Regulatory Changes and Cookie Deprecation: Criteo's business model heavily relies on collecting and processing user data, making it highly vulnerable to evolving data privacy regulations (e.g., GDPR, CCPA) and browser-led deprecation of third-party cookies, which could severely impact its ability to deliver personalized advertising.

Intense Competitive Pressure: The ad-tech market is highly fragmented and competitive, with large players like Google and Meta, as well as numerous specialized firms, constantly vying for market share and client budgets, putting pressure on Criteo's pricing and innovation efforts.

Economic Downturn Impact on Ad Spend: Criteo's revenue is directly tied to advertising spend, which is often discretionary and prone to reduction during economic recessions or uncertainty, leading to potential declines in campaign budgets and overall platform usage.