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Adyen (ADYEN) investor relations material
Adyen H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net revenue grew 19% year-over-year (21% constant currency) to €1.3 billion in H1 2026, driven by deepening relationships with existing merchants, new customer wins, and platform expansion.
EBITDA margin was 49% (50% excluding one-time costs), with EBITDA of €642 million, up 18% year-over-year.
Strategic acquisitions of Talon.One and Orb extended platform capabilities into loyalty, promotions, and usage-based billing, expected to add 1–2 percentage points to net revenue growth in 2026.
Launched Intelligent Money Movement and Adyen Agentic, expanding beyond payments into broader commerce infrastructure.
The platform now addresses the full commerce lifecycle, deepening customer relationships before, during, and after transactions.
Financial highlights
Processed volume reached €804 billion in H1 2026, up 24% year-over-year; in-person volume grew 28% to €175.7 billion.
Net income increased 13% year-over-year to €544.1 million.
Free cash flow was €553.4 million, converting 86% of EBITDA, and CapEx was €64 million (5% of net revenue), mainly for data centers.
Cash and cash equivalents stood at €12.4 billion, with €4.9 billion net of merchant liabilities and receivables.
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 to remain in line with 2025; acquisitions to dilute margin by 1 percentage point.
CapEx guidance raised to 7% of net revenue for 2026 due to proactive investment in infrastructure, expected to normalize post-2026.
On track for 2028 EBITDA margin target above 55%.
- Strong growth, strategic investments, and all AGM proposals approved, including auditor change.ADYEN
AGM 2026 - Q1 2026 delivered 16% revenue growth and 21% volume growth, with guidance reaffirmed.ADYEN
Q1 2026 - Acquisition boosts real-time unified commerce and loyalty capabilities, driving future growth.ADYEN
M&A announcement - Unified platform, real-time optimization, and new products drive steady growth and future expansion.ADYEN
Morgan Stanley Technology, Media & Telecom Conference 2026 - 2026 revenue growth guided at 20–22%, with 55% EBITDA margin and global expansion momentum.ADYEN
H2 2025 - Net revenue up 20% to €498.3M, Platforms lead 44% growth, stable take rates, positive outlook.ADYEN
Q3 2024 - Net revenue up 24% and EBITDA margin at 46% reflect strong global and segment growth.ADYEN
H1 2024 - Net revenue up 22% YoY to €534.7M, with Platforms and Unified Commerce leading growth.ADYEN
Q1 2025 - H2 2024 net revenue rose 22% to €1,082.7m, EBITDA margin hit 53%, with Platforms leading growth.ADYEN
H2 2024
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