Ahold Delhaize reported fourth-quarter net sales of €23.5 billion, a 6.1% increase at constant exchange rates, exceeding expectations and delivering a 4.2% core operating margin that surpassed analyst forecasts of 3.9%. The Dutch supermarket operator's underlying earnings per share rose 6.1% year-over-year to €0.73, driven by solid U.S. performance and a 2.5% comparable sales growth excluding fuel. This margin beat signals strong execution despite challenging market conditions highlighted by CEO Frans Muller, who noted frequent government policy shifts and supply chain disruptions in 2025.

Muller expressed confidence for 2026, projecting mid-to-high single-digit EPS growth and free cash flow of at least €2.3 billion. The company also announced a 6% dividend increase and a €1 billion annual share buyback program. The margin outperformance is crucial for investors, demonstrating resilience and providing a solid foundation for future returns.