Ahold Delhaize is among the most trusted names on the Amsterdam stock exchange. The company is best known to investors as a supermarket group with strong positions in both Europe and the United States. Whereas many stocks are more sensitive to economic fluctuations, Ahold Delhaize benefits from a relatively stable business model, daily consumer spending and a broad international spread.
Since early 2025, the stock has shown strong movement. After a period of pressure and price volatility, the price managed to rise to over €42, followed by a correction towards the current zone around €38. Now that the Q1 2026 figures have been published, this is a good time to take stock. In this article, we discuss the main results, the underlying developments within Ahold Delhaize and our view on the price trend for the coming months.
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How did Ahold Delhaize's numbers fall?
Ahold Delhaize presented solid figures for the first quarter of 2026. Sales came in at €22.3 billion. On a reported basis, sales were down 4.3%, but this was mainly due to the weaker U.S. dollar against the euro. Operationally, therefore, the picture remained better than the decline in sales would at first sight suggest.
Profit development was also positive. The underlying operating margin improved to 4% and diluted underlying earnings per share rose by around 9% to €0.62. Operating profit came in at €895 million. With this, Ahold Delhaize shows that the company is well able to protect its profitability despite currency effects, price pressure and regional headwinds.
A strong component was online growth. Online sales increased by 8.3%, with the United States in particular standing out with 14.3% growth. This shows that online ordering, delivery and digital customer solutions are playing an increasingly important role in Ahold Delhaize's strategy.
In addition, Ahold Delhaize repurchased €224 million of its own shares. For all of 2026, the company remains positive about its own expectations. Ahold Delhaize counts on stable profitability, further growth in earnings per share and at least €2.3 billion in free cash flow. The company also continues to invest in stores, technology and further growth.
The market reacted cautiously to the figures. Despite the solid profit development and the maintained outlook, the share remained under pressure. This seems to be mainly due to investors paying keen attention to the currency impact, European margin pressure and the earlier strong price rise to over €42. As a result, the market reaction was not so much a rejection of the figures themselves, but rather a continuation of the correction that had already begun.
What is analysts' view of Ahold Delhaize's share price?
Analysts remain mostly positive about Ahold Delhaize. The stock is rated buy or hold by many fundamental analysts, mainly because of its stable margins, defensive nature of its business model, consistent earnings growth and ongoing share repurchase program.
The average price target for the next 12 months is in the €40 to €45 range. The most positive expectations run towards around €46, putting the analyst consensus clearly above the current share price and leaving room for further recovery in the coming months, according to analysts.
Analysts do point out some areas of concern. For example, the weaker dollar affects reported sales, as Ahold Delhaize generates a large portion of its revenues in the United States. In addition, consumer spending, labor costs and price pressure remain important for profitability. Nevertheless, the overall picture remains positive. Ahold Delhaize operates in several countries, generates a lot of profit and sells products that consumers need on a daily basis. This keeps the company relatively stable and supports the positive long-term view.
Our view on Ahold Delhaize's share price?
Below is the price chart of Ahold Delhaize. The arrows indicate the most likely scenario for the coming period.
The price of Ahold Delhaize experienced a strong rise in late 2025 and early 2026, from around €33 to over €42. After reaching this zone, a corrective phase began. At the time of writing, the stock is trading around €37.60.
Our model indicates that the correction may not yet be complete. For the short term, we take into account a further decline towards the support zone around €36.50. This level acts as an important support zone, where the price could possibly stabilize and again create room for upward movement.
If this scenario materializes and Ahold Delhaize finds support around this zone, that could be an interesting time to consider adding the stock to the portfolio or expanding an existing position. From that level, our medium-term price target is €43.50, in line with the upper end of the analyst consensus and the technical picture in the chart.
From the current price, this means an upside potential of about 16%. With an entry around €36.50, this potential rises to around 19%. With this, we expect Ahold Delhaize to remain an attractive defensive stock, provided the support zone holds and the positive technical picture remains intact.
Conclusion
Ahold Delhaize has shown with the Q1 2026 figures that the operating fundamentals remain strong. Revenue development on constant exchange rates is positive, earnings per share grows solidly and the outlook for the whole of 2026 is maintained. In particular, online growth and strong U.S. operations support the broader growth story.
At the same time, the stock has already risen sharply in recent times. The correction from over €42 to the current zone around €37 therefore fits within a normal technical course. Our most likely scenario is that the price could fall back a bit further in the short term towards the support zone around €36.50. From that zone, a new upward movement towards €43.50 can then be initiated.
For investors who already have a position, the technical picture remains constructive as long as the support zone around €36.50 holds. For investors who still want to enter, we see a pullback towards €36.50 as an interesting buy zone.
The next figures of Ahold Delhaize will be published on August 5, 2026. That will be the results for the second quarter of 2026.
Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts' own insights and experiences. They are therefore for educational purposes only.