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- **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.

Criteo S.A. (CRTO) Q3 2025 Earnings Call Transcript

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