Adyen’s H1 2025 notes net revenue was led by strong execution but impacted by US tariffs and a weaker US dollar.
Adyen delivered a top-line and margin step-up in the first half of the year. Net revenue rose 20% year on year to $1.28bn (€1.09bn), while processed volume increased 5% to €649.0bn, helping drive EBITDA to €543.7m with an EBITDA margin of 50%.
In its shareholder letter, Adyen says net revenue growth was “led by strong commercial execution, but impacted by US tariffs and a weaker US dollar,” context that sits behind the headline spread between revenue and volume.
“We entered the year with a clear focus: deepening relationships with existing customers and bringing new enterprise and platform businesses onto our platform,” said CFO Ethan Tandowsky.
“As market dynamics shift, the ability to adapt is becoming as important as the ability to grow. This is where our setup makes a real difference. By staying close to our customers and combining our single platform with deep local expertise, we’re uniquely positioned to support their strategy shifts and strengthen our foundation for long-term growth.”
Monetisation > volume
Adyen’s implied take rate increased from ~14.74 bps in H1 2024 to ~16.85 bps in H1 2025 (net revenue divided by processed volume), a rise of a little over 2 bps.
Average ticket size fell from ~€43.94 to ~€41.34 as transactions rose to 15.7bn from 14.1bn, consistent with a tilt to smaller, higher-frequency payments within the mix.
The company added that processed volume would have grown 23% excluding a single large volume customer.
Mix shift to in-person and platforms
Adyen’s in-person point-of-sale flows accelerated. POS processed volume reached €137.8bn, up 44% YoY, lifting POS’s share of total processed volume to 21% from 15%.
Across commercial pillars in H1 2025:
- Digital net revenue was €638.9m (+10% YoY) on €364.6bn of volume (–9% YoY).
- Unified Commerce net revenue was €334.1m (+31% YoY) on €189.4bn of volume (+35% YoY), including €110.4bn of POS volume (+37% YoY).
- Platforms net revenue was €120.5m (+55% YoY) on €95.1bn of volume (+20% YoY), including €27.3bn of POS volume (+80% YoY).
The heavier in-person and platform mix helps explain the revenue/volume divergence and the 50% EBITDA margin print.
Cost discipline and cash
Operating leverage improved alongside investment. Income before net finance income and income taxes was €482.8m; amortisation and depreciation €60.9m. CapEx was €47.3m, 4% of net revenue, and the company reported a free cash flow conversion ratio of 87%. Net income for the period was €481.0m.
Adyen’s issuing business continued to gain traction, with issuing volume exceeding €2.0bn and customer count nearly doubling year on year.
Adyen plans to host an Investor Day in Amsterdam on 11 November 2025.
Into H2, the key variables are the durability of the higher take rate, the persistence of the POS and platform mix, and any further colour on the “single large volume customer” that muted headline volume growth.
