Criteo (CRTO) Investor presentation summary

Strategic positioning and platform capabilities

• Leading independent commerce intelligence platform with cross-channel, full-funnel, self-service advertising solutions addressing major growth trends in advertising, including retail media and AI platforms.

• Sustainable competitive advantage from a vast commerce data foundation, global scale, and integrated solutions, supported by 20+ years of AI expertise.

• Platform serves both media buyers and sellers, reaching ~740M daily active users in 100+ markets, with deep integrations across 4,500+ brands and 12,000 performance marketers and retailers.

• Commerce intelligence strategy leverages real-time, normalized shopping data, advanced recommendation systems, and agentic AI partnerships, including integration with OpenAI's ChatGPT.

• AI-powered performance engine enables acquisition and retention campaigns across open web, social, and AI platforms, with self-service automation and creative capabilities.

Retail media leadership and growth drivers

• Retail media footprint includes 235+ retailers, covering 75% of top 30 U.S. and 40% of top 50 EMEA retailers, and 4,500+ global brands.

• Media spend in retail media reached $527M in Q2 2026, up 31% YoY, with strong adoption of auction-based display and new ad formats like sponsored ads in retailer AI assistants.

• Retail media flywheel drives value by connecting more brands, retailers, and consumers, enhancing personalization and monetization.

• Multiple growth drivers include expanding supply partners, new retailers, formats, geographies, and advanced demand unlocks such as Commerce Max and API partnerships.

Financial performance and outlook

• Strong financial foundation with no long-term debt, $303M in cash, and $767M in liquidity; free cash flow conversion of 52%+ in 2025.

• Contribution ex-TAC grew 3.5% in 2025, expected to decline -12% to -10% in 2026 due to a $75M retail media headwind, but underlying retail media growth projected at high-teens to 20%.

• Adjusted EBITDA margin expected at ~30% in 2026, with focus on margin expansion and solid cash generation.

• $980M in shares repurchased since 2018, with $160M remaining on authorization as of June 2026.