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olivLaw · European equity research

Colruyt Group COLR.BR

Belgium · Euronext Brussels · ISIN BE0974256852 · Vertical: Listed companies from Belgium

36.98EUR+1.93% · 1 dayClose 05 Nov 2026

Colruyt Group is a Belgian retailer of food and non-food, with brands such as Colruyt, Okay, Bio-Planet, Collect&Go and Foodbag. The group is investing in digitalisation, home delivery and the integration of recent acquisitions, in a context where opening rules have changed and competition has increased.

At the close of 05 Nov 2026, Colruyt Group (COLR.BR) stock was 36.98 EUR (+1.93% on the day), with market capitalisation 4.4 bn EUR, P/E 14.6 on diluted EPS of 2.53 EUR over the last 12 months, dividend yield 3.73%, beta -0.05, 52-week range 30.32–39.66 EUR.

Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.

Market cap
4.4 bn EUR
shares as of 31 Mar 2026
P/E (TTM)
14.6
Diluted EPS TTM 2.53 · TTM to 31 Mar 2026
E/P (TTM)
6.84%
TTM to 31 Mar 2026
Dividend yield
3.73%
DPS 12m 1.38
Beta (2y)
-0.05
Volatility (1y) 23%
52-week range
30.3239.66

Price history

Loading chart…

Technical reading

RSI (14)
59.9
strong (55–70)
Bollinger (20, 2)
33.97 – 36.90
above the upper band · %B 1.03 · band width 8.3%
SMA 50 / 200
36.91 / 35.46
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
-0.20 / -0.44
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyEURO STOXX 50vs EURO STOXX 50Vertical median
1 month+11.4%+0.4%+11.0 pp—
3 months−5.3%−3.3%−2.0 pp—
6 months+14.8%+4.0%+10.8 pp—
Year to date+17.4%+8.1%+9.3 pp—
1 year+15.3%+10.7%+4.6 pp+6.3%
3 years−5.8%+50.1%−55.9 pp−4.6%
5 years−14.0%+43.6%−57.6 pp—
Max drawdown (1y)
−16.8%
03 Sept 2026 → 07 Oct 2026
Max drawdown (5y)
−53.1%
10 Nov 2021 → 14 Dec 2022
Compound annual growth (5y)
−3.0%
EURO STOXX 50 +7.5%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 100 percentile of its own 2-quarter history (min 13.9, median 14.1, max 14.3; quarters with earnings only).

Fiscal years

Fiscal year20252026
Revenue10.2 bn10.6 bn
Revenue YoYunavailable+3.1%
Net income337.3 m303.5 m
Net income YoYunavailable−10.0%
Diluted EPS2.732.53
Diluted EPS YoYunavailable−7.3%
net %3.3%2.9%
Free cash flowunavailableunavailable

Balance sheet & financial health

Fiscal year 2026 · 31 Mar 2026

Cash
586.2 m EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
3.3 bn EUR
Total assets
6.5 bn EUR
Debt / equity
unavailable
Current ratio
0.87x
ROE
9.4%
ROA
4.7%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2025
10.2 bn
2026
10.6 bn

esef· 04 Aug 2026verified

Cost of revenue
2025
7.1 bn
2026
7.3 bn

esef· 04 Aug 2026verified

Gross profit
2025
3.1 bn
2026
3.2 bn

esef· 04 Aug 2026verified

Operating income
2025
469.2 m
2026
464.9 m

esef· 04 Aug 2026verified

Interest expense
2025
36.3 m
2026
33.5 m

esef· 04 Aug 2026verified

Pre-tax income
2025
470.2 m
2026
440.8 m

esef· 04 Aug 2026verified

Income tax
2025
118.5 m
2026
104.1 m

esef· 04 Aug 2026verified

Net income
2025
337.3 m
2026
303.5 m

esef· 04 Aug 2026verified

Diluted EPS
2025
2.73
2026
2.53

esef· 04 Aug 2026verified

Dividend per share
2025
1.38
2026
1.38

esef· 04 Aug 2026verified

Balance sheet · EUR

Cash
2025
626.8 m
2026
586.2 m

esef· 04 Aug 2026verified

Inventories
2025
776.0 m
2026
731.8 m

esef· 04 Aug 2026verified

Current assets
2025
2.1 bn
2026
2.1 bn

esef· 04 Aug 2026verified

Goodwill
2025
449.2 m
2026
557.9 m

esef· 04 Aug 2026verified

Intangibles (excl. goodwill)
2025
423.0 m
2026
417.1 m

esef· 04 Aug 2026verified

Total assets
2025
6.5 bn
2026
6.5 bn

esef· 04 Aug 2026verified

Current liabilities
2025
2.4 bn
2026
2.4 bn

esef· 04 Aug 2026verified

Total liabilities
2025
3.3 bn
2026
3.2 bn

esef· 04 Aug 2026verified

Equity
2025
3.2 bn
2026
3.3 bn

esef· 04 Aug 2026verified

Shares outstanding at year end
2025
123.6 m
2026
120.0 m

esef· 04 Aug 2026derived

Cash flow · EUR

Operating cash flow
2025
738.6 m
2026
744.7 m

esef· 04 Aug 2026verified

Investing cash flow
2025
-357.0 m
2026
-360.9 m

esef· 04 Aug 2026verified

Financing cash flow
2025
-530.4 m
2026
-424.0 m

esef· 04 Aug 2026verified

Dividends paid
2025
171.1 m
2026
165.6 m

esef· 04 Aug 2026verified

Share repurchases
2025
176.0 m
2026
60.7 m

esef· 04 Aug 2026verified

Computed indicators

Growth

Revenue growth (YoY)
3.1%
computed by olivLawFY 2026
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-0.9%
computed by olivLawFY 2026
Net income growth (YoY)
-10.0%
computed by olivLawFY 2026
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-7.3%
computed by olivLawFY 2026
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
30.5%
computed by olivLawFY 2026
EBITDA margin
unavailable
input data missing
EBIT margin
4.4%
computed by olivLawFY 2026
Net margin
2.9%
computed by olivLawFY 2026
FCF margin
unavailable
input data missing

Returns

ROE
9.4%
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
ROA
4.7%
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
ROIC
unavailable
input data missing
ROCE
11.4%
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
Payout ratio (EPS)
54.5%
computed by olivLawFY 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
13.9x
computed by olivLawFY 2026

Liquidity

Current ratio
0.9x
computed by olivLawbalance sheet at 31 Mar 2026
Quick ratio
0.6x
computed by olivLawbalance sheet at 31 Mar 2026
Cash ratio
0.2x
computed by olivLawbalance sheet at 31 Mar 2026

Cash

Operating cash flow
744.7 m EUR
computed by olivLawFY 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
37 days
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
4.4 bn EUR
computed by olivLawbalance sheet at 31 Mar 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
14.6x
computed by olivLawFY 2026
P/E (TTM)
14.6x
computed by olivLawFY 2026
Earnings yield
6.8%
computed by olivLawFY 2026
P/B
1.4x
computed by olivLawbalance sheet at 31 Mar 2026
P/S
0.4x
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
3.7%
computed by olivLawFY 2026
Shareholder yield (distributions)
5.1%
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 33.3% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

36.98 EUR

05 Nov 2026Source: olivLaw, closing series

Market cap: 4.4 bn EUR

Key indicators

Market capitalisation
4.4 bn EUR
computed by olivLawbalance sheet at 31 Mar 2026
P/E (TTM)
14.6x
computed by olivLawFY 2026
P/B
1.4x
computed by olivLawbalance sheet at 31 Mar 2026
EV/EBITDA
unavailable
input data missing
ROE
9.4%
computed by olivLawFY 2026 · balance sheet at 31 Mar 2026
Net margin
2.9%
computed by olivLawFY 2026
Revenue growth (YoY)
3.1%
computed by olivLawFY 2026
Dividend yield
3.7%
computed by olivLawFY 2026

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 31 Mar 2026
Latest balance sheet date: 31 Mar 2026
Share count (cover of the latest filing), as of: 31 Mar 2026
Source: esefpublished 04 Aug 2026
verified 52derived 3

Score by group

33% · Insufficient data

Estimated value range

Low
22.40
EUR per share
Mid
30.10
EUR per share
High
42.68
EUR per share
Price: 36.98 EUR
The price is within the range
Potential to the central value: -18.6% (value / price − 1)
Margin of safety: -22.8% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 18.77 – 59.77 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E26.04 – 59.77 (Mid 38.55)
    24 companies used · median multiple 15.2x · quartiles 10.3x – 23.6x
    ACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR, MOUR.BR
  • Dividend discount (DDM)18.77 – 25.59 (Mid 21.66)

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality2.9%46 (vs peers)19%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet13.9x100 (on a fixed band)19%
Current ratio · Balance sheet0.9x6 (on a fixed band)13%
P/E (TTM) · Valuation14.6x56 (vs peers)31%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns5.1%73 (on a fixed band)19%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet62/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial46/100 · 1/3 factors with a value
  • Returns· partial73/100 · 1/2 factors with a value
  • Valuation· partial56/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Colruyt Group (COLR.BR). Latest full fiscal year: 2026; data up to 2026-03-31.

Figures computed from the financial statements: revenue 10.6 bn EUR in 2026; YoY growth 3.1%; net margin 2.9%; ROE 9.4%.

The estimated value range is 22.40–42.68 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 30.10 EUR, the price of 36.98 EUR leaves a potential of -18.6% (value / price − 1) and a margin of safety of -22.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Interest coverage: 13.9x
  • Shareholder yield (distributions): 5.1%

What contradicts it

  • Current ratio: 0.9x
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Listed companies from Belgium · same country · compared with 39 companies

Multiples and returns vs the median

P/E
14.6x
vertical median 17.2x
below median (−14.9%)
EV/EBITDA
—
vertical median 5.2x
P/S
0.4x
vertical median 1.1x
below median (−62.8%)
P/B
1.4x
vertical median 1.1x
above median (+22.1%)
ROE
9.4%
vertical median 8.3%
above median (+14.2%)
Net margin
2.9%
vertical median 4.3%
below median (−33.0%)
EBIT margin
4.4%
vertical median 8.2%
below median (−46.3%)
Revenue YoY
3.1%
vertical median 0.0%
above median
Net debt/EBITDA
—
vertical median 0.5x
Dividend yield
3.7%
vertical median 1.8%
above median (+111.6%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
ELI.BRElia Group11.9 bn23.39.6%13.6%−2.0%+28% / +34%
LOTB.BRLotus Bakeries11.4 bn66.420.9%12.7%+10.0%+82% / +76%
GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert10.6 bn82.40.8%2.1%+1.0%+6% / +9%
DIE.BRD'ieteren Group9.7 bn23.2—5.3%−1.5%+22% / +16%
ACKB.BRAckermans & Van Haaren8.8 bn22.28.4%7.6%+18.6%+22% / +77%
COLR.BRColruyt Group4.4 bn14.69.4%2.9%+3.1%+12% / −6%
DEME.BRDeme Group4.2 bn12.215.5%8.3%+1.3%+21% / +72%
AZE.BRAzelis Group2.9 bn16.16.6%4.3%+1.5%+29% / −42%
MELE.BRMelexis2.1 bn12.430.7%18.4%−3.3%−1% / −38%
BEKB.BRNV Bekaert SA2.1 bn30.73.1%1.8%−6.4%+10% / −5%
FAGR.BRFagron1.8 bn22.216.7%9.2%+14.3%+15% / +40%
KIN.BRKinepolis Group1.4 bn33.919.3%7.0%−4.5%+62% / +11%
JEN.BRJensen Group706.9 m17.215.1%9.1%+13.3%+28% / +111%
BAR.BRBarco563.5 m9.17.9%6.7%−9.9%−48% / −59%
IBAB.BRIon Beam Applications487.2 m39.510.7%2.1%+24.5%+48% / +52%
DECB.BRDeceuninck341.3 m24.64.3%1.7%−4.5%+8% / +8%
CAMB.BRCampine272.3 m12.228.6%6.1%+13.4%−12% / +161%
CFEB.BRAannemingsmaatschappij Cfe266.8 m11.19.9%2.0%−5.3%+22% / +48%
MOUR.BRMoury Construct261.2 m10.721.3%13.1%−4.0%+11% / +76%
EVS.BREvs Broadcast Equipment245.9 m6.020.8%21.7%+14.3%−49% / −36%
BPOST.BRBpost229.8 m3.56.3%1.5%−2.6%−39% / −75%
ECONB.BREconocom Group210.7 m40.51.2%0.2%+4.3%−1% / −36%
IMMO.BRImmobel172.2 m—-7.4%-25.2%−32.8%−24% / −36%
MONNI.BRKeyware Technologies171.0 m162.03.5%4.5%−5.9%−5% / −17%
HYSG.BRHybrid Software Group PLC121.3 m—-2.5%-5.5%+7.2%−4% / +13%

1- and 3-year price returns: for COLR.BR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (EUR)

Estimated priceBearBaseBull
1 years
21.56
Total return -39% · Per year -39%
38.13
Total return 7% · Per year 7%
57.48
Total return 60% · Per year 60%
3 years
20.35
Total return -37% · Per year -14%
40.55
Total return 22% · Per year 7%
67.19
Total return 97% · Per year 25%
5 years
19.20
Total return -34% · Per year -8%
43.13
Total return 37% · Per year 7%
78.55
Total return 140% · Per year 19%
What moves the 3-year price the most
  • Exit P/E± 10.14
  • Net margin± 7.10
  • Annual revenue growth± 5.90
  • Annual dilution± 0.60

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Colruyt Group is a Belgian retailer of food and non-food, with brands such as Colruyt, Okay, Bio-Planet, Collect&Go and Foodbag. The group is investing in digitalisation, home delivery and the integration of recent acquisitions, in a context where opening rules have changed and competition has increased.

SWOT

Strengths

  • The group holds a solid position in Belgian retail, with diverse formats and its own distribution network. Its commitment to low prices and local suppliers supports customer trust.
  • Colruyt has won awards for customer satisfaction, marketing and technology, showing recognised innovation capacity.
  • The online ecosystem, from Collect&Go to Foodbag, offers more customer touchpoints and diversifies revenue streams.

Weaknesses

  • Okay was hit by competitors' Sunday openings, which pushed the format's performance down in the second half of the year.
  • Integrating the acquired stores was complex and required several years of transformation, with high conversion costs.
  • Some segments, such as non-food and Bike Republic, have weaker growth profiles and call for portfolio adjustments.

Opportunities

  • Expanding home delivery and pick-up points could attract customers in regions where online presence was limited.
  • Automating logistics and checkouts could reduce operating costs and raise productivity.
  • Selling advertising on in-store digital screens offers a new revenue channel for external advertisers.

Threats

  • Aggressive price competition and the extended hours of rivals could squeeze the group's market share.
  • A slow-growing Belgian economy and state budget constraints could weigh on consumer demand.
  • Pressure on the labour market could raise staff costs and make recruitment harder in stores and logistics.

Risks

  • Pressure on market sharehigh

    Management warns that the market share of Colruyt, Comarkt, Okay and Spar could remain under pressure if competitors keep extending opening hours.

  • Acquisition integrationmedium

    Taking over the Match and Smatch stores required years of integration. Delays or extra costs could reduce the expected benefits.

  • Staff costsmedium

    A structurally difficult labour market could raise staff costs, especially if the group has to extend working hours.

  • Dependence on the Belgian marketmedium

    The group's activity is concentrated in Belgium, exposing results to local regulatory changes and economic conditions.

  • Economy and consumer demandlow

    International uncertainty and slow economic growth could reduce demand for consumer products, especially in mid-price segments.

Investment thesis

What would need to be true (bull case)

  • If the digitalisation and home-delivery strategy keeps its pace, the group could grow revenue from online channels and reduce its dependence on in-store traffic.
  • Integrating acquired stores and expanding Okay in urban areas could support sales growth over the medium term.
  • The automation and efficiency programme could lift operating margin, if the investments translate into real cost savings.

What would break the thesis

  • If competitors' Sunday openings continue, Okay could lose market share, and a recovery could be slower than management expects.
  • Integration and transformation costs for acquired stores could remain high and weigh on results.
  • Dependence on the Belgian market makes the group vulnerable to a slow economy and to regulatory changes in the country.

What to watch

  • Monthly results of Okay after the full Sunday openingQ1 2027
  • Development of operating margin against the group's guidance to keep it at least at the prior year level for 2026/272027
  • Growth pace of Collect&Go and of deliveries by private couriersnext 10-K
  • Effect of the completed Match and Smatch integration on costs2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Colruyt Group operates in Belgium, Luxembourg and France, combining food and non-food retail formats with wholesale, production and online services. The group builds its model on low prices, its own distribution network and a base of more than 10,000 Belgian suppliers. In fiscal 2025/26 it reported consolidated investments of 472 mln EUR 1.

On the retail side, the Colruyt format remains the core of the group, alongside Okay, whose combined revenue for Okay, Bio-Planet and Cru was 1,192 mln EUR, up 2.1% 1. The group integrated 54 Match and Smatch stores acquired in April 2024, redistributed to its own formats, Spar partners, or Okay and Bio-Planet.

Diversification includes Collect&Go, Belgium's leading online grocery service, Foodbag and Foodprepper in meal boxes, and Boir for drinks. These activities extend the group's reach beyond physical stores without changing its core profile.

Segments

Food retail and grocery

The food segment includes Colruyt, Okay, Comarkt, Bio-Planet and Cru stores, plus Collect&Go services. Investments in this segment were 34 mln EUR in 2025/26, down from 47 mln EUR in the prior year 1.

Health, wellbeing and non-food

This segment brings together fitness, non-food, Bike Republic, The Fashion Society and Jims. Investments rose to 36 mln EUR in 2025/26 from 28 mln EUR, partly tied to fitness and non-food sales 1.

Delivery and digital services

Collect&Go, Foodbag and Foodprepper form an ecosystem of online orders and home delivery. The services cover 249 pick-up points and can deliver to 85% of the Belgian population 1.

Market context

The Belgian food retail market is changing quickly, with Sunday openings and extended hours altering competitive dynamics. The group says that, in this context, the market share of Colruyt, Comarkt, Okay and Spar could remain under pressure in the coming year 1.

Growth in online shopping and home delivery through private couriers offers opportunities, especially in regions where the webshop was historically less present. The group sees this as a channel to attract new customers, but also as a logistics cost challenge.

Trends

  • Sunday store openingsmixed

    Extended Sunday openings and the removal of the mandatory rest day affected Okay in the second half of the year, as some direct competitors were effectively open seven days a week. Okay has been open on Sunday mornings since 2026, which could support a recovery in sales.

  • Online shopping and home deliverytailwind

    Growth in deliveries by private couriers and wider delivery windows supported sales growth at Collect&Go. If the trend holds, the digital channel could become an important engine for the group.

  • Automation and digitalisation in storestailwind

    The Easy Checkout system, Smart Cart and expanded digital screens aim at efficiency and productivity. Easy Checkout could reduce scanning time by up to a fifth, if the promise is confirmed in practice.

  • Cost and labour pressureheadwind

    A structurally tight labour market and slow economic growth could raise staff costs. The group is responding with more selective hiring and fewer replacements in support functions.

Competitive position

Competition in Belgium is intense, with retailers that have adopted extended hours and Sunday openings. Colruyt bases its positioning on low prices, trust and service, while Okay and Comarkt are directly exposed to this pressure.

In delivery and online shopping, the group competes with retailers offering digital orders and click-and-collect. The advantage of Collect&Go lies in its pick-up network and its wide home-delivery coverage.

  • Delhaize

    Belgian grocery retailer that competes directly with the Colruyt and Okay formats, active in online shopping and delivery.

  • Aldi Belgium

    Discount chain competing on low prices, the group's core strength.

  • Lidl Belgium

    Discounter with a large store network, present in the same urban areas as Okay and Colruyt.

  • Spar Belgium

    Neighbourhood supermarket network that took over part of the Match and Smatch stores acquired by the group.

News & filings

In the press

Annual reports (ESEF)

Sources

  1. [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Colruyt Group · 31 Mar 2026

Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Colruyt Group (COLR.BR): stock, results, valuation and forecast · olivLaw