Q4 2025 Criteo SA Earnings Call Transcript
Key Points
- Criteo SA (CRTO) delivered record results in 2025 with strong margins and robust cash flow generation, achieving a revenue of $1.9 billion and a contribution ex-TAC growth of 3.5% at constant currency.
- The company has a unique commerce Data Foundation, providing visibility into over $1 trillion in e-commerce transactions annually, which supports its AI-driven performance engine.
- Criteo SA (CRTO) is prioritizing agentic commerce, developing an agentic commerce recommendation service that has shown a 60% uplift in prioritizing products most likely to be purchased.
- The company is expanding its self-service offerings with the launch of 'Go', an AI-powered automation and optimization tool set, which is expected to drive significant growth among small and medium-sized business advertisers.
- Retail media remains a growth engine for Criteo SA (CRTO), with a leadership position and unmatched supply at scale, including partnerships with 70% of the top 30 retailers in the US.
- Criteo SA (CRTO) anticipates low overall growth in 2026 due to retail media client scope reductions, with a $75 million headwind impacting contribution ex-TAC.
- The company is experiencing lower spend in certain categories, including fashion and department stores in the US, which are expected to continue into 2026.
- There is a mixed issue in retail media as the company continues to add more display advertising, which typically has a lower take rate than on-site sponsored ads.
- Criteo SA (CRTO) has not yet monetized its agentic commerce initiatives, and its financial outlook does not assume any revenue contributions from these early-stage initiatives.
- The company faces a foreign exchange headwind on its euro-based costs, impacting its adjusted EBITDA margin expectations for 2026.
Good morning and welcome to Criteo's fourth-quarter and fiscal year 2025 earnings call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Melanie Dambre, Senior Vice President, Investor Relations and Corporate Communications. Please go ahead.
Good morning everyone and welcome to Criteo's fourth quarter and fiscal year 2025 earnings call. Joining us on the tour 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 IR website now as well as our prepared remarks and transcripts 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 judgment, assumptions, and analysis as of today.
Our actual results may
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