Criteo S.A. (CRTO): Business Model Canvas

In der dynamischen Welt der digitalen Werbung entwickelt sich Criteo S.A. (CRTO) zu einem Kraftpaket personalisierter Marketingtechnologie und revolutioniert die Art und Weise, wie Marken mit Verbrauchern in Kontakt treten, und zwar durch hochmodernes algorithmisches Targeting und leistungsorientierte Lösungen. Durch die Nutzung fortschrittlichen maschinellen Lernens und eines umfassenden globalen Netzwerks von Partnerschaften wandelt Criteo digitale Rohdaten in präzise, ​​geräteübergreifende Werbestrategien um, die beispiellose Marketingeffizienz und Erkenntnisse für Unternehmen in verschiedenen Branchen liefern.

Criteo S.A. (CRTO) – Geschäftsmodell: Wichtige Partnerschaften

Google und große digitale Werbeplattformen

Criteo unterhält strategische Partnerschaften mit wichtigen digitalen Werbeplattformen:

Plattform	Einzelheiten zur Partnerschaft
Google-Marketingplattform	Zertifizierter Marketingpartner mit Zugriff auf die Werbetechnologien von Google
Facebook-Werbung	Integrierte Marketinglösungen für gezielte Werbung

Große E-Commerce- und Einzelhandelstechnologieunternehmen

• Amazon Advertising-Partnerprogramm
• Shopify-Integrationspartner
• Adobe Commerce (Magento) Technologieallianz

Anbieter von Datenmanagement- und Analysetechnologien

Anbieter	Fokus auf Zusammenarbeit
Oracle Data Cloud	Datenanreicherung und Zielgruppenansprache
Nielsen Marketing Cloud	Erweiterte Zielgruppenmessung

Cloud Computing- und Infrastrukturpartner

Primäre Cloud-Infrastrukturpartner:

• Amazon Web Services (AWS)
• Google Cloud-Plattform
• Microsoft Azure

Marketingtechnologie und programmatische Werbenetzwerke

Netzwerk	Umfang der Partnerschaft
Der Handelsschalter	Integration programmatischer Werbung
AppNexus (Teil von Xandr)	Echtzeit-Gebots- und Anzeigenaustauschfunktionen

Criteo S.A. (CRTO) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Pflege personalisierter digitaler Werbealgorithmen

Criteo investierte im Jahr 2022 239,1 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen unterhält eine hochentwickelte algorithmische Infrastruktur, die täglich über 4 Petabyte an Daten verarbeitet.

Metriken für die Algorithmenentwicklung	Statistik 2022
F&E-Investitionen	239,1 Millionen US-Dollar
Tägliche Datenverarbeitung	4+ Petabyte
Modelle für maschinelles Lernen	Über 1.500 aktive Modelle

Erstellen von Echtzeit-Targeting-Lösungen für digitale Werbung

Criteo verarbeitet etwa 2 Milliarden Anzeigenimpressionen pro Tag mit einer Reaktionszeit von weniger als 100 Millisekunden.

• Echtzeit-Gebotsfunktionen für 1,4 Milliarden Geräte weltweit
• Zielgenauigkeitsrate von 87,3 %
• Optimierung der Anzeigenplatzierung mithilfe von Predictive Analytics

Datenerfassung und Zielgruppensegmentierung

Criteo verwaltet einen globalen Datensatz von über 2,5 Milliarden einzelnen Benutzern mit datenschutzkonformen Tracking-Mechanismen.

Datenerfassungsmetriken	Zahlen für 2022
Einzigartige Benutzerprofile	2,5 Milliarden
Globale E-Commerce-Transaktionen werden verfolgt	950 Milliarden Dollar
Datenpunkte zum Verbraucherverhalten	35+ Billionen pro Jahr

Maschinelles Lernen und Verbesserung der KI-Technologie

Criteo beschäftigt mehr als 600 Datenwissenschaftler und Ingenieure, die sich der Entwicklung von KI und maschinellem Lernen widmen.

• Häufigkeit des KI-Modelltrainings: Wöchentliche Aktualisierungen
• Präzision des maschinellen Lernalgorithmus: 92,6 %
• Jährliche Investition in die KI-Infrastruktur: 87,5 Millionen US-Dollar

Entwicklung einer Performance-Marketing-Plattform

Die Marketingplattform von Criteo unterstützt über 22.000 globale Werbetreibende mit einer Kundenbindungsrate von 94 % im Jahr 2022.

Kennzahlen zur Plattformleistung	Daten für 2022
Aktive Werbetreibende	22,000+
Kundenbindungsrate	94%
Plattformeinnahmen	2,16 Milliarden US-Dollar

Criteo S.A. (CRTO) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche maschinelles Lernen und KI-Technologien

Criteo beschäftigt im Jahr 2023 287 Forschungs- und Entwicklungsmitarbeiter. Das Unternehmen hat 162 Patentanmeldungen im Zusammenhang mit maschinellem Lernen und Werbetechnologien eingereicht.

Technologieinvestitionen	Zahlen für 2023
F&E-Ausgaben	159,4 Millionen US-Dollar
KI/ML-Patentanmeldungen	162
F&E-Personal	287

Digitale Werbedateninfrastruktur

Criteo verwaltet a Globaler Werbedatensatz Bedeckung:

• Über 4,3 Petabyte Werbedaten
• Echtzeit-Tracking von 2,5 Milliarden digitalen Geräten
• Jährlich werden 1,4 Billionen Werbetransaktionen verarbeitet

Proprietäre algorithmische Targeting-Technologie

Targeting-Technologiemetriken	Leistungsindikatoren
Algorithmische Präzision	94,6 % Zielgruppen-Match-Genauigkeit
Gebotsgeschwindigkeit in Echtzeit	35 Millisekunden pro Anzeigenplatzierung
Personalisierungsgenauigkeit	87,3 % Vorhersage der Benutzerabsicht

Talentpool für Ingenieurwesen und Datenwissenschaft

Criteos Talentzusammensetzung ab 2023:

• Gesamtzahl der Mitarbeiter: 2.756
• Ingenieurpersonal: 1.134
• Datenwissenschaftler: 412
• Weltweite Niederlassungen: 30 Standorte in 16 Ländern

Globale Werbetechnologie-Partnerschaften

Kategorie „Partnerschaft“.	Anzahl der Partner
E-Commerce-Plattformen	1,700+
Digitale Werbenetzwerke	82
Partner für Technologieintegration	126

Criteo S.A. (CRTO) – Geschäftsmodell: Wertversprechen

Personalisiertes und präzises digitales Werbe-Targeting

Das digitale Werbe-Targeting von Criteo nutzt täglich 2,5 Petabyte an Handelsdaten. Der KI-gesteuerte Targeting-Mechanismus des Unternehmens erreicht monatlich etwa 2 Milliarden Unique User auf 1,4 Millionen Websites und Apps.

Targeting-Metrik	Quantitativer Wert
Täglich verarbeitete Handelsdaten	2,5 Petabyte
Monatliche Unique User-Reichweite	2 Milliarden Benutzer
Abdeckung digitaler Plattformen	1,4 Millionen Websites/Apps

Leistungsbasierte Marketinglösungen für Werbetreibende

Criteo erwirtschaftet mit Performance-Marketing-Lösungen einen Jahresumsatz von 2,46 Milliarden US-Dollar. Die Marketingplattform des Unternehmens unterstützt über 22.000 Werbetreibende weltweit mit einer Kundenbindungsrate von 94 %.

• Jahresumsatz: 2,46 Milliarden US-Dollar
• Unterstützte globale Werbetreibende: 22.000+
• Kundenbindungsrate: 94 %

Einblicke in das Verbraucherverhalten in Echtzeit

Criteo verarbeitet täglich 4,3 Billionen Werbemöglichkeiten und ermöglicht so die Verfolgung und Analyse des Verbraucherverhaltens in Echtzeit über mehrere digitale Plattformen hinweg.

Metrik zur Generierung von Erkenntnissen	Quantitativer Wert
Tägliche Werbemöglichkeiten	4,3 Billionen

Kostengünstige ROI-Optimierung für digitales Marketing

Die Marketinglösungen von Criteo bieten E-Commerce-Kunden einen durchschnittlichen Return on Ad Spend (ROAS) von 13:1 bei einer Kostensenkung pro Akquisition von 30 % im Vergleich zu herkömmlichen digitalen Werbemethoden.

• Durchschnittlicher Return on Advertising Spend: 13:1
• Reduzierung der Kosten pro Akquisition: 30 %

Verwaltung geräteübergreifender Werbekampagnen

Criteo verwaltet Werbekampagnen auf 3 Milliarden Geräten weltweit mit einer geräteübergreifenden Tracking-Genauigkeit von 87 % und einer durchschnittlichen Kampagnen-Conversion-Rate von 5,5 %.

Kennzahl für geräteübergreifende Kampagnen	Quantitativer Wert
Globale Geräteverwaltung	3 Milliarden
Genauigkeit des geräteübergreifenden Trackings	87%
Durchschnittliche Kampagnen-Conversion-Rate	5.5%

Criteo S.A. (CRTO) – Geschäftsmodell: Kundenbeziehungen

Self-Service-Plattform für digitale Werbung

Im vierten Quartal 2023 unterstützt die Self-Service-Plattform von Criteo weltweit 22.500 Direktwerbetreibende. Die Plattform verarbeitet täglich etwa 4 Milliarden Anzeigenimpressionen über mehrere digitale Kanäle.

Plattformmetrik	Wert
Gesamtzahl der Direktwerbetreibenden	22,500
Tägliche Anzeigenimpressionen	4 Milliarden
Plattformabdeckung	76 Länder

Dedizierte Kontoverwaltung für Unternehmenskunden

Criteo bietet spezialisiertes Account-Management für Unternehmenskunden und betreut im Jahr 2023 798 erstklassige globale Marken.

• Durchschnittlicher Jahresumsatz pro Unternehmenskunde: 1,2 Millionen US-Dollar
• Größe des dedizierten Account-Teams: 3–5 Spezialisten pro Großkunde
• Bindungsrate der Unternehmenskunden: 87,3 %

Automatisierte Leistungsberichte und Analysen

Im Jahr 2023 verarbeitete das automatisierte Reportingsystem von Criteo monatlich 1,6 Petabyte an Marketing-Leistungsdaten.

Analytics-Metrik	Wert
Monatliche Datenverarbeitung	1,6 Petabyte
Echtzeit-Leistungs-Dashboards	92 % Kundenabdeckung
Häufigkeit der Berichterstattung	Tägliche/wöchentliche/monatliche Optionen

Kontinuierliche technologische Innovation und Unterstützung

Criteo investierte im Jahr 2023 204 Millionen US-Dollar in Forschung und Entwicklung und konzentrierte sich dabei auf KI-gesteuerte Werbetechnologien.

• F&E-Investitionen: 204 Millionen US-Dollar
• Ingenieure für KI/maschinelles Lernen: 387
• Jährliche Technologiepatentanmeldungen: 42

Beratung zu maßgeschneiderten Marketinglösungen

Criteo bietet personalisierte Marketingberatung in 16 Branchen und unterstützt Kunden mit maßgeschneiderten Werbestrategien.

Beratungsmetrik	Wert
Branchenvertikale bedient	16
Größe des Beratungsteams	276 Spezialisten
Durchschnittliche Beratungsdauer	3-6 Monate

Criteo S.A. (CRTO) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Im vierten Quartal 2023 unterhält Criteo ein globales Vertriebsteam von etwa 650 Vertriebsprofis in mehreren Regionen. Das Direktvertriebsteam erwirtschaftet rund 68 % des Gesamtumsatzes des Unternehmens durch die Akquise von Großkunden und mittelständischen Kunden.

Kennzahlen des Vertriebsteams	Daten für 2023
Gesamtes Verkaufspersonal	650
Umsatzbeitrag	68%
Durchschnittlicher Unternehmensvertragswert	$325,000

Online-Plattform für digitales Marketing

Die digitale Marketingplattform von Criteo verarbeitet täglich etwa 4,2 Milliarden Anzeigenimpressionen und verfügt über eine Echtzeit-Gebotsfunktion, die über 2 Millionen Anzeigenanfragen pro Sekunde verarbeitet.

• Verarbeitungsgeschwindigkeit der Plattform: 2 Millionen Anzeigenanfragen/Sekunde
• Tägliche Anzeigenimpressionen: 4,2 Milliarden
• Globales Werbenetzwerk: Über 22.000 aktive Werbetreibende

Partner-Marktplatz-Integrationen

Criteo hat Partnerschaften mit über 19.000 digitalen Publishern und Anzeigenbörsen aufgebaut und generiert rund 32 % des Umsatzes über kollaborative Marketingkanäle.

Kennzahlen zur Partnerintegration	Daten für 2023
Insgesamt digitale Verlage	19,000+
Einnahmen aus Partnerkanälen	32%
Globale Ad Exchange-Verbindungen	47

Konferenzen und Veranstaltungen für digitale Werbung

Criteo nimmt jährlich an 28 großen digitalen Werbekonferenzen teil und investiert schätzungsweise 3,2 Millionen US-Dollar in Event-Sponsoring und Präsentationen.

Webbasierte Kundenakquise und Onboarding

Die webbasierten Akquisekanäle des Unternehmens wandeln etwa 14,5 % der Website-Besucher in qualifizierte Leads um, wobei die durchschnittliche Kunden-Onboarding-Zeit 17 Werktage beträgt.

Web-Akquise-Metriken	Daten für 2023
Conversion-Rate der Website-Besucher	14.5%
Durchschnittliche Onboarding-Zeit	17 Werktage
Kosten für die Online-Lead-Generierung	124 $ pro qualifiziertem Lead

Criteo S.A. (CRTO) – Geschäftsmodell: Kundensegmente

E-Commerce-Händler

Criteo beliefert weltweit etwa 20.000 E-Commerce-Händler. Die spezifische Segmentaufteilung umfasst:

Kategorie	Anzahl der Einzelhändler	Marktdurchdringung
Modehändler	4,500	22.5%
Elektronikhändler	3,200	16%
Zuhause & Gartenhändler	2,800	14%

Agenturen für digitales Marketing

Criteo arbeitet mit rund 1.500 Agenturen für digitales Marketing weltweit zusammen.

• Nordamerika: 650 Agenturen
• Europa: 550 Agenturen
• Asien-Pazifik: 300 Agenturen

Große Unternehmensmarken

Criteo bedient über 1.000 große Unternehmensmarken aus verschiedenen Branchen.

Industrie	Anzahl der Marken	Durchschnittliche jährliche Ausgaben
Einzelhandel	400	2,3 Millionen US-Dollar
Reisen	250	1,7 Millionen US-Dollar
Technologie	200	1,9 Millionen US-Dollar

Kleine und mittlere Unternehmen

Criteo unterstützt weltweit rund 15.000 kleine und mittlere Unternehmen.

• Jahresumsatzspanne: 500.000 bis 50 Millionen US-Dollar
• Durchschnittliche Ausgaben für Marketingtechnologie: 120.000 US-Dollar pro Jahr
• Geografische Verteilung: 40 % Nordamerika, 35 % Europa, 25 % Asien-Pazifik

Performance-Marketing-Profis

Criteo erreicht rund 50.000 Performance-Marketing-Experten.

Professionelle Kategorie	Anzahl der Fachkräfte	Durchschnittliche Plattformnutzung
Interne Marketingteams	22,000	6 Stunden/Woche
Agenturprofis	18,000	10 Stunden/Woche
Freiberufliche Vermarkter	10,000	4 Stunden/Woche

Criteo S.A. (CRTO) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungsinvestitionen

Im Jahr 2022 gab Criteo 199,1 Millionen US-Dollar für Forschung und Entwicklung aus, was 22,4 % des Gesamtumsatzes entspricht. Das Unternehmen investiert kontinuierlich erhebliche Ressourcen in die technologische Innovation und Produktentwicklung.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	199,1 Millionen US-Dollar	22.4%
2021	185,3 Millionen US-Dollar	21.7%

Kosten für Cloud Computing und Infrastruktur

Die Kosten für die Cloud-Infrastruktur von Criteo beliefen sich im Jahr 2022 auf etwa 84,3 Millionen US-Dollar, darunter:

• Hosting von Amazon Web Services (AWS).
• Wartung des Rechenzentrums
• Netzwerkinfrastruktur

Betriebskosten für Vertrieb und Marketing

Die Vertriebs- und Marketingausgaben für Criteo beliefen sich im Jahr 2022 auf insgesamt 281,4 Millionen US-Dollar, was 31,7 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag	Prozentsatz des Umsatzes
Vertrieb und Marketing	281,4 Millionen US-Dollar	31.7%

Datenerfassung und -verarbeitung

Criteo investierte im Jahr 2022 62,7 Millionen US-Dollar in Datenerfassungs- und -verarbeitungstechnologien mit Schwerpunkt auf:

• Algorithmen für maschinelles Lernen
• Echtzeit-Gebotsplattformen
• Datenverwaltungssysteme

Vergütung von Technologietalenten

Die gesamten Personalkosten für Technologiemitarbeiter beliefen sich im Jahr 2022 auf 276,5 Millionen US-Dollar, bei einer durchschnittlichen Vergütung von 145.000 US-Dollar pro Technologieexperte.

Personalkategorie	Gesamtvergütung	Durchschnittliche Vergütung
Technologiemitarbeiter	276,5 Millionen US-Dollar	$145,000

Criteo S.A. (CRTO) – Geschäftsmodell: Einnahmequellen

Erfolgsabhängige Werbeprovisionen

Im Jahr 2022 erzielte Criteo einen Gesamtumsatz von 2,18 Milliarden US-Dollar, wobei Performance-Werbung die Haupteinnahmequelle darstellte. Das Unternehmen verdient Provisionen basierend auf Werbeleistungskennzahlen wie Klicks, Conversions und Return on Advertising Spend.

Einnahmequelle	Prozentsatz des Gesamtumsatzes	Betrag 2022
Performance-Werbung	85.3%	1,86 Milliarden US-Dollar

Gebühren für programmatische Werbeplattformen

Criteo erhebt Gebühren für den Zugriff auf seine Programmatic-Advertising-Plattform, die Echtzeitgebote und Anzeigenplatzierung über mehrere digitale Kanäle hinweg ermöglicht.

• Plattform-Transaktionsvolumen im Jahr 2022: 4,5 Milliarden US-Dollar
• Durchschnittlicher Plattformgebührensatz: 3–5 % des Transaktionswerts

Dateneinblicke und Analysedienste

Criteo bietet Werbetreibenden und Publishern erweiterte Datenanalysedienste und generiert durch spezielle Erkenntnisse zusätzliche Einnahmen.

Analysedienst	Umsatz 2022
Erweitertes Zielgruppen-Targeting	85 Millionen Dollar
Marketing-Performance-Analyse	62 Millionen Dollar

Abonnements für Enterprise-Marketing-Lösungen

Criteo bietet abonnementbasierte Marketinglösungen für Unternehmenskunden.

• Einnahmen aus Unternehmensabonnements im Jahr 2022: 176 Millionen US-Dollar
• Durchschnittlicher jährlicher Abonnementwert: 45.000 $ pro Kunde

Einnahmen aus Technologielizenzen und -integration

Das Unternehmen generiert Einnahmen durch Technologielizenzierung und Integrationsdienste für Plattformen Dritter.

Lizenzkategorie	Umsatz 2022
Technologieintegration	27 Millionen Dollar
API-Lizenzierung	18 Millionen Dollar

Criteo S.A. (CRTO) - Canvas Business Model: Value Propositions

You're looking at the core reasons why brands and retailers stick with Criteo S.A. in this evolving privacy landscape. Honestly, the numbers from late 2025 show a clear focus on measurable results and capitalizing on first-party data.

For Brands: Deliver measurable outcomes and full-funnel performance

For brands, the value proposition centers on performance you can actually track. Criteo S.A. is positioning its platform to deliver results across the entire buyer journey. You see this reflected in the financial commitment clients make; Criteo's media spend reached $1.0 billion in the third quarter of 2025, contributing to $4.3 billion over the last twelve months. The Performance Media segment, which drives these measurable outcomes, saw its Contribution ex-TAC (Contribution excluding Total Acquisition Cost) increase by 5% year-over-year at constant currency in Q3 2025. This segment's ability to connect advertisers with in-market shoppers using AI-powered audience modeling is key. The financial proof of this performance focus is evident in the bottom line: Q3 2025 net income was $40 million, with Adjusted Diluted EPS up 36% year-over-year at $1.31.

For Retailers: Monetize first-party data and digital inventory for new revenue

Retailers are monetizing their valuable first-party data through Criteo S.A.'s Retail Media solutions. This area is a significant growth engine. Retail Media Contribution ex-TAC grew by 11% year-over-year at constant currency in Q3 2025. This growth is supported by expanding the network; Criteo S.A. grew its retail network with new partners in Q3 2025, including DoorDash, Sephora, and Massmart. Industry analysis suggests that over 90% of advertisers now partner with retailers to access this first-party data. Furthermore, platform adoption is strong, with over 4,100 brands using the platform as of Q3 2025.

Here's a quick look at the financial scale of the platform as of the third quarter of 2025:

Metric	Q3 2025 Amount	Year-over-Year Change (Reported)
Revenue	$470 million	2% increase
Gross Profit	$256 million	11% increase
Gross Profit Margin	55%	Up from 51% in Q3 2024
Free Cash Flow	$67 million	74% increase

Future-proof advertising solutions against third-party cookie deprecation

Criteo S.A.'s strategy is built around its AI-driven approach, which leverages first-party data and contextual signals, positioning it well as third-party cookies fade. The company is actively working on next-generation solutions; for instance, it was named Google's first onsite Retail Media partner, enabling campaign scaling directly via Google Search Ads 360. The firm is also reportedly testing a pilot program with a major platform this month (December 2025). Analysts see potential monetization paths in emerging agentic commerce solutions, such as sponsored ads in chatbots and 'native' ads in large language models (LLMs).

Access to high-intent, in-market shopper audiences at scale

The value here is the scale of the audience Criteo S.A. can reach with high purchase intent. Performance Media specifically uses its large-scale commerce data and AI-powered audience modeling to connect advertisers with these in-market shoppers. The Commerce Growth solution, a component of Performance Media, was up 6% in Q3 2025 Contribution ex-TAC. The overall platform adoption supports this scale, with the company expanding its reach to 4,100 brands globally by Q3 2025.

Self-service tools for greater control and campaign flexibility

You are getting more control through self-service capabilities. While a shift to self-service by one large Retail Media client impacted 2025 revenue by an estimated $25 million, this highlights the flexibility clients have. On the other hand, Criteo S.A. is pushing its own self-service adoption. The Commerce GO! solution is gaining traction, with one in four campaigns from small clients now running through the platform in Q3 2025, with expectations to double that by year-end. This shows a clear path for smaller clients to gain campaign flexibility using their tools.

Criteo S.A. (CRTO) - Canvas Business Model: Customer Relationships

You're looking at how Criteo S.A. (CRTO) manages its connections with clients as of late 2025. It's a mix of high-touch service for the biggest players and scalable self-service technology for the rest of the ecosystem. Honestly, the data shows a clear push toward platform reliance, even as they manage the transition away from some legacy service models.

For the largest clients, Criteo S.A. (CRTO) still offers a managed-service approach, which includes providing deep business intelligence and analytics services to help them set goals and evaluate campaign performance across multiple marketing objectives. Still, there's a notable shift; for instance, one of the largest Retail Media clients notified the company that they would discontinue managed services starting in Q4 2025.

To support the entire client base, Criteo S.A. (CRTO) emphasizes platform tools. They have a suite of products designed to empower different parts of the commerce media environment. The overall client retention in Performance Media remains high, reported at close to 90% in Q2 2025. Furthermore, platform adoption has expanded across more than 4,100 brands as of Q3 2025.

The company is actively strengthening relationships with global agency holding companies. In June 2025, Criteo S.A. (CRTO) partnered with dentsu, marking the first time a holding company used the complete Commerce Media Platform stack. Also, a multi-year global partnership with another major holding company was renewed in Q2 2025.

The Retail Media segment shows strong existing customer satisfaction, as evidenced by the retention metric. For the second quarter of 2025, the same-retailer Contribution ex-TAC retention for Retail Media reached 112%. This indicates that existing retailers are spending more with Criteo S.A. (CRTO) year-over-year on a like-for-like basis.

Here's a quick look at the platform tools that drive self-service relationships:

• Commerce Max: A self-service Demand Side Platform for brands and agencies.
• Commerce Grid: A Supply Side Platform for media owners and publishers.
• Commerce Growth: A self-service tool for Direct-to-Consumer brands.
• Commerce Yield: A monetization stack for retailers and marketplaces.

The focus on platform technology is clear, with management noting emphasis on agency adoption of Commerce Max during Q3 2025.

To manage these relationships, Criteo S.A. (CRTO) made a key executive appointment in Q3 2025, naming Amazon veteran Edouard Dinichert as Chief Customer Officer. This move signals a continued focus on the customer experience across the platform.

The following table details the primary self-service and partner-facing platforms as of late 2025:

Platform Name	Primary User Group	Core Functionality Highlight
Commerce Max	Brands and Agencies	Launch cross-channel retail media campaigns onsite and offsite with closed-loop measurement.
Commerce Grid	Media Owners and Publishers	Optimize monetization of inventory and data assets programmatically.
Commerce Growth	Direct-to-Consumer Brands and Agencies	Activate outcomes-optimized customer acquisition and retention objectives.

The company's overall Retail Media Contribution ex-TAC grew 11% year-over-year at constant currency in Q3 2025, driven by new client integrations and network effects, which speaks to the success of these relationship strategies.

Finance: draft 13-week cash view by Friday.

Criteo S.A. (CRTO) - Canvas Business Model: Channels

You're looking at how Criteo S.A. gets its services-connecting commerce and media-into the hands of advertisers and publishers as of late 2025. The channels are a mix of high-touch sales and scalable, self-serve technology access, which is key to their platform strategy.

The direct sales team remains crucial for securing large, strategic accounts, especially in the high-growth Retail Media sector. This team focuses on onboarding major retailers to expand the network and securing large brand commitments. However, there's a notable shift; the largest Retail Media client is curtailing managed services and brand demand sales services starting in November 2025, which is expected to result in an approximate negative impact of $75 million for the first ten months of 2026 until it annualizes. This move underscores the strategic push toward the self-service platform.

The Commerce Media Platform is the scalable engine, offering SaaS-like access for advertisers and agencies to plan and buy commerce media everywhere. This self-service route is gaining traction, especially with smaller clients. For instance, Criteo S.A.'s Commerce GO! solution is seeing momentum, with one in four campaigns from small clients now running through the platform, a figure management expects to double by year-end 2025.

Agency networks are a vital conduit for scaling reach across Performance Media and emerging areas like Connected TV (CTV). Criteo S.A. has solidified these relationships, signing a global Commerce Media partnership with dentsu in Q2 2025 and renewing a multi-year global partnership with another major holding company in the same period. Furthermore, Criteo S.A. was named Google's first onsite Retail Media partner, enabling advertisers to scale campaigns across Criteo S.A.'s network of retailers directly via Google Search Ads 360, which is a significant channel enhancement.

The programmatic ad exchanges and the Open Internet represent the vast majority of the reach for Performance Media and offsite Retail Media activation. Criteo S.A.'s media spend, which is the media spend activated on behalf of clients, reached $1.0 billion in Q3 2025, up 4% year-over-year at constant currency, contributing to a trailing twelve-month total media spend of $4.3 billion. The platform is designed to connect marketers across these channels, offering one connected view of the customer across retail media, social, CTV, and the open web.

Here's a quick look at the scale and growth across these primary channels as of the third quarter of 2025:

Channel Metric	Value/Amount (Late 2025)	Period/Context
Total Media Spend (TTM)	$4.3 billion	Last 12 months ending Q3 2025
Q3 2025 Media Spend	$1.0 billion	Up 4% YoY at constant currency
Global Retailer Network Size	235 retailers	As of Q3 2025
Total Brands on Platform	Over 4,100 brands	As of Q3 2025
Retail Media Contribution ex-TAC Growth	11% YoY at constant currency	Q3 2025
Performance Media Contribution ex-TAC Growth	5% YoY at constant currency	Q3 2025
Commerce GO! Small Client Adoption	One in four campaigns	Q3 2025 (Expected to double by year-end)

The way clients access Criteo S.A.'s technology is evolving, which directly impacts revenue mix and margin profile. The shift from managed services to self-service access via the Commerce Media Platform is a deliberate move to favor higher-margin technology revenue over service revenue. This is evident in the platform's expansion metrics:

• Criteo S.A. launched Auction-Based Display technology and integrated with Mirakl to enable self-serve advertising for over 100,000 third-party sellers.
• The company continues to expand its Commerce Media Platform stack, which includes Commerce Max for demand side and Commerce Grid for supply side.
• Retail Media Contribution ex-TAC retention for same-retailers was 120% in Q1 2025, showing strong existing client stickiness.
• The company signed a global Commerce Media partnership with dentsu, indicating strong agency channel penetration.

Finance: draft 13-week cash view by Friday.

Criteo S.A. (CRTO) - Canvas Business Model: Customer Segments

You're looking at the core groups Criteo S.A. (CRTO) serves, which are segmented primarily by their role in the commerce media ecosystem: those selling ad space (retailers/marketplaces) and those buying it (brands/marketers), often facilitated by agencies.

The company reports its financial performance through two main segments that directly reflect these customer groups: Retail Media and Performance Media. As of the third quarter of 2025, Criteo's media spend across all clients totaled $1.0 billion for the quarter, contributing to a trailing twelve-month media spend of $4.3 billion.

Here is a look at the financial scale of the two primary segments based on the latest reported figures, using Contribution ex-TAC (Contribution excluding Traffic Acquisition Costs) as the key metric for net business value:

Customer Segment Focus	Criteo Segment Equivalent	Q3 2025 Revenue (Reported)	Q3 2025 Contribution ex-TAC YoY Growth (CC)	Q1 2025 Contribution ex-TAC (USD Millions)
Global Retailers and Marketplaces (Media Owners)	Retail Media	Revenue increased 10% YoY at constant currency	11% YoY at constant currency	$58.79 million
Enterprise Brands and Performance Marketers (Advertisers)	Performance Media	Revenue was $470 million total in Q3 2025, with Performance Media being the larger component	5% YoY at constant currency	$205.58 million

The Retail Media segment is showing robust expansion, which directly serves the Global Retailers and Marketplaces. This group is growing faster, with its Contribution ex-TAC growing 11% year-over-year at constant currency in Q3 2025.

You should note the depth of engagement with the Retail Media customer base:

• Expanded adoption across more than 4,100 brands globally as of Q3 2025.
• The global retail network grew to 235 retailers.
• Same-retailer retention was 120% in Q1 2025, showing existing retailer partners significantly increased their spend or engagement.
• Onsite media spend activated by Retail Media clients reached $335 million in Q1 2025, marking a 21% year-over-year increase.

For Enterprise Brands and Performance Marketers, the Performance Media segment, which includes Commerce Growth solutions, saw its Contribution ex-TAC increase 5% year-over-year at constant currency in Q3 2025. This segment benefits from the continued clarity around third-party cookie deprecation, which supports Criteo's AI-driven audience modeling technology.

Global Advertising and Media Agencies act as intermediaries, often managing spend across both segments. Criteo S.A. (CRTO) has been solidifying these relationships; for instance, in Q2 2025, they signed a global Commerce Media partnership with dentsu and renewed a multi-year global partnership with another major holding company. This indicates agencies are a key channel for scaling spend from the advertiser base.

The mid-to-long-tail merchants are served through the expansion of the Commerce Media Platform, including the Commerce Go self-service tool. In Q3 2025, one in four campaigns from small clients was running through Commerce GO!, with expectations to double that by year-end. This points to a strategy to efficiently onboard smaller merchants and brands without requiring the high-touch service model used for the largest clients. Overall client retention remains high at close to 90%.

Finance: draft 13-week cash view by Friday.

Criteo S.A. (CRTO) - Canvas Business Model: Cost Structure

When you look at Criteo S.A.'s cost structure as of late 2025, you see a company balancing heavy investment in its future with managing the direct costs of its media exchange business. The numbers for the first nine months of 2025 tell a clear story about where the operational spend is going.

Technology and R&D Investment in AI and Product Development

Criteo S.A. continues to pour significant capital into its technology foundation, which is defintely centered on AI innovation to power its Commerce Media Platform. For the nine months ended September 30, 2025, the company reported Research and development expenses totaling $140,359 thousand.

This investment underpins the development of agentic AI initiatives and cross-channel execution capabilities. To give you a sense of the quarterly spend, in the second quarter of 2025 alone, Research and development expenses were $79,610 thousand.

Traffic Acquisition Cost (TAC) for Media Inventory

The single largest component of Criteo S.A.'s cost of revenue is the Traffic Acquisition Cost (TAC), which is the money paid to publishers for media inventory. For the nine months ended September 30, 2025, the TAC amounted to $559,190 thousand.

It's worth noting the efficiency gains here; in the third quarter of 2025, TAC declined 6% year-over-year, which helped drive the gross profit margin up to 55% for that quarter, compared to 51% in Q3 2024. This efficiency directly boosts the Contribution ex-TAC figure, which was $288 million in Q3 2025.

Sales, General, and Administrative (SG&A) Expenses and Personnel Costs

Personnel costs for the engineering and sales teams are embedded within the broader operating expense categories. While we don't have the precise 9M 2025 breakdown for all operating expenses, the Q2 2025 figures give you a concrete view of the structure before the third quarter's results came in. Remember, these are operating expenses outside of the direct Cost of Revenue (which includes TAC).

Here's how those key operating expense buckets looked in Q2 2025 (in thousands):

Expense Category	Amount (USD in thousands)
Sales and operations expenses	$108,215
General and administrative expenses	$40,238
Research and development expenses	$79,610

The Sales and operations expenses line item is where you'll find the bulk of the sales team costs, plus other operational overhead. The company is focused on disciplined expense management, as evidenced by the Adjusted EBITDA margin reaching 36% of Contribution ex-TAC in Q3 2025.

Capital Deployment for Share Repurchases

Criteo S.A. is actively returning capital to shareholders through its buyback program. You should track this as a use of cash, not an operating cost, but it's a critical financial deployment decision. For the first nine months of 2025, the company deployed $115 million of capital specifically for share repurchases.

This deployment is a key part of the capital allocation strategy, even as the company maintains financial strength. For instance, after these repurchases, cash and marketable securities stood at $296 million as of September 30, 2025.

Overall, the major cost outflows for the nine months ended September 30, 2025, look like this:

• Traffic Acquisition Cost (TAC): $559.19 million
• Research and Development Expenses: $140.36 million
• Capital Deployed for Share Repurchases: $115 million

Finance: draft 13-week cash view by Friday.

Criteo S.A. (CRTO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Criteo S.A. brings in money as of late 2025, which is heavily centered on its Commerce Media Platform, moving away from some legacy services.

The primary financial metric Criteo S.A. uses to gauge top-line performance, excluding traffic acquisition costs, is Contribution ex-TAC. Here's a look at the components from the second quarter of 2025:

Revenue Stream Component	Q2 2025 Amount (USD)
Performance Media Contribution ex-TAC	$232 million
Retail Media Contribution ex-TAC	$61 million
Total Contribution ex-TAC (Q2 2025 Reported)	$292 million

The Retail Media segment showed strong momentum, with its Contribution ex-TAC growing 11% year-over-year at constant currency in Q2 2025, and same-retailer Contribution ex-TAC retention was 112%.

Looking ahead to the full fiscal year 2025, Criteo S.A. has updated its expectations based on strong execution:

• Full-year 2025 Contribution ex-TAC expected to grow between +3% to +4% at constant currency.
• Adjusted EBITDA margin expected to be approximately 34% of Contribution ex-TAC for FY 2025.

The structure for generating these revenues is detailed in the platform fees and service charges Criteo S.A. levies on its partners, which are evolving as the platform matures. You see revenue generated through several mechanisms:

• Demand Side Platform Fee (DSP Fee): Paid by brands, agencies, or retailers for using the Criteo S.A. Platform for campaign creation, management, optimization, and reporting.
• Managed Service Fee: Payable in addition to the DSP Fee when a Partner utilizes Criteo S.A.'s operations to set up and optimize campaigns; this fee does not apply in self-service mode.
• Retailer Audience Data Fee: Charged when running off-site Ads based on a retailer's data, which the retailer sets the cost for.
• SAAS-like fixed licensing fees: Can be charged to large retailers for platform use, providing strong visibility into future revenues.

It's important to note the strategic shift impacting some of these fee types; for instance, the largest Retail Media client is expected to discontinue managed services and curtail brand demand sales services starting November 2025, though they will continue paying volume-based tech fees for the use of the platform.