Criteo (CRTO) Investor Update summary

Strategic positioning and market opportunity

• Retail media is the core growth driver, now representing 22% of the business and nearing $250 million in revenue, with a global TAM of $204 billion and a SAM of $50 billion by 2027, growing at a 20% CAGR.

• The platform powers 225 leading retailers, generating $160 billion in e-commerce sales annually, and connects to 3,100 brands and 200+ agencies across 40 countries, with a global ecosystem reaching 17,000+ clients and 700M daily active users.

• Retail media is taking share from traditional and digital channels, with $1 in every $4 of U.S. ad spend expected to be in commerce media by 2027.

• Amazon currently captures 70% of retail media ad spend but only a third of e-commerce GMV, highlighting significant opportunity for other retailers.

• The company leverages a unique flywheel effect, driving more sales, ad revenue, and personalized recommendations through AI as retailer partnerships grow.

Demand and supply growth drivers

• Activated media spend has reached $1.5 billion annually, growing at a 32% CAGR, with agencies now representing two-thirds of Commerce Max DSP spend in the Americas.

• More than two-thirds of brands and agencies in the U.S. and Europe plan to increase retail media investments, with some clients allocating up to 40% of their media budgets to retail media.

• The average return on ad spend for top global brands is 3.7x, with omnichannel closed-loop measurement and cross-retailer campaign capabilities as key differentiators.

• Partnerships with Microsoft Advertising and 13 API partners expand access to new demand sources, including search budgets and broader digital activation.

• Retail media budgets are rapidly shifting from other channels, with 58% of CPG clients increasing spend and 63% shifting national budgets into retail media.

Retailer solutions and services

• The platform offers modular, flexible solutions for both challenger and category-leading retailers, supporting out-of-the-box and custom frontends, professional services, and business intelligence tools.

• Onsite display and video ad formats are expanding, with 47 new retailers signed in the past year and 60% of retailers now leveraging multiple ad formats.

• Professional services, sales enablement, and creative assistance deepen retailer relationships and present take-rate expansion opportunities.

• Retail media contributes about 20% of a retailer’s operating income, expected to rise to over 30% in five years.

• The company’s approach helps retailers monetize e-commerce, attract national budgets, and scale efficiently, regardless of their in-house capabilities.