Adyen reported first-half net revenue of EUR 1.1 billion, up 20% year on year, impacted by US tariffs and a weakening US dollar. New guidance softens 2025 growth expectations, foreseeing a slight deceleration in the second half. Adyen is growing faster than the market, expanding its employee base, and maintaining an EBITDA margin expansion.

Despite macroeconomic threats like tariffs, Adyen is still seeing strong growth rates, signing new clients, and gaining wallet share. Maintaining a EUR 1,800 per share fair value estimate and wide economic moat rating, the market may be overlooking Adyen’s growth potential while focusing too much on its e-commerce exposure.

Trimming 2025 revenue expectations due to potential tariff impacts, Adyen’s second-quarter results align with previous views. Investors should recognize Adyen’s strong execution, above-market growth rates, and expanding customer base, despite short-term headwinds like tariffs. The company remains attractive at current levels with positive growth prospects.

Read more at Morningstar: Tariff Impacts Result in Softer 2025 Guidance, but Execution Is on Point