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Adyen has lowered its 2026 EBITDA margin forecast to 50% and withdrawn its ambition to exceed 55% by 2028. The Dutch payments company said on Wednesday, 28 October 2026, that it will increase investment in Talon.One and Orb after merchants showed stronger-than-expected interest in the combined offer.
The new margin outlook contrasts with a quarter of higher revenue and payment volumes. Net revenue advanced 23% year over year to €738.1 million in the three months to 30 September, or 22% at constant currency. Processed volume rose 30% to €451.1 billion. Shares dropped as much as 13% in Amsterdam and were at €837.10 by 9:42 a.m. CET, against €944.00 at Tuesday's close.
Margin plans shift with investment
Adyen's 2026 margin forecast has moved down from its February view, when it expected the measure to remain broadly level with 2025. That year's EBITDA margin was 53%. The latest forecast is three percentage points lower, and two below the roughly 52% implied in August.
In August, Adyen reported a first-half margin of 49%, rising to 50% when acquisition costs were excluded, but retained its longer-term ambition at the time. The withdrawn goal leaves investors without a profit target beyond 2026 until the company sets out its 2027 objectives in February. Nexi reported a first-half EBITDA margin of 50.1%, even as its merchant revenue fell 0.8%.
Adyen said it is bringing forward investment in the Talon.One and Orb teams. The acquisitions added 399 employees, bringing full-time staff to 5,596 at September's end. Its 2026 plan is now to recruit 1,000 to 1,100 net employees including the acquired teams; the baseline hiring range of 550 to 650 remains intact. Orb, a usage-based billing platform, gives Adyen access to AI-native businesses, the company said. It has since secured payment volumes from several Orb customers, among them Route and Wasabi Technologies.
Platform merchants lead growth
Revenue from platforms rose 46% to €100.2 million, the fastest pace among Adyen's segments. The company said 46 platform customers now handle more than €1 billion in annual volume, up from 37 in the prior quarter and 31 a year earlier. Unified Commerce, covering in-store and online payments, grew 29% to €250.5 million, with its first contribution from Talon.One in what Adyen called a subdued retail market. Digital revenue increased 16% to €387.4 million on larger volumes from its biggest customers.
Adyen maintained its 2026 net revenue growth range of 21% to 23% at constant currency. It expects capital expenditure to equal 7% of net revenue this year, with spending moving back towards historical levels after 2026.
Quarterly volume is up about 41% over two years from €320.6 billion in the third quarter of 2024. The company's results and outlook were also reported by Finance Magnates.
Niclas Neglen, nominated for the chief financial officer role, is scheduled to join on 1 February 2027, pending regulatory and shareholder approval.
What an operations team should check
Teams should establish how the increased Talon.One and Orb investment affects delivery plans, staffing and capacity across payments, loyalty and billing services. Adyen has not specified how the additional spend will be allocated, or what operational milestones will govern the acquisitions' integration.
Operators can also check how the revised margin outlook is reflected in internal budgets, and whether reporting separates acquisition costs from underlying performance. The company has not detailed any changes to its technical architecture or service operations, so teams should confirm whether platform, reconciliation or support workflows need adjustment as the acquired products are brought into the combined offer.
