GLOB – 1Q26 Preview: Don't Look Back in Anger

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GLOB – 1Q26 Preview: Don't Look Back in Anger

May 12, 2026

Jonathan Lee jonathan.lee@guggenheimpartners.com GLOB – 1Q26 Preview: Don't Look Back in Anger

212 518 5388

Johnson Ooi Key Message: We are tactically cautious into GLOB’s 1Q26 results. While reported

johnson.ooi@guggenheimpartners.com results are likely fine, particularly as 1Q26 revenue is largely supported by deals signed

212 518 9962 in 2H25, our channel checks point to potential for bookings softness during the quarter.

Alexa Ong Coupled with emerging Middle East-related headwinds, we see risk to 2H26 estimates

alexa.ong@guggenheimpartners.com and the full year outlook as a potential revenue air pocket forms on a multi-quarter lag.

212 416 5842 We are trimming estimates and lowering our price target to $55 (vs. $65 prior) to reflect

both the embedded air pocket and sector-wide multiple compression.

GLOB BUY GLOB is scheduled to report 1Q26 earnings on Thursday, May 14, after market close. A tale of two halves, with a measured view towards 2H26. Channel conversations Globant S.A. indicate that 1Q26 trended in line with expectations and is relatively uneventful from a Sector: IT Services

revenue realization perspective, as 1H26 revenues are largely driven by deals signed in

Earnings Preview 2025 (e.g., Riot Games, owned by TCEHY and not covered by Guggenheim Securities).

That said, we believe bookings in 1Q26 are relatively weaker than expected, partly driven by Share Price $37.21

specific client dynamics and the broader environment as key clients revisit their outsourcing

Price Target $55.00 model on IT spend due to incremental developments in AI technologies. With a slight

Prior $65.00 conversion lag (observable from GLOB's CY25 results), softer 1Q bookings risk creating a