In the first six months of the year, Adyen saw its net revenue grow by 20% to €1.09 billion. The payment platform, which processes physical and digital transactions worldwide, continues to expand its volumes with existing customers, particularly in the Unified Commerce segment (+35%) and its platform offerings (+32%). However, the end of a tariff exemption in the United States weighed on e-retailers, while the depreciation of the dollar reduced the contribution of international revenues (42% of receipts are denominated in currencies other than the euro).
Half-year EBITDA came in at €543.7 million, with a margin of 50%, again slightly below expectations (€550.8 million). Management anticipates margin expansion in 2026, but at a more moderate pace than this year.
In April, Adyen was still expecting a slight acceleration in annual revenue, provided that market volume growth remained stable. The company now considers this scenario "unlikely." It expects a continued slowdown through the end of the year. However, it is maintaining its annual growth target of between the low and high twenties through 2026, thanks to its geographic and sector diversification.
The company, which counts Uber and Spotify among its customers, has a broader presence outside Europe than its competitors Worldline and Nexi. However, this strength is also a weakness in the short term, as it makes the company more exposed to currency fluctuations and trade tensions.
Despite these headwinds, several factors point to a gradual recovery: a more favorable basis for comparison starting in the summer, market gains in Unified Commerce, and initiatives to expand the offering (card issuance, financing, account management for SMEs). Analysts remain broadly confident in the group's ability to revive organic growth and defend its margins, even if the market could still react negatively to any further slowdown in revenue growth.
The valuation, at around 40 times earnings, remains high. However, it is now well below the average for recent years. This seems fully justified in light of the latest announcements.
