H1 2018

Shareholder letter

Sustained profitable growth at scale

  • Growing volume, net revenue and EBITDA, spread across channels and geographies

  • ContinuedhighcashgenerationwithFCFconversion of 89.3%

Continued innovation on single platform

  • LaunchedTerminalAPI-thefutureofourin-storeoffering

  • First to market with Real-Time Account Updater for both Visa and Mastercard

Significant momentum in growth pillars

  • Key merchant wins in enterprise segment in H1 2018

  • POS (point-of-sale) processed volume up 120.0% year-on-year

  • Increased investment in mid-market segment

Focused on building the business

  • Going public in H1 2018 proved not to be a distraction

Sustained profitable growth at scale

Dear shareholders,

We continued our strong and profitable growth in the first half of this year, ending June 30, 2018, helping our merchants grow across channels and geographies. Net revenue over this period was €156.4 million, up 67.3% yearon-year. Processed volume was €70.0 billion, up 43.1% year-on-year. Our growth was mainly driven by existing merchants and we successfully added household names such as eBay, Valve and Dunkin’ Donuts to our platform.

In the first half of the year we saw a continuation of the transformation of commerce, leading to an increased merchant focus on accepting payments across channels and geographies. This trend, coupled with changing shopper behavior, the rise of mobile payment methods, and the increasing pressure on retailers’ operations, highlighted the benefits of our single platform, and consequently driven significant growth in the first half of 2018.

EBITDA for H1 2018 was €70.3 million, up 83.1% from H1 2017. EBITDA margin also increased, from 41.1% to 44.9%, while we continued to invest in the growth of the company through expansion of our team and increased marketing efforts in the first half of this year. Net income for the period was €48.2 million, up 74.6% from €27.6 million for the first half of 2017.

As we continue to pursue sustainable profitable growth at scale, our free cash flow (EBITDA - CapEx) during the first half of this year was €62.7 million, up 71.2% year-on-year.

Discussion of financial results

Robust volume growth

Demonstrating continued growth at scale, we processed €70.0 billion on our platform in the first half of 2018, up 43.1% year-on-year. POS volume increased 120.0% year-on-year to €6.6 billion, and now represents 9.4% of total processed volume on the platform. This is up from 6.1% of total processed volume in the first half of 2017.

Net revenue growth across geographies and merchant portfolio

Net revenue was €156.4 million in H1 2018, up 67.3% year-on-year. Net revenue growth was well balanced geographically in the first half of 2018 – with year-on-year growth across Europe (51.9%), North America (142.9%), Latin America (58.7%), and Asia Pacific (147.5%). We saw net revenue growth across the width of the merchant base*.

Growth investments

Personnel costs were up 45.8% year-on-year to €43.6 million in the first half of this year, highighting our commitment to investing in team growth. The majority of the new hires were made in commercial and tech roles.

Operating expenses were €42.7 million in the first half of 2018, up 68.9% year-on-year, representing 27.3% of H1 2018 net revenue. The increase is a result of continued investment in the growth of the company.

Sales and marketing expenses were €11.4 million in H1 2018, as a result of continued investment across regions and in our brand equity. This investment supported the expansion of our operations into the midmarket segment. These expenses are up from €7.2 million in H1 2017.

Other operating expenses grew to €5.9 million in the first half, up from €2.2 million year on year. This delta was partly due to IPO-related costs.

Pieter van der Does


Ingo Uytdehaage



Volume increase driven by organic growth of merchants and increased share of wallet across portfolio.

Enterprise volume in EUR billions

Unified Commerce

Our full unified commerce offering is now available in 37 countries.

Unified Commerce volume in EUR billions

Interim Condensed Consolidated Financial Statements

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