CRTO•Criteo expects 2026 contribution ex-TAC to decline 10%-12% at constant currency, including a $75 million Retail Media headwind tied to scope reductions at two clients. Adjusted EBITDA margin is expected near 30%.
Criteo expects contribution ex-TAC to decline 10%-12% at constant currency in 2026, including a $75 million Retail Media headwind tied to scope reductions at two clients. Excluding that impact, Retail Media contribution ex-TAC growth is forecast in the low teens, compared with 16% in 2025.
Adjusted EBITDA margin is expected near 30%, reflecting agentic AI investments and financial discipline. Operating cash flow conversion should reach approximately 85% of adjusted EBITDA, while free cash flow conversion should approximate 35%, excluding nonrecurring items.
