Adyen N.V.

Net revenue in H1 2026 was EUR 1.3 billion, up 19% year over year or 21% on a constant-currency basis. EBITDA reached EUR 642 million, up 18% year over year, with a 49% EBITDA margin; excluding one-time transaction costs, underlying EBITDA margin was 50%, in line with H1 2025. The company processed EUR 804 billion in volume in the first half. CapEx was EUR 64 million, or 5% of net revenue, in H1. For full-year 2026, Adyen now expects net revenue growth of 21% to 23% constant currency, underlying EBITDA margin to remain in line with 2025 but full-year reported margin to be about 1 point lower due to Talon.One and Orb, and CapEx to be approximately 7% of net revenue.

Pieter van der Does framed the quarter as evidence that Adyen is evolving from a payments engine into a broader platform for the full commerce stack. He emphasized that the company still wins by solving merchant complexity, but that the complexity has expanded to loyalty, usage-based billing, AI-agent commerce and global money movement. His tone was confident and strategic, repeatedly stressing that the company is staying close to merchants and evolving with their needs rather than chasing unrelated adjacencies.

Hwa Tsao highlighted the financial discipline behind the growth, pointing to EUR 1.3 billion of H1 net revenue, EUR 642 million of EBITDA and a 49% margin, or 50% underlying margin excluding one-time transaction costs. She said Adyen added 249 net new joiners to reach 5,020 FTEs and remains on track for 550 to 650 net new hires for the full year. She also noted EUR 64 million of CapEx in H1, mainly for data centers, and said the company is pulling some 2027 investment into H2 2026 to secure compute and storage at favorable prices, lifting full-year CapEx guidance to about 7% of net revenue.

Analysts pressed on platform evolution, the contribution of Talon.One and Orb, OpenAI, wallet-share ramps, competitive pricing, regional growth differences and cash deployment. Management said the new products are already being well received, that integration is slightly ahead of plan, and that these acquisitions are for growth rather than cost cutting. On OpenAI, Adyen clarified it currently provides payments for OpenAI and separately sees the relationship as relevant to its agentic strategy; on cash, Hwa said the excess cash is only a small fraction of the headline balance and is held for regulatory, operational and rating purposes.