Globant: Better Than Feared

研报英文原文证据摘录

Globant: Better Than Feared

Deutsche Bank

Research

Rating Company Date

Hold Globant 15 May 2026

North America Reuters Bloomberg Rating Hold

United States GLOB.N GLOB US Price target (USD) 50.00 Price at 14 May 26 34.08

52-week range 140.36 – 32.75

TMT

Payments, Processors, & IT Valuation & Risks

Services

Better Than Feared

Nate Svensson, CFA

Key takeaway- Some key positives given backdrop Research Analyst

+1-917-547-4768 GLOB delivered mixed 1Q26 results with revenue declining ~(2.7)% cc, essentially

in line, with an adj. operating margin of 14.1% below forecast and EPS of $1.50 in Hersh Shintre, CFA

line with the Street. While GLOB highlighted some client volatility due to the Research Associate

ongoing conflict in the Middle East (new markets ~6% of revenue), results broadly +1-917-459-1162

played out better than feared, and demand appears broadly unchanged as GLOB

Paul Tomaszewski continues to note a healthy pipeline. Growth in the qtr. was largely driven by Research Associate

GLOB’s top 50 clients growing ~5% Y/Y (top 10/top 2-5 growing in a similar +917-419-2598

range) along with strength in Healthcare (~17% Y/Y) and in Europe (~8% Y/Y). AI

Pods remained a point of focus with annual recurring revenues reaching ~$32.8m

in March and GLOB seeing ~40% of its top 20 clients adopting the model with the

pipeline standing at ~$352m. Of note, mgmt. sees a clear path to ~70% of its top

20 clients to leverage the AI Pod offering which should benefit gross margin over

the long run as it becomes a bigger piece of the business. On guidance, GLOB

reiterated its FY26 guidance across growth, margins, and EPS. GLOB expects

revenue growth will improve in 2H26 driven in part by working days and ramp of

four large deals which we see as a continued risk given the fluid demand