Criteo SA · NASDAQ:CRTO
Criteo SA — Q3 2025 Earnings Presentation
36 slides from Criteo SA's earnings presentation, Oct 29, 2025
Slide 1: Q3 2025 Earnings Investor Presentation
Q3 2025 Earnings Investor Presentation
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management's beliefs and assumptions and on information
Slide 3: Progress on 2025 Priorities
Progress on 2025 Priorities Michael Komasinski Chief Executive Officer 3
Slide 4: We Are Building for the Commerce AI Foundation
We Are Building for the OUR COMMERCE AI FOUNDATION COMMERCE DATA AT SCALE Leverage granular, real-time, normalized shopping intelligence RECOMMENDATION SYSTEM Predict what shoppers want next MODEL CONTEXT PROTOCOL (MCP) Deliver product and shopper information to Al agents WHAT'S AHEAD PROMPT-BASED P
Slide 5: Criteo MCP Servers architecture
User Prompt Agent & Chat Interfaces Criteo MCP Servers Criteo Assets "Launch a full funnel Agents campaign with a $1M • Audience creation budget to increase sales • Insights of our new laptop for Resources Christmas, premium Context and data for the • Campaign creation Marketer inventory only" Agenc
Slide 6: Scaling Our Engine
Scaling Our CROSS-CHANNEL Al-powered performance campaigns for acquisition and retention goals across open web, social and retail inventories @ FULL-FUNNEL Augmented suite of commerce discovery capabilities, including upper funnel video & CTV capabilities to deliver superior scale and performance En
Slide 7: We Are Leaning into Brand Performance with CTV
We Are Leaning into Brand Performance with CTV We layer commerce data across CTV inventory to drive commerce outcomes and have two powerful paths to CTV activation—built for both programmatic buyers and performance- driven marketers. CRITEO | COMMERCE-GROWTH CRITEO COMMERCE-GRID Luxury Fashion brand
Slide 8: We Drive Throughout the Entire Buyer Journey
We Drive Throughout the Entire Buyer Journey Gio! Al-Powered Automated Campaigns from product discovery to purchase. campaigns now going through GO! for small clients GO! uses Al to automate campaign setup and optimization while integrating across media channels to ensure ads reach the right audienc
Slide 9: We Continue to Strengthen our Leading Footprint
We Continue to Strengthen our Leading Footprint Over retailers, incl. of Top 30 U.S. & of Top 30 EMEA retailers Global brands in media spend, up 26% YoY New Wins Across Geographies “SD DOORDASH SEPHORA Supevewuge The FragranceShop MIGROS | growth in Retail Criteo vs. the Market! (Q4 2023 = 100) a Q4
Slide 10: We Are Fueling Retail Media Success
We Are Fueling Retail Media Success With ta. Seller budgets Ss or.’ ys Search budgets MIRAKL by Q Search Ads 360 ADS. cae é 235 Retail Media _. Networks powered ~ Retailer-sourced vef by = trade and “so 2 shopper budgets eae CRITEO dite —: Py 4 , Wate bs gg Criteo-sourced on a Me demand 4,100+ i i ‘
Slide 11: We Delivered Strong Performance in Q3 2025
We Delivered Strong Performance in Q3 2025 * $288M in Contribution ex-TAC, up 6% YoY + Performance Media up 5% YoY, driven by strong momentum in Commerce Audiences and stable Retargeting trends * Retail Media up 11% YoY! - Achieved adj. EBITDA margin of 36%, above guidance Retail Media + Performance
Slide 12: Financial & Operational Update
Financial & Operational Update Sarah Glickman Chief Financial Officer 12
Slide 13: Q3 2025 Results vs. Guidance
Q3 2025 Media Spend! Revenue Contribution ex-TAC Gross Profit Adj. EBITDA Net Income Diluted EPS Non-GAAP Diluted EPS Free Cash Flow? vs. Guidance
Slide 14: We Delivered Solid Performance Across our Business in Q3
We Delivered Solid Performance Across our Business in Q3 Y Client retention close to 90% KEY DRIVERS RETAIL MEDIA $454M in media spend! up +26%? YoY Contribution ex-TAC of $66M, up +11%24 +107% same-retailer Contribution ex-TAC retention 235+ retailers and 4,100+ brands 2+ years average contract dur
Slide 15: Free Cash Flow and Cash & Liquidity Position
FREE CASH FLOW ($M) YTD FCF of $76M, reflecting seasonality Trailing 12-month FCF of $222M Expect strong FCF generation in Q4 2025 in line with business seasonality , Cash and Liquidity Position Financial flexibility to support organic growth investments, M&A and share repurchase program CASH & CASH
Slide 16: Consistent Growth in Earnings & Free Cash Flow Per Share
Consistent Growth in Earnings & Free Cash Flow Per Share Adj. Diluted EPS FCF/ Share
Slide 17: Outlook
Contribution ex-TAC Adjusted EBITDA 1 Before any non. 025 Outlook BACKDROP: Solid year-to-date performance, uncertain macroeconomic environment and financial discipline FY 2025 Targeting +3% to +4% growth at constant currency Resilient business model; continued traction of our Platform Low- to mid-s
Slide 18: Why Invest in Criteo
Why Invest in e The leading independent technology platform delivering cross-channel, full-funnel, self-service advertising that drives measurable outcomes and addresses the largest secular growth trend in advertising, Retail Media Sustainable competitive advantage from global scale and integrated f
Slide 19: Appendix
Xo Appendix 19
Slide 20: Segment Reporting - Definitions
Segment Reporting - Definitions PERFORMANCE MEDIA RETAIL MEDIA This segment encompasses our targeting This segment encompasses revenue generated from capabilities and supply and AdTech services. brands, agencies and retailers for the purchase and sale of retail media digital advertising inventory, F
Slide 21: Criteo by the Numbers
$4.3 billion annual media spend’ ~$1+ trillion ecommerce sales across customer base 20+ years of expertise in commerce-focused Al Criteo by the ~17,000 clients ~720 million Daily Active Users (DAUs) ~1,200 R&D & Product employees ~70% of top-30 U.S. & -50% of top-30 EMEA retailers? a ~70% of web DAU
Slide 22: Commerce Media Platform Offerings
Commerce Media Demand Side Platform Commerce Media Monetization Platform for enterprise brands, retailers and agencies for enterprise retailers and marketplaces Commerce Outcomes for performance Commerce Supply Side Platform marketers, retailers and agencies for media owners and agencies
Slide 23: Broad Channel Reach Strengthens Criteo's Market Position
Broad Channel Reach Strengthens Criteo’s Market Position @ Retail Media ™ Social ™" CTV & OLV ® Mobile Desktop
Slide 24: Industry Recognitions
Criteo was recognized in the Frost Radar™: Demand-Side Platforms 2025 as one of the leading global DSP providers FORRESTER Criteo was featured in The Omnichannet Advertising Platforms Landscape, @4 2025 Criteo was named one of the 9 Notable Large Size Vendors in The Creative Advertising Technologies
Slide 25: Retail Media Footprint in the Americas
Retail Media Footprint in the Americas © SEPHORA WhGgreens “J DOORDASH JCPenney bkpringddes \ TARGET *xmacs & YCVS RJeancoutu metro Iii mercatus’ NORDSTROM meijer Biv. chaos Sait Xoewe SORRGNOR = Q Rg (it ticketmaster reshdirect ~ Shipt —ffise Sock Winnvdixie Weis |!
Slide 26: Retail Media Footprint in EMEA
Retail Media Footprint in EMEA 1.7 years sanossees coucias ,.™. QRY asos FH uberEats @ Carrefour very ASDA finac :.Leclerc ®) vintersport flaconi IMETRO| wPCc Coopérative (Y) seuronics © er MYTHERESA Zeeeettatd — @) taschenpostde Quer GLARED Debenhams Lookrantastic = /Marionnaud ~—_ Jouétiub? Hhaned
Slide 27: Retail Media Footprint in APAC
SWIGGY. g instamart Uber Eats ¥Style.id “SS Retail Media Footprint in APAC G swiccy Flipkart moma QWPAYY—7Yb Matcash Gmarket CENTRAL 3 SEPHORA Grad Blooms ~- eee a ‘> bukalapak DAVID JONES ASKUL @3 F525 o FAQ|
Slide 28: Contribution ex-TAC by Segment
all] Contribution ex-TAC by Segment Contribution ex-TAC in $m Q4‘'24 Q3'24 Q2’'24 QV24 Q4’'23, Q3'23 Q2'23 QVv23 RETAIL MEDIA PERFORMANCE MEDIA 2442 206.5 213.2 203.7 242.2 197.0 196.7 183.3 334.4 2661 267.1 253.9 316.4 245.4 240.2 220.6 28 1. At constant currency
Slide 29: Contribution ex-TAC Reconciliation
all] Contribution ex-TAC Reconciliation $in millions Q2'25 QV25 | Q4'24 Q3'24 = Q2'24 QV24 $in millions Gross Profit .! 301.0 2319 232.8 2172 Gross Profit Other Cost Other Cost of Revenue : ° ° ” “ ° of Revenue Contribution Contribution ex-TAC 292.1 264.4 334.4 266.1 267.1 253.9 ex-TAC
Slide 30: Adjusted EBITDA Reconciliation
al[| Adjusted EBITDA Reconciliation $in millions Q3'25 Q2'25 QV2s Q4'24 Q3'24 Q2'24 Net income 40.1 22.9 40.0 719 61 28.1 Adjustments: Financial & other income Provision for income taxes Equity related compensation’ Pension service costs Depreciation and amortization expense Acquisition-related cost
Slide 31: Adjusted Net Income and Diluted EPS Reconciliation
all] Adjusted Net Income and Diluted EPS Reconciliation $in millions Q3'25 Q2'25 QV25 Q4‘24 Q3'24 Q2'24 QV24 2024 2023 Net income 40.1 22.9 40.0 ng 61 281 86 N47 54.6 Adjustments: Equity related compensation! 151 215 15.9 217 349 a9 273 Amortization of acquisition-related intangible assets 99 96 9.0
Slide 32: Free Cash Flow Reconciliation
all Free Cash Flow Reconciliation ($ in millions) CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES Acquisition of intangible assets, property and equipment Disposal of intangibles assets, property and equipment FREE CASH FLOW
Slide 33: Q4 2025 Outlook Total Expenses Bridge
Q4 2025 Outlook Total Expenses Bridge Q3'25 Expenses Planned Q3 Lower Bad Marketing Social Charges Return to Q4'25 Expenses Growth Debt Benefit Product on RSU Office Investments Launch
Slide 34: Contribution ex-TAC Guidance and FX Impact
Q3 2025 Actual FX USD million @ Q3 2024 FX Actual impact Contribution ex-TAC $ 282 $ 6 $ 288 Q4 2025 Guidance* FX Guidance USD million @ Q4 2024 FX impact Midpoint Contribution ex-TAC $ 321 $ 6 $ 328 FY 2025 Guidance* FX USD million @ FY 2024 FX Guidance** impact Contribution ex-TAC $ 1,160 $ 12 $ 1
Slide 35: Currency exposure and FX sensitivity
• ~24% of our Contribution ex-TAC is exposed to EUR, ~9% is exposed to JPY, ~4% is exposed to GBP and ~3% is exposed to KRW • Estimated translation impact of a 1% appreciation of the USD: Est. Impact on Est. Impact Contribution ex-TAC on Expenses ($M) ($M) Q4’25 Q4’25 EUR/USD Guidance rate* Variance
Slide 36: Supplemental Information - Media Spend in Retail Media
© Supplemental Information - Media Spend in Retail Media * In Q4'24, we streamlined our media spend methodology for Retail Media. * In Retail Media, our updated media spend methodology focuses exclusively on the working media spend allocated to Retail Media campaigns, whereas the previous methodolog