H2 2025
Shareholder letter
Consistent H2 performance, in line with our expectations
H2 net revenue increased 17% YoY (21% on a constant currency basis) driven primarily by expansion with existing customers across regions and verticals.
EBITDA margin was 55%, reflecting deliberate investment in product and infrastructure.
Capital expenditure was 5% of net revenue, consistent with our long-term investment goals.
Real-time data-driven decisioning, proven at peak
Dynamic Identification adds an intelligence layer across trillions of interactions, powering realtime decision-making.
This new foundational layer also addresses policy abuse and enables emerging models such as agent-led commerce.
Peak events validate the strength of this new layer, with ~95% of Black Friday Cyber Monday shoppers recognized across online and in-store channels.
From financial products for platforms to Intelligent Money Movement
Issuing reached an inflection point in 2025, with volumes growing 8x YoY as platforms embedded cards into their core workflows.
Business accounts and cash management continued to scale, improving access to funds and financial flexibility.
Adyen now offers enterprise-grade, end-to-end money movement across money-in, money management, and money-out.
Interim Condensed Consolidated Financial Statements
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Auditor's involvement
The information in this document and the H2 2025 Shareholder Letter is unaudited.
Accounting principles
For further details on the non-IFRS measures included in this document, refer to the note ‘Non-IFRS financial measures’ to the Financial Statements (note 1.2 to the Interim Condensed Consolidated Financial Statements; note 2.2 to the Consolidated Financial Statements).
Forward-looking statements
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.
Unsponsored DR program
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