Adyen Reports H1 Revenue Growth, Sets Full-Year Outlook

On Thursday, Adyen (OTC: ADYEY ) discussed quarterly financial results during its earnings call. The full transcript is provided below. This content is powered APIs. For comprehensive financial data and transcripts, visit View the webcast at Summary Adyen reported a strong H1 2026, with net revenue up 21% on a constant currency basis, driven by platform expansion and strategic acquisitions.

The company completed acquisitions of Talon One and Orb, enhancing capabilities in promotions, loyalty, and usage-based billing, aligning with its strategy to become a complete financial operating system. Adyen introduced new products such as Adyen AgentIQ and Intelligent Money Movement to address emerging merchant needs in AI and global money flows. EBITDA reached 642 million euros with a margin of 49%, excluding transaction costs, reinforcing financial discipline and operational efficiency.

Future guidance includes a full-year net revenue growth of 21-23% on a constant currency basis, with an expected EBITDA margin slightly lower due to acquisitions, but aiming for over 55% by 2028. The company continues to deepen relationships with existing merchants, winning new customers, and scaling financial products, maintaining a focus on sustained growth. Adyen plans to hire 550 to 650 new employees by the end of the year, focusing on technical and go-to-market roles, supporting its product roadmap and commercial expansion. Full Transcript Maggie O'Donnell, Investor Relations Hello everyone and thank you for joining Adyen's H1 2026 earnings call.

My name is Maggie O'Donnell from Investor Relations and I will be hosting today's call. With me today are Peter, our co-founder and co-CEO, and Hua, our incoming interim CFO. We're going to begin with playing the prepared remarks from Ingo and Hua. Then Peter will say a few words and finally we will open it up for Q&A with Peter and Hua.

If you'd like to ask a question, please use the raised hand functionality at the bottom of your screen. With that, let's get started. Ingo Uytdehaage, Co-Chief Executive Officer Hello everyone. The beginning of 2026 was a strategically important half for Adyen.

As commerce rapidly evolves, we're enabling more of the world's largest merchants to capture greater value across the entire commerce journey. We grow faster than our market. This consistent outperformance is driven by two engines. First, we're winning new and diverse customers and second, we're deepening relationships and expanding our share of wallet with existing ones.

Both reflect our ability to continuously deliver new value for our customers. Our long-term relationships provide clear visibility into the durability of this growth. Merchants typically expand their share of wallet with Adyen from under 20% in years three to seven to more than 40% after year 12. Even after more than a decade, customers like Uber, Microsoft, Spotify and Google continue to broaden their use of our platform.

This sustained expansion gives us ultimate confidence in our resilience and ability to continue outperforming the market. The strong momentum reflected in our H1 performance comes from our unchanged mission: solving complexity for our merchants. And the complexity is only increasing as commerce rapidly evolves. Competition for consumer attention is fiercer than ever.

Workflows are shifting rapidly to AI and legacy infrastructure is no longer sufficient to meet the demands of modern digital commerce. Our long-term strategy is built for exactly this shift, which is why more customers are looking to us as a stronger partner. Our North Star is to become the single trusted platform for the financial infrastructure on which global commerce runs. We started by building the world's most advanced payments processing stack.

Now we're expanding that same engineering-first mindset to solve customer pain points before, at and after the transaction. Our payments engine remains our foundation and it continues to win share. But we're no longer just a payments company. We are the complete financial operating system for modern commerce.

From payments to loyalty, billing and intelligent money movement, you can see this focus in high-impact milestones we delivered this half. First, we completed the acquisitions of Talon One and Orb, moving us deeper into our customers' technology stack and extending our platform well beyond payments. Talon One brings market-leading promotions and loyalty capabilities into our single platform. Combined with our unique online and in-person transaction data, it allows merchants to finally deliver truly omnichannel loyalty at scale.

For years, retailers have struggled to connect digital and physical customer experiences. By bringing loyalty natively into our architecture, merchants can recognize shoppers across channels and deliver personalized incentives in real time, deepening consumer engagement and making loyalty far more effective than standalone systems ever could. Orb addresses another growing customer challenge as AI transforms how software is built and consumed. Usage-based billing is becoming the default pricing model for many businesses.

Orb gives merchants the tools to automate metering, pricing and billing, while our payments infrastructure completes the revenue lifecycle by connecting usage directly to settlement. Together this gives businesses a single system to launch flexible pricing models globally and at scale. These acquisitions are an important part of our long-term strategy, serving as powerful drivers of our growth. They represent our fundamental long-term belief that in a complex world, the company that facilitates revenue optimization will deliver the most value.

It also reflects how we invest selectively, with discipline and where we see clear strategic logic. Second, we introduced Adyen AgentIQ to solve a critical problem for our merchants: how to sell safely and efficiently in the emerging AI agent economy. Without a universal standard, merchants would need to build and maintain dozens of separate integrations just to keep their inventory, pricing and payments in sync. This creates massive operational cost and risk.

Our product suite solves this. It acts as the universal translator that allows merchants to connect once to our platform and securely accept payments across all major agentic protocols, all while using the same unified fraud detection and compliance rules they trust today. Third, we officially launched Intelligent Money Movement for large enterprise merchants. Complexity doesn't end at the point of payment; it often begins there.

We help businesses automate global money movements, all on a single unified platform. Because this occurs natively on our own technical and banking infrastructure, capital flows dynamically without the frictional delays of traditional banking rails. It allows us to move money completely end to end, unlocking unprecedented speed and treasury efficiency so global businesses can simplify their most complex operations. Taken together, these capabilities make Adyen a more strategic partner to our customers and strengthen our long-term growth opportunity.

The success of this strategy is directly reflected in our financial results. This half we delivered a strong half of 2026 with net revenue up 21% on a constant currency basis. Driven by this ongoing platform expansion, our scale is already immense. We are processing billions of transactions for thousands of global merchants.

In the first half alone we processed 804 billion euro in volume. To reiterate, we are winning in the market because we are building the complete financial operating system for modern commerce. As we look to the second half of 2026 and beyond, we will continue to execute with the same speed, discipline and engineering-first mindset that has brought us here, and we hold ourselves to the same standard with you, our shareholders, setting clear commitments and delivering against them consistently. To speak more to our operational execution and financial performance, I'll now hand things over to our interim CFO, Hua Tsao.

Over to you. Hua Tsao, Interim CFO Hello everyone. I'm Hua Tsao, Adyen's incoming interim CFO. For the past year I've worked alongside the Management Board as the SVP of Group Finance and I'm thrilled to step into this role at such a strategically important time for Adyen.

Marked by our recent acquisitions of Talon One and Orb, the launch of Intelligent Money Movement and Adyen AgentIQ, and so much more, my focus is on empowering our incredible team to serve our customers and continuing our history of financial discipline while keeping our dialogue with our investors transparent and constructive. Now let's turn to our financials, beginning with our top line results. 3 billion euros in the first half, up 19% year over year or 21% on a constant currency basis, with continued strong growth in line with our communicated guidance.

The best way to understand Adyen's net revenue growth is through our building blocks: first, expanding share of wallet with existing customers; second, ramping up previous-year cohorts; third, winning new merchants; and fourth, scaling our financial products. Next, we drove roughly two thirds of our growth by deepening relationships with our existing merchants, specifically those onboarded before 2025. As Ingo highlighted, compounding revenue from established merchant cohorts is a valuable driver of our business. When our merchants expand, we grow with them.

In addition, as we help them solve more challenges across products and geographies, we increase our share of their wallet. These levers, combined with volume-based tiered pricing, incentivize our merchants to consolidate more of their business onto our platform as they scale. The remainder of our growth came from the ramp of our 2025 cohort, new customer wins in 2026 and the expansion of our financial products offering. These levers lay the foundation for the future as more recent wins scale and drive our continued growth for years to come.

To support this expanding business, we added 249 net new joiners in the first half, bringing our total FTEs to 5,020 at the end of June. Our disciplined and targeted approach to hiring focused primarily on technical and go-to-market roles to drive our product roadmap and commercial momentum. With this focus, we remain well on track for our full-year goal of 550 to 650 net new hires. This measured pace of investment directly supported our strong profitability.

EBITDA reached 642 million euros for the first half, up 18% year over year for an EBITDA margin of 49%. Excluding one-time transaction costs, EBITDA margin landed at 50% and in line with H1 2025 and our previously communicated expectations. Capex was 64 million euros or 5% of net revenue in the first half. The majority of our capex is related to data centers.

Our core infrastructure operates on our own private cloud which creates a commercial advantage and allows us to deliver operational efficiency as we scale. Now I'd like to say a few words on our approach to capital allocation. We are in a high-growth phase and sustained, efficient growth is our single highest priority. Everything we've done and everything we will do demonstrates this commitment.

We put our capital to work where it drives the greatest long-term value. In the first half of 2026, our strong balance sheet allowed us to invest in our team to drive innovation, strengthen our platform infrastructure to support global scale and execute targeted M&A to accelerate our roadmap and reach, as you saw with Talon One and Orb. Looking ahead, we remain fully focused on capturing the massive opportunity in front of us. Moving on to our outlook for the rest of the year.

For net revenues, we now expect full-year 2026 net revenue growth of 21 to 23% year over year on a constant currency basis. This reflects a one percentage point contribution from the acquisitions for the full year, or two percentage points of contribution in the second half. Our growth outlook for the underlying organic business is unchanged and we expect the growth rate in the second half to be similar to the first half. Excluding the impact of Talon One and Orb on EBITDA, we expect our underlying 2026 EBITDA margin to remain in line with 2025.

Including the two acquisitions, we expect a one percentage point dilution, leading full-year EBITDA margin to land approximately one percentage point lower than 2025. We remain on track to achieve our 2028 objective of an EBITDA margin above 55%. Finally, capex. Data center infrastructure that supports the growth of our platform accounts for the majority of our capex spend.

We are proactively pulling investment from 2027 into H2 2026 to secure compute and storage availability and lock in price amid an unprecedented demand environment. As a result, we now expect capex of approximately 7% of net revenue for the full year. Through this active management, we expect capex to return towards historical levels post 2026. In summary, we delivered a strong first half with 21% constant currency revenue growth and 50% underlying EBITDA margins.

We continue to deepen our relationships with our existing merchants like Toast and win new customers like OpenAI while expanding our platform through new product offerings and strategic acquisitions like Talon One and Orb. We enter the second half of 2026 with high confidence in our position and our ability to capture the massive opportunity ahead. Pieter van der Does, Co-Chief Executive Officer Thanks everybody for joining us today. I want to add a few words to what Ingo and Hua just said.

When I started Adyen 20 years ago, the mission was simple: solve real complexity for our merchants. Twenty years later we are still doing exactly that and we are really good at it. Back then, merchant pain points were mostly around checkout. Today, global enterprises face challenges across their total financial operations.

So we evolved. We didn't just build a payment engine, we built a platform that powers modern commerce end to end. From customer loyalty to complex money movement, we went beyond payments. Recently we marked an exciting milestone with two acquisitions and what's most important is that our identity hasn't changed.

We have always evolved with our merchants' needs. We build great technology, eliminate friction, and stay laser-focused on what our merchants need. The positive response from those merchants to this direction, including their positions, reinforces that we are the strategic partner they look for for solving their most complex challenges. This is key to our success.

H1 has been another very positive half and I'm excited for what's to come. Looking forward to answering your questions and I'll hand it over to you, Maggie. Maggie O'Donnell, Investor Relations Thank you, Pieter. We're going to move on to Q&A now.

As a reminder, if you have a question, please use the raised hand functionality at the bottom of your screen and when we call on you, please unmute your microphone before asking your question. So our first question comes from Andrew Schmidt at KeyBank. Andrew, please go ahead and unmute yourself and ask your question. Andrew Schmidt, Analyst at KeyBank Thank you very much.

Hi Peter. Hi Hua. Thank you for taking the question. Hua Tsao, Interim CFO Thank you.

Andrew Schmidt, Analyst at KeyBank Maybe just on the platform evolution. Clearly a lot of significant progress over the last 6—12 months towards this new financial operating system model. Maybe talk a little bit about what catalyzed the change and then when we think about further areas of expansion, some examples of places you go — there's clearly a lot of opportunity. And then just one additional one if I could squeeze in.

As the platform expands, you have more opportunities to go after new clients and existing client expansion with new capabilities. Maybe just talk about how the visibility of the business as well. Thank you so much. Hua Tsao, Interim CFO Thanks, Andrew.

I think Peter, you can take both of those questions. Pieter van der Does, Co-Chief Executive Officer All right. If you look at our platform evolution, we started 20 years ago with being very good at processing payments online. And then each so many years we have added a lot of functionality.

So if you look at that journey, which I see as a continuum, it brought us to where we are today. And in that expansion and looking at what our merchants need, you see that AI puts new challenges on them, which is for SaaS, platform metered billing; which is for merchants, how do I really cement my relationship with shoppers? That brings loyalty top on the agenda. So those are our latest additions to the platform: intelligence, money movement.

We've been working on that for longer. So I look at it as a continuum. What is new is that we did it through acquisitions, but there's nothing new in the sense that we always evolve with our merchants. Hua Tsao, Interim CFO And the second question on visibility into future areas of growth with customers, Pieter van der Does, Co-Chief Executive Officer as I talk about how we are very close to our merchants, how we partner with our merchants, we are in close contact.

Our existing merchants continue to grow with us. New merchants are at the beginning of the journey. So that means that we don't have a roadmap for the next five years. It's that we stay agile and that we will develop everything that they need to take complexity around the payment away from them in the near term.

One and Orb, both of those have been extremely well received by our customer base. And Peter — I know his phone's been ringing off the hook — with some of the use cases we talked about as well as new ones that maybe we didn't even consider while we were going down that path.