Half Year 2026 Adyen NV Earnings Call Transcript
Key Points
- Adyen NV (ADYYF) delivered strong H1 2026 results with net revenue up 21% on a constant currency basis, in line with guidance.
- The company is expanding its platform beyond payments with strategic acquisitions (Talon.One and Orb) and new products like Intelligent Money Movement and Adyen Agentic, enhancing its value proposition.
- Adyen NV (ADYYF) continues to deepen relationships with existing merchants, with share of wallet expanding from under 20% in years 3-7 to over 40% after year 12, providing long-term growth visibility.
- The company maintains strong profitability with an EBITDA margin of 49% (50% excluding one-time costs), and remains on track for its 2028 EBITDA margin target above 55%.
- Adyen NV (ADYYF) is winning high-profile new customers like OpenAI and expanding with existing ones like Toast, demonstrating its competitive strength in the market.
- The company is proactively managing CapEx by pulling forward investments to secure compute and storage at favorable prices, expecting CapEx to return to historical levels post-2026.
- Adyen NV (ADYYF) faces increased competition, though management notes it does not see pricing pressure in its data.
- The company's EMEA net revenue growth has slowed to 15% from 26% a year ago, partly due to global merchants shifting volume to other regions.
- Platform take rates were weaker than expected, attributed to larger customers scaling and benefiting from tiered pricing.
- The acquisitions of Talon.One and Orb will cause a 1 percentage point dilution to EBITDA margin for the full year 2026.
- CapEx is expected to rise to approximately 7% of net revenue for the full year due to proactive investment, higher than historical levels.
- The company's available cash for M&A or buybacks is a small fraction of the reported net cash, limiting flexibility for capital returns.
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Hello everyone, and thank you for joining Adyen 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 Hwa, our incoming Interim CFO. We're going to begin with playing the prepared remarks from Ingo and Hwa, then Peter will say a few words. And finally, we will open it up for Q&A with Peter and Hwa. 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.
Hello, everyone. The beginning of 2026 was a strategically important half for Adyen. As commerce rapidly evolves, weâre enabling more of the worldâs 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, weâre winning new and
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