Adyen: Numbers continue to be promising

Reacceleration in 2025 reiterated based on the performance in the first 3 months of the year

How is Adyen affected by the global macro uncertainty?

Based on the 1Q25 net revenue growth, after we exclude the impact of leap year and expected drags from Cash App and eBay, this was similar to 4Q24 growth, which is also in line with the management’s commentary and expectations.

Adyen continues to reiterate a guidance of net revenue growth of a slight acceleration off 2024’s 23% net revenue growth constant currency.

While management suggests that weaker macro may lead to challenges in achieving the at lease 24% net revenue growth, I do think there is a a degree of flexibility to absorb some macro in the 24% guidance.

I think management commentary about the current business and its outlook is key, and this will be what I will be sharing in greater detail below.