Adyen raised its 2026 net revenue growth forecast to 21% to 23% on a constant currency basis today (Thursday). The Dutch payments processor attributed the revision to higher transaction activity from existing and new customers.The higher range, up from 20% to 22%, gives investors a firmer growth target after processed volume lagged revenue growth a year ago. Acquisitions and data center spending will put pressure on margins even as more payments pass through Adyen's systems.Adyen is broadening its services into loyalty, billing and money movement. “We are no longer just a payments company,” its management board wrote in the shareholder letter.Payment Volume Outruns Revenue GrowthFirst-half net revenue rose 19% year over year to €1.30 billion (about $1.50 billion), or 21% at constant currencies. The result was slightly above the €1.29 billion consensus estimate cited by Bloomberg.Processed volume increased 24% to €803.8 billion. Adyen said about 70% of its growth came from existing customers, while 300 merchants accounted for roughly 60% of total growth, down from more than 70% three years ago.The Platforms unit grew fastest, with net revenue up 37% to €165.5 million and processed volume up 42% to €135.0 billion. Digital remained the largest unit at €719.7 million, a 13% increase, while Unified Commerce revenue climbed 25% to €417.7 million.Costs Pull the Margin Back to 49%Costs rose faster. Adyen reported adjusted EBITDA of €641.5 million, up 18% but below the €645 million consensus cited by Bloomberg.The margin fell one percentage point to 49%. Excluding €6 million of one-time acquisition costs, it was 50%.Operating expenses rose 21% to €738.0 million. The company added 249 employees in the half, taking its workforce to 5,020, while employee benefit costs increased 15% to €431.1 million.[#highlighted-links#]Net income rose 13% to €544.1 million, supported by €143.2 million of finance income. Free cash flow increased 17% to €553.4 million, equal to 86% of EBITDA, and capital expenditure was €64.1 million, or 5% of net revenue.Management now expects capital expenditure to reach about 7% of net revenue this year as it brings forward spending on a data center planned for 2027. It retained a target for an EBITDA margin above 55% by 2028.Acquisitions Add Growth and Dilute the MarginAdyen completed its €750 million purchase of loyalty provider Talon.One and $335 million acquisition of enterprise billing provider Orb on July 1.The deals are expected to add about one percentage point to 2026 net revenue growth and reduce the full-year EBITDA margin by a similar amount, including transaction costs.Stripe completed its purchase of usage-based billing provider Metronome on January 14. Two months later, Mastercard agreed to buy stablecoin infrastructure provider BVNK for up to $1.8 billion.Adyen is adding promotions and billing directly to the merchant systems that already process payments.Adyen also said Chief Financial Officer Ethan Tandowsky will leave at the end of August. Deputy CFO Hwa Tsao will become interim CFO while Adyen searches for a permanent replacement.Adyen held €12.4 billion in cash at June 30. Excluding merchant-related balances and short-term receivables, it put operational cash at about €4.6 billion.This article was written by Damian Chmiel at www.financemagnates.com.