Ahold Delhaize stock faces 2026 outlook cut after cyber incident

Ahold Delhaize reported resilient third-quarter results on Wednesday, November 4, 2026, but lowered parts of its full-year outlook after an October cybersecurity incident disrupted online services and Benelux supply-chain operations. The company said in its Q3 release that it expects the incident to weigh on fourth-quarter performance.

Ahold Delhaize stock traded at 35.87 euros on Lang & Schwarz at 10:31 CET on Friday, November 13, 2026, 1.58% above the Xetra close of Thursday, November 12, at 35.31 euros.

Cyber costs pressure near-term earnings

The retailer estimates that the October incident will reduce fourth-quarter net sales by between 200 million euros and 250 million euros. Underlying and IFRS operating income are expected to decline by between 75 million euros and 100 million euros, while additional response and remediation costs should have a marginal effect on 2026 IFRS operating income.

The company now expects diluted underlying earnings per share growth at constant exchange rates in the low single digits, compared with its previous mid- to high-single-digit forecast. Free cash flow is projected at around 2.1 billion euros, down from at least 2.3 billion euros previously. The underlying operating margin is still expected to approach 4.0%, versus earlier guidance of around 4.0%.

Management said the incident mainly affected online capabilities in the Benelux and the United States, as well as Benelux supply-chain operations. Bol was not affected. Most of the disruption was contained within two weeks, but work to restore normal operations continued after the quarter ended.

Online demand provides support

Third-quarter net sales rose 1.9% at constant exchange rates and 2.6% at actual exchange rates to 23.1 billion euros. Online sales increased 8.2% at constant exchange rates, led by 14.2% growth in the United States, the tenth consecutive quarter of double-digit U.S. online growth.

Underlying operating margin was 4.1%, down 0.1 percentage points at constant exchange rates. Diluted underlying earnings per share rose 1.4% at constant exchange rates to 0.69 euros. IFRS operating income reached 976 million euros, 30 million euros above underlying operating income, mainly because of a pension settlement in the U.S.

The regional picture was mixed. U.S. net sales increased 1.1% at constant exchange rates, while comparable sales excluding gasoline rose 0.5%. European net sales advanced 3.1% at constant exchange rates, with comparable sales excluding gasoline up 2.1%.

For investors, the release leaves online momentum and regional volume growth as operational offsets to a weaker near-term earnings outlook. The company also announced a 1 billion euro share buyback program starting at the beginning of 2027 and said it aims to increase its 2026 dividend per share at a mid-single-digit rate based on the revised outlook.

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