Financials Adyen N.V.

Equities

Market Closed - Euronext Amsterdam Other stock markets 16:55:00 13/02/2026 GMT			5-day change	1st Jan Change
897.20 ^EUR	-0.68%		-20.94%	-34.75%

02-13	Bank Degroof Petercam Upgrades Adyen to Buy Rating	MT
02-13	ADYEN : Gets a Buy rating from Goldman Sachs	ZD

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	684.2	1,002	1,330	1,626	1,996	2,364	2,854	3,456
Change	-	46.38%	32.82%	22.25%	22.75%	18.44%	20.72%	21.11%
EBITDA ¹	402.5	630	728.3	743	992.3	1,246	1,525	1,926
Change	-	56.52%	15.6%	2.02%	33.55%	25.54%	22.41%	26.33%
EBIT ¹	373.9	595	664.7	657.6	887.8	1,110	1,374	1,734
Change	-	59.12%	11.71%	-1.07%	35.02%	25.01%	23.76%	26.22%
Interest Paid ¹	-9.406	-12.79	-11.96	-4.783	-7.936	-6.771	-7.75	-9.786
Earnings before Tax (EBT) ¹	323.2	580.8	719.9	942.6	1,227	1,394	1,609	2,014
Change	-	79.73%	23.95%	30.93%	30.14%	13.63%	15.44%	25.14%
Net income ¹	261	469.7	564.1	698.3	925.2	1,063	1,234	1,541
Change	-	79.96%	20.1%	23.79%	32.48%	14.85%	16.16%	24.87%
Announcement Date	10/02/21	09/02/22	08/02/23	08/02/24	13/02/25	12/02/26	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q4	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q2
Net sales ¹	210	413.6	473.4	438	475.4	498.3	584.4	534.7	558.8	598.4	692.9	614	662	710	816	-
Change	-	96.96%	14.46%	-7.48%	8.53%	4.82%	17.28%	-8.5%	4.51%	7.09%	15.79%	-11.38%	7.82%	7.25%	14.93%	-
EBITDA	135.6	-	-	-	-	-	-	-	-	-	343	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/02/21	08/11/23	08/02/24	25/04/24	15/08/24	13/11/24	13/02/25	14/05/25	14/08/25	12/11/25	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2	2027 S1
Net sales ¹	445	556.5	608.5	721.6	739.1	887	913.4	1,083	1,093	1,271	1,297	1,531	1,570
Change	-	25.05%	9.35%	18.59%	2.42%	20.01%	2.97%	18.54%	1%	16.2%	2.09%	18%	2.59%
EBITDA ¹	272.7	357.2	356.3	372	320	423	423.1	569.2	543.7	702.1	660.9	851.3	819.5
Change	-	30.98%	-0.28%	4.43%	-13.99%	32.19%	0.02%	34.53%	-4.48%	29.13%	-5.86%	28.8%	-3.73%
EBIT ¹	256.2	338.7	330.9	333.8	279.1	378.5	373.9	514	482.8	627.1	595	769.6	741.6
Change	-	32.19%	-2.32%	0.89%	-16.39%	35.61%	-1.22%	37.47%	-6.07%	29.9%	-5.12%	29.35%	-3.64%
Charge d'intérêts ¹	-6.052	-6.736	-8.772	-3.191	-2.291	-2.492	-3.256	-4.68	-3.081	-3.533	-3.82	-4.2	-7.75
Earnings before Tax (EBT) ¹	255.9	324.9	359.6	360.3	373	569.6	541.6	685.2	633.5	760.5	716.3	889.8	858.1
Change	-	26.95%	10.69%	0.19%	3.53%	52.7%	-4.92%	26.51%	-7.54%	20.05%	-5.82%	24.23%	-3.56%
Net income ¹	204.8	264.9	282.1	282	282.2	416.1	409.6	515.5	481	581.6	543.4	674.9	650.6
Change	-	29.32%	6.51%	-0.05%	0.06%	47.48%	-1.57%	25.86%	-6.71%	20.92%	-6.55%	24.19%	-3.61%
Announcement Date	19/08/21	09/02/22	18/08/22	08/02/23	17/08/23	08/02/24	15/08/24	13/02/25	14/08/25	12/02/26	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-2,737	-4,473	-2,096	-2,843	-9,761	-8,019	-8,452	-10,933
Change	-	-63.43%	53.14%	-35.64%	-243.33%	17.84%	-5.4%	-29.35%
Announcement Date	10/02/21	09/02/22	08/02/23	08/02/24	13/02/25	12/02/26	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	21.89	51.39	99.1	65.6	91.05	109.7	137.7	166.3
Change	-	134.73%	92.85%	-33.8%	38.79%	20.46%	25.55%	20.79%
Free Cash Flow (FCF) ¹	371.1	1,769	607	639.5	859.8	1,106	1,312	1,668
Change	-	376.56%	-65.68%	5.34%	34.46%	28.64%	18.62%	27.15%
Announcement Date	10/02/21	09/02/22	08/02/23	08/02/24	13/02/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	58.83%	62.9%	54.75%	45.69%	49.71%	52.69%	53.43%	55.74%
EBIT Margin (%)	54.65%	59.41%	49.97%	40.44%	44.48%	46.95%	48.13%	50.16%
EBT Margin (%)	47.23%	58%	54.12%	57.97%	61.46%	58.96%	56.38%	58.26%
Net margin (%)	38.15%	46.9%	42.41%	42.94%	46.35%	44.94%	43.25%	44.59%
FCF margin (%)	54.25%	176.61%	45.64%	39.33%	43.08%	46.42%	45.97%	48.27%
FCF / Net Income (%)	142.19%	376.56%	107.61%	91.57%	92.94%	102.93%	106.31%	108.25%
Profitability
ROA	7.71%	9.46%	8.42%	8.13%	8.81%	8.94%	9.17%	9.64%
ROE	24.43%	31.02%	26.72%	25.05%	25.06%	21.95%	20.74%	20.68%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	3.2%	5.13%	7.45%	4.03%	4.56%	4.6%	4.82%	4.81%
CAPEX / EBITDA (%)	5.44%	8.16%	13.61%	8.83%	9.18%	8.79%	9.03%	8.63%
CAPEX / FCF (%)	5.9%	2.91%	16.32%	10.26%	10.59%	9.92%	10.49%	9.97%
Items per share
Cash flow per share ¹	33.15	59.33	65.1	60.07	54.53	37.88	44.44	54.78
Change	-	78.99%	9.72%	-7.74%	-9.22%	-30.53%	17.32%	23.26%
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	40.13	58.48	77.84	101.5	135.8	167.3	206.7	256.5
Change	-	45.74%	33.11%	30.43%	33.75%	23.21%	23.54%	24.1%
EPS ¹	8.51	15.32	18.17	22.43	29.59	33.72	38.73	48.59
Change	-	80.02%	18.6%	23.45%	31.92%	13.97%	14.86%	25.44%
Nbr of stocks (in thousands)	30,308	30,943	30,982	31,020	31,478	31,508	31,508	31,508
Announcement Date	10/02/21	09/02/22	08/02/23	08/02/24	13/02/25	-	-	-