Q1 2024

Business Update
If a press release with annual figures is issued in the period before the moment of preparation of the annual accounts, there is no disclosure as referred to in
Article 2:395 paragraph 2 of the Dutch Civil Code, because there is not yet a document that legally becomes annual accounts indicated. In this situation, theaccountant will have to advise the entity's management the press release states that the figures have not been audited and that there are no annual accounts
yet made.

Q1 2024 Business Update

Key Metrics
Processed Volume
At the end of the first three months of 2024, processed volume was €297.8billion, up 46% YOY. We continued to benefit from processed volume
growth with an existing Digital customer that expanded in H2 2023, while
also seeing volume acceleration with other large enterprise merchants.
As a testament to our long-standing approach of landing and then
expanding our partnerships, over 80% of this period’s growth camefrom existing customers, and we achieved less than 1% of volume
churn yet again.

Net Revenue
Net revenue was €438.0 million in Q1 2024, up 21% YOY. Notably, we saw
continued momentum in North America, which remained our fastestgrowing region. As we further expanded with our largest volume customers,a natural outcome was processed volume growth outpacing net revenue
growth. On a constant currency basis, net revenue growth would have beenunchanged.

Business Updates
DigitalDigital processed volume was up 51% YOY, as we continued to benefit froman existing Digital customer that expanded in H2 2023, while also seeing
volume acceleration with other large enterprise merchants. While thiscustomer demographic drove a volume push, it is important to note thatvolume and net revenue growth do not always move in parallel. Thisvariance is a natural outcome of merchant mix as well as growth within
our established customer base, which we have always embraced andencouraged. Underscoring the domain’s appeal, over 90% of our top 100
Digital customers utilized our Local Payment Methods (LPM) capabilities.

Unified Commerce
Unified Commerce processed volume was up 30% YOY, and the pillar’strends remained broadly in line with those seen in the second half of 2023.
Within this pillar, our point-of-sale (POS) volumes continued to grow at afaster rate than eCommerce volumes, as consumer expectations
increasingly turned towards hybrid physical and digital experiences. The
resilience of POS as core to consumer journeys was seen in the number oftransacting Unified Commerce terminals increasing to 279 thousand, up 70
thousand YOY. Similarly, 515 Unified Commerce customers processed in
multiple regions compared to 445 at this time last year, while 333
processed across channels at scale* compared to 272 in Q1 2023.
* Defined as the number of merchants processing at least €10 million on both POS and eCommerce,with over €50 million in total processed volume in the last 12 months.

1Q1 2024 Business Update

Platforms
Platforms processed volume was up 55% YOY. Excluding eBay, ourPlatforms volume grew by 116% YOY. This growth underpins themomentum we continue to see in this dynamic sector, and is exemplified by
the number of platform business customers we served, which rose to 96
thousand, up 58 thousand YOY. The growing appetite for Platforms fromboth enterprises and SMBs was further seen in the domain’s transacting
terminals, which now stands at 139 thousand, up 73 thousand YOY. We
were also pleased to have 19 platforms processing over €1 billion in volume
over the last 12 months, demonstrating the value of our single platform.

People & Culture
In the first three months of 2024, we onboarded 26 net-new joiners.
Consistent with our previously shared hiring strategy, over half of theseteam members were in commercial roles, while the rest joined our techdomain. Within tech, we prioritized hiring a few critical senior leadership
positions, who will play a pivotal role in building our Tech Hubs throughout
2024. This approach reinforces our high talent standards and thoroughrecruitment process. All of the period’s net-new hires were made in offices
outside of Amsterdam, with the majority joining our North American team.
We remain committed to bringing on a couple of hundred net-new joiners in
the year as planned.

Financial Objectives
We did not see any business developments in Q1 2024 that would lead us to
update our financial objectives. Our standing financial objectives therefore
remain unchanged.
Net revenue growth: We aim to continue to grow net revenue annually
between the low-twenties and high-twenties percent, up to andincluding 2026.
EBITDA margin: We aim to improve EBITDA margin to levels above
50% in 2026, as we expect to benefit from operating leverage inherent toour business model.
Capital expenditure: We aim to maintain a sustainable capital expenditurelevel of up to 5% of our net revenue.
We will be broadcasting a live audio call hosted by Adyen CFO, Ethan
Tandowsky, to discuss these results at 3PM CEST today, April 25th, 2024.
You can tune into the livestream at investors.adyen.com. A recording of theconversation will be made available on our Investor Relations website
following the call.

The information in this Q1 2024 Business Update is unaudited.

2

Q1 2024 Business Update

Important Legal Information
Any person who comes into possession of this document must inform themselves about and comply
with any legal restrictions governing possession, distribution, or use of the document.
Forward-looking statements are not facts and only represent the current views and assumptions ofAdyen N.V. (“Adyen”) regarding future events, many of which are by nature inherently uncertain andbeyond Adyen’s control. Factors that could cause actual results to deviate materially from thoseanticipated by forward-looking statements include, but are not limited to, macroeconomic,
demographic and political conditions and risks, actions taken and policies applied by governments,
financial regulators and private organizations (including payment schemes and credit rating
agencies), market conditions and turbulence in financial and other markets, and the success of Adyen
in managing the related risks. Subject to statutory obligations, Adyen does not intend to publicly
update or revise forward-looking statements to reflect events or circumstances after the date thestatements were made, and assumes no obligation to do so.
Adyen does not consent to, authorize, endorse, support, encourage, or participate in, directly orindirectly, unsponsored depository receipt (“DR”) programs regarding Adyen securities. Adyen
specifically disclaims any liability whatsoever arising out of or in connection with any unsponsoredDR program.

3