Adyen N.V.

Platform embedding and volume churn below 1% across 100,000+ merchants creates high forward visibility despite the transactional fee structure. Revenue grew in each fiscal year from FY2020 through FY2025, including the COVID period when digital commerce accelerated while in-person volumes declined.

Settlement fees represent roughly 57% of revenue, processing fees 28%, and value-added services approximately 15% (FY2023 breakdown). All three streams are payment-adjacent with correlated demand drivers, so the revenue-line split does not materially reduce concentration in the payments use case.

EMEA contributed 57% of net revenue in H2 2025, North America 27%, APAC 10%, and Latin America and other markets the remainder. Revenue spans three meaningful geographic regions with no single country likely exceeding 40%, though Europe as a bloc dominates and concentrates regulatory exposure.

EBITDA margins of 53% in FY2025 confirm structural operating leverage, with the platform adding transaction volume at near-zero incremental cost. The compression from roughly 63% to 46% in 2022-2023 was driven by a concentrated hiring surge rather than a structural cost limitation, and the subsequent recovery to 53% by FY2025 confirms the underlying scalability of the infrastructure.

Payment processing is mission-critical for enterprise merchants who cannot interrupt service without material operational consequences. The embedded platform across online, in-store, and in-app channels combined with volume churn below 1% reflects a high-quality repeat-revenue dynamic, despite the transactional fee structure rather than contractual multi-year duration.