'Nasty surprise' of 2026 margin cut drags down Adyen shares

Adyen

28/10/2026 09:41

** Shares in Dutch fintech firm Adyen ADYEN.AS fall around 12%
** Company cuts its 2026 margin target for core earnings to 50% and scraps its medium-term earnings before interest, taxes, depreciation and amortisation target 
** "Once again pulling a rabbit out of the hat," Degroof Petercam says, calling the margin cut a nasty surprise as it cuts its target price to €1150 ($1,279) from €1300 
** KBC Securities notes Adyen plans to add 1,000-1,100 employees in 2026, well above its expectation for around 700 net hires
** While the investments make sense, "short-term pressure on profitability from investments has not been appreciated by the market in the past," broker says
** Losses extend Adyen's YTD decline to around 40%, despite third-quarter revenue and payment volumes beating analyst forecasts
** Q3 sales reached €738.1 million, versus consensus of €730.3 million, while processed payment volumes increased to €451.1 billion, surpassing analysts' estimate of €435.6 billion

($1 = 0.8993 euros)

 (Reporting by Jakob Van Calster)
 ((jakob.vancalster@thomsonreuters.com))