Sales increased by 20 percent year-on-year to 598.4 million euros, or by 23 percent at fixed exchange rates. That is considerably higher than the 593 million euros in turnover that analysts had taken into account. The turnover growth is comparable to the growth in the previous two quarters.
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Platform turnover increased by 50 percent to 68.6 million euros. Turnover at Unified Commerce increased by 32 percent to 194.8 million euros and at Digital by 10 percent to 335 million euros. Processed payment volumes increased by 8 percent year-on-year to 346.9 billion euros. This is less than the 360 billion euros that analysts expected.
Adyen also issued a sharper outlook. The payment company expects turnover to increase by approximately 20 to 25 percent in 2026. This falls within the bandwidth of growth of 20 to 29 percent, which was previously stated for the period up to and including 2026.
Acceleration of sales growth
Adyen expects sales growth in the second half of 2025 to match the first half of the year. In August, the company warned that no further acceleration in sales growth was expected before 2025.
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An EBITDA margin of more than 50 percent is expected for 2026 and investments should represent 5 percent of net turnover. Investment bank Jefferies had already taken into account that Adyen would provide an outlook for 2026. Analysts at the bank were aiming for an indication of ‘low 20 percent’ for turnover growth.
By looking ahead to 2026 with the quarterly figures, Adyen can fully focus on the longer-term prospects during the investor day on November 11, according to Jefferies.
Price target
Degroof Petercam on Wednesday increased the price target for Adyen from 1,400 to 1,500 euros if the Houden advice is maintained.
Adyen is a standout on the Damrak. More than half an hour after the stock market opened, the share price rose 9.6 percent.