Adyen released its first-half results on Thursday (13), with 24% growth in processed volume and 28% growth in in-person volume. The company also announced the integration of loyalty into payments with the acquisition of Talon.One, amid retailers' concerns about disintermediation in the AI era.
Processed volume totaled €803.8 billion, and in-person volume reached €175.7 billion. In-person accounted for 22% of the total, versus 21% in the first half of 2025. The company ended the period with 838,000 transactional terminals, up 27% year over year. Unified Commerce volume, which spans online and physical stores, grew 27% to €240.9 billion.
Loyalty and artificial intelligence
In a conference call with analysts, co-founder and co-CEO Pieter van der Does said loyalty is a priority for merchants. “What is at the top of their minds is: how do I ensure that, in an AI era, I don't see disintermediation?” he said. “Loyalty is a priority for them.” Talon.One, acquired by Adyen, operates promotion and loyalty program technology for more than 300 global brands.
Interim CFO Hwa Tsao said net revenue in the half rose 19% to €1.3 billion, or 21% in constant currency. For 2026, Adyen expects net revenue growth of 21% to 23% in constant currency, including the acquisitions of Talon.One and Orb. Together, the acquisitions are expected to add about one percentage point to growth this year. Adyen shares rose 16% in Thursday's trading session.
About two-thirds of the half's growth came from existing customers, onboarded through 2024. The rest came from merchants contracted in 2025, new wins and financial products. Dependence on the largest clients decreased: 300 merchants account for about 60% of total growth, versus more than 70% three years ago.
Adyen said it is developing Adyen Agentic for an environment in which merchants can accommodate multiple AI purchasing protocols while keeping checkout, inventory and fulfillment systems. On the possibility of creating a consumer wallet, van der Does said the company intends to remain on the merchant side: “Large retailers often consider their buyers to be their domain. We don't want to intervene in that.”
