Criteo is an ad tech company that connects advertisers with consumers through targeted digital advertising, and helps retailers monetize their digital ad inventory. Criteo serves roughly 17,000 clients—brands, agencies, and retailers—and operates two segments: Performance Media (~78% of contribution ex-TAC) and Retail Media (~22%). In Performance Media, brands and agencies use Criteo's platform to run targeted campaigns across the open web, social media, and CTV, using Criteo's commerce dataset and AI to reach in-market shoppers. In Retail Media, Criteo powers the ad networks of approximately 235 retailers—including 70% of the top 30 U.S. retailers—enabling brands to buy on-site ads (sponsored products, display, shoppable video) and off-site ads targeted at retailer audiences. Criteo charges fees on both the demand side (brands/agencies) and supply side (retailers/publishers). Revenue scales with media spend volume flowing through the platform and the take rate Criteo earns between what brands pay and what Criteo pays publishers for inventory. Criteo's cost base is largely fixed, creating operating leverage as revenue scales. Criteo's growth priorities include scaling its self-service platform (Commerce GO) to reach SMBs, expanding Retail Media with new ad formats and retailer partnerships, and positioning its commerce data as a recommendation layer for AI-powered shopping tools. Criteo carries no long-term debt and returns most of its free cash flow to shareholders via buybacks.