LatAm Tech: 1Q26 recap: Early benefits of AI, but still a long way to go

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LatAm Tech: 1Q26 recap: Early benefits of AI, but still a long way to go

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LatAm Tech

1Q26 recap: Early benefits of AI, but still a

long way to go

Industry Overview

Positive 1Q driven by strong margins; AI concerns remain 21 May 2026

LatAm software’s 1Q26 results were broadly positive. Revenue trends remained in line, Equity

while VTEX was softer. Margins were a highlight, with positive surprises across the Latin America

sector, driven by operating leverage and early AI-related efficiencies. AI remains the Telecom, Media and Tech

central debate across software, with increasing concerns around software companies’ Lucca R Brendim >>

long-term growth sustainability, though we are yet to see impacts on results. Despite Research Analyst

the recent de-rating, we remain constructive on LatAm Software, as near-term Merrill+55 11Lynch2188 (Brazil)4100

fundamentals are still solid and margin upside should support EPS momentum and lucca.brendim@bofa.com

multiples compression. We maintain our Buy rating on VTEX. Rogerio Araujo >>

Research Analyst

Merrill Lynch (Brazil)

+55 11 2188 4255VTEX undergoes broader changes

rogerio.araujo@bofa.com

AI is the central topic of discussion in tech, but each company is adopting a different

strategy. VTEX is taking a more transformational approach, framing AI as a reinvention

cycle across every facet and is redesigning its platform and operating model around it. TaaS: Task as a service

Productivity gains are arriving faster than revenue

AI monetization is in early stages for LatAm software, but efficiency gains are becoming

more visible. Although companies did not attribute margin expansion solely to AI, all

three delivered strong profitability improvements, suggesting that AI-driven productivity

gains are materializing.