The global payments platform Adyen posted €1.09B in revenue (+20% YoY) and €543.7M EBITDA (+28% YoY), driven by deeper enterprise customer relationships, expanding issuing volumes, and strong operational discipline.
Adyen posted strong financial performance for the first half of 2025, driven by deeper engagement with existing customers and continued enterprise growth.
For the six months ending June 30, 2025, the platform’s net revenue reached €1.09 billion, up 20% year-over-year (21% on a constant currency basis). Processed volume totaled €649 billion, a 5% increase from last year, and would have grown 23% excluding the impact of one large volume customer.
The company’s EBITDA rose 28% to €543.7 million, representing a 50% margin, exceptionally high in the payments industry, underscoring operational efficiency and pricing power. Free cash flow conversion was 87%, with capital expenditures at 4% of net revenue. Issuing volumes exceeded €2 billion, with the number of issuing customers nearly doubling compared to the previous year. Thus, Adyen’s diversification beyond acquiring and processing into issuing proved to be a lucrative fintech opportunity that delivers solid results.
The given results are notable for several reasons. Firstly, the company is expanding profitably despite macroeconomic uncertainty and customer headwinds, which proves the success of its strategy of deepening relationships with existing enterprise customers (rather than just chasing new accounts). Besides, the revenue growth on the background of processed volume that was up only 5% YoY indicates that Adyen improved its monetization per transaction and strengthened its margin profile.
At the same time, the company’s half-year net revenue missed market expectations. The company also cut its annual revenue forecast, citing the impact of U.S. tariffs on client growth and a sustained slowdown in market volume as the main reasons. As the firm’s net revenue growth for 2025 is no longer expected to accelerate, Adyen’s shares rapidly tanked as much as 20%, losing about 9B EUR in market value.
Adyen CFO Ethan Tandowsky highlighted the company’s ability to adapt to changing customer needs, noting that its single global platform and local expertise position it to support strategic shifts and sustain long-term growth.
Adyen will host its Investor Day on November 11, 2025, in Amsterdam, with both in-person and livestream participation available.
