Adyen N.V.

Good afternoon, everyone. Welcome to Agents H2 2025 earnings call. My name is Isaac, and I'll be facilitating a short discussion on our business progress and financial results with our co-CEO, Ingo, and our CFO, Ethan. After that, my colleague, Maggie, will host the Q&A section. If you would like to ask questions, please use the raise hand functionality at the bottom of your screen. When we call on you and unmute your line, please remember to state your full name and the firm you represent before asking your questions. With that, let's get started. Now, Ingo, what are some of the highlights of the second half of the year, and how would you reflect on our execution and the momentum in the business right now? Yeah, thanks, Isaac.

I look back at a very solid second half of the year, and if I look where we are in the execution of our long-term plans, I'm very pleased. And I would like to highlight a few things. So first of all, the continued growth with our existing merchants. Take Uber as an example that we also highlighted in our shareholder letter. They continue to grow with us and also launch new products like Kiosk. At the same time, we also launched with new customers like Starbucks, a company that we would love to work with for a long, long time. And we finally got on our platform, and I'm really pleased to see how they've rolled out very quickly with us in Europe. At the same time, we continue to invest also in new markets. If you think about the fact that we launched in Japan a few years ago, we're now seeing a lot of traction also with domestic merchants in Japan. That's a very important next phase of our growth there, because we always start with international merchants going into a country, and then the domestic phase is the next phase of our journey. And we are now there, and that's very, very promising. Very similar to India, also a country where we've been active for a couple of years, and there we see now a lot of interest from the big international customers that we have on our platform to also launch with us in India. So that's all very exciting, and it gives you also a lot of strong view on how we're going to grow in the next couple of years. So I'm also very looking forward to that next phase of our growth as a company.

clear thanks ingo ethan could you maybe help us connect all of that to our financial performance in this period yeah absolutely let's start with net revenue so net revenue in the second half on a constant currency basis grew 21 percent very consistent growth with what we saw in the first half of the year on a reported basis growth was a bit lower given the headwinds that we're seeing with the us dollar if you look at where that growth comes from It's again driven by our building blocks, and the biggest part of our growth in any given year comes from the growth with our existing customers. We continue to gain share of wallet with those customers, whether that's broadening markets or products or sales channels, and we grow alongside them as well. We also saw that the cohort of new customers we added to the platform in 2025 was a very strong one. We're seeing strong demand from new customers across each of our pillars, and I think that shows the strength of the growth that we're seeing to date. If you then look at EBITDA, EBITDA grew 23% in the second half, and EBITDA margin was 55% for the second half. We're continuing to make investments in our team as we grow the team to go after the opportunity that we see on the revenue side over multiple years. But we're also being smart about where we invest and how we automate, and we're very focused on making sure that we scale our process, whether that's leveraging AI or growing processes and scaling them along the way, as we've always done, to make sure that the operating leverage inherent to our business model continues to show through. On the CapEx side, we also had around 5% of CapEx as a percentage of net revenue in the second half, very consistent with what we've seen over the course of the year.