Adyen (ADYEY, ADYEYF), a Dutch financial technology platform, reported Thursday higher profit and revenues in its first half of fiscal 2024, and maintained outlook.
For the first half, net income attributable to owners was 409.61 million euros, a growth of 45 percent from prior year's 282.17 million euros. Net profit per share climbed to 13.15 euros from 9.07 euros a year ago.
EBITDA, a key earnings metric, was 423.1 million euros, up 32 percent from 320.0 million euros a year ago. EBITDA margin was 46 percent, compared to 43 percent last year.
Net revenue was 913.38 million euros, up 24 percent from 739.11 million euros a year ago.
The company said its net revenue growth was in line with its low-to-high twenties annual growth rate expectation up to and including 2026, landing at 24 percent in first half.
Processed volume was 619.5billion euros in the first half, up 45 percent year-on-year. Point-of-sale volumes were 95.6 billion euros, making up 15 percent of total processed volumes.
Looking ahead for fiscal 2024, Adyen continues to expect to grow net revenue annually between the low-twenties and high-twenties percent, up to and including 2026.
For 2024, the company continues to expect to be towards the low end of this range.
EBITDA margin is still expected to improve to levels above 50 percent in 2026, as the firm expects to benefit from operating leverage inherent to its business model.
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