Ahold Delhaize management commentary: Price investments, prior-year items weigh on Q3 2026 U.S. underlying operating margin

• Ahold Delhaize's management commentary reported third-quarter 2026 sales rose 1.9% at constant exchange rates to EUR 23.1 billion, supported by positive volumes.
• Underlying operating margin fell 10 basis points to 4.1%, reflecting U.S. price investments and comparisons with prior-year nonrecurring items.
• Management estimated the cybersecurity incident would reduce fourth-quarter sales by EUR 200 million–250 million, with underlying operating income down EUR 75 million–100 million.
• The updated full-year outlook targets underlying operating margin approaching 4%, with diluted underlying EPS growing at a low-single-digit rate at constant exchange rates.
• Free cash flow is now expected around EUR 2.1 billion, reflecting the cybersecurity disruption and payment changes in Serbia.

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