Adyen N.V. (AMS: ADYEN) — research brief (BMC #055)

Prepared 2026-10-08 (America/Chicago). Labels: FACT = stated by Adyen (pricing, help, about, press releases, annual report / IR); SECONDARY = third-party press or analyst summaries; INFERENCE = reasoning by this project. Adyen is a public company on Euronext Amsterdam — prefer company IR and press releases over third-party estimates. Do not invent ARR, valuation, headcount, TPV, or take-rate figures.

Sources (accessed 2026-10-08)

Adyen home / about: https://www.adyen.com/ · https://www.adyen.com/about
Pricing: https://www.adyen.com/pricing
Interchange++ help: https://help.adyen.com/knowledge/payment-methods/explore-payment-methods/what-is-the-interchange
H2 2025 / FY 2025 results press (Feb 12, 2026): https://www.adyen.com/press-and-media/adyen-publishes-h2-2025-financial-results-3pgu2
H1 2026 results press (Aug 13, 2026): https://www.adyen.com/press-and-media/adyen-publishes-h1-2026-financial-results-3wjne
2025 Annual Report press (Mar 5, 2026): https://www.adyen.com/press-and-media/adyen-publishes-2025-annual-report
Investor relations / Annual Report 2025: https://investors.adyen.com/financials/2025
IR home: https://investors.adyen.com/

Teaching arc

One single global payments + financial-tech platform for online, in-store and mobile ("unified commerce" / full-stack acquiring) → merchants pay Interchange++ (issuer interchange + scheme fees + Adyen markup, typically shown as ~$0.13 + 0.60% + pass-throughs on cards) so Adyen's company take rate is net revenue ÷ processed volume (~17.0 bps in FY2025) → grow with enterprises and software platforms (Digital / Unified Commerce / Platforms pillars), attach Issuing, Capital, business accounts and Intelligent Money Movement → public-company scale: €1.39T processed volume and €2.36B net revenue in 2025 with 53% EBITDA margin; H1 2026 still growing volume 24% and net revenue 19%.

How money works (FACT)

Pricing page: "For each transaction, we charge a fixed processing fee + a fee determined by the payment method." Indicative North America card example: $0.13 + Interchange++ + 0.60%. "We do not have monthly fees, set-up fees, integration fees or closure fees." There is a minimum invoice depending on industry/business model. Other products (beyond payment methods) priced separately. Fees are indicative; custom pricing available.
Help (Interchange++): three cost components on a card transaction — (1) interchange to the card-issuing bank, (2) scheme fee to Visa/Mastercard (+), (3) acquirer fee to Adyen (++). Acquirer fees set by Adyen and "determined by monthly card volume, starting at 0.60% per transaction." Average total fee of an Interchange++ transaction for consumer cards in Europe is stated as ~1%.
Company economics: net revenue is what Adyen keeps after pass-throughs; take rate = net revenue / processed volume. FY2025 take rate 17.0 bps (up from 15.5 bps in 2024), merchant-mix driven (Annual Report 2025). H1 2026: net revenue €1,302.9M on €803.8B volume → implied ~16.2 bps (INFERENCE from company-stated numerator/denominator; Adyen did not headline take rate in the H1 2026 press release).
FY2025 net revenue also includes €12.6M of net interest income from the embedded financial products suite (Annual Report 2025).

Pillars / products (FACT)

Three commercial pillars (Annual Report 2025): Digital (online-first: subscription, travel, mobility); Unified Commerce (online + in-person for retail, hospitality, F&B); Platforms (software providers embedding payments + financial services including capital, issuing, business accounts).
FY2025 net revenue mix (Annual Report 2025): Digital €1,334.9M (+9%); Unified Commerce €765.4M (+30%); Platforms €263.8M (+50%). Sum ≈ €2,364.1M matches FY net revenue.
Full-stack volumes 84% of processed volume in 2025 (up from 83% in 2024). Point-of-sale volume €311B (≈22% of total), +34% YoY.
Embedded financial products: issuing volumes up 8x YoY in 2025 as platforms embedded cards; Intelligent Money Movement unifies money-in, money management, money-out (H2 2025 press).
H1 2026 product milestones: closed Talon.One and Orb acquisitions (subsequent to H1); launched Adyen Agentic; Intelligent Money Movement; Adyen Personalize; Adyen Uplift / Dynamic Identification lifted conversion +0.9 pp on average by end of H1; Toast partnership expanded into the US; wins including Aritzia, OpenAI, Xiaomi, GOV.UK Pay.

Scale and financials (FACT from Adyen press / AR)

FY 2025 (year ended Dec 31, 2025 — H2 press Feb 12, 2026 + Annual Report)

Net revenue €2,364.2M, +18% YoY (+21% constant currency).
Processed volume €1,394.3B, +8% including a single large-volume customer, or +21% excluding that customer.
Point-of-sale volume €311B, +34%.
EBITDA €1,245.7M, +26%; EBITDA margin 53% (vs 50% in 2024).
Free cash flow conversion 87%; CapEx 5% of net revenue.
Take rate 17.0 bps (AR 2025).
31 Adyen for Platforms customers processing over €1bn (AR 2025).
Named customers in About / press: Meta, Uber, H&M, eBay, Microsoft; H2 highlights Starbucks (943 stores in seven weeks), Uber 70+ countries.

H1 2026 (half year ended Jun 30, 2026 — press Aug 13, 2026)

Net revenue €1,302.9M, +19% YoY (+21% CC).
Processed volume €803.8B, +24% YoY.
EBITDA €641.5M; margin 49%, or 50% excluding one-time transaction costs.
FCF conversion 86%; CapEx 5% of net revenue (guidance raised CapEx toward ~7% of net revenue for full-year 2026 as data-center spend is pulled forward).
2026 guidance (H1 press): net revenue +21–23% YoY CC including Talon.One/Orb; underlying EBITDA margin in line with 2025, ~1 pp lower including acquisitions; still targeting EBITDA margin >55% by 2028.

Company / brand (FACT)

Founded 2006 in Amsterdam (About). Euronext: ADYEN.
About page (accessed Oct 8, 2026) also states 4000+ employees, 115+ nationalities, 28 offices — treat as company-stated but may lag newest IR; not used as a canvas key metric.
Brand green (Malachite) ~#0ABF53 appears in Adyen site CSS / brand collateral; midnight ~#00112C for wordmark. Gallery accent uses #0ABF53.

Costs (FACT + INFERENCE)

Pass-through interchange and scheme fees are merchant costs, not Adyen net revenue (FACT, Interchange++ model).
CapEx mainly data centers — 5% of net revenue in 2025; guided ~7% in 2026 (FACT, H1 2026 press).
People, sales, compliance/licensing, scheme membership, fraud/risk tooling — normal PSP cost stack (INFERENCE; no full opex breakdown used as metrics).
One-time transaction costs in H1 2026 (acquisitions) shaved EBITDA margin from 50% underlying to 49% reported (FACT).

What we did NOT use

Third-party "SMB rate card" folklore (e.g. published $120/mo minimum) unless Adyen itself states the amount — Adyen only says a minimum invoice exists.
Substack / analyst recomputed pillar totals that disagree with Annual Report pillar net revenue.
Invented merchant counts, valuation multiples, or forward take-rate paths beyond company guidance.

# Adyen N.V. (AMS: ADYEN) — research brief (BMC #055) Prepared 2026-10-08 (America/Chicago). Labels: **FACT** = stated by Adyen (pricing, help, about, press releases, annual report / IR); **SECONDARY** = third-party press or analyst summaries; **INFERENCE** = reasoning by this project. Adyen is a public company on Euronext Amsterdam — prefer company IR and press releases over third-party estimates. Do not invent ARR, valuation, headcount, TPV, or take-rate figures. ## Sources (accessed 2026-10-08) - Adyen home / about: https://www.adyen.com/ · https://www.adyen.com/about - Pricing: https://www.adyen.com/pricing - Interchange++ help: https://help.adyen.com/knowledge/payment-methods/explore-payment-methods/what-is-the-interchange - H2 2025 / FY 2025 results press (Feb 12, 2026): https://www.adyen.com/press-and-media/adyen-publishes-h2-2025-financial-results-3pgu2 - H1 2026 results press (Aug 13, 2026): https://www.adyen.com/press-and-media/adyen-publishes-h1-2026-financial-results-3wjne - 2025 Annual Report press (Mar 5, 2026): https://www.adyen.com/press-and-media/adyen-publishes-2025-annual-report - Investor relations / Annual Report 2025: https://investors.adyen.com/financials/2025 - IR home: https://investors.adyen.com/ ## Teaching arc One single global payments + financial-tech platform for online, in-store and mobile ("unified commerce" / full-stack acquiring) → merchants pay Interchange++ (issuer interchange + scheme fees + Adyen markup, typically shown as ~$0.13 + 0.60% + pass-throughs on cards) so Adyen's company take rate is net revenue ÷ processed volume (~17.0 bps in FY2025) → grow with enterprises and software platforms (Digital / Unified Commerce / Platforms pillars), attach Issuing, Capital, business accounts and Intelligent Money Movement → public-company scale: €1.39T processed volume and €2.36B net revenue in 2025 with 53% EBITDA margin; H1 2026 still growing volume 24% and net revenue 19%. ## How money works (FACT) - Pricing page: "For each transaction, we charge a fixed processing fee + a fee determined by the payment method." Indicative North America card example: `$0.13 + Interchange++ + 0.60%`. "We do not have monthly fees, set-up fees, integration fees or closure fees." There is a minimum invoice depending on industry/business model. Other products (beyond payment methods) priced separately. Fees are indicative; custom pricing available. - Help (Interchange++): three cost components on a card transaction — (1) interchange to the card-issuing bank, (2) scheme fee to Visa/Mastercard (+), (3) acquirer fee to Adyen (++). Acquirer fees set by Adyen and "determined by monthly card volume, starting at 0.60% per transaction." Average total fee of an Interchange++ transaction for consumer cards in Europe is stated as ~1%. - Company economics: net revenue is what Adyen keeps after pass-throughs; take rate = net revenue / processed volume. FY2025 take rate 17.0 bps (up from 15.5 bps in 2024), merchant-mix driven (Annual Report 2025). H1 2026: net revenue €1,302.9M on €803.8B volume → implied ~16.2 bps (INFERENCE from company-stated numerator/denominator; Adyen did not headline take rate in the H1 2026 press release). - FY2025 net revenue also includes €12.6M of net interest income from the embedded financial products suite (Annual Report 2025). ## Pillars / products (FACT) - Three commercial pillars (Annual Report 2025): **Digital** (online-first: subscription, travel, mobility); **Unified Commerce** (online + in-person for retail, hospitality, F&B); **Platforms** (software providers embedding payments + financial services including capital, issuing, business accounts). - FY2025 net revenue mix (Annual Report 2025): Digital €1,334.9M (+9%); Unified Commerce €765.4M (+30%); Platforms €263.8M (+50%). Sum ≈ €2,364.1M matches FY net revenue. - Full-stack volumes 84% of processed volume in 2025 (up from 83% in 2024). Point-of-sale volume €311B (≈22% of total), +34% YoY. - Embedded financial products: issuing volumes up 8x YoY in 2025 as platforms embedded cards; Intelligent Money Movement unifies money-in, money management, money-out (H2 2025 press). - H1 2026 product milestones: closed Talon.One and Orb acquisitions (subsequent to H1); launched Adyen Agentic; Intelligent Money Movement; Adyen Personalize; Adyen Uplift / Dynamic Identification lifted conversion +0.9 pp on average by end of H1; Toast partnership expanded into the US; wins including Aritzia, OpenAI, Xiaomi, GOV.UK Pay. ## Scale and financials (FACT from Adyen press / AR) ### FY 2025 (year ended Dec 31, 2025 — H2 press Feb 12, 2026 + Annual Report) - Net revenue €2,364.2M, +18% YoY (+21% constant currency). - Processed volume €1,394.3B, +8% including a single large-volume customer, or +21% excluding that customer. - Point-of-sale volume €311B, +34%. - EBITDA €1,245.7M, +26%; EBITDA margin 53% (vs 50% in 2024). - Free cash flow conversion 87%; CapEx 5% of net revenue. - Take rate 17.0 bps (AR 2025). - 31 Adyen for Platforms customers processing over €1bn (AR 2025). - Named customers in About / press: Meta, Uber, H&M, eBay, Microsoft; H2 highlights Starbucks (943 stores in seven weeks), Uber 70+ countries. ### H1 2026 (half year ended Jun 30, 2026 — press Aug 13, 2026) - Net revenue €1,302.9M, +19% YoY (+21% CC). - Processed volume €803.8B, +24% YoY. - EBITDA €641.5M; margin 49%, or 50% excluding one-time transaction costs. - FCF conversion 86%; CapEx 5% of net revenue (guidance raised CapEx toward ~7% of net revenue for full-year 2026 as data-center spend is pulled forward). - 2026 guidance (H1 press): net revenue +21–23% YoY CC including Talon.One/Orb; underlying EBITDA margin in line with 2025, ~1 pp lower including acquisitions; still targeting EBITDA margin >55% by 2028. ## Company / brand (FACT) - Founded 2006 in Amsterdam (About). Euronext: ADYEN. - About page (accessed Oct 8, 2026) also states 4000+ employees, 115+ nationalities, 28 offices — treat as company-stated but may lag newest IR; not used as a canvas key metric. - Brand green (Malachite) ~#0ABF53 appears in Adyen site CSS / brand collateral; midnight ~#00112C for wordmark. Gallery accent uses #0ABF53. ## Costs (FACT + INFERENCE) - Pass-through interchange and scheme fees are merchant costs, not Adyen net revenue (FACT, Interchange++ model). - CapEx mainly data centers — 5% of net revenue in 2025; guided ~7% in 2026 (FACT, H1 2026 press). - People, sales, compliance/licensing, scheme membership, fraud/risk tooling — normal PSP cost stack (INFERENCE; no full opex breakdown used as metrics). - One-time transaction costs in H1 2026 (acquisitions) shaved EBITDA margin from 50% underlying to 49% reported (FACT). ## What we did NOT use - Third-party "SMB rate card" folklore (e.g. published $120/mo minimum) unless Adyen itself states the amount — Adyen only says a minimum invoice exists. - Substack / analyst recomputed pillar totals that disagree with Annual Report pillar net revenue. - Invented merchant counts, valuation multiples, or forward take-rate paths beyond company guidance.