Criteo 101 Investor Presentation February 2019 1 Safe harbor - - PowerPoint PPT Presentation

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Criteo 101 Investor Presentation February 2019 1 Safe harbor - - PowerPoint PPT Presentation

Criteo 101 Investor Presentation February 2019 1 Safe harbor statement This presentation contains forward-looking statements that are based on our managements beliefs and assumptions and on information currently available to


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Criteo 101

Investor Presentation February 2019

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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, 2018, including the Risk Factors set forth therein and the exhibits thereto, the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 2, 2018, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, that was filed with the SEC on November 5, 2018, 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

  • bligation 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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Stock information and key financials

Ticker: CRTO Stock Exchange: NASDAQ Global Market CUSIP: 226718104 Shares outstanding1: 67.7M Stock Ownership2:

1 As of December 31, 2018 2 On a fully-diluted basis, as of December 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

Free float 84.0% Founders, NEOs, Management & Employees 15.3% Idinvest & Yahoo! Japan 0.8% Core solution 87% New solutions 13%

Q4 2018 Revenue ex-TAC breakdown

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A global company with scale

Users in the Criteo Identity Graph 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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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, Chief of Staff and People, 50 Alcatel, Nokia, IBM

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Enabler, pioneer & innovator

We brought performance-based personalized marketing to display in 2008

We have since innovated in many ways… 2008

First CPC model in display

Real-time Creative Optimization

AOV Optimizer

Privacy by Design

Facebook Exchange

Universal Match

Apple-compliant solution

Travel Segments in Engine Conversion Rate Optimizer

4.5B products imported from merchants everyday

TOP!

Daily RTB: 55bn bid requests,1.2bn wins

Retail Media

600 TB

  • f Data analyzed

everyday

Largest Hadoop cluster in Europe Dynamic product banners Engine Optimized Segments

Passback

Sizeless creatives

Onetag App Deep linking Unique User Value Prediction

Mobile Ad Formats

App advertising Native Ads

Adaptive Revenue Optimizer

App Install Measurement

Direct Bidder

Identity Graph

Interest Map

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Data Technology Scale Openness

Solutions built on key assets

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Our business model has unique attributes

Differentiated in Marketing Attractive Direct Sticky Elastic Demand

1 On average over the last four quarters through Q4 2018 2 Last twelve months to Q4 2018; excluding Criteo Retail Media 3 Quarterly retention rate for all solutions combined – close to 90% for 35 consecutive quarters 4 On average over the last four quarters through Q4 2018; excluding Criteo Retail Media. Represents uncapped budgets of our

clients, which are either contractually uncapped or so large that the budget constraint does not restrict ad buys

75%

Direct relationships with clients2

325

Net client additions per quarter1

~90%

Client retention rate3

73%

Of Revenue ex-TAC from uncapped budgets4

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Market & Trends

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

Source: Zenith Advertising Expenditures Forecast

40% 50%

2018 2020

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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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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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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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To be the leading advertising platform for the open internet

O U R V I S I O N :

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What’s the open Internet?

Where advertisers and publishers are in control and free to choose:

How to work with different partners Whether to share customer data How to measure success

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  • Performance
  • Transparency
  • Automation
  • Control
  • Experience
  • Consent
  • Performance
  • Fairness
  • Transparency

Publishers Advertisers Consumers

19,500

Advertisers incl.

1,000+

Brands

3,500

Premium publishers

$800B+

Annual ecommerce sales

1.5B+

Active Shoppers Monthly

Our open Internet vision delivers benefits for all

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Criteo Platform

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The Criteo Platform supports two major solutions: Marketing Solutions and Retail Media

AWARENESS CONSIDERATION CONVERSION

Criteo Platform

Criteo Retail Media Criteo Marketing Solutions Web App Offline Onsite Offsite

CAMPAIGNS CAMPAIGNS

Marketing Goals

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Leveraging the world’s largest open commerce data set

Fueled by a unique data set and powered by Artificial Intelligence

CAMPAIGNS CAMPAIGNS

AI Engine Shopper Graph

AWARENESS CONSIDERATION CONVERSION

Lookalike Finder Product Recommendation DCO+1 Predictive Bidding

Criteo Platform

Web App Offline Onsite Offsite Criteo Retail Media Criteo Marketing Solutions

1 Dynamic Creative Optimization+

Marketing Goals

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Full-funnel capability addressing the entire buying journey

Criteo Marketing Solutions

AD OBJECTIVES

  • Brand Awareness
  • Video Views
  • Traffic
  • Web, App
  • App Installs
  • Conversions
  • Web, App
  • Store Conversions

OPTIMIZATION

  • Reach, Views
  • Visits, Installs
  • Conversions

Awareness Generate interest in your products or services

Consideration

Get people to consider your products or services

Conversion

Encourage interested people to purchase

MARKETING GOALS

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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

Awareness Consideration BRANDS & AGENCIES ‘Sales Attribution’

Buy-side Advertising Technology

Sar gen to Swi ss Che ese Slic es $3. 79

Supply-side Advertising Technology

RETAILERS ‘Monetization’

DEMAND SUPPLY

Conversion

Standard Commerce Display Sponsored Products Flexible range of targeting and display options

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A self-service 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+ users
  • 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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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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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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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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Product Recommendation accurately recommends the best offer

 Campaign goal  Visitor’s site navigation  Recency and frequency of activity  Product type, price, and category  Most viewed products on Uniqlo’s site  And much more...

The Criteo Engine recommends products based on: Products we show John John browses “Bomber Jacket”

  • n Uniqlo’s site
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Dynamic Creative Optimization+ delivers perfectly branded ads,

  • ptimized for every user
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Predictive Bidding determines the right ad opportunities

7:45 AM 8:00 AM 9:00 AM 12:30 PM 6:00 PM 9:00 PM 11:30 PM

The right bid for the right placement at the right time

User context Publisher interaction Product behavior

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A privacy by design approach since day 1: data minimization approach CPM/CPC model: an incentive to present relevant ads 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

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Client Management Center

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Self-service and managed service delivery options

Modular, flexible and open

ANALYTICS BILLING EVENT COLLECTION CATALOGS INTEGRATIONS SHOPPER GRAPH AUDIENCES SUPPLY CREATIVES AI ENGINE APIs USER INTERFACES

Criteo Platform

CAMPAIGNS

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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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Flexible creative formats to address full-funnel marketing goals

  • 1. Brand creative
  • Brand focus
  • No DCO+

Awareness

  • 2. Dynamic Brand creative
  • Brand & product focus
  • Elements DCO+

Consideration

  • 3. Dynamic creative
  • Product focus
  • 100% DCO+

Conversion

Banner formats Video Creative

  • Original video
  • Original video
  • Dynamic video
  • 3rd party creative
  • Creative

Management Platform integration

  • 3rd party creative
  • Creative

Management Platform integration

  • 3rd party creative
  • Creative

Management Platform integration

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API and managed service options

Full self-service campaign workflow

Campaign Creation & Optimization Analytics & Insights

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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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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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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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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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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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Direct relationships with many premium commerce and brand clients

* 19,419 clients at the end of Q4 2018

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Adapting our go-to-market to best serve our clients across all solutions

Go-to-market & client service

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 New 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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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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Publisher inventory

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Ensures inventory-agnostic access to users

Extensive supply partnerships

Direct partnerships

3,500 Premium publishers

Exchange partners

Long-tail & emerging formats

Walled gardens

Access to massive scale

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

Retail partner

For Criteo Retail Media

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61 •

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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62 •

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 3,500 publishers at the end of Q4 2018

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

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Competitive positioning

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65 •

Our core competencies are difficult to replicate

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+ users in ID Graph
  • 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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66 •

Advertising technology positioning

CLOSED OPEN WORKFLOW AUTOMATION PREDICTIVE PERFORMANCE

Note: based solely on Criteo’s qualitative assessment

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67 •

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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Growth strategy

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69 •

  • Evolve go-to-market strategy for large and

midmarket clients

  • Further scale and automate midmarket
  • perations worldwide
  • Add new brand and retailer clients globally

Grow the customer base Increase our value for clients and partners

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

Our growth strategy is based on two strong pillars

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70 •

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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71 •

We invest to drive a rebound in growth and profitability in 2020 and beyond

2019 is a year of accelerating growth momentum

Continuing to grow our app business Improving the pace of hiring Driven by healthy business fundamentals and our investments into Accelerating client additions through our self service platform Growing our new solutions to drive broader marketing goals for clients

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Track-record of execution & Financials

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73 •

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.

Solid financial track record since IPO

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

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

37%

CAGR

High growth Expanding profitability

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74 •

9.3 10.2 11.0 11.9 12.9 14.5 15.4 16.4 17.3 18.1 18.5 19.0 19.2 19.5

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018

We continue to add clients while maintaining 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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75 •

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 Revenue ex-TAC 100% 100% 100% 100% 100% 100% Other cost of revenue* 7.9% 6.6% 6.1% 6.4% 6.9% 6.7% Gross margin 92.1% 93.4% 93.9% 93.6% 93.1% 93.3% R&D* 14.9% 12.5% 13.4% 14.2% 14.7% 15.2% S&O* 43.6% 39.9% 39.8% 35.3% 34.8% 33.6% G&A* 16.0% 14.8% 13.8% 13.2% 10.7% 11.3% Adjusted EBITDA 17.5% 26.2% 26.9% 30.8% 32.9% 33.2% Revenue ex-TAC margin** 40.3% 40.8% 40.4% 40.6% 41.0% 42.0%

* 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

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SLIDE 76

76 •

941 966

FY2017 FY2018

+2%*

* At constant currency

Profitable growth and strong cash flow – FY2018

REVENUE EX-TAC ($M) ADJUSTED EBITDA ($M) FREE CASH FLOW ($M)

33% margin

(% of Revenue ex-TAC)

42%

  • f Adj. EBITDA

310 321

FY2017 FY2018

137 135

FY2017 FY2018

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SLIDE 77

77 •

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

Strong drivers for further operating leverage

Powered by a combination of

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SLIDE 78

78 •

Robust operating cash flow enables smart investment

INVEST DEVELOP & GROW CASH SCALE PROFITS SMART INVESTING

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SLIDE 79

79 •

Our financial structure offers significant flexibility

* Based on a $1.8bn market capitalization, pursuant to the 2018 AGM authorization to issue up to 6.6m 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

$364M

cash

As of December 31, 2018

€350M

committed financing

$170M

equity raise capacity*

Share buy-back

authorization**

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SLIDE 80

80 •

Flexible capital allocation prioritizes growth

– –

  • Organic growth

M&A

  • Share repurchase

program

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SLIDE 81

81 •

Large market

  • pportunity

Clear vision Competitive moats Proven track-record Attractive financial profile

Compelling investment thesis

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

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SLIDE 82

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

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SLIDE 83

83 •

Appendix

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SLIDE 84

84 •

($ in thousands) Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3'17 Q4’17 Q1’18 Q2’18 Q3’18 Q4’18 Revenue

401,253 407,201 423,867 566,825 516,667 542,022 563,973 674,031 564,164 537,185 528,869 670,096

Less: Traffic acquisition costs

238,755 240,969 247,310 341,877 306,693 322,200 329,576 397,087 323,746 306,963 305,387 398,238

Revenue ex-TAC

162,498 166,232 176,557 224,948 209,974 219,822 234,397 276,944 240,418 230,222 223,482 271,858

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

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SLIDE 85

85 •

Adjusted EBITDA reconciliation

($ in thousands) Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3'17 Q4'17 Q1’18 Q2’18 Q3’18 Q4’18 2017 2018 Net income

18,527 13,339 14,724 40,740 14,518 7,505 22,269 52,368 21,090 14,707 17,948 42,134 96,659 95,879

Adjustments: Financial (income) expense, net

1,317 94 570 (1,435) 2,333 2,094 2,886 2,221 1,325 1,006 1,007 1,746 9,534 5,084

Provision for income taxes

7,944 4,450 7,574 13,161 4,201 3,665 7,858 15,927 12,386 8,638 6,821 18,299 31,651 46,144

Equity awards compensation expense

8,370 7,695 13,965 13,229 14,940 14,918 22,028 20,464 19,303 20,245 17,261 10,267 72,351 67,076

Pension service costs

129 131 132 133 290 299 320 321 434 419 419 419 1,231 1,691

Depreciation and amortization expense

12,516 13,300 14,771 16,190 20,167 22,306 23,755 24,570 23,646 23,560 25,619 30,675 90,796 103,500

Acquisition-related costs

  • 148

1,793 980 6

  • 516

1,222 6 1,738

Acquisition-related deferred price consideration

40 44 3 (3)

  • Restructuring
  • 3,299
  • 4,057

(252) 199

  • 7,356

(53)

Total net adjustments

30,316 25,862 38,808 42,255 41,936 46,581 56,847 67,560 56,842 54,067 51,643 62,628 212,925 225,180

Adjusted EBITDA

48,843 39,201 53,532 82,995 56,454 54,086 79,116 119,928 77,932 68,774 69,591 104,762 309,584 321,059

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SLIDE 86

86 •

Free Cash Flow reconciliation

($ in thousands) FY2017 FY2018 CASH FROM OPERATING ACTIVITIES 245,458 260,726 Acquisition of intangible assets, property, plant and equipment (122,203) (116,984) Change in accounts payable related to intangible assets, property, plant and equipment 13,692 (8,494) FREE CASH FLOW 136,947 135,248