Adyen Reports Record H1 Profits; Predicts Full-Year 25 Revenue to Align with First Half, at Constant Currency (CC)
Adyen Reports Strong First-Half Growth Amidst Macroeconomic Challenges
Adyen, the Dutch financial technology platform, has reported a robust performance in the first half of 2025, with net revenue growing by 20% year-over-year to €1.09 billion. The company's net income for the period was €480.96 million, a 17% increase from the previous year's €409.61 million.
The growth was driven by strong performances in Platforms and Unified Commerce, which saw increases of 63% and 31% respectively. This growth was achieved despite challenging economic conditions, with Adyen's net revenue rising by 22% year-over-year to €534.7 million in Q2 2025.
However, macroeconomic headwinds, particularly the impact of US tariffs on Asia-Pacific (APAC) retailers, have created headwinds for Adyen. This has resulted in a slower growth in processed volume compared to the second half of 2024. As a result, the company expects the current trend to persist through the remainder of the year, with full-year net revenue growth projected to be broadly in line with H1 on a constant currency basis.
The changes to U.S. tariffs particularly weighed on the firm in the latter part of the period. Excluding a single large-volume customer, processed volume increased by 23%, demonstrating the resilience of Adyen's business model. The growth in net revenue was primarily due to increased share of wallet with existing customers.
Adyen's growth outlook for 2025 remains positive but tempered by these macroeconomic risks. The company expects EBITDA margin to expand in 2025, albeit at a more moderate rate than in 2024. For fiscal 2026, Adyen aims to continue to grow net revenue annually between the low-twenties and high-twenties percent.
Despite these challenges, analysts remain confident in Adyen's longer-term target of a 30% compound annual growth rate through 2030. The company itself has moderated its full-year revenue growth forecast to be consistent with H1’s 21% constant currency growth.
In summary, Adyen continues to demonstrate resilient growth through wallet share gains and platform expansion. However, US tariffs have created headwinds impacting processed volume growth and regional revenue performance, particularly in APAC and North America, which tempers near-term margin improvement and volume acceleration.
References: [1] Adyen Q2 2025 Earnings Release [2] Adyen H1 2025 Earnings Release [3] Adyen 2025 Financial Guidance [4] Adyen Q2 2025 Earnings Call Transcript [5] Adyen Regional Revenue Performance H1 2025
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