Consumer ExposureCriteo is still tied to the macro - given outsized exposure to retail, there is caution on more signs of consumer softness.
MarginsMargins are already optimized at about 31% due to ongoing investments in AI and Retail Media, with no further margin inflections expected.
ValuationPositive catalysts are now priced into shares, leaving investors with a more balanced risk/reward into a mixed macro environment for retail.