Adyen Shares Tumble on Cautious Growth Outlook
12.02.2026 - 15:31:05
Investors delivered a sharp rebuke to Adyen NV following the release of its second-half 2025 financial results. Despite reporting double-digit revenue growth and improved profitability, the payment processor's stock came under significant selling pressure. The market's negative reaction was driven by a transaction volume figure that missed estimates and, more critically, a 2026 growth forecast that analysts deemed overly conservative.
The company's operational results for the latter half of 2025 presented a mixed picture. Key financial metrics were as follows:
- Net Revenue: ?1.27 billion, representing a 17% year-over-year increase (21% on a currency-neutral basis).
- Processed Volume: ?745.3 billion, a rise of 19%.
- EBITDA: ?702.1 million, climbing 23%.
- EBITDA Margin: 55%, up from 50% in the prior year period.
While the EBITDA margin expansion to 55%?and 53% for the full year 2025?highlighted strong operational discipline, the processed volume of ?745.3 billion fell short of analyst projections, which had anticipated approximately ?771 billion. Company officials noted that a weaker U.S. dollar and slower expansion among digital clients in the Asia-Pacific (APAC) region acted as headwinds.
The Forecast That Sparked the Sell-Off
The primary catalyst for the steep share price decline was the guidance provided for 2026. Adyen projected net revenue growth in a range of 20% to 22% for the coming fiscal year. This outlook disappointed the market, as it landed below the consensus estimate of around 22.8%. In response, the company's equity listed in Amsterdam plunged by more than 20% at its intraday low and was still trading approximately 16% lower by late morning. Market observers interpreted the target as excessively cautious, especially given the fierce competition within the fintech sector.
Strategic Initiatives and Long-Term Goals
Amid the financial disclosures, Adyen highlighted several operational advancements. The firm is currently deploying its payment infrastructure across more than 940 Starbucks locations in the United Kingdom, Austria, and Switzerland. Furthermore, its existing partnership with Uber has been expanded to include new "Uber Kiosks" at airports, designed to facilitate ride bookings for travelers without mobile data plans.
