Slide 1: Adyen Investor Day 2025
2025 Investor DEW, |
Slide 2: Welcome
Welcome
Slide 3: Welcome & Evolution of Our Foundation
Pieter van der Does o-ceo Ingo Uytdehaage — cocto 8 WELCOME & EVOLUTION OF OUR FOUNDATION
Slide 4: On the path to becoming one of the largest fintech companies in the world
On the path to becoming one of the largest fintech companies in the world
Slide 5: Slide 5
Slide 6: Single platform: the importance of a strong foundation
Tom Adams oro SINGLE PLATFORM: THE IMPORTANCE OF A STRONG FOUNDATION H@D
Slide 7: Foundation overview: single platform, banking infrastructure, Dynamic Identification
Dynamic Identification Banking Infrastructure @3 Q2 Single platform Q1
Slide 8: Single platform
Single platform 01
Slide 9: The principles that guide how we build
The principles that guide how we build adyen = @1 = @2 = Q3 Accountability Pragmatism Evidence over at the core at the edge assumption
Slide 10: Transaction optimization
[+] Q1 Transaction e2 Fraud Conversion Cost A Approved
Slide 11: Our approach to AI
Our approach to Al Method Signal CLASSICAL MODELS GRAPH-BASED MODELS REINFORCEMENT MODELS Le — o : I —" a \ ee o oS => a —- a CLEAR, RELATIONSHIP DYNAMIC STRUCTURED DATA DATA DECISION-MAKING
Slide 12: Generative AI drives real impact
: Za — Yi - vA L iy | | \ vuoseo-soures \ ) OPEN-WEIGHT - 4 Generative Al drives real impact
Slide 13: Generative AI drives real impact
Generative Al drives real impact = FASTER = BETTER = LOWER MERCHANT SUPPORT INTERNAL EFFICIENCY OPERATIONAL COSTS
Slide 14: Adaptability drives lasting customer advantage
Adaptability drives lasting = FASTER TIME-TO-BENEFIT = LOWER OPERATIONAL RISK customer advantage = CONTINUOUS PERFORMANCE LIFT
Slide 15: Principles for agentic commerce
Principles for agentic commerce (@) Verifiable intent (+) Merchant control and flexibility (+) Universal recognition (+) Ownership
Slide 16: One codebase, one data model, one experimentation loop
One codebase One data model One experimentation loop Performance
Slide 17: One codebase, one data model, one experimentation loop
One One data One experimentation codebase model loop No Fewer brittle Compliance integration tax hand-offs Performance Cost of change
Slide 18: One codebase, one data model, one experimentation loop
One One data One experimentation codebase model loop Performance No Fewer brittle P integration tax hand-offs eM suns Cost of change oe Gait Future readiness optimization commerce
Slide 19: Single Platform
Performance Cost of change Future readiness Single Platform
Slide 20: The full stack is a compounding advantage
SINGLE PLATFORM The full stack is a compounding advantage
Slide 21: Fintech you can bank on: global banking infrastructure
ariette wart CRCO H@D FINTECH YOU CAN BANK ON: HOW GLOBAL BANKING INFRASTRUCTURE SETS US APART
Slide 22: Single platform
Single platform
Slide 23: Banking Infrastructure
Banking Infrastructure 02 Single platform o1
Slide 24: The Reckoning: the tactical cost of outsourcing
The Reckoning: adyen THE TACTICAL COST OF OUTSOURCING Outsourcing Single Platform
Slide 25: Predictable Risk & Resilience
Predictable Risk & Resilience adyen TACTICAL ADVANTAGE #1 TECHNOLOGY ALIGNMENT RISK REGULATORY CALIBRATION GULATO RELATIONSHIPS oo ee
Slide 26: End-to-End Speed and Optimization
End-to-End Speed and Optimization adyen TACTICAL ADVANTAGE #2 ADYEN NETWORK PAYMENT PAYOUT () SHOPPER MERCHANT
Slide 27: Unified Products and Growth
Unified Products and Growth adyen TACTICAL ADVANTAGE #3 ISSUING BANK ACCOUNTS PAYMENTS CAPITAL — Unified Platform ———
Slide 28: Foundation for the Future
Foundation for the Future adyen Predictability against external risk Direct control over the speed and flow of funds A foundation for building future innovation quickly, securely, and globally Banking Infrastructure
Slide 29: Banking Infrastructure
BANKING INFRASTRUCTURE Foundation for the Future
Slide 30: Dynamic Identification: a new layer to our foundation
Ingo Uytdehaage a) DYNAMIC IDENTIFICATION: 4 INTRODUCING A NEW LAYER TO OUR FOUNDATION
Slide 31: Banking Infrastructure
Banking Infrastructure 02 Single platform o1
Slide 32: Dynamic Identification
Dynamic Identification 03 Banking Infrastructure Q2 Single platform Q1
Slide 33: Slide 33
Slide 34: Our industry is at a breaking point
Our industry is at a breaking point
Slide 35: Current methods: No longer fit for purpose
Current methods: No longer fit for purpose ONBOARDING AML FALSE POSITIVES GOOD SHOPPERS BLOCKED 11 Days Over 95 % Up to10 %
Slide 36: Current methods: No longer fit for purpose
Current methods: No longer fit for purpose
Slide 37: Transactions across shopper activity
PLANE TICKET €683.49 / AMS / 16"48:19 TAXI SERVICE NYC / 21:44:13 / $72.20, ONLINE RETAILER AMS / 18:27:32 / €36.74 SANDWICH "$12.89 / NYC / @8:45:28 . SNEAKERS , £89.90 / AMS / 14:03:22 COFFEE €6.25./ AMS / 16:12:38
Slide 38: Dynamic Identification
DYNAMIC IDENTIFICATION _Evolving signature of behaviour, built from trillions of interactions
Slide 39: Dynamic Identification
Dynamic Identification Together, these remove friction, strengthen compliance, and create a durable moat.
Slide 40: False positives and conversion
FALSE POSITIVES 42" N CONVERSION 6”
Slide 41: Dynamic Identification
Dynamic Identification adyen * SANDWICH 0 + $12.80 / NYC / 08:45:28 PLANE TICKET “ “2 AMS / 16:48:19 / 8683.49 SNEAKERS 89.90 / AMS / 14:03:22 . TAXI: SERVICE “s . NYC / 21:44:13 / $72.20 COPFEE * ae €6.25 / AMS / 16:12:38 * . = = ONLINE nevan.en, | . AMS / 18:27:32./ €36.74 | :
Slide 42: Dynamic Identification
DynamicIdentification| ee e 72. SHOPPER 3 &° "+ SHOPPER 4° “SHOPPER 5: + ° SHOPPER. 2 Lo _f |. & SHOPPER 1
Slide 43: AML/CFT and KYC
‘ adyen AML/CFT she m, °° g . . ‘ ” O . . — hae ; are . . "2 “ots OnF 30 MINUTES PER ? " : yet ALERT _ ; 2h te . oe KYC : ee a 3 DAYS Pee . - «4 ON AVERAGE mv re — a" ™ a 0 es . ro . . . . : . 95% parse ° . nS on . ; O POSITIVES J: ae . . :
Slide 44: Merchant
MERCHANT
Slide 45: Slide 45
Slide 46: Slide 46
Slide 47: Technology, banking infrastructure, Dynamic Identification
li TECHNOLOGY lM BANKING INFRASTRUCTURE M™@ DYNAMIC IDENTIFICATION
Slide 48: Data-informed decision making: how Dynamic Identification informs our products
Carlo Bruno VP DATA-INFORMED DECISION MAKING: HOW DYNAMIC IDENTIFICATION INFORMS OUR PRODUCTS H@D
Slide 49: Risk and friction
Risk Friction = EVERY FINANCIAL = BETTER DATA = = DYNAMIC IDENTIFICATION: OPERATION IS A BALANCE BETTER DECISIONS UNIQUE INGREDIENT FOR BETWEEN RISK & FRICTION BETTER DECISION MAKING
Slide 50: Personalize, authenticate, optimize
7URotiae PERSONALIZE Pagieu. AUTHENTICATE OPTIMIZE Securely store Lower costs Block fraud Balance security Test routing and optimize and preserve with precision and conversion and network payment data conversion messaging Pewee Faloe CONVERSION POSITIVES N % UPLIFT nr 1-6*
Slide 51: Payment conversion funnel
Payment conversion funnel Auth rate: 84% Payment funnel conversion rate: 50%
Slide 52: Adyen Uplift
Adyen Uplift Payment funnel conversion rate: 70%
Slide 53: Uplift results by merchant
AMERICAN EAGLE JUST EAT Takeawaycom US eee l HANDMADE: COSMETICS A 216% A >1.00% A 1.07% A 1.25%
Slide 54: Personalize checkout
Personalize checkout iDeal BLIK Apple Pay Google Pay Cards Ny NO COST ADVANTAGES AT THE EXPENSE OF CONVERSION UP TO 3% SAVINGS IN PAYMENT COSTS
Slide 55: Flagged abuse patterns
REFUND ABUSE RESELLER ABUSE 18.4 % 203 Flagged 1.6x higher than your peers 42% exhibit similar patterns across Adyen
Slide 56: Adaptive verification onboarding
Before After adyen = ADAPTIVE VERIFICATION = AUTO-APPROVAL = FASTER GO-LIVE
Slide 57: Onboard trusted merchants instantly
= ONBOARD TRUSTED MERCHANTS INSTANTLY = STRONGER COMPLIANCE, LESS FRICTION = 6% MANUAL REVIEWS REDUCTION ALREADY ACHIEVED
Slide 58: Payment behavior, Dynamic Identification, Creditworthiness
Payment ee Dynamic behavior Identification Creditworthiness
Slide 59: Old model New model
Old model New model
Slide 60: Is Jack Smith a PEP?
AS Is Jack Smith a PEP? YES NO
Slide 61: Analysis complete
3) Analysis Compl © Parsing customer data © Querying internal records © Screening global watchiists Scanning for adverse media © Synthesizing analysis
Slide 62: Every transaction makes our foundation stronger
CHE es TRANSACTION PLATFORM DATA DYNAMIC IDENTIFICATION Every transaction makes our foundation stronger. MORE MORE SMARTER TRANSACTIONS MERCHANTS PRODUCTS
Slide 63: Fireside chat
Gary sv Account Ya N Management and Partnerships | & | FIRESIDE CHAT
Slide 64: Yasmin Ferdousbarin, Just Eat Takeaway.com
Yasmin Ferdousbarin Global Product Director fit Takeawaycom
Slide 65: Just Eat Takeaway.com results with Uplift
LESS MANUAL EFFORT RISK TEAMS 80% \ €8M+ A EXTRA IN SETTLEMENTS WITHOUT EXTRA FRAUD JUST EAT Takeaway.com UPLIFT A 1% ”\ 86% FASTER FEATURE ROLLOUTS
Slide 66: Financial products: extending the power of Adyen's platform
Thom Ruiter Product Cat a e rl a e Ye Ercineering g FINANCIAL PRODUCTS: x EXTENDING THE POWER OF ADYEN'S PLATFORM
Slide 67: Banking licenses
Banking Licenses Europe U.K. U.S. Banking Infrastructure
Slide 68: Financial Products
Financial Products 5 ff 8 OF Q1 e2 23 04 Payments Banking Issuing Capital
Slide 69: Slide 69
Slide 70: Adyen for Platforms
Adyen for Platforms g PEACE OF MIND ' fran) SUB -MERCHANT les) SUB -MERCHANT franiy SLEEPING BEAUTY
Slide 71: Adyen for Platforms
Adyen for Platforms g PEACE OF MIND fe) im) _____s | EMBEDDED SHOPPER PAYMENTS so: ~ | BUSINESS ACCOUNT SLEEPING BEAUTY
Slide 72: Adyen for Platforms
Adyen for Platforms adyen g PEACE OF MIND $10 ° fn SHOPPER | > | EMBEDDED TIP ACCOUNT PAYMENTS [ SLEEPING BEAUTY ~ | BUSINESS ACCOUNT SLEEPING BEAUTY
Slide 73: Adyen for Platforms
Adyen for Platforms fo) (7) SHOPPER g PEACE OF MIND EMBEDDED PAYMENTS TIP ACCOUNT Beer Gent CARD SPEND ~ | BUSINESS ACCOUNT SLEEPING BEAUTY BILLPAY/ BANK TRANSFER PAYMENTS
Slide 74: Adyen for Platforms
Adyen for Platforms ° (7) SHOPPER adyen gZ PEACE OF MIND S SPEND EMBEDDED TIP ACCOUNT Le PAYMENTS SLEEPING BEAUTY CARD ——| BUSINESS ACCOUNT CASH OUT SLEEPING BEAUTY | BILLPAY/ BANK boa PAYMENTS TRANSFER
Slide 75: Adyen for Platforms
Adyen for Platforms ° (mn) SHOPPER REPAYMENT #® adyen |g PEACE OF MIND ES = SPEND EMBEDDED |——+ | TIP ACCOUNT Le PAYMENTS | _ SLEEPING BEAUTY CARD ——| BUSINESS ACCOUNT CASH OUT +> | SLEEPING BEAUTY | BILLPAY/ BANK = LOAN DEPOSIT oe PAYMENTS ae! CAPITAL TRANSFER
Slide 76: Issuing, Capital and Payouts growth
ISSUING CAPITAL PAYOUTS 8x YoY growth 2x in 2025 40 % YoY growth
Slide 77: Jason Downing, Epos Now
Jason Downing SVP of Product @posnow
Slide 78: 24K+ customers using Epos Now Payments
24K+ customers using Epos Now Payments Capital users up 180% YoY @posnow Gross transaction volume up 56% YoY 80% of customers return for asecond loan
Slide 79: Agentic commerce: a merchant-centric approach
Trevor Nies Se a) AGENTIC COMMERCE: 4 A MERCHANT-CENTRIC APPROACH
Slide 80: The Age of Agentic Commerce
The Age of Agentic Commerce
Slide 81: The Next Phase of Commerce
The Next Phase of Commerce adyen Q1 02 03 The New Al-Driven Merchant Ambitions Adyen's Foundation Lifecycle & Concerns for Agentic Commerce
Slide 82: The New Commerce Lifecycle
The New Commerce Lifecycle Traditional SARS OS Sig See Iau PURCHASE oy) POST- PURCHASE
Slide 83: The New Commerce Lifecycle
The New Commerce Lifecycle adyen Agentic Find me a gray cashmere sweater, size ov) + medium, under $100, and have it delivered before Investor Day 0 POST - 2 PURCHASE
Slide 84: Where We Expect the First Impact
Where We Expect the First Impact ~€2T in 2030 GMV likely to come via agentic commerce channel Leading Following Joining Evolving Later « APPAREL = TICKETING « TRAVEL « HIGH-CONSIDERATION = MARKETPLACES = OTAS (E.G. ,LUXURY, = GROCERIES AUTOMOTIVE )
Slide 85: The Fragmented Landscape: Four Emerging Models
The Fragmented Landscape: Four Emerging Models =Q1 Global Card Networks Proven infrastructure and global reach = Q2 Wallet Providers Built-in authentication, strong consumer trust = Q3 Protocol-led Innovators Fast-moving and conceptually powerful = 04 Merchant-direct Models Maximum ownership and bra
Slide 86: The Merchants' Concerns
The Merchants’ Concerns MERCHANT CONCERNS = Disintermediation = Lock-in/Lack of flexibility = Fragmentation = New fraud vectors = Regulation MERCHANT OUTCOME Proving Shopper Mandate Ensuring Merchant Choice Open standards and protocol collaboration Enhanced Protect Single-platform compliance model T
Slide 87: The Adyen Vision: The Universal Translator
The Adyen Vision: The Universal Translator adyen NETWORKS WALLET PROVIDERS adyen our merchants PROTOCOL -LED One API One Platform Full Control MERCHANT -DIRECT @ © ©
Slide 88: The Four Principles of Adyen's Approach
The Four Principles of Adyen’s Approach adyen ae & lop ay = Q1 = Q2 = 03 = Q4 Verifiable Merchant Control Universal Ownership Intent and Flexibility Recognition
Slide 89: Working across the Ecosystem
Working across the Ecosystem adyen OpenAl Google Visa Cloudflare ‘ Mastercard TAKEAWAY : Adaptability as a Design Principle @) SameRails (+) SameCompliance (+) Reliability (+) Observability
Slide 90: Slide 90
Slide 91: Slide 91
Slide 92: Slide 92
Slide 93: Slide 93
Slide 94: Slide 94
Slide 95: Slide 95
Slide 96: We are becoming one of the largest financial technology companies
We are becoming one of the largest financial technology companies
Slide 97: Adyen's proven ability to scale: TPV >45% CAGR
Adyen’s proven ability to scale provides a strong basis for sustained future growth Total Processed Volume (TPV) — in EUR billions GRAPHS ARE NOT TO SCALE 1,500 1,200 >45% CAGR 1,286 1,341 2015 - Q3 2025 900 970 768 600 516 300 304 108 240 32 66 159 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 202
Slide 98: Processed volume has reached over €1 trillion annually
Processed volume has reached over €1 trillion annually LTM Q3 2025 Adyen processed volume €1.3tn GRAPHS ARE NOT TO SCALE
Slide 99: Slide 99
Slide 100: Slide 100
Slide 101: Slide 101
Slide 102: Slide 102
Slide 103: Slide 103
Slide 104: Slide 104
Slide 105: Slide 105
Slide 106: And that's just payments: Embedded Financial Products opportunity
And that’s just payments. Embedded Financial Products represent a significant additional opportunity
Slide 107: Slide 107
Slide 108: Slide 108
Slide 109: The building blocks of our net revenue growth
FINANCIAL UPDATE The building blocks of our net revenue growth
Slide 110: In 2023 we introduced the building blocks to net revenue growth
In 2023 we introduced the building blocks to net revenue growth GRAPHS ARE NOT TO SCALE
Slide 111: Our building blocks: Market volume growth
Our building blocks: Market volume growth Approximately Approximately 1% 20% YoY High single digits to Mid single digits low double digits Low single digits Negative low to mid single digits GRAPHS ARE NOT TO SCALE
Slide 112: We expect market volume growth of high-single digits in the medium term
We expect market volume growth of high-single digits in the medium term Market volume growth 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E SOURCE: ADYEN DATA FROM EUROMONITOR, CONSUMER FINANCE 2024 EDITION
Slide 113: Our building blocks: Share of wallet gains
Our building blocks: Share of wallet gains Approximately Approximately 1% 20% YoY Mid single digits Low single digits Negative low to mid single digits GRAPHS ARE NOT TO SCALE
Slide 114: Untapped share of wallet potential with existing cohorts
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
Slide 115: Strength of our customer relationships: NPS
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 65 63 65 66 65 56 55 58 58 48 49 50 43 38 36 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 2018 2018 2019 2019 2020 2020 2021 2021 2022 2022
Slide 116: Our building blocks: Tiered price impact
Our building blocks: Tiered price impact Approximately Approximately 1% 20% YoY Mid single digits Low single digits GRAPHS ARE NOT TO SCALE
Slide 117: Our building blocks: New wins and ramp of previous year cohort
Our building blocks: New wins and ramp of previous year cohort Approximately Approximately 1% 20% YoY GRAPHS ARE NOT TO SCALE
Slide 118: Investments in sales organization translate into larger new cohorts
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
Slide 119: Contribution to net revenue growth in year 1 and year 2
...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
Slide 120: Our building blocks: Financial products
Our building blocks: Financial products Approximately 20% YoY GRAPHS ARE NOT TO SCALE
Slide 121: Issuing has hit an inflection point
Issuing has hit an inflection point and is on track to hit €6B in volume in 2025 Total issuing volume 2020 2021 2022 2023 2024 2025 (UNTIL Q3) GRAPHS ARE NOT TO SCALE
Slide 122: Our building blocks: Financial products
Our building blocks: Financial products Approximately 20% YoY GRAPHS ARE NOT TO SCALE
Slide 123: The building blocks provide a multi-year view of growth levers
The building blocks provide a multi-year view of the levers that drive net revenue growth GRAPHS ARE NOT TO SCALE
Slide 124: Financial objectives
Financial objectives Net revenue growth We expect annual net revenue to grow between the low- and mid- twenties in 2026
Slide 125: Deliberate investment to drive growth
FINANCIAL UPDATE Deliberate investment to drive growth
Slide 126: The majority of our operational expenses remain people-related
The majority of our operational expenses remain people-related Expenses as a % of total operating expenses 15% 16% 13% 14% 5% 5% 5% 5% 6% 6% 6% 9% 76% 75% 74% 71% OTHER OPERATING EXPENSES IT COSTS SALES AND MARKETING PEOPLE-RELATED GRAPHS ARE NOT TO SCALE 2022 2023 2024 H1 2025
Slide 127: We will continue to invest in the team and infrastructure
We will continue to invest in the team and infrastructure to drive growth and scale Tech Commercial Staff Engineering and product to Account management to grow Functional and regulatory build solutions such as EFP, and support our existing global expertise to support scale Uplift, and local payment
Slide 128: Revenue/FTE improvements demonstrate the efficiency of our model
Revenue/FTE improvements demonstrate the efficiency of our model Net revenue per FTE (in € thousands) 489 476 470 459 442 425 399 403 388 383 376 378 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25
Slide 129: Financial objectives
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
Slide 130: Financial objectives
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
Slide 131: Our capital allocation approach
Our capital allocation approach is to generate shareholder value in the form of growth Sustained investment Strong Industry-leading Maintain to grow the business balance sheet credit rating financial flexibility We continue to see We intend to Adyen has an A- S&P We retain the ability to significant
Slide 132: Key takeaways
Key takeaways 01 02 03 Becoming one of the largest Multiple levers for Intentional investment players in an expanding market revenue growth for scale Significant opportunity ahead The building blocks We continue to invest to to grow our currently modest represent a framework with effectively capture
Slide 133: Important Legal Information
Slide 134: Thank you
Slide 135: Adyen: engineered for ambition