Adyen raised its 2026 net revenue growth forecast to 21% to 23% from 20% to 22% after reporting first-half net revenue of €1.30 billion, up 21% on a constant-currency basis, and processed volume of €803.8 billion, up 24%. First-half EBITDA was €641.5 million, slightly below the Visible Alpha consensus estimate of €647.1 million, which the company linked to higher expenses tied to its recent acquisitions of Talon.One and Orb, completed in July. Shares jumped 12% on Thursday, touching €1,014.80 intraday, their highest level since mid-February and leading gains on the STOXX 600. Adyen said the improved outlook reflects the contribution from Talon.One and Orb, its first acquisitions in two decades. Management also framed AI-driven shopping assistants as a growing strategic issue for merchants, arguing that retailers will need stronger loyalty tools as chatbots increasingly influence product discovery, merchant selection and payment initiation. The company unveiled Adyen Agentic for AI-agent payments and Intelligent Money Movement, while saying it is accelerating spending on computing and storage capacity amid higher prices and supply constraints. Capital expenditures are expected to be about 7% of net revenue in 2026 before normalizing beyond that year. JPMorgan analysts highlighted OpenAI as a new Adyen customer, while the company also added Aritzia and Xiaomi and expanded its work with Toast in the US. Morgan Stanley maintained an Overweight rating and a €1,685 price target, saying second-quarter performance exceeded expectations.