By Mateusz Rabiega and Gianluca Lo Nostro
(Reuters) -Dutch payments firm Adyen cut its annual revenue forecast on Thursday, citing the impact of U.S. tariffs on client growth and a sustained slowdown in market volume, sending its shares down around 20%.
The company also said the previously anticipated slight acceleration in net revenue growth now appeared “unlikely”.
Adyen has weathered shifts in consumer spending better than peers like Worldline and Nexi, thanks to a broader client base and global reach. But that international exposure also leaves it vulnerable to currency volatility and trade tensions.
“The part that we see going less well, also compared to our expectations at the end of coming into this year, is what we call market volume growth, so the growth of our own customers,” finance chief Ethan Tandowsky said in an interview with Reuters.
“Specifically, we’ve called out a group of large online retailers that are APAC headquartered,” he said.
The company’s half-year net revenue missed market expectations despite a 20% yearly rise, standing at 1.09 billion euros ($1.27 billion) against the 1.11 billion expected by 16 analysts polled by LSEG.
Adyen’s half-year earnings before interest, taxes, depreciation and amortisation (EBITDA) also missed estimates, coming in at 543.7 million euros, with a margin of 50%.
Analysts forecast around 550.8 million euros on average.
KBC Securities analysts said in a note the semester was “underwhelming” and to expect pressure on the company’s shares in light of the results.
“We expect EBITDA margin to expand in 2025, albeit at a more moderate rate than in 2024,” Adyen added in a statement.
Adyen is still aiming for an annual net revenue growth between the low-twenties and high-twenties percent, up to and including 2026.
Shares were down 18.7% by 0736 GMT after falling as much as 20.5% earlier.
($1 = 0.8549 euros)
(Reporting by Mateusz Rabiega and Gianluca Lo Nostro in Gdansk; Editing by Janane Venkatraman and Nivedita Bhattacharjee)
