What guidance did Criteo's management provide for the next earnings period?

What is the revenue and EPS growth rate for Criteo year over year?

What were the key takeaways from Criteo’s earnings call?

What is Criteo's latest dividend and current dividend yield?

Did Criteo beat or miss consensus estimates last quarter?

What factors drove the changes in Criteo's revenue and profit?

What is Criteo's gross profit margin?

What were the key takeaways from Criteo's earnings call?

- **Revenue Growth**: Q3 revenue $470M, media spend +4% YoY. PM and RM drive growth, with 85% of spend outside desktop.
- **AI Innovation**: Commerce GO adoption doubles QoQ, AI partnerships test sponsored recommendations in agents.
- **CTV Expansion**: CTV ROI comparable to social, with 35% of GO campaigns on social. Scaling through Commerce Grid and Demand solutions.
- **Retail Media Momentum**: Media spend +26% YoY, auction-based display at 12% of RM. Google Search Ads API targets $172B addressable spend.
- **Financial Strength**: Adjusted EBITDA $105M (36% margin), free cash flow $67M. 2025 EBITDA margin 34%, 2026 cautious due to RM headwinds.
- **Strategic Moves**: Redomiciliation to Luxembourg to simplify capital management. New Chief Customer Officer to enhance client retention.

**【CEO Summary Section】**
- **Revenue Growth and Strategy**: Q3 revenue of $470M, with media spend up 4% YoY. CEO highlights shift to a multichannel platform, with 85% of media spend outside desktop display. Performance Media (PM) and Retail Media (RM) are key growth engines.
- **AI and Agentic Innovations**: Launch of Commerce GO, a self-service AI platform, driving 6% YoY contribution growth. Testing AI partnerships for sponsored recommendations in agents, with a focus on integrating product data into AI responses.
- **CTV Expansion**: CTV campaigns show strong ROI (e.g., 50% lift in transactions for luxury brand), with plans to scale through Commerce Grid and Demand solutions. PM now accounts for 35% of GO campaign revenue on social.
- **Retail Media Momentum**: Media spend up 26% YoY, driven by auction-based display (12% of RM) and partnerships with Google, Miracle, and Microsoft. New API integration with Google Search Ads 360 targets $172B addressable spend.
- **Strategic Moves**: Announced redomiciliation to Luxembourg to simplify capital management and expand shareholder base. Hired Chief Customer Officer to enhance client retention.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBITDA of $105M (36% margin), up 28% YoY. Free cash flow of $67M, up 74% YoY. Non-GAAP EPS of $1.31, beating expectations. Strong cost control (flat OpEx YoY) and AI-driven productivity gains.
- **Performance Media (PM)**: Contribution ex-TAC up 5% YoY, driven by Commerce GO and AI enhancements. Ad Tech Services drag limited growth by 100bps. Social media spend now 35% of PM GO campaigns.
- **Retail Media (RM)**: Contribution ex-TAC up 11% YoY, with 4,100+ brands and 235 retailers. Off-site video adoption growing, but headwinds from scope changes with 2 clients and lapping tiered fees.
- **Guidance**: Full-year contribution ex-TAC growth 3-4% YoY. 2025 EBITDA margin expected at 34%, with 2026 outlook cautious due to RM headwinds but optimism on PM recovery.

**【Q&A Key Highlights】**
- **AI and Agentic Commerce**: CEO sees AI as a new channel, not a threat to RM. Testing with major AI platforms to integrate product recommendations. Self-service tools like Commerce GO reduce CAC and improve retention.
- **CTV Investments**: CPO Todd Parsons details supply-side integrations and cross-channel campaigns. CTV ROI comparable to social, with plans to expand globally.
- **Google Partnership**: API integration with Google Search Ads 360 to unlock brand search budgets. Expected to contribute meaningfully from 2026 onward.
- **Retail Media Risks**: CFO notes slower new client ramps and macro volatility, but confident in long-term RM growth. 2026 headwinds include $75M from client scope changes and tiered fee lapping.
- **Share Buybacks**: Resuming buybacks post-French law constraints, with $104M remaining in authorization. Redomiciliation to Luxembourg aims to enhance liquidity and index inclusion.

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