Slides
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Our industry is at a breaking point
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Current methods: No longer fit for purpose ONBOARDING 11Days GOOD SHOPPERS BLOCKED 10Up to % AML FALSE POSITIVES 95Over %
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Current methods: No longer fit for purpose
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Dynamic Identification T ogether, these remove friction, strengthen compliance, and create a durable moat.
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Dynamic Identification
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Dynamic Identification
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Auth rate: 84% Payment conversion funnel Payment funnel conversion rate: 50%
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Adyen Uplift Payment funnel conversion rate: 70%
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REFUND ABUSE RESELLER ABUSE 1.6x higher than your peers 18.4% 42% exhibit similar patterns across Adyen 203Flagged
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Europe U.K. U.S. Banking Licenses Banking Infrastructure
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ISSUING CAPITAL PAYOUTS 8xY o Y growth 2xin 2025 Y o Y growth40%
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The Age of Agentic Commerce
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We are becoming one of the largest financial technology companies
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Adyen’ s proven ability to scale provides a strong basis for sustained future growth T otal Processed Volume (TPV) — in EUR billions GRAPHS ARE NOT TO SCALE 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (LTM Q3) 300 600 900 1,200 1,500 0 1,3411,286 970 768 516 304 240 159 1086632 >45% CAGR2015 - Q3 2025
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Processed volume has reached over €1 trillion annually GRAPHS ARE NOT TO SCALE Adyen processed volume L TM Q3 2025 €1.3tn
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And that’ s just payments. Embedded Financial Products represent a significant additional opportunity
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FINANCIAL UPDATE The building blocks of our net revenue growth
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In 2023 we introduced the building blocks to net revenue growth GRAPHS ARE NOT TO SCALE
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Our building blocks: Market volume growth GRAPHS ARE NOT TO SCALE High single digits to low double digits Negative low to mid single digits Low single digits Mid single digits Approximately 1% Approximately 20% Y o Y
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We expect market volume growth of high-single digits in the medium term Market volume growth SOURCE: ADYEN DATA FROM EUROMONITOR, CONSUMER FINANCE 2024 EDITION 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E
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Our building blocks: Share of wallet gains GRAPHS ARE NOT TO SCALE Negative low to mid single digits Low single digits Mid single digits Approximately 1% Approximately 20% Y o Y
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Untapped share of wallet potential with existing cohorts represents growth opportunity Estimated current share of wallet averages by cohort group >40% <30% <20% 3-7 YEARS ON THE PLATFORM 8-11 YEARS ON THE PLATFORM 12+ YEARS ON THE PLATFORM
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Strength of our customer relationships gives us confidence in our ability to win share of wallet Net promoter score (NPS) as indicator of customer satisfaction 43 48 38 36 49 50 56 55 58 58 65 63 65 66 65 H1 2018 H2 2018 H1 2019 H2 2019 H1 2020 H2 2020 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023 H2 2023 H1 2024 H2 2024 H1 2025
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Our building blocks: Tiered price impact GRAPHS ARE NOT TO SCALE Low single digits Mid single digits Approximately 1% Approximately 20% Y o Y
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Our building blocks: New wins and ramp of previous year cohort GRAPHS ARE NOT TO SCALE Approximately 1% Approximately 20% Y o Y
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Investments in our sales organization translate into larger new cohorts... Processed volume in year 1 by cohort Projected 2018 2019 2020 2021 2022 2023 2024 2025 GRAPHS ARE NOT TO SCALE
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...contributing low single digits to growth in the first year and mid-single digits in the second year Contribution to net revenue growth 2 - 3x YEAR 1 YEAR 2 GRAPHS ARE NOT TO SCALE
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Our building blocks: Financial products GRAPHS ARE NOT TO SCALE Approximately 20% Y o Y
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Issuing has hit an inflection point and is on track to hit €6B in volume in 2025 T otal issuing volume 2020 2021 2022 2023 2024 2025 (UNTIL Q3) GRAPHS ARE NOT TO SCALE
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Our building blocks: Financial products GRAPHS ARE NOT TO SCALE Approximately 20% Y o Y
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The building blocks provide a multi-year view of the levers that drive net revenue growth GRAPHS ARE NOT TO SCALE
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Financial objectives Net revenue growth We expect annual net revenue to grow between the low- and mid- twenties in 2026
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FINANCIAL UPDATE Deliberate investment to drive growth
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The majority of our operational expenses remain people-related Expenses as a % of total operating expenses IT COSTS OTHER OPERATING EXPENSES SALES AND MARKETING PEOPLE-RELATED 71% 15% 9% 5% 16% 5% 6% 74% 13% 5% 6% 76% 14% 5% 6% 75% GRAPHS ARE NOT TO SCALE 2022 2023 2024 H1 2025
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We will continue to invest in the team and infrastructure to drive growth and scale AI-enabled investments to drive automation and enable our teams to do their best work Engineering and product to build solutions such as EFP , Uplift, and local payment methods i.e. India & Japan Account management to grow and support our existing global customer base and sales to drive new wins Functional and regulatory expertise to support scale T ech Commercial Staff Infrastructure & T ooling
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Revenue/FTE improvements demonstrate the efficiency of our model Net revenue per FTE (in € thousands) Q4’22Q1’23Q2’23Q3’23Q4’23Q1’24Q2’24Q3’24Q4’24Q1’25Q2’25Q3’25 383 376 378 388 403 425 442 459 470 476 489 399
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Financial objectives Net revenue growth We expect annual net revenue to grow between the low- and mid- twenties in 2026 EBITDA We expect to increase EBITDA margin to levels above 55% by 2028
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Financial objectives Net revenue growth We expect annual net revenue to grow between the low- and mid- twenties in 2026 EBITDA We expect to increase EBITDA margin to levels above 55% by 2028 Capex We expect to maintain a sustainable capital expenditure level of up to 5% of our net revenue
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Our capital allocation approach is to generate shareholder value in the form of growth We continue to see significant investment opportunities to drive long-term commercial success We intend to maintain a strong liquidity position that supports our licensing structure Adyen has an A- S&P credit rating which is critical for the expansion of our Financial Products suite We retain the ability to act on organic or inorganic opportunities that may arise in the future Sustained investment to grow the business Strong balance sheet Industry-leading credit rating Maintain financial flexibility
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Key takeaways 01 02 03 Becoming one of the largest players in an expanding market Significant opportunity ahead to grow our currently modest market share within a rapidly expanding industry Multiple levers for revenue growth The building blocks represent a framework with distinct drivers of future net revenue growth Intentional investment for scale We continue to invest to effectively capture the large opportunity ahead of us