GLOB: Takeaways from CFO Meetings

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GLOB: Takeaways from CFO Meetings

Equity Research

Company Update — June 5, 2026

Payments, Processors, and IT Services

Globant SA

Takeaways from CFO Meetings Equal Weight

Price Target: $50.00

Our Call Ticker GLOB

Upside/(Downside) to Target 26.2%

We recently hosted GLOB CFO for investor meetings in NYC. Management believes

increased AI will unlock new opportunities, but this will likely take time to move the needle Price (06/04/2026) $39.61

on revs and margins. No material war impacts being felt as of yet. 52 Week Range $32.50 - 105.43

Market Cap (MM) $1,717

Yesterday we hosted GLOB CFO Juan Urthiague for investor meetings in NYC. Enterprise Value (MM) $1,840

Unsurprisingly, the majority of the conversations were focused on how the company Average Daily Value (MM) $62

is navigating the current AI environment. Management struck an upbeat tone on AI- Dividend Yield 0.0%

related revenue and margin opportunities, but highlighted this AI-transition will take

time to benefit the P&L. Currently, incremental AI opportunities are more than offsetting $ (Dec) Q1 Q2 Q3 Q4 FY

deflationary AI impacts. Remain Equal Weight on softer-than-peers organic growth. EPS

2026E 1.50 A 1.51 E 1.67 E 1.65 E 6.34 E

AI Pods offer meaningful growth opportunity. AI Pods blend human and agent effort 2027E 1.59 E 1.64 E 1.78 E 1.80 E 6.81 E

into an outcome-based model, leveraging 20-30% coding efficiency to enable GLOB to

ROIC reflects last reported quarterEPS: Reflects Adjusted EPS which

deliver more value/output for the same amount of cost to the client. GLOB expects AI excludes excess tax benefits on stock based compensation and other

Pods to become 3-4% total revs by YE26 and 10%+ by YE27. AI is also opening up new one-timeSource: Companyitems Data, Wells Fargo Securities estimates, and Factset.