<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common" xmlns:g="http://xml.ms.com/ns/itlnc/filelink/US13GFiling/v1.0" xmlns:p="http://www.sec.gov/edgar/schedule13g">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber/>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0000895421</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>2</amendmentNo>
      <securitiesClassTitle>American Depository Shares / Ordinary Shares</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001576427</issuerCik>
        <issuerName>Criteo S.A.</issuerName>
        <issuerCusip>226718104</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>32 RUE BLANCHE</com:street1>
          <com:city>PARIS</com:city>
          <com:stateOrCountry>I0</com:stateOrCountry>
          <com:zipCode>75009</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Morgan Stanley</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>4456486</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>4474503</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>4474503</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>8.5</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Morgan Stanley &amp; Co. International plc</reportingPersonName>
      <citizenshipOrOrganization>X0</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>3036144</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>3036144</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3036144</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>5.8</classPercent>
      <typeOfReportingPerson>BD</typeOfReportingPerson>
      <typeOfReportingPerson>FI</typeOfReportingPerson>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Criteo S.A.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>32 RUE BLANCHE, PARIS, I0, 75009</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>1: Morgan Stanley 2: Morgan Stanley &amp; Co. International plc</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>1: 1585 Broadway, New York, NY 10036 ;2: 25 Cabot Square Canary Wharf, London, E14 4QA, United Kingdom</principalBusinessOfficeOrResidenceAddress>
        <citizenship>1: Delaware 2: United Kingdom</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
        <typeOfPersonFiling>FI</typeOfPersonFiling>
        <otherTypeOfPersonFiling>By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to section 240.13d-1(b)(1)(ii)(J) is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.</otherTypeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See the response(s) to Item 9 on the attached cover page(s).</amountBeneficiallyOwned>
        <classPercent>8.5</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See the response(s) to Item 5 on the attached cover page(s).</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See the response(s) to Item 6 on the attached cover page(s).</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See the response(s) to Item 7 on the attached cover page(s).</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See the response(s) to Item 8 on the attached cover page(s).</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>N</notApplicableFlag>
        <subsidiaryIdentificationAndClassification>See Exhibit 99.2</subsidiaryIdentificationAndClassification>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to a broker or dealer registered under section 15 of the Act (15 U.S.C. 78o) is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

					*  In Accordance with the Securities and Exchange Commission Release
					No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the
					securities beneficially owned, or that may be deemed to be beneficially owned,
					by certain operating units (collectively, the "MS Reporting Units") of Morgan
					Stanley and its subsidiaries and affiliates (collectively, "MS").  This filing
					does not reflect securities, if any, beneficially owned by any operating units
					of MS whose ownership of securities is disaggregated from that of the MS
					Reporting Units in accordance with the Release.
					</certifications>
      </item10>
    </items>
    <exhibitInfo>

					EXHIBIT NO.                         EXHIBITS
					------------------         ------------------------------------

					99.1                       Joint Filing Agreement

					99.2                       Item 7 Information

					*  Attention. Intentional misstatements or omissions of fact constitute federal
					criminal violations (see 18 U.S.C. 1001).
				</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>Morgan Stanley</reportingPersonName>
      <signatureDetails>
        <signature>Christopher O'Hara</signature>
        <title>Authorized Signatory, Morgan Stanley</title>
        <date>02/11/2026</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Morgan Stanley &amp; Co. International plc</reportingPersonName>
      <signatureDetails>
        <signature>David Lindsay</signature>
        <title>Authorized Signatory, Morgan Stanley &amp; Co. International plc</title>
        <date>02/11/2026</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
