Hello everyone, and thank you for joining Adyen's Q1 2026 Business Update Call. My name is Maggie O'Donnell, and I will be hosting today's call. We will begin today by playing the prepared remarks that were available on the IR site earlier today. We will first hear from Ingo, and because we have Ethan with us here today, we will hear from him live directly. We will move on to the Q&A with Ethan. As a reminder, to ask a question, please use the raise hand functionality at the bottom of your screen. With that, let's get started. Hello, I'm Ingo Uytdehaage, Co-CEO of Adyen. The first quarter was a strong start to the year for Adyen, with net revenue up 20% year-over-year on a constant currency basis. What we are seeing across our customer base reinforces a structural shift in where value is created in payments. Historically, most of the value in payments sat at a point of authorization, improving acceptance rates, optimizing routing, and managing cost. Today, more of that value is moving outside of the payment moment. Before a payment is made, our customers are making increasingly complex decisions around which transactions to allow through, how to balance conversion and risk, and how to shape the outcome. After the payment, they are managing how funds move across markets, entities, and time. In most organizations, these steps are still handled across separate systems, creating duplication, higher cost, and less control. As a result, our customers are asking us to take on a broader role, not just as a payment processor, but as a platform that helps them manage these decisions in one place. We are expanding our role across the transaction life cycle, influencing decisions before the payment and enabling more efficient money movement after it. The reason for this is straightforward. We have always been focused on the biggest drivers of value in a transaction, conversion, fraud, and cost. By the time a transaction reaches authorization, much of the outcome has already been set. You can still optimize, but you're working within a fixed set of inputs. Now, if you move earlier in the flow, that changes. You can decide which transaction to allow through, how to balance conversion against risk, and increasingly, how to shape the transaction itself. That is where the largest improvements in performance come from and why we are moving up the funnel. You can already see this in products like Adyen Uplift, where improvements are driven by decisions made before the payment itself. It's also very much connected to the acquisition of Talon.One, which we announced a few weeks ago. This is a direct extension of the same idea and one we are very excited about. A consistent challenge our customers face isn't recognizing a shopper, but acting on that insight in real time. Today, promotions, pricing, and incentives are often managed separately from the transaction itself, disconnecting decisions that directly impact conversion and revenue. By bringing Talon.One into the platform, we can connect those elements directly. A merchant can recognize a customer, and immediately apply a relevant incentive or pricing decision within the same interaction before the payment is completed. That allows them to influence outcomes earlier in the flow where the impact is highest. What makes this particularly compelling is that it connects identity directly to action, using insight to shape the transaction itself in real time. A key enabler of this is identity. Customers need a continuous understanding of who the customer is across interactions. That is what allows them to make consistent decisions on conversion, risk, and personalization across channels and in real time. Over time, this expands what we are optimizing for. Most payment systems still focus on improving individual transactions. What we are increasingly helping customers do is balance those outcomes more effectively and factor in longer-term value, moving from optimizing transaction in isolation to improving overall economics. Additionally, we are seeing a similar shift after the payment. For many customers, the bigger challenge is no longer accepting payments, but managing what happens next across markets and entities. Today, that's often handled across multiple banks and systems, creating inefficiencies and limiting visibility. With Intelligent Money Movement, we are bringing these flows together in one system, allowing customers to manage funds more actively, reduce operational complexity, and gain better control over how and when money moves. We are actively investing to expand the platform across these areas. We are building at pace, supported by improvements in tooling and the use of AI. Much of this work sits deeper in the stack, less visible, but critical to operating reliably at scale. AI is accelerating how we build, but our advantage is where we apply it. Anyone can use AI, but not everyone can apply it to real money at scale within a regulated system. Our global banking licenses and single platform architecture are key to that, allowing us to bring new capabilities to customers in a consistent and scalable way without adding complexity. On agentic commerce, there's a lot of progress at the interface level, but in practice, most flows still do not work reliably when connected to enterprise systems. As Frontier AI models increasingly shape how products are discovered, evaluated, and selected, we are helping merchants to standardize the way they connect three things, identity, data, and decisioning. As transactions move earlier in the flow and happen without direct user interaction, the ability to combine these three things becomes critical. That's also where Talon.One comes in, enabling merchants to directly influence what is shown and sold by applying pricing, promotions, and incentives in real time, even as those interactions become more automated. We are investing in the protocols and infrastructure needed to support this. As transactions become more distributed across agents and platforms, consistent identity and interoperability are key to making these models work in practice. We do not expect a material impact from this in the next eight to 12 months, but we do expect it to become increasingly relevant beyond that. When you step back, the direction is clear. We are expanding our role from optimizing payments to helping customers optimize the full economics of their transactions, making better decisions before the payment, shaping outcomes during it, and managing money more efficiently after it. That is where we see the largest opportunity and where we continue to invest. With that, I will hand it over to Ethan to walk through the results in more detail. Hi, everyone. Thanks for joining us. We are off to a strong start to the year, with performance well in line with our expectations, driven by strong execution and the resilience of our diversified customer base. Net revenue for the first quarter reached EUR 620.8 million, representing 16% year-over-year growth or 20% on a constant currency basis. Processed volume was EUR 382 billion, up 21%. This performance relies on 2 distinct drivers, gaining wallet share with our existing merchants and the strength of new customer cohorts. In terms of pillar performance, digital net revenue reached EUR 349.6 million, up 13% year-over-year on a constant currency basis and accelerating from the prior period. This is driven by continued share of wallet gains, as we deepen partnerships with some of our largest content and subscriptions customers. APAC-based online retail merchants continue to present a slight headwind, which we expect to ease in the second quarter. Unified Commerce net revenue reached EUR 196.2 million, up 28% year-over-year on a constant currency basis, driven primarily by strength in luxury and small format retail. In the quarter, we saw a less pronounced shift in customers between digital and Unified Commerce compared to the second half of last year. We continue to execute on our strategy to expand share of wallet across channels over time. Platforms net revenue grew to EUR 75 million, reflecting a 40% increase year-over-year on a constant currency basis. Growth was driven by our expansion across the vertical SaaS businesses that we work with particular momentum in the financial services and food and beverage verticals, as well as the growing adoption of our embedded financial products. On the team. We continue to invest in our long-term growth. We added 88 net new FTEs in the quarter, a majority of whom are in our tech and commercial teams in North America. Our hiring plans remain the same for the year, and we continue to expect to add 550-650 net new hires in 2026. Turning to our outlook. Given our strong start to the year and resilient performance from our merchants, we are reiterating our full-year 2026 guidance. We continue to expect net revenue growth between 20% and 22% on a constant currency basis. We also reiterate our expectation for the 2026 EBITDA margin to remain broadly in line with 2025. Similar to prior years, we expect our EBITDA margin to be higher in H2 than in H1. We also continue to expect capital expenditures to be up to 5% of net revenue. This guidance remains unchanged by our recently announced acquisition of Talon.One. Given the expected closing timeline in the second half of the year, we do not expect the transaction to have a material impact on our 2026 financials. We will provide more information on the expected financial impact once the deal is complete. This is an example of where we can use our financial strength to help drive growth in the business. Our strong capital position gives us financial flexibility and a range of options to drive further growth and shareholder value. To summarize, we're off to a strong start of the year. We continue to see healthy growth across our customer base, which has proven resilient in an uncertain macroeconomic environment. We are well-positioned to execute our strategy and to deliver on our long-term growth ambitions. Okay, great. Thanks, Ethan. We will now move on to the Q&A segment of the call. When I call on you'll be prompted to unmute, and please unmute yourself and begin to ask your question. Our first question today comes from the line of Josh Levin from Autonomous. Josh, please go ahead and ask your question. Hi, good afternoon. Two questions from me. I just want to ask a bit about the Talon.One acquisition. What is the defensible advantage of Adyen plus Talon.One that, say a Stripe or a Checkout.com plus a loyalty acquisition could not replicate over, like, you know, a 12 to 18-month integration cycle. Is it a single stack authorization, a data network effect from running both sides of the transaction, something else? Where exactly is the moat? The second question on AI, and you talked about it, how you're deploying AI in risk and fraud decisioning. Can you quantify the chargeback or fraud rate improvement you've achieved in the last 12 months? Is this generating a measurable improvement in authorization rates that's allowing you to compete to win or retain enterprise merchants? Thank you. Thanks Josh. Let me start with the question on Talon.One. I think where we see a big advantage is connecting our ability to identify shoppers and really understand that identity with their ability to then personalize a promotion or a loyalty program and take action around that. Where we see a big advantage in our position together is that we have a true unified commerce offering, so we not only see digital transactions where it's often easier to identify a shopper, but we also see the in-person transactions and are able to identify those shoppers based on their card data. That's where we think we have a big advantage, especially because we do that on a single stack. Meaning that that in-person transaction, that online transaction happens on our single platform. We feel like that's the big advantage that we're doubling down on, right? That's been helping us be successful in unified commerce over the years. That same advantage is where we think if we bring our capabilities and theirs together, we'll really be able to create a very differentiated solution for our unified commerce customers, especially in retail. As for the second question on AI and the benefits in fraud, in recent years we have changed from a more static rule system for fraud to a more machine learning AI-based system. That's really improved the performance of our capabilities. I think it's hard to quantify exactly the impact in the way that you frame it. I think one of the good data points I can give is that we're seeing the vast majority of customers who sign up with us choose to use our Protect offering, so our fraud offering, from day 1. Our customers are seeing the advantages of leveraging these capabilities to help protect against fraud in their own payments ecosystem. I think that's a good proof point to the quality of the offering. Great. Thank you for your questions, Josh. The next question comes from Sanjay Sakhrani from KBW. Thank you. I was wondering if you could just, Ethan, talk about whether or not you saw any changes in spending behavior as described by some in the space. I know that the volume numbers came in a little bit better, but anything to parse out underneath that that sort of might be concerning or anything like that? As we look at the outlook, is there any weakness sort of built or baked into that given all the geopolitical stuff? Maybe just a second question I'll ask too, up front, y ou know, I know you guys spent a lot of time, Ingo did, talking about agentic commerce. How Adyen is going to sort of play a critical role. I'm sure you've seen what the networks have sort of outlined in terms of what they want to do in terms of their protocols. I'm just curious if what the networks are thinking about doing versus what you guys are thinking about doing are at odds with each other, or do you think that it's complementary in sort of how it plays into the economics of your business? Thank you. Sure. Let's start with what we're seeing on consumer spend. Of course, there's been a lot of discussion about it over the last few months, so it's something that we've looked into closely. We've looked at it across verticals. We've looked at it across regions. We haven't seen that there's been a change in consumer spending behavior with our customers on our platform with the data set that we have. That's also as we looked at it over recent weeks and months. We haven't seen a real change that's noticeable thus far. In terms of our outlook and what's built into our numbers, I'll maybe start again at how we described it in February when we shared this guide, at least for our revenue growth for the year, which was that a big part of our growth, right, it comes from expanding market share, and that comes from growing share of wallet with our existing customers. That comes from ramping up new customers. There is a portion of our growth which comes from the organic growth of our own customer base. We call that the market volume growth. The way we thought about market volume growth as part of our guidance is that we had an expectation that given the macroeconomic uncertainty we were seeing, that it would be in the low end of the range that we had previously talked about when we talked about the building blocks. That's consistent with what we saw in practice last year, in 2025, when we also saw macroeconomic impacts, especially around the tariffs and the APAC-based retailers we talked about last year. We've taken that same assumption into this year, and that's what we continue to expect for the rest of the year. We're tracking well in line with our expectations, we've of course reconfirmed our view for 2026 broadly. To your last question on agentic, our approach is very much that we see this fragmentation, right? It's the networks, it's the frontier models, it's other players in the space who are building out protocols, and we see that that's leading to a fragmented environment. That's complexity. That's something that we can help solve for with our customers, ensure that those protocols are built in a way that serves our merchants. Our view is very much to be agnostic, to support the protocols which are relevant to our customers and to build together with them. We don't see it as at odds with our strategy. Great. Thank you for your question. The next question comes from Justin Forsythe from UBS. Justin, please go ahead and ask your question. Justin, can you hear us? Sorry about that. Missed the unmute button. Thank you so much for the time here. Ethan and Maggie O'Donnell, good afternoon. A couple, if I don't mind, here. First one, just wanted to confirm the phasing. I believe in the past you said that 1Q would be your expected lowest growth quarter of the year due to the impacts of the de minimis merchants, the APAC merchants flowing through and then being lapped in the beginning of May. Can you confirm that that's still true? Also, I believe 3Q was expected to be lower growth than 4Q as it relates to the comparisons. Could you just maybe confirm that phasing for us? A follow-up question on Talon. One. Very simply, the name of the game in payments often has been shopping cart conversion, which I believe is on average, and this obviously varies, but around 20%, give or take. Do you have an idea of how much Talon.One uplifts your shopping cart conversion of an average merchant? Thank you. Sure. First on cadence, what we've shared and what we will continue to share is that our view is that H1 and H2 look relatively similar in terms of their growth levels. Within the first half, we did call out that we expected Q1 to be lower than Q2. That's indeed to your point because of the easing of the comparable in Q2 related to those APAC-based retailers. That continues to be our expectation, and then we expect the second half growth to be similar to the first half. In terms of the question on Talon.One's uplift on shopping cart conversion, I don't have a precise number to share, but what I would say is that, that's very specific to digital, right? To e-commerce transactions, That's where we do expect we can certainly add value to our business, to our customers. That's where Talon.One's been very successful in adding value with their customer base. Where we also see a major opportunity when we work together, when we come together as a company, is that we can also influence and impact the in-person piece, which remember, is the much bigger part of transactions for most retailers. If we can ultimately identify who's shopping in store and help them optimize for the lifetime value of that shopper more broadly, whether that's all in store, partly online, we think that's where there's going to be a really big impact for our customers and also as we expand to markets where we're less penetrated, like domestic in U.S., U.K., or newer verticals like everyday retail. I think that combination, that true unified commerce experience is where we'll create a big part of the value. Got it. That's crystal clear. Just know you're not going to share any view on the 3Q versus 4Q comments then, I presume. No. We try to stay away from guiding on the quarter. We wanted to share where relevant, which we felt like for Q1, it was important to share our phasing through the first half. Through the rest of the year, we don't expect anything material that we that we want to share. Great. Thank you, Justin. The next question comes from Jason Kupferberg from Wells Fargo. Jason, please go ahead and unmute yourself and ask your question. Good morning, guys. thanks for doing this call. I just wanted to start on the competitive environment and the pricing backdrop. Ethan, if you can just give us your latest views there. Any changes along those lines? I mean, it did look like digital revenue grew a little slower than volume in the quarter, but I'm sure that could have been a function of mix as well. That's really the first question. My second question is just coming back on agentic. I know last quarter you mentioned some shifting merchant priorities, moving towards asking Adyen to help with agentic initiatives. Can you maybe just give some examples of the types of work you're doing with merchants now as they prepare for agentic? Sure. Let's start on the competitive and the pricing dynamic. I wouldn't say there's anything specific to call out that we've seen so far this year different to what we've seen over the last few. In general, take rate is mostly a function of the mix. Larger customers are typically priced lower. We highlighted in this business update that we're expanding some of our partnerships with some of the largest customers or businesses that we work with, and that expansion with large customers has the biggest influence on take rate mix. There's nothing specific in the pricing landscape itself that's driving that change. And on agentic, in terms of merchant priorities, I'd highlight a couple. One is they're seeing this fragmentation with the protocols, and they're trying to get a grasp of what do they build towards, how do they solve for the complexity that exists if there is this fragmented landscape, and how do we ensure amongst those protocols that merchant interests Are front and center as they build out those protocols. That's one. Second thing I'd call out is that while there's very little actual agentic commerce payments transactions flowing through just with agents today, there is a lot of discovery already happening, right? Product discovery. Where we're also spending a good amount of time with our customers is, how do we ensure that their product catalog, that their product data feeds are available on these LLMs, on these surfaces so that they can be discovered? Th en everything beyond that can happen post that discovery moment. They're very much first focused on making sure that product catalog is discoverable. Maybe the last thing that I'd mention, which is connected in many ways to how the protocols are being developed, is that trust is so important in this setup. In agentic commerce, it will be so important to understand what is a legitimate transaction and what is a fraudulent transaction, and it looks very different than it looked previously in other forms of e-commerce in the past. Just ensuring that we are building towards protocols which will help create that trust in this ecosystem is a big area we spend time on, both with merchants, but also with those who are working on developing the protocols. Great. Thank you for your questions. The next question comes from Fred Boulan at Bank of America. Fred, please go ahead and unmute yourself and ask your question. Hey, thank you, Maggie. Thank you, Ethan. Two questions. Firstly, to follow up on the competition question. We've had one of your competitor announcing a pretty long list of products conference last week. Any specific areas looking at your own capability set? Where are you thinking to kind of step up product investment to remain a leader in innovation? Second, this morning you mentioned a strong capital position, giving you flexibility to drive further growth, shareholder value. Can you elaborate and share your framework to evaluate external growth as cash return? Any specific cash position you want to retain you think is optimal to achieve your long-term goals? Thank you. Sure. First, on competitive landscape, I would say we're very much focused on how we can differentiate our offering and create value for our customers, right? One of the good examples of it recently is the acquisition of Talon.One. We think for retailers especially, but also more broadly in unified commerce, we'll really be able to differentiate and create value. We also launched in the first quarter our Intelligent Money Movement offering. We think that that will really help enterprises manage end-to-end money movement as well. There's a lot of areas we're continuing to focus beyond that on driving product innovation and differentiation. We're very much focused on building for our customer base, solving their biggest needs, thinking about those needs not only over the short term, but truly over the long term as well, and that's how we think about building out our product roadmap. We 're really excited by the products that we're building, by the value we'll be able to create for merchants as we not only move from just payments, but also move up funnel as Ingo mentioned, and also post payments to the optimization that happens around financial products. Those are all areas we're excited about and building against. In terms of the framework to evaluate capital decisions, I would say it looks very much similar to what we shared back in November, which is we think that the biggest shareholder value will be driven by growth. Still, first and foremost, we're focused on driving that growth organically. We've always looked opportunistically at if there were inorganic opportunities as well. Of course, this is the first time we've taken action or at least gotten to the point of signing an agreement. We're really excited by the potential, again, of what Talon.One brings to brings to us as we bring our offerings together. We continue to have that focus first and foremost on growth. There's no shift in terms of our preference for focusing on organic growth. That continues to be our focus, but we will also be opportunistic if there are further opportunities on the inorganic side. There's no strategic shift here, but that hasn't changed. If we look at broader options around capital allocation, we feel that we have in general the flexibility even after this transaction, given the strength of our financial position, to still have the freedom to look at what the right options are at the right moment. We'll continue to consider what makes most sense for our business, first and foremost focusing on driving growth and therefore shareholder value. Great. Thank you, Fred. The next question comes from Ramsey El-Assal from Cantor Fitzgerald. Ramsey, please go ahead and unmute yourself and ask your question. Hi. Thank you very much. I wanted to ask about the sales force, and you mentioned adding 88 hires in the quarter. It was a little less than we expected just given the 550-650 planned hires. Maybe you could talk a little bit about the cadence of the hiring and also how that might read through to the cadence of margins as we move through the year. Thank you. Sure. I think you're right in your assessment that it's lower than what we would expect in future quarters given our hiring plan for the year hasn't changed. It's by no means a target. It's our expectation around how we think we'll grow the team. Again, that expectation hasn't changed, but hiring is much less a science than it, than it is an art, and so you'll see variability from quarter to quarter in the number of net people that join the team. In terms of what it means for EBITDA margins and the cadence there, it has relatively limited effect on EBITDA margins quarter by quarter because mostly the new hires are a small fraction of the total employee population. It has relatively limited impact. I wouldn't take too much consideration into the pace of hiring into your EBITDA margin cadence. I would add though that historically, and also what we expect for this year, is that we'll see higher EBITDA margins in the second half than we'll see in the first half. That's just connected to some of the costs that we have that occur in the first half, but also the size of the revenues in the second half compared to the first. Great. Thank you for your question. The next question comes from Harshita Rawat from Bernstein. Harshita, please go ahead and ask your question. Hi, good afternoon. Ingo, I want to revisit stablecoins. I know you've not seen demand from enterprise customers, which makes complete sense. As you grow your Intelligent Money Movement business, are you seeing a bit more conversations around stablecoins, for example, in payouts in emerging markets? Then, my second question, I also want to ask about your opportunity with AI-native customers. Are there some capabilities, for example, usage-based billing, that you're looking to build before you address this exponentially growing vertical? Thank you. Thanks, Harshita. You've got me today, I'll take these questions. First on stablecoins. Certainly there's a use case around global payouts related to stablecoins, and as part of our Intelligent Money Movement offering, payouts are our core offering. We've been very focused on delivering, especially in our core markets, a really strong payout solution. We've done that through our own banking licenses, through direct connectivity to often real-time rails in some of our biggest markets. There is the potential that over time, as we want to expand our payouts offering into more markets, especially more long-tail markets, that stablecoins could support there. We'll continue to consider what is what's most relevant and what best supports and helps our customers over time, and we'll build accordingly. In terms of what capabilities for AI native customers, I think we have a very strong offering, especially as these customers grow to significant enterprise scale. That's typically where you see the complexity around the global payment needs, right? Local payment methods, but also acquiring capabilities in many markets, so that kind of local positioning, but then on a global scale. You see that there's often a need as they grow to have multiple partners in multiple geographies. That's pretty common of what we've seen enterprises grow into over the years. I think we'll continue to see that also in this segment. In terms of capabilities, you mentioned billing specifically. Billing is an area where we've partnered with others who offer those capabilities over the years. Of course, because it is very adjacent to payments, it's something that we've looked at strategically and gone the partnership route. We'll continue to look at how we can best solve these kind of challenges for our customers. Great. Thank you, Harshita. The next question comes from Adam Frisch at Evercore. Adam, please go ahead and ask your question. Hi. Thanks for taking my question. Dovetailing a little bit from a prior question on the outlook, I think as we move past the first quarter that's seasonally slower and almost halfway through the year, assuming the visibility on the yearly increases and builds some confidence, is there anything, Ethan, because this execution for the rest of the year I just think is so critical for the stock, is there anything in the remainder of the year, some conversions, ramp-ups, wallet share gains, et c, where you could see a potential surprise either higher or lower? On capital allocation, don't shoot me for asking a more pointed question. I know you were, you just asked it a couple questions ago. Could I ask you a more pointed one about buybacks and where your thought process is on buybacks? Thanks, guys. Sure. First on the outlook, of course, there's still a lot of execution to go in the year. We're very much focused on the opportunities ahead of us on expanding share of wallet with our existing base, ramping up our new customers, adding new ones in the pipeline. We're very much focused on that execution. From my perspective, the way that it's been trending so far this year has gone very well. It's well in line with what we were expecting coming into this year. There's nothing that's come up through the course of these few months that gives me any reason to think differently. Of course, we will continue to focus on that execution, and we'll share updates as we go throughout the year. I feel like we're in a very solid and strong position to execute on the plans that we had coming into this year. In terms of capital allocation, and my thoughts on buybacks, it's something that we consider. Our first focus, as I mentioned, is delivering growth, and we think that that adds the most shareholder value. At the same time, we also need to consider if other options make sense. It's something that we'll continue to consider moving forward. Okay. The next question comes from Andrew Schmidt at KeyBanc. Andrew, please go ahead and ask your question. Hi. Thanks. Can you hear me? Yes, we can hear you. Great. Thanks, Maggie. Hey, Ethan. I wanted to ask about travel. It's obviously been a focal point of the Visa and Mastercard prints in the in the quarter to date metrics. Can you just talk about sort of audience exposure? I know there's some OT exposure there and any observations. Maybe just a higher- level question, subset of agentic, more on machine payments. Some questions about ability to participate there in terms of traditional network transactions, given the micro payment angle. Maybe you could just talk about if there's an opportunity for Adyen with machine payments specifically as it relates to micro payments. Thanks so much. Sure. Let me start on travel. Travel for us is essentially three verticals. It's airlines, it's OTAs, as you referenced, and it's hospitality. Think of hotels primarily. When we look at our growth thus far this year in travel, we see a strong performance. It's, again, well in line with our expectations. We also don't see real change over the last couple of months. It continues to perform well. That's on an aggregated basis because, of course, in pockets, you see different trends, right? For instance, in airlines, if you have exposure to Middle East hubs, that's been negatively impacted over the last couple of months. Conversely, we see some of our APAC- based airlines, so to say, seeing positive benefits as some of the international travel that previously went through the Middle East is now going through APAC. I think that's a good example of the type of diversification that we've generally seen, not only across the platform, across our full customer base, but also when you look into travel specifically. We have customers across each of the regions, but we also work with many of the largest players in these verticals, and they often have quite a diversified exposure, whether that's across regions, across types of transactions. We haven't seen much shift there at all in travel. In terms of your question on agentic and machine-initiated payments, we've joined a few initiatives that you've seen us post about over the last month or two, really focused on how we can also help enable this new version of how payments may exist. T here's absolutely an opportunity to use our infrastructure to support and help customers as these means of paying change. We are, we're working on it. We feel we're well-positioned, and we'll see how it plays out. We certainly can help. Great. Thank you for your questions. The next one comes from Sandeep Deshpande from JPMorgan. Sandeep, please go ahead and ask your question. Sandeep, can you hear us? Hi, can you hear me? Yes, we can hear you now. Hi. My question is regarding your cost structure this year. You have said that your margins are flattish from last year. Can you talk about these new products that you are building and what kind of revenue they produced in the first quarter or in the past couple of quarters, in terms of where your revenue growth is coming there, as well as the kind of revenue growth you expect and what timeframe we should expect to see these new products driving revenue growth for Adyen? I have a quick follow-up. Sure. Maybe the two that I would highlight is one, embedded financial products, or financial products more broadly, which is, of course, a core focus for us. We talked in November that we expect that to be about 1% of additional growth. We're seeing somewhere near there so far this year. We'll continue to, of course, very much focus on financial products. It's still a very important part of our strategy. We see it as core to our offering, and we're continuing to focus on financial products. The other one I'd just directly comment on is the acquisition of Talon.One. Maybe just to reiterate, we don't expect a material financial impact given the timing of expected closing for this year. We do expect 1%-2% of additional growth in 2027. The rest is kind of built in and baked into, to the broader revenue discussions that we've been having. Great. Sandeep, I'm sorry, it auto mutes sometimes, you can send us your follow-up question. The next question comes from Bryan Bergin from TD Cowen. Bryan, please go ahead and ask your question. Hi, Ethan. Hi, Maggie. Thank you. Two for me. The first one just on geography. Can you just talk about what you saw in Europe versus North American merchants independent of the APAC-based impact? Just really more interested in the underlying trends in Q1 and any variation noted in the geos through April. The second question, just on the Talon.One and a clarification on the impact. Can you just expand here on that margin dilution that you flagged for 2027? I know it's very early to be talking about 2027, I just want to confirm the base that you're talking about, whether it's the 2026 EBITDA margin level that we should be thinking about applying that dilution on or some assumption of organic EBITDA margin expansion in 2027 that would be a higher base than 2026 to apply that dilution assumption to. Sure. First on geographies, I'll keep it specific to what we're seeing around consumer spend, because I think that's the reference of the question, which is that we're not seeing impacts on the various regions, right? We've taken a look at both the regional cut and the vertical cut, and to date, whether we look at that over the last few weeks or months, we haven't seen that there's been an impact that we can see in those regions. In terms of the Talon.One margin question, our view is that 2026 is not impacted due to timing, and still that we will be above 55% EBITDA margin in 2028. In terms of the progress towards that EBITDA margin, we will share more, of course, as we get to 2027. What we did want to share is that compared to the base case, it would be 1% lower. We'll of course, get a better view of hiring plans and how we want to grow, how we expect the business to grow and how we'll grow the team, which will have the biggest impacts there. Our view is still very much in line that 2028, we think will be above 55%. This year we'll remain flat, next year we'll see 1% dilution to whatever that base case will be, we'll of course share that as we get close to the year. Great. Thank you. The next question comes from Hannes Leitner from Jefferies. Hannes, please go ahead and unmute yourself and ask your question. Yes, thanks. I have a question on unified commerce. I mean, yes, it is so volatile in terms of the KPIs, and you should look at it in 12 months rolling basis, but it feels still that you do great job of expanding share of wallet gains. When you look at any of the KPIs per volume or net revenue, they all point northwards. In terms of KPIs adding merchants, it feels that you have kind of panned out to a certain 12 months rolling basis. Maybe you can just talk, how do you think there is the net hires, specifically in unified commerce, to give that a boost. Talon.One should maybe add there some, and maybe along the lines here, thinking about the growth regions, Japan, India, and Mexico, along with Brazil. Thank you. Yeah, sure. Maybe let's start on the secondary questions on are you hiring, where are we focused on. Of course, we're hiring for unified commerce. That's a part of where we're hiring. It continues to be a important focus area for us. Yes, we're growing out the teams, whether that's commercial or on the tech side. We're continuing to expand the teams working on unified commerce. Talon.One certainly helps us in this area. We think that we can strongly differentiate for customers when we put our capabilities together, especially in retail, right? I mentioned it earlier on the call, but it's not only adding value to our existing customers, but it also, in our view, helps us expand to a broader set of retailers, whether that's domestic in large markets or everyday retail vertical where we're underrepresented today. India and Japan. Japan is certainly a market that we're very much focused on unified commerce. India, we're focused on digital only at the moment. We may at some point also expand into unified commerce. Japan is more the focus of those two on the unified commerce side. Let me come back to the first question you asked, which is the difference between how some of the KPIs are developing and how the overall business is developing. I think what you've seen us do over the last, a little while is, we focused especially on the largest part of the enterprise segment, within unified commerce. That means we're going after very, very large merchants in this space. There's still a lot to win on the new business side, and there's a lot of share of wallet to gain on the existing side. I'd say we're much more focused on the size of the opportunities than on the number of customers by themselves at this point. Great. Thank you, Hannes. We have time for just one more question, and that is going to come from Mohammed Moawalla from Goldman Sachs. Mo, please go ahead and ask your question. Great. Thanks, Maggie. Hi, Ethan. I had two quick ones. Number 1, Ethan, you said that you haven't seen any sort of change in consumer spending behavior among your customers or on your platform. You also called a lot out around sort of wallet share gains. I know sort of early in the year, you talked about these shifting priorities. Is it fair to say that perhaps your visibility on some of those, you know, wallet share gains is better and allows you to be somewhat, you know, offset the macro? Secondly, I know you also mentioned sort of new cohorts ramping, and last year was a very strong cohort. Any initial thoughts on how the kind of 2026 cohort is shaping up? Thank you. Sure. I think you ask a very important question, which is the connection between kind of the market volume growth or the macro- impacted organic growth of our customers and wallet share gains. In our view, they're mixed, right? We see growth on our platform with our existing customers coming from both of those areas. We don't always have exactly precise data of which part is organic versus wallet share gains. We do map them out separately, and what I would say on wallet share gains is that is a big part of how we think about the opportunity in any given year, and that's trending nicely for us so far this year. We're off to a strong start. We've been able to expand with our customers where we thought we would be able to expand and grow with them, and we're seeing nice traction there. I'm very pleased with what we're seeing on our ability to win more share of wallet with our existing base, and deliver that at an execution level that we would expect. In terms of your second question on the 2026 cohort, it is very early in the year, so it's difficult to give very clear responses or directional responses. All I would share is that the 2026 cohort is continuing to trend positively, similar to what we saw over the last year. We're still seeing strong performance out of new business so far this year. It is very early. We'll need to continue to, of course, track that over time, but we're off to a good start there as well. Great. Thank you, Mo. That's all the time that we have today. Thank you so much for joining us, and if you have any further questions, please reach out to the investor relations team. Thank you.