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
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
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.
Volume increase driven by organic growth of merchants and increased share of wallet across portfolio.
Our full unified commerce offering is now available in 37 countries.
Interim Condensed Consolidated Financial Statements
H1 2018 Adyen N.V
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