Criteo S.A. (NASDAQ: CRTO)

Criteo S. A. connects the global commerce ecosystem for brands, agencies, retailers, and media owners to drive measurable business outcomes. Powered by artificial intelligence and informed by $1 trillion in annual commerce transactions, its technology enables discovery, engagement, and conversion across the shopper journey. The company reaches shoppers wherever they are with personalized advertising and delivers the outcomes that matter most to marketers and media owners. Its platform combines scalable commerce data, broad media access, and predictive AI to serve approximately 17,000 clients worldwide, supporting full funnel campaigns from awareness to purchase and loyalty.

Criteo generates revenue through its Performance Media and Retail Media segments. In Performance Media, it sells advertising inventory on a cost per thousand impressions basis, acquiring impressions via direct publisher relationships and real time bidding exchanges, and offers solutions such as Commerce Max, Commerce Growth, and the self service GO platform. In Retail Media, it enables retailers to monetize their digital inventory by providing demand side tools for brands and supply side services for publishers, charging negotiated SSP fees, technology fees, and DSP fees. In 2025, Criteo powered over $39 billion in commerce outcomes, activated more than $4.3 billion of media spend, and delivered about 2 trillion targeted ads. The business benefits from a client retention rate that has remained near 90% for the last three years.

The company operates through the following segments: Performance Media and Retail Media.

• Performance Media enables advertisers to reach and convert consumers across channels through commerce activation and monetization services. It helps brands and agencies achieve measurable results across the full funnel from discovery to conversion and retention using outcome based advertising powered by the AI driven Commerce Growth managed service solution and the self service GO platform. Objectives include driving brand and product discovery, attracting qualified traffic to client touchpoints on the open internet, increasing conversion and sales via personalized ads informed by commerce data, and strengthening loyalty by reengaging shoppers with relevant product recommendations.

• Retail Media enables retailers to generate ad revenue from brands and agencies. It connects brands to shoppers at the digital point of sale through personalized ads on retailer websites and across the open internet. Retailers receive access to the company’s technology platform to monetize ad inventory directly with consumer brands. Agencies and brands use its demand tools to plan, activate and measure campaigns with closed loop attribution. Partnerships with Google, Microsoft and Mirakl expand access to demand. The model typically charges retailers a negotiated SSP fee and sometimes a technology fee, while brands pay a negotiated DSP fee.

Criteo holds a distinctive position at the intersection of commerce, media, and technology within the digital advertising ecosystem. It competes against large platforms such as Amazon, Meta, Google, and Microsoft; pure play DSPs like The Trade Desk; pure play SSPs such as Magnite or PubMatic; retail focused sellers including Publicis’ CitrusAd; and smaller firms such as Kevel or Koddi. Potential challengers may also come from enterprise marketing suites offered by Adobe, Oracle, and Salesforce. Criteo’s advantage rests on 3 core assets: an extensive actionable commerce data set covering more than 5 billion SKUs; broad cross channel media access reaching roughly 740 million daily users directly and over 3 billion via social networks; and proprietary predictive AI that learns from billions of shopping interactions to optimize bids, creatives and campaign outcomes in real time while complying with GDPR and CCPA.

Criteo’s customer base includes more than 3,500 established brands and agencies and over 12,500 performance marketers concentrated in the retail, travel and marketplaces verticals. On the supply side, it powers the retail media networks of approximately 235 retailers that act as media owners and maintains partnerships with roughly 75% of the top 100 ComScore publishers in its largest markets. About 30% of client relationships are held directly with the client, while the remainder are mediated through advertising agencies or other third parties on the Performance Media side, and roughly 1/3 of Retail Media revenue derives from agency partners. The company operates in 110 countries and has a direct presence through 26 offices in 19 countries.