Date of the presentation — Delete if not unused

Title of thepresentation
Investor day
2023

Keyword
Something you’d like to tell about
this particular subject
WelcomeIngo Uytdehaage, Co-CEO
Ethan Tandowsky, CFO

AgendaCommercial Strategy
Roelant Prins, CCO

Digital Strategy
Trevor Nies, SVP Global Head of Digital
Davi Strazza, President of North America

Unified Commerce Strategy
Gayathri Rajan, SVP Product, Data
Alexa von Bismarck, President of EMEA

Platforms Strategy
Blake Breathitt, SVP Global Head of Platforms & Financial Services
Karolina Noronha, SVP Product, Platforms & Financial Services

Break

People & Culture
Brooke Nayden, CHRO

Financials
Ethan Tandowsky, CFO

Welcome Message
Ethan Tandowsky, CFO & Ingo Uytdehaage, Co-CEO

Strategy Q&A

Financials Q&A

Date of the presentation — Delete if not unused

Title of thepresentation
Commercial strategy
Roelant Prins, CCO

Industry trends
Driving our opportunity
Digital transformation still has along way to go

Commerce continues to further
globalize

Economies are shifting from cashbased to cashless

Regulation is becoming
increasingly complex

The platform business model isbecoming more pervasive

Businesses are more focused on
cost efficiency

Digital

UnifiedCommerce

Platforms

Adyen’s single platform is built tohelp businesses navigate anever-changing landscape

One end-to-end solution
through a single
integration

Global reach, with local
expertise

Consolidating payments,
financial products, anddata in one destination

Upward trending NPS scoresreflect our strategy of pairing
best-in-class products and people
65
56

55

March 21

October 21

58

58

March 22

October 22

49

48
43
38

March 18

October 18

March 1936

October 19

June 20

March 23

Building Adyen’s commercialorganization for global scale

Ramping up our Sales and AccountManagement functions

Scaling the ‘Adyen Way of Selling’Global pillarization for focus andspeed at new scale

Commercial team as of December 31, 2021

Total 799

North America 139

EMEA 527
LATAM 50APAC 83

Commercial team as of September 30, 2023

Total 1255

North America 284

EMEA 765
LATAM 77

APAC 129

Keyword
Something you’d like to tell about
this particular subject
DigitalTrevor Nies, SVP Global Head of Digital
Davi Strazza, President of North America

Online payments
are not a solved problem.
“15% of online transactions fail”

The industry keeps evolving withnew payment methods, regulation,and technology.

In a continuously evolving landscape,our customers’ priorities evolve too.

Digital
Unique Selling Points

Performance and costsavings at scale

Simplifying global
complexities througha single integration

Value beyond processing by
combining payments, data, andbanking in a single solution

Digital Strategy

What Adyen enables for its customers

We create value for businesses by
optimizing performance and cost

Performance uplift

Cost efficiencies

Performance
uplift through the
Adyen platform

Payment methods customers want

Reducing authentication friction

Improving issuer approval rates

Minimizing fraud

Eliminating technical errors

5-10%
Adyen fees

US total costof payments

Combining growth andsavings for Strava
our global partnership, we help Strava realize‣ In
higher auth rates, increase customer retention, andsave costs through our single platform’s functionality.
network token application results in strong‣ Smartauth rates uplifts, while retaining customers in theirsubscription model.
implementation of local acquiring in Europe‣ The
resulted in signi cant savings and further auth ratefi

optimization.

Our customers don’t need to
trade-off between performanceand cost.

Digital Strategy
We create value for customers bysimplifying global complexities

Single integration

Consolidated reporting & reconciliation

Local acquiring

Adapt to regulatory changes seamlessly

Best-in-class local payment method offering

Top 100 Digital
customers using
local payment
methods
90%

Our technology allows customers
to focus on their core businesswhile we handle the increasingly
complex payment landscape.

Digital Strategy
We create value for customers by
expanding beyond payment
processing

RevenueProtect

Smart authentication

Insights

Issuing

Real-time payouts

Going beyond processing enables
our customers to realize their fullambition.

Commercial success

Enabling digital businesses to achieve scalable,
profitable growth

Fragmentation

Local nuanceTechnical challenges

Multiple routes between a potential
shopper and a successfultransaction

Payment preferences are becoming
increasingly nuanced

Billions of dollars are lost every year
in false declinesFragmentation

Transitioning from a simple landscape to a more
complex environment
From

Cardholder

PSP

Issuers

Card number

Network token

To

Cardholder

Adyen

Issuers

Helping US digital businesses orchestrate sophisticated payment routes for an average of 3% authorization uplift with Network Tokens Optimization and Debit Routing reducing up to 35% ininterchange and scheme fees.

Local nuance

Payment preferences
are cultural and everchanging
US payments mix previously

The power of local payment methods:

GrowthLower cost

Customerexperience
US payments mix today

Leveraging learnings from other regions to build best-in-class, enterprise-grade
alternatives to cards in the US.

Technicalchallenges
Authorization rates | industry average

Payments are also not asolved problem in the US
Why the gap and what
can be done to close it?

~96%
~85%

Card present

Card not present

As the only tech player covering the entire value chain, Adyen is uniquely positioned to help online
businesses answer that question.

Future growth in the US

US has grown from 10% to around a quarter of our
Net Revenue over the last 6 years
And we continue to grow.

Single digit market share

Continued investments‣ +600 FTE‣ Full suite of products‣ Machine learning investments for10+ years‣ Just beginning with banking

Enable online businesses‣ Optimize growth and cost
‣ Expand to new markets‣ Expand to new channels‣ Create new revenue streams

Key takeaways

1.

2.

3.

Online payments aren't solved.
In fact, they’re getting more complex.

This increased complexity drives theneed to optimize for both growthand cost.

In a market that continues to grow,our opportunity is largely
untapped.

Date of the presentation — Delete if not unused

Title of thepresentation
Unified Commerce
Alexa von Bismarck, President of EMEA
Gayathri Rajan, SVP Product, DataGlobal trends driving our
Unified Commerce opportunity

Shopper
expectations arechanging

The largest
volumes are stillprocessed in-store

Businesses aroundthe world are
digitizing

Merchants have toplace shoppers at
the center of theirthinking

Accelerating the digitaltransformation of omni-channel
businesses with unified payments,
data, and financial products on asingle platform.

We are a techcompany,
running apeople businessAdyen’s winning proposition

We help
reduce complexity

We help ourmerchants growWe provide a
subscription to innovation

We reduce complexity byconnecting online and in-person
payments at scalefiSingle channel

Omnichannel

Uni ed Commerce

fl

We reduce complexity for
BurberryA reduction of more than
20 Payment Service
Providers (PSPs) to 1

Reduce the number ofcontracts to maintainprocessing, terminals,
eet management, etc.
from 94 to 12

30 minutes per cash
register, per store,
per day to fully
automate reconciliation

We reducecomplexity withmulti-region
processing

468

274

2020

2023 YTD

Number of UC Customers Processing in Multiple Regions

We help our merchants grow byengaging customers the way theywant

We unlock new markets
for merchants at scale

We optimize total costof ownership

We create additional
moments to sellWe help our merchants grow

Burton‣ Through our global partnership (spanning the US,
Canada, Europe, and Japan), we implemented
sophisticated uni ed commerce journeys for thisleading retail brand‣ Understanding where and how their shoppers like tofi

pay enables them to build out additional interactions
with them through pop-up stores, with Tap to Pay on
iPhone as an easy way to accept payments

Number of Unified Commerce customers processing across channels at scale

308

231

145
100

September 20

September 21

September 22

Defined as number of merchants processing at least €10m on both POS and eCommerce, with over €50m in total processed volume in last 12 months

September 23

Your title here
Body text here

We provide a
subscription to
innovation
Tap-to-Pay on iPhone• Tap-to-Pay on Android• Adyen Giving•

Number of Transacting Unified Commerce Terminals
30000022500015000075000

January 20

July 20

January 21

July 21January 22

July 22January 23

September 23

Unified commerce
Needs-based spectrum
Small Format

LuxuryEyewearCosmetics

fiExperience needs

Large Format

Apparel &Accessories

Ef ciency needs

Home, Furniture,
Garden, Pets,
Electronics

F&B

H&E

Quick Service (QSR)

Hospitality
Entertainment

We build products that accelerate
the business transformation ofUnified Commerce.

Improving
the checkout
funnelperformance
online andin-storeReinventing
the in-store
experienceOur opportunity in Unified
Commerce is constantly growing.
We are uniquely positioned tocapture this opportunity in both
existing and new markets across allof our core verticals.

Date of the presentation — Delete if not unused

Title of thepresentation

Platforms

Blake Breathitt
SVP Global Head of Platforms & Financial Services
Karolina Noronha
SVP Product, Platforms & Financial Services

Platform opportunity% of SMB respondents who currently use and consider using platform payments offering

74%

34%
Now
Source: BCG & Adyen - How platforms are revolutionizing SMB banking

FutureOur ambition is to empowerbusinesses to maximize theircompetitive advantage throughembedded payments andfinancial services.

Looking back

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

Platforms are
how weaccess thelong-tail of themarketPlatforms processing>€1 BN annually17

Number of Platformbusiness customers
serviced
70000

52500

10
35000

7
17500

2
2020

2021

2022

2023

January 23

March 23

May 23

July 23

September 23

Platform
Unique Selling Pointsfi

We build everything in-house, andrun everything on our own licenses

We provide platforms with atrue subscription to
innovation

Unprecedented quality when it
comes to our uni ed commerceoffering

Extending Adyen’s value chain toplatforms

Merchant

Gateway

Risk management

Processing & Acquiring

Credit card schemes

Issuers

Extending Adyen’s value chain toplatforms

Adyen for Platforms

Merchant

Gateway

Risk management

Processing & Acquiring

Credit card schemes

Issuers

Transacting Platform Terminals
120000

90000

60000

30000

January 20

July 20

January 21

July 21January 22

July 22January 23

July 23

Platforms want to work with us
because we turn them into
financial technology
companies.

A single platform forembedded payments, finance,and complianceBILL
partnership

Platforms
Global coverage

North America
EuropeUK
Australia

Platforms
Focus verticals
Food & Beverage

Hospitality

RetailBeauty, Health,and Wellness

Marketplaces

Financial Services

Platforms
Key takeawaysfi

We enable platform businesses to capitalizeon the opportunity that transaction-based
revenue models bring

We bring our largest differentiators of global
payments and Uni ed Commerce to Platform
users – spanning the breadth of the market

Date of the presentation — Delete if not unused

Title of thepresentation
BreakDate of the presentation — Delete if not unused

Title of thepresentation
People & Culture
Brooke Nayden, CHRO

Measured
growth since
our foundingin 2006

Balancing act for long-term success

Investing in ourhomegrown talentthrough internal mobility

Bringing on externalsenior leadership to
sharpen ideas

High talent bar
expectedthroughout theemployee journey

Global Team December 31, 2021

Total 2180

North America 281

EMEA 1592
LATAM 117APAC 190

Global Team September 30, 2023

Total 4058

North America 623

EMEA 2908
LATAM 223

APAC 304

Global Team September 30, 2023

Total 4058

North America +122%

EMEA +83%
LATAM +91%

APAC +60%

What’s next?

Slowing our hiring pace in H2 2023

Hiring focused on commercial
and tech hubs in 2024

Lean but autonomous &high-impact global teamDate of the presentation — Delete if not unused

Title of thepresentation
Financials
Ethan Tandowsky, CFO

Q3 Business Update

413.6

243.1
339.2
200.3

Q3 2022

Q3 2023

Q3 2022

Processed Volume

Net Revenue€243.1 BN€413.6 MN+21% YoY+22% YoY

Q3 2023

Q3 Business Update
Pillar growth trends
150.3
123.9
Q3 2022

63.3
25.6

50.8
Q3 2023

29.5

Q3 2022

Q3 2023

Q3 2022

Q3 2023

DigitalUnified Commerce

Platforms€150.3 BN€63.3 BN€29.5 BN

+21% YoY+25% YoY+15% YoY*
Excluding eBay, Platforms growth would havebeen +120%

Our growth drivers

New Sales

Share of Wallet Gain
Growth within our customers:
our land and expand strategy

Market GrowthPayments market growth is a good
indicator of underlying customer
growthExisting Customers

Limited impact on growth in year
1, but in year 2 stronger
contribution as new customers
ramp upOur growth building blocks: Market volume growth
Mid single digit

Low to high 20’s

Ramp of previous year cohort

Revenue Growth

Low double digit
to mid teens

Low single digit

Negative low to
mid single digit
High single to low
double-digit

Market Volume
GrowthShare of Wallet
Gains

Tiering Price Impact

New Wins

We expect our market to grow in high single to low
double-digit range in the medium term•

On a volume basis, we expect ourmarket to grow high single to low
double-digit in the coming years•

COVID significantly impacted market
growth before rebounding in 2021•

Market growth rate has evolved as wediversified our end-markets, as well as
increased POS share of volume

Low twenties
High single-digit to low
double-digit

Mid single-digit

2019

2020

2021

2022

2023E

2024E

Source: Adyen Data from Euromonitor, Consumer Finance 2024 edition

2025E

2026E

2027E

Our growth building blocks: Share of wallet gains
Mid single digit

Low to high 20’s

Ramp of previous year cohort

Revenue Growth

Low double-digit
to mid teens

Low single digit

Negative low to
mid single digit
High single to low
double-digit

Market Volume
GrowthShare of Wallet
Gains

Tiering Price Impact

New Wins

We have continued to grow with our existing customer base across cohorts

Processed Volume, € BN
767.5

516.0

303.6
239.6

2019

Pre-2018

2020

2018

2021

2019

2020

2022

2021

2022

Significant runway remaining within our Digital andUnified Commerce customer base

<40%
<20%

Newer
Cohorts

<30%

Older
Cohorts

Estimated current share of wallet

Newer
Cohorts

Older
Cohorts

Estimated current share of wallet

DigitalUnified Commerce

Signi cant opportunity within our existing customer
base to be captured through executing on pillar strategy

Higher share of wallet in Uni ed Commerce due tonature of in-person payments business

fi

fi

<60%

In Platforms, we are just getting started – there is a significant growth
opportunity in increasing payment attachment rates

<20%

74%

34%
Now

Future% of SMB respondents who currently use and consider using platform payments offering

Platforms

Platforms

Current estimated share of wallet within existing
Platform customers

Organic growth potential strong as Platforms
increase payment attachment rates

Source: BCG & Adyen - How platforms are revolutionizing SMB banking

Our growth building blocks: Tiered price impact
Mid single digit

Low to high 20’s

Ramp of previous year cohort

Revenue Growth

Low double-digit
to mid-teens

Low single digit

Negative low to
mid single-digit
High single to low
double-digit

Market Volume
GrowthShare of Wallet
Gains

Tiered Price Impact

New Wins

Our growth building blocks: New sales and ramp of previous year cohort
Mid single-digit

Low to high 20’s

Ramp of Previous Year
CohortRevenue Growth

Low double-digit
to mid teens

Low single-digit

Negative low to
mid single digit
High single to low
double-digit

Market Volume
GrowthShare of Wallet
Gains

Tiered Price Impact

New Wins

Following a few years at a lower pace of growth,sales hiring has accelerated in 2023
New sales have bigger impact in second
year and beyond

Sales FTE by Region
91
103

EMEA

33%

96
130
22
21
19

APAC

31

LatAm

10
12
10
19
43
45

North
America

61

2022

77
Q3 20

Q3 21

Q3 22

Q3 23

New Sales

Previous Year Cohort

Existing

Pillar building blocks
PillarDigitalUC
Platforms

Market Growth Relative
to Adyen Overall Growth

Wallet Share Potential

New Win Potential

Putting this together, we continue to expect strong net revenue
growth in the medium term
Mid single-digit

Low-to-hightwenties

Low double-digit
to mid teens

Low single-digit

Negative low to
mid single-digit
High single to low
double-digit

Market Volume
GrowthShare of Wallet
Gains

Tiered Price Impact

New Wins

Ramp of Previous Year
CohortNet Revenue GrowthWe expect to benefit from inherent operating leverage as hiring slows in 2024,
leading to EBITDA margin expansion
Operating expenses by nature as % of OpEx
Highly scalable with limited
marginal cost - bene ts ofsingle platform

14%

15%

17%

5%

5%

6%

9%

14%

10%

67%

67%

71%

2020

2021

2022

Main operating expenses
tied to people

Platform developed entirely inhouse, limited requirement forinvestment in maintenance orinternal integrations

People Related Costs

Sales & MarketingfiPeople related costs includes wages & salaries, social security, pension costs, travel and other staff expenses.
OpEx excludes Depreciation & Amortization

IT Costs

Other operating expenses

Financial Objectives

EBITDA Margin

Capital Expenditure

We aim to grow net revenue
annually between the low-twenties
and high-twenties percent up to
and including 2026.

We aim to improve EBITDA margin
to levels above 50% in 2026, as we
expect to bene t from operating
leverage inherent in our businessmodel.

We aim to maintain a sustainable
capital expenditure level of up to 5%of our net revenue.

fi

Net Revenue GrowthCapital Allocation Policyfi

Use of cash: Adyen has
not paid any dividends
since its founding,according to its policy.
We maintain thisapproach

Adyen has an A- S&P
credit rating, which is
critical for customers
when assessing where
they bank

We continue to see
signi cant investment
opportunities drive longterm commercial
success

Risk and liquidity
requirements will
become more relevant as
we diversify our productoffering beyond
payments

Date of the presentation — Delete if not unused

Title of thepresentation
Q&ADate of the presentation — Delete if not unused

Title of thepresentation
Thank you

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The information contained in this presentation is provided as of the date of this document and is subject to change without
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