Adyen (ADYEN) H1 2025 earnings summary

Executive summary

• Net revenue reached €1,093.5 million in H1 2025, up 21% year-over-year on a constant currency basis, driven by strong commercial execution, share of wallet gains, and new customer wins despite headwinds from U.S. tariffs and currency fluctuations.

• EBITDA increased 28% year-over-year to €543.7 million, with a margin of 50%, reflecting disciplined hiring, operational efficiency, and operating leverage.

• Processed volume reached €649.0 billion, up 5% year-over-year, or 23% excluding a single large-volume customer.

• Growth was supported by product innovation, expansion into APAC and LATAM, and accelerated adoption of embedded financial products and platform transformation.

• Issuing volume exceeded €2 billion, with customer count nearly doubling year-over-year.

Financial highlights

• Net revenue: €1,093.5 million (+20% YoY); EBITDA: €543.7 million (+28% YoY); EBITDA margin: 50%.

• Net income: €481.0 million (+17% YoY); Free cash flow: €474.5 million (+32% YoY); Free cash flow conversion ratio: 87%.

• CapEx was €47.3 million (4% of net revenue), down from 5% in H1 2024.

• Take rate improved to 16.8 bps from 14.7 bps in H1 2024, driven by merchant mix.

• Net revenue by region: EMEA 58%, North America 27%, APAC 10%, LATAM 5%.

Outlook and guidance

• Full-year net revenue growth is expected to be broadly in line with H1 on a constant currency basis, with continued headwinds from APAC-to-U.S. tariffs and slower market volume growth.

• EBITDA margin is projected to expand in H2 and 2025, but at a slower rate than previous years due to ongoing team investments.

• Long-term objectives reaffirmed: annual net revenue growth in the low- to high-twenties percent and EBITDA margin above 50% by 2026.

• Headcount additions will continue at a similar pace in H2 2025.