Adyen NV (ADYEN.AS): 1H26 Preview: 2Q Acceleration Expected on Easier Comps; Modest Margin Refinement; Reiterate Buy

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Adyen NV (ADYEN.AS): 1H26 Preview: 2Q Acceleration Expected on Easier Comps; Modest Margin Refinement; Reiterate Buy

Equity Research

18 June 2026 | 5:26AM BST

Adyen NV (ADYEN.AS): 1H26 Preview: 2Q Acceleration Expected on

Easier Comps; Modest Margin Refinement; Reiterate Buy

We update our estimates on Adyen ahead of 1H26 results on August 13th, 2026. We Mohammed Moawalla

+44(20)7774-1726 |

expect a broadly similar operating environment for Adyen as the end of 1Q and so, mohammed.moawalla@gs.com

Goldman Sachs International

we continue to forecast an acceleration of growth in 2Q of 21.5% yoy ex-fx

Deepshikha Agarwal

(unchanged) as prior APAC customer headwinds annualise. We remain confident in +1(212)934-6961 |

Adyen’s structural growth story, which is underpinned by multiple idiosyncratic deepshikha.agarwal@gs.comGoldman Sachs India SPL

drivers, such as wallet share gains of existing customers, faster and larger ramp of Uzair Merchant

new customer cohorts, improving sales execution, and new product launches, all +44(20)7774-7645uzair.merchant@gs.com|

supported by its superior tech differentiation, suggesting an upside optionality in Goldman Sachs International

Haouachunderwriting a low 20s growth profile over the mid-term. Ahlam | +44(20)7051-8714

ahlam.haouach@gs.com

We update for FX (20bps tailwind for FY26) and modestly refine our 2H growth Goldman Sachs International

cadence. Our FY26 net revenue growth of 21% yoy ex-fx is unchanged. More

importantly, we slightly raise our opex factoring in some greater investments in AI

and acquisition related costs and so reduce our EBITDA margin to 50% for 1H (vs

c.52% previously) and 53.2% for FY26 (vs 54.2% previously).

Given the relative weakness in share price, we see an attractive entry point given a