Latin AmericaThin moat

Adyen (ADYEN) — moat facet

The smallest region swings hardest: flat in 2024, up 43% in the first half of 2026.

Latin America is Adyen's smallest region and its most volatile. Net revenue billed there was €106.0 million in 2023, €106.4 million in 2024 and €133.8 million in 2025 1, 5.7% of the total 2.

Latin America net revenue growth (%)+36%H2 2022+0.4%2024+26%2025+43%H1 2026Adyen shareholder letters; annual growth from the sum of halves
The most uneven region: flat for a year, then the fastest-growing.

Its history is uneven. The region grew 36% in the second half of 2022 3, was flat in 2024 4, and grew 26% in 2025 5. The second half of 2024 was 1% smaller than a year earlier 6.

The first half of 2026 was the fastest of any region: €85.3 million, up 43%, or 35% in constant currency, 7% of the company 7. Adyen employs 265 people there, 230 of them in Brazil 8.

Currency moves this region's reported numbers more than any other, which is why reported growth exceeded constant-currency growth in the latest half.

The number to watch is Latin America's constant-currency growth, 35% in the first half of 2026 9. A flat year like 2024 again would show how much of the region's growth rests on a few large merchants.

Moat trajectory: Holding steady

Flat in 2024, up 26% in 2025 and 43% in the first half of 2026: the region moves with a few merchants and currency.

The number that tests this moat
Reported
Latin America constant-currency growth, first half
+35% in H1 2026 (€85.3M, +43% reported)

Another flat year like 2024 would show how much rests on a few merchants.

Source: Adyen H1 2026 shareholder letter ↗
References
  1. Moat Explorer calcNet revenue billed there was €106.0 million in 2023, €106.4 million in 2024 and €133.8 million in 2025 , 5.7% of the total .
    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 there was €106.0 million in 2023, €106.4 million in 2024 and €133.8 million in 2025 , 5.7% of the total .
    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. ReportedThe region grew 36% in the second half of 2022 , was flat in 2024 , and grew 26% 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 ↗
  4. Moat Explorer calcThe region grew 36% in the second half of 2022 , was flat in 2024 , and grew 26% 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 ↗
  5. Moat Explorer calcThe region grew 36% in the second half of 2022 , was flat in 2024 , and grew 26% 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 ↗
  6. ReportedThe second half of 2024 was 1% smaller than a year earlier .
    Adyen H2 2024 Shareholder Letter - net revenue by region and year-on-year growth for H2 2024 and H2 2023 — H2 2024 · publ. February 2025 · source ↗
  7. ReportedThe first half of 2026 was the fastest of any region: €85.3 million, up 43%, or 35% in constant currency, 7% of the company .
    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. ReportedAdyen employs 265 people there, 230 of them in Brazil .
    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 ↗
  9. ReportedThe number to watch is Latin America's constant-currency growth, 35% 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