Adyen (ADYEN) H2 2025 earnings summary

Executive summary

• Net revenue for H2 2025 was €1,270.7 million, up 17% YoY (21% constant currency), driven by expansion with existing and new merchants, including notable wins like Starbucks in Europe and ongoing growth in Japan and India.

• EBITDA reached €702.1 million, with a margin of 55%, reflecting continued investment in product, infrastructure, and long-term plans.

• Net income for H2 2025 was €581.6 million, up 13% YoY, with finance income primarily from balances at central and commercial banks.

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

• Actively engaged in Agentic Commerce, collaborating with partners like OpenAI and Google to shape industry protocols and build trust in new sales channels.

Financial highlights

• Net revenue grew 21% year-over-year on a constant currency basis in H2 2025; reported growth was 17% due to USD headwinds.

• EBITDA increased 23% year-over-year in H2, with an EBITDA margin of 55%.

• CapEx remained at 5% of net revenue, mainly for data centers and consistent with prior periods.

• 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 discussions and new business ramp-up.

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

• Continued investment in team and automation, with CapEx expected to stay at or below 5% of net revenue.

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