Adyen‘s opportunity within the Shopify ecosystem

Research evidence excerpt

Adyen‘s opportunity within the Shopify ecosystem

Global Research

20 July 2026ab

Adyen Equities

NetherlandsAdyen's opportunity within the Shopify

ecosystem Software

12-month rating Buy

12m price target €1,350.00Insights and discussion with former Shopify Senior Payments Partnerships

Manager

We hosted a discussion with a former Senior Payments Partnerships Manager at Shopify Price (20 Jul 2026) €821.20

(through March 2026), who was responsible for payments partner strategy and RIC: ADYEN.AS BBG: ADYEN NA

commercial governance across aspects of Shopify's global portfolio of payments services

(which are facilitated via both 3P partners and Shopify's own Shopify Payments Trading data and key metrics

offering). The discussion covered the role of PSP partnerships both within and outside 52-wk range €1,583.40-785.20

Shopify Payments, Adyen's opportunity to gain share within the Shopify ecosystem, the Market cap. €25.3b/US$28.9b

potential opportunity in Shopify POS, the benefits and complexities of a multi-sourcing Shares o/s 30.9m (ORD)

strategy within a payment facilitation model, and other key trends shaping Shopify's Free float 85%

payments strategy. Avg. daily volume ('000) 149

Avg. daily value (m) €132.5

Shopify's payments stack Common s/h equity (12/26E) €6.52b

Shopify's payments platform services millions of merchants and connects to ~500 P/BV (12/26E) 4.0x

payment providers across North America, EMEA, Latin America and APAC. Our expert Net debt to EBITDA (12/26E) NM

described the architecture as three distinct but overlapping layers. The first and oldest is

Shopify’s third-party payments ecosystem. Before developing a native payments EPS (UBS, diluted) (EUR)

UBS Cons.

proposition, Shopify relied on PSPs such as Worldpay, with integrations historically built