchange rate movements in connection with the translation of its foreign
subsidiaries\u2019 income, assets and liabilities into euros for inclusion in its consolidated financial
statements. Translation risk related to Ahold Delhaize\u2019s foreign subsidiaries, joint ventures
and associates is not actively hedged; however, the Company aims to minimize this exposure
by funding its foreign operations in their functional currency wherever feasible.
To protect the value of future foreign currency cash flows, including loan and interest payments,
lease payments, dividends and firm purchase commitments, and the value of assets and liabilities
denominated in foreign currency, Ahold Delhaize seeks to mitigate its foreign currency exchange
exposure by borrowing in local currency and entering into various financial instruments, including
forward contracts and currency swaps. It is Ahold Delhaize\u2019s policy to cover foreign exchange
transaction exposure in relation to existing assets, liabilities and firm purchase commitments,
provided hedging instruments are available at a reasonable cost.
Foreign currency sensitivity analysis
As of December\u00a028, 2025, Ahold Delhaize carried out a sensitivity analysis with regard to
changes in foreign exchange rates to revalue dollar-denominated cash, cash equivalents and
debt in its balance sheet at year-end. Assuming the euro had strengthened (weakened) by 20%
against the U.S. dollar compared to the actual 2025 rate, with all other variables held constant,
the hypothetical result on income before income taxes would have been an increase (decrease)
of \u20ac8\u00a0million (2024: an increase (decrease) of \u20ac12\u00a0million), as a result of foreign exchange
revaluation of U.S. dollar-denominated monetary assets and liabilities held by non-U.S. dollar
functional currency subsidiaries.
The loss on foreign exchange recognized in the 2025 income statement related to the revaluation
of unhedged leases reported in the balance sheet amounted to \u20ac12 million (2024: loss of
\u20ac5\u00a0million). The strengthening (weakening) of the euro by 20% against the other currencies, with
all other variables held constant, would result in a loss (gain) of \u20ac296 million (2024:\u00a0\u20ac194\u00a0million).
Interest rate risk
Ahold Delhaize\u2019s outstanding debt and investment position is exposed to changes in interest
rates. To manage interest rate risk, Ahold Delhaize has an interest rate management policy
aiming to reduce volatility in its interest expense and maintaining a target percentage of its debt
in fixed-rate instruments. As of December\u00a028, 2025, 89% of\u00a0Ahold Delhaize\u2019s long-term bonds
were at fixed rates of interest (December\u00a029, 2024: 89% ). Interest rate swaps are taken into
account in the percentage as of December 28, 2025, and December 29, 2024 (see Derivatives).
Interest rate sensitivity analysis
The total interest expense recognized in the 2025 income statement related to the variable rates
of short- and long-term debt amounted to \u20ac25\u00a0million (2024: \u20ac24 million). An increase (decrease)
in market interest rates by 100 basis points, with all other variables (including foreign exchange
rates) held constant, would have resulted in a loss (gain) of \u20ac9 million (2024: \u20ac6 million).
The total interest income recognized in the 2025 income statement amounted to \u20ac159\u00a0million
(2024: \u20ac221\u00a0million), mainly related to variable rate investments and deposits. The\u00a0Company
estimates that a possible increase (decrease) of euro and U.S. dollar market interest rates
of 100 basis points, with all other variables (including foreign exchange rates) held\u00a0constant,
would have resulted in a gain of \u20ac25\u00a0million or a loss of \u20ac25\u00a0million, respectively (2024: gain
of \u20ac34\u00a0million or a loss of \u20ac34\u00a0million).
The above sensitivity analyses are for illustrative purposes only, as, in practice, market rates rarely
change in isolation from other factors that also affect Ahold Delhaize\u2019s financial position and results.
Supply chain financing
Ahold Delhaize has supply chain finance arrangements with third-party banks. As of
December\u00a028, 2025, the amounts due under the supply chain finance arrangements classified as
trade payables totaled \u20ac1,396 million (December\u00a029, 2024: \u20ac1,286 million). As of December\u00a028,
2025, \u20ac1,224 million was paid by third-party banks to suppliers (December\u00a029, 2024: \u20ac1,100\u00a0million).
For more information on the accounting policies regarding supply chain finance arrangements,
see section Accounting policies \u2013 Supply chain financing. The terms, including the payment
terms, of the trade payables that are part of the supply chain finance arrangements are not
substantially different from the terms of the Company\u2019s trade payables that are not part of the
supply chain arrangement. The payment due dates range from 10 to 180 days for the amounts
due under the supply chain finance arrangements and 0 to 180 days for other trade payables.
Credit risk
Ahold Delhaize has no significant concentrations of credit risk. The concentration of credit
risk with\u00a0respect to receivables is limited, as the Company\u2019s customer base and vendor base
are large. The Company applies the IFRS 9 simplified approach to measuring expected credit
losses, which uses a lifetime-expected loss allowance for all trade receivables. To measure
the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the numbers of past due days. The expected loss rate is calculated based
on delinquency status and actual historical credit loss experience. As a result, management
believes there is no further credit risk provision required over the normal individual and collective
impairment, based on an aging analysis performed as of December\u00a028, 2025. For further
discussion on Ahold Delhaize\u2019s receivables, see\u00a0Note 16 and\u00a0Note 18.
Financial transactions are entered into predominantly with investment-grade financial institutions.
The Company generally requires a minimum short-term rating of A1/P1 and a minimum long-term
rating of A3/A- for its deposit and investment products. However, the Company might occasionally
accept ratings below these levels for operational or other business reasons. Regarding credit
risk, derivative contracts with counterparties are entered into primarily under the standard terms
and conditions of the International Swaps and Derivatives Association (ISDA). With certain
counterparties, Ahold Delhaize has credit support annexes in place that materially reduce the
counterparty risk exposure because of a contractual exchange of cash collateral. Ahold Delhaize
has policies that limit the amount of counterparty credit exposure to any single financial institution
or investment vehicle and actively monitors these exposures.
Counterparty risk is measured by adding the nominal value of cash, short-term deposits
and marketable securities, and the mark-to-market of derivative instruments, netted with the
collateral posted, if any. As a result, the highest exposure to a single financial counterparty,
excluding AAA-rated money market funds, on December\u00a028, 2025, amounted to \u20ac218\u00a0million
(December\u00a029, 2024: \u20ac262\u00a0million).
30 Financial risk management and financial instruments
continued
Offsetting of financial instruments
Ahold Delhaize has several financial assets and financial liabilities that are subject to offsetting
or enforceable master netting arrangements and similar agreements.
Cash pool
The Company has implemented a cash pool system, allowing more efficient management of
the daily working capital needs of the participating operating entities. The settlement mechanism
of the cash pool is provided by an external financial counterparty. The cash pool system exposes
the Company to a single net amount with that financial counterparty rather than the gross amount
of several current accounts and bank overdraft balances with multiple financial counterparties.
From an operational perspective, the balances in the cash pool are netted. However, under the
guidance of IAS 32 regarding the offsetting of debit and credit balances for financial reporting
purposes, these balances have to be presented on a gross basis on the balance sheet\u00a0(see
Note 20 and Note 26).
ISDA master agreements for derivatives
The Company has entered into several ISDA master agreements in connection with its derivative
transactions. In general, under such agreements, the amounts owed by each counterparty
to another on the same day in respect of the same transaction payable in the same currency
are aggregated into a single net amount payable by one party to the other.
Under certain circumstances, if all transactions under the ISDA master agreement are terminated,
e.g., when a credit event such as payment default occurs, the termination value is assessed and
only a single net amount is payable in the settlement of all transactions governed by the ISDA
master agreement.
The ISDA agreements do not meet the criteria for offsetting on the balance sheet. This is because
the Company does not currently have a legally enforceable right to offset recognized amounts,
because the right to offset is enforceable only on the occurrence of a future event, such as a
default. ISDAs are considered to be master netting arrangements for IFRS 7 disclosure purposes.
The following table shows the maximum exposure of the Company\u2019s financial assets and
financial liabilities that are subject to offset or enforceable master netting arrangements
and similar agreements for the year ended December\u00a028, 2025.
\u20ac million
Gross
amounts in
the balance
sheet
Cash
collateral
received/
pledged1
Net exposure
Assets
Cash and cash equivalents
646
590
56
Total
646
590
56
Liabilities
Bank overdrafts
590
590
\u2014
Total
590
590
\u2014
1. Amounts not offset in the balance sheet but subject to master netting arrangements (or similar).
Liquidity risk
Ahold Delhaize views available cash balances and funds from operating activities as its primary
sources of liquidity, complemented with access to external sources of funds when required. Ahold
Delhaize manages short-term liquidity based on projected cash flows. As of December\u00a028, 2025,
the Company\u2019s liquidity position primarily comprised \u20ac3,115\u00a0million of cash (including short-term
deposits and similar instruments and the current portion of investments in debt instruments,
adjusted for cash held under a notional cash pooling arrangement), and the \u20ac1.5 billion
revolving credit facility, of which nil is drawn.
Based on the current operating performance and liquidity position, the Company believes
that its liquidity position will be sufficient for working capital, CapExs, commitments related to
acquisitions, interest payments, dividends, the announced \u20ac1 billion share buyback program
and scheduled debt repayments for the next 12 months. In addition, the Company has access
to its revolving credit facility and to the debt capital markets based on its current credit ratings.
The following tables summarize the expected maturity profile of the Company\u2019s financial liabilities
(including derivatives) as of December\u00a028, 2025, and December\u00a029, 2024, respectively, based
on contractual undiscounted payments.
All financial liabilities held at the reporting date, for which payments are already contractually
agreed, have been included. Amounts in foreign currency have been translated using the
reporting date closing rate. Cash flows arising from financial instruments carrying variable interest
payments have been calculated using the\u00a0forward curve interest rates as of December\u00a028, 2025,
and December\u00a029, 2024, respectively. See Note 34 for the liquidity risk related to guarantees.
30 Financial risk management and financial instruments
continued
Year ended December\u00a028, 2025
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(5,392)
(1,076)
(2,616)
(2,796)
(6,489)
Other loans
(1)
(1)
(1)
\u2014
(2)
Financing obligations
(109)
(20)
(20)
\u2014
(40)
Accounts payable under supply
chain finance arrangements
(1,396)
(1,396)
\u2014
\u2014
(1,396)
Accounts payable not under supply
chain finance arrangements
(7,613)
(7,613)
\u2014
\u2014
(7,613)
Accounts payable
(9,009)
(9,009)
\u2014
\u2014
(9,009)
Short-term borrowings
(926)
(926)
\u2014
\u2014
(926)
Interest payable
(92)
(92)
\u2014
\u2014
(92)
Reinsurance contract liabilities
(243)
(112)
(111)
(44)
(267)
Other long-term financial liabilities
(103)
(52)
(51)
\u2014
(104)
Other
(37)
(31)
\u2014
\u2014
(31)
Derivative financial liabilities
Derivatives
(12)
\u2014
(12)
\u2014
(12)
1. The maturity analysis for lease liabilities is included in Note 33.
Year ended December\u00a029, 2024
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(5,652)
(781)
(3,009)
(3,055)
(6,845)
Other loans
\u2014
\u2014
\u2014
\u2014
\u2014
Financing obligations
(153)
(28)
(46)
\u2014
(74)
Accounts payable under supply
chain finance arrangements
(1,286)
(1,286)
\u2014
\u2014
(1,286)
Accounts payable not under supply
chain finance arrangements
(7,238)
(7,238)
\u2014
\u2014
(7,238)
Accounts payable
(8,524)
(8,524)
\u2014
\u2014
(8,524)
Short-term borrowings
(2,256)
(2,256)
\u2014
\u2014
(2,256)
Interest payable
(83)
(83)
\u2014
\u2014
(83)
Reinsurance contract liabilities
(286)
(136)
(131)
(53)
(320)
Other long-term financial liabilities
(156)
(54)
(104)
\u2014
(158)
Other
(26)
(18)
\u2014
\u2014
(18)
Derivative financial liabilities
Derivatives
(23)
(1)
\u2014
(22)
(23)
1. The maturity analysis for lease liabilities is included in Note 33.
30 Financial risk management and financial instruments
continued
Credit ratings
Maintaining investment-grade credit ratings is a cornerstone of Ahold Delhaize\u2019s financial
strategy because such ratings optimize the cost of funding and facilitate access to capital.
Ahold Delhaize\u2019s current credit ratings from the solicited rating agencies are:
\u00f3 Standard & Poor\u2019s: Corporate credit rating BBB+, with a stable outlook as of March 2023
(previous rating BBB assigned in September 2022).
\u00f3 Moody\u2019s: Issuer credit rating Baa1, with a stable outlook as of February 2018\u00a0(previous
rating Baa2 assigned in August 2015).
Capital management
The Company\u2019s primary capital management objective is the optimization of its debt and equity
balances to sustain the development of the business, maintain its\u00a0investment-grade credit
ratings, and maximize shareholder value.
Ahold Delhaize may balance its capital structure in several ways, including through the payment
of dividends, capital repayment, new share issues, share buybacks and the issuance or
redemption of debt.
Financial instruments
Accounting classification and fair values of financial instruments
The following tables present the fair value of financial instruments, based on Ahold Delhaize\u2019s
categories of financial instruments, including current portions, compared to the carrying amount
at which these instruments are included on the balance sheet:
\u20ac million
December 28, 2025
December 29, 2024
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial assets at amortized cost
Loans receivable
241
231
162
162
Trade and other (non-)current receivables
2,789
2,789
2,767
2,767
Lease receivable
597
597
575
559
Cash and cash equivalents
3,014
3,014
5,499
5,499
Short-term deposits and similar investments
14
14
16
16
6,656
6,646
9,019
9,003
Financial assets at fair value through profit or
loss
Cash equivalents1
591
591
670
670
Reinsurance contract assets
285
285
334
334
Investments in debt instruments
92
92
7
7
968
968
1,010
1,010
Financial assets at fair value through other
comprehensive income
Investments in equity instruments
\u2014
\u2014
\u2014
\u2014
Derivative financial instruments
Derivatives
136
136
17
17
Total financial assets
7,760
7,750
10,046
10,030
1.\u00a0 Certain cash equivalents that were previously presented in the amortized cost category are now classified as fair value
through profit or loss. The comparative amounts have been restated to conform to the current year\u2019s presentation.
30 Financial risk management and financial instruments
continued
\u20ac million
December 28, 2025
December 29, 2024
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial liabilities at amortized cost
Notes
(5,392)
(5,365)
(5,652)
(5,578)
Other loans
(1)
(1)
\u2014
\u2014
Financing obligations
(109)
(38)
(153)
(65)
Accounts payable
(9,009)
(9,009)
(8,524)
(8,524)
Short-term borrowings
(926)
(926)
(2,256)
(2,256)
Interest payable
(92)
(92)
(83)
(83)
Other long-term financial liabilities
(103)
(103)
(156)
(157)
Other
(37)
(37)
(26)
(26)
(15,671)
(15,572)
(16,850)
(16,688)
Financial liabilities at fair value through profit
or loss
Reinsurance contract liabilities
(243)
(243)
(286)
(286)
Derivative financial instruments
Derivatives
(12)
(12)
(23)
(23)
Total financial liabilities excluding lease
liabilities
(15,926)
(15,827)
(17,159)
(16,997)
Long-term lease liabilities
(11,974)
N/A
(12,253)
N/A
Total financial liabilities
(27,900)
N/A
(29,412)
N/A
Of Ahold Delhaize\u2019s categories of financial instruments, only reinsurance assets (liabilities),
derivatives, investments in debt and certain cash equivalents and equity instruments are
measured and recognized on the balance sheet at fair value. These fair value measurements are
categorized within Level 2 or Level 3 of the fair value hierarchy. The Company uses inputs other
than quoted prices that are observable for the asset or liability, either directly (i.e., as prices)
or indirectly (i.e., derived from prices).
The fair value of derivative instruments is measured by using either a market or income approach
(mainly present value techniques). Foreign currency forward contracts are measured using
quoted forward exchange rates and yield curves derived from quoted interest rates that match
the maturity of the contracts. Interest rate swaps are measured at the present value of expected
future cash flows. Expected future cash flows are discounted by using the applicable yield curves
derived from quoted interest rates.
The fair value measurement of the virtual PPA is categorized within Level 3 of the fair value
hierarchy. The Company uses unobservable input data, such as the volume of generated solar
power and the price curves of the respective electricity market. The fair value is calculated as
the net forecasted cash in- or outflows discounted to the present value.
To the extent that no cash collateral is contractually required, the valuation of Ahold Delhaize\u2019s
derivative instruments is adjusted for the credit risk of the counterparty, called Credit Valuation
Adjustment (CVA), and for Ahold Delhaize's own credit risk, called Debit Valuation Adjustment
(DVA). The valuation technique for the CVA/DVA calculation is based on relevant observable
market inputs.\u00a0
No CVA/DVA adjustments are made to the valuation of certain derivative instruments, for which
both Ahold Delhaize and its counterparties are required to post or redeem cash collaterals if
the value of a derivative exceeds a threshold defined in the contractual provisions. Such cash
collaterals materially reduce the impact of both the counterparty and Ahold Delhaize\u2019s own
non-performance risk on the value of the instrument. Ahold Delhaize posted deposits as collateral
in the net amount of \u20ac12 million as of December\u00a028, 2025 (December\u00a029, 2024: \u20ac24 million).
The counterparties have an obligation to repay the deposits to Ahold Delhaize upon settlement
of the contracts.\u00a0
The carrying amount of trade and other (non-)current receivables, cash and cash equivalents,
accounts payable, short-term deposits and similar instruments, and other current financial assets
and liabilities approximate their fair values because of the short-term nature of these instruments
and, for receivables, because any expected recoverability loss is reflected in an impairment loss.
The fair values of quoted borrowings for which an active market exists are based on year-end
quoted prices. The fair value of other non-derivative financial assets and liabilities that are not
traded in an active market is estimated using discounted cash flow analyses based on market
rates prevailing at year-end.
As of December\u00a028, 2025, short-term deposits and similar instruments (\u20ac14\u00a0million) contain
short-term liquid investments that are considered part of Ahold Delhaize\u2019s cash position.
Derivatives
Fair values, notional amounts, maturities and the qualification of derivative financial instruments
for accounting purposes are presented in the table below:
\u20ac million
Maturity
December 28, 2025
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
17
Forward foreign currency contracts
After 5 years
\u2014
\u2014
56
Virtual PPAs
After 5 years
49
\u2014
137
Total cash flow hedges
49
\u2014
211
Forward commodity contracts1
Within 1 year
\u2014
\u2014
7
Interest rate swaps2
Between 1 and 5 years
\u2014
(12)
170
Total fair value hedges
\u2014
(12)
177
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
63
Virtual PPAs
After 5 years
87
\u2014
369
Total derivatives \u2013 no hedge
accounting treatment
88
\u2014
432
Total derivative financial instruments
136
(12)
820
30 Financial risk management and financial instruments
continued
\u20ac million
Maturity
December 29, 2024
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
After 5 years
\u2014
\u2014
\u2014
Total cash flow hedges
\u2014
\u2014
\u2014
Forward commodity contracts1
Within 1 year
\u2014
(1)
6
Interest rate swaps2
After 5 years
\u2014
(22)
192
Total fair value hedges
\u2014
(23)
198
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
95
Virtual PPAs
After 5 years
16
\u2014
219
Total derivatives \u2013 no hedge accounting
treatment
16
\u2014
314
Total derivative financial instruments
17
(23)
512
1. Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2025 and 2024.
2. Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2025 and 2024.
Ahold Delhaize entered into two virtual PPAs in the second half of 2025, in addition to the one
virtual PPA entered into in 2024. The initial fair value of \u20ac125 million was deferred and will be
released as other financial income (expense) over the contract term starting when energy
generation commences (2024: initial fair value \u20ac16 million). As of December 28, 2025, the fair
value was \u20ac136 million (December 29, 2024: \u20ac16 million). For one virtual PPA, the unrealized
change in fair value of \u20ac4 million is recorded in the cash flow hedging reserve in accordance
with the amendments in IFRS 9 that were early adopted in 2025 (see Note 3). The other
virtual PPAs do not qualify for hedge accounting and the unrealized change in fair value
of nil is recorded in other financial income and expense (see Note 9).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-499": { "value": "384000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-500": { "value": "323000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialAssets", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-501": { "value": "
20 Cash and cash equivalents
\u20ac million
December 28,
2025
December 29,
2024
Cash in banks and cash equivalents
3,260
5,852
Cash on hand
345
317
Total cash and cash equivalents
3,605
6,169
Cash and cash equivalents include all cash-on-hand balances, checks, debit and credit card
receivables, short-term highly liquid cash investments, and time deposits with original maturities
of three months or less. Time deposits and similar instruments with original maturities of more
than three months but less than 12 months are classified as Other current financial assets.
Bank overdrafts are included in short-term borrowings.\u00a0
Of the cash and cash equivalents as of December\u00a028, 2025, \u20ac58\u00a0million was restricted
(December\u00a029, 2024: \u20ac12\u00a0million).
The decrease in cash and cash equivalents versus last year is, in part, due to the acquisition
of Profi for \u20ac1.2 billion (see Note 4) and a \u20ac1.4 billion decrease in the balances held under the
notional cash pooling arrangement.
Cash and cash equivalents include \u20ac590 million \u00a0(December\u00a029, 2024: \u20ac1,961 million) held under
a notional cash pooling arrangement that was fully offset by an identical amount included under
Other current financial liabilities. From an operational perspective, the balances in the cash pool
are netted. However, in accordance with the guidance of IAS 32 regarding the offsetting of debit
and credit balances for financial reporting purposes, certain balances have to be presented on
a gross basis on the balance sheet (see Note 26 and Note 30).
Ahold Delhaize\u2019s banking arrangements allow the Company to fund outstanding checks when
presented to the bank for payment. This cash management practice may result in a net cash
book overdraft position, which occurs when the total issued checks exceed available cash
balances within the Company\u2019s cash concentration structure. Such book overdrafts are classified
in accounts payable and amounted to \u20ac338\u00a0million (December\u00a029, 2024: \u20ac185\u00a0million).
No right to offset with other bank balances exists for these book overdraft positions.
\"Methodology.svg\"
Accounting policies
For more information on the accounting policies for cash and cash equivalents, see\u00a0Note\u00a030.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-502": { "value": "3605000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-503": { "value": "6169000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-504": { "value": "
Cash and cash equivalents include all cash-on-hand balances, checks, debit and credit card
receivables, short-term highly liquid cash investments, and time deposits with original maturities
of three months or less. Time deposits and similar instruments with original maturities of more
than three months but less than 12 months are classified as Other current financial assets.
Bank overdrafts are included in short-term borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-505": { "value": "
Of the cash and cash equivalents as of December\u00a028, 2025, \u20ac58\u00a0million was restricted
(December\u00a029, 2024: \u20ac12\u00a0million).
The decrease in cash and cash equivalents versus last year is, in part, due to the acquisition
of Profi for \u20ac1.2 billion (see Note 4) and a \u20ac1.4 billion decrease in the balances held under the
notional cash pooling arrangement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-506": { "value": "
21 Equity attributable to common shareholders
Shares and share capital
Authorized share capital comprises the following classes of shares:
\u20ac million
December 28,
2025
December 29,
2024
Common shares
(2025: 1,500,000,000 (2024: 1,923,515,827) of \u20ac0.01 par value each)
15
19
Cumulative preferred shares
(2025: 1,500,000,000 (2024: 2,250,000,000) of \u20ac0.01 par value each)
15
23
Cumulative preferred financing shares
(2025: nil ( 2024: 326,484,173) of \u20ac0.01 par value each)
\u2014
3
Total authorized share capital
30
45
Issued share capital
As of December\u00a028, 2025, and December\u00a029, 2024, the common shares comprise 100% of the
issued share capital. Ahold Delhaize had no cumulative preferred shares and no cumulative
preferred financing shares outstanding as of December\u00a028, 2025, and December\u00a029, 2024.
The holders of common shares are entitled to one vote per share and to participate in the
distribution of dividends and liquidation proceeds. Such rights do not apply in respect of
treasury shares that are held by the Company.
Common shares and additional paid-in capital
Changes in the number of common shares and the number of treasury shares were as follows:
Number of
common
shares issued
and fully paid
(x 1,000)
Number of
treasury
shares
(x 1,000)
Number of
common
shares
outstanding
(x 1,000)
Balance as of December 31, 2023
952,365
6,352
946,013
Share buyback
34,660
(34,660)
Cancellation of treasury shares
(31,872)
(31,872)
\u2014
Share-based payments1
(2,230)
2,230
Balance as of December 29, 2024
920,494
6,910
913,584
Share buyback
28,841
(28,841)
Cancellation of treasury shares
(29,305)
(29,305)
\u2014
Share-based payments1
(2,134)
2,134
Balance as of December 28, 2025
891,188
4,311
886,877
1. Represents the treasury shares used for the delivery of the shares vested during the year, related to the GRO program (see
Note\u00a0 32)
Dividends on common shares
On April 9, 2025, the General Meeting of Shareholders approved the dividend over 2024
of \u20ac1.17 per common share. The final dividend for 2024 of \u20ac0.67 per common share was paid
on April 24, 2025, while the interim dividend for 2024 of \u20ac0.50 per common share was paid
on August 29, 2024.
On August 6, 2025, the Company announced the interim dividend for 2025 of \u20ac0.51 per
common share, which was paid on August 28, 2025. In the aggregate, in 2025 , the Company
paid dividends on common shares in the amount of \u20ac1,070\u00a0million.
The Management Board, with the approval of the Supervisory Board, proposes that a dividend
of \u20ac1.24 per common share be paid with respect to 2025. This dividend is\u00a0subject to approval by
the General Meeting of Shareholders. If approved, a final dividend of \u20ac0.73 per common share
will be paid on April 23, 2026. This is in addition to the interim dividend of \u20ac0.51 per common
share, which was paid on August 28, 2025. The total dividend payment for the full year 2025
would, therefore, total \u20ac1.24 per common share (2024: \u20ac1.17).
The final dividend of \u20ac0.73 per common share has not been included as a liability on the
consolidated balance sheet as of December\u00a028, 2025. The payment of\u00a0this dividend will
not have income tax consequences for the Company.
Share buyback
On December 30, 2024, the Company commenced the \u20ac1 billion share buyback program that
was announced on November 6, 2024. The program was successfully completed on December 5,
2025.
In total, 28,840,970 of the Company's own shares were repurchased at an average price of
\u20ac34.67 per share. The share buyback program resulted in a net transactional income of \u20ac1
million. The share buyback amount of \u20ac1,016 million includes withholding tax in the amount of
\u20ac17 million, of which an accrual for the year 2025 of \u20ac8 million is included, which will be paid at
the beginning of 2026.
On December 29, 2025, the Company commenced the \u20ac1 billion share buyback program that
was announced on November 5, 2025. The program is expected to be completed before the end
of 2026.
Share-based payments
Share-based payments recognized in equity in the amount of \u20ac75\u00a0million (2024: \u20ac45\u00a0million)
relate to the 2025 GRO share-based compensation expenses (see Note 32) and the associated
current and deferred income taxes.
21 Equity attributable to common shareholders continued
Cumulative preferred shares
In March 1989, the Company entered into an agreement with the Dutch foundation Stichting
Continu\u00efteit Ahold Delhaize (SCAD, previously named Stichting Ahold Continu\u00efteit), as amended
and restated in April 1994, March 1997, December 2001, December 2003 and May 2018 (the
\u201cOption Agreement\u201d). Under the Option Agreement, SCAD has been granted the option to acquire
cumulative preferred shares from the Company when, in the opinion of the board of SCAD, the
interests of the Company, its business or its stakeholders are at stake. This option entitles SCAD
to acquire cumulative preferred shares up to a total nominal value equal to the total nominal
value of the issued and outstanding common shares in the Company\u2019s share capital, minus
the total nominal amount of any cumulative preferred shares already held by SCAD at the
time the option is exercised.
The objects of SCAD are to promote the interests of the Company and of the enterprises
maintained by and/or the companies affiliated with the Company in a group, in such a way
that the interests of Ahold Delhaize and of those companies and of all those involved are
safeguarded as well as possible, and that influences which could adversely affect the continuity
and/or independence and/or identity of the Company and those companies in contravention
of those interests are prevented to the maximum extent possible, as well as performing all
activities related to or conducive to the above.
SCAD seeks to achieve its objects by acquiring and holding cumulative preferred shares in
the capital of the Company and by exercising the rights attached to those shares, including,
in particular, the voting rights on those shares, as well as otherwise performing acts to
achieve its objectives.
The holders of the cumulative preferred shares are entitled to one vote per share and a
cumulative dividend expressed as a percentage of the amount called up and paid in on the
cumulative preferred shares. The percentage to be applied is the sum of (1) the average
percentage of the basic refinancing transaction interest rate of the European Central Bank \u2013
measured by the number of days during which that rate was in force in the financial year over
which the dividend is paid \u2013 plus 2.1%, and (2) the average interest surcharge rate \u2013 measured
by the number of days during which that rate was in force in the financial year over which the
dividend is paid \u2013 that would be charged by the largest credit institution in the Netherlands
(based on the balance sheet total as of the close of the financial year immediately preceding
the financial year over which the dividend is paid). The minimum percentage to be applied
is 5.75%.
Subject to limited exceptions, any transfer of cumulative preferred shares requires the approval
of the Management Board. Cumulative preferred shares can only be issued in a registered form.
The Company may stipulate that only 25% of the par value will be paid upon subscription to
cumulative preferred shares until payment in full is later required by the Company.
Legal reserves
In accordance with the Dutch Civil Code and statutory requirements in other countries, legal
reserves have to be established in certain circumstances. Legal reserves are not available
for\u00a0distribution to the Company\u2019s shareholders. The currency translation reserve, cash flow
hedging reserve and other reserves include non-distributable amounts. Of the total equity
as per December\u00a028, 2025, of \u20ac14,195\u00a0million, an amount of \u20ac766\u00a0million is non-distributable
(December\u00a029, 2024: \u20ac1,669\u00a0million out of total equity of \u20ac15,454\u00a0million). See Note 8
to the parent company financial statements for more details on the legal reserves.
\"Methodology.svg\"
Accounting policies
Equity instruments issued by the Company are recorded at the value of proceeds received.
Own equity instruments that are bought back (treasury shares) are deducted from equity.
When reissued or canceled, shares are removed from the treasury shares on a FIFO basis,
and recorded as a reduction of the additional paid-in capital, in accordance with the Company\u2019s
Articles of Association. Incremental costs that are directly attributable to issuing or buying back
own equity instruments are recognized directly in equity, net of the related tax. No gain or loss
is recognized in the\u00a0income statement on the purchase, sale, issuance or cancellation of the
Company\u2019s own equity instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-507": { "value": "
Issued share capital
As of December\u00a028, 2025, and December\u00a029, 2024, the common shares comprise 100% of the
issued share capital. Ahold Delhaize had no cumulative preferred shares and no cumulative
preferred financing shares outstanding as of December\u00a028, 2025, and December\u00a029, 2024.
The holders of common shares are entitled to one vote per share and to participate in the
distribution of dividends and liquidation proceeds. Such rights do not apply in respect of
treasury shares that are held by the Company.
Common shares and additional paid-in capital
Changes in the number of common shares and the number of treasury shares were as follows:
Number of
common
shares issued
and fully paid
(x 1,000)
Number of
treasury
shares
(x 1,000)
Number of
common
shares
outstanding
(x 1,000)
Balance as of December 31, 2023
952,365
6,352
946,013
Share buyback
34,660
(34,660)
Cancellation of treasury shares
(31,872)
(31,872)
\u2014
Share-based payments1
(2,230)
2,230
Balance as of December 29, 2024
920,494
6,910
913,584
Share buyback
28,841
(28,841)
Cancellation of treasury shares
(29,305)
(29,305)
\u2014
Share-based payments1
(2,134)
2,134
Balance as of December 28, 2025
891,188
4,311
886,877
1. Represents the treasury shares used for the delivery of the shares vested during the year, related to the GRO program (see
Note\u00a0 32)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-508": { "value": "
Common shares and additional paid-in capital
Changes in the number of common shares and the number of treasury shares were as follows:
Number of
common
shares issued
and fully paid
(x 1,000)
Number of
treasury
shares
(x 1,000)
Number of
common
shares
outstanding
(x 1,000)
Balance as of December 31, 2023
952,365
6,352
946,013
Share buyback
34,660
(34,660)
Cancellation of treasury shares
(31,872)
(31,872)
\u2014
Share-based payments1
(2,230)
2,230
Balance as of December 29, 2024
920,494
6,910
913,584
Share buyback
28,841
(28,841)
Cancellation of treasury shares
(29,305)
(29,305)
\u2014
Share-based payments1
(2,134)
2,134
Balance as of December 28, 2025
891,188
4,311
886,877
1. Represents the treasury shares used for the delivery of the shares vested during the year, related to the GRO program (see
Note\u00a0 32)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-509": { "value": "
Dividends on common shares
On April 9, 2025, the General Meeting of Shareholders approved the dividend over 2024
of \u20ac1.17 per common share. The final dividend for 2024 of \u20ac0.67 per common share was paid
on April 24, 2025, while the interim dividend for 2024 of \u20ac0.50 per common share was paid
on August 29, 2024.
On August 6, 2025, the Company announced the interim dividend for 2025 of \u20ac0.51 per
common share, which was paid on August 28, 2025. In the aggregate, in 2025 , the Company
paid dividends on common shares in the amount of \u20ac1,070\u00a0million.
The Management Board, with the approval of the Supervisory Board, proposes that a dividend
of \u20ac1.24 per common share be paid with respect to 2025. This dividend is\u00a0subject to approval by
the General Meeting of Shareholders. If approved, a final dividend of \u20ac0.73 per common share
will be paid on April 23, 2026. This is in addition to the interim dividend of \u20ac0.51 per common
share, which was paid on August 28, 2025. The total dividend payment for the full year 2025
would, therefore, total \u20ac1.24 per common share (2024: \u20ac1.17).
The final dividend of \u20ac0.73 per common share has not been included as a liability on the
consolidated balance sheet as of December\u00a028, 2025. The payment of\u00a0this dividend will
not have income tax consequences for the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-510": { "value": "1070000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "aholddelhaize:OtherReservesInclRetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-511": { "value": "75000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f-512": { "value": "45000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "aholddelhaize:OtherReservesInclRetainedEarningsMember", "unit": "iso4217:EUR" } }, "f-513": { "value": "
Legal reserves
In accordance with the Dutch Civil Code and statutory requirements in other countries, legal
reserves have to be established in certain circumstances. Legal reserves are not available
for\u00a0distribution to the Company\u2019s shareholders. The currency translation reserve, cash flow
hedging reserve and other reserves include non-distributable amounts. Of the total equity
as per December\u00a028, 2025, of \u20ac14,195\u00a0million, an amount of \u20ac766\u00a0million is non-distributable
(December\u00a029, 2024: \u20ac1,669\u00a0million out of total equity of \u20ac15,454\u00a0million). See Note 8
to the parent company financial statements for more details on the legal reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-514": { "value": "14195000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-515": { "value": "15454000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-516": { "value": "
Equity instruments issued by the Company are recorded at the value of proceeds received.
Own equity instruments that are bought back (treasury shares) are deducted from equity.
When reissued or canceled, shares are removed from the treasury shares on a FIFO basis,
and recorded as a reduction of the additional paid-in capital, in accordance with the Company\u2019s
Articles of Association. Incremental costs that are directly attributable to issuing or buying back
own equity instruments are recognized directly in equity, net of the related tax. No gain or loss
is recognized in the\u00a0income statement on the purchase, sale, issuance or cancellation of the
Company\u2019s own equity instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-517": { "value": "
22 Loans and credit facilities
The notes in the table below were either issued by or guaranteed by Ahold Delhaize, unless otherwise noted. The amortization of the purchase price allocation to the debt acquired through business
combinations is allocated to the respective maturity brackets.
\u20ac million, unless otherwise stated
December 28, 2025
December 29, 2024
ESG feature2
Outstanding notional
redemption amount
Current
portion3
Non-current
portion
Total
Current
portion3
Non-current
portion
Total
EUR 600 notes 0.250%, due 2025
\u00fc
EUR
\u2014
\u2014
\u2014
\u2014
600
\u2014
600
USD 16 indebtedness 8.62%, due 2025
USD
\u2014
\u2014
\u2014
\u2014
1
\u2014
1
EUR 400 notes 3M Euribor + 30bps, due 2026
EUR
400
400
\u2014
400
\u2014
400
400
EUR 500 notes 1.125%, due 2026
EUR
500
500
\u2014
500
\u2014
500
500
EUR 500 notes 1.75%, due 2027
EUR
500
\u2014
500
500
\u2014
500
500
USD 71 notes 8.05%, due 2027
USD
71
3
61
63
3
71
74
EUR 500 notes 3.5%, due 2028
\u00fc
EUR
500
500
500
\u2014
500
500
USD 500 notes 6.875%, due 2029
USD
500
\u2014
413
413
\u2014
457
457
EUR 600 notes 0.375%, due 2030
\u00fc
EUR
600
\u2014
600
600
\u2014
600
600
EUR 500 notes 3.375%, due 2031
\u00fc
EUR
500
\u2014
500
500
\u2014
500
500
USD 271 notes 9.00%, due 2031
USD
271
7
266
273
8
308
316
EUR 500 notes 3.250%, due 2033
\u00fc
EUR
500
\u2014
500
500
\u2014
\u2014
\u2014
EUR 700 notes 3.875%, due 2036
\u00fc
EUR
700
\u2014
700
700
\u2014
700
700
USD 470 notes 5.70%, due 2040
USD
470
3
460
464
3
523
527
Deferred financing costs
(5)
(16)
(20)
(6)
(17)
(23)
Total notes
908
4,484
5,392
609
5,043
5,652
Financing obligations1
17
92
109
21
132
153
Other loans
\u2014
1
1
\u2014
\u2014
\u2014
Total loans
926
4,577
5,503
630
5,175
5,805
1. The weighted average interest rate for the financing obligations was 4.3% at the end of 2025 ( 2024 : 5.4%).
2. Either the bond is linked to Ahold Delhaize achieving certain sustainability targets or its proceeds are allocated to finance or refinance green and/or sustainable assets.
3. For current portion loans, also see Note 26.
22 Loans and credit facilities continued
On March 3, 2025, Ahold Delhaize announced that it had successfully launched and priced a
\u20ac500 million eight-year sustainability-linked bond, maturing on March 10, 2033. The issuance
was priced at 99.723% and carries an annual coupon of 3.250%. The settlement of the bond
issue took place on March 10, 2025.
The bond was issued in accordance with Ahold Delhaize\u2019s Sustainability-Linked Bond
Framework, updated in March 2024, and structured in accordance with the 2023 International
Capital Markets Association (ICMA) Sustainability-Linked Bond Principles. The bond is linked
to Ahold Delhaize achieving targets in 2030 on the following KPIs:
\u00f3 50% reduction in absolute scope 1 and 2 GHG emissions compared to the financial year
ending December 30, 2018 (the scope 1 and 2 GHG emissions baseline year)
\u00f3 30.3% and 42% reduction in absolute scope 3 FLAG and E&I (non-FLAG) GHG emissions,
respectively, compared to the financial year ending January 3, 2021 (the scope 3 FLAG
and E&I GHG emissions baseline year)
\u00f3 50% reduction of food waste compared to the financial year ending January 1, 2017
(the food waste baseline year)
The sustainability-linked feature will result in a coupon adjustment of +50 basis points if Ahold
Delhaize\u2019s performance does not achieve one or more of the stated KPIs. The sustainability
performance reference date is December 29, 2030. Any adjustment to the rate of interest,
if applicable, shall take effect and accrue from the interest payment date immediately
following March 10, 2031 (i.e., prospectively).
On March 4, 2024, Ahold Delhaize announced that it had successfully launched and priced
a \u20ac1.6 billion multi-tranche EUR transaction. The three maturities include a \u20ac400 million
two-year floating rate note tranche, a \u20ac500 million seven-year green tranche, and a \u20ac700 million
12-year sustainability-linked tranche. The two-year tranche is priced at three-month Euribor
+ 30 basis points, the seven-year tranche is priced at 99.297% and carries an annual coupon
of 3.375%, and the 12-year tranche is priced at 99.651% and carries an annual coupon of
3.875%. The settlement of the bond issue took place on March 11, 2024.
The Green Bond proceeds are applied to finance or refinance, in whole or in part, new
or existing eligible green projects, in accordance with the Green Finance Framework dated
March 6, 2023.
The sustainability-linked tranche is linked to Ahold Delhaize achieving targets in 2030
on the following KPIs:
\u00f3 50% reduction in absolute scope 1 and 2 GHG emissions compared to the financial year
ending December 30, 2018 (the scope 1 and 2 GHG emissions baseline year)
\u00f3 30.3% and 42% reduction in absolute scope 3 FLAG and E&I (non-FLAG) GHG emissions,
respectively, compared to the financial year ending January 3, 2021 (the scope 3 FLAG
and E&I GHG emissions baseline year)
\u00f3 50% reduction of food waste compared to the financial year ending January 1, 2017
(the food waste baseline year)
The sustainability-linked feature will result in a coupon adjustment of +25 basis points if Ahold
Delhaize\u2019s performance does not achieve one or more of the stated KPIs. The sustainability
performance reference date is December 29, 2030. Any adjustment to the rate of interest,
if applicable, shall take effect and accrue from the interest payment date immediately
following March 11, 2032 (i.e., prospectively).
The fair values of financial instruments, corresponding derivatives, and the foreign exchange
and interest rate risk management policies applied by Ahold Delhaize are disclosed in Note 30.
Credit facilities
Ahold Delhaize has access to a \u20ac1.5 billion committed, unsecured, multi-currency and syndicated
revolving credit facility. In December 2022, Ahold Delhaize entered into a five-year \u20ac1.5 billion
credit facility, with two one-year extension options. In 2024, the Company agreed with the
lenders to exercise the second option, extending the maturity to December 2029. The Company
structured the facility as a sustainability-linked loan, whereby the margin paid is based on
the Company\u2019s performance on three predefined sustainability targets.
The sustainability KPIs relate to reducing Ahold Delhaize\u2019s GHG emissions within its own
operations (scope 1 and 2), reducing food waste and helping customers make healthier choices.
The facility contains customary covenants and is subject to a financial covenant that requires
Ahold Delhaize, if its corporate rating from Standard & Poor\u2019s and Moody\u2019s is lower than BBB/
Baa2, respectively, not to exceed a maximum leverage ratio of 5.5:1.
During 2025 and 2024, the Company complied with the covenants and was not required to test
the financial covenant because its credit ratings exceeded the thresholds. As of December\u00a028,
2025, there were no outstanding borrowings under the facility (December\u00a029, 2024: no
outstanding borrowings under the facility).
Ahold Delhaize has access to other uncommitted credit facilities to cover working capital
requirements, issuance of guarantees and letters of credit. As of December\u00a028, 2025 ,
borrowings under these facilities were \u20ac304 million (December\u00a029, 2024: \u20ac268 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-518": { "value": "4577000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-519": { "value": "5175000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-520": { "value": "
The fair values of financial instruments, corresponding derivatives, and the foreign exchange
and interest rate risk management policies applied by Ahold Delhaize are disclosed in Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-521": { "value": "
23 Other non-current financial liabilities
\u20ac million
December 28,
2025
December 29,
2024
Lease liabilities
10,526
10,809
Reinsurance contract liabilities
139
162
Other long-term financial liabilities
51
103
Derivative financial instruments
12
22
Financial guarantees
5
7
Total other non-current financial liabilities
10,733
11,103
For more information on lease liabilities, see Note 33.
The Company recognizes reinsurance liabilities on its balance sheet in connection with a pooling
arrangement between unrelated companies (see Note 16 ).
As of December\u00a028, 2025, Other long-term financial liabilities mainly includes a liability in the
amount of \u20ac50 million related to the Dutch pension plan settlement (see Note 24 ). In addition,
a current portion of this Dutch pension plan settlement in the amount of \u20ac50 million is included
in Other current financial liabilities (see Note 26).
\"Methodology.svg\"
Accounting policies
Financial guarantees
Financial guarantees made by Ahold Delhaize to third parties that may require the Company to
incur future cash outflows if called upon to satisfy are recognized at inception as liabilities at fair
value. Fair value is measured as the premium received, if any, or calculated using a scenario
analysis. Subsequently, the liability is measured at the higher of the best estimate of the
expenditure required to settle the obligation or the amount initially recognized less cumulative
amortization corresponding to the expiration or repayment of the underlying amount guaranteed.
Reinsurance contract liability
For more information on the accounting policies for the reinsurance contract liabilities, see Note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-522": { "value": "10733000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-523": { "value": "11103000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherNoncurrentFinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-524": { "value": "
Financial guarantees
Financial guarantees made by Ahold Delhaize to third parties that may require the Company to
incur future cash outflows if called upon to satisfy are recognized at inception as liabilities at fair
value. Fair value is measured as the premium received, if any, or calculated using a scenario
analysis. Subsequently, the liability is measured at the higher of the best estimate of the
expenditure required to settle the obligation or the amount initially recognized less cumulative
amortization corresponding to the expiration or repayment of the underlying amount guaranteed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-525": { "value": "
24 Pensions and other post-employment benefits
\u20ac million
December 28,
2025
December 29,
2024
Defined benefit liabilities
183
193
Other long-term pension plan obligations
321
361
Total pension and other post-employment benefits
504
553
Post-employment benefits are provided through a number of funded and unfunded defined
benefit plans and defined contribution plans, the most significant of which are in the United States
and the Netherlands. For more information on the defined benefit liabilities and the other long-
term pension plan obligations as presented in the table above, see the sections titled Defined
benefit plans and Multi-employer plans (MEPs). The current portion of Other long-term pension
plan obligations in the amount of \u20ac36\u00a0million is included in Note 27 (December 29,
2024:\u00a0\u20ac41\u00a0million).
The following table provides an overview of the pension and Other post-employment benefit
expenses recorded in the income statement:
\u20ac million
2025
2024
Defined benefit costs
69
246
Defined benefit costs \u2013 Dutch plan settlement
\u2014
227
Total defined benefit costs (see section Defined benefit plans)
69
473
Defined benefit plan \u2013 Dutch plan transition costs
\u2014
50
Defined contribution plans (see section Defined contribution plans )
378
160
MEPs (see section Multi-employer plans (MEPs)):
Defined benefit plans
66
22
Defined contribution plans
292
313
Total pension and other post-employment benefit expenses
805
1,018
The following table provides an overview of the remeasurements of the defined benefit pension
plans and other long-term pension plan obligations as recorded in other comprehensive income:
\u20ac million
2025
2024
Remeasurements of defined benefit pension plans 1
2
(335)
Remeasurements of other long-term pension plan obligations 2
10
(1)
Total remeasurements of pension plans in other comprehensive income
12
(336)
1. For a breakdown of the remeasurements of the defined benefit pension plans, see Defined benefit plans.
2. The long-term pension plan obligations were remeasured at a discount rate of 5.07% (2024: 5.45%).
More information on the defined benefit plans, defined contribution plans and MEPs is provided
in the sections below.
24 Pensions and other post-employment benefits continued
Defined benefit plans
Ahold Delhaize has a number of defined benefit pension plans covering a substantial number
of employees, former employees and retirees in the United States, Belgium, Greece and Serbia.
Net assets relating to one plan are not offset against liabilities of another plan, resulting in the
following presentation of the pension and other post-employment benefits on the consolidated
balance sheet:
\u20ac million
December 28,
2025
December 29,
2024
Defined benefit liabilities
183
193
Defined benefit assets
(70)
(69)
Total net defined benefit plan funded status
112
122
The defined benefit assets are part of the other non-current financial assets; for more information,
see Note 16.
In the United States, the Company maintains a funded plan covering a limited population of
employees. This plan is closed to new participants. The plan provides a life annuity benefit based
upon final pay to participants or beneficiaries upon retirement, death or disability. The assets of
the plan, which are made up of contributions from Ahold Delhaize, are maintained with various
trustees. Contributions to the plan are required under the current funding policy if the prior year-
end funding ratio falls below 100%, as measured using regulatory interest rates without funding
relief in order to avoid variable Pension Benefit Guaranty Corporation (PBGC) premiums. In
addition, the Company provides additional pension benefits for certain Company executives and
life insurance and medical care benefits for certain retired employees meeting age and service
requirements at its U.S. subsidiaries, all of which the Company funds as claims are incurred.
In Belgium, the Company sponsors plans for substantially all of its employees. The plans are
funded by fixed monthly contributions from both the Company and employees, which are adjusted
annually according to the Belgian consumer price index. The plans ensure that employees
receive a lump-sum payment at retirement based on the contributions made, and provide
employees with death-in-service benefits. According to the relevant legislation, a shortfall only
needs to be compensated by the employer at the point in time when the employee either retires
or leaves the Company. As these plans have defined benefit features (when the return provided
by the insurance company can be below the legally required minimum return, in which case the
employer has to cover the gap with additional contributions), the Company treats these plans
as defined benefit plans.\u00a0
Additionally, in Belgium, the Company maintains a plan covering Company executives that
provides lump-sum benefits to participants upon death or retirement based on a formula applied
to the last annual salary of the participant before his or her retirement or death. The plan is
subject to the legal requirement to guarantee a minimum return on contributions. The plan mainly
invests in debt securities in order to achieve the required minimum return. The Company bears
any risk above the minimum guarantee given by the insurance company. There are no asset
ceiling restrictions.
In Greece and Serbia, the Company operates an unfunded defined benefit post-employment
plan that provides a lump-sum benefit upon the employee\u2019s retirement, as prescribed by law.
The pension plans expose the Company to actuarial risks such as: longevity risk, interest
rate risk, currency risk, salary risk and investment risk. Longevity risk relates to the mortality
assumptions used to value the defined benefit obligation, where an increase in participants\u2019 life
expectancies will increase a plan\u2019s liability. Interest rate risk relates to the discount rate used to
value the defined benefit obligation, where a decrease in the discount rate will increase a plan\u2019s
liability; however, this will be partially offset by an increase in the return on a plan\u2019s investments
in debt instruments. The pension plans may mitigate interest rate risk by entering into interest
rate swap contracts. Currency risk relates to the fact that a plan holds investments that may not
be denominated in the same currency as the plan\u2019s obligations. The pension plans may mitigate
currency risk by purchasing forward currency instruments. Salary risk relates to salary increase
assumptions used to value the defined benefit obligation, where an increase will result in a higher
plan liability. See section Plan assets for more details on the asset-liability matching strategy
the Company employed to manage its investment risk.
The net defined benefit costs in 2025 and 2024 were as follows:
\u20ac million
2025
2024
Service cost:
Current service cost
47
216
Past service cost
(1)
(444)
Loss on settlement
\u2014
658
Net interest expense
8
20
Administrative cost
8
18
Termination benefits
8
6
Components of defined benefit cost recorded in the income statement
69
473
Remeasurements recognized:
Return on plan assets, excluding amounts included in net interest (income)
expense
(45)
(295)
(Gain) loss from changes in demographic assumptions
15
(14)
(Gain) loss from changes in financial assumptions
17
(58)
Experience (gains) losses
15
31
Components of defined benefit cost recognized in other comprehensive income
2
(335)
Total net defined benefit cost
71
138
24 Pensions and other post-employment benefits continued
The changes in the defined benefit obligations and plan assets in 2025 and 2024 were as follows:
\u20ac million
The Netherlands
The United States
Rest of world
Total
2025
2024
2025
2024
2025
2024
2025
2024
Defined benefit obligations
Beginning of the year
\u2014
5,742
1,253
1,386
219
252
1,472
7,380
Current service cost
\u2014
165
36
40
11
11
47
216
Past service cost
\u2014
(443)
(1)
(2)
\u2014
1
(1)
(444)
(Gain) loss on settlements
\u2014
(5,540)
\u2014
(213)
\u2014
\u2014
\u2014
(5,753)
Interest expense
\u2014
186
66
77
8
8
73
271
Termination benefits
\u2014
\u2014
\u2014
\u2014
8
6
8
6
Contributions by plan participants
\u2014
30
\u2014
\u2014
\u2014
1
\u2014
31
Benefits paid
\u2014
(121)
(76)
(93)
(20)
(19)
(96)
(233)
(Gain) loss from changes in demographic assumptions
\u2014
(8)
14
(4)
1
(2)
15
(14)
(Gain) loss from changes in financial assumptions
\u2014
(27)
25
(30)
(7)
(2)
17
(58)
Experience (gains) losses
\u2014
16
14
11
1
5
15
31
Divestments
\u2014
\u2014
\u2014
\u2014
\u2014
(43)
\u2014
(43)
Exchange rate differences
\u2014
\u2014
(141)
82
\u2014
\u2014
(141)
82
End of the year
\u2014
\u2014
1,189
1,253
220
219
1,410
1,472
Plan assets
Fair value of assets, beginning of the year
\u2014
5,502
1,162
1,272
188
215
1,350
6,989
Interest income
\u2014
175
60
69
6
7
66
251
Company contribution
\u2014
339
52
58
23
21
75
418
Contributions by plan participants
\u2014
30
\u2014
\u2014
\u2014
1
\u2014
31
Benefits paid
\u2014
(121)
(76)
(93)
(20)
(19)
(96)
(233)
Settlement payments
\u2014
(6,211)
\u2014
(200)
\u2014
\u2014
\u2014
(6,411)
Administrative cost
\u2014
(11)
(8)
(7)
\u2014
\u2014
(8)
(18)
Return on plan assets, excluding amounts included in net interest (income) expense
\u2014
296
49
(8)
(4)
7
45
295
Divestments
\u2014
\u2014
\u2014
\u2014
\u2014
(43)
\u2014
(43)
Exchange rate differences
\u2014
\u2014
(135)
71
\u2014
\u2014
(135)
71
Fair value of assets, end of the year
\u2014
\u2014
1,104
1,162
194
188
1,298
1,350
Funded status
\u2014
\u2014
(86)
(91)
(27)
(31)
(112)
(122)
24 Pensions and other post-employment benefits continued
The total defined benefit obligation of \u20ac1,410 million as of December\u00a028, 2025, includes
\u20ac165 million related to plans that are wholly unfunded. These plans include pension plans
in Greece and Serbia and other benefits (such as life insurance and medical care) and
supplemental executive retirement plans in the United States.
In 2024, the Dutch plan was amended, which resulted in a change in accounting from defined
benefit to defined contribution accounting. The total net loss on settlement was \u20ac227 million
(consisting of a gain on past service costs of \u20ac443 million offset by a net settlement loss of \u20ac671
million). In addition, an amount of \u20ac50 million had been expensed for the payment due upon
transition to the new plan, resulting in a total settlement loss for the Dutch plan of \u20ac277 million.
The remaining unpaid balance in the amount of \u20ac100 million is included in Other long-term
financial liabilities and Other current financial liabilities; see Note 23 and Note 26.
During 2024, Ahold Delhaize purchased annuity contracts to settle benefits in the defined benefit
pension plan in the United States for participants that are currently receiving monthly payments
of less than $1,800. In addition, Ahold Delhaize settled the frozen accrued benefits of participants
who elected to receive a lump-sum payout. These two de-risking events resulted in a settlement
gain of $16 million (\u20ac15 million consisting of a gain on past service costs of \u20ac2 million and a net
settlement gain of \u20ac13 million).
The conversion to the affiliate model in Belgium resulted in a divestment of defined benefit
obligations and plan assets in the amount of \u20ac43 million in 2024.
Cash contributions
From 2025 to 2026, Company contributions are expected to increase from $59\u00a0million
(\u20ac52\u00a0million) to $68 million (\u20ac58 million) for all defined benefit plans in the United States and
decrease from \u20ac23\u00a0million to \u20ac15 million for all plans in the rest of the world.
The Ahold Delhaize USA pension plan\u2019s funding ratio at year-end 2025 was 112.7%, measured
using regulatory interest rates allowed by the U.S. government as part of funding relief that
are higher than otherwise would be allowed. Based upon this funding ratio, under the current
funding policy, we do not expect to make a funding contribution to the Ahold Delhaize USA
pension plan in 2026.
Actuarial assumptions
The calculations of the defined benefit obligation and net defined benefit cost are sensitive
to the assumptions set out below. These assumptions require a large degree of judgment.
Actual experience may differ from the assumptions made. The assumptions required to
calculate the actuarial present value of benefit obligations and the net defined benefit costs
are determined per plan and are as follows (expressed as weighted averages):
The United States
Rest of world
%
2025
2024
2025
2024
Discount rate
5.5
5.7
3.8
3.4
Future salary increases
4.3
4.3
3.8
3.8
Future pension increases
0.0
0.0
0.0
0.0
Assumptions regarding longevity are based on published statistics and mortality tables. These
assumptions translate into an average life expectancy in years for a pensioner retiring at age 65:
The United States
Rest of world
Years
2025
2024
2025
2024
Longevity at age 65 for current pensioners
Male
20.9
20.2
N/A
N/A
Female
22.6
22.1
N/A
N/A
Longevity at age 65 for current members aged 50
Male
22.0
21.4
N/A
N/A
Female
23.6
23.2
N/A
N/A
The following table summarizes how the effect on the defined benefit obligations at the end of the
reporting period would have increased (decreased) as a result of a 0.5% change in the respective
assumptions and a one-year increase in life expectancy.
\u20ac million
The United
States
Rest of world
Total
Discount rate
0.5% increase
(44)
(8)
(53)
0.5% decrease
49
9
58
Future salary increases
0.5% increase
\u2014
2
2
0.5% decrease
\u2014
(2)
(2)
Future pension increases
0.5% increase
\u2014
N/A
\u2014
0.5% decrease
\u2014
N/A
\u2014
Life expectancy
One-year increase at age 65
35
\u2014
35
The above sensitivity analyses are based on a change in each respective assumption while
holding all other assumptions constant. In reality, one might expect interrelationships between
the assumptions, especially between discount rate and future salary increases, as both depend,
to a certain extent, on expected inflation rates. The methods and types of assumptions used
in preparing the sensitivity analyses did not change compared to the previous period.
24 Pensions and other post-employment benefits continued
Plan assets
The pension plan asset allocation differs per plan. The allocation of plan assets was as follows:
\u20ac million
The United States
Rest of world
2025
2024
2025
2024
Equity instruments:
Consumer goods
33
44
\u2014
\u2014
Financial services
17
18
\u2014
\u2014
Telecommunications and information
16
12
\u2014
\u2014
Energy and utilities
18
15
\u2014
\u2014
Industry
10
10
\u2014
\u2014
Other
159
153
32
28
Debt instruments:
Government bonds
69
88
\u2014
\u2014
Corporate bonds (investment grade)
273
291
\u2014
\u2014
Corporate bonds (non-investment grade)
16
22
\u2014
\u2014
Other
97
102
40
35
Real estate:
Retail
14
13
\u2014
\u2014
Offices
\u2014
\u2014
\u2014
\u2014
Residential
\u2014
\u2014
\u2014
\u2014
Other
44
52
\u2014
\u2014
Investment funds
195
164
\u2014
\u2014
Insurance contracts
\u2014
\u2014
122
125
Derivatives:
Interest rate swaps
\u2014
\u2014
\u2014
\u2014
Forward foreign exchange contracts
\u2014
\u2014
\u2014
\u2014
Cash and cash equivalents
48
178
\u2014
\u2014
Other
95
1
\u2014
\u2014
Total
1,104
1,162
194
188
Virtually all equity and debt instruments have quoted prices in active markets. Derivatives can
be classified as Level\u00a02 instruments, and real estate and some investment funds as Level\u00a03
instruments, based on the definitions in IFRS\u00a013, \u201cFair Value Measurement.\u201d It is Ahold Delhaize
Pensioen\u2019s policy to use interest rate swaps to partially hedge its exposure to interest rate risk
on the pension liability. Foreign currency exposures are hedged by the use of forward foreign
exchange contracts.
In the United States, the plan assets are managed by external investment managers and
rebalanced periodically. Pension plan assets are invested in a trust intended to comply with the
Employee Retirement Income Security Act of 1974 (ERISA), as amended, the United States
Tax Code, and applicable fiduciary standards. In 2020, AON was approved by the Fiduciary
Committee as the pension plan\u2019s Outsourced Chief Investment Officer (OCIO). The OCIO
manages the entire pension plan portfolio and acts as fiduciary under ERISA. The Fiduciary
Committee monitors the OCIO\u2019s performance. The long-term investment objective for the plan\u2019s
assets is to maintain an acceptable funding ratio of the plan\u2019s assets and liabilities without undue
exposure to risk. In 2021, the Fiduciary Committee approved a new asset allocation approach
that terminated the strategic weight to hedge funds and replaced it with high-yield debt. A revised
glide path of the plan (the split between return-seeking and liability-hedging assets) was also
approved. At year-end 2025, the strategic targets were: 7% equity, 3% multi-asset credit
and 90% liability-hedging debt securities.
In 2025 or 2024, the U.S. plans did not have any plan assets invested in Ahold Delhaize
financial instruments.
The actual return on plan assets in 2025 was 8.8% for the Ahold Delhaize USA pension plan
(2024: 2.2%).
Benefit maturities
The weighted average duration of the defined benefit obligations of the plans in the United
States and the rest of world are 10.9 and 8.2 years, respectively.
The expected schedule of benefit payments for the plans is as follows:
\u20ac million
The United
States
Rest of world
Total
Amount due within one year
79
12
91
Amount due between two and five years
317
51
368
Amount due between six and 10 years
434
82
516
Defined contribution plans
The Company operates defined contribution plans in the Netherlands, the United States,
Belgium, Greece and the Czech Republic. As mentioned above, the defined contribution plans
in Belgium are accounted for as defined benefit plans due to the guaranteed return elements
of the plans. The largest defined contribution plans exist in the Netherlands and the United
States. In the United States, the Company sponsors profit-sharing retirement plans that include
a 401(k) feature that permits participating employees to make elective deferrals of their
compensation and requires the Company to make matching contributions.
During 2025 and 2024, the Company contributed \u20ac378 million and \u20ac160 million, respectively,
to its defined contribution plans. These contributions were recognized as an expense in the
income statement and related entirely to continuing operations in 2025 and 2024. In 2024, the
Dutch plan was amended, which resulted in a change in classification from a defined benefit
to a defined contribution plan with a derecognition of the net defined benefit plan position.
In 2025, the contributions related to the Dutch plan were \u20ac213 million.
On July 1, 2023, the Wet toekomst pensioenen (\u201cWtp\u201d) relating to the new Dutch pension system
came into force, and by January 1, 2028, the transition to the new pension system will have to be
completed. During 2024, Ahold Delhaize Pension and the Central Works Council reached an
agreement on a new pension plan that will commence in 2028, as a result of the changed legislation.
Ahead of transitioning to the new Dutch pension system, the current plan was amended in 2024,
and the requirement to contribute a maximum amount of \u20ac150\u00a0million over a five-year period
if the funding ratio is below 105% was settled.
24 Pensions and other post-employment benefits continued
Multi-employer plans (MEPs)
A number of union employees in the United States are covered by MEPs based on obligations
arising from collective bargaining agreements. These plans provide retirement and other benefits
to participants generally based on their service to contributing employers. The benefits are
paid from assets held in trust for that purpose. Trustees are appointed in equal number by
employers and unions, and they are typically responsible for oversight of the investment of the
assets and administration of the plan. Contribution rates and, in some instances, benefit levels
are generally determined through the collective bargaining process between the participating
employers and unions. At year-end, none of the Company\u2019s collective bargaining agreements
required an increase in the Company\u2019s total pension contributions for MEPs to meet minimum
funding requirements.
Most of these plans are defined contribution plans. The plans that are defined benefit plans,
on the basis of the terms of the benefits provided, are accounted for as defined contribution plans
because, among other things, there is insufficient information available to account for these plans as
defined benefit plans. These plans are generally flat dollar benefit plans. Ahold Delhaize is generally
one of several employers participating in most of these plans and, in the event that Ahold Delhaize
withdraws from a plan, its allocable share of the plan\u2019s obligations (with certain exceptions)
would be based upon unfunded vested benefits in the plan at the time of such withdrawal. Ahold
Delhaize\u2019s obligation to pay for its allocable share of a plan\u2019s unfunded vested benefits is called a
withdrawal liability. The withdrawal liability payable by Ahold Delhaize at such time as it experiences
a withdrawal from a plan is based upon the applicable statutory formula, plan computation methods
and actuarial assumptions, and the amount of the plan\u2019s unfunded benefits. Ahold Delhaize does
not have sufficient information to accurately determine its ratable share of plan obligations and
assets following defined benefit accounting principles, and the financial statements of the MEPs
are drawn up on the basis of other accounting policies than those applied by Ahold Delhaize.
Consequently, these MEPs are not included in the Company\u2019s balance sheet.
The risks of participating in MEPs are different from the risks of single-employer plans. Ahold
Delhaize\u2019s contributions are pooled with the contributions of other contributing employers, and
are, therefore, used to provide benefits to employees of these other participating employers.
If other participating employers cease to participate in the plan without paying their allocable
portion of the plan\u2019s unfunded obligations, this could result in increases in the amount of the
plan\u2019s unfunded benefits and, thus, Ahold Delhaize\u2019s future contributions.
Similarly, if a number of employers cease to have employees participating in the plan, Ahold
Delhaize could be responsible for an increased share of the plan\u2019s deficit. If Ahold Delhaize
seeks to withdraw from an MEP, it generally must obtain the agreement of the applicable
unions and will likely be required to pay withdrawal liability in connection with this.
Under normal circumstances, when an MEP reaches insolvency, it must reduce all accrued
benefits to the maximum level guaranteed by the United States\u2019 PBGC. MEPs pay annual
insurance premiums to the PBGC for such benefit insurance.
MEP \u2013 defined benefit plans
At the end of 2025 and 2024, Ahold Delhaize participated in seven MEPs that are defined benefit
plans on the basis of the terms of the benefits provided. The Company\u2019s participation in these
MEPs is outlined in the tables on the next page.
Ahold Delhaize\u2019s participation percentage is an indication based on the relevant amount
of its contributions during the year in relation to the total contributions made to the plan.
The estimate of the Company\u2019s net proportionate share of the plans\u2019 deficits is based on the latest
available information received from these plans, such as the plans\u2019 measurement of plan assets
and the use of discount rates between 5.5% and 7.5%. The estimate does not represent Ahold
Delhaize's direct obligation. While it is our best estimate, based upon the information available
to us, it is imprecise, and a reliable estimate of the amount of the obligation cannot be made.
The EIN/Pension plan number column provides the Employer Identification Number (EIN)
and the three-digit pension plan number. As with all pension plans, multi-employer pension
plans in the U.S. are regulated by the ERISA; the United States Tax Code, as amended; the
Pension Protection Act of 2006; and the Multi-employer Pension Reform Act of 2014, among
other legislation.
Under the Pension Protection Act of 2006, plans are categorized as \u201cendangered\u201d (Yellow Zone),
\u201cseriously endangered\u201d (Orange Zone), \u201ccritical\u201d (Red Zone), or neither endangered nor critical
(Green Zone). This categorization is based primarily on three measures: the plan\u2019s funded
percentage, the number of years before the plan is projected to have a minimum funding
deficiency under ERISA and the number of years before the plan is projected to become
insolvent. A plan is in the \u201cYellow Zone\u201d if the funded percentage is less than 80% or a minimum
funding deficiency is projected within seven years. If both of these triggers are reached, the plan
is in the \u201cOrange Zone.\u201d Generally, a plan is in the \u201cRed Zone\u201d if a funding deficiency is projected
at any time in the next four years (or five years if the funded percentage is less than 65%). Plans
with a funding ratio above 80% are generally designated as being in the \u201cGreen Zone.\u201d A plan in
the \u201cRed Zone\u201d may be further categorized as \u201ccritical and declining\u201d if the plan is projected to
become insolvent within the current year or within either the next 14 years or the next 19 years,
depending on the plan\u2019s ratio of inactive participants to active participants and its specific funding
percentage. MEPs in endangered or critical status are required by U.S. law to develop either
a funding improvement plan or a rehabilitation plan to enhance funding through reductions in
benefits, increases in contributions or both. The funding improvement plan or rehabilitation plan
status pending/implemented column in the table below indicates plans for which a funding
improvement plan or a rehabilitation plan is pending or has been implemented.\u00a0Additional
information regarding the MEPs listed in the following tables can be found on the website
of the U.S. Department of Labor (www.efast.dol.gov).
24 Pensions and other post-employment benefits continued
\u20ac million, except Ahold Delhaize\u2019s participation percentages
EIN / Pension
plan number
ERISA zone
status
Funding
improvement
plan /
Rehabilitation
plan status
pending /
implemented
Year of Form
5500 1
Expiration date
of collective
bargaining
agreement
December 28, 2025
Annual
contributions
Plan
deficit /
(surplus)2
Ahold
Delhaize\u2019s
participation
Ahold
Delhaize\u2019s
proportionate
share of
deficit
(surplus)3
New England Teamsters & Trucking Industry Pension
04-6372430/001
Red (Critical
and declining)
Implemented
2024
March 22, 2031
48
\u2014
1.2%
\u2014
UFCW Local 1262 & Employers Pension Fund
22-6074414/001
Red
Implemented
2024
October 23,
2027-February
12, 2028
5
121
32.8%
40
Warehouse Employees\u2019 Union Local 730 Pension Trust Fund
52-6124754/001
Red (Critical
and declining)
Implemented
2024
June 20, 2026-
May 15, 2027
4
119
85.9%
102
Other plans4
8
2,482
3.7%
(92)
Total
66
2,722
50
\u20ac million, except Ahold Delhaize\u2019s participation percentages
EIN / Pension
plan number
ERISA zone
status
Funding
improvement
plan /
Rehabilitation
plan status
pending /
implemented
Year of Form
5500 1
Expiration date
of collective
bargaining
agreement
December 29, 2024
Annual
contributions
Plan
deficit /
(surplus)2
Ahold
Delhaize\u2019s
participation
Ahold
Delhaize\u2019s
proportionate
share of deficit
(surplus)3
New England Teamsters & Trucking Industry Pension
04-6372430/001
Red (Critical
and declining)
Implemented
2023
March 29, 2025
4
\u2014
1.1%
\u2014
UFCW Local 1262 & Employers Pension Fund
22-6074414/001
Red
Implemented
2023
October 23,
2027-February
12, 2028
6
125
31.8%
40
Warehouse Employees\u2019 Union Local 730 Pension Trust Fund
52-6124754/001
Red (Critical
and declining)
Implemented
2023
June 20, 2026-
May 15, 2027
5
131
85.2%
112
Other plans4
8
3,211
2.4%
(76)
Total
22
3,467
76
1. Form 5500 is part of ERISA\u2019s overall reporting and disclosure framework and includes the financial statements of an MEP.
2. The deficit/(surplus) of the plans is heavily influenced by the discount rate applied by the plans, which ranges between 5.5% and 7.5%, and by the projected assets for the funds, which changed between a decrease of 4% up to an increase of 14%. MEPs discount the
liabilities at the plan\u2019s expected rate of return on assets. As a plan nearing insolvency reduces liquidity risk and expected volatility, its expected rate of return on assets declines and, as such, the discount rate will decline, resulting in an increase of the deficit within the plan.
Since the investment return assumptions have stayed relatively the same from prior years, the liabilities have stayed mostly steady.
3. Ahold Delhaize\u2019s proportionate share of deficit (surplus) is calculated by multiplying the deficit/(surplus) of each plan that the Company participates in by Ahold Delhaize\u2019s participation percentage in that plan. This proportional share of deficit/(surplus) is an indication of our
share of deficit/(surplus) based on the best available information. The deficit is calculated in accordance with the accounting policies and funding assumptions applied by the relevant plan and does not represent any obligation or liability Ahold Delhaize may have in
respect of the plan, which would be accounted for and measured in accordance with Ahold Delhaize's accounting policies.
4. Other plans include Teamsters Local 639 Employers Pension Plan, UFCW Local 464A Pension Fund, Bakery and Confectionery Union Pension Fund and IAM National Pension Fund, with participation percentages as of December 28, 2025, equal to 5.2%, 21.2%, 0.5%
and 0.0%, respectively (December 29, 2024: 4.8%, 22.1%, 0.5% and 0.0%).
24 Pensions and other post-employment benefits continued
If the underfunded liabilities of the multi-employer pension plans are not reduced, by improved
market conditions, reductions in benefits and/or collective bargaining changes, increased future
payments by the Company and the other participating employers may result. However, all future
increases generally will be subject to the collective bargaining process.
In 2026, the Company expects its total contributions to multi-employer defined benefit plans to be
\u20ac21\u00a0million, which includes RP contribution increases where applicable. Ahold Delhaize has a risk
of increased contributions and withdrawal liability (upon a withdrawal) if any of the participating
employers in an underfunded MEP withdraw from the plan or become insolvent and are no longer
able to meet their contribution requirements or if the MEP itself no longer has sufficient assets
available to fund its short-term obligations to the participants in the plan. If and when a withdrawal
liability is assessed, it may be substantially higher than the proportionate share disclosed above.
Any adjustment for a withdrawal liability will be recorded when it is probable that a liability exists
and the amount can be reliably estimated. Ahold Delhaize does not have a contractual agreement
with any MEP that determines how a deficit will be funded, except for the Food Employers Labor
Relations Association and United Food and Commercial Workers Pension Fund (\u201cFELRA\u201d) and the
Mid-Atlantic UFCW and Participating Employers Pension Fund (\u201cMAP\u201d) settlement agreement, for
which Giant Food recorded a $609 million pension-related liability and a $211 million defined benefit
obligation related to the new variable annuity single-employer plan, with a corresponding reduction
in the Ahold Delhaize FELRA and MAP MEP off-balance sheet liabilities in 2020.
American Rescue Plan Act of 2021 (ARPA)
On March 11, 2021, the ARPA was signed into law. The ARPA establishes a special financial
assistance program, administered by the PBGC and funded by transfers from the U.S. Treasury
through September 30, 2030. Under this program, eligible multi-employer pension plans may
apply to receive a one-time cash payment intended to be the amount required for the plan to pay
all benefits through the last day of the plan year ending in 2051. The payment received under this
special financial assistance program would not be considered a loan and would not need to be
paid back. Eligible plans include, among others, plans that are in \u201ccritical and declining\u201d status
in any plan year beginning in 2020, 2021 or 2022. Applications for financial assistance must
be submitted no later than December 31, 2025. Each of the following plans, to which various
subsidiaries of Ahold Delhaize contribute, applied for the special financial assistance:
\u00f3 New England Teamsters & Trucking Industry Pension Plan
\u00f3 Bakery and Confectionery Union and Industry Pension Fund
\u00f3 Warehouse Employees\u2019 Union Local 730 Pension Trust Fund
While ARPA provided financial assistance to the New England Teamsters & Trucking Industry
Pension Plan on August 26, 2024, to the Bakery and Confectionery Union and Industry Pension
Fund on July 22, 2024, and to the Warehouse Employees\u2019 Union Local 730 Pension Trust Fund
on January 12, 2026, the expected future contributions to those MEPs will not be impacted in
the short term. The ongoing contribution requirements will continue to be based on the collective
bargaining agreements in place. Accordingly, the special financial assistance for these three
plans should not have any impact on Ahold Delhaize\u2019s ongoing contribution obligation.
MEP \u2013 defined contribution plans
Ahold Delhaize also participates in 37 MEPs (2024: 37 MEPs) that are defined contribution
plans on the basis of the terms of the benefits provided. The majority of these plans provide
health and welfare benefits. The Company contributed \u20ac292 million and \u20ac313 million to multi-
employer defined contribution plans during 2025 and 2024, respectively. These contributions
are recognized as an expense in the consolidated income statement and related entirely
to continuing operations in 2025 and 2024. These plans vary significantly in size, with
contributions to the three largest plans representing 64% of total contributions (2024: 65%).
\"Data.svg\"
Accounting estimates and judgments
The present value of the pension obligations depends on a number of assumptions that are
determined on an actuarial basis. The assumptions used in determining the net cost (income)
for pensions include the discount rate that should be used to determine the present value
of estimated future cash outflows expected to be required to settle the pension obligations.
Other key assumptions include longevity and future salary and pension increases.
Management applied judgment in the determination to record discount rate-related
remeasurements on the Other long-term pension plan obligations through Other
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-526": { "value": "504000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-527": { "value": "553000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-528": { "value": "
\"Methodology.svg\"
Accounting policies
The net assets and net liabilities recognized on the consolidated balance sheet for defined
benefit plans represent the actual surplus or deficit in Ahold Delhaize\u2019s defined benefit plans
measured as the present value of the defined benefit obligations less the fair value of plan
assets. Any surplus resulting from this calculation is limited to the present value of available
refunds and reductions in future contributions to the plan.
Defined benefit obligations are actuarially calculated on the balance sheet date using the
projected unit credit method. The present value of the defined benefit obligations is determined
by discounting the estimated future cash outflows using market yields on high-quality corporate
bonds (i.e., bonds rated AA or higher), which are denominated in the currency in which the
benefits will be paid and have an average duration similar to the expected duration of the
related pension liabilities.
Defined benefit costs are split into three categories:
\u00f3 Service cost, past service cost, gains and losses on curtailment and settlements
\u00f3 Net interest expense or income
\u00f3 Remeasurement
The first category is presented as labor costs within operating earnings. Past service costs
are recognized in the income statement in the period of plan amendment. Results from
curtailments or settlements are recognized immediately.
Past service years within the Dutch pension plan are calculated according to a methodology
that uses the maximum past service years based on accrued benefits or a participant\u2019s actual
date of hire.
24 Pensions and other post-employment benefits continued
Net interest is calculated by applying the discount rate to the net defined benefit liability
or asset and is presented within net financial expenses.
Remeasurements, comprising actuarial gains and losses, the effect of the asset ceiling
(if applicable), and the return on plan assets (excluding interest), are recognized immediately
in the balance sheet with a charge or credit to other comprehensive income in the period
in which it occurs. Remeasurements recorded in other comprehensive income are not
recycled to the income statement.
Contributions to defined contribution plans are recognized as an expense when employees
have rendered service entitling them to the contributions. Post-employment benefits provided
through industry MEPs, managed by third parties, are generally accounted for under defined
contribution criteria.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-529": { "value": "
25 Provisions
The table below specifies the changes in total provisions (current and non-current):
\u20ac million
Self-
insurance
program
Claims
and legal
disputes
Severance
and
termination
benefits
Onerous
contracts
Other
Total
As of December 29, 2024
Current portion
362
87
21
74
26
569
Non-current portion
685
13
1
281
61
1,042
Carrying amount
1,048
100
22
355
87
1,612
Year ended December 28, 2025
Additions charged to income
236
48
32
22
30
368
Acquisitions through business
combinations
\u2014
1
\u2014
14
\u2014
15
Used during the year
(250)
(41)
(29)
(95)
(30)
(445)
Released to income
(13)
(14)
(5)
(20)
(1)
(52)
Interest accretion
47
\u2014
\u2014
15
1
62
Effect of changes in discount rates
19
\u2014
\u2014
3
\u2014
21
Transfers to/from held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange rate differences
(122)
(5)
\u2014
(5)
(3)
(136)
Closing carrying amount
964
90
21
287
84
1,445
As of December 28, 2025
Current portion
288
83
20
83
32
505
Non-current portion
676
7
1
204
53
940
Carrying amount
964
90
21
287
84
1,445
Maturities of total provisions as of December\u00a028, 2025, are as follows:
\u20ac million
Self-
insurance
program
Claims
and legal
disputes
Severance
and
termination
benefits
Onerous
contracts
Other
Total
Amount due within one year
288
83
20
83
32
505
Amount due between one and five years
436
6
1
203
23
670
Amount due after five years
240
\u2014
\u2014
1
29
270
Total
964
90
21
287
84
1,445
Self-insurance program
Ahold Delhaize is self-insured for certain potential losses, mainly relating to general liability,
vehicle liability, workers\u2019 compensation and property losses incurred by its subsidiaries.
Some of Ahold Delhaize\u2019s self-insured losses are retained at its captive insurance companies.
The captives\u2019 maximum self-insurance retention per occurrence, including defense costs, is
$2\u00a0million (\u20ac2\u00a0million) for general liability, $15\u00a0million (\u20ac13\u00a0million) for commercial vehicle liability,
$5\u00a0million (\u20ac4\u00a0million) for workers\u2019 compensation in the United States and an amount equivalent
to\u00a0the capped continued payment of wages in the Netherlands, and $25 million (\u20ac21 million)
for\u00a0property losses in the United States and Europe, subject to an annual aggregate of $35 million
(\u20ac30\u00a0million). Part of the self-insured risk is ceded under a reinsurance treaty, which is a pooling
arrangement between unrelated companies; see Note\u00a016.
The measurement of the self-insurance provisions involves estimates and judgments to be made
regarding claims incurred but not yet reported, timing and amount of payment of damages, and
costs associated with the settlement of claims.
Claims and legal disputes
The Company is party to a number of legal proceedings arising out of its business operations.
Such legal proceedings are subject to inherent uncertainties. Management, supported by internal
and external legal counsel, where appropriate, determines whether it is probable that an outflow
of resources will be required to settle an obligation. If this is the case, the best estimate of the
outflow of resources is recognized.
Severance and termination benefits
This provision relates to payments to employees whose employment with the Company has
ended, either as part of a restructuring or a voluntary separation plan. The measurement of the
provision involves estimates and judgments about the population and number of employees that
will ultimately be affected by the plans, estimates of salary ranges used to measure future cash
flows, and assumptions of periods of service, if relevant.
Onerous contracts
Onerous contract provisions relate to unfavorable contracts where the unavoidable costs of meeting
the obligations under the contracts exceed the benefits expected to be received. The judgments
and estimates made in the measurement of onerous contracts relate to unavoidable future costs
anticipated to be incurred. The provision mainly relates to expected payments for the Belgium
Future Plan.
25 Provisions continued
Other
Other provisions include loyalty programs, long-term incentives, jubilee payments, asset
retirement obligations, provisions for environmental risks and supplemental medical benefits.
The judgments and estimates made in the measurement of these provisions relate to the
estimated costs to be incurred at an unknown future date.
The loyalty program provision of \u20ac20\u00a0million as of December\u00a028, 2025 (December\u00a029, 2024:
\u20ac21\u00a0million), mainly relates to a third-party customer loyalty program in the Netherlands and reflects
the estimated cost of benefits to which customers participating in the loyalty program are entitled.
When measuring the provision for loyalty programs, management estimates the expected timing of
the redemptions by customers and the expected breakage (benefits granted but never redeemed).
\"Data.svg\"
Accounting estimates and judgments
The recognition of provisions requires estimates and assumptions regarding the timing and
the amount of outflow of resources. The main estimates are as follows:
\u00f3 Self-insurance program: Estimates and assumptions include an estimate of claims incurred but not
yet reported, historical loss experience, projected loss development factors, estimated changes in
claim reporting patterns, claim settlement patterns, judicial decisions and legislation. It is possible
that the final resolution of claims may result in significant expenditures in excess of existing reserves.
\u00f3 Claims and legal disputes: Management, supported by internal and external legal counsel, where
appropriate, determines whether it is probable that an outflow of resources will be required to settle
an obligation. If this is the case, the best estimate of the outflow of resources is recognized.
\u00f3 Severance and termination benefits: The provisions relate to separation plans and agreements
and use the best estimate, based on information available to management, of the cash flows that
will likely occur. The amounts that are ultimately incurred may change as the plans are executed.
\u00f3 Onerous contracts: These mainly relate to unfavorable contracts and include the excess
of the unavoidable costs of meeting the contractual obligations over the benefits expected
to be received under such contracts.
\u00f3 Loyalty programs: Estimating the cost of benefits to which customers participating in the
loyalty program are entitled includes assumptions on redemption rates. These estimates
and assumptions apply to all loyalty programs, irrespective of whether they are accounted
for as sales deferrals or provisions for future payments made at redemption.
\"Methodology.svg\"
Accounting policies
Provisions are recognized when (i) the Company has a present (legal or constructive) obligation
as a result of past events, (ii) it is probable that an outflow of resources will be required to settle
the obligation, and (iii) the amount can be reliably estimated. The amount recognized is the best
estimate of the expenditure required to settle the obligation. Provisions are discounted whenever
the effect of the time value of money is significant.
The provision for the Company\u2019s self-insurance program is recorded based on claims filed and
an estimate of claims incurred but not yet reported. The provision includes expenses incurred in
the claim settlement process that can be directly associated with specific claims. Other expenses
incurred in the claim settlement process are expensed when incurred. The Company\u2019s estimate
of the required liability of such claims is recorded on a discounted basis, utilizing an actuarial
method based upon various assumptions that include, but are not limited to, historical loss
experience, projected loss development factors and actual payroll costs.
Restructuring-related provisions for severance and termination benefits are recognized when
the Company has approved a detailed formal restructuring plan and the restructuring has either
commenced or has been announced to those affected by it. Onerous contract provisions are
measured at the amount by which the unavoidable costs to fulfill agreements exceeds the
expected benefits from such agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-530": { "value": "
Self-insurance program
Ahold Delhaize is self-insured for certain potential losses, mainly relating to general liability,
vehicle liability, workers\u2019 compensation and property losses incurred by its subsidiaries.
Some of Ahold Delhaize\u2019s self-insured losses are retained at its captive insurance companies.
The captives\u2019 maximum self-insurance retention per occurrence, including defense costs, is
$2\u00a0million (\u20ac2\u00a0million) for general liability, $15\u00a0million (\u20ac13\u00a0million) for commercial vehicle liability,
$5\u00a0million (\u20ac4\u00a0million) for workers\u2019 compensation in the United States and an amount equivalent
to\u00a0the capped continued payment of wages in the Netherlands, and $25 million (\u20ac21 million)
for\u00a0property losses in the United States and Europe, subject to an annual aggregate of $35 million
(\u20ac30\u00a0million). Part of the self-insured risk is ceded under a reinsurance treaty, which is a pooling
arrangement between unrelated companies; see Note\u00a016.
The measurement of the self-insurance provisions involves estimates and judgments to be made
regarding claims incurred but not yet reported, timing and amount of payment of damages, and
costs associated with the settlement of claims.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-531": { "value": "
Provisions are recognized when (i) the Company has a present (legal or constructive) obligation
as a result of past events, (ii) it is probable that an outflow of resources will be required to settle
the obligation, and (iii) the amount can be reliably estimated. The amount recognized is the best
estimate of the expenditure required to settle the obligation. Provisions are discounted whenever
the effect of the time value of money is significant.
The provision for the Company\u2019s self-insurance program is recorded based on claims filed and
an estimate of claims incurred but not yet reported. The provision includes expenses incurred in
the claim settlement process that can be directly associated with specific claims. Other expenses
incurred in the claim settlement process are expensed when incurred. The Company\u2019s estimate
of the required liability of such claims is recorded on a discounted basis, utilizing an actuarial
method based upon various assumptions that include, but are not limited to, historical loss
experience, projected loss development factors and actual payroll costs.
Restructuring-related provisions for severance and termination benefits are recognized when
the Company has approved a detailed formal restructuring plan and the restructuring has either
commenced or has been announced to those affected by it. Onerous contract provisions are
measured at the amount by which the unavoidable costs to fulfill agreements exceeds the
expected benefits from such agreements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-532": { "value": "
Restructuring-related provisions for severance and termination benefits are recognized when
the Company has approved a detailed formal restructuring plan and the restructuring has either
commenced or has been announced to those affected by it. Onerous contract provisions are
measured at the amount by which the unavoidable costs to fulfill agreements exceeds the
expected benefits from such agreements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-533": { "value": "3582000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-534": { "value": "4610000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentFinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-535": { "value": "
27 Other current liabilities
\u20ac million
December 28,
2025
December 29,
2024
Accrued expenses
1,960
1,997
Compensated absences
468
472
Payroll taxes, social security and VAT
694
647
Deferred income
149
132
Gift card liabilities1
281
286
Other2
42
50
Total other current liabilities
3,594
3,583
1. Gift card sales for the year in the amount of \u20ac835\u00a0million, offset by redemptions in the amount of \u20ac798\u00a0million, breakage in the amount
of \u20ac28\u00a0million and exchange rate differences of \u20ac14\u00a0million, resulted in an ending balance of gift card liabilities of \u20ac281\u00a0million.
2. Other mainly includes the current portion of the pension-related liability for FELRA and MAP of \u20ac36\u00a0million (December\u00a029, 2024:
\u20ac41\u00a0million ). For more information, see Note 24.
The non-current portion of the Deferred income amounts to \u20ac196\u00a0million (December\u00a029, 2024:
\u20ac57\u00a0million), and is included in the Other non-current liabilities line of the balance sheet. The
increase versus last year is mainly due to new virtual PPAs in 2025 in Finland and Romania.
See Note 30.\u00a0
\"Data.svg\"
Accounting estimates and judgments
For more information on the accounting estimates and judgments policies for gift card liabilities,
see Note 7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-536": { "value": "3594000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentNonfinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-537": { "value": "3583000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherCurrentNonfinancialLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-538": { "value": "
The non-current portion of the Deferred income amounts to \u20ac196\u00a0million (December\u00a029, 2024:
\u20ac57\u00a0million), and is included in the Other non-current liabilities line of the balance sheet. The
increase versus last year is mainly due to new virtual PPAs in 2025 in Finland and Romania.
See Note 30.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-539": { "value": "
28 Cash flow
Cash and cash equivalents
The following table presents the reconciliation between the cash and cash equivalents
as presented in the statement of cash flows and on the balance sheet:
\u20ac million
December 28,
2025
December 29,
2024
Cash and cash equivalents as presented in the statement of cash flows
3,547
6,157
Restricted cash
58
12
Cash and cash equivalents as presented on the balance sheet
3,605
6,169
Additional cash flow information
\u20ac million
2025
2024
Non-cash investing activities
Accounts payable at year-end related to purchased non-current assets
325
320
Assets acquired under leases1
443
431
Reassessments and modifications to leases2
1,184
899
\u20ac million
2025
2024
Acquisition of businesses (see Note 4 )
Total purchase consideration
(1,239)
(28)
Purchase consideration in kind
1
2
Cash acquired (excluding restricted cash)
41
\u2014
Acquisition of businesses, net of cash acquired
(1,197)
(26)
Divestments of businesses
Cash inflows from divestment of subsidiaries and businesses
21
21
Cash outflows from divestment of subsidiaries and businesses
(70)
\u2014
Other net cash flows related to divestment of discontinued operations
\u2014
\u2014
Divestment of businesses before cash divested
(49)
21
Cash divested
(3)
\u2014
Divestment of businesses, net of cash divested
(52)
21
Reconciliation between results on divestments of discontinued operations
and cash (paid) received
Result on divestments of discontinued operations before income taxes
\u2014
\u2014
Result on divestment of subsidiaries and businesses (not qualified as
discontinued operations)3
(6)
(237)
Net assets (liabilities) divested
50
46
Changes in other non-current financial assets and provisions \u2013 net
(84)
216
Changes in receivables
(9)
\u2014
Transaction costs settled
\u2014
(4)
Divestment of businesses before cash divested
(49)
21
Cash divested
(3)
\u2014
Divestment of businesses, net of cash divested
(52)
21
1. The additions to right-of-use assets (see Note 12 and Note 13 ) include \u20ac34 million of additions through sale and leaseback transactions
and \u20ac10 million of initial direct costs paid (2024: \u20ac56 million of additions through sale and leaseback transactions and \u20ac1 million of lease
incentives received net of initial direct costs paid), which are excluded from the amount of non-cash investing activities.
2. The modifications and remeasurements to right-of-use assets (see Note 12 and Note 13) and to net investment in leases classified
within non-current and current financial assets (see Note 16 and Note 19) include \u20ac6 million of lease incentives received net of initial
direct costs paid (2024: \u20ac1 million of initial direct costs paid net of lease incentives received), which are excluded from the amount
of non-cash investing activities.
3. Result on divestment of subsidiaries and business in both 2025 and 2024 included predominantly divestment of stores; in 2024,
this was mainly in connection with the Belgium Future Plan.
Other investing cash flow information
Change in investment in debt / equity instruments in 2025 included an investment in a money
market fund that did not qualify as cash and cash equivalents.
Other investing cash flows in 2025 was an outflow of \u20ac61\u00a0million (2024: an outflow of \u20ac16\u00a0million).
In 2025, it included an outflow of \u20ac60\u00a0million (2024: an outflow of \u20ac8\u00a0million) for net change in
loan receivables.
28 Cash flow continued
Changes in liabilities arising from financing activities for the years ended December\u00a028, 2025, and December\u00a029, 2024:
\u20ac million
Loans
Lease
liabilities
Short-term
borrowings and
bank overdrafts
Derivative
assets
Derivative
liabilities
Total
As of December 29, 2024
5,805
12,253
2,256
(17)
23
20,321
Proceeds from long-term debt1
496
\u2014
\u2014
\u2014
\u2014
496
Acquisitions through business combinations
4
478
\u2014
\u2014
\u2014
481
Repayments of loans and lease liabilities2
(623)
(1,939)
\u2014
\u2014
\u2014
(2,562)
Classified (to) held for sale or sold
(9)
1
\u2014
\u2014
\u2014
(7)
Changes in short-term borrowings and overdrafts
\u2014
\u2014
(1,278)
\u2014
\u2014
(1,278)
Other cash flows from derivatives
\u2014
\u2014
\u2014
1
\u2014
1
Fair value changes
9
\u2014
\u2014
(121)
(9)
(121)
Additions to lease liabilities
\u2014
484
\u2014
\u2014
\u2014
484
Reassessments and modifications to leases
\u2014
1,183
\u2014
\u2014
\u2014
1,183
Termination of leases
\u2014
(71)
\u2014
\u2014
\u2014
(71)
Amortization of fair value adjustments and interest accretion to lease liability
(6)
465
\u2014
\u2014
\u2014
458
Other non-cash movements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Exchange rate differences
(173)
(878)
(52)
\u2014
(2)
(1,106)
As of December 28, 2025
5,503
11,974
926
(136)
12
18,280
1. The amount is net of deferred financing costs of \u20ac4 million, of which \u20ac3 million is included in Other within financing cash flows from continuing operations in the statement of cash flows.
2. Repayment of lease liabilities as presented in the statement of cash flows includes \u20ac4 million initial direct costs paid net of lease incentives received.
\u20ac million
Loans
Lease
liabilities
Short-term
borrowings and
bank overdrafts
Derivative
assets
Derivative
liabilities
Total
As of December 31, 2023
4,924
11,826
1,017
\u2014
32
17,799
Proceeds from long-term debt1
1,585
\u2014
\u2014
\u2014
\u2014
1,585
Acquisitions through business combinations
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Repayments of loans and lease liabilities
(782)
(1,742)
\u2014
\u2014
\u2014
(2,524)
Classified (to) held for sale or sold
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Changes in short-term borrowings and overdrafts
\u2014
\u2014
1,217
\u2014
\u2014
1,217
Other cash flows from derivatives
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Fair value changes
(1)
\u2014
\u2014
(16)
(10)
(27)
Additions to lease liabilities
\u2014
494
\u2014
\u2014
\u2014
494
Reassessments and modifications to leases
\u2014
892
\u2014
\u2014
\u2014
892
Termination of leases
\u2014
(63)
\u2014
\u2014
\u2014
(63)
Amortization of fair value adjustments and interest accretion to lease liability
(4)
422
\u2014
\u2014
\u2014
418
Other non-cash movements
(3)
\u2014
\u2014
\u2014
\u2014
(3)
Exchange rate differences
86
425
23
\u2014
1
535
As of December 29, 2024
5,805
12,253
2,256
(17)
23
20,321
1. The amount is net of deferred financing costs of \u20ac15 million, of which \u20ac9 million is included in Other within financing cash flows from continuing operations in the statement of cash flows.
28 Cash flow continued
\"Methodology.svg\"
Accounting policies
The Company has chosen to prepare the statement of cash flows using the indirect method,
which presents cash flows from operating activities as the income from continuing operations
adjusted for non-cash transactions, deferrals or accruals of past or future operating cash receipts
or payments, and items of income or expense associated with investing or financing cash flows.
Cash flows in foreign currencies have been translated using weighted average periodic exchange
rates. Interest paid on loans is presented as a financing activity, while interest received is
presented as an investing activity. Acquisitions and divestments of businesses are presented
net of cash and cash equivalents acquired or disposed of, respectively. The Company has
chosen to present dividends paid to its shareholders as a financing activity.
In the cash flow statement, the Company has classified the principal portion of lease payments,
as well as the interest portion, within financing activities. Lease payments are not split between
interest and principal portions but are shown as one line, Repayment of lease liabilities, in the
cash flow statement. Lease payments for short-term leases, lease payments for leases of low-
value assets and variable lease payments not included in the measurement of the lease liability
are classified as cash flows from operating activities.
The Company has classified cash flows from operating leases as operating activities. Cash flows
representing the collection of principal and interest payments for finance lease receivables are
classified as investing activities and disclosed using a single line in the cash flow statement,
Lease payments received on lease receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-540": { "value": "3547000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-541": { "value": "6157000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-542": { "value": "-52000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-543": { "value": "21000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-544": { "value": "-61000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-545": { "value": "-16000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsInvestingActivities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-546": { "value": "
The Company has chosen to prepare the statement of cash flows using the indirect method,
which presents cash flows from operating activities as the income from continuing operations
adjusted for non-cash transactions, deferrals or accruals of past or future operating cash receipts
or payments, and items of income or expense associated with investing or financing cash flows.
Cash flows in foreign currencies have been translated using weighted average periodic exchange
rates. Interest paid on loans is presented as a financing activity, while interest received is
presented as an investing activity. Acquisitions and divestments of businesses are presented
net of cash and cash equivalents acquired or disposed of, respectively. The Company has
chosen to present dividends paid to its shareholders as a financing activity.
In the cash flow statement, the Company has classified the principal portion of lease payments,
as well as the interest portion, within financing activities. Lease payments are not split between
interest and principal portions but are shown as one line, Repayment of lease liabilities, in the
cash flow statement. Lease payments for short-term leases, lease payments for leases of low-
value assets and variable lease payments not included in the measurement of the lease liability
are classified as cash flows from operating activities.
The Company has classified cash flows from operating leases as operating activities. Cash flows
representing the collection of principal and interest payments for finance lease receivables are
classified as investing activities and disclosed using a single line in the cash flow statement,
Lease payments received on lease receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-547": { "value": "
29 Earnings per share (EPS)
The calculation of basic and diluted net income per share attributable to common shareholders
is based on the following data:
2025
2024
Net income attributable to common shareholders for the purposes of
basic and diluted EPS (\u20ac million)
2,264
1,764
Number of shares (in millions)
Weighted average number of common shares for the purposes of basic EPS
901
930
Effect of dilutive potential common shares:
Conditional shares from share-based compensation programs
4
4
Weighted average number of common shares for the purposes of diluted
EPS
905
933
The calculation of the basic and diluted income from continuing operations per share attributable
to common shareholders is based on the same number of shares as detailed above and
the\u00a0following earnings data:
\u20ac million
2025
2024
Income from continuing operations, attributable to common shareholders
for the purposes of basic and diluted EPS
2,264
1,764
Both basic and diluted income per share from discontinued operations attributable to common
shareholders amounted to \u20ac0.00 (2024: \u20ac0.00), based on the income (loss) from discontinued
operations attributable to common shareholders of nil (2024: nil) and the denominators detailed above.
\"Methodology.svg\"
Accounting policies
Basic net income per share is calculated by dividing net income attributable to common
shareholders by the weighted average number of common shares outstanding during the
year. Basic income from continuing operations per share is calculated by dividing income
from continuing operations attributable\u00a0to common shareholders by the weighted average
number of common shares outstanding during the year.
Diluted income per share is calculated by dividing the net income/income from continuing
operations attributable to shareholders by the diluted weighted average number of common
shares outstanding. To determine the diluted weighted average number of common shares
outstanding, the weighted average number of shares outstanding is adjusted for the
conditional shares from the share-based compensation programs.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-548": { "value": "
\"Methodology.svg\"
Accounting policies
Basic net income per share is calculated by dividing net income attributable to common
shareholders by the weighted average number of common shares outstanding during the
year. Basic income from continuing operations per share is calculated by dividing income
from continuing operations attributable\u00a0to common shareholders by the weighted average
number of common shares outstanding during the year.
Diluted income per share is calculated by dividing the net income/income from continuing
operations attributable to shareholders by the diluted weighted average number of common
shares outstanding. To determine the diluted weighted average number of common shares
outstanding, the weighted average number of shares outstanding is adjusted for the
conditional shares from the share-based compensation programs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-549": { "value": "
Financial risk management
Ahold Delhaize is exposed to a variety of financial risks, including currency, interest rate, funding,
liquidity and counterparty risks. The Company\u2019s financial risk management is centralized through
its\u00a0Treasury function, which operates within a regularly reviewed framework of policies and
procedures. Ahold Delhaize\u2019s Management Board has overall responsibility for the establishment
and oversight of the Treasury risk management framework. Ahold Delhaize\u2019s management
reviews material changes to Treasury policies and receives information related to Treasury
activities. The Treasury function does not\u00a0operate as a profit center and manages the financial
risks that arise in relation to underlying business needs.
In accordance with its Treasury policies, Ahold Delhaize uses derivative instruments solely for
the purpose of hedging exposures. These exposures are mainly the result of interest rate and
currency risks arising from the Company\u2019s operations and its sources of financing. Ahold Delhaize
does not enter into derivative financial instruments for speculative purposes. The transaction
of derivative instruments is restricted to Treasury personnel only, and Ahold Delhaize\u2019s Internal
Control department reviews the Treasury internal control environment regularly.
Relationships with credit rating agencies and monitoring of key credit ratios are also managed
by the Treasury department.
30 Financial risk management and financial instruments
continued
Currency risk
Ahold Delhaize operates internationally and is exposed to foreign exchange risk arising from
currency exposures, primarily with respect to the U.S. dollar. Since Ahold Delhaize's subsidiaries
purchase and sell primarily in local currencies, the Company\u2019s exposure to exchange rate
movements in its commercial operations is limited. The Company is subject to foreign currency
exchange risks due to exchange rate movements in connection with the translation of its foreign
subsidiaries\u2019 income, assets and liabilities into euros for inclusion in its consolidated financial
statements. Translation risk related to Ahold Delhaize\u2019s foreign subsidiaries, joint ventures
and associates is not actively hedged; however, the Company aims to minimize this exposure
by funding its foreign operations in their functional currency wherever feasible.
To protect the value of future foreign currency cash flows, including loan and interest payments,
lease payments, dividends and firm purchase commitments, and the value of assets and liabilities
denominated in foreign currency, Ahold Delhaize seeks to mitigate its foreign currency exchange
exposure by borrowing in local currency and entering into various financial instruments, including
forward contracts and currency swaps. It is Ahold Delhaize\u2019s policy to cover foreign exchange
transaction exposure in relation to existing assets, liabilities and firm purchase commitments,
provided hedging instruments are available at a reasonable cost.
Foreign currency sensitivity analysis
As of December\u00a028, 2025, Ahold Delhaize carried out a sensitivity analysis with regard to
changes in foreign exchange rates to revalue dollar-denominated cash, cash equivalents and
debt in its balance sheet at year-end. Assuming the euro had strengthened (weakened) by 20%
against the U.S. dollar compared to the actual 2025 rate, with all other variables held constant,
the hypothetical result on income before income taxes would have been an increase (decrease)
of \u20ac8\u00a0million (2024: an increase (decrease) of \u20ac12\u00a0million), as a result of foreign exchange
revaluation of U.S. dollar-denominated monetary assets and liabilities held by non-U.S. dollar
functional currency subsidiaries.
The loss on foreign exchange recognized in the 2025 income statement related to the revaluation
of unhedged leases reported in the balance sheet amounted to \u20ac12 million (2024: loss of
\u20ac5\u00a0million). The strengthening (weakening) of the euro by 20% against the other currencies, with
all other variables held constant, would result in a loss (gain) of \u20ac296 million (2024:\u00a0\u20ac194\u00a0million).
Interest rate risk
Ahold Delhaize\u2019s outstanding debt and investment position is exposed to changes in interest
rates. To manage interest rate risk, Ahold Delhaize has an interest rate management policy
aiming to reduce volatility in its interest expense and maintaining a target percentage of its debt
in fixed-rate instruments. As of December\u00a028, 2025, 89% of\u00a0Ahold Delhaize\u2019s long-term bonds
were at fixed rates of interest (December\u00a029, 2024: 89% ). Interest rate swaps are taken into
account in the percentage as of December 28, 2025, and December 29, 2024 (see Derivatives).
Interest rate sensitivity analysis
The total interest expense recognized in the 2025 income statement related to the variable rates
of short- and long-term debt amounted to \u20ac25\u00a0million (2024: \u20ac24 million). An increase (decrease)
in market interest rates by 100 basis points, with all other variables (including foreign exchange
rates) held constant, would have resulted in a loss (gain) of \u20ac9 million (2024: \u20ac6 million).
The total interest income recognized in the 2025 income statement amounted to \u20ac159\u00a0million
(2024: \u20ac221\u00a0million), mainly related to variable rate investments and deposits. The\u00a0Company
estimates that a possible increase (decrease) of euro and U.S. dollar market interest rates
of 100 basis points, with all other variables (including foreign exchange rates) held\u00a0constant,
would have resulted in a gain of \u20ac25\u00a0million or a loss of \u20ac25\u00a0million, respectively (2024: gain
of \u20ac34\u00a0million or a loss of \u20ac34\u00a0million).
The above sensitivity analyses are for illustrative purposes only, as, in practice, market rates rarely
change in isolation from other factors that also affect Ahold Delhaize\u2019s financial position and results.
Supply chain financing
Ahold Delhaize has supply chain finance arrangements with third-party banks. As of
December\u00a028, 2025, the amounts due under the supply chain finance arrangements classified as
trade payables totaled \u20ac1,396 million (December\u00a029, 2024: \u20ac1,286 million). As of December\u00a028,
2025, \u20ac1,224 million was paid by third-party banks to suppliers (December\u00a029, 2024: \u20ac1,100\u00a0million).
For more information on the accounting policies regarding supply chain finance arrangements,
see section Accounting policies \u2013 Supply chain financing. The terms, including the payment
terms, of the trade payables that are part of the supply chain finance arrangements are not
substantially different from the terms of the Company\u2019s trade payables that are not part of the
supply chain arrangement. The payment due dates range from 10 to 180 days for the amounts
due under the supply chain finance arrangements and 0 to 180 days for other trade payables.
Credit risk
Ahold Delhaize has no significant concentrations of credit risk. The concentration of credit
risk with\u00a0respect to receivables is limited, as the Company\u2019s customer base and vendor base
are large. The Company applies the IFRS 9 simplified approach to measuring expected credit
losses, which uses a lifetime-expected loss allowance for all trade receivables. To measure
the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the numbers of past due days. The expected loss rate is calculated based
on delinquency status and actual historical credit loss experience. As a result, management
believes there is no further credit risk provision required over the normal individual and collective
impairment, based on an aging analysis performed as of December\u00a028, 2025. For further
discussion on Ahold Delhaize\u2019s receivables, see\u00a0Note 16 and\u00a0Note 18.
Financial transactions are entered into predominantly with investment-grade financial institutions.
The Company generally requires a minimum short-term rating of A1/P1 and a minimum long-term
rating of A3/A- for its deposit and investment products. However, the Company might occasionally
accept ratings below these levels for operational or other business reasons. Regarding credit
risk, derivative contracts with counterparties are entered into primarily under the standard terms
and conditions of the International Swaps and Derivatives Association (ISDA). With certain
counterparties, Ahold Delhaize has credit support annexes in place that materially reduce the
counterparty risk exposure because of a contractual exchange of cash collateral. Ahold Delhaize
has policies that limit the amount of counterparty credit exposure to any single financial institution
or investment vehicle and actively monitors these exposures.
Counterparty risk is measured by adding the nominal value of cash, short-term deposits
and marketable securities, and the mark-to-market of derivative instruments, netted with the
collateral posted, if any. As a result, the highest exposure to a single financial counterparty,
excluding AAA-rated money market funds, on December\u00a028, 2025, amounted to \u20ac218\u00a0million
(December\u00a029, 2024: \u20ac262\u00a0million).
30 Financial risk management and financial instruments
continued
Offsetting of financial instruments
Ahold Delhaize has several financial assets and financial liabilities that are subject to offsetting
or enforceable master netting arrangements and similar agreements.
Cash pool
The Company has implemented a cash pool system, allowing more efficient management of
the daily working capital needs of the participating operating entities. The settlement mechanism
of the cash pool is provided by an external financial counterparty. The cash pool system exposes
the Company to a single net amount with that financial counterparty rather than the gross amount
of several current accounts and bank overdraft balances with multiple financial counterparties.
From an operational perspective, the balances in the cash pool are netted. However, under the
guidance of IAS 32 regarding the offsetting of debit and credit balances for financial reporting
purposes, these balances have to be presented on a gross basis on the balance sheet\u00a0(see
Note 20 and Note 26).
ISDA master agreements for derivatives
The Company has entered into several ISDA master agreements in connection with its derivative
transactions. In general, under such agreements, the amounts owed by each counterparty
to another on the same day in respect of the same transaction payable in the same currency
are aggregated into a single net amount payable by one party to the other.
Under certain circumstances, if all transactions under the ISDA master agreement are terminated,
e.g., when a credit event such as payment default occurs, the termination value is assessed and
only a single net amount is payable in the settlement of all transactions governed by the ISDA
master agreement.
The ISDA agreements do not meet the criteria for offsetting on the balance sheet. This is because
the Company does not currently have a legally enforceable right to offset recognized amounts,
because the right to offset is enforceable only on the occurrence of a future event, such as a
default. ISDAs are considered to be master netting arrangements for IFRS 7 disclosure purposes.
The following table shows the maximum exposure of the Company\u2019s financial assets and
financial liabilities that are subject to offset or enforceable master netting arrangements
and similar agreements for the year ended December\u00a028, 2025.
\u20ac million
Gross
amounts in
the balance
sheet
Cash
collateral
received/
pledged1
Net exposure
Assets
Cash and cash equivalents
646
590
56
Total
646
590
56
Liabilities
Bank overdrafts
590
590
\u2014
Total
590
590
\u2014
1. Amounts not offset in the balance sheet but subject to master netting arrangements (or similar).
Liquidity risk
Ahold Delhaize views available cash balances and funds from operating activities as its primary
sources of liquidity, complemented with access to external sources of funds when required. Ahold
Delhaize manages short-term liquidity based on projected cash flows. As of December\u00a028, 2025,
the Company\u2019s liquidity position primarily comprised \u20ac3,115\u00a0million of cash (including short-term
deposits and similar instruments and the current portion of investments in debt instruments,
adjusted for cash held under a notional cash pooling arrangement), and the \u20ac1.5 billion
revolving credit facility, of which nil is drawn.
Based on the current operating performance and liquidity position, the Company believes
that its liquidity position will be sufficient for working capital, CapExs, commitments related to
acquisitions, interest payments, dividends, the announced \u20ac1 billion share buyback program
and scheduled debt repayments for the next 12 months. In addition, the Company has access
to its revolving credit facility and to the debt capital markets based on its current credit ratings.
The following tables summarize the expected maturity profile of the Company\u2019s financial liabilities
(including derivatives) as of December\u00a028, 2025, and December\u00a029, 2024, respectively, based
on contractual undiscounted payments.
All financial liabilities held at the reporting date, for which payments are already contractually
agreed, have been included. Amounts in foreign currency have been translated using the
reporting date closing rate. Cash flows arising from financial instruments carrying variable interest
payments have been calculated using the\u00a0forward curve interest rates as of December\u00a028, 2025,
and December\u00a029, 2024, respectively. See Note 34 for the liquidity risk related to guarantees.
30 Financial risk management and financial instruments
continued
Year ended December\u00a028, 2025
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(5,392)
(1,076)
(2,616)
(2,796)
(6,489)
Other loans
(1)
(1)
(1)
\u2014
(2)
Financing obligations
(109)
(20)
(20)
\u2014
(40)
Accounts payable under supply
chain finance arrangements
(1,396)
(1,396)
\u2014
\u2014
(1,396)
Accounts payable not under supply
chain finance arrangements
(7,613)
(7,613)
\u2014
\u2014
(7,613)
Accounts payable
(9,009)
(9,009)
\u2014
\u2014
(9,009)
Short-term borrowings
(926)
(926)
\u2014
\u2014
(926)
Interest payable
(92)
(92)
\u2014
\u2014
(92)
Reinsurance contract liabilities
(243)
(112)
(111)
(44)
(267)
Other long-term financial liabilities
(103)
(52)
(51)
\u2014
(104)
Other
(37)
(31)
\u2014
\u2014
(31)
Derivative financial liabilities
Derivatives
(12)
\u2014
(12)
\u2014
(12)
1. The maturity analysis for lease liabilities is included in Note 33.
Year ended December\u00a029, 2024
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(5,652)
(781)
(3,009)
(3,055)
(6,845)
Other loans
\u2014
\u2014
\u2014
\u2014
\u2014
Financing obligations
(153)
(28)
(46)
\u2014
(74)
Accounts payable under supply
chain finance arrangements
(1,286)
(1,286)
\u2014
\u2014
(1,286)
Accounts payable not under supply
chain finance arrangements
(7,238)
(7,238)
\u2014
\u2014
(7,238)
Accounts payable
(8,524)
(8,524)
\u2014
\u2014
(8,524)
Short-term borrowings
(2,256)
(2,256)
\u2014
\u2014
(2,256)
Interest payable
(83)
(83)
\u2014
\u2014
(83)
Reinsurance contract liabilities
(286)
(136)
(131)
(53)
(320)
Other long-term financial liabilities
(156)
(54)
(104)
\u2014
(158)
Other
(26)
(18)
\u2014
\u2014
(18)
Derivative financial liabilities
Derivatives
(23)
(1)
\u2014
(22)
(23)
1. The maturity analysis for lease liabilities is included in Note 33.
30 Financial risk management and financial instruments
continued
Credit ratings
Maintaining investment-grade credit ratings is a cornerstone of Ahold Delhaize\u2019s financial
strategy because such ratings optimize the cost of funding and facilitate access to capital.
Ahold Delhaize\u2019s current credit ratings from the solicited rating agencies are:
\u00f3 Standard & Poor\u2019s: Corporate credit rating BBB+, with a stable outlook as of March 2023
(previous rating BBB assigned in September 2022).
\u00f3 Moody\u2019s: Issuer credit rating Baa1, with a stable outlook as of February 2018\u00a0(previous
rating Baa2 assigned in August 2015).
Capital management
The Company\u2019s primary capital management objective is the optimization of its debt and equity
balances to sustain the development of the business, maintain its\u00a0investment-grade credit
ratings, and maximize shareholder value.
Ahold Delhaize may balance its capital structure in several ways, including through the payment
of dividends, capital repayment, new share issues, share buybacks and the issuance or
redemption of debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-550": { "value": "
Currency risk
Ahold Delhaize operates internationally and is exposed to foreign exchange risk arising from
currency exposures, primarily with respect to the U.S. dollar. Since Ahold Delhaize's subsidiaries
purchase and sell primarily in local currencies, the Company\u2019s exposure to exchange rate
movements in its commercial operations is limited. The Company is subject to foreign currency
exchange risks due to exchange rate movements in connection with the translation of its foreign
subsidiaries\u2019 income, assets and liabilities into euros for inclusion in its consolidated financial
statements. Translation risk related to Ahold Delhaize\u2019s foreign subsidiaries, joint ventures
and associates is not actively hedged; however, the Company aims to minimize this exposure
by funding its foreign operations in their functional currency wherever feasible.
To protect the value of future foreign currency cash flows, including loan and interest payments,
lease payments, dividends and firm purchase commitments, and the value of assets and liabilities
denominated in foreign currency, Ahold Delhaize seeks to mitigate its foreign currency exchange
exposure by borrowing in local currency and entering into various financial instruments, including
forward contracts and currency swaps. It is Ahold Delhaize\u2019s policy to cover foreign exchange
transaction exposure in relation to existing assets, liabilities and firm purchase commitments,
provided hedging instruments are available at a reasonable cost.
Foreign currency sensitivity analysis
As of December\u00a028, 2025, Ahold Delhaize carried out a sensitivity analysis with regard to
changes in foreign exchange rates to revalue dollar-denominated cash, cash equivalents and
debt in its balance sheet at year-end. Assuming the euro had strengthened (weakened) by 20%
against the U.S. dollar compared to the actual 2025 rate, with all other variables held constant,
the hypothetical result on income before income taxes would have been an increase (decrease)
of \u20ac8\u00a0million (2024: an increase (decrease) of \u20ac12\u00a0million), as a result of foreign exchange
revaluation of U.S. dollar-denominated monetary assets and liabilities held by non-U.S. dollar
functional currency subsidiaries.
The loss on foreign exchange recognized in the 2025 income statement related to the revaluation
of unhedged leases reported in the balance sheet amounted to \u20ac12 million (2024: loss of
\u20ac5\u00a0million). The strengthening (weakening) of the euro by 20% against the other currencies, with
all other variables held constant, would result in a loss (gain) of \u20ac296 million (2024:\u00a0\u20ac194\u00a0million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-551": { "value": "159000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromInterest", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-552": { "value": "221000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RevenueFromInterest", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-553": { "value": "
Credit risk
Ahold Delhaize has no significant concentrations of credit risk. The concentration of credit
risk with\u00a0respect to receivables is limited, as the Company\u2019s customer base and vendor base
are large. The Company applies the IFRS 9 simplified approach to measuring expected credit
losses, which uses a lifetime-expected loss allowance for all trade receivables. To measure
the expected credit losses, trade receivables have been grouped based on shared credit risk
characteristics and the numbers of past due days. The expected loss rate is calculated based
on delinquency status and actual historical credit loss experience. As a result, management
believes there is no further credit risk provision required over the normal individual and collective
impairment, based on an aging analysis performed as of December\u00a028, 2025. For further
discussion on Ahold Delhaize\u2019s receivables, see\u00a0Note 16 and\u00a0Note 18.
Financial transactions are entered into predominantly with investment-grade financial institutions.
The Company generally requires a minimum short-term rating of A1/P1 and a minimum long-term
rating of A3/A- for its deposit and investment products. However, the Company might occasionally
accept ratings below these levels for operational or other business reasons. Regarding credit
risk, derivative contracts with counterparties are entered into primarily under the standard terms
and conditions of the International Swaps and Derivatives Association (ISDA). With certain
counterparties, Ahold Delhaize has credit support annexes in place that materially reduce the
counterparty risk exposure because of a contractual exchange of cash collateral. Ahold Delhaize
has policies that limit the amount of counterparty credit exposure to any single financial institution
or investment vehicle and actively monitors these exposures.
Counterparty risk is measured by adding the nominal value of cash, short-term deposits
and marketable securities, and the mark-to-market of derivative instruments, netted with the
collateral posted, if any. As a result, the highest exposure to a single financial counterparty,
excluding AAA-rated money market funds, on December\u00a028, 2025, amounted to \u20ac218\u00a0million
(December\u00a029, 2024: \u20ac262\u00a0million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-554": { "value": "
Offsetting of financial instruments
Ahold Delhaize has several financial assets and financial liabilities that are subject to offsetting
or enforceable master netting arrangements and similar agreements.
Cash pool
The Company has implemented a cash pool system, allowing more efficient management of
the daily working capital needs of the participating operating entities. The settlement mechanism
of the cash pool is provided by an external financial counterparty. The cash pool system exposes
the Company to a single net amount with that financial counterparty rather than the gross amount
of several current accounts and bank overdraft balances with multiple financial counterparties.
From an operational perspective, the balances in the cash pool are netted. However, under the
guidance of IAS 32 regarding the offsetting of debit and credit balances for financial reporting
purposes, these balances have to be presented on a gross basis on the balance sheet\u00a0(see
Note 20 and Note 26).
ISDA master agreements for derivatives
The Company has entered into several ISDA master agreements in connection with its derivative
transactions. In general, under such agreements, the amounts owed by each counterparty
to another on the same day in respect of the same transaction payable in the same currency
are aggregated into a single net amount payable by one party to the other.
Under certain circumstances, if all transactions under the ISDA master agreement are terminated,
e.g., when a credit event such as payment default occurs, the termination value is assessed and
only a single net amount is payable in the settlement of all transactions governed by the ISDA
master agreement.
The ISDA agreements do not meet the criteria for offsetting on the balance sheet. This is because
the Company does not currently have a legally enforceable right to offset recognized amounts,
because the right to offset is enforceable only on the occurrence of a future event, such as a
default. ISDAs are considered to be master netting arrangements for IFRS 7 disclosure purposes.
The following table shows the maximum exposure of the Company\u2019s financial assets and
financial liabilities that are subject to offset or enforceable master netting arrangements
and similar agreements for the year ended December\u00a028, 2025.
\u20ac million
Gross
amounts in
the balance
sheet
Cash
collateral
received/
pledged1
Net exposure
Assets
Cash and cash equivalents
646
590
56
Total
646
590
56
Liabilities
Bank overdrafts
590
590
\u2014
Total
590
590
\u2014
1. Amounts not offset in the balance sheet but subject to master netting arrangements (or similar).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-555": { "value": "
Liquidity risk
Ahold Delhaize views available cash balances and funds from operating activities as its primary
sources of liquidity, complemented with access to external sources of funds when required. Ahold
Delhaize manages short-term liquidity based on projected cash flows. As of December\u00a028, 2025,
the Company\u2019s liquidity position primarily comprised \u20ac3,115\u00a0million of cash (including short-term
deposits and similar instruments and the current portion of investments in debt instruments,
adjusted for cash held under a notional cash pooling arrangement), and the \u20ac1.5 billion
revolving credit facility, of which nil is drawn.
Based on the current operating performance and liquidity position, the Company believes
that its liquidity position will be sufficient for working capital, CapExs, commitments related to
acquisitions, interest payments, dividends, the announced \u20ac1 billion share buyback program
and scheduled debt repayments for the next 12 months. In addition, the Company has access
to its revolving credit facility and to the debt capital markets based on its current credit ratings.
The following tables summarize the expected maturity profile of the Company\u2019s financial liabilities
(including derivatives) as of December\u00a028, 2025, and December\u00a029, 2024, respectively, based
on contractual undiscounted payments.
All financial liabilities held at the reporting date, for which payments are already contractually
agreed, have been included. Amounts in foreign currency have been translated using the
reporting date closing rate. Cash flows arising from financial instruments carrying variable interest
payments have been calculated using the\u00a0forward curve interest rates as of December\u00a028, 2025,
and December\u00a029, 2024, respectively. See Note 34 for the liquidity risk related to guarantees.
30 Financial risk management and financial instruments
continued
Year ended December\u00a028, 2025
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(5,392)
(1,076)
(2,616)
(2,796)
(6,489)
Other loans
(1)
(1)
(1)
\u2014
(2)
Financing obligations
(109)
(20)
(20)
\u2014
(40)
Accounts payable under supply
chain finance arrangements
(1,396)
(1,396)
\u2014
\u2014
(1,396)
Accounts payable not under supply
chain finance arrangements
(7,613)
(7,613)
\u2014
\u2014
(7,613)
Accounts payable
(9,009)
(9,009)
\u2014
\u2014
(9,009)
Short-term borrowings
(926)
(926)
\u2014
\u2014
(926)
Interest payable
(92)
(92)
\u2014
\u2014
(92)
Reinsurance contract liabilities
(243)
(112)
(111)
(44)
(267)
Other long-term financial liabilities
(103)
(52)
(51)
\u2014
(104)
Other
(37)
(31)
\u2014
\u2014
(31)
Derivative financial liabilities
Derivatives
(12)
\u2014
(12)
\u2014
(12)
1. The maturity analysis for lease liabilities is included in Note 33.
Year ended December\u00a029, 2024
\u20ac million
Net carrying
amount
Contractual cash flows
Within
1 year
Between
1 and 5
years
After
5 years
Total
Non-derivative financial liabilities1
Notes
(5,652)
(781)
(3,009)
(3,055)
(6,845)
Other loans
\u2014
\u2014
\u2014
\u2014
\u2014
Financing obligations
(153)
(28)
(46)
\u2014
(74)
Accounts payable under supply
chain finance arrangements
(1,286)
(1,286)
\u2014
\u2014
(1,286)
Accounts payable not under supply
chain finance arrangements
(7,238)
(7,238)
\u2014
\u2014
(7,238)
Accounts payable
(8,524)
(8,524)
\u2014
\u2014
(8,524)
Short-term borrowings
(2,256)
(2,256)
\u2014
\u2014
(2,256)
Interest payable
(83)
(83)
\u2014
\u2014
(83)
Reinsurance contract liabilities
(286)
(136)
(131)
(53)
(320)
Other long-term financial liabilities
(156)
(54)
(104)
\u2014
(158)
Other
(26)
(18)
\u2014
\u2014
(18)
Derivative financial liabilities
Derivatives
(23)
(1)
\u2014
(22)
(23)
1. The maturity analysis for lease liabilities is included in Note 33.
30 Financial risk management and financial instruments
continued
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-556": { "value": "
Capital management
The Company\u2019s primary capital management objective is the optimization of its debt and equity
balances to sustain the development of the business, maintain its\u00a0investment-grade credit
ratings, and maximize shareholder value.
Ahold Delhaize may balance its capital structure in several ways, including through the payment
of dividends, capital repayment, new share issues, share buybacks and the issuance or
redemption of debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-558": { "value": "
Financial instruments
Accounting classification and fair values of financial instruments
The following tables present the fair value of financial instruments, based on Ahold Delhaize\u2019s
categories of financial instruments, including current portions, compared to the carrying amount
at which these instruments are included on the balance sheet:
\u20ac million
December 28, 2025
December 29, 2024
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial assets at amortized cost
Loans receivable
241
231
162
162
Trade and other (non-)current receivables
2,789
2,789
2,767
2,767
Lease receivable
597
597
575
559
Cash and cash equivalents
3,014
3,014
5,499
5,499
Short-term deposits and similar investments
14
14
16
16
6,656
6,646
9,019
9,003
Financial assets at fair value through profit or
loss
Cash equivalents1
591
591
670
670
Reinsurance contract assets
285
285
334
334
Investments in debt instruments
92
92
7
7
968
968
1,010
1,010
Financial assets at fair value through other
comprehensive income
Investments in equity instruments
\u2014
\u2014
\u2014
\u2014
Derivative financial instruments
Derivatives
136
136
17
17
Total financial assets
7,760
7,750
10,046
10,030
1.\u00a0 Certain cash equivalents that were previously presented in the amortized cost category are now classified as fair value
through profit or loss. The comparative amounts have been restated to conform to the current year\u2019s presentation.
30 Financial risk management and financial instruments
continued
\u20ac million
December 28, 2025
December 29, 2024
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial liabilities at amortized cost
Notes
(5,392)
(5,365)
(5,652)
(5,578)
Other loans
(1)
(1)
\u2014
\u2014
Financing obligations
(109)
(38)
(153)
(65)
Accounts payable
(9,009)
(9,009)
(8,524)
(8,524)
Short-term borrowings
(926)
(926)
(2,256)
(2,256)
Interest payable
(92)
(92)
(83)
(83)
Other long-term financial liabilities
(103)
(103)
(156)
(157)
Other
(37)
(37)
(26)
(26)
(15,671)
(15,572)
(16,850)
(16,688)
Financial liabilities at fair value through profit
or loss
Reinsurance contract liabilities
(243)
(243)
(286)
(286)
Derivative financial instruments
Derivatives
(12)
(12)
(23)
(23)
Total financial liabilities excluding lease
liabilities
(15,926)
(15,827)
(17,159)
(16,997)
Long-term lease liabilities
(11,974)
N/A
(12,253)
N/A
Total financial liabilities
(27,900)
N/A
(29,412)
N/A
Of Ahold Delhaize\u2019s categories of financial instruments, only reinsurance assets (liabilities),
derivatives, investments in debt and certain cash equivalents and equity instruments are
measured and recognized on the balance sheet at fair value. These fair value measurements are
categorized within Level 2 or Level 3 of the fair value hierarchy. The Company uses inputs other
than quoted prices that are observable for the asset or liability, either directly (i.e., as prices)
or indirectly (i.e., derived from prices).
The fair value of derivative instruments is measured by using either a market or income approach
(mainly present value techniques). Foreign currency forward contracts are measured using
quoted forward exchange rates and yield curves derived from quoted interest rates that match
the maturity of the contracts. Interest rate swaps are measured at the present value of expected
future cash flows. Expected future cash flows are discounted by using the applicable yield curves
derived from quoted interest rates.
The fair value measurement of the virtual PPA is categorized within Level 3 of the fair value
hierarchy. The Company uses unobservable input data, such as the volume of generated solar
power and the price curves of the respective electricity market. The fair value is calculated as
the net forecasted cash in- or outflows discounted to the present value.
To the extent that no cash collateral is contractually required, the valuation of Ahold Delhaize\u2019s
derivative instruments is adjusted for the credit risk of the counterparty, called Credit Valuation
Adjustment (CVA), and for Ahold Delhaize's own credit risk, called Debit Valuation Adjustment
(DVA). The valuation technique for the CVA/DVA calculation is based on relevant observable
market inputs.\u00a0
No CVA/DVA adjustments are made to the valuation of certain derivative instruments, for which
both Ahold Delhaize and its counterparties are required to post or redeem cash collaterals if
the value of a derivative exceeds a threshold defined in the contractual provisions. Such cash
collaterals materially reduce the impact of both the counterparty and Ahold Delhaize\u2019s own
non-performance risk on the value of the instrument. Ahold Delhaize posted deposits as collateral
in the net amount of \u20ac12 million as of December\u00a028, 2025 (December\u00a029, 2024: \u20ac24 million).
The counterparties have an obligation to repay the deposits to Ahold Delhaize upon settlement
of the contracts.\u00a0
The carrying amount of trade and other (non-)current receivables, cash and cash equivalents,
accounts payable, short-term deposits and similar instruments, and other current financial assets
and liabilities approximate their fair values because of the short-term nature of these instruments
and, for receivables, because any expected recoverability loss is reflected in an impairment loss.
The fair values of quoted borrowings for which an active market exists are based on year-end
quoted prices. The fair value of other non-derivative financial assets and liabilities that are not
traded in an active market is estimated using discounted cash flow analyses based on market
rates prevailing at year-end.
As of December\u00a028, 2025, short-term deposits and similar instruments (\u20ac14\u00a0million) contain
short-term liquid investments that are considered part of Ahold Delhaize\u2019s cash position.
Derivatives
Fair values, notional amounts, maturities and the qualification of derivative financial instruments
for accounting purposes are presented in the table below:
\u20ac million
Maturity
December 28, 2025
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
17
Forward foreign currency contracts
After 5 years
\u2014
\u2014
56
Virtual PPAs
After 5 years
49
\u2014
137
Total cash flow hedges
49
\u2014
211
Forward commodity contracts1
Within 1 year
\u2014
\u2014
7
Interest rate swaps2
Between 1 and 5 years
\u2014
(12)
170
Total fair value hedges
\u2014
(12)
177
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
63
Virtual PPAs
After 5 years
87
\u2014
369
Total derivatives \u2013 no hedge
accounting treatment
88
\u2014
432
Total derivative financial instruments
136
(12)
820
30 Financial risk management and financial instruments
continued
\u20ac million
Maturity
December 29, 2024
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
After 5 years
\u2014
\u2014
\u2014
Total cash flow hedges
\u2014
\u2014
\u2014
Forward commodity contracts1
Within 1 year
\u2014
(1)
6
Interest rate swaps2
After 5 years
\u2014
(22)
192
Total fair value hedges
\u2014
(23)
198
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
95
Virtual PPAs
After 5 years
16
\u2014
219
Total derivatives \u2013 no hedge accounting
treatment
16
\u2014
314
Total derivative financial instruments
17
(23)
512
1. Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2025 and 2024.
2. Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2025 and 2024.
Ahold Delhaize entered into two virtual PPAs in the second half of 2025, in addition to the one
virtual PPA entered into in 2024. The initial fair value of \u20ac125 million was deferred and will be
released as other financial income (expense) over the contract term starting when energy
generation commences (2024: initial fair value \u20ac16 million). As of December 28, 2025, the fair
value was \u20ac136 million (December 29, 2024: \u20ac16 million). For one virtual PPA, the unrealized
change in fair value of \u20ac4 million is recorded in the cash flow hedging reserve in accordance
with the amendments in IFRS 9 that were early adopted in 2025 (see Note 3). The other
virtual PPAs do not qualify for hedge accounting and the unrealized change in fair value
of nil is recorded in other financial income and expense (see Note 9).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-557": { "value": "
Financial instruments
Accounting classification and fair values of financial instruments
The following tables present the fair value of financial instruments, based on Ahold Delhaize\u2019s
categories of financial instruments, including current portions, compared to the carrying amount
at which these instruments are included on the balance sheet:
\u20ac million
December 28, 2025
December 29, 2024
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial assets at amortized cost
Loans receivable
241
231
162
162
Trade and other (non-)current receivables
2,789
2,789
2,767
2,767
Lease receivable
597
597
575
559
Cash and cash equivalents
3,014
3,014
5,499
5,499
Short-term deposits and similar investments
14
14
16
16
6,656
6,646
9,019
9,003
Financial assets at fair value through profit or
loss
Cash equivalents1
591
591
670
670
Reinsurance contract assets
285
285
334
334
Investments in debt instruments
92
92
7
7
968
968
1,010
1,010
Financial assets at fair value through other
comprehensive income
Investments in equity instruments
\u2014
\u2014
\u2014
\u2014
Derivative financial instruments
Derivatives
136
136
17
17
Total financial assets
7,760
7,750
10,046
10,030
1.\u00a0 Certain cash equivalents that were previously presented in the amortized cost category are now classified as fair value
through profit or loss. The comparative amounts have been restated to conform to the current year\u2019s presentation.
30 Financial risk management and financial instruments
continued
\u20ac million
December 28, 2025
December 29, 2024
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial liabilities at amortized cost
Notes
(5,392)
(5,365)
(5,652)
(5,578)
Other loans
(1)
(1)
\u2014
\u2014
Financing obligations
(109)
(38)
(153)
(65)
Accounts payable
(9,009)
(9,009)
(8,524)
(8,524)
Short-term borrowings
(926)
(926)
(2,256)
(2,256)
Interest payable
(92)
(92)
(83)
(83)
Other long-term financial liabilities
(103)
(103)
(156)
(157)
Other
(37)
(37)
(26)
(26)
(15,671)
(15,572)
(16,850)
(16,688)
Financial liabilities at fair value through profit
or loss
Reinsurance contract liabilities
(243)
(243)
(286)
(286)
Derivative financial instruments
Derivatives
(12)
(12)
(23)
(23)
Total financial liabilities excluding lease
liabilities
(15,926)
(15,827)
(17,159)
(16,997)
Long-term lease liabilities
(11,974)
N/A
(12,253)
N/A
Total financial liabilities
(27,900)
N/A
(29,412)
N/A
Of Ahold Delhaize\u2019s categories of financial instruments, only reinsurance assets (liabilities),
derivatives, investments in debt and certain cash equivalents and equity instruments are
measured and recognized on the balance sheet at fair value. These fair value measurements are
categorized within Level 2 or Level 3 of the fair value hierarchy. The Company uses inputs other
than quoted prices that are observable for the asset or liability, either directly (i.e., as prices)
or indirectly (i.e., derived from prices).
The fair value of derivative instruments is measured by using either a market or income approach
(mainly present value techniques). Foreign currency forward contracts are measured using
quoted forward exchange rates and yield curves derived from quoted interest rates that match
the maturity of the contracts. Interest rate swaps are measured at the present value of expected
future cash flows. Expected future cash flows are discounted by using the applicable yield curves
derived from quoted interest rates.
The fair value measurement of the virtual PPA is categorized within Level 3 of the fair value
hierarchy. The Company uses unobservable input data, such as the volume of generated solar
power and the price curves of the respective electricity market. The fair value is calculated as
the net forecasted cash in- or outflows discounted to the present value.
To the extent that no cash collateral is contractually required, the valuation of Ahold Delhaize\u2019s
derivative instruments is adjusted for the credit risk of the counterparty, called Credit Valuation
Adjustment (CVA), and for Ahold Delhaize's own credit risk, called Debit Valuation Adjustment
(DVA). The valuation technique for the CVA/DVA calculation is based on relevant observable
market inputs.\u00a0
No CVA/DVA adjustments are made to the valuation of certain derivative instruments, for which
both Ahold Delhaize and its counterparties are required to post or redeem cash collaterals if
the value of a derivative exceeds a threshold defined in the contractual provisions. Such cash
collaterals materially reduce the impact of both the counterparty and Ahold Delhaize\u2019s own
non-performance risk on the value of the instrument. Ahold Delhaize posted deposits as collateral
in the net amount of \u20ac12 million as of December\u00a028, 2025 (December\u00a029, 2024: \u20ac24 million).
The counterparties have an obligation to repay the deposits to Ahold Delhaize upon settlement
of the contracts.\u00a0
The carrying amount of trade and other (non-)current receivables, cash and cash equivalents,
accounts payable, short-term deposits and similar instruments, and other current financial assets
and liabilities approximate their fair values because of the short-term nature of these instruments
and, for receivables, because any expected recoverability loss is reflected in an impairment loss.
The fair values of quoted borrowings for which an active market exists are based on year-end
quoted prices. The fair value of other non-derivative financial assets and liabilities that are not
traded in an active market is estimated using discounted cash flow analyses based on market
rates prevailing at year-end.
As of December\u00a028, 2025, short-term deposits and similar instruments (\u20ac14\u00a0million) contain
short-term liquid investments that are considered part of Ahold Delhaize\u2019s cash position.
Derivatives
Fair values, notional amounts, maturities and the qualification of derivative financial instruments
for accounting purposes are presented in the table below:
\u20ac million
Maturity
December 28, 2025
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
17
Forward foreign currency contracts
After 5 years
\u2014
\u2014
56
Virtual PPAs
After 5 years
49
\u2014
137
Total cash flow hedges
49
\u2014
211
Forward commodity contracts1
Within 1 year
\u2014
\u2014
7
Interest rate swaps2
Between 1 and 5 years
\u2014
(12)
170
Total fair value hedges
\u2014
(12)
177
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
63
Virtual PPAs
After 5 years
87
\u2014
369
Total derivatives \u2013 no hedge
accounting treatment
88
\u2014
432
Total derivative financial instruments
136
(12)
820
30 Financial risk management and financial instruments
continued
\u20ac million
Maturity
December 29, 2024
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
After 5 years
\u2014
\u2014
\u2014
Total cash flow hedges
\u2014
\u2014
\u2014
Forward commodity contracts1
Within 1 year
\u2014
(1)
6
Interest rate swaps2
After 5 years
\u2014
(22)
192
Total fair value hedges
\u2014
(23)
198
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
95
Virtual PPAs
After 5 years
16
\u2014
219
Total derivatives \u2013 no hedge accounting
treatment
16
\u2014
314
Total derivative financial instruments
17
(23)
512
1. Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2025 and 2024.
2. Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2025 and 2024.
Ahold Delhaize entered into two virtual PPAs in the second half of 2025, in addition to the one
virtual PPA entered into in 2024. The initial fair value of \u20ac125 million was deferred and will be
released as other financial income (expense) over the contract term starting when energy
generation commences (2024: initial fair value \u20ac16 million). As of December 28, 2025, the fair
value was \u20ac136 million (December 29, 2024: \u20ac16 million). For one virtual PPA, the unrealized
change in fair value of \u20ac4 million is recorded in the cash flow hedging reserve in accordance
with the amendments in IFRS 9 that were early adopted in 2025 (see Note 3). The other
virtual PPAs do not qualify for hedge accounting and the unrealized change in fair value
of nil is recorded in other financial income and expense (see Note 9).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-559": { "value": "
Derivatives
Fair values, notional amounts, maturities and the qualification of derivative financial instruments
for accounting purposes are presented in the table below:
\u20ac million
Maturity
December 28, 2025
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
17
Forward foreign currency contracts
After 5 years
\u2014
\u2014
56
Virtual PPAs
After 5 years
49
\u2014
137
Total cash flow hedges
49
\u2014
211
Forward commodity contracts1
Within 1 year
\u2014
\u2014
7
Interest rate swaps2
Between 1 and 5 years
\u2014
(12)
170
Total fair value hedges
\u2014
(12)
177
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
63
Virtual PPAs
After 5 years
87
\u2014
369
Total derivatives \u2013 no hedge
accounting treatment
88
\u2014
432
Total derivative financial instruments
136
(12)
820
30 Financial risk management and financial instruments
continued
\u20ac million
Maturity
December 29, 2024
Fair value
Notional
amount
Assets
Liabilities
Forward foreign currency contracts
After 5 years
\u2014
\u2014
\u2014
Total cash flow hedges
\u2014
\u2014
\u2014
Forward commodity contracts1
Within 1 year
\u2014
(1)
6
Interest rate swaps2
After 5 years
\u2014
(22)
192
Total fair value hedges
\u2014
(23)
198
Forward foreign currency contracts
Within 1 year
\u2014
\u2014
95
Virtual PPAs
After 5 years
16
\u2014
219
Total derivatives \u2013 no hedge accounting
treatment
16
\u2014
314
Total derivative financial instruments
17
(23)
512
1. Hedge ineffectiveness in relation to the forward commodity contracts was negligible for 2025 and 2024.
2. Hedge ineffectiveness in relation to the interest rate swaps was negligible for 2025 and 2024.
Ahold Delhaize entered into two virtual PPAs in the second half of 2025, in addition to the one
virtual PPA entered into in 2024. The initial fair value of \u20ac125 million was deferred and will be
released as other financial income (expense) over the contract term starting when energy
generation commences (2024: initial fair value \u20ac16 million). As of December 28, 2025, the fair
value was \u20ac136 million (December 29, 2024: \u20ac16 million). For one virtual PPA, the unrealized
change in fair value of \u20ac4 million is recorded in the cash flow hedging reserve in accordance
with the amendments in IFRS 9 that were early adopted in 2025 (see Note 3). The other
virtual PPAs do not qualify for hedge accounting and the unrealized change in fair value
of nil is recorded in other financial income and expense (see Note 9).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-560": { "value": "
\"Methodology.svg\"
Accounting policies
Financial assets
Financial assets are recognized when the Company becomes a party to the contractual
provisions of a financial instrument. Financial assets are derecognized when the rights to receive
cash flows from the financial assets expire, or if the Company transfers the financial asset to
another party and does not retain control or substantially all risks and rewards of the asset.
Purchases and sales of financial assets in the normal course of business are accounted
for at settlement date (i.e., the date that the asset is delivered to or by the Company).
At initial recognition, the Company measures its financial assets at their fair value plus,
in the case of a financial asset not at fair value through profit and loss (FVPL), transaction
costs that are directly attributable to the acquisition or issue of the financial asset.
Upon initial recognition, the Company classifies its financial assets as subsequently measured
at either (i) amortized cost, (ii) fair value through other comprehensive income (FVOCI)
or (iii) FVPL on the basis of both:
\u00f3 The Company\u2019s business model for managing the financial assets
\u00f3 The contractual cash flow characteristics of the financial asset
Subsequent to initial recognition, financial assets are measured as described below.
Financial assets at amortized cost
Financial assets are measured at amortized cost if both (i) the financial asset is held within a
business model whose objective is to hold financial assets in order to collect contractual cash
flows and (ii) the contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
A financial asset measured at amortized cost is initially recognized at fair value plus transaction
cost\u00a0directly attributable to the asset. After initial recognition, the carrying amount of the financial
asset\u00a0measured at amortized cost is determined using the effective interest method, less any
impairment losses.
The Company\u2019s financial assets measured at amortized cost comprise loans receivable, net
investment in leases, trade and other (non-)current receivables, cash and cash equivalents,
short-term deposits and similar instruments.
Financial assets at FVOCI
A financial asset is measured at FVOCI if both (i) the financial asset is held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial
assets and (ii) the contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.\u00a0
The Company also has the option to designate other financial assets at FVOCI. In such
situations, the fair value movements are recognized in other comprehensive income, but any
dividends earned are recognized in profit or loss.
Investments in debt instruments measured at FVOCI are recognized initially at fair value plus
transaction cost directly attributable to the asset. After initial recognition, the asset is measured at
fair value, with changes in fair value included in other comprehensive income. Accumulated gains
or losses recognized through other comprehensive income are reclassified to profit or loss when
the debt instrument is derecognized.
There is no subsequent reclassification of fair value gains and losses to profit or loss following
the derecognition of the investments in equity instruments that are not held for trading and for
which the Company made an irrevocable election at the time of initial recognition to account
for the investment in equity instruments at FVOCI.
30 Financial risk management and financial instruments
continued
Financial assets at FVPL
When any of the above-mentioned conditions for classification of financial assets are not met,
a financial asset is classified as FVPL and measured at fair value with changes in fair value
recognized in profit or loss.
A financial asset measured at FVPL is recognized initially at fair value and its transaction cost
is recognized in profit or loss when incurred. A gain or loss on a financial asset measured at
FVPL is recognized in the income statement for the reporting period in which it arises.
The Company may, at initial recognition, irrevocably designate a financial asset as measured
at FVPL if doing so eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise from measuring assets or liabilities or recognizing
the gains and losses on them on different bases.
The Company\u2019s financial instruments measured at FVPL comprise reinsurance assets,
derivatives and certain cash equivalents and investments in debt instruments.
Impairment of financial assets
At each balance sheet date, the Company assesses whether there is objective evidence that
a financial asset or a group of financial assets is impaired and recognizes a loss allowance
for expected credit losses for financial assets measured at either amortized costs or fair value
through other comprehensive income. If, at the reporting date, the credit risk on a financial
instrument has not increased significantly since initial recognition, the Company measures the
loss allowance for the financial instrument at an amount equal to 12 months of expected credit
losses. If, at the reporting date, the credit risk on a financial instrument has increased significantly
since initial recognition, the Company measures the loss allowance for the financial instrument
at an amount equal to the lifetime-expected credit losses. The Company always measures the
loss allowance at an amount equal to lifetime-expected credit losses for trade receivables,
contract assets and lease receivables.
Financial liabilities
Financial liabilities are recognized when the Company becomes a party to the contractual
provisions of a financial instrument. Financial liabilities are derecognized when the
Company\u2019s obligations specified in the contract expire or are discharged or canceled.
All financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings, net of directly attributable transaction costs.
The Company classifies all financial liabilities as subsequently measured at amortized cost,
except for derivatives and reinsurance liabilities. Any difference between the proceeds and
redemption value is recognized in the income statement over the period of the loans and
short-term borrowings using the effective interest method.
Financial liabilities are classified as current liabilities unless the Company has an unconditional
right to defer settlement of the liability for at least 12 months after the balance sheet date.
Derivative financial instruments
All derivative financial instruments are initially recognized at fair value at the date the derivative
contracts are entered into and are subsequently remeasured to their fair value at the end of each
reporting period. Gains and losses resulting from the fair value remeasurement are recognized
in the income statement as fair value gains (losses) on financial instruments, unless the derivative
qualifies and is effective as a hedging instrument in a designated hedging relationship. In order
for a derivative financial instrument to qualify as a hedging instrument for accounting purposes,
the Company must document (i) at the inception of the transaction, the relationship between the
hedging instrument and the hedged item, as well as its risk management objectives and strategy
for undertaking various hedging transactions and (ii) its assessment, both at hedge inception and
on an ongoing basis, of whether the derivative that is used in the hedging transaction is highly
effective in offsetting changes in fair values or cash flows of hedged items. Derivatives that
are designated as hedges are accounted for as either cash flow hedges or fair value hedges.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as
cash flow hedges is recognized initially in the cash flow hedging reserve, a separate component
of equity. The gain or loss relating to the ineffective portion is recognized immediately in the
income statement. Amounts accumulated in equity are reclassified into the income statement in
the same period in which the related exposure impacts the income statement. When a cash flow
hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing
in equity at that time remains in equity and is reclassified to the income statement when the
forecasted transaction is ultimately recognized. When a forecasted transaction is no longer
expected to occur, the cumulative gain or loss existing in equity is immediately recognized
in the income statement.
Fair value hedge
Fair value changes of derivative instruments that qualify for fair value hedge accounting treatment
are recognized in the income statement in the periods in which they arise, together with any
changes in fair value of the hedged asset or liability. If the hedging instrument no longer meets
the criteria for hedge accounting, the adjustment to the carrying amount of the hedged item
is amortized in the income statement over the hedged item\u2019s remaining period to maturity.
Virtual PPAs
Virtual PPAs are considered to be derivative financial instruments. The agreements, including
the embedded renewable energy certificates, are accounted for at fair value and are included
as part of the derivative assets and liabilities. The difference between the fair value on initial
recognition and the transaction price is recognized in the income statement as other financial
income (expense) over the life of the instrument. Gains and losses resulting from the fair value
remeasurement are recognized in the income statement as fair value gains (losses) on financial
instruments if the agreement does not qualify for hedge accounting, and in the cash flow hedging
reserve if the agreement qualifies for hedge accounting.
30 Financial risk management and financial instruments
continued
Reinsurance contract assets and liabilities
Under Ahold Delhaize\u2019s self-insurance program, part of the insurance risk is ceded under a
reinsurance treaty, which is a pooling arrangement between unrelated companies. In accordance
with the pooling arrangement, the Company assumes a share of the reinsurance treaty risks that is
measured in relation to the percentage of Ahold Delhaize\u2019s participation in the treaty. Ahold Delhaize
applies the premium allocation approach, as the reinsurance contracts have a coverage period
of one year or less. Reinsurance contract assets include estimated receivable balances related to
reinsurance contracts purchased by the Company. Reinsurance liabilities represent the expected
insurance risks related to reinsurance contracts sold by the Company. Reinsurance contract assets
and liabilities are measured on a discounted basis using accepted actuarial methods.
Supply chain financing
The supply chain financing arrangements do not expose Ahold Delhaize to additional credit risk
or provide Ahold Delhaize with a significant benefit of additional financing and, accordingly, it is
Ahold Delhaize\u2019s policy to classify the amounts due under supply chain finance arrangements
with third-party banks as trade payables. In accordance with the Company\u2019s accounting policy,
trade payables are presented as operating activities in the cash flow statement. Suppliers choose
to enter into these arrangements, which provide them with the option of access to earlier payment
at favorable interest rates from the bank based on Ahold Delhaize\u2019s credit rating. If suppliers
do not choose early payment under these arrangements, their invoices are settled by the bank
under the applicable payment terms.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-561": { "value": "
Financial assets
Financial assets are recognized when the Company becomes a party to the contractual
provisions of a financial instrument. Financial assets are derecognized when the rights to receive
cash flows from the financial assets expire, or if the Company transfers the financial asset to
another party and does not retain control or substantially all risks and rewards of the asset.
Purchases and sales of financial assets in the normal course of business are accounted
for at settlement date (i.e., the date that the asset is delivered to or by the Company).
At initial recognition, the Company measures its financial assets at their fair value plus,
in the case of a financial asset not at fair value through profit and loss (FVPL), transaction
costs that are directly attributable to the acquisition or issue of the financial asset.
Upon initial recognition, the Company classifies its financial assets as subsequently measured
at either (i) amortized cost, (ii) fair value through other comprehensive income (FVOCI)
or (iii) FVPL on the basis of both:
\u00f3 The Company\u2019s business model for managing the financial assets
\u00f3 The contractual cash flow characteristics of the financial asset
Subsequent to initial recognition, financial assets are measured as described below.
Financial assets at amortized cost
Financial assets are measured at amortized cost if both (i) the financial asset is held within a
business model whose objective is to hold financial assets in order to collect contractual cash
flows and (ii) the contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.
A financial asset measured at amortized cost is initially recognized at fair value plus transaction
cost\u00a0directly attributable to the asset. After initial recognition, the carrying amount of the financial
asset\u00a0measured at amortized cost is determined using the effective interest method, less any
impairment losses.
The Company\u2019s financial assets measured at amortized cost comprise loans receivable, net
investment in leases, trade and other (non-)current receivables, cash and cash equivalents,
short-term deposits and similar instruments.
Financial assets at FVOCI
A financial asset is measured at FVOCI if both (i) the financial asset is held within a business
model whose objective is achieved by both collecting contractual cash flows and selling financial
assets and (ii) the contractual terms of the financial asset give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal amount outstanding.\u00a0
The Company also has the option to designate other financial assets at FVOCI. In such
situations, the fair value movements are recognized in other comprehensive income, but any
dividends earned are recognized in profit or loss.
Investments in debt instruments measured at FVOCI are recognized initially at fair value plus
transaction cost directly attributable to the asset. After initial recognition, the asset is measured at
fair value, with changes in fair value included in other comprehensive income. Accumulated gains
or losses recognized through other comprehensive income are reclassified to profit or loss when
the debt instrument is derecognized.
There is no subsequent reclassification of fair value gains and losses to profit or loss following
the derecognition of the investments in equity instruments that are not held for trading and for
which the Company made an irrevocable election at the time of initial recognition to account
for the investment in equity instruments at FVOCI.
30 Financial risk management and financial instruments
continued
Financial assets at FVPL
When any of the above-mentioned conditions for classification of financial assets are not met,
a financial asset is classified as FVPL and measured at fair value with changes in fair value
recognized in profit or loss.
A financial asset measured at FVPL is recognized initially at fair value and its transaction cost
is recognized in profit or loss when incurred. A gain or loss on a financial asset measured at
FVPL is recognized in the income statement for the reporting period in which it arises.
The Company may, at initial recognition, irrevocably designate a financial asset as measured
at FVPL if doing so eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise from measuring assets or liabilities or recognizing
the gains and losses on them on different bases.
The Company\u2019s financial instruments measured at FVPL comprise reinsurance assets,
derivatives and certain cash equivalents and investments in debt instruments.
Impairment of financial assets
At each balance sheet date, the Company assesses whether there is objective evidence that
a financial asset or a group of financial assets is impaired and recognizes a loss allowance
for expected credit losses for financial assets measured at either amortized costs or fair value
through other comprehensive income. If, at the reporting date, the credit risk on a financial
instrument has not increased significantly since initial recognition, the Company measures the
loss allowance for the financial instrument at an amount equal to 12 months of expected credit
losses. If, at the reporting date, the credit risk on a financial instrument has increased significantly
since initial recognition, the Company measures the loss allowance for the financial instrument
at an amount equal to the lifetime-expected credit losses. The Company always measures the
loss allowance at an amount equal to lifetime-expected credit losses for trade receivables,
contract assets and lease receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-562": { "value": "
At initial recognition, the Company measures its financial assets at their fair value plus,
in the case of a financial asset not at fair value through profit and loss (FVPL), transaction
costs that are directly attributable to the acquisition or issue of the financial asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-563": { "value": "
There is no subsequent reclassification of fair value gains and losses to profit or loss following
the derecognition of the investments in equity instruments that are not held for trading and for
which the Company made an irrevocable election at the time of initial recognition to account
for the investment in equity instruments at FVOCI.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-564": { "value": "
Financial assets at FVPL
When any of the above-mentioned conditions for classification of financial assets are not met,
a financial asset is classified as FVPL and measured at fair value with changes in fair value
recognized in profit or loss.
A financial asset measured at FVPL is recognized initially at fair value and its transaction cost
is recognized in profit or loss when incurred. A gain or loss on a financial asset measured at
FVPL is recognized in the income statement for the reporting period in which it arises.
The Company may, at initial recognition, irrevocably designate a financial asset as measured
at FVPL if doing so eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise from measuring assets or liabilities or recognizing
the gains and losses on them on different bases.
The Company\u2019s financial instruments measured at FVPL comprise reinsurance assets,
derivatives and certain cash equivalents and investments in debt instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-565": { "value": "
Impairment of financial assets
At each balance sheet date, the Company assesses whether there is objective evidence that
a financial asset or a group of financial assets is impaired and recognizes a loss allowance
for expected credit losses for financial assets measured at either amortized costs or fair value
through other comprehensive income. If, at the reporting date, the credit risk on a financial
instrument has not increased significantly since initial recognition, the Company measures the
loss allowance for the financial instrument at an amount equal to 12 months of expected credit
losses. If, at the reporting date, the credit risk on a financial instrument has increased significantly
since initial recognition, the Company measures the loss allowance for the financial instrument
at an amount equal to the lifetime-expected credit losses. The Company always measures the
loss allowance at an amount equal to lifetime-expected credit losses for trade receivables,
contract assets and lease receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-566": { "value": "
Financial liabilities
Financial liabilities are recognized when the Company becomes a party to the contractual
provisions of a financial instrument. Financial liabilities are derecognized when the
Company\u2019s obligations specified in the contract expire or are discharged or canceled.
All financial liabilities are recognized initially at fair value and, in the case of loans and
borrowings, net of directly attributable transaction costs.
The Company classifies all financial liabilities as subsequently measured at amortized cost,
except for derivatives and reinsurance liabilities. Any difference between the proceeds and
redemption value is recognized in the income statement over the period of the loans and
short-term borrowings using the effective interest method.
Financial liabilities are classified as current liabilities unless the Company has an unconditional
right to defer settlement of the liability for at least 12 months after the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-569": { "value": "
Derivative financial instruments
All derivative financial instruments are initially recognized at fair value at the date the derivative
contracts are entered into and are subsequently remeasured to their fair value at the end of each
reporting period. Gains and losses resulting from the fair value remeasurement are recognized
in the income statement as fair value gains (losses) on financial instruments, unless the derivative
qualifies and is effective as a hedging instrument in a designated hedging relationship. In order
for a derivative financial instrument to qualify as a hedging instrument for accounting purposes,
the Company must document (i) at the inception of the transaction, the relationship between the
hedging instrument and the hedged item, as well as its risk management objectives and strategy
for undertaking various hedging transactions and (ii) its assessment, both at hedge inception and
on an ongoing basis, of whether the derivative that is used in the hedging transaction is highly
effective in offsetting changes in fair values or cash flows of hedged items. Derivatives that
are designated as hedges are accounted for as either cash flow hedges or fair value hedges.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as
cash flow hedges is recognized initially in the cash flow hedging reserve, a separate component
of equity. The gain or loss relating to the ineffective portion is recognized immediately in the
income statement. Amounts accumulated in equity are reclassified into the income statement in
the same period in which the related exposure impacts the income statement. When a cash flow
hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing
in equity at that time remains in equity and is reclassified to the income statement when the
forecasted transaction is ultimately recognized. When a forecasted transaction is no longer
expected to occur, the cumulative gain or loss existing in equity is immediately recognized
in the income statement.
Fair value hedge
Fair value changes of derivative instruments that qualify for fair value hedge accounting treatment
are recognized in the income statement in the periods in which they arise, together with any
changes in fair value of the hedged asset or liability. If the hedging instrument no longer meets
the criteria for hedge accounting, the adjustment to the carrying amount of the hedged item
is amortized in the income statement over the hedged item\u2019s remaining period to maturity.
Virtual PPAs
Virtual PPAs are considered to be derivative financial instruments. The agreements, including
the embedded renewable energy certificates, are accounted for at fair value and are included
as part of the derivative assets and liabilities. The difference between the fair value on initial
recognition and the transaction price is recognized in the income statement as other financial
income (expense) over the life of the instrument. Gains and losses resulting from the fair value
remeasurement are recognized in the income statement as fair value gains (losses) on financial
instruments if the agreement does not qualify for hedge accounting, and in the cash flow hedging
reserve if the agreement qualifies for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-568": { "value": "
Derivative financial instruments
All derivative financial instruments are initially recognized at fair value at the date the derivative
contracts are entered into and are subsequently remeasured to their fair value at the end of each
reporting period. Gains and losses resulting from the fair value remeasurement are recognized
in the income statement as fair value gains (losses) on financial instruments, unless the derivative
qualifies and is effective as a hedging instrument in a designated hedging relationship. In order
for a derivative financial instrument to qualify as a hedging instrument for accounting purposes,
the Company must document (i) at the inception of the transaction, the relationship between the
hedging instrument and the hedged item, as well as its risk management objectives and strategy
for undertaking various hedging transactions and (ii) its assessment, both at hedge inception and
on an ongoing basis, of whether the derivative that is used in the hedging transaction is highly
effective in offsetting changes in fair values or cash flows of hedged items. Derivatives that
are designated as hedges are accounted for as either cash flow hedges or fair value hedges.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as
cash flow hedges is recognized initially in the cash flow hedging reserve, a separate component
of equity. The gain or loss relating to the ineffective portion is recognized immediately in the
income statement. Amounts accumulated in equity are reclassified into the income statement in
the same period in which the related exposure impacts the income statement. When a cash flow
hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing
in equity at that time remains in equity and is reclassified to the income statement when the
forecasted transaction is ultimately recognized. When a forecasted transaction is no longer
expected to occur, the cumulative gain or loss existing in equity is immediately recognized
in the income statement.
Fair value hedge
Fair value changes of derivative instruments that qualify for fair value hedge accounting treatment
are recognized in the income statement in the periods in which they arise, together with any
changes in fair value of the hedged asset or liability. If the hedging instrument no longer meets
the criteria for hedge accounting, the adjustment to the carrying amount of the hedged item
is amortized in the income statement over the hedged item\u2019s remaining period to maturity.
Virtual PPAs
Virtual PPAs are considered to be derivative financial instruments. The agreements, including
the embedded renewable energy certificates, are accounted for at fair value and are included
as part of the derivative assets and liabilities. The difference between the fair value on initial
recognition and the transaction price is recognized in the income statement as other financial
income (expense) over the life of the instrument. Gains and losses resulting from the fair value
remeasurement are recognized in the income statement as fair value gains (losses) on financial
instruments if the agreement does not qualify for hedge accounting, and in the cash flow hedging
reserve if the agreement qualifies for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-567": { "value": "
Derivative financial instruments
All derivative financial instruments are initially recognized at fair value at the date the derivative
contracts are entered into and are subsequently remeasured to their fair value at the end of each
reporting period. Gains and losses resulting from the fair value remeasurement are recognized
in the income statement as fair value gains (losses) on financial instruments, unless the derivative
qualifies and is effective as a hedging instrument in a designated hedging relationship. In order
for a derivative financial instrument to qualify as a hedging instrument for accounting purposes,
the Company must document (i) at the inception of the transaction, the relationship between the
hedging instrument and the hedged item, as well as its risk management objectives and strategy
for undertaking various hedging transactions and (ii) its assessment, both at hedge inception and
on an ongoing basis, of whether the derivative that is used in the hedging transaction is highly
effective in offsetting changes in fair values or cash flows of hedged items. Derivatives that
are designated as hedges are accounted for as either cash flow hedges or fair value hedges.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as
cash flow hedges is recognized initially in the cash flow hedging reserve, a separate component
of equity. The gain or loss relating to the ineffective portion is recognized immediately in the
income statement. Amounts accumulated in equity are reclassified into the income statement in
the same period in which the related exposure impacts the income statement. When a cash flow
hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing
in equity at that time remains in equity and is reclassified to the income statement when the
forecasted transaction is ultimately recognized. When a forecasted transaction is no longer
expected to occur, the cumulative gain or loss existing in equity is immediately recognized
in the income statement.
Fair value hedge
Fair value changes of derivative instruments that qualify for fair value hedge accounting treatment
are recognized in the income statement in the periods in which they arise, together with any
changes in fair value of the hedged asset or liability. If the hedging instrument no longer meets
the criteria for hedge accounting, the adjustment to the carrying amount of the hedged item
is amortized in the income statement over the hedged item\u2019s remaining period to maturity.
Virtual PPAs
Virtual PPAs are considered to be derivative financial instruments. The agreements, including
the embedded renewable energy certificates, are accounted for at fair value and are included
as part of the derivative assets and liabilities. The difference between the fair value on initial
recognition and the transaction price is recognized in the income statement as other financial
income (expense) over the life of the instrument. Gains and losses resulting from the fair value
remeasurement are recognized in the income statement as fair value gains (losses) on financial
instruments if the agreement does not qualify for hedge accounting, and in the cash flow hedging
reserve if the agreement qualifies for hedge accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-570": { "value": "
Reinsurance contract assets and liabilities
Under Ahold Delhaize\u2019s self-insurance program, part of the insurance risk is ceded under a
reinsurance treaty, which is a pooling arrangement between unrelated companies. In accordance
with the pooling arrangement, the Company assumes a share of the reinsurance treaty risks that is
measured in relation to the percentage of Ahold Delhaize\u2019s participation in the treaty. Ahold Delhaize
applies the premium allocation approach, as the reinsurance contracts have a coverage period
of one year or less. Reinsurance contract assets include estimated receivable balances related to
reinsurance contracts purchased by the Company. Reinsurance liabilities represent the expected
insurance risks related to reinsurance contracts sold by the Company. Reinsurance contract assets
and liabilities are measured on a discounted basis using accepted actuarial methods.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-571": { "value": "
31 Related party transactions
Compensation of key management personnel
Key management personnel are those persons having authority and responsibility for planning,
directing and controlling the activities of the Company as a whole. The Company considers all
members of the Executive Committee and Supervisory Board to be key management personnel,
as defined in IAS 24 \u201cRelated Party Disclosures.\u201d At the end of 2025, the Executive Committee
consisted of the Management Board and four other members.
The total compensation of key management personnel in 2025 amounted to \u20ac38,890\u00a0thousand
(2024 restated: \u20ac24,947\u00a0thousand). This includes a true-up for the estimated additional wage tax
relating to key management personnel leaving the Company due in accordance with Dutch tax
laws of \u20ac1,861\u00a0thousand (2024 restated: \u20ac49\u00a0thousand).
Remuneration of the Executive Committee including Management Board
The table below specifies the remuneration of the Executive Committee, comprising the
Management Board members and the former members of the Management Board, and the
additional Executive Committee members who were not part of the Management Board.
\u20ac thousand
2025
2024
MB
members
Former
MB
members
Other
ExCo
Total
ExCo
MB
members
Former
MB
members
Other
ExCo
Total
ExCo
Base salary
3,801
634
2,390
6,825
2,952
792
1,919
5,663
EIP
4,725
788
2,932
8,445
3,260
875
2,118
6,253
Other
1,321
263
2,474
4,058
926
310
1,512
2,748
Share-based
compensation
8,121
2,493
4,208
14,822
3,873
1,463
2,557
7,894
Pensions
301
27
320
648
322
67
292
681
Remuneration of
the\u00a0members of
the\u00a0ExCo
18,269
4,205
12,324
34,798
11,333
3,507
8,399
23,239
The 2025 and 2024 Management Board (MB) members include Frans Muller, Jolanda Poots-Bijl,
JJ Fleeman and Claude Sarrailh (former Management Board members include Wouter Kolk and
Kevin Holt).\u00a0
The Executive Incentive Plan (EIP) represents accrued annual cash incentives to be paid in
the following year based on an overall weighted EIP performance. For an explanation of the
Company\u2019s Remuneration Policy, see the Remuneration report. The overall 2025 performance
multiplier was 124.3% for Management Board and other Executive Committee (ExCo) (2024:
110.4% for Management Board and other ExCo).
Other mainly includes gross allowances for net pension; employer\u2019s contributions to social
security plans; sign-on bonuses;\u00a0 tax compensation (tax equalization charges or refunds);
allowances for housing expenses; benefits in kind, such as company cars, relocation assistance,
international school fees, tax advice and medical insurance coverage; and tax gross-up expenses
associated with the aforementioned.
The fair value of each year\u2019s grant is determined on the grant date and expensed on a straight-
line basis over the vesting period. The expense for 2025 reflects this year's portion of the share
grants over the previous four years (plans 2022 to 2025). For more information on the share-
based compensation expenses, see Note 32. The 2025 share-based compensation for former
Management Board members includes \u20ac1,292\u00a0thousand for Wouter Kolk and \u20ac1,201\u00a0thousand
for Kevin Holt as a result of adjusted performance estimates.
Pension costs are the total net periodic pension costs of the applicable pension plans.
For more details on the remuneration of the individual members of the Management Board,
see the Remuneration report.
31 Related party transactions continued
Remuneration of the members of the Supervisory Board
The Remuneration Policy for the Supervisory Board was adopted by the General Meeting
of Shareholders on April 13, 2022, and became effective retroactively as of January 1, 2022.
The table below specifies the total remuneration of the members of the Supervisory Board.
\u20ac thousand
2025
2024
Supervisory
Board
members
Former
Supervisory
Board
members
Total
Supervisory
Board
Supervisory
Board
members
Former
Supervisory
Board
members
Total
Supervisory
Board
Remuneration of the
members of the
Supervisory Board
1,730
501
2,231
1,612
48
1,659
For more details on the remuneration of the individual members of the Supervisory Board,
see the Remuneration report.
Ahold Delhaize does not provide loans or advances to members of the Management Board
or the Supervisory Board. There are no loans or advances outstanding. Ahold Delhaize does
not issue guarantees to the benefit of members of the Management Board or the Supervisory
Board. No such guarantees are outstanding.
Trading transactions
Ahold Delhaize has entered into arrangements with a number of its subsidiaries and affiliated
companies in the course of its business. These arrangements relate to service transactions
and financing agreements. Transactions were conducted at market prices.
All outstanding balances with these related parties are priced on an arm's length basis and are
to be settled in cash. None of the balances are secured. No expense has been recognized in the
current year or prior year for bad or doubtful debts in respect of amounts owed by related parties.
No guarantees have been given or received.
During 2025, the Company entered into the following transactions with unconsolidated related parties:
\u20ac million
Transaction values for
the year ending
December 28, 2025
Receivables
outstanding as of
December 28, 2025
Payables outstanding
as of December 28,
2025
Commitments as of
December 28, 2025
Sale of goods and services
Joint ventures
2
1
\u2014
\u2014
Associates
1
\u2014
\u2014
\u2014
Total
3
1
\u2014
\u2014
Purchase of goods and services
Joint ventures
986
114
138
114
Associates
1
11
\u2014
13
Total
986
125
138
127
During 2024, the Company entered into the following transactions with unconsolidated
related parties:
\u20ac million
Transaction values for
the year ending
December\u00a029, 2024
Receivables
outstanding as of
December\u00a029, 2024
Payables outstanding
as of December\u00a029,
2024
Commitments as of
December\u00a029, 2024
Sale of goods and services
Joint ventures
3
1
\u2014
\u2014
Associates
\u2014
13
\u2014
\u2014
Total
3
14
\u2014
\u2014
Purchase of goods and services
Joint ventures
191
69
\u2014
66
Associates
3
\u2014
\u2014
3
Total
194
69
\u2014
69
These unconsolidated related parties consist of:
\u00f3 Joint ventures:
\u00f1 JMR, a joint venture of Ahold Delhaize in the retail business (see Note 15).
There were no significant transactions with JMR in 2025 and 2024 .
\u00f1 Super Indo, a joint venture of Ahold Delhaize in the retail business (see Note 15).
There were no significant transactions with Super Indo in 2025 and 2024.
\u00f1 Loyalty Management Nederland B.V., a joint venture since 2025 (in 2024 an associate)
of\u00a0Ahold Delhaize that renders services relating to the management of customer loyalty
programs to certain Ahold Delhaize subsidiaries in the Netherlands
\u00f1 Other joint ventures, such as European purchasing alliances toward suppliers, real estate
joint ventures in which Ahold Delhaize has an interest, and holding properties operated
by Ahold Delhaize
\u00f3 Associates:
\u00f1 Adhese, an advertising technology company in which Ahold Delhaize acquired a minority
stake during 2022
\u00f1 Other associates, such as a collaborative venture capital fund to accelerate innovation
across the grocery retail ecosystem and a European purchasing alliance toward suppliers
Furthermore, the Company\u2019s post-employment benefit plans in the Netherlands and the United
States are considered related parties. For more information on these plans, see Note 24.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-572": { "value": "
Compensation of key management personnel
Key management personnel are those persons having authority and responsibility for planning,
directing and controlling the activities of the Company as a whole. The Company considers all
members of the Executive Committee and Supervisory Board to be key management personnel,
as defined in IAS 24 \u201cRelated Party Disclosures.\u201d At the end of 2025, the Executive Committee
consisted of the Management Board and four other members.
The total compensation of key management personnel in 2025 amounted to \u20ac38,890\u00a0thousand
(2024 restated: \u20ac24,947\u00a0thousand). This includes a true-up for the estimated additional wage tax
relating to key management personnel leaving the Company due in accordance with Dutch tax
laws of \u20ac1,861\u00a0thousand (2024 restated: \u20ac49\u00a0thousand).
Remuneration of the Executive Committee including Management Board
The table below specifies the remuneration of the Executive Committee, comprising the
Management Board members and the former members of the Management Board, and the
additional Executive Committee members who were not part of the Management Board.
\u20ac thousand
2025
2024
MB
members
Former
MB
members
Other
ExCo
Total
ExCo
MB
members
Former
MB
members
Other
ExCo
Total
ExCo
Base salary
3,801
634
2,390
6,825
2,952
792
1,919
5,663
EIP
4,725
788
2,932
8,445
3,260
875
2,118
6,253
Other
1,321
263
2,474
4,058
926
310
1,512
2,748
Share-based
compensation
8,121
2,493
4,208
14,822
3,873
1,463
2,557
7,894
Pensions
301
27
320
648
322
67
292
681
Remuneration of
the\u00a0members of
the\u00a0ExCo
18,269
4,205
12,324
34,798
11,333
3,507
8,399
23,239
The 2025 and 2024 Management Board (MB) members include Frans Muller, Jolanda Poots-Bijl,
JJ Fleeman and Claude Sarrailh (former Management Board members include Wouter Kolk and
Kevin Holt).\u00a0
The Executive Incentive Plan (EIP) represents accrued annual cash incentives to be paid in
the following year based on an overall weighted EIP performance. For an explanation of the
Company\u2019s Remuneration Policy, see the Remuneration report. The overall 2025 performance
multiplier was 124.3% for Management Board and other Executive Committee (ExCo) (2024:
110.4% for Management Board and other ExCo).
Other mainly includes gross allowances for net pension; employer\u2019s contributions to social
security plans; sign-on bonuses;\u00a0 tax compensation (tax equalization charges or refunds);
allowances for housing expenses; benefits in kind, such as company cars, relocation assistance,
international school fees, tax advice and medical insurance coverage; and tax gross-up expenses
associated with the aforementioned.
The fair value of each year\u2019s grant is determined on the grant date and expensed on a straight-
line basis over the vesting period. The expense for 2025 reflects this year's portion of the share
grants over the previous four years (plans 2022 to 2025). For more information on the share-
based compensation expenses, see Note 32. The 2025 share-based compensation for former
Management Board members includes \u20ac1,292\u00a0thousand for Wouter Kolk and \u20ac1,201\u00a0thousand
for Kevin Holt as a result of adjusted performance estimates.
Pension costs are the total net periodic pension costs of the applicable pension plans.
For more details on the remuneration of the individual members of the Management Board,
see the Remuneration report.
31 Related party transactions continued
Remuneration of the members of the Supervisory Board
The Remuneration Policy for the Supervisory Board was adopted by the General Meeting
of Shareholders on April 13, 2022, and became effective retroactively as of January 1, 2022.
The table below specifies the total remuneration of the members of the Supervisory Board.
\u20ac thousand
2025
2024
Supervisory
Board
members
Former
Supervisory
Board
members
Total
Supervisory
Board
Supervisory
Board
members
Former
Supervisory
Board
members
Total
Supervisory
Board
Remuneration of the
members of the
Supervisory Board
1,730
501
2,231
1,612
48
1,659
For more details on the remuneration of the individual members of the Supervisory Board,
see the Remuneration report.
Ahold Delhaize does not provide loans or advances to members of the Management Board
or the Supervisory Board. There are no loans or advances outstanding. Ahold Delhaize does
not issue guarantees to the benefit of members of the Management Board or the Supervisory
Board. No such guarantees are outstanding.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-573": { "value": "
32 Share-based compensation
In 2025 , Ahold Delhaize\u2019s share-based compensation program consisted of a share grant program
called Global Reward Opportunity (GRO). Total 2025 GRO share-based compensation expenses
were \u20ac70\u00a0million ( 2024: \u20ac42\u00a0million). Ahold Delhaize\u2019s share-based compensation programs are
equity-settled.
The fair value of the 2025 GRO award performance shares granted in 2025 at grant date was
\u20ac61 million, of which \u20ac8 million related to the Management Board members. The fair value is
expensed over the vesting period of the grants, adjusted for expected annual forfeitures of
4% (2024: 4%) excluding Management Board members. For the share-based compensation
expenses allocable to the individual Management Board members, see the Remuneration report.
GRO program
Main characteristics of performance shares granted in 2022 through 2025
The performance shares granted under this program vest on the day after the AGM in the
third year of the grant, subject to certain performance conditions being met. The GRO program
employs three financial measures: return on capital (RoC), underlying EPS growth and total
shareholder return (TSR), as well as non-financial performance measures related to sustainability
targets.
The total GRO award comprises four portions of performance shares. The first 35% is linked
to a three-year RoC target. Depending on performance, the number of performance shares
that eventually vest may range between zero and a maximum of 150%, relative to the number
of performance shares granted.
The next 25% of the total GRO award is linked to a three-year EPS growth target. The number
of performance shares that vest may range between zero and a maximum of 150%, relative
to the number of performance shares granted, depending on the performance.
Another 15% of the total GRO award is linked to TSR (share price growth and dividends paid
over the performance period), with performance at vesting benchmarked against the TSR
performance of the peer group disclosed below. The number of performance shares that vest
depends on the Company\u2019s relative ranking in the peer group and may range between zero and
a maximum of 150%, relative to the number of performance shares granted (see table below
for the vesting percentages based on Ahold Delhaize\u2019s ranking within the peer group).
For the remaining 25% of the total GRO award, the performance at vesting is measured using
sustainability targets related to the Company\u2019s health and sustainability ambitions. Depending
on performance, the number of performance shares that eventually vest can range between
zero and a maximum of 150%, relative to the number of performance shares granted.
The table below indicates the percentage of performance shares that could vest based on
Ahold\u00a0Delhaize\u2019s TSR ranking within the peer group, for the performance shares granted
in 2022 through 2025:
2022\u20132025 GRO program rank
All participants
1
150%
2
125%
3
110%
4
100%
5
75%
6
50%
7\u201312
0%
TSR performance peer group for performance shares granted in 2022 through 2025
Tesco
Kroger
Carrefour
Costco
Danone
Target
Casino Guichard-Perrachon
Procter & Gamble
J Sainsbury
Walmart
Albertsons
Performance shares vesting in 2026
In 2026, the performance shares granted in 2023 will vest. The performance shares vesting
will comprise performance shares based on the Company\u2019s RoC, EPS, TSR and sustainability
performance. As of the end of 2025, Ahold Delhaize ranked sixth in the TSR peer group with
respect to the 2023 grant. Based on this TSR ranking, the vesting percentage for the portion
of the 2023 performance shares dependent on Ahold Delhaize\u2019s TSR performance was 50%.
At the end of each reporting period, Ahold Delhaize revises its estimates of the number of
performance shares that are expected to vest based on the non-market vesting conditions (RoC,
EPS and sustainability performance). Ahold Delhaize recognizes the impact of the revision to
original estimates, if any, in the income statement, with a corresponding adjustment to equity.
The final vesting percentage for the portion of the 2023 performance shares dependent on Ahold
Delhaize\u2019s RoC, EPS and sustainability performance is 118%, 112% and 124%, respectively.
On April 9, 2026, a maximum of 0.4 million performance shares granted in 2023 to current and
former members of the Management Board under the Ahold Delhaize GRO plan are expected to
vest. Except to finance taxes and social security charges due on the vesting date, members of
the Management Board cannot sell shares for a period of at least five years following the grant
date, or until their date of resignation from the Management Board, if this period is shorter. Any
sale of shares is subject to insider trading restrictions as applicable from time to time.
On April 9, 2026, a maximum of 1.8 million performance shares granted in 2023 to Ahold
Delhaize employees under the Ahold Delhaize GRO plan are expected to vest. As of\u00a0the vesting
date, participants are allowed to sell all or part of the vested shares, subject to insider trading
restrictions as applicable from time to time.
32 Share-based compensation continued
The Company will use treasury shares for the delivery of the vested shares.
The following table summarizes the status of the GRO program during 2025 for the Management
Board members and for all other employees in the aggregate.
Outstanding at
the beginning of
2025
Granted
Performance
adjustment1
Vested2
Forfeited
Outstanding
at the end of
2025
Management Board members
Shares Management
Board members 3
953,455
280,329
60,985
326,748
\u2014
968,021
Other employees
2022 grant
1,483,010
\u2014
336,025
1,805,955
13,080
\u2014
2023 grant
1,783,695
\u2014
\u2014
556
119,169
1,663,970
2024 grant
2,062,485
4,871
\u2014
624
176,178
1,890,554
2025 grant
\u2014
1,834,156
\u2014
529
83,544
1,750,083
Total number
of\u00a0shares
6,282,645
2,119,356
397,010
2,134,412
391,971
6,272,628
1. Represents the adjustment to the number of performance shares granted resulting from the TSR, RoC, EPS and sustainability
performance.
2. The vesting date of the 2022 grant was April 10, 2025. The share price was \u20ac33.08 on April 10, 2025.
3. For an overview of the shares outstanding for the Management Board members, see the Remuneration report.
Valuation model and input variables
The weighted average fair value of the 2025 GRO award performance shares granted in 2025,
for all eligible participants including Management Board members, amounted to \u20ac22.34 per
share for TSR performance shares and \u20ac29.97 per share for RoC performance shares, EPS
performance shares and sustainability performance shares (2024: \u20ac11.37 per share for TSR
performance shares and \u20ac23.91 per share for RoC performance shares, EPS performance
shares and sustainability performance shares).
For the 2024 GRO award performance shares granted in 2025, the weighted average fair
values amounted to \u20ac14.25 (TSR) and \u20ac30.60 (RoC, EPS and sustainability) per share.
The fair values of the RoC, EPS and sustainability performance shares are based on the Black-
Scholes model. The fair values of the TSR performance shares are determined using a Monte
Carlo simulation model, which considers the likelihood of Ahold Delhaize\u2019s TSR ending at various
ranks as well as the expected share price at each rank. The most important assumptions used
in the valuations of the shares granted in 2025 and 2024 were as follows:
2025
2024
Closing share price at grant date ( \u20ac)
33.51
27.27
Risk-free interest rate
2.0%
2.7%
Volatility
18.7%
19.9%
Assumed dividend yield
3.8%
4.5%
Expected volatility has been determined based on historical volatilities for a period of three years.
\"Methodology.svg\"
Accounting policies
The grant date fair value of equity-settled share-based compensation plans is expensed, with
a corresponding increase in equity, on a straight-line basis over the vesting periods of the grants.
The cumulative expense recognized at each balance sheet date reflects the extent to which the
vesting period has expired and the Company\u2019s best estimate of the number of performance shares
that will eventually vest. No expense is recognized for awards that do not ultimately vest, except
for awards where vesting is conditional upon a market condition (e.g., total shareholder return).
Those are treated as vested irrespective of whether or not the market condition is ultimately
satisfied, provided that all non-market conditions (e.g., continued employment) are satisfied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-574": { "value": "70000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-575": { "value": "42000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-576": { "value": "
The grant date fair value of equity-settled share-based compensation plans is expensed, with
a corresponding increase in equity, on a straight-line basis over the vesting periods of the grants.
The cumulative expense recognized at each balance sheet date reflects the extent to which the
vesting period has expired and the Company\u2019s best estimate of the number of performance shares
that will eventually vest. No expense is recognized for awards that do not ultimately vest, except
for awards where vesting is conditional upon a market condition (e.g., total shareholder return).
Those are treated as vested irrespective of whether or not the market condition is ultimately
satisfied, provided that all non-market conditions (e.g., continued employment) are satisfied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-577": { "value": "465000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseOnLeaseLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00", "unit": "iso4217:EUR" } }, "f-578": { "value": "422000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestExpenseOnLeaseLiabilities", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-01-01T00:00:00/2024-12-30T00:00:00", "unit": "iso4217:EUR" } }, "f-579": { "value": "
\"Methodology.svg\"
Accounting policies
Definition of a lease
Under IFRS 16, a contract is, or contains, a lease if the contract conveys a right to control
the use of an identified asset for a period of time in exchange for consideration. At inception,
or on reassessment of a contract that contains a lease component, the Company allocates
the consideration in the contract to each lease and non-lease component on the basis of
its relative stand-alone price.
The Company applies the recognition exemptions for short-term leases (less than 12 months)
and leases of low-value items, defined by the Company to be below $5,000 per item
(on acquisition). The payments for these exempted leases are recognized in the income
statement on a straight-line basis over the lease terms.
As a lessee
The Company recognizes a right-of-use asset, representing its right to use the underlying
asset, and a lease liability, representing its obligation to make lease payments, at the lease
commencement date.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease
liability adjusted for any lease payments made at or before the commencement date, plus any
initial direct costs incurred (for example, key money and lease contract commissions), less any
incentives received. The right-of-use asset for acquired leases is adjusted for any favorable or
unfavorable lease rights recognized as part of the purchase price allocation. The right-of-use
asset is subsequently depreciated using the straight-line method over the shorter of the lease
term or the useful life of the underlying asset. In addition, the right-of-use asset is reduced
by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are
not paid at the commencement date, discounted using the interest rate implicit in the lease
or, if that rate cannot be readily determined, the Company\u2019s incremental borrowing rate.
Generally, the Company uses its incremental borrowing rate as the discount rate.
The Company has elected to separate lease and non-lease components included in lease
payments for all leases. Lease payments included in the measurement of the lease liability
comprise the following:
\u00f3 Fixed payments, including in-substance fixed payments
\u00f3 Variable lease payments\u00a0that depend on an index or a rate, which are initially measured
using the index or rate at the commencement date
\u00f3 Amounts expected to be payable under a residual value guarantee
\u00f3 The exercise price of a purchase option that the Company is reasonably certain to exercise
\u00f3 Lease payments in an optional renewal period if the Company is reasonably certain
to exercise an extension option, and penalties for early termination of a lease unless
the Company is reasonably certain not to terminate early
The lease liability is measured at amortized cost using the effective interest rate method. The
lease liability is subsequently increased by the interest cost on the lease liability and decreased
by lease payments made. It is remeasured when there is a change in future lease payments
arising from a change in an index or rate, if there is a change in the Company\u2019s estimate of the
amount expected to be payable under a residual value guarantee, or if the Company changes
its assessment of whether it will exercise a purchase, extension or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the
carrying amount of the right-of-use asset, or is recorded in the income statement if the carrying
amount of the right-of-use asset has been reduced to zero.
The lease liability is included in Other current financial liabilities and Other non-current
financial liabilities.
The Company applies judgment to determine the lease term for the lease contracts in which it is
a lessee that include renewal and termination options. The assessment of whether the Company
is reasonably certain to exercise such options impacts the lease term, which significantly affects
the value of lease liabilities and right-of-use assets recognized. See Accounting estimates and
judgments for more information.
As a lessor
The Company classifies leases as finance or operating leases at lease inception based upon
whether the lease transfers substantially all of the risks and rewards incidental to ownership
of the underlying asset. As part of this assessment, the Company considers certain indicators,
such as whether the lease is for the majority of the economic life of the asset.
Leases classified as finance leases result in the recognition of a net investment in a lease
representing the Company\u2019s right to receive rent payments. The value of the net investment
in a lease is the value of the future rent payments to be received and the unguaranteed
residual value of the underlying asset discounted using the rate implicit in the lease.
When the Company is an intermediate lessor, it accounts for its interests in the head lease
and the sublease separately. It assesses the lease classification of a sublease with reference
to the right-of-use asset arising from the head lease, not with reference to the underlying asset.
If a head lease is a short-term lease to which the Company applies the exemption described
above, then it classifies the sublease as an operating lease.
If an arrangement contains lease and non-lease components, the Company applies IFRS\u00a015
to allocate the consideration in the contract.
The Company recognizes lease payments received under operating leases as income
on a straight-line basis over the lease term as part of Rent income.
33 Leases continued
Sale and leaseback
Sale and leaseback transactions are defined as transactions that lead to a sale according to
IFRS\u00a015 \u201cRevenue from Contracts with Customers.\u201d Under IFRS\u00a015, the seller-lessee must
determine whether the transaction qualifies as a sale for which revenue is recognized (i.e., the
transaction is a genuine sale, where all performance obligations are satisfied and control has
transferred to the buyer-lessor), or the transaction is a collateralized borrowing. More specifically,
a sale is considered as such if there is no repurchase option on the asset at the end of the
lease term.
If the sale by the Company as seller-lessee qualifies as a sale, the Company derecognizes the
asset and recognizes a gain (or loss) that is limited to the proportion of the total gain (or loss)
relating to the rights transferred to the buyer-lessor. In addition, the Company recognizes a
right-of-use asset arising from the leaseback and measures it at the proportion of the previous
carrying amount of the asset relating to the right of use retained. The Company also recognizes
the lease liability.
If the fair value of the consideration for the sale does not equal the fair value of the asset,
or if the payments for the lease are not at market rates, adjustments are made to measure
the sales proceeds at fair value as follows:
a. Any below-market terms should be accounted for as a prepayment of lease payments.
b. Any above-market terms should be accounted for as additional financing provided
by the buyer-lessor.
If the sale by the Company does not qualify as a sale, the Company keeps the asset transferred
on its balance sheet and recognizes a financing obligation equal to the transferred proceeds
or cash received.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-580": { "value": "
34 Commitments and contingencies
Investment commitments
As of December\u00a028, 2025, Ahold Delhaize had outstanding investment commitments for property,
plant and equipment and investment property, and for intangible assets of approximately
\u20ac597\u00a0million and \u20ac28\u00a0million, respectively (December\u00a029, 2024: \u20ac454\u00a0million and \u20ac14\u00a0million,
respectively). These investment commitments include contractual commitments for contributions
to franchisees. Ahold Delhaize\u2019s share in the capital investment commitments of its unconsolidated
joint ventures JMR and Super Indo was nil as of December\u00a028, 2025 (December\u00a029, 2024: nil).
Purchase commitments
Ahold Delhaize enters into purchase commitments with vendors in the ordinary course of
business. The Company has purchase contracts with some vendors for varying terms that
require Ahold Delhaize to buy services and predetermined volumes of goods and goods not-for-
resale at fixed prices. As of December\u00a028, 2025, the Company\u2019s purchase commitments were
approximately \u20ac4.7\u00a0billion (December\u00a029, 2024: \u20ac3.8\u00a0billion ).
The purchase commitments include:
\u00f3 $0.9 billion (\u20ac0.8 billion) commitments relating to long-term (greater than 10 years) supply
agreements in the U.S. for new-build renewable energy resources (December\u00a029,
2024:\u00a0$0.5\u00a0billion (\u20ac0.5\u00a0billion))
\u00f3 $0.5 billion (\u20ac0.4 billion) commitments relating to service contracts for two new fully automated
Ahold Delhaize USA frozen food facilities in the U.S. Northeast and mid-Atlantic regions
(December\u00a029, 2024:\u00a0$0.5 billion (\u20ac0.5 billion))
\u00f3 $0.5 billion (\u20ac0.4 billion) commitments relating to a long-term supply agreement with Maryland-
Virginia Milk Producers Cooperative for milk and milk-related products (December\u00a029, 2024:
$0.5 billion (\u20ac0.4\u00a0billion))
\u00f3 \u20ac0.9 billion commitments relating to supplier contracts at Profi and Mega Image, which may
not be terminated during the initial years following the acquisition, due to requirements set
forth by the Romanian Competition Council (December\u00a029, 2024: nil)
Not included in the purchase commitments are those purchase contracts for which Ahold
Delhaize has received advance vendor allowances, such as upfront signing payments in
consideration of its purchase commitments. These contracts generally may be terminated
without satisfying the purchase commitments upon the repayment of the unearned portions
of the advance vendor allowances. The unearned portion of these advance vendor
allowances is recorded as a liability on the balance sheet.
Other commitments
Commitments related to business acquisitions
As of December 29, 2024, the Company had an outstanding commitment to acquire 100%
of Romanian grocery retailer Profi Rom Food SRL (Profi) from MidEuropa. The commitment is no
longer in effect since the acquisition was completed on January 3, 2025. For details, see Note 4.
34 Commitments and contingencies continued
Contingent liabilities
Guarantees
Guarantees to third parties issued by Ahold Delhaize can be summarized as follows:
\u20ac million
December 28,
2025
December 29,
2024
Lease guarantees
417
499
Loan guarantees
20
17
Corporate and buyback guarantees
103
109
Total
540
625
The amounts included in the table above are the maximum undiscounted amounts the Group
could be forced to settle under the arrangement for the full guaranteed amount, if that amount
is\u00a0claimed by the counterparty to the guarantee. For lease guarantees, this is based on the
committed lease terms as communicated to Ahold Delhaize.
Lease guarantees
Ahold Delhaize or its subsidiaries may be contingently liable for leases that have been assigned
and/or transferred to third parties in connection with facility closings and dispositions. Ahold
Delhaize could be required to perform the financial obligations under these leases if any of the
third parties are unable to fulfill their lease obligations. The lease guarantees are based on the
nominal value of future minimum lease payments of the relevant leases. The amounts of the
lease guarantees set forth in the table above exclude the cost of common area maintenance\u00a0
and real estate taxes; such amounts may vary in time, per region and per property. Certain
amounts related to these leases are recognized as a provision or a financial liability; see
Note 23 and Note\u00a025.
As of December\u00a028, 2025, the \u20ac417\u00a0million in the undiscounted lease guarantees as presented
in the table above mainly relates to divestments. The following table sets out the undiscounted
lease guarantees by divestment:
\u20ac million
December 28,
2025
December 29,
2024
Tops divestments
220
262
BI-LO/Bruno\u2019s divestment
15
15
Sweetbay, Harveys and Reid\u2019s divestment
55
59
Bottom Dollar Food divestment
52
67
Other1
75
95
Total lease guarantees
417
499
1. Other mainly includes the divestment of remedy stores in the U.S. and the divestment of Bradlees.
On a discounted basis, these lease guarantees amount to \u20ac322\u00a0million and \u20ac379\u00a0million as of
December\u00a028, 2025, and December\u00a029, 2024, respectively. If Ahold Delhaize is called upon to
satisfy its obligations under the outstanding lease guarantees, it has several potential defenses
to reduce the Company\u2019s gross exposure.
Corporate and buyback guarantees
Ahold Delhaize has provided corporate guarantees to certain suppliers of its affiliates in Belgium
as part of the Belgium Future Plan. Ahold Delhaize would be required to perform under the
guarantee if an affiliate failed to meet its financial obligations, as described in the guarantee.
As of December\u00a028, 2025, corporate guarantees were issued for an amount of \u20ac91 million
(December\u00a029, 2024: \u20ac91\u00a0million). These corporate guarantees expire in 2026.
Buyback guarantees relate to Ahold Delhaize\u2019s commitment to repurchase stores or inventory
from certain franchisees at predetermined prices. The buyback guarantees reflect the maximum
committed repurchase value under the guarantees. The outstanding buyback guarantees
of \u20ac12 million expire in 2026.
Indemnifications as part of divestments of Ahold Delhaize\u2019s operations
In the relevant sales agreements, Ahold Delhaize has provided customary indemnifications,
including for potential breach of representations and warranties, that often include, but are not
limited to, completeness of books and records, title to assets, schedule of material contracts
and arrangements, litigation, permits, labor matters, and employee benefits and taxes. These
representations and warranties will generally terminate, depending on their specific features,
a number of years after the date of the relevant transaction completion date.
The most significant divestment of operations is already covered in the guarantee section above.
In addition, specific, limited indemnifications exist for a number of Ahold Delhaize\u2019s smaller
divestments, such as FreshDirect in 2023. The aggregate impact of claims, if any, under such
indemnification provisions is not expected to be material.
Taxes
Ahold Delhaize operates in a number of countries and is subject to several direct and indirect
taxes, including corporate income tax, value-added tax, sales and use tax, and wage tax. Its
income is subject to direct and indirect tax in differing jurisdictions where those taxes are levied
on a tax base differing per tax law and jurisdiction and at differing tax rates. Significant judgment
is required in determining the direct and indirect tax position. We seek to organize our affairs
in a sustainable manner, taking into account the applicable regulations of the jurisdictions
in which we operate.
As a result of Ahold Delhaize\u2019s multi-jurisdictional operations, it is exposed to a number of
different tax risks including, but not limited to, changes in tax laws or interpretations of such
tax laws. The authorities in the jurisdictions where Ahold Delhaize operates may review the
Company\u2019s direct and indirect tax returns and may disagree with the positions taken in those
returns. While the ultimate outcome of such reviews is not certain, Ahold Delhaize has considered
the merits of its filing positions in its overall evaluation of potential tax liabilities for both direct
and indirect taxes and believes it has adequate liabilities recorded in its consolidated financial
statements for exposures on these matters. Based on its evaluation of the potential tax liabilities
and the merits of Ahold Delhaize\u2019s filing positions, it is unlikely that potential tax exposures over
and above the amounts currently recorded as liabilities in its consolidated financial statements
will be material to its financial condition or future results of operations.
34 Commitments and contingencies continued
Legal proceedings
Ahold Delhaize and certain of its former or current subsidiaries are involved in a number of
legal proceedings, which include litigation as a result of divestments, tax and employment, as
well as other litigation and inquiries. The\u00a0legal proceedings discussed below, whether pending,
threatened or unasserted, if decided adversely or settled, may result in liability material to
Ahold Delhaize\u2019s financial condition, results of operations or cash flows. Ahold Delhaize may
enter into discussions regarding the settlement of these and other proceedings, and may enter
into settlement agreements, if it believes settlement is in the best interest of Ahold Delhaize\u2019s
shareholders. In accordance with IAS 37 \u201cProvisions, Contingent Liabilities, and Contingent
Assets,\u201d Ahold Delhaize has recognized provisions with respect to these proceedings,
where appropriate, which are reflected on its balance sheet.
National prescription opiate litigation
Several U.S. brands and subsidiaries of Ahold Delhaize have been sued in a number of lawsuits
included in In re: National Prescription Opiate Litigation (MDL No. 2804), a multi-district litigation
(MDL) matter pending in the United States District Court in the Northern District of Ohio. The MDL
contains thousands of cases filed against hundreds of defendants by counties, cities, hospitals
and others concerning the impact of opioid abuse. Several U.S. brands and subsidiaries of Ahold
Delhaize also have been sued in a number of lawsuits pending in courts in New York, which
are not part of the MDL. The MDL and New York suits name Ahold Delhaize as a defendant, as
well as various subsidiaries, including American Sales Company LLC, which ceased operations
prior to being named as a defendant in any MDL-related case. Although the MDL matters in
which Ahold Delhaize or its subsidiaries have been named have been stayed by the court and,
therefore, are not being actively litigated at this time, the court has requested status reports
in many stayed cases (including those in which Ahold Delhaize and its subsidiaries have been
named). The New York matters in which Ahold Delhaize or its subsidiaries have been named
are also currently stayed. Ahold Delhaize and its subsidiaries are exchanging dispensing
information and potential frameworks for resolution with Plaintiffs' counsel and the Attorneys
General of various states in which they operate. The Company continues to believe there are
strong factual and legal defenses to the plaintiffs\u2019 claims. Ahold Delhaize is not currently able
to predict the outcome of these claims.
Other legal proceedings
In addition to the legal proceedings described previously in this Note, Ahold Delhaize and
its former or current subsidiaries are parties to a number of other legal proceedings arising
out of their business operations. Ahold Delhaize believes that\u00a0the ultimate resolution of these
other proceedings will not, in the aggregate, have a material adverse effect on Ahold Delhaize\u2019s
financial position, results of operations or cash flows. Such other legal proceedings, however,
are subject to inherent uncertainties, and the outcome of individual matters is unpredictable.
It is possible that Ahold Delhaize could be required to make expenditures, in\u00a0excess
of\u00a0established provisions, in amounts that cannot reasonably be estimated.
\"Data.svg\"
Accounting estimates and judgments
For accounting estimates and judgments relating to income taxes, see Note 10, and for
provisions and contingencies, see Note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-581": { "value": "
Investment commitments
As of December\u00a028, 2025, Ahold Delhaize had outstanding investment commitments for property,
plant and equipment and investment property, and for intangible assets of approximately
\u20ac597\u00a0million and \u20ac28\u00a0million, respectively (December\u00a029, 2024: \u20ac454\u00a0million and \u20ac14\u00a0million,
respectively). These investment commitments include contractual commitments for contributions
to franchisees. Ahold Delhaize\u2019s share in the capital investment commitments of its unconsolidated
joint ventures JMR and Super Indo was nil as of December\u00a028, 2025 (December\u00a029, 2024: nil).
Purchase commitments
Ahold Delhaize enters into purchase commitments with vendors in the ordinary course of
business. The Company has purchase contracts with some vendors for varying terms that
require Ahold Delhaize to buy services and predetermined volumes of goods and goods not-for-
resale at fixed prices. As of December\u00a028, 2025, the Company\u2019s purchase commitments were
approximately \u20ac4.7\u00a0billion (December\u00a029, 2024: \u20ac3.8\u00a0billion ).
The purchase commitments include:
\u00f3 $0.9 billion (\u20ac0.8 billion) commitments relating to long-term (greater than 10 years) supply
agreements in the U.S. for new-build renewable energy resources (December\u00a029,
2024:\u00a0$0.5\u00a0billion (\u20ac0.5\u00a0billion))
\u00f3 $0.5 billion (\u20ac0.4 billion) commitments relating to service contracts for two new fully automated
Ahold Delhaize USA frozen food facilities in the U.S. Northeast and mid-Atlantic regions
(December\u00a029, 2024:\u00a0$0.5 billion (\u20ac0.5 billion))
\u00f3 $0.5 billion (\u20ac0.4 billion) commitments relating to a long-term supply agreement with Maryland-
Virginia Milk Producers Cooperative for milk and milk-related products (December\u00a029, 2024:
$0.5 billion (\u20ac0.4\u00a0billion))
\u00f3 \u20ac0.9 billion commitments relating to supplier contracts at Profi and Mega Image, which may
not be terminated during the initial years following the acquisition, due to requirements set
forth by the Romanian Competition Council (December\u00a029, 2024: nil)
Not included in the purchase commitments are those purchase contracts for which Ahold
Delhaize has received advance vendor allowances, such as upfront signing payments in
consideration of its purchase commitments. These contracts generally may be terminated
without satisfying the purchase commitments upon the repayment of the unearned portions
of the advance vendor allowances. The unearned portion of these advance vendor
allowances is recorded as a liability on the balance sheet.
Other commitments
Commitments related to business acquisitions
As of December 29, 2024, the Company had an outstanding commitment to acquire 100%
of Romanian grocery retailer Profi Rom Food SRL (Profi) from MidEuropa. The commitment is no
longer in effect since the acquisition was completed on January 3, 2025. For details, see Note 4.
34 Commitments and contingencies continued
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-582": { "value": "
Contingent liabilities
Guarantees
Guarantees to third parties issued by Ahold Delhaize can be summarized as follows:
\u20ac million
December 28,
2025
December 29,
2024
Lease guarantees
417
499
Loan guarantees
20
17
Corporate and buyback guarantees
103
109
Total
540
625
The amounts included in the table above are the maximum undiscounted amounts the Group
could be forced to settle under the arrangement for the full guaranteed amount, if that amount
is\u00a0claimed by the counterparty to the guarantee. For lease guarantees, this is based on the
committed lease terms as communicated to Ahold Delhaize.
Lease guarantees
Ahold Delhaize or its subsidiaries may be contingently liable for leases that have been assigned
and/or transferred to third parties in connection with facility closings and dispositions. Ahold
Delhaize could be required to perform the financial obligations under these leases if any of the
third parties are unable to fulfill their lease obligations. The lease guarantees are based on the
nominal value of future minimum lease payments of the relevant leases. The amounts of the
lease guarantees set forth in the table above exclude the cost of common area maintenance\u00a0
and real estate taxes; such amounts may vary in time, per region and per property. Certain
amounts related to these leases are recognized as a provision or a financial liability; see
Note 23 and Note\u00a025.
As of December\u00a028, 2025, the \u20ac417\u00a0million in the undiscounted lease guarantees as presented
in the table above mainly relates to divestments. The following table sets out the undiscounted
lease guarantees by divestment:
\u20ac million
December 28,
2025
December 29,
2024
Tops divestments
220
262
BI-LO/Bruno\u2019s divestment
15
15
Sweetbay, Harveys and Reid\u2019s divestment
55
59
Bottom Dollar Food divestment
52
67
Other1
75
95
Total lease guarantees
417
499
1. Other mainly includes the divestment of remedy stores in the U.S. and the divestment of Bradlees.
On a discounted basis, these lease guarantees amount to \u20ac322\u00a0million and \u20ac379\u00a0million as of
December\u00a028, 2025, and December\u00a029, 2024, respectively. If Ahold Delhaize is called upon to
satisfy its obligations under the outstanding lease guarantees, it has several potential defenses
to reduce the Company\u2019s gross exposure.
Corporate and buyback guarantees
Ahold Delhaize has provided corporate guarantees to certain suppliers of its affiliates in Belgium
as part of the Belgium Future Plan. Ahold Delhaize would be required to perform under the
guarantee if an affiliate failed to meet its financial obligations, as described in the guarantee.
As of December\u00a028, 2025, corporate guarantees were issued for an amount of \u20ac91 million
(December\u00a029, 2024: \u20ac91\u00a0million). These corporate guarantees expire in 2026.
Buyback guarantees relate to Ahold Delhaize\u2019s commitment to repurchase stores or inventory
from certain franchisees at predetermined prices. The buyback guarantees reflect the maximum
committed repurchase value under the guarantees. The outstanding buyback guarantees
of \u20ac12 million expire in 2026.
Indemnifications as part of divestments of Ahold Delhaize\u2019s operations
In the relevant sales agreements, Ahold Delhaize has provided customary indemnifications,
including for potential breach of representations and warranties, that often include, but are not
limited to, completeness of books and records, title to assets, schedule of material contracts
and arrangements, litigation, permits, labor matters, and employee benefits and taxes. These
representations and warranties will generally terminate, depending on their specific features,
a number of years after the date of the relevant transaction completion date.
The most significant divestment of operations is already covered in the guarantee section above.
In addition, specific, limited indemnifications exist for a number of Ahold Delhaize\u2019s smaller
divestments, such as FreshDirect in 2023. The aggregate impact of claims, if any, under such
indemnification provisions is not expected to be material.
Taxes
Ahold Delhaize operates in a number of countries and is subject to several direct and indirect
taxes, including corporate income tax, value-added tax, sales and use tax, and wage tax. Its
income is subject to direct and indirect tax in differing jurisdictions where those taxes are levied
on a tax base differing per tax law and jurisdiction and at differing tax rates. Significant judgment
is required in determining the direct and indirect tax position. We seek to organize our affairs
in a sustainable manner, taking into account the applicable regulations of the jurisdictions
in which we operate.
As a result of Ahold Delhaize\u2019s multi-jurisdictional operations, it is exposed to a number of
different tax risks including, but not limited to, changes in tax laws or interpretations of such
tax laws. The authorities in the jurisdictions where Ahold Delhaize operates may review the
Company\u2019s direct and indirect tax returns and may disagree with the positions taken in those
returns. While the ultimate outcome of such reviews is not certain, Ahold Delhaize has considered
the merits of its filing positions in its overall evaluation of potential tax liabilities for both direct
and indirect taxes and believes it has adequate liabilities recorded in its consolidated financial
statements for exposures on these matters. Based on its evaluation of the potential tax liabilities
and the merits of Ahold Delhaize\u2019s filing positions, it is unlikely that potential tax exposures over
and above the amounts currently recorded as liabilities in its consolidated financial statements
will be material to its financial condition or future results of operations.
34 Commitments and contingencies continued
Legal proceedings
Ahold Delhaize and certain of its former or current subsidiaries are involved in a number of
legal proceedings, which include litigation as a result of divestments, tax and employment, as
well as other litigation and inquiries. The\u00a0legal proceedings discussed below, whether pending,
threatened or unasserted, if decided adversely or settled, may result in liability material to
Ahold Delhaize\u2019s financial condition, results of operations or cash flows. Ahold Delhaize may
enter into discussions regarding the settlement of these and other proceedings, and may enter
into settlement agreements, if it believes settlement is in the best interest of Ahold Delhaize\u2019s
shareholders. In accordance with IAS 37 \u201cProvisions, Contingent Liabilities, and Contingent
Assets,\u201d Ahold Delhaize has recognized provisions with respect to these proceedings,
where appropriate, which are reflected on its balance sheet.
National prescription opiate litigation
Several U.S. brands and subsidiaries of Ahold Delhaize have been sued in a number of lawsuits
included in In re: National Prescription Opiate Litigation (MDL No. 2804), a multi-district litigation
(MDL) matter pending in the United States District Court in the Northern District of Ohio. The MDL
contains thousands of cases filed against hundreds of defendants by counties, cities, hospitals
and others concerning the impact of opioid abuse. Several U.S. brands and subsidiaries of Ahold
Delhaize also have been sued in a number of lawsuits pending in courts in New York, which
are not part of the MDL. The MDL and New York suits name Ahold Delhaize as a defendant, as
well as various subsidiaries, including American Sales Company LLC, which ceased operations
prior to being named as a defendant in any MDL-related case. Although the MDL matters in
which Ahold Delhaize or its subsidiaries have been named have been stayed by the court and,
therefore, are not being actively litigated at this time, the court has requested status reports
in many stayed cases (including those in which Ahold Delhaize and its subsidiaries have been
named). The New York matters in which Ahold Delhaize or its subsidiaries have been named
are also currently stayed. Ahold Delhaize and its subsidiaries are exchanging dispensing
information and potential frameworks for resolution with Plaintiffs' counsel and the Attorneys
General of various states in which they operate. The Company continues to believe there are
strong factual and legal defenses to the plaintiffs\u2019 claims. Ahold Delhaize is not currently able
to predict the outcome of these claims.
Other legal proceedings
In addition to the legal proceedings described previously in this Note, Ahold Delhaize and
its former or current subsidiaries are parties to a number of other legal proceedings arising
out of their business operations. Ahold Delhaize believes that\u00a0the ultimate resolution of these
other proceedings will not, in the aggregate, have a material adverse effect on Ahold Delhaize\u2019s
financial position, results of operations or cash flows. Such other legal proceedings, however,
are subject to inherent uncertainties, and the outcome of individual matters is unpredictable.
It is possible that Ahold Delhaize could be required to make expenditures, in\u00a0excess
of\u00a0established provisions, in amounts that cannot reasonably be estimated.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-584": { "value": "
35 List of subsidiaries, joint ventures and associates
The following are significant subsidiaries, joint ventures and associates directly or indirectly owned by
Ahold Delhaize as of December\u00a028, 2025. Subsidiaries, joint ventures and associates not important
to providing an insight into the Group as required under Dutch law are omitted from this list.
Significant subsidiaries (consolidated)
Ownership %
Retail trade Europe
The Netherlands
Albert Heijn B.V.*
Zaandam
100%
Albert Heijn Franchising B.V.*
Zaandam
100%
Gall & Gall B.V.*
Zaandam
100%
Etos B.V.*
Zaandam
100%
bol.com B.V.*
Utrecht
100%
Belgium
Delhaize Le Lion / De Leeuw NV
Asse
100%
Albert Heijn Belgi\u00eb NV / SA
Antwerp
100%
Greece
\u201cAlfa-Beta\u201d Vassilopoulos Single Member S.A.
Athens
100%
Serbia
Delhaize Serbia d.o.o. Beograd
Belgrade
100%
Romania
Mega Image SRL
Bucharest
100%
Profi Rom Food SRL
Timi\u0219oara
100%
Czech Republic
Albert \u010cesk\u00e1 republika, s.r.o.
Prague
100%
Grand-Duchy of Luxembourg
Delhaize Luxembourg S.A.
Pommerloch
100%
Retail trade United States
United States
The Stop & Shop Supermarket Company LLC
Quincy
Massachusetts
100%
Food Lion LLC
Salisbury
North Carolina
100%
The GIANT Company LLC
Carlisle
Pennsylvania
100%
Giant of Maryland LLC
Landover
Maryland
100%
Hannaford Bros. Co., LLC
Scarborough
Maine
100%
Other
The Netherlands
Ahold Delhaize Coffee Company B.V.*
Zaandam
100%
Ahold Europe Real Estate & Construction B.V.*
Zaandam
100%
Ahold Finance U.S.A., LLC*
Zaandam
100%
Ahold Delhaize Nederland B.V.*
Zaandam
100%
bol.com holding N.V.*
Utrecht
100%
Delhaize \u201cThe Lion\u201d Nederland B.V.*
Zaandam
100%
Significant subsidiaries (consolidated)
Ownership %
United States
ADUSA Commercial Holdings, Inc.
Salisbury
North Carolina
100%
ADUSA Distribution, LLC.
Salisbury
North Carolina
100%
ADUSA Supply Chain Services, LLC
Salisbury
North Carolina
100%
Ahold Delhaize USA Services, LLC
Salisbury
North Carolina
100%
Ahold Delhaize USA, Inc.
Quincy
Massachusetts
100%
Ahold Information Services, Inc.
Greenville
South Carolina
100%
Ahold Lease U.S.A., Inc.
Quincy
Massachusetts
100%
Ahold U.S.A., Inc.
Quincy
Massachusetts
100%
Delhaize America, LLC
Salisbury
North Carolina
100%
Delhaize US Holding, Inc.
Salisbury
North Carolina
100%
Guiding Stars Licensing Company, LLC
Scarborough
Maine
100%
MAC Risk Management, Inc.
Quincy
Massachusetts
100%
The MollyAnna Company
Williston
Vermont
100%
Switzerland
Ahold Delhaize Finance Company N.V.
Geneva
100%
Ahold Delhaize International S\u00e0rl
Geneva
100%
Ahold Delhaize Licensing S\u00e0rl
Geneva
100%
Readel S.A.
Geneva
100%
Significant joint ventures and associates (unconsolidated)
Ownership %
JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS, S.A.
Lisbon
Portugal
49%
P.T. Lion Super Indo
Jakarta
Indonesia
51%
With respect to the separate financial statements of the Dutch legal entities included in the
consolidation, substantially all subsidiaries availed themselves of the exemption laid down in
section 403, subsection 1 of Book 2 of the Dutch Civil Code. Pursuant to section 403, Ahold
Delhaize has assumed joint and several liability for the debts arising out of the legal acts of these
subsidiaries. The determination of which Dutch subsidiaries of Ahold Delhaize, whether significant
in the context of this Note or not, make use of the 403 exemption follows from the Dutch trade
register. Each of these subsidiaries has filed Ahold Delhaize\u2019s 403 declaration with the Dutch trade
register. The above significant subsidiaries that make use of the 403 exemption are marked by *.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-583": { "value": "
35 List of subsidiaries, joint ventures and associates
The following are significant subsidiaries, joint ventures and associates directly or indirectly owned by
Ahold Delhaize as of December\u00a028, 2025. Subsidiaries, joint ventures and associates not important
to providing an insight into the Group as required under Dutch law are omitted from this list.
Significant subsidiaries (consolidated)
Ownership %
Retail trade Europe
The Netherlands
Albert Heijn B.V.*
Zaandam
100%
Albert Heijn Franchising B.V.*
Zaandam
100%
Gall & Gall B.V.*
Zaandam
100%
Etos B.V.*
Zaandam
100%
bol.com B.V.*
Utrecht
100%
Belgium
Delhaize Le Lion / De Leeuw NV
Asse
100%
Albert Heijn Belgi\u00eb NV / SA
Antwerp
100%
Greece
\u201cAlfa-Beta\u201d Vassilopoulos Single Member S.A.
Athens
100%
Serbia
Delhaize Serbia d.o.o. Beograd
Belgrade
100%
Romania
Mega Image SRL
Bucharest
100%
Profi Rom Food SRL
Timi\u0219oara
100%
Czech Republic
Albert \u010cesk\u00e1 republika, s.r.o.
Prague
100%
Grand-Duchy of Luxembourg
Delhaize Luxembourg S.A.
Pommerloch
100%
Retail trade United States
United States
The Stop & Shop Supermarket Company LLC
Quincy
Massachusetts
100%
Food Lion LLC
Salisbury
North Carolina
100%
The GIANT Company LLC
Carlisle
Pennsylvania
100%
Giant of Maryland LLC
Landover
Maryland
100%
Hannaford Bros. Co., LLC
Scarborough
Maine
100%
Other
The Netherlands
Ahold Delhaize Coffee Company B.V.*
Zaandam
100%
Ahold Europe Real Estate & Construction B.V.*
Zaandam
100%
Ahold Finance U.S.A., LLC*
Zaandam
100%
Ahold Delhaize Nederland B.V.*
Zaandam
100%
bol.com holding N.V.*
Utrecht
100%
Delhaize \u201cThe Lion\u201d Nederland B.V.*
Zaandam
100%
Significant subsidiaries (consolidated)
Ownership %
United States
ADUSA Commercial Holdings, Inc.
Salisbury
North Carolina
100%
ADUSA Distribution, LLC.
Salisbury
North Carolina
100%
ADUSA Supply Chain Services, LLC
Salisbury
North Carolina
100%
Ahold Delhaize USA Services, LLC
Salisbury
North Carolina
100%
Ahold Delhaize USA, Inc.
Quincy
Massachusetts
100%
Ahold Information Services, Inc.
Greenville
South Carolina
100%
Ahold Lease U.S.A., Inc.
Quincy
Massachusetts
100%
Ahold U.S.A., Inc.
Quincy
Massachusetts
100%
Delhaize America, LLC
Salisbury
North Carolina
100%
Delhaize US Holding, Inc.
Salisbury
North Carolina
100%
Guiding Stars Licensing Company, LLC
Scarborough
Maine
100%
MAC Risk Management, Inc.
Quincy
Massachusetts
100%
The MollyAnna Company
Williston
Vermont
100%
Switzerland
Ahold Delhaize Finance Company N.V.
Geneva
100%
Ahold Delhaize International S\u00e0rl
Geneva
100%
Ahold Delhaize Licensing S\u00e0rl
Geneva
100%
Readel S.A.
Geneva
100%
Significant joint ventures and associates (unconsolidated)
Ownership %
JMR \u2013 Gest\u00e3o de Empresas de Retalho, SGPS, S.A.
Lisbon
Portugal
49%
P.T. Lion Super Indo
Jakarta
Indonesia
51%
With respect to the separate financial statements of the Dutch legal entities included in the
consolidation, substantially all subsidiaries availed themselves of the exemption laid down in
section 403, subsection 1 of Book 2 of the Dutch Civil Code. Pursuant to section 403, Ahold
Delhaize has assumed joint and several liability for the debts arising out of the legal acts of these
subsidiaries. The determination of which Dutch subsidiaries of Ahold Delhaize, whether significant
in the context of this Note or not, make use of the 403 exemption follows from the Dutch trade
register. Each of these subsidiaries has filed Ahold Delhaize\u2019s 403 declaration with the Dutch trade
register. The above significant subsidiaries that make use of the 403 exemption are marked by *.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-585": { "value": "
36 Subsequent events
Agreement Blackstone Credit & Insurance
On January 13, 2026, Ahold Delhaize USA announced a definitive agreement under which funds
managed by Blackstone Credit & Insurance will invest $475 million (\u20ac403 million) in connection
with a triple\u2011net\u2011lease transaction to construct a new highly automated grocery DC.
Acquisition of Delfood
On February 2, 2026, Ahold Delhaize announced that its local Belgian brand Delhaize has
completed the acquisition of Delfood NV from louis delhaize Group. The initial accounting for the
acquisition of Delfood will be completed in 2026 and is not expected to have a material impact on
Ahold Delhaize\u2019s consolidated balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } }, "f-586": { "value": "Ahold Delhaize\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Provincialeweg 11 1506 MA Zaandam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500C9GNBV20UYRX36", "period": "2024-12-30T00:00:00/2025-12-29T00:00:00" } } } }