H2 2019

Shareholder Letter

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Profitable growth at scale

  • Well-diversified volume growth across regions and merchant base

  • Strong EBITDA margin of 56% amid investments in growth

  • Spotting exciting new opportunities for future expansion

Gaining momentum in unified commerce

  • Tangible success in QSR space with McDonald's and Subway wins

  • Ongoing market-wide shift of shopper expectations

  • POS volume comprised 13% of total volume

Innovation on the single platform

  • Our focus remains on incremental product innovation to solve merchants' pain points

  • Adyen Issuing powers a range of use cases for merchants

  • Speed of innovation allows us to be at the forefront of industry trends

Growing the team

  • Higher absorption rate due to improved onboarding process allowed us to ramp up hiring

  • Global expansion including new offices in Tokyo and Mumbai

  • Maintaining the Adyen culture at scale

Enterprise

Enterprise volume continues to be our largest growth driver. Solving problems for these merchants is what we do best. Within the enterprise segment, the growing share of platform business models is especially noteworthy.

Enterprise volume in EUR billions. Under the previous definition of mid-market (processing up to €12 million annually on our platform), H2 2019 enterprise volume would have been €132.3 billion.

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Unified commerce

We are gaining momentum in this space on the back of shifting shopper behavior. Merchants are increasingly adopting a unified commerce approach to adapt to this new environment.

POS volume evolution, including share of total processed volume on the platform (%) in EUR billions

Happy Socks logo.Acne Studios logo.Durbarry of Ireland logo.Daniel Wellington logo.GANNI logo.Beets & Roots logo.

Mid-market

We continue to invest in the mid-market segment for the long term. We have redefined mid-market merchants as those processing up to €25 million annually on our platform. In H2 2019, 3,867 merchants met this definition.

Mid-market volume in EUR billions. Under the previous definition of mid-market (processing up to €12 million annually on our platform), H2 2019 mid-market volume would have been €2.7 billion.

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Interim Condensed Consolidated Financial Statements

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