Criteo SA · NASDAQ:CRTO
Criteo SA — Q2 2025 Earnings Presentation
30 slides from Criteo SA's earnings presentation, Jul 30, 2025
Slide 1: Q2 2025 Earnings Investor Presentation
Q2 2025 Earnings Investor Presentation July 30, 2025
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 Have a Leading Commerce Media Platform
We Have a Leading Commerce Media Platform RETAIL MEDIA RETAIL MEDIA Commerce Media Demand Side Platform Commerce Media Monetization Platform for enterprise brands, retailers and agencies for enterprise retailers and marketplaces PERFORMANCE MEDIA PERFORMANCE MEDIA Commerce Outcomes for performance C
Slide 5: We Are Building for the Agentic Future
We Are Building for the Agentic Future PROMPT-BASED PRODUCT 4.5 Billion RECOMMENDATIONS Product SKUs Enabling AI assistants and agents to COMMERCE AI IS AT THE CORE OF deliver precise, real-time EVERYTHING WE DO 1 Trillion+ recommendations with reinforcement loop Annual Ecommerce Transactions SMARTE
Slide 6: We Delivered Strong Performance in Q2 2025
Commerce Media We Delivered Strong Retail Media + Performance in Q2 2025 Performance Media • $292M in Contribution ex-TAC, up 7% YoY • Performance Media up 6% YoY, driven by strong momentum in Commerce Audiences and improving Retargeting trends • Retail Media up 11% YoY1 • Achieved adj. EBITDA margi
Slide 7: We Drive Performance Throughout the Entire Buyer Journey
We Drive Performance Throughout the DEFINE Entire Buyer Journey YOUR GOAL SET YOUR BUDGET AI-Powered Automated Campaigns from product discovery to purchase. Discovery +200% sequential increase in campaign volume DESIGN YOUR AD GO! uses AI to automate campaign setup and optimization while integrating
Slide 8: 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. Introduce new relevant customers to Easily activate audience-first
Slide 9: We Continue to Strengthen our Leadership in Retail Media
We Continue to Strengthen our Leadership in Retail Media Leading Footprint Criteo vs. the Market1 (Q4 2023 = 100) Over 200+ retailers, incl. 70% of Top 30 U.S. & 50% of Top 30 EMEA retailers 4,000+ Global brands Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 ~$398M in media spend, up 20% YoY Criteo Marke
Slide 10: Financial & Operational Update
Financial & Operational Update Sarah Glickman Chief Financial Officer 10
Slide 11: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights % YoY vs. Guidance Media Spend1 $1,009M 0%2 Revenue $483M 0%2 Contribution ex-TAC $292M +7%2 Above Gross Profit $258M +11% Adj. EBITDA $89M -4% Above Net Income $23M -18% Diluted EPS $0.39 -15% Non-GAAP Diluted EPS $0.92 -15% Free Cash Flow3 $(36)M NM 1. Media spend is d
Slide 12: We Delivered Solid Performance Across our Business in Q2
We Delivered Solid Performance Across our Business in Q2 KEY Client retention close Over a third of media ~40% of our live clients DRIVERS to 90% spend activated use more than one through agencies Criteo solution RETAIL MEDIA PERFORMANCE MEDIA • $398M in media spend1, up +20%2 YoY $612M in media spe
Slide 13: Robust Balance Sheet, Cash and Liquidity Position
Robust Balance Sheet, Cash and Liquidity Position Financial flexibility to support organic growth investments, M&A and share repurchase program FREE CASH FLOW CASH & CASH BALANCE SHEET - ($M) EQUIVALENTS ($M) TOTAL ASSETS ($M) ~$746M1 total financial liquidity and no YTD FCF of $9M, reflecting long-
Slide 14: 2025 Outlook
2025 Outlook BACKDROP: Better-than-expected Q2 performance, uncertain macroeconomic environment and financial discipline FY 2025 Q3 2025 Targeting +3% to +4% growth $277M to $283M, or +5% to +7% at constant at constant currency currency Contribution • Resilient business model; continued traction of
Slide 15: Why Invest in CRTO?
Why Invest in CRTO? 1 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 2 Sustainable competitive advantage from global scale and inte
Slide 16: Appendix
Xo y Appendix 16
Slide 17: Segment Reporting - Definitions
Segment Reporting - Definitions PERFORMANCE MEDIA RETAIL MEDIA This segment encompasses our targeting capabilities and This segment encompasses revenue generated from supply and AdTech services. brands, agencies and retailers for the purchase and sale of retail media digital advertising inventory, a
Slide 18: Criteo by the Numbers
Criteo by the Numbers $4.3 billion ~17,000 ~70% ~75% annual media spend1 clients of top-30 U.S. & ~50% of top 100 ComScore of top-30 EMEA retailers2 publishers in largest markets ~$1+ trillion ~720 million ~70% ~$31 billion ecommerce sales of web DAUs addressable Daily Active Users (DAUs) through di
Slide 19: Industry Recognitions
Industry Recognitions Criteo was named one of the 9 Notable Large Size Criteo was named as a Major Player in the “IDC Vendors in The Creative Advertising Technologies MarketScape: Worldwide Demand-Side Platforms Criteo recognized as a Representative Landscape Report, Q2 2024. 2023”2 Criteo was named
Slide 20: Retail Media Footprint in the Americas
Retail Media Footprint in the Americas WE ARE THE RETAIL MEDIA PARTNER OF CHOICE ~70% 2 years Top 30 U.S. Retailers1 Average contract duration2 Note: We partner with many of our retailer clients in a white label capacity 20 1. Retailers in our largest markets that have a monetization program, exclud
Slide 21: Retail Media Footprint in EMEA
Retail Media Footprint in EMEA WE ARE THE RETAIL MEDIA PARTNER OF CHOICE ~50% 1.7 years Top 30 EMEA Retailers1 Average contract duration2 Note: We partner with many of our retailer clients in a white label capacity 21 1. Retailers in our largest markets that have a monetization program, excluding Am
Slide 22: Retail Media Footprint in APAC
Retail Media Footprint in APAC WE ARE QUICKLY GROWING OUR FOOTPRINT 22 Note: We partner with many of our retailer clients in a white label capacity
Slide 23: Contribution ex-TAC by Segment
Contribution ex-TAC by Segment Contribution ex-TAC YoY1 Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 Q4’23 Q3’23 Q2’23 Q1’23 in $m RETAIL MEDIA +11% 60.0 58.8 90.2 59.6 53.9 50.2 74.2 48.4 43.5 37.4 PERFORMANCE MEDIA +6% 232.1 205.6 244.2 206.5 213.2 203.7 242.2 197.0 196.7 183.3 TOTAL 7% 292.1 264.4 334.4 2
Slide 24: Contribution ex-TAC Reconciliation
Contribution ex-TAC Reconciliation $ in millions Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 $ in millions 2024 2023 Gross Profit 258.5 237.0 301.0 231.9 232.8 217.2 Gross Profit 983.0 863.0 Other Cost Other Cost of 33.6 27.4 33.4 34.2 34.2 36.7 138.5 159.6 of Revenue Revenue Contribution Contribution 292.1
Slide 25: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $ in millions Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 2024 2023 Net income 22.9 40.0 71.9 6.1 28.1 8.6 114.7 54.6 Adjustments: Financial & other income 1.8 (1.9) (2.2) - 0.3 (1.2) (3.1) 2.8 Provision for income taxes 5.7 10.5 24.8 3.5 8.6 3.0 39.8 20.1 Equity related compe
Slide 26: Adjusted Net Income and Diluted EPS Reconciliation
Adjusted Net Income and Diluted EPS Reconciliation $ in millions Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 2024 2023 Net income 22.9 40.0 71.9 6.1 28.1 8.6 114.7 54.6 Adjustments: Equity related compensation1 21.5 15.9 21.7 34.9 21.9 27.3 105.7 99.2 Amortization of acquisition-related intangible assets 9.
Slide 27: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) Q2’25 Q2’24 2024 2023 CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES (1.4) 17.2 258.2 224.2 Acquisition of intangible assets, property and equipment (35.3) (23.7) (78.1) (116.1) Disposal of intangibles assets, property 0.4 2.6 1.5 (1.8) and equipment F
Slide 28: Foreign Exchange Impact
Foreign Exchange Impact Q2 2025 Actual USD milion @ @2.2024 FX | Actual impact Contribution ex-TAC $ 286 ES 6 BS 292 Q3 2025 Guidance* _ FX Guidance USD million @ Q3 2024 FX impact Midpoint Contribution ex-TAC $ 231 (1) RS 280 FY 2025 Guidance* USD million @ FY 2024 FX ee Guidance** impact Contribut
Slide 29: Foreign Exchange Sensitivity Analysis
Foreign Exchange Sensitivity Analysis • ~23% 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: Estimated Impact on Estimated Impact on Contribution ex-TAC ($M) Expenses
Slide 30: 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 methodology