Criteo SA · NASDAQ:CRTO
Criteo SA — Q3 2026 Earnings Presentation
35 slides from Criteo SA's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Earnings Investor Presentation
Q3 2026 EARNINGS INVESTOR PRESENTATION NOVEMBER 4, 2026 1
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 2026 Priorities
PROGRESS ON 2026 PRIORITIES MICHAEL KOMASINSKI CHIEF EXECUTIVE OFFICER 3
Slide 4: Executing Against Our Strategic Priorities
EXECUTING AGAINST OUR STRATEGIC PRIORITIES VIDEO & CTV COMMERCE INTELLIGENCE AI-POWERED ASSISTANTS ACROSS CHANNELS • Lead in agentic AI and AI- SOCIAL assisted commerce, including our OpenAI partnership RETAIL MEDIA • Scale our AI-powered performance engine IN-APP across channels, the full funnel, a
Slide 5: Commerce Intelligence Is the Foundation of Our Strategy
COMMERCE INTELLIGENCE IS THE FOUNDATION OF OUR STRATEGY 5 Billion OUR FOCUS Product SKUs AI PLATFORM ADVERTISING 1 Trillion+ OpenAI’s first AdTech partner, Annual integrating our demand into Ecommerce ChatGPT’s advertising offering COMMERCE DATA AT SCALE Sales Leverage granular, real-time, normalize
Slide 6: We Expand Performance into CTV
WE EXPAND PERFORMANCE INTO CTV PERFORMANCE CTV EXPANDING GLOBALLY We connect CTV reach to high-intent commerce audiences, cross-channel activation, and measurable business outcomes Recent Global Travel Platform Campaign On track to double our Q3 CTV run rate in Q4 61x CTV connected to commerce intel
Slide 7: We Help Clients Win Discovery in AI Platforms
WE HELP CLIENTS WIN DISCOVERY IN AI PLATFORMS FIRST ADVERTISING TECHNOLOGY PARTNER Demand integration with OpenAI’s advertising offering in 89 countries COMMERCE AUDIENCES Start with the highest-value shoppers using Criteo’s deterministic Commerce Graph +118% +15% Boost in Time spent per relevance u
Slide 8: We Simplify Performance Advertising with GO
WE SIMPLIFY PERFORMANCE ADVERTISING WITH GO DEFINE YOUR GOAL AI-powered automated SET YOUR campaigns from product BUDGET discovery to purchase FULL-FUNNEL Over 50% of campaigns now going AUTOMATED through GO for small clients globally DESIGN YOUR AD GOAL-BASED A third of Commerce Growth clients CROS
Slide 9: We Facilitate Seamless Interoperability Through MCP
WE FACILITATE SEAMLESS INTEROPERABILITY THROUGH MCP User Prompt Agent & Chat Interfaces Criteo MCP Criteo Assets "Launch a full funnel Agents campaign with a $1M • Audience creation budget to increase sales • Insights of our new laptop, • Campaign creation premium inventory only" Agency custom agent
Slide 10: Scaling Retail Media Leadership Across a Diverse Client Base
SCALING RETAIL MEDIA LEADERSHIP ACROSS A DIVERSE CLIENT BASE LEADING FOOTPRINT TRACTION WITH NEW FORMATS Retailers adopting auction-based ~235 95+ display in Q3’26, 2x the number at the start of the year Retailers, including 75% of Top 30 U.S. & 40% of Top 50 EMEA retailers Bringing sponsored recomm
Slide 11: We Power Retailer AI Assistant Ads
WE POWER RETAILER AI ASSISTANT ADS Benefit from a seamless, relevant discovery For shoppers, discover relevant products naturally through conversation Reach Shoppers at high-intent moments For brands, engage shoppers as they explore, compare, and decide Monetize AI-driven discovery For retailers, un
Slide 12: Financial and Operational Update
FINANCIAL AND OPERATIONAL UPDATE CONNOR MCGOGNEY CHIEF FINANCIAL OFFICER 12
Slide 13: Q3 2026 Financial Highlights
Q3 2026 FINANCIAL HIGHLIGHTS % YoY vs. Guidance Media Spend1 $1,157M +9%2 Revenue $416M -10%2 Gross Profit $208M -19% Contribution ex-TAC3 $240M -15%2 In-line Net Income $6M -85% Adj. EBITDA $65M -39% Above Diluted EPS $0.11 -84% Non-GAAP Diluted EPS $0.43 -67% Free Cash Flow4 $21M -69% 1. Media spe
Slide 14: We Delivered Solid Media Spend Growth in Q3
WE DELIVERED SOLID MEDIA SPEND GROWTH IN Q3 KEY Client retention +4% increase in media +13% increase in DRIVERS: close to 90% spend activated Performance Media through agencies new business spend RETAIL MEDIA PERFORMANCE MEDIA $560M in media spend1, up +22%2 YoY $597M in media spend1, down -1%2
Slide 15: Robust Balance Sheet, Cash, and Liquidity Position
ROBUST BALANCE SHEET, CASH, AND LIQUIDITY POSITION Financial flexibility to support organic growth investments, M&A and share repurchase program FREE CASH FLOW CASH & CASH BALANCE SHEET - ($M) EQUIVALENTS ($M) TOTAL ASSETS ($M) ~$788M1 389 total financial liquidity YTD FCF of $(0.4)M, 2,201 2,035 an
Slide 16: 2026 Outlook
2026 OUTLOOK BACKDROP: prudent macroeconomic assumptions; previously communicated scope reductions for two Retail Media clients; continued investment in growth balanced with financial discipline FY 2026 Q4 2026 -12% to -10% decline at constant currency $292M to $298M, or -11% to -9% at constant curr
Slide 17: Why Invest in Criteo
WHY INVEST IN CRITEO KEY POINTS The leading independent commerce Strong cash generation, no long- 01 intelligence platform delivering cross-channel, 05 term debt, flexibility to invest for full-funnel, self-service advertising that drives growth measurable outcomes and addresses the largest secular
Slide 18: Appendix
APPENDIX 18
Slide 19: Segment Reporting - Definitions
SEGMENT REPORTING - DEFINITIONS PERFORMANCE MEDIA RETAIL MEDIA This segment encompasses our targeting capabilities This segment encompasses revenue generated from brands, and supply and AdTech services agencies and retailers for the purchase and sale of retail media digital advertising inventory, au
Slide 20: Criteo by the Numbers
CRITEO BY THE NUMBERS $4.6 billion ~17,000 ~75% ~75% annual media spend1 clients of top-30 U.S. & ~40% of top 100 ComScore of top-50 EMEA retailers2 publishers in largest markets ~$1+ trillion ~740 million ~2 trillion ~$39 billion ecommerce sales Daily Active Users (DAUs)3 ads served per year of com
Slide 21: We Have a Leading Commerce Intelligence Platform
WE HAVE A LEADING COMMERCE INTELLIGENCE PLATFORM RETAIL MEDIA RETAIL MEDIA Commerce Media Demand Solution for enterprise Commerce Media Monetization Platform brands, retailers and agencies for enterprise retailers and marketplaces PERFORMANCE MEDIA PERFORMANCE MEDIA Commerce Outcomes for performance
Slide 22: Broad Channel Reach Strengthens Criteo's Market Position
BROAD CHANNEL REACH STRENGTHENS CRITEO’S MARKET POSITION Retail Media Social AI Platforms CTV & OLV Mobile Desktop Note: Q3 2026 media spend mix. This chart does not include AdTech Services 22
Slide 23: Commerce Growth Diversified Mix
COMMERCE GROWTH DIVERSIFIED MIX LTM GLOBAL MEDIA SPEND BY VERTICAL LTM GLOBAL SPEND BY CLIENT TYPE LTM GLOBAL MEDIA SPEND BY REGION Marketplaces Travel Large Mid-sized Small Americas APAC EMEA Fashion Department stores Other retail 23
Slide 24: Industry Recognitions
INDUSTRY RECOGNITIONS Criteo’s CEO, Michael Komasinski, was named in Criteo was featured in The Omnichannel ADWEEK’s AI Power 50 Advertising Platforms Landscape, Q4 '25. in 2026 Criteo was named one of the 9 Notable Criteo won a 2026 Ragan Criteo was named Leader in the SPARK Large Size Vendors in T
Slide 25: Retail Media Footprint in the Americas
RETAIL MEDIA FOOTPRINT IN THE AMERICAS We are the retail media partner of choice ~75% 2 years Top 30 U.S. Retailers1 Average contract duration2 Note: We partner with many of our retailer clients in a white label capacity 1. Retailers in our largest markets that have a monetization program, excluding
Slide 26: Retail Media Footprint in EMEA
RETAIL MEDIA FOOTPRINT IN EMEA We are the retail media partner of choice ~40% 2 years Top 50 EMEA Retailers1 Average contract duration2 Note: We partner with many of our retailer clients in a white label capacity 1. Retailers in our largest markets that have a monetization program, excluding Amazon
Slide 27: Retail Media Footprint in APAC
RETAIL MEDIA FOOTPRINT IN APAC We continue to grow our footprint Note: We partner with many of our retailer clients in a white label capacity 27
Slide 28: Contribution ex-TAC Segment
CONTRIBUTION EX-TAC SEGMENT Contribution ex-TAC YoY1 Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Q1’25 in $m RETAIL MEDIA -23% 50.9 47.2 40.6 74.6 66.3 60.0 58.8 PERFORMANCE MEDIA -13% 189.4 208.3 209.8 255.4 221.9 232.1 205.6 TOTAL -15% 240.4 255.5 250.4 330.0 288.1 292.1 264.4 1. At constant currency 28
Slide 29: Contribution ex-TAC Reconciliation
CONTRIBUTION EX-TAC RECONCILIATION $ in millions Q3’26 Q2’26 Q1’26 2025 Q4’25 Q3’25 Q2’25 Q1’25 Gross Profit 207.7 222.2 222.7 1,049.4 297.4 256.5 258.5 237.0 Other Cost 32.7 33.3 27.6 125.2 32.6 31.7 33.6 27.4 of Revenue Contribution 240.4 255.5 250.4 1,174.6 330.0 288.1 292.1 264.4 ex-TAC 29
Slide 30: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION $ in millions Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Q1’25 2025 Net income 6.1 11.8 8.6 46.4 40.1 22.9 40.0 149.4 Adjustments: Financial expense (income) (1.1) (0.3) (1.9) (0.3) - 1.8 (1.9) (0.5) Provision for income taxes 15.9 3.6 3.7 26.5 11.5 5.7 10.5 54.2 Equity relat
Slide 31: Adjusted Net Income and Diluted EPS Reconciliation
ADJUSTED NET INCOME AND DILUTED EPS RECONCILIATION $ in millions Q3’26 Q2’26 Q1’26 Q4’25 Q3’25 Q2’25 Q1’25 2025 Net income 6.1 11.8 8.6 46.4 40.1 22.9 40.0 149.4 Adjustments: Equity related compensation and related social contribution 9.1 16.6 13.8 7.1 15.1 21.5 15.9 59.6 expenses1 Amortization of a
Slide 32: Free Cash Flow Reconciliation
FREE CASH FLOW RECONCILIATION ($ in millions) Q3’26 Q3’25 2025 CASH PROVIDED BY OPERATING ACTIVITIES 56.9 89.6 311.2 Acquisition of intangible assets, property and equipment (35.8) (23.0) (102.7) Disposal of intangible assets, property - 0.7 2.0 and equipment FREE CASH FLOW 21.1 67.3 210.5 32
Slide 33: 2026 Additional Modeling Assumptions
2026 ADDITIONAL MODELING ASSUMPTIONS • Retail Media 2026 headwind assumptions reflect previously • We continue to expect higher CAPEX in 2026 compared to communicated scope changes with two Retail Media clients: 2025, primarily related to the renewal of two large data centers $180M Q1’26 Q2’26 Q3’26
Slide 34: Foreign Exchange Impact
7 FOREIGN EXCHANGE IMPACT Q3 2026 Actual USD million @ Q3 2025 FX ee Actual impact Contribution ex-TAC $ 244.6 FECES) $ 240.4 Q4 2026 Guidance* USD milion @ @4 2025 Fx MO Cuidance impact Midpoint Contribution ex-TAC $ 297.7 FEC) $ 295.0 FY 2026 Guidance* USD million @ FY 2025 FX Guidance** Contribut
Slide 35: Foreign Exchange Sensitivity Analysis
FOREIGN EXCHANGE SENSITIVITY ANALYSIS • ~24% of our Contribution ex-TAC is exposed to EUR, ~9% is exposed to JPY, ~5% is exposed to GBP and ~3% is exposed to KRW in Q3 2026 • Estimated translation impact of a 1% appreciation of the USD: Estimated Impact on Estimated Impact on Contribution ex-TAC ($M