Q3 2025 Criteo SA Earnings Call Transcript
Key Points
- Criteo SA (CRTO) reported strong Q3 2025 results with significant operational leverage, driven by top-line growth and disciplined cost management.
- Retail Media continues to be a powerful growth engine, with media spend up 26% year over year, driven by partnerships with Google, Microsoft, and Mirakl.
- The company's Commerce GO! solution is gaining momentum, with one in four campaigns from small clients now running through the platform, expected to double by year-end.
- Criteo SA (CRTO) is expanding its reach in Connected TV (CTV), which is emerging as a new performance channel, representing a significant multi-year growth opportunity.
- The company announced its intention to redomicile to Luxembourg and list its ordinary shares directly on Nasdaq, aiming to unlock significant shareholder value and enhance capital management flexibility.
- Criteo SA (CRTO) faces near-term headwinds in Retail Media, with expectations of lower revenue due to scope changes with two specific clients.
- The company anticipates a temporary impact on growth in 2026 due to the transition of certain large clients and the ramp-up of new clients.
- There is a slower-than-expected ramp-up of some new Retail Media clients, which has created a bit of softness in the quarter.
- Criteo SA (CRTO) expects a low point in Q1 2026 due to one-time revenue from tiered fees in January 2025.
- The company is facing challenges in the US market, with softer but improving trends compared to other regions.
Good morning, and welcome to Criteo's third-quarter 2025 earnings call. (Operator Instructions) Please note, this event is being recorded. And I would now like to turn the conference over to Ms. Melanie Dambre, Vice President, Investor Relations. Thank you. Please go ahead.
Good morning, everyone, and welcome to Criteo's third-quarter 2025 earnings call. Joining us on the call today, Chief Executive Officer, Michael Komasinski; and Chief Financial Officer, Sarah Glickman, are going to share some prepared remarks. Joining us for the Q&A session is Todd Parsons in his role as Chief Product Officer. As usual, you will find our investor presentation on our investor relations website now as well as our prepared remarks and transcript after the call.
Before we get started, I would like to remind you that our remarks will include forward-looking statements, which reflect Criteo's judgments, assumptions, and analysis only as of today. Our actual results may differ materially from current expectations
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