Adyen N.V.

In H2 2025, Adyen reported net revenue growth of 21% on a constant-currency basis; reported growth was lower due to U.S. dollar headwinds. EBITDA grew 23% in the second half, with EBITDA margin at 55%, and CapEx was around 5% of net revenue. For 2026, management expects net revenue growth of 20% to 22% on a constant-currency basis, EBITDA margin to remain at a similar level to 2025 as the company works toward above 55% by 2028, and CapEx to stay at 5% or less of net revenue.

Ingo Uytdehaage described H2 execution as very solid and said the company is progressing well against its long-term plan. He emphasized growth from existing merchants, new customer wins, and expansion into new markets, highlighting Starbucks, Uber, Japan, and India as examples of momentum. His tone was confident and long-term oriented, stressing that Adyen is building for a multiyear growth path rather than optimizing for any single quarter.

Ethan Tandowsky focused on the financial model behind the growth: H2 net revenue grew 21% constant currency, EBITDA grew 23%, EBITDA margin was 55%, and CapEx ran at around 5% of net revenue. He said growth was driven mainly by existing customers, complemented by a strong 2025 new-customer cohort, and noted that USD weakness reduced reported growth. He also said 2026 EBITDA margin should stay roughly in line with 2025 because the company will keep investing in team growth, especially in the U.S., tech hubs, and specialized financial-products roles, while maintaining operating leverage.

Analysts pressed on whether the 20% to 22% 2026 guide implied slower momentum, especially given 2025 cohort strength and easier comps. Management answered that the guide reflects detailed customer conversations and annual planning cycles, not a deterioration in demand; they said priorities vary by year, but they still see strong pipeline and existing-customer opportunities. Questions about budget constraints, pricing pressure, and competition were met with a consistent answer: no major competitive shifts or budget constraints are being seen, though timing of projects can vary. On M&A and capital allocation, management said nothing has changed from Investor Day and they remain open to inorganic options, but their priority is to keep investing for growth with flexibility on the balance sheet.