Criteo Stock Price, News & Analysis

Criteo S.A. (NASDAQ: CRTO) operates in the information sector as a software publisher and ad-tech company focused on digital advertising and commerce media. According to company disclosures, Criteo describes itself as “the global platform connecting the commerce ecosystem for brands, agencies, retailers, and media owners.” Its AI-powered advertising platform is positioned at the intersection of advertising and commerce, with access to more than $1 trillion in annual commerce sales data. This enables Criteo to power connections with shoppers, inspire product discovery, and support highly personalized advertising experiences across digital channels.

Criteo participates in the digital advertising market by providing technology that allows retailer advertisers and other commerce-focused clients to run multichannel and cross-device marketing campaigns in real time. As described in the Polygon company profile, its technology supports real-time return-on-investment analysis of ads so that clients can dynamically adjust their marketing strategies. The firm reports two main operating segments: Retail Media and Performance Media. Through these segments, Criteo works with brands, agencies, retailers, and media owners to help them drive measurable performance and growth from their advertising investments.

Business Model and Segments

Criteo’s business model centers on providing an AI-powered advertising platform and related tools that connect advertisers with commerce audiences. The company states that it serves thousands of clients and partnerships spanning global retail to digital commerce. Within this model, Criteo’s technology enables clients to activate media spend, analyze performance, and optimize campaigns across channels.

The company identifies two reportable segments in its disclosures:

• Retail Media – Focused on helping retailers and their brand partners monetize and manage advertising on and around retail properties. Criteo’s technology allows retailers to manage ad inventories and improve yield optimization, and its retail media offering is used by brands and agencies to reach shoppers near the point of purchase. Company communications reference a global network of over 200 retailers, and other partners have cited Criteo’s connections to more than 225 retailers.
• Performance Media – Concentrated on performance-driven advertising solutions that help advertisers drive measurable outcomes across the buyer journey. Criteo has highlighted its ability to deliver measurable performance across channels and to use commerce data and AI to support performance-led campaigns.

Across these segments, Criteo emphasizes measurable outcomes, commerce data, and AI as core elements of its value proposition. The company’s platform supports media spend for Retail Media and Performance Media clients and provides tools for campaign creation, optimization, and reporting.

Technology and AI-Powered Advertising Platform

Criteo repeatedly describes its offering as an AI-powered advertising platform with unique access to commerce sales data. This data access underpins the company’s ability to power connections with shoppers and enable personalized advertising experiences. Company statements also refer to leveraging deep commerce data and AI to advance innovation and support what it calls agentic AI in the context of commerce media.

The platform is used to support advertising across multiple formats and channels. In the context of retail media, Criteo has highlighted access to ad formats such as on-site video, display banners, Sponsored Product, and Sponsored Brands, as well as off-site channels across display, video, search, and social through specific partnerships. In addition, integrations with other technology platforms, such as Google’s Search Ads 360, allow advertisers to create, launch, and optimize campaigns across Criteo’s retailer network from within third-party tools.

Commerce Ecosystem and Partnerships

Criteo positions itself as a connector within the broader commerce ecosystem. Its stated customer and partner base includes:

• Brands and agencies that seek measurable performance from digital advertising tied to commerce outcomes.
• Retailers that use Criteo’s technology to manage ad inventory, improve yield optimization, and build or scale retail media programs.
• Media owners that participate in commerce-related advertising opportunities.

The company has announced multi-year and strategic partnerships that illustrate how it operates within this ecosystem. For example, Criteo and DoorDash entered a multi-year partnership under which Criteo serves as an extension of DoorDash’s U.S. ad sales team, giving advertisers access to DoorDash ad formats and additional off-site channels. Another example is Criteo being named Google’s first onsite retail media partner, enabling advertisers using Google Search Ads 360 to access Criteo’s retailer network for onsite sponsored product ads.

Retail Media Network and Integrations

Criteo’s retail media capabilities are supported by a large network of retailer partners. Company communications reference a global network of over 200 retailers, and partners have cited that Criteo works with over 225 retailers globally. This network gives advertisers access to retail media inventory across numerous retail sites and apps, enabling campaigns that reach shoppers close to the point of purchase.

Integrations with third-party platforms are an important aspect of how Criteo’s technology is used. For instance, an integration with an external ad management platform via the Criteo Retail Media API allows advertisers on that platform to create, manage, and optimize campaigns across Criteo’s retail networks, with capabilities such as comprehensive reporting, bulk management, and rule-based automation. These types of integrations highlight how Criteo’s platform can be embedded into broader advertising workflows.

Corporate Structure, Listing, and Redomiciliation Plans

Criteo S.A. is incorporated in France and its American Depositary Shares, each representing one ordinary share, are listed on the Nasdaq Global Select Market under the ticker symbol CRTO. The company has communicated that its ordinary shares are registered in connection with the ADS program. In multiple press releases and SEC filings, Criteo has announced an intention to transfer its legal domicile from France to Luxembourg via a cross-border conversion and to replace its ADS structure with ordinary shares directly listed on Nasdaq. The company has stated that this conversion is expected to be completed in the third quarter of 2026, subject to shareholder approval and other customary conditions.

Following the planned conversion to Luxembourg, Criteo has also indicated an intention to consider a subsequent transfer of its domicile from Luxembourg to the United States if its board determines that such an action is in the best interests of the company and its shareholders, and subject to required consultation processes. These planned changes are described as aimed at simplifying the corporate structure, enhancing capital management flexibility, and aligning its capital markets presence with its long-term strategic ambitions.

Financial Reporting and Non-GAAP Metrics

Criteo files periodic reports and current reports with the U.S. Securities and Exchange Commission. In its financial communications, the company uses both GAAP and non-GAAP metrics. Among the non-GAAP measures it highlights are Contribution ex-TAC, Adjusted EBITDA, Adjusted Net Income, Adjusted diluted EPS, and Free Cash Flow. The company describes Contribution ex-TAC as a profitability measure akin to gross profit, calculated by deducting traffic acquisition costs from revenue and excluding other costs of revenue. Adjusted EBITDA and related metrics are used by management and the board to evaluate core operating performance and trends, and the company provides reconciliations of these non-GAAP measures to the most comparable GAAP measures in its earnings materials.

Criteo also discloses information about media spend activated on behalf of Retail Media and Performance Media clients, which it refers to as media spend, and discusses its financial liquidity position, cash flows, and capital allocation, including share repurchases, in its earnings releases.

Role in the French and Global Technology Ecosystem

In its public statements, Criteo emphasizes its roots and ongoing role in the French technology and AI innovation ecosystem, noting that it remains committed to its teams, offices, and investments in France even as it pursues redomiciliation steps. The company highlights its AI-focused work in commerce media and references an AI Lab and teams in Paris as key drivers of innovation. At the same time, Criteo presents itself as a global platform with ambitions and operations that extend across regions, serving clients and partners in global retail and digital commerce.

FAQs

• What does Criteo S.A. do?
  Criteo S.A. operates as an ad-tech and software company in the digital advertising market. It provides an AI-powered advertising platform that connects brands, agencies, retailers, and media owners across the commerce ecosystem, enabling multichannel and cross-device marketing campaigns and supporting measurable performance outcomes.
• How does Criteo describe its business segments?
  Criteo reports two primary segments: Retail Media and Performance Media. Retail Media focuses on retailer and brand advertising on and around retail properties, while Performance Media concentrates on performance-driven advertising solutions that help advertisers drive measurable results across the buyer journey.
• What is Criteo’s role in retail media?
  Criteo states that it works with a large network of retailers globally, providing technology that allows retailers to manage ad inventory and improve yield optimization. Its retail media platform connects brands and agencies with retail media inventory, enabling advertising near the point of purchase and supporting retailer media programs.
• How does Criteo use AI in its platform?
  Criteo describes its platform as AI-powered and notes that it leverages deep commerce data and AI to power connections with shoppers, inspire discovery, and enable personalized advertising experiences. The company also references advancing innovation in AI and agentic AI to support commerce media.
• On which exchange is Criteo stock listed and under what symbol?
  Criteo’s American Depositary Shares, each representing one ordinary share, are listed on the Nasdaq Global Select Market under the ticker symbol CRTO. The ordinary shares are registered in connection with the ADS program.
• What is Criteo’s planned redomiciliation to Luxembourg?
  Criteo has announced its intention to transfer its legal domicile from France to Luxembourg via a cross-border conversion and to replace its ADS structure with ordinary shares directly listed on Nasdaq. The company has stated that it expects this conversion to be completed in the third quarter of 2026, subject to shareholder approval and other customary conditions.
• Does Criteo plan any further changes to its corporate domicile?
  Following the planned conversion to Luxembourg, Criteo has indicated that it intends to pursue a subsequent transfer of its domicile from Luxembourg to the United States if its board determines that such a move is in the best interests of the company and its shareholders, and subject to required consultation processes.
• What non-GAAP financial measures does Criteo use?
  In its financial communications, Criteo uses non-GAAP measures including Contribution ex-TAC, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted diluted EPS, Free Cash Flow, and Non-GAAP Operating Expenses. The company provides definitions and reconciliations for these measures in its earnings materials.
• Who are Criteo’s typical customers and partners?
  Criteo states that it serves brands, agencies, retailers, and media owners across the commerce ecosystem. It also works with technology partners and platforms, such as DoorDash and Google, through partnerships and integrations that extend the reach and use of its advertising and retail media capabilities.
• How does Criteo support measurable advertising performance?
  Criteo’s technology enables real-time analysis of return on investment for ads, allowing clients to adjust marketing strategies dynamically. The company emphasizes measurable outcomes across channels and uses commerce data and AI to help advertisers evaluate and optimize campaign performance.