Criteo S.A. announced its financial results for the first quarter ended March 31, 2025, on May 2, 2025. Revenue for Q1 2025 increased 0.3% year-over-year to $451 million, or 3% at constant currency. Contribution ex-TAC grew 4% to $264 million, or 7% at constant currency.
Net income for the quarter saw a significant increase of 367% year-over-year to $40 million, with diluted EPS rising 450% to $0.66. Adjusted EBITDA for Q1 was $92 million, up 30% year-over-year, resulting in an adjusted diluted EPS of $1.10. Cash flow from operating activities increased to $62 million, and Free Cash Flow rose to $45 million.
However, Criteo also announced a significant commercial update: on April 30, 2025, its largest Retail Media client notified the company of a curtailment of managed services and brand demand sales services, effective November 1, 2025. While the client will continue to use Criteo's technology platform, this change is expected to significantly impact Retail Media growth rates for a 12-month period starting in Q4 2025.
Despite this headwind, Criteo maintained its full-year 2025 Contribution ex-TAC guidance at 3% to 4% growth at constant currency and its Adjusted EBITDA margin guidance at 33% to 34%. For Q2 2025, the company expects Contribution ex-TAC between $272 million and $278 million, and Adjusted EBITDA between $60 million and $66 million. Criteo also deployed $56 million for share repurchases in Q1 2025.
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