Adyen (ADYEN) H1 2026 earnings summary

Executive summary

• Net revenue grew 21% year-over-year on a constant currency basis to €1.3 billion in H1 2026, with EBITDA margin at 49% (50% excluding one-time costs), driven by deepening merchant relationships and new client wins.

• Growth was supported by expanding financial product offerings and onboarding new clients.

• Completed strategic acquisitions of Talon.One (loyalty/promotions, €750 million) and Orb (usage-based billing, USD 335 million), expanding platform capabilities beyond payments and expected to add 1 percentage point to net revenue growth in 2026.

• Launched Intelligent Money Movement and Adyen Agentic, addressing merchant needs in AI-driven commerce and global treasury automation.

• The platform now addresses the full commerce lifecycle, deepening customer relationships before, during, and after transactions.

Financial highlights

• Processed volume reached €804 billion in H1 2026, up 24% year-over-year; in-person volume grew 28% to €175.7 billion, now 22% of total volume.

• Net income increased 13% year-over-year to €544.1 million.

• Free cash flow was €553.4 million, converting 86% of EBITDA, and CapEx was €64 million (5% of net revenue), mainly for data centers.

• Cash and cash equivalents stood at €12.4 billion, with €4.9 billion net of merchant liabilities and receivables.

Outlook and guidance

• Full-year 2026 net revenue growth expected at 21–23% constant currency, with acquisitions contributing 1–2 percentage points.

• Underlying EBITDA margin to remain in line with 2025; acquisitions to dilute margin by 1 percentage point.

• CapEx guidance raised to 7% of net revenue for 2026 due to proactive investment in infrastructure; expected to normalize post-2026.

• On track for 2028 EBITDA margin objective above 55%.