Adyen N.V.

On a constant-currency basis, net revenue in the second half of 2025 grew 21%, EBITDA grew 23%, and EBITDA margin was 55%. Reported growth was lower due to U.S. dollar headwinds, but no reported revenue or EPS figure was stated in the transcript. For 2026, Adyen guided to constant-currency net revenue growth of 20%-22%, EBITDA margin roughly at the 2025 level, and CapEx at 5% or less of net revenue. Management also reiterated a longer-term target for EBITDA margin to rise above 55% by 2028.

Ingo Uytdehaage said he was very pleased with execution and described the second half as solid, pointing to continued expansion with existing merchants like Uber and new wins like Starbucks. He emphasized that the company is entering the next phase of growth in markets like Japan and India, where domestic demand and international customer interest are building. He also framed Dynamic Identification and agentic commerce as important long-term product layers that can improve conversion, lower merchant costs, and build trust in future channels.

Ethan Tandowsky said H2 net revenue grew 21% constant currency, EBITDA grew 23%, EBITDA margin was 55%, and CapEx was about 5% of net revenue. He said growth continues to be driven mainly by existing customers, with the 2025 new-customer cohort also strong, and noted that the company is investing more in headcount, especially in the U.S., tech hubs, and specialized financial-products roles. For 2026, he said EBITDA margin should stay around 2025 levels as Adyen invests for growth, with margin expansion expected over time to above 55% by 2028.

Analysts focused on whether the 20%-22% 2026 growth guide implies slower momentum, and management repeatedly said the guide reflects customer priorities, not a deterioration in competitive position. Questions also probed LatAm, APAC retailer exposure, tariffs, budget constraints, and whether 2026 is a prep year; management said there are no observed budget constraints, LatAm is already Adyen’s fastest-growing region in the half, and the APAC retailer relationships remain strong. Other questions covered buybacks, M&A, and guidance conservatism; management said it is not dogmatic on capital allocation or M&A, but remains focused on investing for growth and will continue to reassess options.