APACThin moat

Adyen (ADYEN) — moat facet

A tenth of revenue, growing in the mid-teens until a faster half in 2026.

Asia-Pacific is Adyen's third region. Net revenue billed there was €182.3 million in 2023, €206.7 million in 2024 and €236.5 million in 2025 1, 10.0% of the total 2.

Asia-Pacific staff by office (FTE, June 2026)199Singapore102Bengaluru61Sydney56Shanghai51TokyoAdyen H1 2026 shareholder letter; Bengaluru grew from 72 to 102 in six months
The region's fastest-growing office is an engineering base in India.

It has grown more slowly than the company: 13% in 2024 and 14% in 2025 3. Over four years the second half grew from €54.2 million in 2021 4 to €125.4 million in 2025 5.

The first half of 2026 was faster: €136.9 million, up 23%, or 26% in constant currency, and 11% of the company 6.

Adyen employs 506 people in the region, and the fastest-growing office is Bengaluru, which went from 72 to 102 staff in six months 7, alongside Singapore's 199.

The figure to watch is whether APAC's growth stays above 20%. The 2024 and 2025 rates of 13% and 14% 8 were below the company's; a return there would mean the first half of 2026 was a single strong half rather than a change in the region.

Moat trajectory: Holding steady

Growth of 13-14% in 2024-25 rose to 23% in the first half of 2026; one half is not yet a trend.

The number that tests this moat
Reported
Asia-Pacific net revenue growth, first half
+23% in H1 2026 (€136.9M, +26% CC)

A return to the mid-teens of 2024-25 would make this half a one-off.

Source: Adyen H1 2026 shareholder letter ↗
References
  1. Moat Explorer calcNet revenue billed there was €182.3 million in 2023, €206.7 million in 2024 and €236.5 million in 2025 , 10.0% 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 €182.3 million in 2023, €206.7 million in 2024 and €236.5 million in 2025 , 10.0% 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. Moat Explorer calcIt has grown more slowly than the company: 13% in 2024 and 14% 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 ↗
  4. ReportedOver four years the second half grew from €54.2 million in 2021 to €125.4 million 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 ↗
  5. ReportedOver four years the second half grew from €54.2 million in 2021 to €125.4 million in 2025 .
    Adyen H2 2025 Shareholder Letter - net revenue by region for H2 2025 and H2 2024 — H2 2025 · publ. February 2026 · source ↗
  6. ReportedThe first half of 2026 was faster: €136.9 million, up 23%, or 26% in constant currency, and 11% 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 ↗
  7. ReportedAdyen employs 506 people in the region, and the fastest-growing office is Bengaluru, which went from 72 to 102 staff in six months , alongside Singapore's 199.
    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. Moat Explorer calcThe 2024 and 2025 rates of 13% and 14% were below the company's; a return there would mean the first half of 2026 was a single strong half rather than a change in the region.
    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 ↗
Sources
Generated September 23, 2026