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.
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.
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.
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Adyen is one of the world's leading end-to-end payments platforms, enabling merchants to accept and process payments through its comprehensive payments infrastructure, both online and offline. Adyen has a broad product suite including integrated payment gateways, payment processing, virtual and physical card issuing, and acquiring processes for brick and mortar, ecommerce, and mobile. Every Adyen solution is built upon the same back-end infrastructure, which entails visibility and control across the entire value chain.
Further reading: The Payments Value Chain: A Complex Ecosystem
Adyen was founded in Amsterdam, 2006, by the current CEO Pieter van der Does and Arnout Schuijff. The company started out as a payment processor for online merchants, which still lies at its core. The business opportunity the founders observed was the mix of the rapidly growing ecommerce industry at the time, and the outdated infrastructure regarding payment processing supporting it. Thus, Adyen set off to build a financial technology platform for the modern era from the ground up, entirely in house. Having every part of the network built in house has proven to be a wise strategic choice, since this has entailed other business opportunities such as providing merchants with data analysis capabilities.
Adyen has a volume-based price offering, which has entailed that many online merchants have chosen Adyen at an early stage. Most of the company's competitors have operated with a flat pricing model instead, which has given Adyen advantages both in terms of attracting new customers and maintaining low churn over time. As of 2023, Adyen is one of the most highly valued companies within its specific niche, having surpassed a market cap of $40 billion. Some competitors who have been successful within the same field are Block, Paypal, and Stripe.
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