Adyen (ADYEN) H2 2025 earnings summary

Executive summary

• Achieved solid growth in H2 2025, with net revenue of €1,270.7 million, up 17% YoY (21% constant currency), driven by both existing and new merchants, including notable wins like Starbucks in Europe and expansion with Uber.

• Expanded presence in Japan and India, progressing from international to domestic merchant traction, and seeing strong interest from global customers in these markets.

• Leveraged AI through Dynamic Identification to enhance product offerings, improve conversion rates, reduce costs, and combat policy abuse fraud, supporting merchant margins.

• Engaged in early-stage Agentic Commerce initiatives with partners like OpenAI and Google, focusing on building trust and maintaining consumer relationships as AI agents become a sales channel.

• Processed volume was €745.3 billion, up 12% YoY; excluding a single large-volume customer, growth was 19% YoY.

Financial highlights

• Net revenue grew 21% year-over-year on a constant currency basis in H2 2025; reported growth was lower due to USD headwinds.

• EBITDA reached €702.1 million in H2 2025, with a margin of 55%, reflecting continued investment in product and infrastructure.

• CapEx was €69.5 million in H2 2025 (5% of net revenue), mainly for data centers.

• Regional net revenue: EMEA 57%, North America 27%, APAC 10%, LATAM 6%.

• Take rate increased to 17.1 bps in H2 2025 from 16.2 bps in H2 2024.

Outlook and guidance

• 2026 revenue growth expected between 20% and 22% on a constant currency basis, reflecting customer priorities and new business ramp-up.

• EBITDA margin projected to remain at 2025 levels in 2026, with a path to exceed 55% by 2028.

• Plan to hire 550–650 net new team members in 2026, mainly in the U.S. and global tech hubs.

• CapEx to stay at or below 5% of net revenue.