Adyen Issuing Volume Passes €2B, Customer Count Nearly Doubles

Adyen (AMS: ADYEN) processed €649.0 billion in payments in the first half of 2025, up 5% year on year, or 23% excluding a single large volume customer. Issuing volume surpassed €2.0 billion, with the number of issuing customers nearly doubling compared to the same period last year.

“We entered the year with a clear focus: deepening relationships with existing customers and bringing new enterprise and platform businesses onto our platform,” said Chief Financial Officer Ethan Tandowsky.

“We entered the year with a clear focus: deepening relationships with existing customers and bringing new enterprise and platform businesses onto our platform,” said Chief Financial Officer Ethan Tandowsky.

“In the first half, our disciplined execution drove continued traction across regions and verticals, even as some customers faced a more challenging operating environment. 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.”

Net revenue for the six months to 30 June 2025 rose 20% year on year to €1,093.5 million, or 21% on a constant currency basis. EBITDA increased 28% to €543.7 million, with an EBITDA margin of 50%. The free cash flow conversion ratio stood at 87%, and capital expenditure was 4% of net revenue.

Investor Day 2025 will take place in Amsterdam on Tuesday, 11 November 2025, with the event live streamed publicly and in-person attendance available for investors and analysts.