Adyen NV

In a Stage 4 decline with price below all declining EMAs, the medium-term bias remains bearish despite a Bearish Exhaustion inflection signal. Short-term price is currently pulling back into the 9/21 EMA zone without a clear rejection, so execution is deferred—trimming into rallies around EMA and 50 DMA resistance provides the best sell opportunity.

• ↑Reported 21% YoY constant-currency net revenue growth to €1.27 B in H2 2025
• ↑Maintains high EBITDA margin of 55%; CapEx disciplined at ~5% of revenue
• ↓Negative earnings yield and low profitability indicate valuation and margin risks