GLOB: In-line+ 1Q Likely Good Enough for Now

Research evidence excerpt

GLOB: In-line+ 1Q Likely Good Enough for Now

Equity Research

Earnings Revised — May 14, 2026

Payments, Processors, and IT Services

Globant SA

In-line+ 1Q Likely Good Enough for Now Equal Weight

Price Target: $50.00

Notable Changes

Our Call $ (Dec) Current Prior % Chg

Expect shares to trade up on in-line+ 1Q print and largely reiterated F26 guide. Demand EPS 2026 6.34 6.33 0.1%

commentary was stable, with ME not impacting spending trends to date. Growth in AI EPS 2027 6.81 6.87 -0.9%

Pods is encouraging, however F26 org cc growth remains muted; Equal Weight. Rev. (MM) 2026 2.49B 2.48B 0.2%

Rev. (MM) 2027 2.59B 2.58B 0.2%

Following several quarters of mixed execution and meaningful underperformance vs. SPX

(~5,750bps), we anticipate shares to trade higher on a largely in-line+ print and guide. Ticker GLOB

1Q cc revs were at high-end of guide, while adj. EPS was solidly in-line. Encouragingly, Upside/(Downside) to Target 46.7%

conflict in ME has not materially impacted demand to date, and while we are encouraged

Price (05/14/2026) $34.08by healthy large deal ramps, we continue to view the company as a show-me story with an

uninspiring organic const-curr growth profile. Reiterate EW. 52 Week Range $32.50 - 133.36

Market Cap (MM) $1,528

Demand for AI initiatives remains strong. Mgmt commentary suggested clients Enterprise Value (MM) $1,651

continue to partner with GLOB on AI initiatives. AI now present in 100% of GLOB's Average Daily Value (MM) $51

pipeline (either as a core element or satellite component), while 36% of deals signed Dividend Yield 0.0%

YTD have AI at the core. The AI Pods model is also showing signs of success, with ARR of

$32.8M vs. $20.6M in 4Q25. Current pipeline is $352M, up from $283M in 4Q25 and $ (Dec) Q1 Q2 Q3 Q4 FY

$211M in 3Q25.