Technology

CRITEO REPORTS RECORD FIRST QUARTER 2025 RESULTS

Published

1 year ago

May 2, 2025

Deployed $56 Million to Repurchase Shares in Q1 2025

NEW YORK, May 2, 2025 /PRNewswire/ — Criteo S.A. (NASDAQ: CRTO) (“Criteo” or the “Company”), the commerce media company, today announced financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Financial Highlights:

The following table summarizes our consolidated financial results for the three months ended March 31, 2025:

Three Months Ended

March 31,

2025

2024

YoY Change

(in millions, except EPS data)

GAAP Results

Revenue

$451

$450

0.3 %

Gross Profit

$237

$217

9 %

Net Income (loss)

$40

367 %

Gross Profit margin

52 %

48 %

4 ppt

Diluted EPS

$0.66

$0.12

450 %

Cash from operating activities

$62

$14

345 %

Cash and cash equivalents

$286

$267

7 %

Non-GAAP Results1

Contribution ex-TAC

$264

$254

4 %

Adjusted EBITDA

$92

$71

30 %

Adjusted diluted EPS

$1.10

$0.80

38 %

Free Cash Flow (FCF)

$45

FCF / Adjusted EBITDA

49 %

1 %

48 ppt

“Our results this quarter demonstrate strong execution and a solid foundation to build on,” said Michael Komasinski, Chief Executive Officer of Criteo. “Criteo sits at the center of commerce and media, a powerful combination. I’m excited about our opportunities ahead and confident in our ability to deliver long-term value for our shareholders.”

Operating Highlights

Retail Media Contribution ex-TAC grew 18% year-over-year at constant currency2 and same-retailer Contribution ex-TAC3 retention for Retail Media was 120%.We expanded our platform adoption to 3,800 brands and added new retailers and marketplaces, including Dick’s Sporting Goods in the U.S., Endeavour in Australia, d shopping in Japan, Cooperative U in France, and Elkjop in the Nordics.We launched our Onsite Video solution for Retail Media into general availability and now offer a comprehensive, full-funnel onsite advertising suite.Performance Media Contribution ex-TAC was up 4% year-over-year at constant currency2.Criteo’s media spend4 was $4.3 billion in the last 12 months and $919 million in Q1 2025, flat year-over-year at constant currency2.We deployed $56 million of capital for share repurchases in Q1 2025.The Company named Frederik van der Kooi as the Chairperson of the Board of Directors and nominated Stefanie Jay for election to the Board of directors at the 2025 Annual Meeting of Shareholders.

___________________________________________________

1 Contribution ex-TAC, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted diluted EPS and Free Cash Flow are not measures calculated in accordance with U.S. GAAP.

2 Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions denominated in settlement or billing currencies other than the US dollar.

3 Same-retailer Contribution ex-TAC retention is the Contribution ex-TAC generated by clients that were live with us in a given quarter and are still live with us the same quarter in the following year.

4 Media spend is defined as the media spend activated on behalf of our Retail Media clients and our Performance Media clients.

Financial Summary

Revenue for Q1 2025 was $451 million, gross profit was $237 million and Contribution ex-TAC was $264 million. Net income for Q1 2025 was $40 million, an increase compared to $9 million in Q1 2024. This represents $0.66 per share on a diluted basis. Adjusted EBITDA for Q1 was $92 million, resulting in an adjusted diluted EPS of $1.10 . As reported, revenue for Q1 increased 0.3%, gross profit increased 9% and Contribution ex-TAC increased 4%. At constant currency, revenue for Q1 increased 3% and Contribution ex-TAC increased 7%. Cash flow from operating activities was $62 million in Q1 and Free Cash Flow was $45 million in Q1 2025, an increase compared to $1 million in Q1 2024. As of March 31, 2025, we had $329 million in cash and marketable securities on our balance sheet.

Sarah Glickman, Chief Financial Officer, said, “Our first quarter results reflect our broad capabilities to drive performance across the buyer journey, and the strength of our diversified global client base. In an uncertain macro-economic environment, our resilient business model and strong financial foundation position us well to drive results for our clients and protect margins and cash flow.”

First Quarter 2025 Results

Revenue, Gross Profit and Contribution ex-TAC

Revenue increased 0.3% year-over-year in Q1 2025, or 3% at constant currency, to $451 million (Q1 2024: $450 million). Gross profit increased 9% year-over-year in Q1 2025 to $237 million (Q1 2024: $217 million). Gross profit as a percentage of revenue, or gross profit margin, was 52% (Q1 2024: 48%). Contribution ex-TAC in the first quarter increased 4% year-over-year, or increased 7% at constant currency, to $264 million (Q1 2024: $254 million).

Retail Media revenue increased 17%, or 18% at constant currency, reflecting continued strength in Retail Media onsite. Retail Media Contribution ex-TAC increased 17%, or 18% at constant currency, driven by continued strength in Retail Media onsite, new client integrations and growing network effects of the platform.Performance Media revenue decreased (2)%, or increased 1% at constant currency, and Performance Media Contribution ex-TAC increased 1%, or 4% at constant currency, driven by the continued traction of our suite of commerce solutions helping advertisers drive measurable performance across the entire buyer journey, partially offset by lower AdTech services.

Net Income and Adjusted Net Income

Net income was $40 million in Q1 2025 (Q1 2024: net income of $9 million). Net income allocated to shareholders of Criteo was $38 million, or $0.66 per share on a diluted basis (Q1 2024: net income available to shareholders of $7 million, or $0.12 per share on a diluted basis).

Adjusted net income, a non-GAAP financial measure, was $63 million, or $1.10 per share on a diluted basis (Q1 2024: $47 million, or $0.80 per share on a diluted basis).

Adjusted EBITDA and Operating Expenses

Adjusted EBITDA was $92 million, representing an increase of 30% year-over-year (Q1 2024: $71 million). This primarily reflects higher Contribution ex-TAC over the period and effective cost management. Adjusted EBITDA as a percentage of Contribution ex-TAC, or Adjusted EBITDA margin, was 35% (Q1 2024: 28%).

Operating expenses decreased (9)% year-over-year to $189 million (Q1 2024: $207 million), mostly driven by continued rigor on resource allocation and lower equity award compensation expense, partially offset by planned growth investments. Non-GAAP operating expenses decreased (3)% year-over-year to $151 million (Q1 2024: $155 million).

Cash Flow, Cash and Financial Liquidity Position

Cash flow from operating activities increased to $62 million in Q1 2025 (Q1 2024: $14 million).

Free Cash Flow, defined as cash flow from operating activities less acquisition of intangible assets, property and equipment and change in accounts payable related to intangible assets, property and equipment, increased to $45 million in Q1 2025 (Q1 2024: $1 million). On a trailing 12-month basis, Free Cash Flow was $226 million.

Cash and cash equivalents, and marketable securities, were $329 million, a $(3) million decrease compared to December 31, 2024, after spending $56 million on share repurchases in the three months ended March 31, 2025.

As of March 31, 2025, the Company had total financial liquidity of approximately $810 million, including its cash position, marketable securities, revolving credit facility and treasury shares reserved for M&A.

Update on Chrome Third-Party Cookie Policy

On April 23, 2025, Google announced that it will maintain its current approach for offering users control over third-party cookies in the Chrome browser. This decision follows a 2024 proposal to implement a new framework and standalone prompt for collecting user consent regarding third-party cookie usage across web browsing activity. Google confirmed it will not proceed with the proposed standalone consent prompt and instead will continue with its existing mechanisms for user choice.

We appreciate our partnership with Google and the wider ecosystem, and welcome Google’s decision to provide greater clarity around their plans for third-party cookies. We have future-proofed our approach to privacy protecting addressability which uses advanced AI to consolidate and then optimize diverse signals, including alternative IDs, first-party data, contextual inputs and browser-based tools like the Privacy Sandbox. This enables us to execute tailored, full-funnel, cross-channel campaigns that drive measurable outcomes for our clients in any scenario.

Commercial Update

On April 30, 2025, our largest Retail Media client notified us that they will curtail the scope of services to be provided commencing November 1, 2025, which will reduce the expected revenue from that date onwards. They will continue to use our industry-leading Retail Media technology platform under a multi-year committed contract while discontinuing our managed services and curtailing the remaining brand demand sales services.

2025 Business Outlook

The following forward-looking statements reflect Criteo’s expectations as of May 2, 2025, amidst an uncertain macro-economic backdrop.

Fiscal year 2025 guidance:

Low-single-digit growth in Contribution ex-TAC at constant currency.Adjusted EBITDA margin of approximately 33% to 34% of Contribution ex-TAC.

Second quarter 2025 guidance:

Contribution ex-TAC between $272 million and $278 million, or -2% to flat year-over-year at constant-currency at the midpoint.Adjusted EBITDA between $60 million and $66 million.

The above guidance for the second quarter and fiscal year ending December 31, 2025 assumes the following exchange rates for the main currencies impacting our business: a U.S. dollar-euro rate of 0.909, a U.S. dollar-Japanese Yen rate of 150, a U.S. dollar-British Pound rate of 0.787, a U.S. dollar-Korean Won rate of 1,426 and a U.S. dollar-Brazilian Real rate of 5.83.

The above guidance assumes that no additional acquisitions are completed during the second quarter of 2025.

Reconciliations of Contribution ex-TAC, Adjusted EBITDA and Adjusted EBITDA margin guidance to the closest corresponding U.S. GAAP measures are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of equity awards compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our share price. The variability of the above charges could potentially have a significant impact on our future U.S. GAAP financial results.

Non-GAAP Financial Measures

This press release and its attachments include the following financial measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission (“SEC”): Contribution ex-TAC, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted diluted EPS, Free Cash Flow and Non-GAAP Operating Expenses. These measures are not calculated in accordance with U.S. GAAP.

Contribution ex-TAC is a profitability measure akin to gross profit. It is calculated by deducting traffic acquisition costs from revenue and reconciled to gross profit through the exclusion of other costs of revenue. Contribution ex-TAC is not a measure calculated in accordance with U.S. GAAP. We have included Contribution ex-TAC because it is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions. In particular, we believe that this measure can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Contribution ex-TAC provides useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Adjusted EBITDA is our consolidated earnings before financial income (expense), income taxes, depreciation and amortization, adjusted to eliminate the impact of equity awards compensation expense, pension service costs, certain restructuring, integration and transformation costs, and certain acquisition costs. Adjusted EBITDA and Adjusted EBITDA margin are key measures used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short- and long-term operational plans. In particular, we believe that Adjusted EBITDA and Adjusted EBITDA margin can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Adjusted Net Income is our net income adjusted to eliminate the impact of equity awards compensation expense, amortization of acquisition-related assets, certain restructuring, integration and transformation costs, certain acquisition costs, and the tax impact of these adjustments. Adjusted Net Income and Adjusted diluted EPS are key measures used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that Adjusted Net Income and Adjusted diluted EPS can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted Net Income and Adjusted diluted EPS provide useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Free Cash Flow is defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property and equipment. Free Cash Flow Conversion is defined as free cash flow divided by Adjusted EBITDA. Free Cash Flow and Free Cash Flow Conversion are key measures used by our management and board of directors to evaluate the Company’s ability to generate cash. Accordingly, we believe that Free Cash Flow and Free Cash Flow Conversion permit a more complete and comprehensive analysis of our available cash flows.

Non-GAAP Operating Expenses are our consolidated operating expenses adjusted to eliminate equity awards compensation expense, pension service costs, certain restructuring, integration and transformation costs, and certain acquisition and integration costs. The Company uses Non-GAAP Operating Expenses to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short-term and long-term operational plans, and to assess and measure our financial performance and the ability of our operations to generate cash. We believe Non-GAAP Operating Expenses reflects our ongoing operating expenses in a manner that allows for meaningful period-to-period comparisons and analysis of trends in our business. As a result, we believe that Non-GAAP Operating Expenses provides useful information to investors in understanding and evaluating our core operating performance and trends in the same manner as our management and in comparing financial results across periods. In addition, Non-GAAP Operating Expenses is a key component in calculating Adjusted EBITDA, which is one of the key measures the Company uses to provide its quarterly and annual business outlook to the investment community.

Please refer to the supplemental financial tables provided in the appendix of this press release for a reconciliation of Contribution ex-TAC to gross profit, Adjusted EBITDA to net income, Adjusted Net Income to net income, Free Cash Flow to cash flow from operating activities, and Non-GAAP Operating Expenses to operating expenses, in each case, the most comparable U.S. GAAP measure. Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider such non-GAAP measures in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these limitations are: 1) other companies, including companies in our industry which have similar business arrangements, may address the impact of TAC differently; and 2) other companies may report Contribution ex-TAC, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Non-GAAP Operating Expenses or similarly titled measures but calculate them differently or over different regions, which reduces their usefulness as comparative measures. Because of these and other limitations, you should consider these measures alongside our U.S. GAAP financial results, including revenue and net income.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including projected financial results for the quarter ending June 30, 2025 and the year ending December 31, 2025, our expectations regarding our market opportunity and future growth prospects and other statements that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure related to our technology and our ability to innovate and respond to changes in technology, uncertainty regarding our ability to access a consistent supply of internet display advertising inventory and expand access to such inventory, investments in new business opportunities and the timing of these investments, whether the projected benefits of acquisitions or strategic transactions materialize as expected, uncertainty regarding international operations and expansion, including related to changes in a specific country’s or region’s political or economic conditions (such as changes in or new tariffs), the impact of competition or client in-housing, uncertainty regarding legislative, regulatory or self-regulatory developments regarding data privacy matters and the impact of efforts by other participants in our industry to comply therewith, the impact of consumer resistance to the collection and sharing of data, our ability to access data through third parties, failure to enhance our brand cost-effectively, recent growth rates not being indicative of future growth, client flexibility to increase or decrease spend, our ability to manage growth, potential fluctuations in operating results, our ability to grow our base of clients, and the financial impact of maximizing Contribution ex-TAC, as well as risks related to future opportunities and plans, including the uncertainty of expected future financial performance and results and those risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in the Company’s SEC filings and reports, including the Company’s Annual Report on Form 10-K filed with the SEC on February 28, 2025, and in subsequent Quarterly Reports on Form 10-Q as well as future filings and reports by the Company. Importantly, at this time, macro-economic conditions including inflation and fluctuating interest rates in the U.S. have impacted and may continue to impact Criteo’s business, financial condition, cash flow and results of operations.

Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

Conference Call Information

Criteo’s senior management team will discuss the Company’s earnings on a call that will take place today, May 2, 2025, at 8:00 AM ET, 2:00 PM CET. The conference call will be webcast live on the Company’s website at https://criteo.investorroom.com/ and will subsequently be available for replay.

United States: +1 800 836 8184International: +1 646 357 8785France 080-094-5120

Please ask to be joined into the “Criteo” call.

About Criteo

Criteo (NASDAQ: CRTO) is the global commerce media company that enables marketers and media owners to drive better commerce outcomes. Its industry leading Commerce Media Platform connects thousands of marketers and media owners to deliver richer consumer experiences from product discovery to purchase. By powering trusted and impactful advertising, Criteo supports an open internet that encourages discovery, innovation, and choice. For more information, please visit www.criteo.com.

Contacts

Criteo Investor Relations
Melanie Dambre, m.dambre@criteo.com

Criteo Public Relations
Jessica Meyers, j.meyers@criteo.com

Financial information to follow

CRITEO S.A.

Consolidated Statement of Financial Position

(U.S. dollars in thousands, unaudited)

March 31, 2025

December 31, 2024

Assets

Current assets:

Cash and cash equivalents

$ 285,850

$ 290,693

Trade receivables, net of allowances of $ 27.0 million and $ 28.6 million at
March 31, 2025 and December 31, 2024, respectively

647,109

800,859

Income taxes

1,564

1,550

Other taxes

58,213

53,883

Other current assets

63,901

50,887

Marketable securities – current portion

27,301

26,242

Total current assets

1,083,938

1,224,114

Property and equipment, net

105,675

107,222

Intangible assets, net

160,264

158,384

Goodwill

521,137

515,188

Right of Use Asset – operating lease

100,736

99,468

Marketable securities – noncurrent portion

16,223

15,584

Noncurrent financial assets

4,920

4,332

Other noncurrent assets

60,733

61,151

Deferred tax assets

74,319

81,006

Total noncurrent assets

1,044,007

1,042,335

Total assets

$ 2,127,945

$ 2,266,449

Liabilities and shareholders’ equity

Current liabilities:

Trade payables

$ 639,807

$ 802,524

Contingencies – current portion

1,649

1,882

Income taxes

31,266

34,863

Financial liabilities – current portion

6,980

3,325

Lease liability – operating – current portion

25,629

25,812

Other taxes

21,983

19,148

Employee – related payables

118,435

109,227

Other current liabilities

41,055

49,819

Total current liabilities

886,804

1,046,600

Deferred tax liabilities

4,200

4,067

Defined benefit plans

4,826

4,709

Financial liabilities – noncurrent portion

309

297

Lease liability – operating – noncurrent portion

77,788

77,584

Contingencies – noncurrent portion

31,939

Other noncurrent liabilities

21,843

20,156

Total noncurrent liabilities

140,905

138,752

Total liabilities

1,027,709

1,185,352

Commitments and contingencies

Shareholders’ equity:

Common shares, €0.025 par value, 57,854,895 and 57,744,839 shares
authorized, issued and outstanding at March 31, 2025 and December 31, 2024,
respectively.

1,933

1,931

Treasury stock, 4,285,178 and 3,467,417 shares at cost as of March 31, 2025
and December 31, 2024 , respectively.

(159,400)

(125,298)

Additional paid-in capital

707,489

709,580

Accumulated other comprehensive loss

(92,838)

(108,768)

Retained earnings

607,415

571,744

Equity attributable to the shareholders of Criteo S.A.

1,064,599

1,049,189

Noncontrolling interests

35,637

31,908

Total equity

1,100,236

1,081,097

Total equity and liabilities

$ 2,127,945

$ 2,266,449

CRITEO S.A.
Consolidated Statement of Operations
(U.S. dollars in thousands, except share and per share data, unaudited)

Three Months Ended

March 31,

2025

2024

Revenue

$ 451,434

$ 450,055

Cost of revenue

Traffic acquisition cost

187,062

196,167

Other cost of revenue

27,396

36,665

Gross profit

236,976

217,223

Operating expenses:

Research and development expenses

60,749

66,858

Sales and operations expenses

88,889

92,842

General and administrative expenses

39,171

47,169

Total operating expenses

188,809

206,869

Income from operations

48,167

10,354

Financial and other income

2,302

1,181

Income before taxes

50,469

11,535

Provision for income taxes

10,458

2,969

Net income

$ 40,011

$ 8,566

Net income available to shareholders of Criteo S.A.

$ 37,928

$ 7,244

Net income available to noncontrolling interests

$ 2,083

$ 1,322

Weighted average shares outstanding used in computing per share amounts:

Basic

53,979,157

55,149,622

Diluted

57,195,898

59,332,882

Net income allocated to shareholders per share:

Basic

$ 0.70

$ 0.13

Diluted

$ 0.66

$ 0.12

CRITEO S.A.

Consolidated Statement of Cash Flows

(U.S. dollars in thousands, unaudited)

Three Months Ended

March 31,

2025

2024

Cash flows from operating activities

Net income

$ 40,011

$ 8,566

Non-cash and non-operating items

42,630

60,161

– Amortization and provisions

23,583

25,235

– Equity awards compensation expense

17,135

27,292

– Change in uncertain tax positions

—

882

– Net change in fair value of earn-out

—

3,237

– Change in deferred taxes

6,888

3,174

– Change in income taxes

(4,288)

(2,255)

– Other

(688)

2,596

Changes in assets and liabilities:

(20,300)

(54,710)

– Trade receivables

163,943

158,056

– Trade payables

(174,331)

(201,921)

– Other current assets

(8,460)

(6,589)

– Other current liabilities

(145)

(3,534)

– Change in operating lease liabilities and right of use assets

(1,307)

(722)

Net cash provided by operating activities

62,341

14,017

Cash flows from investing activities

Acquisition of intangible assets, property and equipment

(17,091)

(13,844)

Disposal of intangibles assets, property and equipment

—

620

Payment for business, net of cash acquired

—

(527)

Purchases of marketable securities

(11,449)

(671)

Maturities and sales of marketable securities

11,002

523

Net cash used in investing activities

(17,538)

(13,899)

Cash flows from financing activities

Proceeds from exercise of stock options

1,845

395

Repurchase of treasury stocks

(56,168)

(62,143)

Change in other financing activities

(471)

(432)

Net cash used in financing activities

(54,794)

(62,180)

Effect of exchange rates changes on cash and cash equivalents

5,219

(7,333)

Net decrease in cash and cash equivalents and restricted cash

(4,772)

(69,395)

Net cash and cash equivalents and restricted cash at the beginning of the period

290,943

411,257

Net cash and cash equivalents and restricted cash at the end of the period

$ 286,171

$ 341,862

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Cash paid for taxes, net of refunds

$ (5,920)

$ (1,168)

Cash paid for interest

$ (244)

$ (327)

Noncash investing and financing activities

Intangible assets, property and equipment acquired through payables

$ 1,621

$ 2,738

CRITEO S.A.

Reconciliation of Cash from Operating Activities to Free Cash Flow

(U.S. dollars in thousands, unaudited)

Three Months Ended

March 31,

2025

2024

YoY

Change

CASH FROM OPERATING ACTIVITIES

$ 62,341

$ 14,017

345 %

Acquisition of intangible assets, property and equipment

(17,091)

(13,844)

(23) %

Disposal of intangible assets, property and equipment

—

620

(100) %

FREE CASH FLOW (1)

$ 45,250

$ 793

(1) Free Cash Flow is defined as cash flow from operating activities less acquisition of intangible assets, property and equipment and change in accounts payable related to
intangible assets, property and equipment.

CRITEO S.A.

Reconciliation of Contribution ex-TAC to Gross Profit

(U.S. dollars in thousands, unaudited)

Three Months Ended

March 31,

2025

2024

YoY Change

Gross Profit

236,976

217,223

9 %

Other Cost of Revenue

27,396

36,665

(25) %

Contribution ex-TAC (1)

$ 264,372

$ 253,888

4 %

(1) Refer to the “Non-GAAP Financial Measures” section for the definition of this Non-GAAP metric.

CRITEO S.A.

Segment Information

(U.S. dollars in thousands, unaudited)

Three Months Ended

March 31,

Segment

2025

2024

YoY
Change

YoY
Change at
Constant
Currency (2)

Revenue

Retail Media

$ 59,498

$ 50,872

17 %

18 %

Performance Media

391,936

399,183

(2) %

1 %

Total

451,434

450,055

0.3 %

3 %

Contribution ex-TAC

Retail Media

58,790

50,169

17 %

18 %

Performance Media

205,582

203,719

1 %

4 %

Total (1)

$ 264,372

$ 253,888

4 %

7 %

(1) Refer to the Non-GAAP Financial Measures section of this filing for the definition of the Non-GAAP metric.

(2) Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions
denominated in settlement or billing currencies other than the US dollar.

CRITEO S.A.

Reconciliation of Adjusted EBITDA to Net Income (Loss)

(U.S. dollars in thousands, unaudited)

Three Months Ended

March 31,

2025

2024

YoY

Change

Net income

$ 40,011

$ 8,566

367 %

Adjustments:

Financial income

(1,948)

(1,181)

(65) %

Provision for income taxes

10,458

2,969

252 %

Equity awards compensation expense

15,880

27,292

(42) %

Pension service costs

183

172

6 %

Depreciation and amortization expense

25,693

24,918

3 %

Restructuring, integration and transformation costs

1,871

7,943

(76) %

Total net adjustments

52,137

62,113

(16) %

Adjusted EBITDA (1)

$ 92,148

$ 70,679

30 %

(1) Refer to the “Non-GAAP Financial Measures” section for the definition of this Non-GAAP metric.

CRITEO S.A.

Reconciliation from Non-GAAP Operating Expenses to Operating Expenses under GAAP

(U.S. dollars in thousands, unaudited)

Three Months Ended

March 31,

2025

2024

YoY
Change

Research and Development expenses

$ 60,749

$ 66,858

(9) %

Equity awards compensation expense

4,334

14,594

(70) %

Depreciation and Amortization expense

16,673

12,328

35 %

Pension service costs

101

11 %

Restructuring, integration and transformation costs

471

(85) %

Non GAAP – Research and Development expenses

39,568

39,374

— %

Sales and Operations expenses

88,889

92,842

(4) %

Equity awards compensation expense

5,421

5,727

(5) %

Depreciation and Amortization expense

3,339

3,233

3 %

Pension service costs

(8) %

Restructuring, integration and transformation costs

494

(87) %

Non GAAP – Sales and Operations expenses

80,039

83,362

(4) %

General and Administrative expenses

39,171

47,169

(17) %

Equity awards compensation expense

6,125

6,971

(12) %

Depreciation and Amortization expense

333

453

(26) %

Pension service costs

5 %

Restructuring, integration and transformation costs

1,732

6,978

(75) %

Non GAAP – General and Administrative expenses

30,923

32,712

(5) %

Total Operating expenses

188,809

206,869

(9) %

Equity awards compensation expense

15,880

27,292

(42) %

Depreciation and Amortization expense

20,345

16,014

27 %

Pension service costs

183

172

6 %

Restructuring, integration and transformation costs

1,871

7,943

(76) %

Total Non GAAP Operating expenses (1)

150,530

155,448

(3) %

(1) Refer to the “Non-GAAP Financial Measures” section for the definition of this Non-GAAP metric.

CRITEO S.A.

Reconciliation of Adjusted Net Income to Net Income (Loss)

(U.S. dollars in thousands except share and per share data, unaudited)

Three Months Ended

March 31,

2025

2024

YoY
Change

Net income

$ 40,011

$ 8,566

367 %

Adjustments:

Equity awards compensation expense

15,880

27,292

(42) %

Amortization of acquisition-related intangible assets

8,998

8,679

4 %

Restructuring, integration and transformation costs

1,871

7,943

(76) %

Tax impact of the above adjustments (1)

(3,930)

(4,988)

21 %

Total net adjustments

22,819

38,926

(41) %

Adjusted net income(2)

$ 62,830

$ 47,492

32 %

Weighted average shares outstanding

– Basic

53,979,157

55,149,622

– Diluted

57,195,898

59,332,882

Adjusted net income per share

– Basic

$1.16

$ 0.86

35 %

– Diluted

$1.10

$ 0.80

38 %

(1) We consider the nature of the adjustment to determine its tax treatment in the various tax jurisdictions we operate in. The tax impact is calculated by applying the actual tax rate for the entity and period to which the adjustment relates.

(2) Refer to the “Non-GAAP Financial Measures” section for the definition of this Non-GAAP metric.

CRITEO S.A.

Constant Currency Reconciliation(1)

(U.S. dollars in thousands, unaudited)

Three Months Ended

March 31,

2025

2024

YoY

Change

Gross Profit as reported

$ 236,976

$ 217,223

9 %

Other cost of revenue as reported

27,396

36,665

(25) %

Contribution ex-TAC as reported(2)

264,372

253,888

4 %

Conversion impact U.S. dollar/other currencies

6,196

Contribution ex-TAC at constant currency

270,568

253,888

7 %

Traffic acquisition costs as reported

187,062

196,167

(5) %

Conversion impact U.S. dollar/other currencies

4,386

Traffic acquisition costs at constant currency

191,448

196,167

(2) %

Revenue as reported

451,434

450,055

— %

Conversion impact U.S. dollar/other currencies

10,582

Revenue at constant currency

$ 462,016

$ 450,055

3 %

(1) Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions
denominated in settlement or billing currencies other than the US dollar.

(2) Refer to the “Non-GAAP Financial Measures” section for the definition of this Non-GAAP metric.

CRITEO S.A.

Information on Share Count

(unaudited)

Three Months Ended

2025

2024

Shares outstanding as at January 1,

54,277,422

55,765,091

Weighted average number of shares issued during the period

(298,265)

(615,469)

Basic number of shares – Basic EPS basis

53,979,157

55,149,622

Dilutive effect of share-based awards – Treasury method

3,216,741

4,183,260

Diluted number of shares – Diluted EPS basis

57,195,898

59,332,882

Shares issued as at March 31, before Treasury stocks

57,854,895

61,181,001

Treasury stocks as of March 31,

(4,285,178)

(6,617,119)

Shares outstanding as of March 31, after Treasury stocks

53,569,717

54,563,882

Total dilutive effect of share-based awards

5,798,947

8,851,780

Fully diluted shares as at March 31,

59,368,664

63,415,662

CRITEO S.A.

Supplemental Financial Information and Operating Metrics

(U.S. dollars in thousands except where stated, unaudited)

YoY

Change

QoQ

Change

2025

2024

2023

Clients

(4) %

(1) %

17,084

17,269

17,162

17,744

17,767

18,197

18,423

18,646

18,679

Revenue

0.3 %

(18) %

451,434

553,035

458,892

471,307

450,055

566,302

469,193

468,934

445,016

Americas

(3) %

(30) %

192,908

274,620

206,816

212,374

198,365

280,597

219,667

208,463

188,288

EMEA

1 %

(10) %

164,861

183,372

161,745

168,496

162,842

189,291

158,756

163,969

160,214

APAC

5 %

(1) %

93,665

95,043

90,331

90,437

88,848

96,414

90,770

96,502

96,514

Revenue

— %

(18) %

451,434

553,035

458,892

471,307

450,055

566,302

469,193

468,934

445,016

Retail Media

17 %

(35) %

59,498

91,889

60,765

54,777

50,872

76,583

49,813

44,590

38,021

Performance Media

(2) %

(15) %

391,936

461,146

398,127

416,530

399,183

489,719

419,380

424,344

406,995

TAC

(5) %

(14) %

187,062

218,636

192,789

204,214

196,167

249,926

223,798

228,717

224,398

Retail Media

1 %

(57) %

708

1,661

1,182

911

703

2,429

1,377

1,072

669

Performance Media

(5) %

(14) %

186,354

216,975

191,607

203,303

195,464

247,497

222,421

227,645

223,729

Contribution ex-TAC (1)

4 %

(21) %

264,372

334,399

266,103

267,093

253,888

316,376

245,395

240,217

220,618

Retail Media

17 %

(35) %

58,790

90,228

59,583

53,866

50,169

74,154

48,436

43,518

37,352

Performance Media

1 %

(16) %

205,582

244,171

206,520

213,227

203,719

242,222

196,959

196,699

183,266

Cash flow from operating activities

345 %

(63) %

62,341

169,454

57,503

17,187

14,017

161,340

19,614

1,328

41,964

Capital expenditures

29 %

(27) %

17,091

23,394

18,899

21,119

13,224

19,724

15,849

45,519

33,219

Net cash position

(16) %

(2) %

286,171

290,943

283,990

291,698

341,862

411,257

269,857

298,183

380,663

Headcount

(1) %

1 %

3,533

3,507

3,504

3,498

3,559

3,563

3,487

3,514

3,636

Days Sales Outstanding
(days – end of month) (2)

2 days

6 days

(1) Refer to the “Non-GAAP Financial Measures” section for the definition of this Non-GAAP metric.

(2) From September 2023, we have included Iponweb in our calculation of Days Sales Outstanding. Days Sales Outstanding excluding Iponweb would have been 71 days for the same period.

View original content:https://www.prnewswire.com/news-releases/criteo-reports-record-first-quarter-2025-results-302444761.html

SOURCE Criteo Corp

Technology

AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

Published

6 hours ago

July 18, 2026

Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it! AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/ai-powered-connectivity-apac-charts-a-path-to-a-smarter-digital-future-302829032.html

SOURCE HUAWEI

Technology

Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

Published

7 hours ago

July 18, 2026

Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen:

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

View original content to download multimedia:https://www.prnewswire.com/news-releases/laifen-expands-us-retail-footprint-with-costco-launch-of-best-selling-se-hair-dryer-302828573.html

SOURCE Laifen

Technology

Pillsbury Notice of Data Breach

Published

10 hours ago

July 18, 2026

NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html.

View original content to download multimedia:https://www.prnewswire.com/news-releases/pillsbury-notice-of-data-breach-302828892.html

SOURCE Pillsbury Winthrop Shaw Pittman LLP