Adyen First Look: Cash App hitting volumes again, limited impact on net result.
Cash App volumes once again causing issues with an 8% decline in Digital volumes, resulting in a 6% gap in overall processed volume expectations. However, given the more limited margin on customers like Cash App and eBay, net result still up 22% YoY, only 1% off from expectations. Solid performance in Unified Commerce and Platform. Management remains confident in their 2025-2026 guidance. We reiterate our Accumulate rating and €1750 TP.Adyen NV, formerly Adyen BV, is provider of mobile, online and point-of-sale (POS) payment solutions based in the Netherlands. It operates an online platform enabling merchants to accept payments internationally and from all sales channels, such as online shops, mobile payments from applications and Websites, and POS, such as countertops, mobile terminals, tablets and cash registers, among others. The platform covers the entire payment chain, including technical, contractual, reconciliation and settlement processes. The platform is available in the form of ready-to-use payment pages (HPP), application programming interface (API), and client-side encryption solution (EE). The Company's customers include Mango, KLM, Netflix, Superdry, Uber, Groupon and Crocs, among others. It has offices in the Netherlands, the United Kingdom, France, Germany, Belgium, Brazil, China, Australia, Mexico, Singapore, Spain, Sweden and the United States.
We are a financial services provider for several types of professional clients, each with distinct needs.
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