What risks could affect CRTO's EPS performance in 2025?

**Criteo's EPS performance in 2025 is subject to several risks**, which can be analyzed as follows:

1. **Economic Slowdown in Internet Software & Services Industry**: The Internet-Software & Services industry is highly correlated to the economy, and companies within this sector are sensitive to economic conditions. A slow economy could lead to reduced advertising spending, which might negatively impact Criteo's revenue and, consequently, its EPS.
2. **Dependence on Advertising Inventory**: Criteo's ability to access a consistent supply of internet display advertising inventory is crucial for its business model. Any uncertainty or disruption in this supply chain could affect its performance and EPS.
3. **Technological Advancements and Innovation**: The rapid pace of technological change in digital advertising requires Criteo to continually innovate and adapt its technology to stay competitive. Failure to do so could lead to a loss of market share and revenue, impacting EPS.
4. **Client Retention and Diversification**: Criteo's client retention rate is a key indicator of its stability. If client retention rates decline or the company fails to diversify its client base, it could face revenue shortfalls, affecting EPS. Conversely, strong client relationships and retention can provide a stable revenue stream, supporting EPS growth.
5. **Growth in Retail Media vs. Performance Media**: Criteo's performance is divided between Retail Media and Performance Media. A shift in consumer behavior or market trends could favor one segment over the other, impacting overall revenue and EPS. For instance, if Retail Media grows significantly, it could positively influence EPS, but if Performance Media declines, it could have a negative effect.

In summary, while Criteo's strategic initiatives and AI technology provide growth opportunities, the company's EPS in 2025 is subject to risks related to economic conditions, advertising inventory availability, technological advancements, client retention, and the balance between different revenue segments.