Adyen

Research evidence excerpt

Adyen

J P M O R G A N Europe Equity Research

31 July 2026

Adyen Overweight

ADYEN.AS, ADYEN NA

Given market cautiousness, meeting expectations Price (30 Jul 26):€882.90

would be a positive catalyst for the stock. Price Target (Dec-27):€1,350.00

• Adyen customers that have reported set a favorable stage for Adyen European Tech Hardware &

results: In this note we collate the revenue/bookings of disclosed listed Adyen Payments

customers that have already reported results. These customers grew 16.6% in Sandeep Deshpande AC

2Q. In the past 4 quarters, Adyen has outperformed listed customer growth by (44-20) 7134-5276

7.7% to 11.7% or an average of 9.4%. So if the growth at the non-listed sandeep.s.deshpande@jpmorgan.com

companies and those that have not reported thus far is similar, then Adyen could Craig A McDowell

grow processed volume by as much as 27% which would mean that even if take (44-20) 7742-4576

rates decline slightly, Adyen should be in a position to meet or beat guidance. craig.mcdowell@jpmorgan.com

Adyen has guided FY26 revenue to grow 20-22% YoY. The co. grew sales at Anthony Girard

(44-20) 3493-6469

cc by 20% YoY and thus the market expects growth to be slightly higher in 2Q anthony.girard@jpmorgan.com

and the data we have gathered indicates that customer growth is supportive of J.P. Morgan Securities plc

market expectations.

Specialist Sales contact details:

• Investors have swtiched off from the stock. Meeting or beating

expectations would revive interest, as would winning business at one or Scott Silver - Specialist Sales -

European TMT

more of the new AI majors: Through our conversations with investors, the (44-20) 7134-0412

questions have been 1. Why co. messaging has not been able to dispel growth scott.silver@jpmorgan.com

worries? 2. Can the co.