We’re a tech company
redefining payments

Capital Markets Day
April 12, 2019

AgendaAgenda item

Presenters

Introduction

Pieter van der Does

Product & Platform

Brian Dammeir & Edgar VerschuurTechnology

Michiel Toneman

Sales & Marketing

Pieter van der Does

Lunch

12:00 - 13:00

Team & Culture

Martine Buis

Financials

Ingo Uytdehaage

Growth Strategy

Pieter van der Does

Q&A

All

Today’s presenters

Pieter van der Does
Co-founder & CEO

Ingo Uytdehaage
CFO

Martine Buis
HR Director

Michiel Toneman
SVP System Architecture

Brian Dammeir
Head of Product

Edgar Verschuur
Head of Global Acquiring

Adyen at a glanceSingle global platform$21 Tn + (1)Global market

Trusted partner of theworld’s leading companies€159 Bn
Processed volume in 2018

49% Net Revenue growth YoY€349 MM Net Revenue in 2018

52% EBITDA margin
in 2018(2)1. The Nilson Report – Total Global Card Purchases in 2016.
2. EBITDA Margin defined as the ratio of EBITDA and Net Revenue.

Adyen’s Purpose

Help ourmerchants growAdyen’s Purpose

Change thepayments industry

Adyen’s Purposeand have fun
while doing it

Product & Platform

The power of one platform
Merchant
Merchant

Gateway
Gateway

Risk
Riskmanagement
management

Processing
Processing

Schemes
SchemesIssuers
Issuers

Schemes
SchemesIssuers
Issuers

Traditional
platforms

Merchant
Merchant

PSP
PSP

Acquirer
Acquirer

Gateway
Gateway

Processing
Processing& Acquiring

Riskmanagement
management
Risk

The Adyen
platform
PSP

AcquirerResulting infour key benefits
1. Global reach
2. Unified commerce
3. Data enablement
4. Ongoing innovation

Global reachA global platform with local acquiring
Direct connections to global card schemes
Enabling ‘plug and play’ expansion to new regions with one global solution

full-stackLocal acquiring andpayment methods
on a global scale

Higher authorization
rates

Lower processing
costs

Faster settlement

Better shopping
experienceGlobal platform withlocal payment methods and expertiseWorld

EuropeNetherlands

SwedenSouth Korea
FinlandJapan
BelgiumUK

China
Denmark

PolandRussiaCanadaGermanyUS

Austria

FrancePortugal

Philippines

MexicoMalaysia
ThailandIndonesia

BrasilAustralia

Note: illustrative overview of local payment methods

Non-credit card payment methods such as SEPA
direct debit, SOFORT, and Giropay account for the
majority of online transactions in Germany

AlipayAccounts for 54%of online
payments in China

Source: Adyen acquiring data

Source: China Internet Watch (2019)

iDEAL
Accounts for 70% of online
payments in the Netherlands

Brazilians rarely pay for anything outright and
80% of retail sales are paid in installments

Source: Currence (2019)

Source: Adyen acquiring data

Unified CommerceDelivering unified
commerce acrosschannels
OnlineIn store

MobileAcross countries
and channels

Whymerchants
want unified
commerce

One integration

One contract

Holistic view of all
shoppers

One backend

In-store infrastructure the 'traditional way'

In-store payments the Adyen way

One integration for all countries
Best-in-class terminal technology
One contract

Future proofing instore payments with
the Terminal API•

Initiate transactions from any device to any
terminal securely over the internet or local
networks•

Eliminates the need of hardware-integrated
software, enabling easy updates and new
shopper journeys•

Will allow seamless transition as the industry
moves to cloud POS and enable more complex
payment flows on the terminal

Cloud

Local

Adyen’s in-store
proposition
1. One integration, one backend, one contract
2. Full control of terminal software, enabling
merchants to customize the entire customer
experience
3. Access to non-card payment flows on theterminal, such as WeChat Pay and Alipay
4. Seamless in-store experiences with mPOS,
endless aisles, and app-based checkouts
5. APIs built for the future and prepared for the
next generation of POS devices and concepts

Driving the mobile
in-app revolution
The ‘Uberfication’ of payments: Seamless
enrollment and card-on-file flows
Unparalleled local payment method reach:
Directly integrated into the app, reducing redirects
and web-flows
Absolute flexibility: Complete control overinterface design and user experienceExpiry date

CVC

Save for my next payments

iDEAL

Adyen Checkout

Select your bank

Scan the QR code with WeChat

iDEAL
Select your bank
Credit Card
ABN AMRO

Speeding up time-to-market, while still giving
enterprise merchants the flexibility they expect

Card number
ING

4761 1200 1000 0492
Credit Card
Rabobank
Expiry date
Bunq
Card numberCN¥ 110.00

CVC
You have 14:51 to pay

4761Knab
1200 1000 0492•

Code examples on top of Adyen’s Checkout API
which allow for complete customization

Save for my next payments
Expiry date
CVC

SEPA Direct Debit

Save for my next payments•

Merchants benefit from pre-built and tested
elements, getting them up and running quicker

Holder nameScan the QR code with WeChat
Account number (IBAN)

Scan the QR code with WeChat•

Merchants can always build directly on top of the
Checkout API for complete control

CN¥ 110.00

You have 14:51 to pay

CN¥ 110.00

You have 14:51 to pay

SEPA Direct Debit

E-commerce

Web payments
1. Advanced functionality for a wide breadth ofvertical use cases, from recurring to physicalgoods sales

Airlines

Sharing economy

HigherConversion
Expected

2. Centralized tokenization platform powering
recurring and card-on-file payments (one-off
and one-click)
3. API- and SDK-powered integration, allowing
merchants to achieve global breadth withefficient checkout flows
Recurring

Digital goods

How it allcomes together

What the futureholds for unified
commerce
Innovative players

Fast-moving established players

Future bets across different verticals

Data enablement

Data centric platform helps maximize revenue
while minimizing risk
Single platform with unified data view
Machine learning

Holistic view of payments

Unique shopper profiles

Payments optimization
real-time adaptability with fulltransparency and control

Shopper Insights
Critical for merchants’ CRM

Fraud prevention
ShopperDNA: Identify thecustomer behind eachtransaction

Payment method information
Shopper information

Marketing

Insights

Personalization

Real-timetransaction linking
to reduce risk of fraud
Adyen combines online, in-app and on-sitetransactions to create a profile of every shopper§ShopperDNA
Real-time machine learning transaction linking used to reduce risk in real time

Bad shopper

Good shopper

Actionable
shopper insights

Quantify
customer loyalty

Trackinternational customers

Monitorcustomer retention

Open new stores
and analyze
cannibalization

Data is expected to unlock future
opportunities for Adyen
The larger Adyen’s data set grows, the more early investments
in data science infrastructure pay off

Adyen’s platform
can consume,
process, andmodel on data
at scale

Data capabilities empower current products and services

Investment in data science infrastructure allows for potential quick
extensions into other data-driven products and services in the futurewith little additional investment

Ongoing innovation

Membership to ongoing innovation

Accelerating
pace of innovation

Weekly release
cyclesIndustry-leading
performance

Co-creation: Business &tech leads with merchants

Accelerating pace of innovation
2006

2007

2008

2009

2010

2011

2006 — 20102009
Signed first global
enterprise merchant

2010
Risk management
products added

2012

2013

2014

2015

2016

2017

2018

2019

Accelerating pace of innovation
2006

2007

2008

2009

2010

2011

2012

2013

2014

2011 — 2015

2012
First European
acquiring license

2012
Global expansion, offices
opened in San Francisco,
London and Paris

2015
Added POS to ourservice offering

2015

2016

2017

2018

2019

Accelerating pace of innovation
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2016 — 20172016
Launched MarketPay
offering

2016
Obtained acquiring
license in Brazil througha BIN partnership

2017
Continued global
expansion of acquiring in
APAC

2017
Obtained European
banking license

2019

Accelerating pace of innovation
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2017 — present

2017
Surpassed €100 billion
in processed volume

2017

2018

Launch of Checkout

Terminal API introduction

2018
Further expansion of
acquiring in APAC andCanada2019

Ongoing innovation

MarketPayOngoing innovation

The Adyen Bank

Ongoing innovation

3D Secure 2.0

A global, scalable, channel-agnostic
platform built for the future

Universality of thebookkeeping
systemUniversality of thetokenization
platform

No device /channeldependency

No network
dependency

Optionality to support
a whole new set ofpayment products

Technology

Adyen is a techcompany focusedon payments
A unique team in
the payment industry

Empowered, cross-functional
workstreams

Built for the futureAn experienced &committed
technology teamBert Wolters
EVP Technology

Tim Hudson
SVP UX / Product Design

8 average years at Adyen• 361 total tech headcount• 41% of total headcount• <2% regretted losses(1) (2) within the tech team

Brian Dammeir
Head of Product

Etienne GertsHead of Development

CTO•

Arnout Schuijff
Co-founder / CTO

Rob Vonk
EVP Technology

Source: Company information 31-12-2018
1. Regretted loss definition: critical person (person that is essential to the daily operational success) or
talent (key player with ambition and ability to grow) that left Adyen
2. Regretted losses as % of average headcount in tech for the years 2017 and 2018

Michiel Toneman
SVP System Architecture

Pieter Berlijn
Head of Infrastructure

Alexander Matthey
EVP Technology

Cross-functional
workstreams
Teams that combine developers with business and products
Purpose:• Keep organization flat and agile• Keep focus: Steer organizationby allocating resources• Developers want to work for people
they respect content-wise• Grow talent into leaders
Structure:• 1 development lead, 1 business lead
• Currently 22 workstreams (constantly in flux)• Max. 15 people per workstream• Workstream leads translate strategy into
operational goals

Platform & infrastructure
built for the future

Single code base
Built in house fromday 1, deployedglobally

Open source
Maximum independence
and control, reduced
cost, no third parties

PreciseBacked by highperformance doubleentry bookkeeping

Agile
Continuous innovation,
coping with rapidlychanging industry andregulation

One platform,
global data center
coverage•

Multiple data centers in an active-active setup per region to provide resilience againstinternal and external issues•

Merchants connect into data center in their own
geographical region, minimizing latency andhops over public internet•

Automated recovery and health-based rerouting
choose optimal path for each transaction

Traditional routing

Adyen’s resilient (re)routing

Merchant
Merchant

API

Data center

Adyen data center

Adyen data center

Adyen data center

Adyen data center

VS

Acquirer / Network
Acquirer / Network

Systemmonitoring andrisk management
Resilience

Monitoring

Security

Scalable architecture
enables exponential
growthVolumes have grown exponentially
Number of transactions

6 months

Distributed, stateless architecture
scales linearly• Additional capacity by adding data centers
and newer generation hardware••

Sharding and partitioning to scaleaccounting cluster•

Streaming prevents costly multi-shard
queries and large batch processing

1 year10+ Years

2008

2010

2012

2014

2016

2018

Sales & MarketingBuild long-term
trusted partnerships
with our merchants to
help them grow theirbusiness

Who do wetarget?

Expansion into next adjacent(mid-market) segment
Ambitious domestic merchants looking
for all-in-one solution

Large international merchants
We target merchants across verticals, usually active in
multiple markets selling via various channels

Future growth indifferent areas
More industries, more products,
more markets

How do we find ourcustomers?
Large enterprises
Direct sales to build
relationshipMid-market
companies

Online marketing to
generate leads

Knowledge-sharing andnetworking events

Strategic partnerships
with system integratorsand platforms

Direct marketingat events

Adyen’s proposition
Alignment between Adyen commercial
interest and merchant interest

Fully transparent, transaction-based pricing

Simple pricing structure, no hidden fees

Focus on value over costs

Our commercial functions
Key commercial roles with clearly defined responsibilities

Sales managers & key
account managers
Sales managers create leads and sign new
customers

Partnership managers

Marketing

Ensure right technical integration in wider
ecosystem

Ensure position of Adyen through content
and events presence

Key account managers identify growth
opportunities from existing customers

No. of sales and account managers>260

No. of partnership managers>20

No. of marketing employees>60

Global sales reach through local presence

Amsterdam
BerlinBrusselsHong Kong

LondonMadridManchester
Melbourne

Mexico City
Milan
New YorkParis

San Francisco
São Paulo
ShanghaiSingapore

Stockholm
SydneyTorontoSales organization
built for growth

Attractive
incentive plans

Highlyconsultative
sales

Collaborative
approachacross regions& functions

Autonomy withwell-definedframework

19 offices
worldwide

Supported bybest-in-classtools

Sales and AccountManagement approach

Build trust &relationshipthroughknowledge andreputation

Expandinto new areas andgrow volume

Solve immediatechallenges
or merchant pain
point

Go livewith initial project

Prove unique valueof our solution withlive trafficMarketing

Aim:
Help merchantsmake decisions

How do we do it
Generate awareness•Outdoor advertising•Social media•
Campaigns•
PR
Build out thought leadership•White papers•
Industry thematics
Nurture customer community•
Key industry events•
Adyen merchant events

LunchTeam & Culture

The
Adyen Formula
1 We build to benefit all merchants(not just one)

5 We don’t hide behind email,instead we pick up the phone

2 We make good choices to build an
ethical business and drive sustainablegrowth for our merchants

6 We talk straight without
being rude

3 We launch fast and iterate

7 We include different people to sharpen
our ideas

4 Winning is more important than ego; we work
as a team - across cultures and time zones

8 We create our own path and won’t
be slowed down by “stewards”

Strong management team
Joop Wijn

Ingo Uytdehaage

Pieter van der Does

Arnout Schuijff

Roelant Prins

Sam Halse

CSRO
Amsterdam

CFO
Amsterdam

Co-founder & CEO
Amsterdam

Co-founder & CTO
Amsterdam

CCO
Amsterdam

COO
Amsterdam

Dagmar van Ravenswaay Claasen

Edgar VerschuurMartine Buis

Brian Dammeir

Jean-Marc ThienpontMariëtte Swart

Director Regulatory Affairs
Amsterdam

Head of Global Acquiring
Amsterdam

HR Director
Amsterdam

Head of Product
AmsterdamPOS Solutions Managing Director
Amsterdam

General Legal Counsel
Amsterdam

Alexander Matthey

Michiel Toneman

Bert Wolters

Etienne Gerts

Pieter Berlijn

Rob Vonk

EVP Technology
BerlinSVP System Architecture
Amsterdam

EVP Technology
Amsterdam

Head of Development
Amsterdam

Head of Infrastructure
Amsterdam

EVP Technology
Amsterdam

Kamran Zaki

Warren Hayashi

Jean Christian Mies

President North-America
San Francisco

President Asia PacificSingapore

SVP Latin America
São Paulo

Ability to attract, retain and develop talent
Expanding talent pool with limited regretted losses
900

675

+37% CAGR
450

873 FTE668 FTE

225<2.0% Regretted losses(1)464 FTE
338 FTE

2015

2016

SOURCE: Company information as of December 31, 2018
1 Regretted losses as a % of average headcount for the years 2017 and 2018

2017

2018

Ability to attract, retain and develop talent
Our talent pool

April

40% Commercial
25

Young talent
avg. age 32 years

SOURCE: Company information as of December 31, 2018

41% Tech50

19% Other functions
75

International
70+ nationalities

100Recruitment Strategy
What are we looking for?

Formula fit

IntelligenceImpactRecruitment Strategy
Where we are looking?

April
25

Referral program

50

Internships

University projects/events

75

100

Incoming applications

Recruitment Strategy
Applicant evaluation tools

Airline test

SOURCE: Company information per 2018

Board member
interview

1/171 hiredWhy people likeworking at Adyen

Creating your own path

Building the business together

Company culture

Financials

Key financial highlights
111.7

192.5

156.4
89

124.8

70.3
61

70
93.5

59.5
48.9

38.4

H1

H2

H1

2017

H2
2018

H1

H2
2017

H1

H2
2018

H1

H2
2017

H1

H2
2018

Processed volume

Net revenue

EBITDA

2018

2018

2018

€159.0 BN€348.9 MN€181.9 MN

2017

2017

2017

€108.4 BN€218.3 MN€99.4 MN

47% growth year-on-year

60% growth year-on-year

83% growth year-on-year

Transparent business model leading to stable financials
Adyen’s financial modelGrossrevenues

Processing fees

Recognized as revenue by the initiation of a payment transaction via the Adyen
payment platform

Settlement fees

Recognized as revenue when a payment transaction has been completed by means ofsettlement with a merchant; includes interchange and payment network fees and othercosts incurred from financial institutions, as well as a markup charged by Adyen

Other services

Foreign exchange service fees, sale of POS inventory and third party income that arerecognized as revenue when such services are rendered

Minus: Costs incurred from financial institutions and changes in inventory
Equals: Net revenue
Minus: Personnel expenses (1)Minus: Other operating expenses (2)Equals: Operating income

Plus: D&A
Equals: EBITDA
1. Includes wages, salaries, social securities and pension costs
2. Includes amortization and depreciation of tangible and intangible fixed assets (D&A), other operating expenses and other gains and losses

Minus: Net finance expense
Equals: Net income

Minus: Tax

Transparent business model leading to stable financials
Illustrative value chain positioning overview

Shopper€100.00€100.00
Shopper bank
€1.00 - Interchange fee

Adyen facilitates thepayment process, making
sure that the correct
amounts are being
deposited in themerchant’s bank account€99.00Schemes (Visa / Mastercard)€0.50 - Scheme fee€98.50Adyen€0.06 + €0.20 - Adyen fee€98.24Merchant bank account€98.24

Merchant concentration – 2018

High quality andhighly diversified
merchant base

Processed volumes
Top 120–81%
Top 10–36%

Other–19%
Other–64%

Net revenues
Top 120–68%
Top 10–31%

Other–32%
Other–69%

Leading to hightransaction
and processedvolumes growth

Processed volume (€ Bn)+47%

Adyen earns revenues primarily through settlement fees andprocessing fees charged to its merchants on a per transaction basis
159

Adyen’s growth and high margins have been driven by the substantial
expansion of business with existing merchants in key markets, aswell as the onboarding of new merchants
The full amount of transaction volumes is being received andprocessed on a single platform and a single code case
Adyen’s annual merchant churn rate remained at less than 1% ofprocessed volumes in 2018

108

2017

2018

Rising processed volumes
leading to steadily
increasing net revenue

Net revenue (€ MM)

20bps

22bps

Take rate

Net revenue•

Net revenue consist of gross revenue less costs incurred fromfinancial institutions (including interchange and scheme fees)
and changes in inventory•

Net revenue in 2018 increased to €349 million from €218 million for
2017, representing an increase of 60%, primarily as a result of growth inprocessed volume and the number of transactions settled withmerchants

+60%

349

Take rate•

Adyen focuses on absolute margins on a merchant-by-merchantbasis, as opposed to targeting take rate levels•

Adyen does not track take rate as a measure of its business but
rather sees it as an output of merchant discussions and businessstrategy

218

2017

2018

Significant momentum ingrowth pillars
89.0

89.0

89.0

86.9
97.6%

70.0
68.1

59.5

70.0

70.0
59.5

59.5

97.3%

48.9

48.9

H1

H2

H1

2017

H2

2018

Enterprise

48.9

H1

H2

1.9

2.1

2.7%

2.4%

H1

2017

H2

2018

Mid-market

5.4

3.0

9.1%

6.1%

H1

H2

2017

10.0

6.6

11.3%

9.4%

H1

H2

2018

Unified commerce

EuYear-on-year growthof net revenue waswell diversified
across regions

ro
pe

N
or
th
A
m
er
ic
a

M

L
18 M
20 .6
49
17
20 LN

.3

23

A

9%

+4

M

si
aPa
fic

LN

ci

18 7 M
20 8.
22
17
20 LN

8

3.

%

15

13

+1

N

Net revenue
Strong growth in net revenues acrossgeographies, whereby revenue recognition isbased on the billing address of the customer•

Europe remains the largest net revenue driverwith 66% of total net revenue, down from 70% in
2017•

Adyen does not track profitability bygeography and prefers to take a collaborative
approach to sales whereby all teams are focusedon profitability on a per merchant basis

La

M

L
18 M
20 .7
34
17
20 LN

.0

15

•

A
m

%
31
+1

tin

N

er
ic
a
%

9
+3

M

L
18 M
20 .5
34
17
20 LN

.9

24
N

Re
e
th
of
st 3%

M

or
W

+ 18 LN
20 3 M
1.
17
20 LN

3
1.

ld

ed
ts 9
5
rr
os 2,3
cu
in
C ,52
s

€1
C

t
os

om
fr
ci
an
f in
it
st
in
al

Sustainable levels of
operating expenses

ut
s

n
io
of ts
n se
tio as
ia d
ec xe
ry
pr fi
to
de le
en
d gib
nv
an an
t
d
fi
n
an
io in
to
s
at nd
os
ie
C
tiz a
rit
or le
cu sts
m ib
A g
n
se co
ta
al n
ci io
So ensp

Operating expenses
d
r
la

sa

This is a testament to the scalability of the business with only a small
portion of the cost base linked to increasing volumes

an

•

s

Adyen’s main operating expenses are its employee, technology andsales and marketing costs

e
ag
W

•

s
ie

er
th

O
at

er
op
s

e
ns

op
er
th 24

pe

ex

O 80,0
€

g
in

lts
su
re
al
ci
se
an en
fin xp
e
er
e
s
th nc
xe
na
ta
Fi

O

g

in
at
er
p
ex
s
co

IT
s

st
co

e

c
ffi

O

s
st
co
ts

s

y

ng

si
ou

or

is

H

se

en

Adyen has developed its integrated platform entirely in-house,as it does not significantly rely on third-party providers or systems
to run its platform. Hence, it is not required to invest significant
amounts for maintenance or legacy issues

dv
A

•

e
m
co

In

Platform costs

s

st

co

M
&

M

p
ex
g
in
at
s
er
st
op
co
s
g
ou
tin
ne
ke
ar

lla
ce

is
s

le

Sa
r
he

s
se

ot

en

nd

la

ve

a
Tr

es

s
en

xp

fe
af

st

EBITDA (1) (€ MM)

46%

High EBITDA margin withfurther potential for growth

52%

EBITDA margin

EBITDA and margin•

The company operates with high scalability and limited
marginal costs•

Adyen aims to improve EBITDA margin, and expects this margin tobenefit from its operational leverage going forward and increase tolevels above 55% in the long-term

+83%

182

99

2017

2018

1 EBITDA defined as operating income + amortization and depreciation of tangible and intangible fixed assets

Highly profitable withincreasing net income€ 132,783€ 10,748€ 1,444,123€ 65,294

Processing
fees

Sales ofgoods

Settlement
fees

Other
services€ 1,652,948

Revenue€ 9,029

Cost of inventory

Net revenue

Financial costs and expenses•

Adyen is entirely equity financed and does not have any debt
outstanding in its balance sheet as at December 31, 2018

€ 8,736

Amortization anddepreciation of tangible andintangible fixed assets€ 140

Other Income€ 14,367

Social securities and pension
costs€ 173,210

Tax rate€ 72,716

Wages and salaries

Income before interest income,interest expense and income taxes€ 80,024

Other operating expenses•

Adyen’s effective tax rate was 20% in 2018, as compared to
22% in 2017

€ 417

Finance income€ 1,516

Finance expense€ 164,710€ 7,401

Net income•

Income before income taxes

Other financial results

2018 net income increased to €131 million from €71 million in 2017,
representing an increase of 84%€ 33,564

Income taxes€ 131,146

Net income for the period€ 622

Other currencytranslation adjustments€ 131,768

Total Comprehensive income

all amounts in EUR thousands unless other stated€ 1,295,006

Costs incurred from financial institutions€ 348,913

Breakdown of capital expenditure (€ MM)

Sustainable andpredictable capital
expenditure levels•

FY 2017

FY 2018

Purchases of plant and equipment

10

11

Capitalization of intangible assets

1

3

Total Capex

11

14

Adyen has limited capital expenditure needs and limited R&D costs arecapitalized – this leads to low depreciation and amortization
expenses and high operating margins

Outlook•

Adyen aims to maintain a sustainable annual capital expenditure levelof up to 5% of net revenues in the medium term, driven by its single
platform which provides for significant scalability at limited marginal
cost•

Adyen believes its capex investment plan is sustainable and will ensure
continued innovation

Free cash flow (1) (€ MM)

89%

92%

Free cash flow conversion ratio(2)High free cash
flow conversion

+91%

168

88

2017

1. Free cash flow defined as EBITDA – capex
2. Free cash flow conversion defined as (EBITDA – capex)/ EBITDA

2018

Guidance remains unchanged

Net revenue growth

Aim to continue the growth of net revenues and achieve a CAGR
(compound annual growth rate) between mid-twenties and low
thirties in the medium term by executing Adyen’s sales strategy (1).

EBITDA margin

Aim to improve Adyen’s annual EBITDA margin, and expect suchmargin to benefit from our operational leverage and increase to levels
above 55% in the long term (1).

Capital expenditures

Aim to maintain a sustainable capital expenditure level of up to 5% of
Adyen’s net revenue.

1. Adyen has not defined, and does not intend to define, ‘‘medium term’’ and ‘‘long term’’. These financial objectives should not be read as forecasts, or projections or expected results and should not be read as indicating that Adyen is targeting such metrics for any
particular year, but are merely objectives that result from Adyen’s pursuit of its strategy. Adyen's ability to meet these objectives is based upon the assumption that Adyen will be successful in executing its strategy and, furthermore, depends on the accuracy of anumber of assumptions involving factors that are significantly or entirely beyond Adyen's control and are subject to known and unknown risks, uncertainties and other factors that may result in Adyen being unable to achieve these objectives.

Growth strategy

Adyen vs other players in the market
Incumbent PSPs

Single integrated
platform

Moderntechnology
Local Banks

GlobalUnified commerce

SME Enablers

Trusted partner ofthe world’s leading companies
Selected merchant wins

2014

2015

Organic growth of existing merchants
Exposure to a number offast growing brands

2016

2017

2018

Greater wallet share of existing merchants• Additional channel sales• Additional geographic coverage• Additional product lines

Multiple avenues for
future growth
Continued focus on enterprise merchants

Increasing unified commerce footprint

Expansion into the mid-market segment

Q&AAppendix

Adyen Financial Statements
Profit and loss statement€ MM

Year ended December 31
2018

2017

Gross revenues

1,652.9

1,012.4

Costs incurred from financial institutions(1,295.0)(781.5)

Change in inventory(9.0)(12.7)Net revenues

348.9

218.3

Wages and salaries(72.7)(55.6)

Social securities and pension costs(14.4)(9.2)

Amortization and depreciation of tangible and intangible fixed assets

(8.7)

(5.9)

Other operation expenses(80.0)(54.2)

Other income

0.1

0.1

Income before interest income, interest expense and income taxes

119.3

93.5

Finance income

0.4

0.5

Finance expence

(1.5)

(0.8)

Other financial results

(7.4)

(1.0)

Income before income taxes

164.7

92.2

Income taxes(33.6)(20.9)Net income

131.8

71.3

Adyen Financial Statements
Statement of financial position€ MM

Total non-current assets
Current assets
Inventories
Receivables from financial institutions
Trade and other receivables
Current income tax receivables
Financial asset at amortized cost
Other financial assets at amortized cost
Cash and cash equivalents
Total current assets
Total assets
Total non-current liabilities
Current liabilities
Payable to merchants and financial institutions
Trade and other payables
Current income tax liabilities
Deferred revenue
Total current liabilities
Total liabilities
Share capital
Share premium
Treasury shares
Other reserves
Retained earnings
Total equity

As at December 31
2018

2017

208.4

54.9

7.9
355.6
42.3
0.0
4.4
9.8
1,231.9
1,652.0
1,860.4

4.0
180.7
25.6
2.1
0.0
7.0
862.9
1,082.3
1,137.2

47.6

5.1

1,186.9
32.5
10.7
0.4
1,230.4
1,060.6
0.3
160.2
(4.8)
69.5
357.2
582.4

717.3
25.0
0.0
0.0
742.3
747.4
0.3
149.3
0.0
27.9
212.2
389.8

Adyen Financial Statements
Cash flow statement€ MM

Year ended December 31
2018

2017

Net cash flows from operating activities

384.0

200.6

Net cash flows from investing activities(16.4)(18.0)Net cash flows from financing activities

5.1

1.0

Net increase/ (decrease) in cash and cash equivalents

372.7

183.6

Disclaimer
THE INFORMATION CONTAINED IN THIS PRESENTATION IS CONFIDENTIAL INFORMATION. IN REVIEWING
THIS INFORMATION AND/OR ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, YOU AREACKNOWLEDGING THE CONFIDENTIAL NATURE OF THIS INFORMATION AND ARE AGREEING TO ABIDEBY THE TERMS OF THIS DISCLAIMER. THIS CONFIDENTIAL INFORMATION IS BEING MADE AVAILABLE TO
EACH RECIPIENT SOLELY FOR ITS INFORMATION AND IS SUBJECT TO AMENDMENT. THE PRESENTATION
MAY NOT BE REPRODUCED, REDISTRIBUTED, PUBLISHED, PASSED ON OR OTHERWISE DISCLOSED,DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, TO ANY PERSON IN THE UNITED STATES, CANADA,
JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION.
This presentation has been prepared by, and is the sole responsibility of, Adyen N.V. (the “Company” and, together with
its subsidiaries, the “Group”), and is solely for your information and for use at an investor presentation on 12 April 2019.
For the purposes of this disclaimer, “presentation” means this document, its contents or any part of it, any oralpresentation, any question and answer session and any written or oral material discussed or distributed during theanalyst presentation meeting or otherwise in connection with it.
This presentation is for information purposes only and does not and is not intended to, constitute or form part of, andshould not be construed as, an offer, an invitation or a recommendation to purchase, sell or subscribe for, or otherwise
acquire, securities of the Company or any other securities in the United States, Canada or Japan or in any otherjurisdiction or an inducement to enter into investment activity. No part of this presentation, nor the fact of its
distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment
decision whatsoever. This presentation does not purport to contain all of the information that may be required toevaluate any investment in the Company or any of its securities and should not be relied upon to form the basis of, or be
relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation isintended to present background information on the Company, its business and the industry in which it operates and is
not intended to provide complete disclosure upon which an investment decision could be made. The merit andsuitability of an investment in the Company should be independently evaluated and any person considering such aninvestment in the Company is advised to obtain independent legal, tax, accounting, financial, credit and other related
advice prior to making an investment. The release, distribution or publication of this presentation in other jurisdictions
may be restricted by law and persons into whose possession this presentation comes should inform themselves about
and observe any such restrictions.
The information contained in this presentation is provided as of the date of this document and is subject to change
without notice. The information contained in this presentation may be updated, completed, revised and amended andsuch information may change materially in the future. In giving this presentation, neither the Company, nor any of its
respective affiliates, or their respective directors, officers, employees, advisers or agents, undertakes any obligation toamend, correct or update this presentation or to provide the recipient with access to any additional information that
may arise in connection with it. The presentation and the information contained in this presentation have not been
independently verified. No representation, warranty or undertaking, express or implied, is made or given by or on behalfof the Company and no reliance should be placed on, the fairness, accuracy, completeness or correctness of theinformation or opinions contained in this presentation and no responsibility or liability whatsoever (in negligence orotherwise) is assumed by the Company or any of its respective directors, officers, employees, advisors or agents for any
loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with thepresentation. Any proposed terms in this document are indicative only and remain subject to contract.

This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995 and the securities laws of other jurisdictions. In some cases, these forward-looking statements canbe identified by the use of forward-looking terminology, including the words “believes”, “estimates”, “aims”, “targets”,“anticipates”, “expects”, “intends”, “plans”, “forecasts”, “continues”, “ongoing”, “potential”, “product”, “projects”,“guidance”, “seeks”, “may”, “will”, “could”, “would”, “should” or, in each case, their negative, or other variations orcomparable terminology, or by discussions of strategies, plans, objectives, targets, goals, future events or intentions.
The absence of such terminology does not necessarily mean that a statement is not forward-looking. These forwardlooking statements include matters that are not historical facts. They appear in a number of places throughout thispresentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning,among other things, its results of operations, financial condition, liquidity, prospects, competition in areas of its
business, outlook and growth prospects, strategies and the industry in which the Company operates. By their nature,
forward-looking statements involve known and unknown risks and uncertainties because they relate to events anddepend on circumstances that may or may not occur in the future. Many of these risks and uncertainties relate tofactors that are beyond the Company's ability to control or estimate precisely, such as future market conditions,currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such aschanges in the political, social and regulatory framework in which the Company operates or in economic ortechnological trends or conditions. Forward-looking statements are based on potentially inaccurate assumptions andare not guarantees of future performance and that the Company’s actual results of operations, financial condition andliquidity and the development of the industry in which the Company operates may differ materially from those made inor suggested by the forward-looking statements contained in this presentation. In addition, even if the Company’s
results of operations, financial condition and liquidity, and the development of the industry in which it operates are
consistent with the forward-looking statements contained in this presentation, those results or developments may not
be indicative of results or developments in subsequent periods. These forward-looking statements speak only as of thedate of this presentation.
Certain data in this presentation are the Company’s targets only and not profit forecasts. There can be no assurance
that these targets can or will be met and they should not be seen as an indication of the Company’s or the Group’s
expected or actual results or returns.
Certain financial data included in this presentation consists of “non-IFRS (International Financial Reporting Measures
as adopted by the European Union) financial measures” including alternative performance measures. These non-IFRS
financial measures may not be comparable to similarly titled measures presented by other entities, nor should they beconstrued as an alternative to other financial measures determined in accordance with International Financial
Reporting Standards. Although the Company believes these non-IFRS financial measures provide useful information tousers in measuring the financial performance and condition of its business, users are cautioned not to place undue
reliance on any non-IFRS financial measures and ratios included in this presentation.
Market and competitive position data in this presentation has generally been obtained from industry publications andsurveys or studies conducted by third-party sources. There are limitations with respect to the availability, accuracy,completeness and comparability of such data.