Adyen (ADYEN) H1 2026 earnings summary

Executive summary

• Net revenue grew 19% year-over-year (21% constant currency) to €1.3 billion in H1 2026, driven by platform expansion, deepening merchant relationships, and new customer wins.

• Strategic acquisitions of Talon.One and Orb expanded platform capabilities into loyalty, promotions, and usage-based billing, expected to add 1–2 percentage points to 2026 net revenue growth.

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

• Continued focus on solving complexity for large global merchants, with a diversified customer base and increasing share of wallet.

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

Financial highlights

• Processed volume reached €803.8 billion in H1 2026, up 24% year-over-year; in-person volume grew 28% to €175.7 billion.

• Net revenue was €1.3 billion in H1, up 19% year-over-year (21% constant currency).

• EBITDA was €642 million, up 18% year-over-year, with a margin of 49% (50% excluding one-time transaction costs).

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

• CapEx was €64 million (5% of net revenue), mainly for data centers.

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 for 2026 expected in line with 2025; including acquisitions, margin to be ~1 percentage point lower.

• CapEx for 2026 expected at ~7% of net revenue due to proactive investment pull-forward; expected to normalize post-2026.

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