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Adyen Scraps Its 2028 Margin Target and Cuts This Year’s to 50%

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Adyen Scraps Its 2028 Margin Target and Cuts This Year’s to 50%

Adyen cut its 2026 profit margin forecast to 50% today (Wednesday) and dropped its target of a margin above 55% by 2028. It will spend more on Talon.One and Orb, two loyalty and billing firms it acquired.

Merchant demand for the combined offer came in stronger than planned, the Dutch payments company said.

The forecast is three percentage points below Adyen's 2025 EBITDA margin of 53%, and two below the roughly 52% implied in August, when it said the two deals would trim about one point from this year's margin.

Investors now have no profit target beyond 2026 until February, when Adyen will publish its 2027 objectives. The shares fell as much as 13% in early Amsterdam trading and were down about 11% at €837.10 by 9:42 a.m. CET, against €944.00 at Tuesday's close.

The margin cut came with a quarter that beat revenue forecasts. Net revenue rose 23% year over year to €738.1 million in the three months to September 30, or 22% at constant currency.

Analysts had expected €730.3 million, according to a company-compiled consensus cited by Reuters. Processed volume rose 30% to €451.1 billion.

Measured by EBITDA margin, the profit benchmark Adyen guides on, the outlook has moved down at each update in 2026 and now matches a slower-growing European rival.

In February Adyen expected the 2026 margin to stay broadly in line with 2025 and to pass 55% by 2028. In August it reported a first-half margin of 49%, or 50% excluding acquisition costs, and kept the 2028 goal.


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