GLOB – 1Q26 Results: Against All Odds

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GLOB – 1Q26 Results: Against All Odds

May 15, 2026

Jonathan Lee jonathan.lee@guggenheimpartners.com GLOB – 1Q26 Results: Against All Odds

212 518 5388

Johnson Ooi Key Message: 1Q26 revenue came in above the high end of the company's outlook,

johnson.ooi@guggenheimpartners.com with management calling the quarter the "trough" and reaffirming the midpoint of its FY26

212 518 9962 revenue guidance. AI Pods ARR scaled to $32.8mm alongside a $352mm pipeline, and

Alexa Ong the top 50 clients grew well above the corporate average. A new $125mm buyback

alexa.ong@guggenheimpartners.com (c. 15% of market cap) underscores management conviction in the trajectory. Growth

212 416 5842 remains 2H-weighted, where we see potential risk given the fluid demand environment,

particularly with in-quarter bookings at $438mm (0.7x book-to-bill), but with shares at c.

5x CY27E EPS, we believe risk / reward skews positive over the medium term.

1Q26 marks the trough as AI Pods gain strategic traction. 1Q26 revenue ($607mm)GLOB BUY came in above the high end of management's outlook, supported by top clients growing Globant S.A.

Sector: IT Services above corporate average (top 50 +5%, top 10 +4% and top 2 to 5 cohort +8%), and

scaling of AI Pods with ARR reaching $33mm (vs. $21mm at 4Q25). AI Pods pipeline

Earnings Preview stands at $352mm, and while AI Pods' contribution to group revenue is relatively modest, it

Share Price $34.08 carries "materially" higher gross margins than the corporate average. We expect near-term

margin expansion to remain constrained, with adjusted operating margins of 14.1% in 1Q26 Price Target $55.00

pressured by LATAM currency strength and statutory wage inflation across key delivery

geographies, partially offset by improving revenue per head. Management reaffirmed the