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Adyen dropped its medium-term EBITDA margin objective Wednesday and said it now expects a 50% margin in 2026, as the Dutch payments company accelerates investment despite reporting strong third-quarter revenue growth.
Net revenue rose 23% to €738.1 million in the quarter ended September 30, or 22% at constant exchange rates. Processed payment volume increased 30% to €451.1 billion, according to Adyen’s quarterly business update.
More investment, no medium-term margin target
The company said merchant interest in its combined offering across payments, loyalty, billing and financial products gave it confidence to invest faster in its team, platform and products.
“To retain flexibility, we are discontinuing our medium-term EBITDA objective,” Adyen said. It added that it remained confident in the operating leverage of its business over time.
Adyen maintained its 2026 net-revenue growth forecast of 21-23% at constant exchange rates. It expects capital expenditures to equal 7% of net revenue this year, with spending returning toward historical levels after 2026. The company plans to provide its 2027 financial objectives with its second-half results in February.
EBITDA is a non-IFRS financial measure. The quarterly update is unaudited.
Platforms leads revenue growth
Platforms net revenue increased 46% to €100.2 million, or 44% at constant exchange rates. Unified Commerce net revenue rose 29% to €250.5 million, or 27% at constant exchange rates. Digital net revenue grew 16% to €387.4 million, or 14% at constant exchange rates.
Co-Chief Executive Ingo Uytdehaage said the company saw a significant opportunity ahead and was accelerating investment to capture it. Adyen reported early enterprise wins as integration of Talon.One and Orb continued, along with expanded partnerships involving GetYourGuide, LillyDirect, Tod’s and Toast.
The company also said it had joined the European Central Bank’s digital-euro pilot as an acquiring payment service provider. Separately, it nominated Niclas Neglen as chief financial officer, effective February 1, 2027, subject to regulatory and shareholder approval.
JBizNews Desk | Amsterdam
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