Group highlights

Net sales


2017: €62.9bn
-0.2% (+2.5% at constant rates)

Underlying operating income


2017: €2.5bn
+4.0% (+6.7% at constant rates)

Underlying operating margin


2017: 3.9%
+0.2% pt

Net income


2017: €1,817m
-1.4% (+0.0% at constant rates)

Net consumer online sales


2017: €2.8bn

Free cash flow2


2017: €1.9bn

Underlying income per share 
from continuing operations


2017: €1.26

Dividend per common share


2017: €0.63

Own-brand sales from healthy products


2017: 46%

Associate engagement score3


2017: 78%
Industry benchmark: 80%

Dow Jones Sustainability Index


2017: 674
+5 (Industry average: 35)

Carbon-equivalent emissions per m2


20175: 471kg/m2

  1. The 2016 figures presented in the graphs are pro forma figures. To read more about the 2016 pro forma figures, see our Annual Report 2016.
  2. In 2018, after €1.8 billion capital expenditure (2017: after €1.7 billion capital expenditure).
  3. 2018 and 2017 figures include Peapod, Gall&Gall and Etos.
  4. DJSI changed its methodology in 2018 and restated the 2017 score from 73 to 67 for comparability to 2018.
  5. We have restated our 2017 figures to include more accurate GWP for our refrigerants, sales area and actual fuel usage. The 2017 figure excludes Gall & Gall and Etos.

Read my message here

CEO letter
I’m happy to present our Annual Report for the first time as Chief Executive Officer. In 2018, we essentially finalized our merger and integration and turned our focus to the next, exciting chapter of our company. I’m very proud of the associates across our great local brands who have made our success possible.

Frans Muller President and CEO

Five drivers for growth

As we note in our Annual Report, we have a strong foundation and top-notch talent – and are well-positioned to win. Through our five growth drivers, we will accelerate on what will make a difference in the future food retail landscape.

Omnichannel growth

Omnichannel growth

Making it possible for our customers to shop however and whenever is most convenient through our omnichannel offering.

We will boost our omnichannel growth by investing in our store network and online capabilities – and our scale will help us do this. We will continue to reposition our store brands – including our largest brand, Stop & Shop – to be even more customer-centric and locally differentiated.

At the same time, we are investing more in our home delivery capabilities, developing our pick-up points and further leveraging our online brands such as and Peapod. People are cooking less and want easier, fresher, healthier meal options. We see a great opportunity to keep expanding into meal solutions, focusing on meal kits, food counters, and meals-on-demand. 



including artificial intelligence and robotics

Partnering to invest in the technology of the future and deploy it across our company today, to improve the customer experience and increase efficiency.

We are using technology to make the three billion offers we send out each year more personalized and compelling. When we adjust our assortment using machine learning, our customers find more of the products they want. By simplifying the checkout process and rolling out technology to help customers navigate stores and build shopping lists, we are making shopping easier. We are also making fulfillment more efficient by investing in fully mechanized distribution centers, micro-fulfillment and optimized forecasting and replenishment.

Healthy and Sustainable

Healthy and sustainable

Taking the lead in offering our customers healthier and more sustainable options  

Customers and communities across all our markets are looking for ways to eat cleaner, smarter and healthier, and are concerned about the impact of their shopping on people and the environment. Our vision is to be the leading sustainable retailer in our markets by innovating to improve health, drive sustainable consumption and maximize human potential. To meet the increasing demand for healthier diets we will continue improving the nutritional value of our products and supporting customers in finding healthier options, while accelerating our focus on affordability and personalization. We are committed to creating more circular systems for plastic packaging, and are testing blockchain and other methods to improve transparency about our products. In addition, we will build new, ambitious climate targets to accelerate emission reduction from our operations and supply chain.

Portfolio and scale efficiencies

Portfolio and scale efficiencies

Having both the ambition and the opportunity to grow our business in a fragmented retail market while scaling our efficiencies to partially self fund our growth

We have built a solid platform, and the right capabilities to enable us to pursue both organic and inorganic growth. We will continue to evolve our portfolio: building and strengthening our leading market positions, leveraging our scale and expanding our strong local brands, customer reach and our geographical presence. We strive for a #1 or #2 position in each market, and will also grow in attractive existing or adjacent markets. Our commitment is to partially self-fund our growth investments and acceleration through our Save for Our Customers cost program and we believe there are many more efficiencies to go after and to scale across our group.

Best talent

Best talent

Staying in the lead by attracting, developing and retaining the best talent, with new capabilities

Our leadership team has the strength and experience to drive our strategy and grow our business even further. And our larger team of 372,000 associates are engaged, experienced and passionate about serving customers and communities across all our brands. It is essential we offer them the right opportunities because they make everything we do possible. Our brands will continue to improve their working environment with an engaged, inclusive, balanced and healthy workplace for their associates.

Leading Together

Our Leading Together strategy provides a framework for success, leveraging both scale and local strength. It guides our decisions and defines shared values and promises, while giving our great local brands the flexibility to best serve their customers, associates and communities.

Our purpose

Our purpose

Together, we build Great Local Brands, bringing Fresh Inspiration Every Day.

This is the reason we are in business -- and shapes everything we do.

Our business model

Our business model 

Our business model is a continuous cycle that shows how our great local brands create value for all our stakeholders. 

Across Ahold Delhaize, each brand works to save, drive same-store sales and fund growth. 

By continuously looking for ways to buy better, operate smarter and waste less, we maintain the ability to invest in our evolving customer proposition and offer an omnichannel shopping experience: 

Save for our customers
To jump-start this continuous cycle, we always look for ways to save for our customers. We evaluate every area of our businesses to see where we can do things smarter and better to save money, conserve resources and reduce waste. 

  • Buy better 
  • Operate smarter 
  • Waste less 

Invest in our customer proposition
Our brands invest into the local customer proposition to provide a great shopping experience that meets consumers’ changing needs and builds loyalty. 

  • Fresher and healthier 
  • Best own brands 
  • Local, personal & convenient 
  • Dependable value 
  • Sustainable 

Offer an omnichannel experience
Ahold Delhaize seeks to fund growth in three key channels – supermarkets and smaller stores, eCommerce and meal solutions – so that our brands can be there wherever and however customers shop, providing more of the meals our customers enjoy each day. We are building a portfolio of strong brands that reach #1 or #2 positions in their local markets. 

  • Supermarkets and smaller stores 
  • eCommerce 
  • Meal solutions 

Our promises

Our promises

We promise customers, associates and communities that we will always strive to be a better place to shop, a better place to work, and a better neighbor – every day.

A better place to shop
People everywhere are demanding more convenience from the shopping experience.

A better place to work
As one of the world’s largest retailers, people are at the center of everything we do. Today, maybe more than ever, people want to feel engaged in their work and know that it has a purpose.

A better neighbor
The world around us is changing fast, and as a global retailer, we can have a significant impact on issues important to people in our local communities, such as climate change, health and waste reduction.

Our values

Our values

We will continue to improve our working environment with an engaged, inclusive, balanced and healthy workplace for our 372,000 employees. To do this we will rely on our core values: Courage, Integrity, Teamwork, Care and Humor.

We drive change, are open-minded, bold, and innovative.

We do the right thing and earn customers’ trust

Together, we take ownership, collaborate, and win.

We care for our customers, our colleagues, and our communities.

We are humble, down-to-earth, and we don’t take ourselves too seriously.

Read more about our strategy

Our role in the value chain

As a food retailer, Ahold Delhaize is positioned in the middle of the value chain, delivering products from farmers and suppliers to consumers through retail stores and online operations. As we explain further in our Annual Report 2018, with our scale and leading position, we can have a significant influence on making each stake of the value chain more sustainable, in partnership with our stakeholders.

Our great local brands


The Netherlands


Central and SE Europe

Joint Ventures

Albert Heijn


Alfa Beta

Pingo Doce

Food Lion


Super Indo




Gall & Gall

Mega Image

Giant Food