Criteo 101 Investor Presentation April/May 2019 Safe harbor - - PowerPoint PPT Presentation

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Criteo 101 Investor Presentation April/May 2019 Safe harbor - - PowerPoint PPT Presentation

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Criteo 101 Investor Presentation April/May 2019 Safe harbor statement This presentation contains forward-looking statements that are based on our managements beliefs and assumptions and on information currently available to management.

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Investor Presentation April/May 2019

Criteo 101

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2 • 2 •

This presentation contains “forward-looking” statements that are based on our management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, projections, competitive position, industry environment, potential growth opportunities, potential market opportunities and the effects of competition and other actions by our counterparties. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements represent our management’s beliefs and assumptions only as of the date of this presentation, and nothing in this presentation should be regarded as a representation by any person that these beliefs or assumptions will take place or occur. You should read the Company’s most recent Annual Report on Form 10-K filed on March 1, 2019, including the Risk Factors set forth therein and the exhibits thereto, as well as future filings and reports by the Company, completely and with the understanding that our actual future results may be materially different from what we expect. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. This presentation includes certain non-GAAP financial measures as defined by SEC rules. As required by Regulation G, we have provided a reconciliation of those measures to the most directly comparable GAAP measures, which is available in the Appendix slides.

Safe harbor statement

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3 • 3 •

Stock information and key financials

Ticker: CRTO Stock Exchange: NASDAQ Global Market CUSIP: 226718104 Shares Issued1: 66.1M Stock Ownership2:

1 As of March 31, 2018 2 On a fully-diluted basis, as of March 31, 2018, based on 72.5 M fully diluted shares. 3 At constant currency

2018 Financials

  • Revenue:

$2,300M, (1%) at cc3

  • Revenue ex-TAC:

$966M, +2% at cc

  • Adjusted EBITDA:

$321M, +0% at cc

  • Adj. EBITDA margin:

33% of Revenue ex-TAC

  • Free Cash Flow:

$135M, 42% of adj. EBITDA

Free float 84.3% Founders, NEOs, Management & Employees 15.0% Idinvest & Yahoo! Japan 0.8% Core solution 91% New solutions 9%

Q1 2019 Revenue ex-TAC breakdown

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4 •

A global company with scale

Criteo IDs Clients Countries Sales transactions analyzed in LTM Ads served in 2018 Criteos in R&D, tech & business intelligence Employees Offices worldwide

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5 • 5 •

Management team

Jean-Baptiste Rudelle Executive Chairman and Co-Founder, 48 K-Mobile, Lucent, Roland Berger Dan Teodosiu Chief Technology Officer, 51 Google, Microsoft, Hewlett-Packard Mollie Spilman Chief Operating Officer, 50 Millenial Media, Yahoo!, Advertising.com, Time Warner Benoit Fouilland Chief Financial Officer, 53 SAP, Business Objects Ryan Damon EVP, General Counsel, 45 Riverbed Technology, Charles Schwab, Gunderson Dettmer Denis Collin EVP, People and Chief of Staff, 50 Alcatel, Nokia, IBM Isabelle Leung-Tack VP, Global Communications, 45 Huawei, Microsoft

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6 • 6 •

Data Technology Scale Openness

Solutions built on key assets

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7 • 7 •

Our business model has strong attributes

Differentiated in Marketing Attractive Direct Sticky Open budgets

1 On average over the last four quarters through Q1 2019 2 Last twelve months to Q1 2019; Criteo Marketing Solutions 3 Quarterly retention rate for all solutions combined – close to 90% for 36 consecutive quarters 4 On average over the last four quarters through Q1 2019; Criteo Marketing Solutions. Represents uncapped budgets of our clients, which are either contractually uncapped or so large

that the budget constraint does not restrict ad buys

>70%

Direct relationships with clients2

211

Net client additions per quarter1

~90%

Client retention rate3

74%

Of Revenue ex-TAC from uncapped budgets4

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Market & Trends

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9 • 9 •

Digital advertising’s share of global ad budgets continues to grow

Source: Zenith Advertising Expenditures Forecast

40% 50%

2018 2020

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10 • 10 •

Digital ad spend has long overtaken TV ad spend

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 $0B $300B TV Digital

Source: MAGNA | Data for 2017 and beyond are forecasts – Created with Datawrapper

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11 • 11 •

Paid Display is the #1 Ad Spend category globally

Source: Criteo & Euromonitor, State of Ad Tech 2019

16% 14% 13% 10% 10% 9% 9% 9% 9%

Marketing Budget Allocation by Activities, N=901

Paid Display Social Media Marketing Traditional Marketing (1) Email Marketing Content Marketing SEO (2) Search Advertising (PPC) Landing Page/Website Affiliate Marketing

(1) Print, Direct Mail, TV, Radio Ads (2) Search Engine Optimization

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12 • 12 •

Northern Europe and Japan are mobile leaders.

Mobile marches on

Source: Criteo, Q2 2018. Base: sales weighted aggregate, Apps excluded (see Methodology).

New Zealand 44% Austria 44% Switzerland 43% Brazil 43% Taiwan 42% Italy 41% United States 39% France 39% Belgium 38% Canada 33% Poland 33% Russia 30% Sweden 60% Norway 57% United Kingdom 55% Japan 55% Denmark 51% Germany 50% Finland 49% Netherlands 49% Spain 48% South Korea 47% Turkey 46% Australia 46%

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13 • 13 •

The open Internet offers significant opportunity

Digital Ad Spend

Based on Nielsen US DCR trends, eMarketer, ExchangeWire, IDC

30% 70%

Time Spent

50% 50%

Open Internet Google/Facebook

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Vision

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15 • 15 •

To be the leading advertising platform for the open internet

O U R V I S I O N :

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The open Internet offers multiple benefits to advertisers & publishers

Choice

Advertisers and publishers choose which partners to work with and how

Neutrality

We have no conflicting interests with advertisers and publishers

Transparency

Advertisers and publishers determine how to measure success

Control

  • f data

Advertisers and publishers keep control of their

  • wn data
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Performance Automation Control Demand Relevance Transparency Publishers Advertisers Consumers

Our open internet vision delivers benefits for all

Experience Consent

$800B+

Annual ecommerce sales

19,000+

Advertisers

3,700+

Publishers connected to Criteo Direct Bidder

1.5B+

Criteo IDs Incl.

1,000+

Brands And

350+

Apps

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Criteo Platform

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19 • 19 •

Criteo Platform delivers advertising and monetization opportunities

Awareness Consideration Conversion

Retail Media Marketing Solutions Supply-side Advertising Technology Retailers Advertisers

Criteo Platform

Web App Store Brands Buy-side Advertising Technology Campaigns Campaigns Campaigns

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20 • 20 •

Fueled by a unique commerce data set and powered by AI

Awareness Consideration Conversion

Marketing Solutions Advertisers Shopper Graph

1Dynamic Creative Optimization+

AI Engine

Lookalike Finder Product Recommendations

1DCO+

Predictive Bidding

Web App Store

120+ Intent signals/shopper 1.5B+ Criteo IDs 4.5B+ Products $800B+ eCommerce Sales

Supply-side Advertising Technology Buy-side Advertising Technology Retail Media Retailers Brands

Campaigns Campaigns Campaigns

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21 • 21 •

Full-funnel capability addressing the entire customer journey

Criteo Marketing Solutions

Awareness Marketing Goals Consideration Conversion Ad Objectives Optimization Get people to consider your products or services Encourage interested people to purchase Generate interest in your products or services Reach Views Traffic: Web, App App Installs Conversion: Web, App Store Conversions Visits Installs Conversions Brand Awareness Video Views

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22 • 22 •

Objectives and Campaign Types replace CDR, CCA, CAM, and Manage

Criteo Marketing Solutions

CONSIDERATION CONVERSION

Criteo Marketing Solutions Marketing Goals

Ad Objective

Campaign examples

Dynamic Retargeting Customer Acquisition

Audience Match Manage* App Traffic Web Traffic App Installs Web Conversions App Conversions

Web traffic campaign for new customers, visitors or existing customers App traffic campaign for app users or existing customers App Installs campaign for existing web visitors or new users Web conversion campaign for new customers, visitors or existing customers App conversion campaigns for app users

  • r existing customers

*Acquired in November 2018

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Technology for retailer and brand marketers to achieve their objectives

Criteo Retail Media

Supply-side Advertising Technology Awareness Consideration Conversion Buy-side Advertising Technology

Sargento Swiss Cheese Slices $3.79

DEMAND SUPPLY

Standard Commerce Display Sponsored Products

Flexible range of targeting and creative options

RETAILERS ‘Monetization’ BRANDS & AGENCIES ‘Sales Attribution’

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24 • 24 •

A self-service, API and managed services solution purpose-built for retail

Criteo Retail Media

CONSIDERATION CONVERSION

Criteo Retail Media Marketing Goals

Ad Objective

Campaign examples

Sponsored Products Sponsored Products Extension Reseller Program

Commerce Display (Storetail)

Web Traffic Web Conversions

Web traffic campaign for new customers, visitors or existing customers Web conversion campaign for new customers, visitors or existing customers

Audience Extension ONSITE OFFSITE ONSITE OFFSITE OFFSITE Onsite = on a retailer’s site | Offsite = on a publisher’s site

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Criteo Shopper Graph

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A unified understanding of a shopper’s online journey and real-time intent data

Criteo Shopper Graph: the world’s largest shopper data set Three trusted data collectives

Open

Two-way exchange of data where the benefits always

  • utweigh the contribution

Transparent

Granular data sharing

Secure

Data privacy by design

Fair

Clear and permission-based usage Designed using our guiding principles

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Identity Graph: matching of identifiers cross device, same device, and online/offline

Criteo’s advantages

  • ~75% of clients participate
  • 1.5B+ Criteo IDs
  • Global coverage
  • +10% average uplift

Open, transparent, secure, fair

  • Encrypted and double-hashed personal

identifiable information (PII)

  • Access at no additional cost

Participation

  • Opt-in by sending hashed identifiers

via OneTag or App Events SDK

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28 •

Interest Map: anonymized shopper interest across products

Criteo’s advantages

  • Access to 4.5B+ products
  • Large consumer reach worldwide
  • Understand performance of

product attributes

  • 120+ shopping intent signals evaluated

per shopper

  • 21B product interactions per month
  • 600TB daily shopper data

Open, transparent, secure, fair

  • Data isolated unless opt-in
  • All data anonymized
  • No free riders
  • Contribution capped at 15% of pool
  • Access at no additional cost

Participation

  • Opt-in to share anonymized data
  • Opt-out to use client data only
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Measurement Network: conversion and sales across retailers

Criteo’s advantages

  • SKU-level sales attribution for

brands across retailers

  • Deterministic measurement
  • Nearly 100 participating retailers
  • $800B+ annual ecommerce sales

Open, transparent, secure, fair

  • All retailer data anonymized

Participation

  • When clients work with us, data within

and across retailers is aggregated

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AI Engine

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Shopper-level optimization to drive CTR, CR, Order Value, or Product Margin

Proven machine-learning technology

> 20,000 tests/year

run on new performance algorithms and variables

AI Engine

Lookalike Finder Product Recommendation Dynamic Creative Optimization+ Predictive Bidding

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Lookalike Finder algorithms create relevant audiences

Dedicated campaign Creation of a similar audience Audience previously targeted or exposed to a specific category of products or services Consumers likely to be interested in and engage

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Leveraging the power of our shopper graph and world-class algorithms

Offering shoppers the best product discovery experience

 Campaign goal  Visitor’s site navigation  Recency and frequency of activity  Product type, price, and category  Most viewed products on retailer’s site  And much more... The Criteo Engine recommends products based on: Products we show John John browses “Bomber Jacket”

  • n Uniqlo’s site

Product recommendations

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Enabling faster roll-out of Awareness and Consideration solutions

We have a best-in-class Creative Studio

Creative studio

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Addressing full-funnel marketing goals

New DCO+ delivers flexible creative formats in real time

Dynamic creative Dynamic Brand creative

Banner Formats

Brand creative

AWARENESS CONSIDERATION CONVERSION

Brand & Product focus Product focus Brand focus

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Our Predictive Bidding algorithms are industry-leading

The right bid for the right ad placement at the right time

User context Publisher interaction Product behavior

Predictive bidding

Second-price bidder optimization Standard bidder First-price bidder optimization

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37 • 37 •

We have immense computational power for real-time processing

Sunnyvale CA Dallas TX Ashburn VA Paris (x2) Amsterdam (x2) Hong Kong Tokyo

~36,000 servers 9 data centers

Data center locations

2 Hadoop clusters

3,350 servers 240K terabytes storage capacity 530 terabytes of random-access memory

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A privacy by design approach since day 1: data minimization approach Trust requires transparency and control (Adchoice icon, cross device

  • ptout)

A European player with clear track record in privacy

Criteo AI Engine: Where Artificial Intelligence meets privacy

CPM/CPC model: an incentive to present relevant ads

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Client Management Center

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40 • 40 •

We provide enhanced self-service capabilities

Integrated and modular customer platform providing control, visibility and detailed transparency on campaigns

Client sign-up &

  • nboarding

Autonomous, fast

  • nboarding

Accelerated midmarket client additions Campaign Management More control for clients and agencies Productivity & retention Analytics & Insights More transparency and insights for clients Productivity & retention

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Self-service, API and managed service delivery options

We offer a modular, flexible and progressively open platform

Supply Integrations Event Collection Billing Objective Coupons Audiences Creatives Catalogs APIs User Interfaces

Criteo Platform

Campaigns

Self-service tools

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42 • 42 •

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Benefiting from Criteo’s unique commerce audience data

Targeting the right users with new audience creation options

Users Visitors or Existing customers New customers New customers

  • Web visitors or app users
  • Customer contact lists
  • Offline buyers
  • Platform audiences

Marketing Goals Awareness Consideration

  • Awareness

Consideration Conversion

  • Consideration

Conversion Custom Audiences Similar Audiences Commerce Audiences Audiences

  • Similar to your recent

web and app users using Lookalike Finder AI technology

  • Choose from 140+

product interest categories within our Shopper Graph commerce data set

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46 • 46 •

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Solutions

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Criteo Marketing Solutions

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Criteo Dynamic Retargeting

Criteo Marketing Solutions

Revenue model

  • Revenue = Clicks x CPC
  • Traffic Acquisition Cost (TAC) = CPM x impressions
  • Revenue ex TAC = Revenues – TAC
  • Revenue ex-TAC margin: Approx. 40%

What it does

  • Connect across web, mobile, app, social, and video using 120 intent signals
  • Optimize with continuous machine-learning against business objectives
  • Increase mobile app engagement

Benefits

  • Bring shoppers back to buy to drive more sales and increase profitability
  • Gain access to the best inventory
  • Engage shoppers by delivering the right ad at the right price and device with personalized

product recommendations and 17 trillion ad set variations

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Criteo Customer Acquisition

Criteo Marketing Solutions

What it does

  • Targets highly relevant shoppers using historic shopping and browsing events from

Criteo’s identity graph

  • Reaches relevant new customers with user-centric personalized product recommendations
  • Only qualifies relevant shoppers, based on Criteo’s interest map, based on your optimal

customer using unique, shopper-scoring techniques

Benefits

  • Generate significant new revenue from relevant new customers
  • Discover new customers across a pool that covers 72% of the world’s online

shoppers

  • Drive maximum ROI with the industry’s only performance-based acquisition model

Pricing

  • CPC | CPM*

*tentative

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51 • 51 •

Criteo Audience Match

Criteo Marketing Solutions

What it does

  • Identify audience and campaign objective
  • Pass the audience list to be targeted
  • Match audience with Criteo’s identity graph

with 4B+ global device IDs

  • Deliver personalized ads to drive engaged

traffic to the advertiser’s website

Benefits

  • Boost sales by re-engaging existing

shoppers

  • Bring qualified traffic back to the

advertiser’s website

  • Capitalize on market leading match rate
  • f up to 60%

Use cases

Offline to online

Offline Buyers Card Holders

Loyalty

Audiences that may soon churn

Seasonal

Seasonal Buyers

Top Sellers

Lapsed Shoppers

Upsell

Bundle Offer

Upgrade

Audiences likely to upgrade

*tentative

Pricing

  • CPC | CPM*
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Manage

Criteo Marketing Solutions

Creative Formats & Supply

  • Primarily use/edit existing advertiser formats
  • Single resource dedicated to CS
  • ~40% video
  • 100% RTB supply

Pricing

  • Sell on a CPI*, optimize to CPA**
  • Ability to sell on CPC or CPM for brand

campaigns

* Cost per Install ** Cost per Action

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Criteo Retail Media

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54 • 54 •

Sponsored Products

Criteo Retail Media

DYSON SUPERSONIC HAIR DRYER, FUCHSIA/IRON

259,99 €

Benefits

Offer brands native product recommendation based placements that increase conversion personalized recommendations based on shopper’s unique journey

Budget

Trade and Performance

Pricing

CPC

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55 • 55 •

398,25 €

DYSON Aspirateur balai DYSON V7 Animal

Sponsored Products Extension

Criteo Retail Media

Benefits

Enable brands to retarget customers with relevant product recommendations across Criteo’s premium publisher network personalized recommendations based on shopper’s unique journey

Budget

Trade and Performance

Pricing

CPC

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Benefits for sellers on the Marketplace

  • Access best-in-class, commerce marketing technology
  • Drive incremental, high-quality traffic and more sales
  • Activate campaigns immediately – no integration required

Benefits for Marketplaces

  • Unlock new revenue by reselling Criteo Dynamic Retargeting
  • Boost overall Gross Merchandise Value (GMV)
  • Increase merchant loyalty with proven technology for sales growth

Criteo Retail Media

Criteo Reseller Program

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57 • 57 •

DYSON SUPERSONIC HAIR DRYER, FUCHSIA/IRON

259,99 €

Commerce Display

Criteo Retail Media

Benefits

Enable brands to increase consideration and conversion with ecommerce display placements, including guaranteed inventory dynamic ecommerce features based on product catalog, availability, and other factors

Budget

Shopper Marketing and National Media

Pricing

CPM

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Audience Extension

Criteo Retail Media

DISCOVER

branded, standard display

Benefits

Enable brands to build shopper audience segments and target them across Criteo’s premium publisher network

Budget

National Media

Pricing

CPM

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Clients & Go-to-market approach

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60 • 60 •

A large opportunity to win new clients

<25%

Midmarket penetration

~50%

Large Clients penetration

~60,000 addressable clients worldwide

in Retail, Travel and Classifieds (excluding brands)

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Direct relationships with many premium commerce and brand clients

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A go-to-market approach to best serve our clients at scale

A $200K+ B $50K+ D $10K+ E $5K+ F <$5K C $20K+ Large Clients Upper Mid- Market Lower Mid- Market

Monthly ad spend

Highly customized service and proactive insights/proposals Efficient, high quality, scalable and automated service to the highest number of clients

Client tiering Objectives

  • Adapt sales organization to a multi-solution offering
  • Provide the right level of service to each client segment
  • Scale operations and enhance profitability

Consultative sales Telesales Self-service platform

1 2 3

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We are working to sell our new solutions in a more scalable way

  • 1. Accelerate sales growth
  • f new solutions
  • Adapt Sales & Operations organization
  • Hire more sales specialists
  • Increase training of sales teams

Early 2020

  • 2. Accelerate demand-generation

programs for midmarket

  • Third-party sales channels
  • Ecommerce Platform Partners
  • Lead-generation programs

Early 2020

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Publisher inventory

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65 • 65 •

Extensive supply partnerships ensures audience access

Direct partnerships

3,500+ Premium publishers

Exchange partners

Long-tail & emerging formats

Closed environments

Additional Reach

  • Flexible buying technology: RTB/S2S, Criteo direct bidder, SDK, API
  • Any relevant creative formats/environment: IAB, Native, In-App, Video, Google AMP
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66 • 66 •

The publisher environment is constantly evolving

Transition to Mobile Social Native Multiple Devices Header Bidding Ad Blocking

Changing consumer behavior Evolving technology

Programmatic

Our drives more value for publishers

In App

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67 • 67 •

We have always delivered user-friendly ads

Ad blocking offers an opportunity for players with:

  • The right business model
  • The right technology stack
  • The right expertise in user privacy
  • Premium demand

Our Position

  • Promote acceptable ad programs
  • Invest in native formats
  • Support an open tracking standard
  • Define standards for retargeting
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  • Criteo Direct Bidder (CDB) allows Criteo to bid on publisher inventory directly through the ad server without the need to

funnel demand through Supply Side Platforms (SSPs) or exchanges.

  • Benefits for the publisher:
  • all of the Criteo bid goes to the publisher; none is taken by the SSP for fees (typically 10%-20%)
  • user matching between the Publisher and Criteo is much more timely and complete than matching reliant on a third

party

  • +20-40% spend with publishers on the same inventory that was previously accessed through RTB
  • Launched in Q2 2017, already connected to 3,700 publishers and over 350 apps at the end of Q1 2019

Criteo Direct Bidder: Direct access to Criteo’s unique demand

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Competitive positioning

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70 •

We have strong core competencies

Advertisers need a global strategic partner

  • ~700 R&D & Product engineers
  • 13 years of Machine Learning
  • 20,000+ tests/year on new variables
  • Global across 95+ markets
  • $800B+ annual ecommerce sales
  • 1.5B+ Criteo IDs
  • Transparent rules on data sharing
  • ~75% of clients participate in ID Graph
  • No competing business agenda

We are well positioned to win

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71 • 71 •

Advertising technology positioning

CLOSED OPEN WORKFLOW AUTOMATION PREDICTIVE PERFORMANCE

Note: based on Criteo’s qualitative assessment

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72 •

DSP Retargeting Mobile Advertising Sponsored Products Social Advertising Ad Servers Email Marketing Marketing Automation Social Media Marketing Web Content Management Data Management Platform Analytics App Measurement Data Providers Tag Management Feed Management Digital Commerce Platform

Adtech: Paid Media

Criteo wins 90% of head-to-head tests

Martech: Owned and Earned Media

Criteo complements these vendors

Data and Operations Infrastructure

Criteo integrates with these technologies

Criteo in the Adtech/Martech Landscape

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Strategy

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74 • 74 •

  • Evolve go-to-market strategy to gain large

and midmarket clients in a scalable way

  • Gain and retain clients through
  • ur self-service platform
  • Add new brand and retailer clients globally

Grow the customer base Increase our value for clients and partners

  • Enhance AI/Deep Learning technology
  • Grow and leverage Criteo Shopper Graph
  • Enhance self-service capabilities
  • Expand Marketing Solutions & Criteo Retail Media
  • Broaden supply of quality inventory

Our growth strategy is based on two strong pillars

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75 • 75 •

Further strengthening the leading advertising platform for the open Internet

Our company transformation supports our strategic goals

Further Broaden

  • ur Suite of Solutions

Deliver Solutions on Self-Service, API or Managed-Service Adapt Go-to-Market

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76 • 76 •

We invest in growing areas in digital advertising – and beyond

  • Leverage strong growth of apps
  • Store advertising
  • Build flexible and modular client platform
  • Complete expansion of solution suite

* Prospective

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77 • 77 •

Maintain our 2019 profitability outlook and will seek to increase it in 2020

2019 is another transition year with increased focus on profitability

More scalable way to sell entire product suite Increased focus on effective cost management

  • Maintain 2019

profitability outlook

  • Target higher margin

in 2020

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Track-record of execution & Financials

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79 • 79 •

1 We define Revenue ex-TAC as our revenue excluding traffic acquisition costs, or TAC, generated over the applicable measurement period. Revenue ex-TAC is not a measure calculated in accordance with U.S. GAAP.

Please see the Appendices for a reconciliation of Revenue ex-TAC to Revenue, the most directly comparable GAAP measure.

2 We define Adjusted EBITDA as 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, acquisition-related costs and deferred price consideration. Adjusted EBITDA is not a measure calculated in accordance with U.S. GAAP. Please see the Appendices for a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure.

147 238 403 534 730 941 966

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

22 42 105 143 225 310 321

FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

Solid financial track record since IPO

Revenue ex-TAC1 ($ millions) Adjusted EBITDA2 ($ million)

37%

CAGR

High growth Expanding profitability

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80 • 80 •

11.0 11.9 12.9 14.5 15.4 16.4 17.3 18.1 18.5 19.0 19.2 19.4 19.4

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

We have a large client base and maintain high retention

Client Retention Rate1 Number of clients (in thousands)

1 The retention rate represents the percentage of live clients during the previous quarter that continued to be live clients during the current quarter. For all solutions combined.

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81 • 81 •

941 966

FY2017 FY2018

+2%2

1 Revenue ex-TAC, Adjusted EBITDA, and Free Cash Flow are not measures calculated in accordance with U.S. GAAP. We have provided a reconciliation of those measures to the most

directly comparable GAAP measures, which is available in the Appendix slides

2 At constant currency

Key figures – FY2018

REVENUE EX-TAC1 ($M) ADJUSTED EBITDA1 ($M) FREE CASH FLOW1 ($M)

33% margin

(% of Revenue ex-TAC)

42%

  • f Adj. EBITDA

310 321

FY2017 FY2018

137 135

FY2017 FY2018

slide-82
SLIDE 82

82 • 82 •

240 236

Q1 2018 Q1 2019

+2%2

Key figures – Q1 2019

63%

  • f Adj. EBITDA

78 69

Q1 2018 Q1 2019

52 44

Q1 2018 Q1 2019

1 Revenue ex-TAC, Adjusted EBITDA, and Free Cash Flow are not measures calculated in accordance with U.S. GAAP. We have provided a reconciliation of those measures to the most

directly comparable GAAP measures, which is available in the Appendix slides

2 At constant currency

REVENUE EX-TAC1 ($M) ADJUSTED EBITDA1 ($M) FREE CASH FLOW1 ($M)

29% margin

(% of Revenue ex-TAC)

slide-83
SLIDE 83

83 • 83 •

Solid financial model: doubled Adj. EBITDA margin since IPO

As % of Revenue ex-TAC FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 LTM Q1 2018 LTM Q1 2019 Revenue ex-TAC 100% 100% 100% 100% 100% 100% 100% 100% Other cost of revenue1 7.9% 6.6% 6.1% 6.4% 6.9% 6.7% 6.6% 6.9% Gross margin 92.1% 93.4% 93.9% 93.6% 93.1% 93.3% 93.4% 93.1% R&D1 14.9% 12.5% 13.4% 14.2% 14.7% 15.2% 14.8% 15.3% S&O1 43.6% 39.9% 39.8% 35.3% 34.8% 33.6% 34.1% 33.7% G&A1 16.0% 14.8% 13.8% 13.2% 10.7% 11.3% 10.4% 11.6% Adjusted EBITDA 17.5% 26.2% 26.9% 30.8% 32.9% 33.2% 34.1% 32.5% Revenue ex-TAC margin2 40.3% 40.8% 40.4% 40.6% 41.0% 42.0% 41.4% 41.9%

* Cost of revenue and operating expenses are expressed on a Non-GAAP basis, which excludes the impact of equity awards compensation expense, pension service costs, depreciation and amortization, acquisition-related costs, restructuring and deferred price consideration. ** As a % of revenue

slide-84
SLIDE 84

84 • 84 •

Technology innovation Broader supply Upselling new solutions Automation & self-service

Significant drivers of further operating leverage

Powered by a combination of

slide-85
SLIDE 85

85 • 85 •

Robust operating cash flow enables smart investment

INVEST DEVELOP & GROW CASH SCALE PROFITS SMART INVESTING

slide-86
SLIDE 86

86 • 86 •

Our financial structure offers significant flexibility

* Based on a $1.5bn market capitalization, pursuant to the 2018 AGM authorization to issue up to 6m shares ** For M&A and to satisfy employee equity plan vesting

Strong balance sheet

1,531 1,597

  • Dec. 2017
  • Dec. 2018

Total assets (in $M) Financial liabilities (in $M) Very low debt

4 4

  • Dec. 2017
  • Dec. 2018

Cash & cash equivalents (in $M) Significant cash pile

414 364

  • Dec. 2017
  • Dec. 2018

>20%

  • f assets

$396M

cash

As of March 31, 2019

€350M

committed financing

$150M

equity raise capacity*

Share buy-back

authorization**

slide-87
SLIDE 87

87 • 87 •

Flexible capital allocation prioritizes growth

  • –

– –

  • Organic growth

M&A

  • Share repurchase

program

slide-88
SLIDE 88

88 • 88 •

Large market

  • pportunity

Clear vision Competitive moats Proven track-record Attractive financial profile

Investment thesis

Digital advertising is large and growing fast Be the leading advertising platform for the open Internet Technology Scale Openness Large client base ~90% client retention for all solutions combined Plan to return to growth High profitability Strong cash flow

slide-89
SLIDE 89

VP, Head of Investor Relations 32, rue Blanche 75009 Paris +33 1 7621 2166 e.lassalle@criteo.com Director, Investor Relations 387 Park Ave South, 12th Floor New York, NY 10016 +1 917 837 8617 f.edelmann@criteo.com

Friederike Edelmann Edouard Lassalle Investor Relations Contacts: IR@Criteo.com

slide-90
SLIDE 90

Appendix

slide-91
SLIDE 91

91 • 91 •

($ in thousands) Q1’17 Q2’17 Q3'17 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Revenue

516,667 542,022 563,973 674,031 564,164 537,185 528,869

670,096 558,123 Less: Traffic acquisition costs

306,693 322,200 329,576 397,087 323,746 306,963 305,387

398,238 322,429 Revenue ex-TAC

209,974 219,822 234,397 276,944 240,418 230,222 223,482

271,858 235,694

Revenue ex-TAC reconciliation

($ in thousands) 2017 2018 Revenue 2,296,692 2,300,314 Less: Traffic acquisition costs 1,355,556 1,334,334 Revenue ex-TAC 941,136 965,980

slide-92
SLIDE 92

92 • 92 •

Adjusted EBITDA reconciliation

($ in thousands) Q1’17 Q2’17 Q3'17 Q4'17 Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 2017 2018 Net income

14,518 7,505 22,269 52,368 21,090 14,707 17,948 42,134 21,401 96,659 95,879

Adjustments: Financial (income) expense, net

2,333 2,094 2,886 2,221 1,325 1,006 1,007 1,746 1,974 9,534 5,084

Provision for income taxes

4,201 3,665 7,858 15,927 12,386 8,638 6,821 18,299 10,018 31,651 46,144

Equity awards compensation expense

14,940 14,918 22,028 20,464 19,303 20,245 17,261 10,267 13,882 72,351 67,076

Pension service costs

290 299 320 321 434 419 419 419 394 1,231 1,691

Depreciation and amortization expense

20,167 22,306 23,755 24,570 23,646 23,560 25,619 30,675 19,296 90,796 103,500

Acquisition-related costs

6

  • 516

1,222

  • 6

1,738

Restructuring

  • 3,299
  • 4,057

(252) 199

  • 1,890

7,356 (53)

Total net adjustments

41,936 46,581 56,847 67,560 56,842 54,067 51,643 62,628 47,454 212,925 225,180

Adjusted EBITDA

56,454 54,086 79,116 119,928 77,932 68,774 69,591 104,762 68,855 309,584 321,059

slide-93
SLIDE 93

93 • 93 •

Free cash flow reconciliation

($ in thousands) Q1 2018 Q1 2019 CASH FROM OPERATING ACTIVITIES 84,527 67,220 Acquisition of intangible assets, property, plant and equipment (7,413) (13,292) Change in accounts payable related to intangible assets, property, plant and equipment (25,154) (10,392) FREE CASH FLOW 51,960 43,536