Criteo S.A. (CRTO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la publicidad digital, Criteo S.A. (CRTO) surge como una potencia de tecnología de marketing personalizada, revolucionando cómo las marcas se conectan con los consumidores a través de la orgorítmica de vanguardia y las soluciones basadas en el rendimiento. Al aprovechar el aprendizaje automático avanzado y una extensa red global de asociaciones, Criteo transforma los datos digitales en bruto en estrategias publicitarias precisas y de dispositivos cruzados que ofrecen eficiencia y conocimientos de marketing sin precedentes para las empresas en diversas industrias.

Criteo S.A. (CRTO) - Modelo de negocio: asociaciones clave

Google y las principales plataformas de publicidad digital

Criteo mantiene asociaciones estratégicas con plataformas de publicidad digital clave:

Plataforma	Detalles de la asociación
Plataforma de marketing de Google	Socio de marketing certificado con Access a las tecnologías publicitarias de Google
Publicidad de Facebook	Soluciones de marketing integradas para publicidad dirigida

Principales compañías de comercio electrónico y tecnología minorista

• Programa de socios publicitarios de Amazon
• Socio de integración de Shopify
• Adobe Commerce (Magento) Alianza de tecnología

Proveedores de tecnología de gestión de datos y análisis

Proveedor	Enfoque de colaboración
Nube de datos de Oracle	Enriquecimiento de datos y orientación de audiencia
Nielsen Marketing Cloud	Medición de audiencia avanzada

Socios de computación e infraestructura de la nube

Partidos de infraestructura de la nube primaria:

• Servicios web de Amazon (AWS)
• Plataforma en la nube de Google
• Microsoft Azure

Tecnología de marketing y redes de publicidad programática

Red	Alcance de la asociación
La mesa de comercio	Integración de publicidad programática
AppNexus (parte de XANDR)	Capacidades de licitación en tiempo real y intercambio publicitario

Criteo S.A. (CRTO) - Modelo de negocio: actividades clave

Desarrollo y mantenimiento de algoritmos de publicidad digital personalizadas

Criteo invirtió $ 239.1 millones en gastos de investigación y desarrollo en 2022. La compañía mantiene un sofisticado procesamiento de infraestructura algorítmica en más de 4 petabytes de datos diariamente.

Métricas de desarrollo de algoritmo	2022 estadísticas
Inversión de I + D	$ 239.1 millones
Procesamiento diario de datos	4+ petabytes
Modelos de aprendizaje automático	Más de 1.500 modelos activos

Creación de soluciones de orientación de publicidad digital en tiempo real

Criteo procesa aproximadamente 2 mil millones de impresiones AD por día con un tiempo de respuesta de menos de 100 milisegundos.

• Capacidades de licitación en tiempo real en 1.400 millones de dispositivos globales
• Tasa de precisión de focalización del 87.3%
• Optimización de colocación de anuncios utilizando análisis predictivo

Recopilación de datos y segmentación de audiencia

Criteo administra un conjunto de datos global que abarca más de 2.500 millones de usuarios únicos con mecanismos de seguimiento que cumplen con la privacidad.

Métricas de recopilación de datos	2022 cifras
Perfiles de usuario únicos	2.500 millones
Transacciones globales de comercio electrónico rastreado	$ 950 mil millones
Puntos de datos de comportamiento del consumidor	35+ billones anuales

Aprendizaje automático y mejora de la tecnología de IA

Criteo emplea a más de 600 científicos e ingenieros de datos dedicados a la IA y el desarrollo del aprendizaje automático.

• Frecuencia de entrenamiento del modelo AI: actualizaciones semanales
• Precisión del algoritmo de aprendizaje automático: 92.6%
• Inversión anual de infraestructura de IA: $ 87.5 millones

Desarrollo de la plataforma de marketing de rendimiento

La plataforma de marketing de Criteo admite más de 22,000 anunciantes mundiales con una tasa de retención de clientes del 94% en 2022.

Métricas de rendimiento de la plataforma	Datos 2022
Anunciantes activos	22,000+
Tasa de retención de clientes	94%
Ingresos de la plataforma	$ 2.16 mil millones

Criteo S.A. (CRTO) - Modelo de negocio: recursos clave

Aprendizaje automático avanzado y tecnologías de IA

Criteo emplea al personal de investigación y desarrollo de 287 a partir de 2023. La compañía ha presentado 162 solicitudes de patentes relacionadas con el aprendizaje automático y las tecnologías de publicidad.

Inversión tecnológica	2023 cifras
Gasto de I + D	$ 159.4 millones
Solicitudes de patentes de ai/ml	162
Personal de I + D	287

Infraestructura de datos de publicidad digital

Criteo maneja un conjunto de datos de publicidad global cubierta:

• Más de 4.3 petabytes de datos publicitarios
• Seguimiento en tiempo real de 2.500 millones de dispositivos digitales
• Procesamiento de 1,4 billones de transacciones publicitarias anualmente

Tecnología de orgor de focalización algorítmica patentada

Dirigir las métricas de tecnología	Indicadores de rendimiento
Precisión algorítmica	94.6% de precisión de los partidos de audiencia
Velocidad de licitación en tiempo real	35 milisegundos por colocación publicitaria
Precisión de personalización	87.3% Predicción de intención de usuario

Ingeniería y grupo de talentos de ciencias de datos

Composición de talento de Criteo a partir de 2023:

• Total de empleados: 2,756
• Personal de ingeniería: 1.134
• Científicos de datos: 412
• Oficinas globales: 30 ubicaciones en 16 países

Asociaciones de tecnología de publicidad global

Categoría de asociación	Número de socios
Plataformas de comercio electrónico	1,700+
Redes de publicidad digital	82
Socios de integración de tecnología	126

Criteo S.A. (CRTO) - Modelo de negocio: propuestas de valor

Orientación de publicidad digital personalizada y precisa

La publicidad digital de Criteo aprovecha 2.5 petabytes de procesamiento de datos de comercio diario. El mecanismo de orientación impulsado por la IA de la compañía alcanza aproximadamente 2 mil millones de usuarios únicos mensualmente en 1,4 millones de sitios web y aplicaciones.

Métrico de orientación	Valor cuantitativo
Datos de comercio diario procesados	2.5 petabytes
Alcance de usuario único mensual	2 mil millones de usuarios
Cobertura de plataforma digital	1,4 millones de sitios web/aplicaciones

Soluciones de marketing basadas en el rendimiento para anunciantes

Criteo genera $ 2.46 mil millones en ingresos anuales a través de soluciones de marketing de rendimiento. La plataforma de marketing de la compañía admite más de 22,000 anunciantes mundiales con una tasa de retención de clientes del 94%.

• Ingresos anuales: $ 2.46 mil millones
• Advertidos globales apoyados: 22,000+
• Tasa de retención del cliente: 94%

Informes de comportamiento del consumidor en tiempo real

Criteo procesa 4.3 billones de oportunidades de publicidad por día, lo que permite el seguimiento y el análisis de comportamiento del consumidor en tiempo real en múltiples plataformas digitales.

Métrica de generación de Insight	Valor cuantitativo
Oportunidades de publicidad diaria	4.3 billones

Optimización de ROI de marketing digital rentable

Las soluciones de marketing de Criteo ofrecen un retorno promedio del gasto publicitario (ROA) de 13: 1 para clientes de comercio electrónico, con una reducción de costo por adquisición del 30% en comparación con los métodos de publicidad digital tradicionales.

• Retorno promedio del gasto publicitario: 13: 1
• Costo por reducción de adquisición: 30%

Gestión de campañas publicitarias de servicio cruzado

Criteo administra campañas publicitarias en 3 mil millones de dispositivos a nivel mundial, con una precisión de seguimiento de los dispositivos cruzados del 87% y una tasa de conversión de campaña promedio del 5,5%.

Métrica de campaña de servicio cruzado	Valor cuantitativo
Dispositivos globales administrados	3 mil millones
Precisión de seguimiento de los dispositivos cruzados	87%
Tasa de conversión de campaña promedio	5.5%

Criteo S.A. (CRTO) - Modelo de negocio: relaciones con los clientes

Plataforma de publicidad digital de autoservicio

A partir del cuarto trimestre de 2023, la plataforma de autoservicio de Criteo admite 22,500 anunciantes directos a nivel mundial. La plataforma procesa aproximadamente 4 mil millones de impresiones de anuncios diarios en múltiples canales digitales.

Métrica de plataforma	Valor
Total de anunciantes directos	22,500
Impresiones de anuncios diarios	4 mil millones
Cobertura de la plataforma	76 países

Gestión de cuentas dedicada para clientes empresariales

Criteo ofrece administración especializada de cuentas para clientes de nivel empresarial, que atiende a 798 marcas globales de primer nivel en 2023.

• Ingresos anuales promedio por cliente empresarial: $ 1.2 millones
• Tamaño del equipo de cuenta dedicado: 3-5 especialistas por cliente principal
• Tasa de retención de clientes empresariales: 87.3%

Informes y análisis automatizados de rendimiento

En 2023, el sistema de informes automatizado de Criteo procesó 1.6 petabytes de datos de rendimiento de marketing mensualmente.

Métrico de análisis	Valor
Procesamiento de datos mensual	1.6 petabytes
Paneles de rendimiento en tiempo real	92% de cobertura del cliente
Frecuencia de informes	Opciones diarias/semanales/mensuales

Innovación y soporte de tecnología continua

Criteo invirtió $ 204 millones en I + D durante 2023, centrándose en tecnologías publicitarias impulsadas por IA.

• Inversión de I + D: $ 204 millones
• IA/Ingenieros de aprendizaje automático: 387
• Aplicaciones de patentes de tecnología anual: 42

Consulta de soluciones de marketing personalizada

Criteo ofrece consultas de marketing personalizadas en 16 verticales de la industria, atendiendo a clientes con estrategias publicitarias personalizadas.

Métrico de consulta	Valor
Verticales de la industria servidos	16
Tamaño del equipo de consulta	276 especialistas
Duración de consulta promedio	3-6 meses

Criteo S.A. (CRTO) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Criteo mantiene un equipo de ventas global de aproximadamente 650 profesionales de ventas en múltiples regiones. El equipo de ventas directas genera aproximadamente el 68% de los ingresos totales de la compañía a través de adquisiciones de clientes empresariales y de mercado medio.

Métricas del equipo de ventas	2023 datos
Personal de ventas totales	650
Contribución de ingresos	68%
Valor de contrato empresarial promedio	$325,000

Plataforma de marketing digital en línea

La plataforma de marketing digital de Criteo procesa aproximadamente 4,2 mil millones de impresiones publicitarias diarias, con una capacidad de licitación en tiempo real que maneja más de 2 millones de solicitudes de anuncios por segundo.

• Velocidad de procesamiento de la plataforma: 2 millones de solicitudes de anuncios/segundo
• Impresiones de anuncios diarios: 4.2 mil millones
• Red de anunciantes globales: más de 22,000 anunciantes activos

Integraciones de mercado asociado

Criteo ha establecido asociaciones con más de 19,000 editores digitales e intercambios publicitarios, generando aproximadamente el 32% de los ingresos a través de canales de comercialización colaborativos.

Métricas de integración de socios	2023 datos
Total de editores digitales	19,000+
Ingresos de los canales de socios	32%
Conexiones globales de intercambio de anuncios	47

Conferencias y eventos de publicidad digital

Criteo participa en 28 principales conferencias de publicidad digital anualmente, con una inversión de marketing estimada de $ 3.2 millones dedicada a los patrocinios y presentaciones de eventos.

Adquisición e incorporación de clientes basados ​​en la web

Los canales de adquisición basados ​​en la web de la Compañía convierten aproximadamente el 14.5% de los visitantes del sitio web en clientes potenciales calificados, con un tiempo promedio de incorporación del cliente de 17 días hábiles.

Métricas de adquisición web	2023 datos
Tasa de conversión de visitantes del sitio web	14.5%
Tiempo de incorporación promedio	17 días hábiles
Costo de generación de leads en línea	$ 124 por plomo calificado

Criteo S.A. (CRTO) - Modelo de negocio: segmentos de clientes

Minoristas de comercio electrónico

Criteo atiende a aproximadamente 20,000 minoristas de comercio electrónico a nivel mundial. El desglose de segmento específico incluye:

Categoría	Número de minoristas	Penetración del mercado
Minoristas de moda	4,500	22.5%
Minoristas de electrónica	3,200	16%
Hogar & Minoristas de jardín	2,800	14%

Agencias de marketing digital

Criteo se asocia con aproximadamente 1,500 agencias de marketing digital en todo el mundo.

• América del Norte: 650 agencias
• Europa: 550 agencias
• Asia-Pacífico: 300 agencias

Grandes marcas empresariales

Criteo atiende más de 1,000 marcas empresariales grandes en múltiples industrias.

Industria	Número de marcas	Gasto anual promedio
Minorista	400	$ 2.3 millones
Viajar	250	$ 1.7 millones
Tecnología	200	$ 1.9 millones

Pequeñas y medianas empresas

Criteo admite aproximadamente 15,000 pequeñas y medianas empresas a nivel mundial.

• Rango de ingresos anual: $ 500,000 - $ 50 millones
• Gasto promedio de tecnología de marketing: $ 120,000 por año
• Distribución geográfica: 40% de América del Norte, 35% Europa, 25% Asia-Pacífico

Profesionales de marketing de rendimiento

Criteo alcanza aproximadamente 50,000 profesionales de marketing de rendimiento.

Categoría profesional	Número de profesionales	Uso promedio de la plataforma
Equipos de marketing internos	22,000	6 horas/semana
Profesionales de la agencia	18,000	10 horas/semana
Vendedores independientes	10,000	4 horas/semana

Criteo S.A. (CRTO) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

En 2022, Criteo gastó $ 199.1 millones en investigación y desarrollo, lo que representa el 22.4% de los ingresos totales. La compañía asigna constantemente recursos significativos a la innovación tecnológica y el desarrollo de productos.

Año	Gasto de I + D	Porcentaje de ingresos
2022	$ 199.1 millones	22.4%
2021	$ 185.3 millones	21.7%

Gastos de computación e infraestructura en la nube

Los costos de infraestructura en la nube de Criteo fueron de aproximadamente $ 84.3 millones en 2022, lo que incluye:

• Hosting de Amazon Web Services (AWS)
• Mantenimiento del centro de datos
• Infraestructura de red

Costos operativos de ventas y marketing

Los gastos de ventas y marketing para Criteo totalizaron $ 281.4 millones en 2022, lo que representa el 31.7% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Ventas y marketing	$ 281.4 millones	31.7%

Adquisición y procesamiento de datos

Criteo invirtió $ 62.7 millones en tecnologías de adquisición y procesamiento de datos en 2022, centrándose en:

• Algoritmos de aprendizaje automático
• Plataformas de licitación en tiempo real
• Sistemas de gestión de datos

Compensación de talento tecnológico

Los costos totales de personal para los empleados de tecnología fueron de $ 276.5 millones en 2022, con una compensación promedio de $ 145,000 por profesional de la tecnología.

Categoría de personal	Compensación total	Compensación promedio
Empleados tecnológicos	$ 276.5 millones	$145,000

Criteo S.A. (CRTO) - Modelo de negocio: flujos de ingresos

Comisiones de publicidad basadas en el rendimiento

En 2022, Criteo generó $ 2.18 mil millones en ingresos totales, con publicidad de rendimiento que representa el flujo de ingresos primario. La compañía gana comisiones basadas en métricas de rendimiento publicitarias, como clics, conversiones y retorno sobre el gasto publicitario.

Fuente de ingresos	Porcentaje de ingresos totales	Cantidad de 2022
Publicidad de rendimiento	85.3%	$ 1.86 mil millones

Tarifas de plataforma de publicidad programática

Criteo cobra tarifas por acceso a su plataforma de publicidad programática, que permite la licitación y la colocación de anuncios en tiempo real en múltiples canales digitales.

• Volumen de transacción de plataforma en 2022: $ 4.5 mil millones
• Tasa de tarifa de plataforma promedio: 3-5% del valor de transacción

Servicios de información y análisis de datos

Criteo ofrece servicios avanzados de análisis de datos a anunciantes y editores, generando ingresos adicionales a través de ideas especializadas.

Servicio de análisis	2022 Ingresos
Punta de audiencia avanzada	$ 85 millones
Análisis de rendimiento de marketing	$ 62 millones

Suscripciones de soluciones de marketing empresarial

Criteo proporciona soluciones de marketing basadas en suscripción para clientes de nivel empresarial.

• Ingresos de suscripción empresariales en 2022: $ 176 millones
• Valor de suscripción anual promedio: $ 45,000 por cliente

Licencias de tecnología e ingresos por integración

La compañía genera ingresos a través de servicios de licencia e integración de tecnología para plataformas de terceros.

Categoría de licencias	2022 Ingresos
Integración tecnológica	$ 27 millones
Licencias API	$ 18 millones

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.