EMEANarrow moat

Adyen (ADYEN) — moat facet

The home market is 58% of revenue and grew 15% in the latest half, the slowest of the four.

EMEA is where Adyen began and where most of its revenue still comes from. Net revenue billed in Europe, the Middle East and Africa was €908.2 million in 2023, €1,147.0 million in 2024 and €1,360.7 million in 2025 1, 57.6% of the total in 2025 2.

EMEA net revenue (€M)90820231,14720241,3612025Adyen half-year shareholder letters, sum of halves
Growth slowed from 26% to 19% as the base passed €1.3 billion.

It is paid, like every region, as a fee on the volume processed for merchants billed here, many of them global companies headquartered in Europe. It grew 26% in 2024 and 19% in 2025 3.

Growth has slowed as the base has grown. EMEA net revenue was €722.5 million in the first half of 2026, up 15% in both reported and constant currency, and its share of the company fell to 55% 4. Over four years the second half grew from €331.7 million in 2021 5 to €729.7 million in 2025 6.

It is also where Adyen's cost base is concentrated: 3,274 of its 5,020 staff at June 2026 worked in EMEA, 2,460 of them in Amsterdam 7. That reflects the single platform, built and run from one place, rather than the cost of serving European merchants.

The number to watch is EMEA's growth rate: 15% in the first half of 2026 8. If it falls toward 10% while the other regions keep growing above 20%, Adyen's growth will depend on markets where it is smaller and competes harder.

Moat trajectory: Holding steady

Growth slowed from 26% in 2024 to 19% in 2025 and 15% in the first half of 2026; still the largest and steadiest region.

The number that tests this moat
Reported
EMEA net revenue growth, first half
+15% in H1 2026 (€722.5M)

Falling toward 10% would leave growth to smaller, more contested regions.

Source: Adyen H1 2026 shareholder letter ↗
References
  1. Moat Explorer calcNet revenue billed in Europe, the Middle East and Africa was €908.2 million in 2023, €1,147.0 million in 2024 and €1,360.7 million in 2025 , 57.6% of the total in 2025 .
    Moat Explorer calculation from Adyen's half-year shareholder letters H1 2023 to H1 2026: annual regional net revenue as the sum of two halves, shares and growth rates — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
  2. Moat Explorer calcNet revenue billed in Europe, the Middle East and Africa was €908.2 million in 2023, €1,147.0 million in 2024 and €1,360.7 million in 2025 , 57.6% of the total in 2025 .
    Moat Explorer calculation from Adyen's half-year shareholder letters H1 2023 to H1 2026: annual regional net revenue as the sum of two halves, shares and growth rates — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
  3. Moat Explorer calcIt grew 26% in 2024 and 19% in 2025 .
    Moat Explorer calculation from Adyen's half-year shareholder letters H1 2023 to H1 2026: annual regional net revenue as the sum of two halves, shares and growth rates — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
  4. ReportedEMEA net revenue was €722.5 million in the first half of 2026, up 15% in both reported and constant currency, and its share of the company fell to 55% .
    Adyen H1 2026 Shareholder Letter - net revenue by region (H1 2026 and H1 2025), regional growth in reported and constant currency, FTE by region and office — H1 2026 · publ. 13 August 2026 · source ↗
  5. ReportedOver four years the second half grew from €331.7 million in 2021 to €729.7 million in 2025 .
    Adyen H2 2022 Shareholder Letter - net revenue by region and growth for H2 2022 and H2 2021 — H2 2022 · publ. February 2023 · source ↗
  6. ReportedOver four years the second half grew from €331.7 million in 2021 to €729.7 million in 2025 .
    Adyen H2 2025 Shareholder Letter - net revenue by region for H2 2025 and H2 2024 — H2 2025 · publ. February 2026 · source ↗
  7. ReportedIt is also where Adyen's cost base is concentrated: 3,274 of its 5,020 staff at June 2026 worked in EMEA, 2,460 of them in Amsterdam .
    Adyen H1 2026 Shareholder Letter - net revenue by region (H1 2026 and H1 2025), regional growth in reported and constant currency, FTE by region and office — H1 2026 · publ. 13 August 2026 · source ↗
  8. ReportedThe number to watch is EMEA's growth rate: 15% in the first half of 2026 .
    Adyen H1 2026 Shareholder Letter - net revenue by region (H1 2026 and H1 2025), regional growth in reported and constant currency, FTE by region and office — H1 2026 · publ. 13 August 2026 · source ↗
Sources
Generated September 23, 2026