ADYEN-NL: Quick Thoughts on Acquisition of Orb

研报英文原文证据摘录

ADYEN-NL: Quick Thoughts on Acquisition of Orb

Payments, Processors, & IT Services

FLASH

FLASH: ADYEN NV (ADYEN-NL) June 11, 2026

ADYEN-NL: Quick Thoughts on Acquisition of Orb Rating:

Outperform ●News: Today, Adyen announced it would be acquiring Orb, an enterprise billing Price:

platform, for $335mn. When the deal closes, Orb will become an indirect, €785.20

wholly owned subsidiary under an incubator model. The deal will be financed Price Target:

€1,150 entirely with available cash resources, and Orb's co-founders will reinvest

% Upside:

a meaningful portion of their proceeds into newly issued ordinary shares in 46.5%

Adyen. Orb provides an infrastructure engine tracking real-time usage data and

translating complex pricing contracts for enterprises. Source: FactSet, Wolfe Research

Priced as of 06/11/26

●Financials: Adyen reiterated and expressed conviction in its existing 2026

guidance for the standalone company while noting its medium-term guide

remains unchanged and stated independently of the acquisitions. Adyen

expects both Orb and Talon.One to close on July 1. The two acquisitions are

expected to contribute 1ppt to revenue growth and 1ppt of margin dilution Darrin Peller dpeller@wolferesearch.com

(inclusive of one-time transaction costs) in FY26. Adyen noted the margin (646) 582-9310

impacts will occur in both 1H (one-off transaction costs) and 2H (operational View Darrin’s Research

View ADYEN-NL Model investments in the companies). View Comp Table

Paul Obrecht

●Strategic Rationale: Adyen noted billing for digital companies has grown pobrecht@wolferesearch.com

complex as AI drives a shift toward usage-based pricing models requiring real- (646) 582-9308

time processing of millions of usage events. Additionally, payments and billing Scott Wurtzel