CRTO on Nasdaq

Criteo

Online display advertisement company

Criteo S.A. is an advertising company that provides online display advertisements. The company was founded and is headquartered in Paris, France.3 It was founded by Franck Le Ouay, Jean-Baptiste Rudelle and Romain Niccoli.1 Its shares trade on Nasdaq under the symbol CRTO.1 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

2005Founded1

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  • TickerCRTO on Nasdaq1
  • IndustryIT systems and software consulting1
  • HeadquartersParis1
  • Founded inParis1
  • Websitewww.criteo.com
  • Legal formpublic limited company with a board of directors (n.o.s.)1
  • Incorporated inLuxembourg5
  • Business address5 Place De La Gare, Luxembourg, L-16165
  • Filer categoryLarge accelerated filer5
  • LEI969500EELFB4RDMFHA764
  • StatusActive4
  • LEI statusIssued and current4
  • Registered address32 RUE BLANCHE, 75009 Paris, France4
  • Registered withNational Institute of Statistics and Economic Studies, 4847862494

Criteo S.A. is an advertising company that provides online display advertisements. The company was founded and is headquartered in Paris, France.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

54.0%Gross margin8
10.4%Operating margin8
7.4%Net margin8
0.6%Revenue growth, 20258
12.6%Return on equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Performance Media brought in 86% of the revenue Criteo broke down this way in fiscal 2025.

  1. Performance Media$1.7B886%up 0% from 2024
  2. Retail Media$263.9M814%up 2% from 2024
Business segments by year
Business segments202320242025
Performance Media$1.7B$1.7B$1.7B
Retail Media$209.0M$258.3M$263.9M

Regions

Americas brought in 26% of the revenue Criteo broke down this way in fiscal 2025.

  1. Americas$836.7M826%down 6% from 2024
  2. United States$753.3M823%down 6% from 2024
  3. EMEA$728.1M823%up 8% from 2024
  4. Asia Pacific$380.2M812%up 4% from 2024
  5. Japan$221.1M87%up 8% from 2024
  6. Germany$207.6M86%up 2% from 2024
  7. France$88.9M83%up 1% from 2024
Regions by year
Regions202320242025
Americas$887.2M$892.2M$836.7M
United States$803.3M$802.6M$753.3M
EMEA$672.6M$676.5M$728.1M
Asia Pacific$389.6M$364.7M$380.2M
Japan$217.0M$204.1M$221.1M
Germany$200.1M$202.7M$207.6M
France$100.3M$87.8M$88.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue40¢$770.3M
  • Research and development15¢$283.3M
  • Other costs36¢$692.5M
  • Income tax3¢$54.2M
  • Profit7¢$144.6M

Out of $1.9B in revenue.8

Where each dollar of operating cash went, fiscal 2025

  • Share buybacks49¢$152.1M
  • Kept or used elsewhere51¢$159.2M

Out of $311.2M of cash from operations.8

Financial statements

Revenue91011128$1.9B in 2025−14% since 2019
0$1.0B$2.0B$3.0B2019: $2.3B$2.3B20192020: $2.1B$2.1B2020−8%2021: $2.3B$2.3B2021+9%2022: $2.0B$2.0B2022−11%2023: $1.9B$1.9B2023−3%2024: $1.9B$1.9B2024−1%2025: $1.9B$1.9B2025+1%
Gross profit91011128$1.0B in 2025+27% since 2019
0$500.0M$1.0B$1.5B2019: $829.0M$829.0M20192020: $688.0M$688.0M2020−17%2021: $781.9M$781.9M2021+14%2022: $795.2M$795.2M2022+2%2023: $863.0M$863.0M2023+9%2024: $983.0M$983.0M2024+14%2025: $1.0B$1.0B2025+7%
Operating income91011128$202.8M in 2025+44% since 2019
0$100.0M$200.0M$300.0M2019: $141.2M$141.2M20192020: $108.8M$108.8M2020−23%2021: $151.9M$151.9M2021+40%2022: $24.3M$24.3M2022−84%2023: $77.2M$77.2M2023+218%2024: $151.4M$151.4M2024+96%2025: $202.8M$202.8M2025+34%
Net income91011128$144.6M in 2025+59% since 2019
0$50.0M$100.0M$150.0M2019: $90.7M$90.7M20192020: $71.7M$71.7M2020−21%2021: $134.5M$134.5M2021+88%2022: $9.0M$9.0M2022−93%2023: $53.3M$53.3M2023+495%2024: $111.6M$111.6M2024+109%2025: $144.6M$144.6M2025+30%

Every line of the income statement as filed: the last 3 fiscal years, latest first.8

Period ending2025-12-312024-12-312023-12-31
Revenue$1.9B$1.9B$1.9B
Traffic acquisition costs$770.3M$811.8M$926.8M
Other cost of revenue$125.2M$138.5M$159.6M
Gross profit$1.0B$983.0M$863.0M
Research and development expenses$283.3M$279.3M$242.3M
Sales and operations expenses$394.4M$376.1M$406.0M
General and administrative expenses$168.9M$176.1M$137.5M
Total operating expenses$846.6M$831.6M$785.8M
Income from operations$202.8M$151.4M$77.2M
Financial and other income (expense)$809.0K$3.1M-$2.5M
Income before taxes$203.6M$154.5M$74.7M
Provision for income taxes$54.2M$39.8M$20.1M
Net income$149.4M$114.7M$54.6M
Net income attributable to shareholders of Criteo S.A.$144.6M$111.6M$53.3M
Net income attributable to noncontrolling interests$4.8M$3.1M$1.4M
Basic (in shares)52.9M shares54.8M shares56.2M shares
Diluted (in shares)54.8M shares58.6M shares60.2M shares
Basic (in dollars per share)$2.73$2.04$0.95
Diluted (in dollars per share)$2.64$1.90$0.88

Compare Criteo with another company

Corporate structure

Criteo sits at the top of its group. 27 entities, 16 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Criteo

  • Criteo Paris, France
    • Criteo Advertising (Beijing) Co., Ltd. Subsidiary · China
    • Criteo Australia Pty Ltd Subsidiary · Australia
    • CRITEO B.V. Subsidiary · Paris, France
    • Criteo Canada Corp. Subsidiary · Canada
    • CRITEO DO BRASIL DESENVOLVIMENTO DE SERVICOS DE INTERNET LTDA. Subsidiary · Sao Paulo, Brazil
    • Criteo Do Brasil Desenvolvimento De Serviços De Internet Ltda. Subsidiary · Brazil
    • CRITEO ESPAÑA SL Subsidiary · Paris, France
    • Criteo España, S.L. Subsidiary · Spain
    • CRITEO EUROPA MM SL Subsidiary · Paris, France
    • Criteo Europa MM, S.L. Subsidiary · Spain
    • CRITEO FRANCE Subsidiary · Paris, France
    • Criteo France S.A.S. Subsidiary · France
    • CRITEO GMBH Subsidiary · Paris, France
    • CRITEO INDIA PRIVATE LIMITED Subsidiary · Gurgaon, India
    • Criteo K.K. Subsidiary · Japan
    • CRITEO LTD Subsidiary · Paris, France
    • Criteo MEA FZ - LLC Subsidiary · United Arab Emirates
    • Criteo Nordics AB Subsidiary · Sweden
    • Criteo Reklamcilik Hizmetleri ve Ticaret A.S. Subsidiary · Turkey
    • CRITEO S.R.L. Subsidiary · Paris, France
    • Criteo Singapore Pte. Ltd. Subsidiary · Singapore
    • Criteo Technology S.A.S. Subsidiary · France
    • Criteo Technology SRL Subsidiary · Romania
    • Doobe In Site Ltd. Subsidiary · Israel
    • Iponweb Labs LLC Subsidiary · Armenia
    • and 1 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Criteo reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Computer equipment and software$25.6M8 Dec 31, 2025$18.7M8 Dec 31, 2024+36.9%
Property and equipment, before depreciation$353.4M8 Dec 31, 2025$309.7M8 Dec 31, 2024+14.1%
Accumulated depreciation$214.1M8 Dec 31, 2025$202.5M8 Dec 31, 2024+5.7%
Property and equipment, net$139.3M8 Dec 31, 2025$107.2M8 Dec 31, 2024+29.9%
Operating-lease assets (leased space)$134.2M8 Dec 31, 2025$99.5M8 Dec 31, 2024+34.9%

Real estate and locations

ItemLatestA year beforeChange
Countries it operates in38 Dec 31, 2025312 Dec 31, 20240%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$342.0M8 Dec 31, 2025$290.7M8 Dec 31, 2024+17.7%
Marketable securities, current$23.2M8 Dec 31, 2025$26.2M8 Dec 31, 2024−11.4%
Marketable securities, non-current$23.5M8 Dec 31, 2025$15.6M8 Dec 31, 2024+50.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$535.8M8 Dec 31, 2025$515.2M8 Dec 31, 2024+4.0%
Intangible assets, net (excluding goodwill)$151.9M8 Dec 31, 2025$158.4M8 Dec 31, 2024−4.1%
Accumulated amortization$389.3M8 Dec 31, 2025$272.7M8 Dec 31, 2024+42.8%
Finite-lived intangibles, net$151.9M8 Dec 31, 2025$158.4M12 Dec 31, 2024−4.1%

Properties, in its own words

Our headquarters are located in Paris, France, in an approximately 9,216 square meter facility, under a lease agreement

expiring in March 2031. In addition, we had 26 offices in 19 countries as of December 31, 2025. We currently lease space

The rest of Item 2

in data centers from third-party hosting providers to operate our servers located in the U.S. (Texas, Virginia), France, the

Netherlands, Singapore and Japan. The properties are used by both of our segments. We believe that our facilities are

adequate for our current needs.

Item 2 of the 10-K filed Feb 26, 2026.17

The story

Founded by Franck Le Ouay, Jean-Baptiste Rudelle and Romain Niccoli in 2005, in Paris.1

Criteo was founded in Paris, France, in 2005 by Jean-Baptiste Rudelle, Franck Le Ouay and Romain Niccoli. Criteo spent the first four years focused on R&D, and launched its first product in April 2008. In 2010, Criteo opened an office in Silicon Valley. In 2012, Criteo opened its new headquarters in Paris, France.

On April 7, 2011, Criteo announced that it hired Greg Coleman as president. Previously, Coleman served as president and chief revenue officer of The Huffington Post and executive vice president of global sales for Yahoo!.

In October 2013, the firm completed an initial public offering (IPO), raising US$251 million.

On 1 January 2016, Rudelle became the executive chairman, while Eric Eichmann, who was the president and chief operating officer (COO), was promoted to chief executive officer. In June 2016, Criteo alleged Steelhouse, a rival ad tech company, had falsely taken credit for user visits to retailers' web pages in a lawsuit. Steelhouse countersued, alleging Criteo of false advertising and unfair competition. After an injunction requested by Criteo was denied in October 2016, both parties chose to mutually dropped their lawsuits in November 2016. On 4 October 2016, Criteo acquired HookLogic, a retail exchange, ad server and attribution company focused squarely on retailers, strengthening its ecommerce serving capabilities.

In October 2017, Criteo appointed Mollie Spilman as COO.

With the implementation of the Intelligent Tracking Prevention (ITP) feature from Apple's Safari 11 onwards in September 2017, Criteo's revenue was reduced by $25 million in 2017. However, Criteo reportedly was working on a “sustainable solution for the long-term” at the end of 2017, and had redesigned its "platform architecture" since. Criteo was also impacted by the perception that the General Data Protection Regulation would negatively affect the company.

In April 2018, Rudelle returned as the CEO, with Eichmann being his advisor. Under Rudelle, Criteo slowly transitioned from a single product (web advertising) to a multi-product platform, which included in-app and email advertising. Criteo's revenue did not grow in 2018, and was down 1%.

On 19 October 2019, Megan Clarken was appointed as the new CEO, taking over from Rudelle. Clarken would continue Criteo's transformation plan.

Read the full text

On February 15, 2025, Michael Komasinski took over as CEO and member of the Board, replacing Megan Clarken. Previously, Komasinski was CEO of the Americas, President of Global Data & Technology, and member of the Group Executive Management team at dentsu.

At the end of 2025, it was announced that Criteo would be moving to the United States, via Luxembourg. Les Echos referred to this as an 'exile,' a 'symbol of the French Tech's shortcomings'.

From Wikipedia’s article on Criteo, shared under CC BY-SA 4.0.6

Leadership

Who has led Criteo, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (20)

Products and brands

Criteo's product is a form of display advertising, which displays interactive banner advertisements, generated based on the online browsing preferences and behaviour of each customer. The solution operates on a pay per click/cost per click (CPC) basis.

In September 2010, Criteo debuted its self-service cost-per-click (CPC) bidding platform that lets advertisers place bids on display retargeting campaigns and see changes and optimize campaigns in real-time. During 2020 Criteo launched a traffic generation product, which allows advertisers to advertise using purchase intent data, and it also introduced a self-service ad platform for its Criteo Retail Media division that allows advertisers to purchase media space on retailers’ websites.

From Wikipedia’s article on Criteo, shared under CC BY-SA 4.0.6

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Criteo Advertising (Beijing) Co., Ltd. China7
  • Criteo Australia Pty Ltd Australia7
  • Criteo B.V. Netherlands7
  • Criteo Canada Corp. Canada7
  • Criteo Do Brasil Desenvolvimento De Serviços De Internet Ltda. Brazil7
  • Criteo España, S.L. Spain (Madrid)7
  • Criteo Europa MM, S.L. Spain (Barcelona)7
  • Criteo France S.A.S. France7
  • Criteo GmbH Germany7
  • Criteo India Private Limited India7
  • Criteo K.K. Japan7
  • Criteo LLC Russia7
  • Criteo Ltd. United Kingdom7
  • Criteo MEA FZ - LLC United Arab Emirates (Dubai)7
  • Criteo Nordics AB Sweden7
  • Criteo Reklamcilik Hizmetleri ve Ticaret A.S. Turkey7
  • Criteo S.R.L. Italy7
  • Criteo Singapore Pte. Ltd. Singapore7
  • Criteo Technology S.A.S. France7
  • Criteo Technology SRL Romania7
  • Doobe In Site Ltd. Israel7
  • Iponweb Labs LLC Armenia7
  • Iponweb Limited (in liquidation) United Kingdom7

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 5, 20268-K Results of operations; Executive or director change; Bylaws or fiscal year changed46
  2. Aug 5, 20268-K Entered a material agreement; Other events47
  3. Jul 31, 20268-K Entered a material agreement; New debt or obligation48
  4. Jun 29, 20268-K Bylaws or fiscal year changed; Shareholder vote49
  5. May 6, 20268-K Results of operations50
  6. Apr 28, 20268-K Bylaws or fiscal year changed51
  7. Feb 27, 20268-K Shareholder vote; Other events52
  8. Feb 13, 20268-K Other events53
  9. Feb 11, 20268-K Results of operations54
  10. Jan 7, 20268-K Other events55
  11. Dec 8, 20258-K Bylaws or fiscal year changed56
  12. Oct 29, 20258-K Results of operations; Regulation FD disclosure; Other events57
  13. Feb 18, 2025New chief executive Michael Komasinski becomes CEO18
  14. Nov 27, 2019New chief executive Megan Clarken becomes CEO19
  15. Jun 28, 2018New chief executive Jean-Baptiste Rudelle becomes CEO20
  16. Jan 4, 2016New chief executive Eric Eichmann becomes CEO21
  17. Oct 30, 2013Went public Listed on NASDAQ1
  18. 2005Founded Founded in Paris1

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $1.06 a share, on Oct 29, 2025.58

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results46
  2. May 6, 2026Reported quarterly or annual results50
  3. Feb 11, 2026Reported quarterly or annual results54
  4. Oct 29, 2025Reported quarterly or annual results57
  5. Jul 30, 2025Reported quarterly or annual results59
  6. Jul 1, 2025Reported quarterly or annual results60
  7. May 2, 2025Reported quarterly or annual results61
  8. Feb 5, 2025Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

473 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 52 major events, 192 insider forms, 39 large holders, 169 other. The latest 20:

  1. Sep 2, 20264 EDGAR
  2. Sep 2, 20264 EDGAR
  3. Sep 2, 20264 EDGAR
  4. Sep 1, 2026144 EDGAR
  5. Sep 1, 2026144 EDGAR
  6. Sep 1, 2026144 EDGAR
  7. Aug 31, 20264 EDGAR
  8. Aug 31, 20264 EDGAR
  9. Aug 31, 20264 EDGAR
  10. Aug 28, 2026144 EDGAR
  11. Aug 28, 2026144 EDGAR
  12. Aug 28, 2026144 EDGAR
  13. Aug 28, 2026144 EDGAR
  14. Aug 25, 20264 EDGAR
  15. Aug 25, 20264 EDGAR
  16. Aug 24, 2026144 EDGAR
  17. Aug 24, 2026144 EDGAR
  18. Aug 13, 2026SCHEDULE 13G/A EDGAR
  19. Aug 12, 20264 EDGAR
  20. Aug 12, 20263 EDGAR

The 473 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

142 open-market trades by officers, directors and large owners since October 2021: 7 buys and 135 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 1, 2026McGogney ConnorChief Financial OfficerSale276$17.50$4.8KForm 4
Sep 1, 2026Damon RyanChief Legal OfficerSale1,079$17.50$18.9KForm 4
Aug 28, 2026McGogney ConnorChief Financial OfficerSale258$17.28$4.5KForm 4
Aug 28, 2026Komasinski MichaelCEOSale1,656$17.28$28.6KForm 4
Aug 28, 2026Damon RyanChief Legal OfficerSale789$17.28$13.6KForm 4
Aug 24, 2026McGogney ConnorChief Financial OfficerSale671$17.37$11.7KForm 4
Aug 24, 2026Damon RyanChief Legal OfficerSale2,132$17.37$37.0KForm 4
Aug 6, 2026Komasinski MichaelCEOSale15,559$17.23$268.1KForm 4
Aug 6, 2026Damon RyanChief Legal OfficerSale6,178$17.23$106.4KForm 4
Aug 6, 2026Glickman Sarah JSChief Financial OfficerSale6,285$17.23$108.3KForm 4
Jun 1, 2026Damon RyanChief Legal OfficerSale1,079$18.50$20.0KForm 4
Jun 1, 2026Glickman Sarah JSChief Financial OfficerSale982$18.50$18.2KForm 4
May 26, 2026Damon RyanChief Legal OfficerSale2,132$17.06$36.4KForm 4
May 26, 2026Glickman Sarah JSChief Financial OfficerSale2,465$17.06$42.1KForm 4
Mar 13, 2026van der Kooi FrederikDirectorBuy5,000$17.81$89.0KForm 4
Mar 3, 2026Damon RyanChief Legal OfficerSale1,509$18.48$27.9KForm 4
Mar 3, 2026Glickman Sarah JSChief Financial OfficerSale1,943$18.48$35.9KForm 4
Mar 2, 2026Damon RyanChief Legal OfficerSale13,385$17.99$240.8KForm 4
Mar 2, 2026Glickman Sarah JSChief Financial OfficerSale18,304$17.99$329.3KForm 4
Feb 24, 2026Damon RyanChief Legal OfficerSale1,019$16.71$17.0KForm 4

All 142 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Michael Komasinski55$657.5K$12.5M72
2025Brian Gleason$330.8K$5.9M72
2025Sarah Glickman57$529.0K$4.6M72
2025Ryan Damon53$490.0K$3.6M72
2025Megan Clarken$147.0K$440.0K72
2024Former ChiefExecutive Officer$711.3K$10.7M72
2024Former Chief Revenue Officer$550.1K$4.7M72
2024Chief Financial Officer$516.8K$4.4M72
2024Chief Legal and Transformation$482.5K$3.8M72
2023Former ChiefExecutive Officer$665.0K$9.2M72
2023Chief Financial Officer$476.0K$4.0M72
2023Officer$455.0K$2.9M72

SEC filer profile

How Criteo is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARCriteo S.A.2
  • CIK0001576427
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inFrance17
  • Fiscal year endsDecember 312
  • Industry code (SIC)7311 Services-Advertising Agencies2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address5 Place De La Gare, Luxembourg, L-1616, Luxembourg2
  • Phone352 278668502
  • Shares outstanding48,997,559 as of Jul 31, 202614
  • Public float$1.3B as of Jun 30, 202517
  • AuditorDeloitte & Associés, Paris-La Défense, France PCAOB ID 1756; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceMay 31, 20132
  • Filings987 in all: 4 (441), 8-K (106), 144 (88), DEFA14A (43), 10-Q (32), SC 13G/A (30), 3 (27), 6-K (22)2
    All 44 form types

    SC 13G (19), UPLOAD (19), 425 (18), CORRESP (16), S-8 (14), S-8 POS (13), 10-K (11), DEF 14A (11), PRE 14A (11), SCHEDULE 13G/A (11), SC 13D/A (9), F-1/A (7), 8-K/A (4), EFFECT (4), SCHEDULE 13G (3), 10-K/A (2), 20-F (2), 4/A (2), 424B4 (2), DRS/A (2), F-1 (2), FWP (2), 10-Q/A (1), 424B3 (1), 5 (1), 8-A12B (1), 8-K12B (1), CERTNAS (1), DEFR14A (1), DRS (1), F-1MEF (1), F-6 (1), F-6 POS (1), POS AM (1), S-4 (1), SC 13D (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) May 8, 2026
    Latest 8-K (8-K) Aug 5, 2026

Securities registered for trading

ClassSymbolExchange
American Depositary Shares, each representing one ordinary share, nominal value €0.025 per shareCRTONasdaq Global Select Market
Ordinary shares, nominal value €0.025 per shareNasdaq Global Select Market

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks Criteo names in Item 1A of its 10-K filed Feb 26, 2026: 76 risks under these headings, as written.17

  • information contained in this Form 10-K, including our consolidated financial statements and the related notes thereto,
  • before investing in our ADSs. The risks and uncertainties described below are not the only ones we face. Additional risks
  • and uncertainties that we are unaware of, or that we currently believe are not material, also may become important factors
  • that affect us. If any of the following risks materialize, our business, financial condition and results of operations could be
  • materially harmed. In that case, the trading price of our ADSs could decline, and you may lose some or all your
  • Risks Related to Our Business and Industry
  • If we fail to innovate, enhance our brand, and adapt and respond effectively to rapidly changing technology, our
  • offerings may become less competitive or obsolete. Our investments in new solutions and technologies to
  • address new marketing goals for our clients are inherently risky and may not be successful.
  • The market in which we participate is intensely competitive, and we may not be able to compete successfully
  • with our current or future competitors.
  • Our success depends on our ability to implement our business transformation and achieve our global business
The other 65 risks
  • The failure by Criteo AI Engine to accurately predict user engagement and the failure to maintain the quality of
  • our client and publisher content could result in significant costs to us, lost revenue and diminished business
  • opportunities.
  • We may not be able to effectively integrate or realize the expected benefits of acquisitions or strategic
  • transactions, which may adversely affect our ability to achieve our growth and business objectives.
  • We have substantial client concentration in certain markets and solutions, with a limited number of clients
  • accounting for a substantial portion of our revenues in those areas.
  • Regulatory, legislative or self-regulatory developments regarding internet or online matters could adversely
  • affect our ability to conduct our business.
  • Our international operations and expansion expose us to several risks.
  • Our ability to generate revenue depends on our collection of significant amounts of data from various sources,
  • which may be restricted by consumer choice, clients, publishers and retailer partners, browsers or other
  • software, changes in technology, and new developments in laws, regulations and industry standards.
  • We derive a significant portion of our revenue from companies in the retail, travel and marketplaces industries,
  • and any downturn in these industries or any changes in regulations affecting these industries could harm our
  • We operate in a rapidly evolving industry, which makes it difficult to evaluate our future prospects and may
  • increase the risk that we will not be successful. Our historical growth rates may not be indicative of our future
  • growth, and we may have difficulty sustaining profitability.
  • We face intense competition for employee talent, and if we do not retain and continue to attract highly skilled
  • talent or retain our senior management team and other key employees, we may not be able to achieve our
  • business objectives.
  • Our future success will depend in part on our ability to expand into new advertising channels.
  • Our future success will depend in part on our ability to expand into new industry verticals and continue to build
  • on existing verticals.
  • As we expand the market for our solutions, we may become more dependent on advertising agencies as
  • intermediaries, which may adversely affect our ability to attract and retain business.
  • Third parties may implement technical restrictions that impede our access to data and revenue opportunities
  • upon which we rely, which could materially impact our business and results of operations.
  • We experience fluctuations in our results of operations due to a number of factors, which make our future results
  • difficult to predict and could cause our operating results to fall below expectations or our guidance.
  • Risks Related to Data Privacy, Intellectual Property and Cybersecurity
  • Our business involves the use, transmission and storage of personal data and confidential information, and the
  • failure to properly safeguard such information could result in significant reputational harm and monetary
  • If we are unable to protect our proprietary information or other intellectual property, our business could be
  • adversely affected.
  • Our business may suffer if it is alleged or determined that our technology or another aspect of our business
  • infringes the intellectual property rights of others.
  • Failures in the systems and infrastructure supporting our solutions and operations, including as we scale our
  • offerings, could significantly disrupt our operations and cause us to lose clients.
  • Our inability to use software licensed from third parties, or our use of open source software under license terms
  • that interfere with our proprietary rights, could disrupt our business.
  • Risks Related to Ownership of Our Shares and the ADSs and the Trading of the ADSs
  • The market price for the ADSs has been and may continue to be volatile or may decline regardless of our
  • operating performance.
  • Actions of activist shareholders could impact the pursuit of our business strategies and adversely affect our
  • results of operations, financial condition, or share price.
  • We may need additional capital in the future to meet our financial obligations and to pursue our business
  • objectives. Additional capital may not be available on favorable terms, or at all, and may contain restrictions
  • which could compromise our ability to meet our financial obligations and operate and grow our business.
  • Our business could be negatively impacted by the activities of hedge funds or short sellers.
  • We do not currently intend to pay dividends on our securities and, consequently, the ability to achieve a return
  • on your investment will depend on appreciation in the price of the ADSs. In addition, French law may limit the
  • amount of dividends we are able to distribute.
  • Our by-laws and French corporate law contain provisions that may delay or discourage a sale of the Company.
  • You may not be able to exercise your right to vote the ordinary shares underlying your ADSs.
  • Your right as a holder of ADSs to participate in any future preferential subscription rights or to elect to receive
  • dividends in shares may be limited, which may cause dilution to your holdings.
  • You may be subject to limitations on the transfer of your ADSs and the withdrawal of the underlying ordinary
  • U.S. investors may have difficulty enforcing civil liabilities against our Company, directors and senior
  • The rights of shareholders in companies subject to French corporate law differ in material respects from the
  • rights of shareholders of corporations incorporated in the U.S.
  • General Risk Factors
  • In periods of macroeconomic and geopolitical uncertainty, businesses may delay or reduce their spending on
  • advertising, which may expose us to the credit risk of some of our clients and adversely affect our business,
  • financial condition, results of operations and/or cash flows.
  • Our failure to maintain certain tax regimes applicable to French technology companies may adversely affect our
  • We are a multinational organization facing increasingly complex tax issues in many jurisdictions, and new taxes
  • or laws, or revised interpretations thereof, that may negatively affect our results of operations.

Legal proceedings

For a discussion of our legal proceedings, refer to Note 19 Commitments and contingencies.

The opening of Item 3, Legal Proceedings.17

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