Adyen lifts guidance as first-half revenue rises 19 percent
Adyen reported first-half net revenue of 1,302.9 million euros on August 13, up 19 percent from a year earlier and 21 percent on a constant currency basis, according to the company’s results statement. Processed volume rose 24 percent to 803.8 billion euros.
Earnings before interest, taxes, depreciation and amortisation were 641.5 million euros, a margin of 49 percent, or 50 percent excluding one-time transaction costs. The Dutch payments company guided to full-year net revenue growth of 21 percent to 23 percent on a constant currency basis.
“By expanding our role well beyond payments, we execute our long-term strategy and solve deeper structural complexity for our merchants,” co-founder and co-chief executive Pieter van der Does said in the statement.
The half included the company’s first acquisitions in its twenty-year history. Adyen completed purchases of the loyalty platform Talon.One and the billing software company Orb on July 1, and launched Adyen Agentic in June to let merchants accept payments initiated by AI agents. It also expanded its partnership with the restaurant platform Toast into the United States and counts OpenAI among new customers.
Growth was fastest in Platforms, the smallest of its three segments, where volumes rose 42 percent to 135 billion euros and revenue climbed 37 percent to 165.5 million euros, according to FXC Intelligence. Point-of-sale volumes grew 28 percent against 23 percent for online, and accounted for 22 percent of total volume.
Two figures ran against the trend. Net revenue growth in Europe, the Middle East and Africa slowed to 15 percent from 26 percent a year earlier, which management attributed partly to global merchants shifting volume to other regions, and platform take rates came in weaker than expected as larger customers scaled, according to an earnings call transcript published by GuruFocus. Management said it does not see pricing pressure in its data.
Adyen raised its capital expenditure guidance to about 7 percent of net revenue for 2026 from a historical level near 5 percent, pulling investment forward from 2027 to secure compute and storage capacity and lock in pricing. It expects the full-year EBITDA margin to land one percentage point below 2025 because of the acquisitions, while maintaining its target of above 55 percent by 2028. Headcount reached 5,020 at June 30, a net increase of 249 in the half. Shares rose sharply following the report.
