Criteo S.A. announced its financial results for the third quarter ended September 30, 2025, on October 29, 2025. Revenue for Q3 2025 increased 2% year-over-year to $470 million, remaining flat at constant currency. Contribution ex-TAC grew 8% to $288 million, or 6% at constant currency.
Net income for the quarter saw a substantial increase of 552% year-over-year to $40 million, with diluted EPS rising 536% to $0.70. Adjusted EBITDA for Q3 2025 was $105 million, a 28% increase year-over-year, resulting in an adjusted diluted EPS of $1.31. Cash flow from operating activities increased to $90 million, and Free Cash Flow rose to $67 million.
Criteo raised its full-year 2025 Adjusted EBITDA margin guidance to approximately 34%, while reaffirming its full-year Contribution ex-TAC guidance of 3% to 4% growth at constant currency. For Q4 2025, Contribution ex-TAC is expected between $325 million and $331 million, representing a 3% to 5% decline at constant currency, and Adjusted EBITDA between $113 million and $119 million. The Q4 guidance reflects the temporary impact of previously communicated scope changes with two specific Retail Media clients. Criteo deployed $115 million for share repurchases in the nine months ended September 30, 2025.
In a separate announcement, Criteo declared its intention to redomicile from France to Luxembourg via a cross-border conversion and directly list ordinary shares on Nasdaq, replacing its current American Depositary Shares structure. This conversion is expected by Q3 2026 and aims to simplify the corporate structure, increase capital management flexibility, and enable potential inclusion in U.S. stock indices. A subsequent redomiciliation to the United States is also planned, potentially as early as Q1 2027.
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