Adyen Reports 19.3% Revenue Growth in H1 2023

Adyen reported a 19.3% revenue increase to €1.09 billion in H1 2023, with a total transaction volume of €649 billion. Excluding a major client, transaction volume showed significant growth, indicating strong performance across operations. Earnings per share were €15.22 under US GAAP.

Adyen NV, a leading global payments processor, reported a 20% increase in net revenue to €1.09 billion in the first half of 2025, despite a challenging operating environment. The Amsterdam-based company's shares dropped by as much as 20% on Thursday, following a walk-back of its growth projections for the year [1].

Adyen's revenue growth was primarily driven by existing customers, with the company's platform helping it gain market share. However, the company's processed volume rose by just 5% to €649 billion, dragged down by a single large customer. Excluding this customer, volume growth jumped to 23% [2].

The company cited the Trump administration's tariffs and the end of a US tax exemption for small imports as factors impacting its Asian Pacific customers, which account for about 10% of its sales [1]. Peer company PayPal Holdings Inc. also reported softer spending at businesses most affected by tariffs [1].

Adyen's earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 28% to €543.7 million, with the margin reaching 50%. Free cash flow conversion hit 87%, while capital expenditures stayed disciplined at 4% of revenue [2].

Despite near-term headwinds, Adyen maintained its medium-term financial targets. The company aims for annual revenue growth in the low-to-high twenties percentage range through 2026, with EBITDA margins above 50% by that year [2].

Adyen's CFO, Ethan Tandowsky, acknowledged the mixed conditions facing the company's merchant base, stating that the company's disciplined execution drove continued traction across regions and verticals [2].

In the first half of 2025, Adyen added 223 net new employees, bringing total headcount to 4,568. The company plans to continue hiring at a similar pace in the second half as it builds capabilities in areas like embedded financial products [2].

References:
[1] https://www.bloomberg.com/news/articles/2025-08-14/adyen-walks-back-growth-outlook-as-clients-face-trade-war-heat
[2] https://www.tradingview.com/news/financemagnates:a730d54c6094b:0-adyen-revenue-climbs-20-to-1-09b-despite-5-volume-headwinds/