Adyen N.V.

Hello, everyone. Welcome to Adyen's H1 2025 earnings call. My name is Isaac Lima, and together with my colleague Maggie O'Donnell, we cover investor relations here at Adyen. Today, I'll be facilitating a short discussion about our business progress and our financial results with our co-CEO, Ingo, and our CFO, Ethan. After that, Maggie will take over for a Q&A session. If you would like to ask a question, please use the raise hand functionality at the bottom of your screen. And when we call on you and unmute your line, please state your full name and the firm you represent before asking your question. With that, let's get started. Ingo, let's start a little bit broad. When you look back at 2025 as this first half of the year, what are your main takeaways?

Well, thanks, Isaac, and thanks, everyone, for joining the call today. Yeah, when we look at 2025, our main objective was to increase the share of wallet with our customers and win new customer logos to our platform. And if we look at the execution of this, we are very happy with the results so far. We continue to increase the share of wallet in multiple verticals and geographies. And at the same time, that is the case for the logos that we have won both in the enterprise section as platforms. So that's very positive. We also had some negative impact of what's happening around us. So in the macro world, the strong euro or the weak dollar, however you look at it, impacted our results and the fact that the tariffs impacted some of our merchants. So specifically the merchants based in APAC that were trading into the US, they were impacted by this and this also had impact on our numbers. At the same time, it's also an opportunity for us, and that's also how we always look at new things that change around us that we can't control. We can help those merchants to go into new markets, and that's, of course, the benefit of a single platform. So looking back and also looking at the main themes with our customers, we're focusing at three big things that are important to our customers at the moment. The first is to make sure that we continue to help them increase their authorization rates at the lowest cost and the lowest fraud rates. Very important topic. The second topic that we invest a lot of time in together with our customers is making sure they can enter into new geographies. The APEC Merchants is an example, but that's of course a broader theme for our customers. And then thirdly, how we can help platforms to become a financial technology player, so how they can offer financial products based on our infrastructure to be successful in this space. And if I take this all together, I'm very pleased where we are with this first half year. We're executing in line with our plans, and that's what we're also going to do in the second half of this year.

Thanks, Ingo. Now, Ethan, clearly a lot has happened in this first half of the year. Can you help us understand how that played out in our numbers?