Client Loss And Financial HeadwindsThe expected loss of Uber Eats U.S. as a client is creating a financial headwind that is not fully reflected in consensus expectations.
Client Ramp-Up DelaysCertain new clients are ramping slower than expected in 4Q, and Retail Media Contribution ex-TAC growth is expected in the mid-to-high teens range for FY25.
Growth ChallengesCRTO anticipates low growth in 2026E due to the temporary Retail Media impact, with 1Q26E expected to be the low point.