Dutch payments giant Adyen‘s stock fell as much as 20% after it posted net revenue guidance and payment processing volume that were slightly weaker than expected.

The company forecast net revenue growth of 20% to 22% for 2026, while analysts expected year-on-year growth at 22.8%, according to LSEG estimates.

“This outlook is underpinned by a strong pipeline and the continued ramp of our 2025 cohort, providing a solid foundation for the year ahead,” Adyen said in its shareholder letter. “We expect market volume growth to remain broadly in line with 2025 levels, reflecting continued macroeconomic uncertainty.”

Adyen processed 745.3 billion euros ($885.5 billion) in payments in the second half of the year, which came in below a…