Adyen (ADYEN) Q1 2025 earnings summary

Executive summary

• Net revenue reached €534.7 million in Q1 2025, up 22% year-over-year, driven by wallet share gains with existing customers and broad-based growth across Europe and North America.

• Growth was diversified across business pillars: Digital, Unified Commerce, and Platforms, with Platforms showing the fastest expansion.

• Unified Commerce net revenue rose 31% year-over-year, with strong momentum from a diversified customer base and verticals like food & beverage and hospitality.

• The company remains confident in its growth trajectory, citing strong customer engagement and a robust pipeline for both existing and new customers.

Financial highlights

• Digital net revenue grew 13% year-over-year to €320.4 million, with processed volume down 8% due to a single large customer; excluding this, volume grew 20%.

• Unified Commerce processed volume increased 37% year-over-year, with 592 customers processing across multiple regions, up 77 year-over-year.

• Platforms net revenue surged 63% year-over-year to €55.5 million, with processed volume up 23% (61% excluding eBay); 30 platform customers now process over €1 billion annually.

• Ex-FX growth in Q1 was 21%.

Outlook and guidance

• Net revenue growth is targeted in the low- to high-twenties percent annually through 2026.

• EBITDA margin is expected to exceed 50% in 2026, leveraging operating efficiencies.

• Slight acceleration in annual net revenue growth for 2025 is expected, contingent on stable customer growth; macroeconomic uncertainty could impact this.

• Guidance reiterates confidence in achieving growth targets, with active account-level planning and customer engagement.