Criteo (CRTO) Investor presentation summary

Commerce intelligence and strategy

• Platform spans media activation and monetization across Performance Media and Retail Media, supported by 20+ years of commerce-focused AI expertise and ~1,200 R&D and product employees.

• Data foundation includes ~740M daily active users across the open internet, 1T+ annual ecommerce sales, ~5B product SKUs and 3,700 product categories.

• Strategic priorities include scaling AI-powered performance campaigns across channels and the full funnel, advancing self-service and strengthening Retail Media leadership.

• OpenAI is identified as the first AdTech partner for demand integration into ChatGPT advertising across 89 countries; MCP is designed to connect commerce data and tools with AI agents.

Growth initiatives

• Performance Media growth drivers include cross-channel campaigns across open web, CTV, social and AI platforms; broader full-funnel capabilities; and self-service automation through GO.

• A global travel platform CTV campaign recorded 61x return on ad spend and 9% lower cost per acquisition; Q4 2026 CTV run rate was on track to double Q3.

• ChatGPT ad examples showed +118% relevance with Prompt Smart Ads, +183% site landings and +15% time spent per visit among ad-exposed users.

• More than 50% of small-client campaigns globally now run through GO; GO represented a third of Commerce Growth clients and 10% of Commerce Growth revenue.

• Retail Media growth levers include expanding retailer supply, inventory and formats, adding demand sources, and enabling multi-retailer buying, measurement and insights.

Q3 performance and 2026 outlook

• Q3 Retail Media spend was $560M, up 22% YoY at constant currency; contribution ex-TAC was $51M, including a $20M headwind from previously communicated scope changes with two clients.

• Excluding those clients, underlying Retail Media contribution ex-TAC grew 10% in Q3; same-retailer contribution ex-TAC retention was 119%, excluding the largest retailer client.

• Q3 Performance Media spend was $597M, down 1% YoY at constant currency, while contribution ex-TAC was $189M, down 13%; Commerce Growth spend fell 7%.

• FY 2026 contribution ex-TAC guidance is a 10%–12% decline at constant currency, or a mid-single-digit underlying decline excluding a $75M Retail Media headwind; adjusted EBITDA margin is expected at ~30%.

• Q4 2026 contribution ex-TAC guidance is $292M–$298M, down 9%–11% at constant currency; adjusted EBITDA is guided to $105M–$111M.