1、North America Equity Research30 October 2025J P M O R G A NCriteoSolid 3Q Results w/Focus on Retail Media Growth&Potential Shift Toward Agentic In 2026;Remain Neutral w/$29 PT NeutralCRTO,CRTO USPrice(29 Oct 25):$22.17Price Target(Dec-26):$29.00Prior(Dec-26):$27.00Internet-Large Cap/Mid&Small CapDou

2、g Anmuth AC(1-212)622-Bryan M.Smilek(1-212)622-Margaret Hoffman(1-212)622-J.P.Morgan Securities LLCKey Changes(FYE Dec)PrevCurAdj.EPS-25E($)4.404.69Adj.EPS-26E($)4.364.51Quarterly Forecasts(FYE Dec)Adj.EPS ($)2024A2025E2026EQ10.801.10A0.93Q21.080.92A1.05Q30.961.31A1.12Q41.751.371.42FY4.574.694.51Sty

3、le ExposureCRTO delivered solid 3Q results&maintained its full year CexT outlook,w/specific Retail Media client headwinds beginning in 4Q,as previously disclosed.3Q CexT of$288M(+6%FXN Y/Y)was in-line with mgmts+5%-7%FXN guide.By segment,Retail Media CexT grew+11%Y/Y driven by continued strength in

4、onsite,early traction with auction-based display,and the addition of newly signed retailers.CRTO continues to scale Retail Media supply&demand through new channels,formats&partnerships.Onsite display spend grew+42%&adoption more than doubled to 41 retailers in 3Q,with the format now representing12%o

5、f the Retail Media business.CRTOs API integration with Google Search Ads 360 launched in the Americas in 3Q and enables retailers to capture new brands&search budgets($172B in addressable spend),which CRTO expects to serve as a strong multi-year growth lever as the integration expands to more region

6、s&Google Marketing Platform tools.CRTO has also begun testing a Real-Time-Bidding solution with MSFT advertisers to enable programmatic Retail Media buying,which CRTO believes will drive the next leg of growth for the segment.Performance Media CexT grew+5%FXN Y/Y driven by strong momentum in Commerc