Dutch payments giant AdienThe company’s shares fell 20% after it reported net revenue guidance and slightly weaker-than-expected payment processing volume.

The company expects net revenue to grow 20% to 22% in 2026, while analysts expect year-over-year growth of 22.8%, according to LSEG estimates.

“This outlook is underpinned by a strong product pipeline and continued capacity growth through 2025, providing a solid foundation for the year ahead,” Adyen said in the shareholder letter. “We expect market volume growth to be broadly consistent 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, below KBC Securities’ forecast of 771 billion euros in revenue.

“While today’s results and outlook for next year are largely positive, they may not be enough to reverse the very negative sentiment we’ve seen in the payments industry recently,” KBC Securities said in a report Thursday morning.

As of 11.15am local time, the stock had fallen 16%, and the stock price has fallen about 16% so far this year.

Adyen reported net revenue increased 17% year-on-year to 1.27 billion euros, with EMEA and North America both growing 17%.

The company said net revenue growth was impacted by “slower growth” at the Asia-Pacific-based online retailer and a weaker U.S. dollar.

Net revenue from customers in the Asia Pacific region accelerated slightly to 14%, with Adyen reporting that this was primarily due to deepening relationships with existing customers.

Second-half net income was broadly in line with analysts’ forecasts.

Adyen’s share price has seen some big moves in recent years. its share price fell 39% in August 2023The move comes after the company reported lower-than-expected sales and lower profits in the first half of the year.