Adyen H1 2026: net revenue €1,302.9m (+21% cc), volume €803.8bn, FY guidance raised to 21-23%

On 13 August 2026 Adyen reported H1 2026 net revenue of EUR 1,302.9 million, up 19% year on year (21% at constant currency), on processed volume of EUR 803.8 billion, up 24%. EBITDA margin came in at 49% (50% excluding one-off transaction costs). Adyen raised its full-year 2026 net revenue growth guidance to 21-23% at constant currency from 20-22%, now including the Talon.One and Orb acquisitions that closed on 1 July 2026, and guided capital expenditure up to around 7% of net revenue from a historical 5% to secure computing capacity. Shares rose sharply on the print.

Adyen is the growth benchmark European acquiring is measured against, and this is the first half in which its first two acquisitions in twenty years show up in guidance. A raise to 21-23% while Worldline, Nexi and Fiserv are guiding low single digits widens an already wide gap in the European acceptance market, and the margin guidance (about one point below 2025 once Talon.One and Orb are consolidated) prices what buying loyalty and billing capability costs.

The capex step-up to 7% of net revenue is the more novel disclosure: compute supply, not sales capacity, is now a named constraint on a payments platform.

Whether the raised guidance holds through H2 as the acquisitions are integrated, how much of the growth is European versus North American, and whether the elevated capex level persists into 2027 or unwinds once the pulled-forward compute is secured.

• adyen.com