H1 2025
Shareholder letter
Resilient performance in H1, driven by continued expansion with existing customers
Net revenue increased 20% YoY (21% on a constant currency basis) led by strong commercial execution, but impacted by U.S. tariffs and a weaker U.S. dollar.
EBITDA margin was 50%, reflecting a deliberate and steady pace of hiring.
Capital Expenditure was 4% of net revenue, consistent with our long term investment goals.
Fostering customer strategy shifts with scalable infrastructure and pragmatic innovation
Customers are navigating an uncertain environment. Our single platform helps them pivot fast and scale with confidence.
Local infrastructure and licensing in APAC and LATAM unlock new markets for our customers, enabling regional growth.
Nearly all top customers use Adyen Uplift, with over two-thirds of new customers adopting the Protect module to reduce fraud.
Helping platforms evolve into fintechs through long- term transformation
Our full-stack, licensed approach allows platforms to embed financial services through one integration and compliance model.
Momentum with EFPs is building. In H1, issuing volume exceeded €2B, with customer count nearly doubling YoY.
Embedded payments serve as a foundation for customers to expand into financial services, unlocking new revenue streams.
Interim Condensed Consolidated Financial Statements
Important Legal Information This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation).
Any person who comes into possession of this document must inform themselves about and comply with any legal restrictions governing possession, distribution, or use of the document.
Forward-looking statements are not facts and only represent the current views and assumptions of Adyen N.V. (“Adyen”) regarding future events, many of which are by nature inherently uncertain and beyond Adyen’s control. Factors that could cause actual results to deviate materially from those anticipated by forward-looking statements include, but are not limited to, macroeconomic, demographic and political conditions and risks, actions taken and policies applied by governments, financial regulators and private organizations (including payment schemes and credit rating agencies), market conditions and turbulence in financial and other markets, and the success of Adyen in managing the related risks. Subject to statutory obligations, Adyen does not intend to publicly update or revise forward-looking statements to reflect events or circumstances after the date the statements were made, and assumes no obligation to do so.
Adyen does not consent to, authorize, endorse, support, encourage, or participate in, directly or indirectly, unsponsored depository receipt (“DR”) programs regarding Adyen securities. Adyen specifically disclaims any liability whatsoever arising out of or in connection with any unsponsored DR program.