Criteo SA · NASDAQ:CRTO
Criteo SA — Q4 2025 Earnings Presentation
40 slides from Criteo SA's earnings presentation, Feb 11, 2026
Slide 1: Q4 & Full Year 2025 Earnings Investor Presentation
Q4 & Full Year 2025 Earnings Investor Presentation February 11, 2026
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: 2025 Performance & 2026 Priorities
2025 Performance & 2026 Priorities Michael Komasinski Chief Executive Officer 3
Slide 4: Positioning Criteo for the Next Phase of Growth
Positioning Criteo for the Commerce Intelligence Across Channels Next Phase of Growth • Lead in agentic commerce Video & CTV Retail Media • Scale our AI-powered performance AI-Powered engine across channels, the full Open Web Assistants funnel, and self-service Social In-App • Strengthen Retail Medi
Slide 5: We Are Building for the Agentic Future
We Are Building for the Agentic Future OUR FOCUS AGENTIC COMMERCE 5 Billion RECOMMENDATION SERVICE Product SKUs Enabling AI assistants and agents to OUR COMMERCE AI FOUNDATION deliver precise, real-time recommendations with 1 Trillion+ reinforcement loop Annual Ecommerce COMMERCE DATA AT SCALE Trans
Slide 6: Introducing Agentic Commerce Solutions
Introducing Agentic Commerce Solutions Agentic Commerce Recommendation Service Conversational Shopping Experiences for AI assistants for retailers and brands 6
Slide 7: Ensuring Seamless Interoperability with Our MCP Framework
Ensuring Seamless Interoperability with Our MCP Framework 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
Slide 8: Embedding Agentic Capabilities Across Our Solutions
Embedding Agentic Capabilities Across Our Solutions Audience Agent Insights Agent 8
Slide 9: Scaling Our Performance Engine
Scaling Our Performance Engine CROSS-CHANNEL FULL-FUNNEL SELF-SERVICE AI-powered performance Augmented suite of Outcome-based commerce campaigns for acquisition commerce discovery automation with multi- and retention goals across capabilities, including channel reach, gen AI- open web, social and re
Slide 10: We Drive Performance Throughout the Entire Buyer Journey
We Drive Performance Throughout the DEFINE YOUR Entire Buyer Journey GOAL SET YOUR BUDGET AI-Powered Automated Campaigns from product discovery to purchase. Discovery 1 in 2 campaigns now going through GO! for small clients DESIGN in the U.S. YOUR AD GO! uses AI to automate campaign setup and optimi
Slide 11: We Continue to Strengthen Our Leadership in Retail Media
We Continue to Strengthen Our Leadership in Retail Media Leading Footprint Traction with New Formats Over 235 retailers, incl. 70% of Top 30 U.S. • Continued strong adoption of auction-based display with & 50% of Top 30 EMEA retailers +65% growth in media spend in Q4 and 49 live retailers 4,100 Glob
Slide 12: We Delivered Solid Performance in 2025
Commerce Media We Delivered Solid Retail Media + Performance Media Performance in 2025 • $1.2B in Contribution ex-TAC1, up +3.5% YoY2 • Performance Media up +4% YoY2, driven by strong momentum in cross channel, full funnel activation • Retail Media up +2% YoY2, or +16% when excluding the two clients
Slide 13: Financial & Operational Update
Financial & Operational Update Sarah Glickman Chief Financial Officer 13
Slide 14: 2025 Financial Highlights
2025 Financial Highlights % YoY vs. Guidance Media Spend1 $4,330M +3%2 Revenue $1,945M -0.5%2 Contribution ex-TAC $1,175M +3.5%2 In line Gross Profit $1,049M +7% Adj. EBITDA $407M +4% Above Net Income $149M +30% Diluted EPS $2.64 +39% Non-GAAP Diluted EPS $4.62 +1% Free Cash Flow3 $211M +16% 1. Medi
Slide 15: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights % YoY vs. Guidance Media Spend1 $1,355M +6%2 Revenue $541M -4%2 Contribution ex-TAC3 $330M -4%2 In line Gross Profit $297M -1% Adj. EBITDA $120M -17% Above Net Income $46M -36% Diluted EPS $0.90 -27% Non-GAAP Diluted EPS $1.30 -26% Free Cash Flow4 $134M -8% 1. Media spen
Slide 16: We Delivered Solid Media Spend Growth in Q4
We Delivered Solid Media Spend Growth in Q4 KEY Client retention close ~34% of media spend 42% of our live clients DRIVERS to 90% activated use more than one through agencies Criteo solution RETAIL MEDIA PERFORMANCE MEDIA • $651M in media spend1, up +25%2 YoY $704M in media spend1, down -7%2 YoY • C
Slide 17: Robust Balance Sheet, Cash and Liquidity Position
Robust Balance Sheet, Cash and Liquidity Position Financial flexibility to support organic growth investments, M&A and share repurchase program FREE CASH FLOW CASH & CASH BALANCE SHEET - EQUIVALENTS ($M) TOTAL ASSETS ($M) ($M) ~$891M1 211 389 total financial liquidity and no long-term debt 182 333 2
Slide 18: Consistent Growth in Earnings & Free Cash Flow Per Share
Consistent Growth in Earnings & Free Cash Flow Per Share Adj. Diluted EPS1 FCF/ Share2 $4.57 $4.62 $3.84 $3.10 $3.18 $1.83 2023 2024 2025 2023 2024 2025 1. Adjusted diluted EPS is defined as adjusted net income per weighted average diluted shares outstanding. Please refer to the supplemental financi
Slide 19: 2026 Outlook
2026 Outlook BACKDROP: Low growth reflecting the impact of previously communicated Retail Media client scope reductions; uncertain macroeconomic environment; agentic AI investments and financial discipline FY 2026 Q1 2026 Targeting flat to +2% growth at constant currency $245M to $250M, or -11% to -
Slide 20: Why Invest in CRTO?
Why Invest in CRTO? 1 The leading independent commerce AI 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 commerce data founda
Slide 21: Appendix
Appendix 21
Slide 22: 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 23: 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 ~740 million ~2 trillion ~$39 billion ecommerce sales ads served per year Daily Active Users (DAUs)3 of com
Slide 24: We Have a Leading Commerce Media Platform
We Have a Leading Commerce Media Platform ATION & MONETIZAT TIV RETAIL MEDIA C ION A ASTRUCTU NFR I RE RETAIL MEDIA EL LIGENC N T E I ES ERCE EXPERIENC Commerce Media Demand Side Platform Commerce Media Monetization Platform COM for enterprise brands, retailers and agencies for enterprise retailers
Slide 25: Broad Channel Reach Strengthens Criteo's Market Position
Broad Channel Reach Strengthens Criteo’s Market Position Mix Retail Media Social CTV & OLV Mobile Desktop Note: Q4 2025 media spend mix. This chart does not include AdTech services 25
Slide 26: Industry Recognitions
Industry Recognitions Criteo secured the Leader position in the “IDC MarketScape: Worldwide Retail Media Network Criteo recognized as a Representative Criteo was recognized in the Frost Service Providers 2024”2 Vendor in the July 2024 Gartner* Criteo earned Ecovadis silver Radar : Demand-Side Platfo
Slide 27: 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 27 1. Retailers in our largest markets that have a monetization program, exclud
Slide 28: 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 28 1. Retailers in our largest markets that have a monetization program, excluding Am
Slide 29: Retail Media Footprint in APAC
Retail Media Footprint in APAC WE ARE QUICKLY GROWING OUR FOOTPRINT 29 Note: We partner with many of our retailer clients in a white label capacity
Slide 30: Contribution ex-TAC by Segment
Contribution ex-TAC by Segment Contribution ex-TAC YoY1 Q4’25 Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 Q4’23 Q3’23 Q2’23 Q1’23 in $m RETAIL MEDIA -18% 74.6 66.3 60.0 58.8 90.2 59.6 53.9 50.2 74.2 48.4 43.5 37.4 PERFORMANCE MEDIA +2% 255.4 221.9 232.1 205.6 244.2 206.5 213.2 203.7 242.2 197.0 196.7
Slide 31: Contribution ex-TAC Reconciliation
Contribution ex-TAC Reconciliation $ in millions Q4’25 Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 $ in millions 2025 2024 Gross Profit 297.4 256.5 258.5 237.0 301.0 231.9 232.8 217.2 Gross Profit 1,049.4 983.0 Other Cost Other Cost of 32.6 31.7 33.6 27.4 33.4 34.2 34.2 36.7 125.2 138.5 of Revenue Rev
Slide 32: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation $ in millions Q4’25 Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 2025 2024 Net income 46.4 40.1 22.9 40.0 71.9 6.1 28.1 8.6 149.4 114.7 Adjustments: Financial & other income (0.3) - 1.8 (1.9) (2.2) - 0.3 (1.2) (0.5) (3.1) Provision for income taxes 26.5 11.5 5.7 10.5 24.8
Slide 33: Adjusted Net Income and Diluted EPS Reconciliation
Adjusted Net Income and Diluted EPS Reconciliation $ in millions Q4’25 Q3’25 Q2’25 Q1’25 Q4’24 Q3’24 Q2’24 Q1’24 2025 2024 Net income 46.4 40.1 22.9 40.0 71.9 6.1 28.1 8.6 149.4 114.7 Adjustments: Equity related compensation1 7.1 15.1 21.5 15.9 21.7 34.9 21.9 27.3 59.6 105.7 Amortization of acquisit
Slide 34: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ in millions) Q4’25 Q4’24 2025 2024 CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES 160.7 169.5 311.2 258.2 Acquisition of intangible assets, property and equipment (27.4) (24.2) (102.7) (78.1) Disposal of intangibles assets, property 0.9 0.8 2.0 1.5 and equipment FR
Slide 35: Q1 2026 Outlook Total Expenses Bridge
Q1 2026 Outlook Total Expenses Bridge Year-over-year key drivers based on midpoint of Q1 2026 guidance ($M) $9 $2 $195 $12 $172 Q1'25 Expenses FX Headwind Growth Return to Q1'26 Expenses Investments Office Net of Productivity 1 1. Investments include agentic AI and data capabilities, growth initiati
Slide 36: 2026 Outlook Adj. EBITDA Margin Bridge
2026 Outlook Adj. EBITDA Margin Bridge Year-over-year bridge based on midpoint of 2026 guidance 80 bps 90 bps 170 bps 34.6% -260 bps 33.0% -80 bps -160 bps 2 2025 Adj. EBITDA CexT Growth incl. 2025 Global Cost Growth Return to Other 2026E Adj. EBITDA Margin RM headwinds Event Efficiencies Investment
Slide 37: 2026 Additional Modeling Assumptions
2026 Additional Modeling Assumptions • The first quarter is expected to mark the low point for Contribution ex-TAC and adjusted EBITDA, with sequential improvement through the year and a return to Contribution ex-TAC growth in the second half for the consolidated business and in the fourth quarter f
Slide 38: Foreign Exchange Impact
Foreign Exchange Impact Q4 2025 Actual USD million Contribution ex-TAC Q1 2026 Guidance* ae Guidance USD million @ Q4 2025 FX Midpoint Contribution ex-TAC $ 238 $ 247 FY 2026 Guidance* USD million @ FY 2025 FX Guidance Contribution ex-TAC $ 1,186 $ 1,195 * Based on FX assumptions for Q] 2026 and Fis
Slide 39: Foreign Exchange Sensitivity Analysis
Foreign Exchange Sensitivity Analysis • ~28% of our Contribution ex-TAC is exposed to EUR, ~12% is exposed to JPY, ~5% is exposed to GBP and ~3% is exposed to KRW in Q1 2026 • Estimated translation impact of a 1% appreciation of the USD: Estimated Impact on Estimated Impact on Contribution ex-TAC ($
Slide 40: 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