Criteo’s retail media advertising spend rose 22% at constant currency to about $560 million in the third quarter of 2026, while revenue from that business fell 23% to $52 million. The company announced the results on 4 November for the three months ended 30 September.

The figures describe different parts of the advertising market. Media spend measures advertising budgets activated through the platform. Revenue measures the income Criteo recognises from its services. More spending can therefore coincide with less income for the technology supplier.

Criteo attributed a $20 million reduction in its retail media contribution after traffic acquisition costs to previously announced changes in the scope of work for two clients. That measure, known as Contribution ex-TAC, fell 23% to $51 million.

Excluding the impact of those changes, the measure grew 10% across the underlying client base. That adjusted growth rate helps explain demand among the remaining customers. It does not remove the loss of income from Criteo’s reported results.

For supermarkets comparing retail media platforms, the split matters commercially. The value of advertiser budgets passing through a network is only one part of its economics. Contract scope, service fees and the work retained by the retailer also affect the return from a technology partnership.

The results do not disclose the two clients’ identities or provide a grocery-only breakdown. They cannot establish whether an individual supermarket’s advertising income rose, or whether its suppliers achieved better returns.

Criteo’s presentation put its retail media network at approximately 235 retailers and 4,700 global brands. The company said new partners included Japanese online grocer ONIGO, alongside beauty retailer Notino and businesses in other retail categories.

Across the group, revenue fell 11% to $416 million. Net income dropped to $6 million from $40 million a year earlier. Adjusted EBITDA, a non-GAAP earnings measure, declined 39% to $65 million.

Those group figures include Performance Media, Criteo’s larger business serving advertisers beyond retailer-owned media. They should be read separately from the retail media spending increase.

For FMCG brands, the practical question remains whether a campaign generates additional profitable sales. Higher advertising expenditure alone cannot answer it. Assessing incrementality in grocery retail media means separating purchases caused by advertising from purchases that would have happened anyway.

Category-level reporting is particularly relevant when shoppers switch between a promoted national brand, a competing brand and a supermarket’s own label. A campaign may increase the advertised product’s sales without expanding the category. That distinction affects how buyers judge promotional support and how suppliers allocate their next budget.

Criteo left its full-year group outlook unchanged. It expects Contribution ex-TAC to fall between 10% and 12% at constant currency in 2026. Management’s prepared remarks forecast underlying retail media growth in the low teens for the year, excluding the two client scope reductions.

The next test is whether new retailer partnerships and advertising formats convert growing budgets into more consistent income. Supermarket and brand teams will also need evidence that those formats deliver additional sales through the year-end trading period.

Editor’s note: Based on Criteo’s 4 November 2026 results, investor presentation and prepared remarks. Buyer implications are GTN analysis.