Dutch Payments Firm Adyen Trims Forecast as US Tariffs Hurt Customers

Adyen Lowers Revenue Forecast Due to US Tariffs Impacting Clients

Impact of US Tariffs on Adyen's Revenue

By Mateusz Rabiega and Gianluca Lo Nostro

Adyen's Financial Performance

(Reuters) -Adyen cut its annual revenue forecast on Thursday, citing U.S. tariffs hurting the growth of the Dutch payment company's customers.

Market Reactions and Analyst Insights

The Amsterdam-based firm's shares were down 9.2% by 1331 GMT, after falling as much as 20.5% earlier in the session.

Adyen said the slight acceleration in net revenue growth it expected this year now appeared "unlikely." But it reaffirmed its midterm target of an annual net revenue percentage growth in the twenties, up to and including 2026.

A broader client base and global reach has helped Adyen weather shifts in consumer spending better than peers like Worldline and Nexi. But that international exposure also leaves it vulnerable to currency volatility and trade tensions.

"The part that we see going less well ... is what we call market volume growth, so the growth of our own customers," finance chief Ethan Tandowsky told Reuters, when asked about the impact of tariffs and the end of de minimis exemption.

Earlier this year, President Donald Trump scrapped the "de minimis" duty exemption that allowed low-value commercial shipments to be sent to the U.S. without tariffs, hitting ecommerce platforms like eBay, one of Adyen's biggest clients.

"We expect earnings before interest, taxes, depreciation and amortisation (EBITDA) margin to expand in 2025, albeit at a more moderate rate than in 2024," Adyen said.

Adyen's half-year net revenue missed market expectations despite a 20% yearly rise, standing at 1.09 billion euros ($1.27 billion) against the 1.11 billion euros expected by 16 analysts polled by LSEG.

Its half-year EBITDA also missed estimates, coming in at 543.7 million euros; analysts had forecast around 550.8 million euros on average.

KBC Securities analysts called the semester "underwhelming" and said it may pressure the company's shares.

($1 = 0.8549 euros)

(Reporting by Mateusz Rabiega and Gianluca Lo Nostro in Gdansk; Editing by Janane Venkatraman, Nivedita Bhattacharjee and Sahal Muhammed)