Infrastructure Software: 1Q26 Off-Cycle Earnings Preview

Research evidence excerpt

Infrastructure Software: 1Q26 Off-Cycle Earnings Preview

Truist Securities

Equity Research Report May 20, 2026

TMT: Infrastructure Software

Infrastructure Software: 1Q26 Off-Cycle

Earnings Preview Miller Jump Off-calendar infrastructure software earnings begin next Wednesday (5/27) with SNOW

212-401-4427

Miller.Jump@truist.com reporting after the close. Year to date, shares for this cohort range from down 21%

(MDB) to down 47% (PD). Though software shares remain under pressure, we see

opportunity for those that can attach themselves to AI acceleration narratives to Junaid Siddiqui outperform from here. In this group we see SNOW and MDB as the two companies that 212-326-6141

Junaid.Siddiqui@truist.com fit the description. Our conversations with partners and customers of both companies

through the quarter have indicated potential for upside to expectations for these

companies driven by the AI investment cycle. Jonathan Ngo

212-419-4482

Jonathan.Ngo@truist.com Investor reactions through the first half of earnings season for our coverage underscore

both uncertainty and a low margin for error for software equities. Of the five companies

18 Page Document that reported, T+1 moves ranged from -17% to +31%. We expect continued volatility

among the remaining reporters. Despite some fundamental positives in the first batch

of reporters, terminal value concerns continue to weigh on sentiment, and we believe

Reasons for this report investors are looking for stronger accumulation datapoints before declaring enterprise

vendors safe from the AI upheaval. In this backdrop, we favor stories with accelerating

✓ Earnings Preview growth narratives tied to AI tailwinds.

High-profile AI budget blowouts like Uber’s (UBER, Buy, Squali) exhaustion of its annual