The Dutch payments specialist published half -yearly by progress, but slightly lower than expectations. The prospects are revised downwards. The title cedes almost 20% this morning in Amsterdam, penalized by the impact of American customs duties and the weakness of the dollar.
Over the first six months of the year, Adyen saw its net turnover increase by 20% to 1.09 billion euros. The payment platform, which makes it possible to treat physical and digital transactions around the world, continues to extend its volumes to its existing customers, especially in the Unified Commerce segment (+35%) and on its platform offers (+32%). But the end of a pricing exemption in the United States has weighed on e-merchants, while the depreciation of the dollar reduced the contribution of international income (42% of collections being denominated in outside Euro currencies).
The half -yearly EBITDA appears at 543.7 million euros, with a margin of 50%, again slightly below expectations (550.8 million). Management anticipates an expansion of the margin in 2026, but at a more moderate rate than this year.
In April, Adyen still tapped on a slight annual acceleration of its income, provided that the growth of market volumes remains stable. From now on, the company judges this scenario “unlikely”. It envisages continuous slowdown until the end of the year. However, it maintains its target annual increase between the bottom and the top of the twenty percents until 2026, thanks to its geographic and sectoral diversification.
The company, which has Uber and Spotify among its customers, benefits from an establishment outside Europe broader than its Worldline or Nexi competitors. But this force also constitutes short -term weakness, by making it more exposed to exchange fluctuations and trade tensions.
Despite these opposite winds, several elements argue for a progressive recovery: a more favorable comparison base from the summer, market gains on the Unified Commerce, and initiatives to expand the offer (card emission, financing, account management for SMEs). Analysts remain generally confident about the group’s ability to revive organic growth and defend its margins even if the market could still react negatively in the event of a new gap at the rate of increase in income.
Valuation, reduced to around 40 times the profits, remains high. But it is now significantly lower than the average of recent years. This seems fully justified in view of the latest announcements.
