H1 2024
Shareholder Letter
We are on track with the building blocks outlined at our 2023 Investor Day
Net revenue* growth was in line with our low-to-high twenties annual growth rate expectation up to and including 2026, landing at 24% YOY in H1 2024.
We continued gaining market share, driven by share of wallet expansion with existing customers and new wins.
Operating leverage in the business became visible again as our EBITDA* margin expanded to 46%, and we maintained our sustainable capital expenditure level of up to 5%.
*Refer to note 1.2 for further explanation on the non-IFRS measures reported by Adyen.
Our addressable market continues to widen across geographies
We made headway on our long-term investments into scaling our global acquiring capabilities, with additional licenses obtained in India and acquiring registration in Mexico.
With our potential still largely untapped in EMEA and North America, we further realized the vast opportunity in these key regions. EMEA had 25% net revenue growth and North America was up 30%, making it again our fastest-growing region.
We continued laying the foundation in LATAM with wins including IKEA Mexico, and we utilized our global reach to help local APAC players expand their international operations.
Our industry-leading technology secured strong commercial wins across all pillars
We facilitated frictionless payment journeys for the world’s leading digital content and subscription businesses, as demonstrated by our partnerships with Indeed and Fubo, for whom we lowered total cost of ownership.
We enabled the most innovative Unified Commerce experiences for luxury brands including the Prada Group, as well as large-format retailers including Scheels, Crate & Barrel, CB2, and Pet Supplies Plus in the US.
Adyen’s Platforms offering empowered everyday essential industries including Vagaro in beauty, wellness, and fitness, as well as Rezku in food and beverage (F&B).
Interim Condensed Consolidated Financial Statements
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