Updating Estimates for GLOB and CINT

Research evidence excerpt

Updating Estimates for GLOB and CINT

rical Stock Performance Current Stock Price Price Target Risk Reward Themes

Source: Refinitiv, Morgan Stanley Research, Morgan Stanley Institutional Equities Division. The probabilities of our Bull, Contrarian: Positive

Base, and Bear case scenarios playing out were estimated with implied volatility data from the options market as of 27 New Data Era: Positive

Jul 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either

Technology Diffusion: Positive

three-months’ or one-years’ time. View explanation of Options Probabilities methodology here

View descriptions of Risk Rewards Themes here

BULL CASE US$70.00 BASE CASE US$50.00 BEAR CASE US$20.00

~9x Bull Case NTM Earnings of USD332m ~8x Base Case NTM Earnings of USD292m ~4x Bear case NTM Earnings of USD245m

by mid-2027 by mid-2027 by mid-2027

Revenue reacceleration (6% 2025-28 Navigating a challenging backdrop (3% No growth recovery (-1% 2025-28 revenue

revenue CAGR). Higher sustainable growth 2025-28 revenue CAGR). Weaker CAGR). Macro weakness and ongoing

is supported by 1) stronger client activity discretionary spending and Middle East industry challenges drive lower spend in IT

across the US, Latin America and Europe, headwinds constrain near-term growth, but Services/Digital transformation. AI initiatives

and 2) earlier traction in AI initiatives (~23% are partially offset by efficiency measures to fail to get meaningful traction (~6% of

of sales by 2030e). Stronger execution and support FCF. Long-term, GLOB's growth revenue by 2030e). Amid more muted

lower rates support a re-rating. acceleration is supported by 1) gradual growth expectations, trading multiples

scaling of AI initiatives (reaching ~20% of decline.