Here is a small comparison of Adyen vs Uruguayan financial technology company Dlocal. Dlocal is a rather unfamiliar company to me.
https://x.com/InvestingVisual/status/1939277671969731019
https://www.adyen.com/press-and-media/adyen-publishes-h1-financial-results
H1 2025 key metrics
- Net revenue was €1,093.5 million, up 20% year-on-year (“YoY”) (21% on a constant currency basis).
- Processed volume was €649.0 billion, up 5% YoY, 23% excluding a single large volume customer.
- EBITDA was €543.7 million, up 28% YoY, with EBITDA margin landing at 50%.
- Free cash flow conversion ratio was 87%, with CapEx at 4% of net revenue.
- Issuing volume exceeded €2.0 billion, with customer count nearly doubling YoY.
This press release highlights key information and results from Adyen’s H1 2025 earnings. You can find the full H1 2025 financial results and accompanying Shareholder Letter including our outlook here. Today, at 3 PM CEST, we will host our H1 2025 Earnings call with our Co-CEO, Ingo Uytdehaage, and CFO, Ethan Tandowsky. You can access the livestream here. A recording will be made available shortly thereafter on the same webpage.
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Adyen’s volume of processed payments has grown enormously; to almost 200 billion euros per year.
The company has also succeeded at the same time in increasing its own share, i.e., the commission from each transaction, which further improves its financial situation.
https://x.com/jevgenijs/status/1964812963652796527
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Here’s a quick look at Adyen 
https://x.com/TheRayMyers/status/2000273409226244277
Below is also a tweet thread, where the thread’s creator explains how Adyen’s 2025 Investor Day was a strong demonstration of the company’s confidence. Management further emphasized the competitive advantage brought by the “single platform” model and the importance of banking licenses; for example, a direct connection to central banks brings speed, better margins, and more freedom. The market is reportedly still huge, and Adyen only holds a fraction of it, meaning there’s plenty of potential for growth.
The biggest novelty was Dynamic Identification, which replaces traditional KYC with behavior-based identification. This means better conversion and fewer false alarms; additionally, AI is used for risk management, agent-driven commerce, and embedded finance.
Adyen is increasingly positioning itself as an intelligent financial infrastructure, if the thread is to be believed. 
Bumping this thread a bit.
The Investor Day was indeed in November, the full presentation can be found here with video
Here are the presentation slides in full https://brand.adyen.com/api/asset/eyJjbGllbnRJZCI6bnVsbCwiaWQiOjEwOTkzNywidGltZXN0YW1wIjoxNzYzMDIyNzg3LCJ2ZXJzaW9uIjoxNzYzMDIyMzExfQ:adyen:M4YT2kDviF4mgZjc3v3Vmm3wi6MShPo1HviEEC0hAxU/download
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The main point of the tweet is apparently that the market values fast-growing Adyen almost as highly as a traditional boomer company, namely PayPal, even though its revenue is smaller. Adyen’s earnings and processed payments are growing rapidly, while PayPal’s development is more moderate. The company’s high valuation relative to earnings indicates strong belief in Adyen’s future success.
