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Adyen: Adyen's Earnings Report: Strong Growth Despite Currency Headwinds

Adyen reported a strong set of earnings, with net revenues growing 21% on a constant currency basis to EUR 1.1 billion, driven by expanding share of wallet with existing customers and adding new customers to the platform. EBITDA grew 28%, bringing EBITDA margins up to 50%. The company saw strong growth in EMEA and North America, with Digital growing 10%, Unified Commerce growing 31%, and Platforms growing 55%. CFO Ethan reported that Adyen expects the second half of the year to play out similarly to the first half, with growth driven by expanding share of wallet with existing customers and adding new customers.

ADYEN.AS

EUR 1352

0.04%

A-Score: 3.9/10

Publication date: August 14, 2025

Full Report

Author: Analystock.ai

📋 Highlights
  • Revenue Growth Acceleration: Net revenues grew to EUR 1.1 billion, reflecting a 21% increase on a constant currency basis, driven by share of wallet expansion and new customer acquisitions.
  • EBITDA Margin Expansion: EBITDA surged 28%, pushing margins to 50%, fueled by strong performance in EMEA and North America, with Platforms growth at 55%.
  • Product Uptake Success: Adyen Uplift saw high adoption, with 2/3 of first-half new customers implementing Protect, a subproduct driving optimization in authorization rates.
  • APAC to US Headwinds: Tariffs and FX impacts reduced Q2 growth by 2%, expected to persist in H2 2025, though opportunities exist for APAC merchants to access new markets.
  • 2026 Guidance Reinforced: The company reiterated growth targets, emphasizing sustained share of wallet gains and new customer additions, with EBITDA margins remaining stable amid strategic investments.

Currency Headwinds and Tariffs Impact Results

The strong euro and weak dollar, as well as tariffs, impacted Adyen's results, particularly for APAC merchants trading into the US. However, the company sees opportunities to help these merchants enter new markets. Ethan clarified that the impact of tariffs was limited to a handful of customers, and if they were excluded, Adyen's growth would have been approximately 2% higher in Q2.

Innovation and Product Growth

Co-CEO Ingo discussed Adyen's approach to innovation, including investments in infrastructure and licenses, which enable them to build products that are relevant to their customers. He highlighted the success of Intelligent Payment Routing and Adyen Uplift, which optimize authorization rates with cost and fraud. The company has started charging for Uplift, and Ingo reported that 2/3 of customers who started with Adyen in the first half have implemented Protect, a subproduct of Uplift.

Guidance and Outlook

The company reiterated its expectation of accelerating growth, driven by share of wallet gains and new customer additions. The company is focused on expanding its share of wallet with existing customers and investing in new customer acquisitions. Ethan emphasized that the growth of their own customers will continue to play an important role in their growth, but share of wallet expansion will be the biggest piece.

Valuation

Adyen's stock is trading at a P/E Ratio of 47.03, P/B Ratio of 10.28, and P/S Ratio of 21.01, indicating that the market is pricing in strong growth expectations. With a ROIC of 18.43% and ROE of 23.7%, Adyen's financial performance is strong, and the company's balance sheet strength brings flexibility to drive growth.

Adyen's A-Score