Report published October 1, 2026

Goldman Sachs: Ahold Delhaize NV: Adjusting Estimates to Reflect Slower Revenue Drivers in All Regions; TP Remains €39, Neutral

Goldman Sachs · October 1, 2026

Goldman Sachs maintains its Neutral rating and €39 12-month price target on Ahold Delhaize NV, trimming 3Q26E and FY26E EPS forecasts to €0.66 and €2.67. Top-line performance faces headwinds from decelerating food inflation and declining PPI in Europe, alongside soft consumer demand and SNAP participation cuts in the US.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Goldman Sachs maintains a Neutral rating and €39 price target on Ahold Delhaize, lowering 3Q26E/FY26E underlying diluted EPS estimates to €0.66/€2.67 from €0.71/€2.73.
2.Muted European food CPI (-0.7% in Netherlands, +0.2% in Belgium 3Q to date) and declining food PPI point to continued top-line growth pressure across European operations.
3.US grocery sales remain weak with LSD volume declines, while SNAP participation headwinds are estimated at ~70bps for 3Q26E ahead of 4Q cost-sharing implementation.

Ratios & Valuation
Growth & Margins (%)
Price Performance
Income Statement (€ mn)
Balance Sheet (€ mn)
Cash Flow (€ mn)
What We're Seeing: CPI Muted in Europe, SNAP Participation Headwinds, Multiple Compression
Financials
Cashflow and valuation
Key risks

Report data

Exhibit 7: New vs. Old GSe — as of September 30, 2026.

Metric	Estimate	Context
12m Price Target	39.00 EUR	DCF-derived 12-month target price maintained at €39.00.
Share Price	31.85 EUR	Current closing share price as of 30 September 2026.
FY26E Underlying Diluted EPS	2.67 EUR	Revised down from €2.73 to reflect lower LFLs and higher energy costs.
3Q26E Group Underlying Operating Margin	3.9%	Lowered by 22bps due to US margin compression and European energy costs.
SNAP Headwind to US Sales	70 bps	Headwind adjusted due to phasing before cost-sharing begins in 4Q.