ZAANDAM, THE NETHERLANDS - Ahold Delhaize publishes its third annual Green Bond Allocation and Impact Report, detailing the use of proceeds and the associated environmental impact of the Green Bond issued in March 2024.
In 2025, Ahold Delhaize continued to advance its transition plan for climate change mitigation by investing in clean, low-emissions, and zero-emissions technologies. These investments are part of the company’s Growing Together strategy, which maintains a gross cash capital expenditure cadence of 3% of net sales.
2025 allocation and impact
Ahold Delhaize raised €500 million in March 2024 through its second Green Bond under its 2023 Green Finance Framework. The largest share of proceeds was allocated to the Pollution Prevention & Control and Energy Efficiency categories. In 2025, the company and its local brands made progress in minimizing refrigeration leakage and reducing food and plastic waste. Significant investments were made in transitioning to low-GWP and natural refrigerants, as well as in bottle and can collectors to promote recycling. The company also continued to roll out electronic shelf labeling across its brands to help reduce food waste and improve operational efficiency.
Ahold Delhaize and its local brands further incorporated energy-efficient solutions into store design, refurbishment, and operational upgrades. Examples include the installation of LED lights, doors on refrigerated cabinets, heat recovery systems, heat pumps, improved insulation, and passive freezer doors. Throughout 2025, the bond proceeds have funded 13 new buildings in Europe with an EPC Label A or higher.
“Our Green Bonds support our climate ambitions in a transparent and disciplined way,” said Jolanda Poots-Bijl, CFO of Ahold Delhaize, in the recent release. “This report highlights how we align capital allocation with our Growing Together strategy to drive growth and enable sustainable long-term value creation for all our stakeholders.”
Green project portfolio
Ahold Delhaize held an eligible Green project portfolio worth €1,141 million on December 28th, 2025. The company fully allocated the net proceeds of the €500 million bond issued in April 2023 to the eligible expenditures of 2022 and 2023. The net proceeds of the €500 million bond issued in March 2024 were fully allocated, funding eligible 2023, 2024, and 2025 expenditures.
Sustainalytics, an independent provider of ESG research and ratings, delivered a second-party opinion on the 2023 Framework. The bonds issued in 2023 carry a coupon rate of 3.5% and mature on April 4th, 2028. The bonds issued in 2024 carry a coupon rate of 3.375% and mature on March 11th, 2031. The subsequent Green Bond Allocation and Impact Report, and the second-party opinion, are available on Ahold Delhaize's website. KPMG Accountants N.V. provided limited assurance on the Allocation Report.
