GLOB - AI-Integrated Delivery Drove 1Q Revenue Performance and +8% Revenue Productivity, PT to $44

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GLOB - AI-Integrated Delivery Drove 1Q Revenue Performance and +8% Revenue Productivity, PT to $44

Truist Securities

Equity Research Report May 14, 2026

TMT: Artificial Intelligence, Digital Globant S.A. (GLOB)

Platforms and IT Services

GLOB - AI-Integrated Delivery Drove 1Q Revenue Performance

Arvind Ramnani and +8% Revenue Productivity, PT to $44

214-969-5873

Arvind.Ramnani@truist.com

GLOB’s 1Q revenues came in ahead of expectations, while EPS was in-line with

John Nutt estimates. Growth was driven by its AI-integrated delivery resonating with clients, driving

713-236-4225 growth with its top client clients (top 50 grew 5.2%). We are encouraged by the 8%

John.Nutt@truist.com improvement in revenue productivity, which will likely continue to ramp as Globant further

incorporates AI into its offering. Gross margins were impacted by ~100bps due to FX. We

Wayne Trinh, CFA remain Hold on the name as we monitor the equilibrium between AI-led cannibalization of

212-590-0911 legacy T&M work and the high-margin expansion of new AI-native offerings. We reduce our

Wayne.Trinh@truist.com PT to $44 from $54.

Management views OpenAI and Anthropic’s investments in the Services space as

Stock Rating HOLD a validation of Globant’s offerings. Management emphasized that enterprises need a

Unchanged services offering in order to incorporate AI into their organizations. As incumbents, Globant

(GLOB, Hold) has trusted relationships, organizational contextual knowledge, and the ability

Price Target $44.00 to work across model providers; further, the market is large to accommodate multiple

↓ participants, and thereby expects these newly-formed JVs to succeed along with Globant.

from This also reinforces our thesis that enterprises are going to implement multi-model AI