Adyen cuts full-year outlook, shares tumble
By Josh White
Date: Thursday 14 Aug 2025
(Sharecast News) - Adyen cut its full-year growth outlook on the back of its first-half results on Thursday, sending its shares sharply lower as investors reacted to slowing revenue growth and the impact of US trade tariffs on customer spending.
The Dutch payments processor posted net revenue of €1.09bn for the six months to 30 June, up 20% year-on-year, or 21% on a constant currency basis, but slightly below analyst expectations.
Processed volumes rose 5% to €649bn, or 23% excluding a single large customer.
EBITDA increased 28% to €543.7m, maintaining a 50% margin, while free cash flow conversion was 87%.
Adyen said it now expected full-year net revenue growth to match its first-half rate of about 21%, around two percentage points below earlier forecasts.
The company cited weaker online sales among major clients hit by tariffs introduced by the United States in April, including Asian e-commerce platforms.
"As market dynamics shift, the ability to adapt is becoming as important as the ability to grow," said chief financial officer Ethan Tandowsky.
Shares fell as much as 18% at the market open, before paring some losses.
Analysts at Jefferies noted that while the guidance cut reflected softer volumes linked to tariff changes, Adyen's platform and enterprise business performance remained strong, presenting potential long-term opportunities.
The company said it was focusing on deepening ties with existing clients, which include Meta, Uber, H&M, eBay and Microsoft, and expanding platform services such as faster fraud detection.
It said it would outline its strategy to navigate current market headwinds at its Investor Day in Amsterdam on 11 November.
At 1436 BST, shares in Adyen were down 9.48% in Amsterdam, at €1,326.20.
Reporting by Josh White for Sharecast.com.
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