A. History and Development of the Company We were founded in 2003 by Martín Migoya, our Chairman and Chief Executive Officer; Guibert Englebienne, our President of Globant X, Globant Ventures and Latin America; Martín Umaran, our Chief Corporate Development Officer and President of EMEA; and Nestor Nocetti, our Chief Corporate Affairs Officer. From our inception, our objective has been to build a global technology services company focused on supporting organizations' digital transformation and creating opportunities for talent around the world to make a positive global impact. Through organic growth and strategic acquisitions, we have expanded our network of locations and are now present in 31 countries. Organizations such as Endeavor, IDC MarketScape, Gartner, Everest Group, Frost & Sullivan, Great Place to Work, Fortune and Fast Company have recognized our accomplishments. The Massachusetts Institute of Technology, Harvard University and Stanford University in conjunction with the World Economic Forum have utilized Globant as a business-school case study in entrepreneurship. In 2009, we introduced our Studio model to deliver tailored solutions focused on specific challenges and improving the connection between organizations and their customers and employees. These Studios are intended to foster creativity and innovation, while allowing us to build, enhance and consolidate expertise around a variety of emerging technologies and industries. In July 2014, we completed the initial public offering of our common shares in the United States. Since then, we have completed five follow-on offerings in the United States, with the most recent offering in May 2021. In 2021, we established Globant X, our products and platforms division which in 2025 evolved into Globant's current AI services offering, encompassing our portfolio of AI platforms and agentic solutions designed to transform business operations and enhance enterprise-wide productivity. During 2023, we were named a Worldwide Leader in both AI Services and Software Engineering Services according to IDC MarketScape vendor assessments. Gartner’s Magic Quadrant placed us as a Worldwide Challenger in Custom Software Development Services, while Everest Group identified us as a Major Contender in both Digital Transformation Consulting Services and Software Product Engineering Services. Additionally, IDC positioned us as a Major Player in Worldwide Experience Design & Build Services for 2023–2024. Also, we were named in Fortune’s list of the 100 Fastest-Growing Companies and received recognition as a finalist on Fast Company’s List of the 100 Best Workplaces for Innovators International 2023. Lastly, we were recognized by Brand Finance as the Fastest Growing IT Brand and the 5th strongest IT brand globally. In 2024, we continued to receive recognitions, being named a Leader in Media Consultation, Integration, and Business Operations Cloud Service Providers by the IDC MarketScape report. Additionally, we received the Google Cloud Industry Solution Services Partner of the Year Award for Media and Entertainment for the second consecutive year. Our achievements included achieving Amazon Web Services (“AWS”) Premier Tier Partner status within the AWS Partner Network. We also ranked 6th on Fortune’s 2024 Change the World list out of an initial 250 companies for our overall sustainability commitment. Furthermore, we were honored by the Council of the Americas with the BRAVO Company of the Decade Award for our remarkable growth and transformative efforts in reinventing the professional services industry. Lastly, we were recognized by Everest Group as a Star Performer and Leader in the Software Product Engineering Services PEAK Matrix® Assessment 2024. In 2024, we consolidated our Globant Gut Studio, expanding our services offering to include advertising, strategy, marketing technology, content, design, media, commerce services and product innovation. In October 2025, the studio was rebranded as GUT Network to unify all our marketing and advertising capabilities under one global network. 26 In 2025, we introduced AI Pods, a subscription-based model designed to support enterprise AI adoption and announced a collaboration with OpenAI focused on advancing responsible AI solutions. We strengthened our relationships with major cloud providers by entering into a Strategic Collaboration Agreement with AWS, achieving AWS Managed Service Provider designation, and obtaining multiple AWS competencies across Media and Entertainment, Financial Services and Managed Security Services. We also expanded our partner ecosystem through a Strategic Partner Agreement with Google Cloud, recognition through Google Cloud Partner Awards, Adobe Platinum Partner status, and Salesforce expert-level implementation recognition. In parallel, we continued to develop industry-specific capabilities through renewed collaboration with FIFA, new partnerships with Riot Games and Unity, and recognition as a finalist for Microsoft’s Telco and Media Partner of the Year Award. Additionally, we expanded our geographic presence by opening our Middle East regional headquarters in Riyadh and entering into a partnership with Red Sea Global. Lastly, IDC MarketScape recognized us as a Leader in both Worldwide Experience Design Services and Worldwide Experience Build Services. For more than eleven years, we have been committed to investing in AI. This long-term investment has enabled us to increase our service and product offerings and support our clients with expertise in the area. By concentrating on AI agents, we enhance our capacity to deliver innovative solutions that seamlessly align with the distinct requirements of each industry, making technology more intelligent and responsive. Capital Expenditures Our capital expenditures for the years ended December 31, 2025, 2024 and 2023 amounted to $89.5, $110.7 and $126.5 millions, respectively. These capital expenditures were related primarily to internal development activities, the acquisition of software licenses, strategic businesses acquisitions, and the development of our delivery centers. We expect capital expenditures related to strategic acquisitions to decrease in absolute terms over the next twelve months. Capital expenditures related to internal development, software license acquisitions, and the development of our delivery centers are expected to remain stable or decrease in absolute terms, as we do not anticipate opening new locations and expect only limited headcount growth. We anticipate that our capital expenditures in 2026 will be financed through cash generated from operations, existing cash and cash equivalents, and available borrowings under the Fourth A&R Credit Agreement Amendment. Strategic Acquisitions Since 2008, we have complemented our significant organic growth with strategic acquisitions. The focus of our M&A strategy has been on enhancing relationships with key clients, expanding our technology capabilities, broadening our service offerings, and increasing the reach of our delivery centers worldwide. Our recent key acquisitions are as follows: In 2023, we further expanded our North American footprint and enhanced our healthcare solutions services by acquiring ExperienceIT, a U.S.-based consultancy with deep healthcare expertise. We also strengthened our presence in France and continued our European expansion with the acquisition of Pentalog, a digital transformation company that delivers high-quality technology solutions for various industries. Additionally, we acquired Iteris Holding Ltda., a Brazilian-based technology consultancy focused on digital transformation, and a majority stake in GUT, an independent creative agency recognized as the Independent Network of the Year at Cannes Lions 2023. We also completed the acquisition of a service contract in Italy from Chili Tech, the technological division of Chili Group. In 2024, we acquired Exusia, an AI-first digital transformation company based in the U.S. that specializes in full lifecycle AI, data engineering, cloud migration, and analytics capabilities, including strategy, implementation, and managed services. Additionally, we acquired Blankfactor, a U.S.-headquartered IT services consulting firm specialized in delivering consulting-led product engineering, data engineering, and enterprise AI solutions. In 2025, we acquired Omni.Pro, a consultancy focused on delivering Adobe-based digital transformation services. Corporate Information Our registered office is located at 37A Avenue J.F. Kennedy L-1855, Luxembourg, and our telephone number is + 352 20 30 15 96. Globant S.A. is registered with the Luxembourg Trade and Companies Register under number B 173727. We maintain a website at http://www.globant.com. Our website and the information accessible through it are not incorporated into this annual report. The SEC maintains an internet site at http://www.sec.gov that contains reports, information statements, and other information regarding issuers that file electronically with the SEC. 27 B. Business Overview Our Services Established in 2003 by four entrepreneurs in Argentina, we have evolved to become a leading global technology service provider. Today, we are a publicly-traded company, with our common shares listed on the NYSE under the ticker symbol “GLOB”. We continue to maintain the entrepreneurial spirit of our founders throughout our business. We provide technology services and solutions that support organizations in their AI and digital transformation initiatives, combining software engineering, innovation, design at scale capabilities and industry expertise, and are continuously evolving in parallel with technological advances. During 2025, we delivered our services primarily under time-and-materials contracts, which represent the substantial majority of our engagements and, to a lesser extent under fixed-price contracts. In addition, we generate a limited portion of our revenues from the sale of technology solutions, software licenses and other contractual arrangements. In addition, in 2025 we introduced AI Pods, a subscription -based delivery model. See "Our Delivery Model". Cross-Functional Power at Scale During 2025, we reorganized our operating model around four pillars: 1) Three core Studios (together, the “Core Studios”) Our Core Studios provide cross-functional expertise and execution strength across engagements: •Digital Studio: enhances efficiency and accelerates breakthroughs by integrating AI into the software development lifecycle. The capacities within this Studio are comprised of AI, Connected Experiences, Cybersecurity, Data, Immersive Experiences, Quality Engineering, Robotics, Engineering, CloudOps, Blockchain, Business Hacking, Cultural Hacking and Agility, Fast Code, Internet of Things, Digital Twin, Payments, Legal AI, Sustainable Business and Loyalty. •GUT Studio: empowers our clients to better connect their brands to end-consumers through remarkable experiential marketing. Using the latest technology, including AI, our teams turn data into insights and actions to obtain great results for our clients through the following Studios: Strategy, Advertising, Content and Social, Full Funnel Media, Martech, Design, Product, and Commerce. •Enterprise Studio: leverages tailored technology for streamlined operations and productivity at scale. We provide customers with the end-to-end business process transformation services they need to prepare their entire organization for reinvention. The Studios within this network consist of SAP, ServiceNow, Salesforce, Oracle, AWS, Adobe, Google Cloud, Microsoft and Process Optimization. 2) Our AI Industry Studios Our AI Industry Studios combine AI capabilities with deep domain expertise to enable industry-specific transformation across the following sectors: •Financial Services; •Media, Entertainment, Sports & Leisure; •Healthcare & Life Sciences; •CPG, Retail & Automotive; •Gaming & EdTech; •Airlines; •Energy, Oil & Gas; and •High Tech & Professional Services. Together, our Core Studios and AI Industries Studios move us beyond generic AI deployment, enabling industry-specific transformation with speed, precision and measurable impact. 28 3) AI Pods Our AI Pods consist of a subscription-based delivery model for AI-powered services that complements our traditional delivery approach. AI Pods are designed to provide clients with scalable access to AI-enabled capabilities across functions such as software engineering, product development, design and quality assurance, supported by Globant professionals and powered by our Globant Enterprise AI platform. This model is intended to enhance efficiency, predictability and speed to market, while enabling deeper integration of AI into our client engagements across industries and geographies. 4) Globant Enterprise AI Globant Enterprise AI is our Agentic Innovation Platform and productivity booster. Globant Enterprise AI (GEAI), serves as the foundation of our agentic offering and enables the development, orchestration, and governance of private AI-powered systems that learn, adapt, and evolve autonomously in a secure and cost-effective manner. To turn this vision into reality, Globant Enterprise AI is structured into 3 integrated hubs: •The Corporate Hub grounds intelligence in how the organization truly operates. Through the Corporate Hub, we assist clients by connecting data, processes, transactions, and industry knowledge into a trusted source of memory, governance, and compliance. Within the Corporate Hub, signals gain meaning and solutions become enterprise-aware rather than generic. •The AI Hub connects and governs foundation and custom models, enabling industry-specific fine-tuning, continuous evaluation, and optimization, while remaining model-agnostic and adaptable as AI paradigms change. This is where intelligence stays relevant, trustworthy, and aligned with long-term enterprise objectives. •The Agents Hub enables autonomous action through the creation and coordination of agents and agentic workflows that operate across systems, teams, and increasingly across physical environments. Here, digital intent is translated into real-world execution. Built on GEAI, we have developed some signature agentic suites such : •GeneXus: The Agentic Suite for Enterprise Systems Evolution, with native agentic low-code, to build enterprise-class systems. By combining software modeling with generative and symbolic AI, GeneXus ensures deterministic code generation and long-term maintainability, delivering repeatable, secure, and scalable solutions that meet enterprise-grade standards for performance, security, and continuous evolution. •Globant CODA: The Agentic Suite for Software Development, which brings together Agents, low-code and no-code tools, and embedded AI assistants built to supercharge human performance and accelerate every stage of the Software Development Life Cycle. •Navigate Digital Twin: The Agentic Suite for Process Optimization that replicates clients’ processes to avoid bottlenecks and improve efficiency. •Navigate Service Assist: The Agentic Service Support Suite that seamlessly integrates into IT Service Management and Customer Support tools to improve performance and minimize operational costs. •Fusion: This Agentic Suite enhances marketing, communications, and advertising with AI at the core. In addition to these agentic suites, Globant’s AI offering also includes the following platforms: •StarMeUp: The employee engagement and talent experience platform that enhances the employee experience, fostering a more human-centric culture that drives engagement and organizational performance. •DaXia: The embedded finance accelerator platform that enables enterprises to integrate financial products and services into digital ecosystems, supporting fintech, payments and loyalty solutions. 29 In 2025, we integrated certain of our AI platforms’ capabilities with our Studio model to create a fully integrated offering intended to support AI-driven transformation from strategy to execution. Building on this approach, we introduced AI Industry Studios, which combine AI capabilities with domain expertise to support industry-specific transformation in the following sectors: Financial Services; Media, Entertainment, Sports & Leisure; Healthcare & Life Sciences; CPG, Retail & Automotive; Gaming & EdTech; Airlines; Energy, Oil & Gas and High Tech & Professional Services. Our Delivery Model Our cultural affinity with our clients enables increased interaction that creates close client relationships, increased responsiveness and more efficient delivery of our solutions. As we grow and expand our organization, we will continue diversifying our footprint by expanding into additional locations globally. In addition, we believe our presence in many countries creates a key competitive advantage by allowing us to benefit from the abundance of high-quality talent in the region, cultural similarities and geographic proximity to our clients. During 2025, we delivered our services primarily under time-and-materials contracts, which represent the substantial majority of our engagements and, to a lesser extent under fixed-price contracts. In addition, we generate a limited portion of our revenues from the sale of technology solutions, software licenses and other contractual arrangements. In 2025 we introduced AI Pods powered by our Globant Enterprise AI platform. This model is intended to enhance efficiency, predictability and speed to market, while enabling deeper integration of AI into our client engagements across industries and geographies. See “Risk Factors — Risks Related to Our Business and Industry — "If the pricing structures we use for our client contracts are based on inaccurate assumptions regarding the cost, complexity or scope of our services, our contracts could be unprofitable, which could adversely affect our results of operations, financial condition and cash flows from operations.” 30 Our "Be Kind" Initiative With the United Nations Sustainable Development Goals as a guiding framework and the ambition to expand our ESG commitments to positively impacting communities, in 2020, we launched our "Be Kind" initiative. As our Sustainability strategy, Be Kind unites positive impact programs for its main stakeholders and consolidates initiatives to tackle critical issues, such as climate change, wellness in the workplace, education, misuse of technology, and ethics in AI, among others. Our Be Kind initiative is built on four pillars: "Be kind to Yourself", which emphasizes self-care; "Be kind to your Peers", which focuses on our commitments to our coworkers and community; "Be kind to Humanity", which emphasizes the responsible and inclusive use of technology; and "Be Kind to the Planet", which is dedicated to transforming society by promoting sustainable practices. In addition, our Environmental Policy emphasizes operating within the planet’s physical limits, fostering collaboration among Globers, suppliers, clients, and stakeholders. For more information regarding our sustainability strategy, please see our Integrated Report, which can be found on our website. The content of the Integrated Report and our website are not incorporated by reference into this annual report. Our sustainability initiatives are intended to support long-term value creation and risk management; however, the scope, timing and outcome of these initiatives may evolve and are subject to various factors, including regulatory developments, technological change and business priorities. See “Risk Factors — Risks Related to Our Business and Industry — “Evolving and conflicting environmental, social and governance (“ESG”) related laws and regulations, stakeholders’ expectations with respect to ESG or our voluntary ESG goals could increase our compliance costs, expose us to litigation or reputational harm, and adversely affect our business.” Our talent and our culture Our culture Our culture is the foundation of our distinctive approach and the engine that drives our organization forward. We define it as entrepreneurial, flexible, sustainable, and team-oriented, supported by three motivational pillars and nine core values. Our motivational pillars are (i) Autonomy: empowering employees to own their projects and careers; (ii) Mastery: fostering continuous improvement and excellence; and (iii) Purpose: guiding our long-term goal of challenging conventions, delivering innovative software solutions, and creating value for stakeholders. Our core values consist of Think Big, Drive Innovation, Excellence in Your Work, Team Player, Have Fun, Be Kind, Own the Place, AI Hero and Cross-Selling Hero, each of which reflects the mindset created by our motivational pillars. Think Big, Drive Innovation, and Excellence in Your Work encourage ambition, creativity, and high standards, while Team Player and Have Fun promote collaboration, connection, and a positive work environment. Be Kind underscores ethical conduct, integrity, and social responsibility. Own the Place reinforces our entrepreneurial spirit and accountability. AI Hero highlights AI as a strategic differentiator at the core of our offerings, while Cross-Selling Hero encourages collaboration across teams to amplify the impact of our solutions. Our culture is embedded across the organization through structured practices, systems, and governance, including our Agile Pod Framework, onboarding, talent development programs, and continuous feedback initiatives. It is reinforced through company-wide forums, hackathons, celebrations, and our inverted pyramid leadership philosophy, supported by formal policies such as our Code of Ethics and Conduct, Talent Manifesto, and leadership framework. Our Workplace Our workplaces are designed to enhance the employee experience by supporting flexibility, comfort, and diverse ways of working. Our model offices enable employees to move between environments throughout the day while fostering collaboration, connection, and cultural exchange that complement remote work. Employees’ Career Development We support employee growth across five professional development dimensions: Technology, through our Studios and internal training programs; Clients, via exposure to leading global clients; Industries, by enabling specialization across sectors; Specialty, through vertical and lateral career paths; and Geocultural Diversity, through international projects and mobility opportunities. 31 Entrepreneurship Founded as a startup, we continue to promote an entrepreneurial mindset across the organization. Employees are encouraged to identify opportunities, develop innovative solutions, and contribute to the evolution of our services. Further, through Globant Ventures, our startup accelerator, we invest in early-stage, purpose-driven companies focused on AI, Blockchain, and Future of Work technologies. Availability of High-Quality Talent According to the World Economic Forum’s Future of Jobs Report 2025, demand for technology-driven roles is expected to grow significantly by 2030, driven by AI, robotics, and digital transformation. Our sources of technology talent continue to contribute to strong graduate pipelines, digital workforce growth, and specialized expertise in AI and data-driven roles. We leverage our global workforce to address future challenges and deliver exceptional client value. In 2024, we redefined our Talent Delivery Centers to enhance scalability and adaptability, embedding conversational AI into our processes and introducing AI agents to automate repetitive recruiting tasks, enabling a more personalized talent experience. Competition The markets in which we operate are competitive and subject to rapid change. We compete with global IT service providers. Key competitive factors in our business include: innovation capabilities; technical expertise and industry knowledge; breadth of services offerings; reputation and track record for high-quality and on-time delivery work; effective employee recruiting; training and retention; responsiveness to client needs; scale; financial resources; and pricing. We compete with various technology service providers such as Accenture, Atos, Capgemini, Cognizant Technology Solutions, Deloitte Digital, DXC Technology, Endava, EPAM Systems, Inc., Genpact, GlobalLogic, Grid Dynamics, HCL Technologies, Infosys, Tata Consultancy Services, CI&T and Wipro, among others. Additionally, we compete with numerous smaller local companies in the various geographic markets in which we operate. Operating Segment Overview and Principal Markets For the years ended December 31, 2025, 2024 and 2023, the majority of our services were delivered under time-and-materials contracts and, to a lesser extent, under fixed-price contracts. We also generated a limited portion of our revenues from the sale of technology solutions, software licenses and other contractual arrangements. For additional information regarding the breakdown of our revenues by contract type, see “Operating Results — Certain Income Statement Line Items — 2025 Compared to 2024 — Revenues by Contract Type". We have development centers in North America, Latin America, Europe, the Middle East, Asia and Oceania, where we have established initiatives to promote and assist individuals who wish to join the IT industry. As of December 31, 2025, we had 28,773 employees worldwide, and operations through subsidiaries with offices and employees in 31 countries. Our revenues are sourced from the following four regions: North America, Latin America, Europe and New Markets. Geographical source revenues are reported based on the client site served, regardless of the location of the client’s headquarters or the location of the delivery center performing the services. For additional information regarding the breakdown of our revenues by client location, see “Operating Results — Certain Income Statement Line Items — 2025 Compared to 2024 — Revenues by Client Location”. 32 The Market Opportunity Technology continues to influence business strategies across multiple industries. The rapid evolution of digital tools, including AI, compels organizations to reevaluate their operational frameworks and customer engagement strategies. The ongoing transformation, driven by generative AI and advanced analytics, is fundamentally altering business practices and establishing new competitive paradigms. To remain relevant and thrive in an increasingly digital environment, companies must proactively embrace these changes. The demand for digital transformation services is expected to increase as organizations continue to invest in technology. Industry experts have identified several key trends that are expected to dominate the technological landscape and influence demand for digital transformation services in the coming years, including the following: •Cloud IT Services Growth. According to Gartner, the cloud IT services market is expected to reach approximately $439 billion by 2028. Gartner estimates that the percentage of organizations adopting more complex hybrid environments and requiring external public cloud IT transformation services may increase. •AI Services Expansion. Gartner projects that the market for AI services may reach approximately $609 billion by 2028, with a CAGR of 21.4%. Of particular note is the significant growth of generative AI capabilities, which according to Gartner is expected to represent 25% of all AI services engagements by 2028. This anticipated trend highlights a move towards outcome-focused AI implementations that prioritize business results over technology. By 2026, 70% of organizations are expected to emphasize the outcomes facilitated by AI, reflecting a broader shift in corporate priorities. •Investment in Product Engineering Services. According to IDC, spending on product engineering and operational technology services will increase to approximately $350.7 billion by 2028. Companies are increasingly seeking external expertise to drive their product development processes, particularly as they look to innovate in digital and physical domains. This growing demand emphasizes the need for consulting firms to offer tailored solutions that address the complexities of modern product engineering challenges. As organizations address evolving technology requirements, they may increasingly engage external service providers to support their digital transformation initiatives. In addition, organizations that prioritize sustainability, agility and innovative practices will thus be better equipped to respond to evolving market demands and technological advancements. Business and Tech Trends We are facing a technological movement that we expect to redefine society’s interaction with the digital world and support a new phase of enterprise transformation. The expected technological advancements signify not merely technical innovations but rather a transformative shift towards a more intuitive and seamless technological environment that will be integrated into business operations and daily lives. 33 AI is quickly evolving and increasingly becoming more deeply embedded across enterprise processes and everyday experiences. This progression heralds a future characterized by revolutionary innovation and a more connected, human-centric technological landscape. Based on industry research, several technology trends may significantly shape the landscape in the near term, including: •Agentic AI. Agentic AI is emerging as a key driver of enterprise transformation as organizations move beyond assistive generative AI toward systems capable of setting goals, making decisions, and executing tasks autonomously within defined parameters. According to Gartner, 75% of enterprises are currently experimenting with AI agents, although only 15% have deployed fully autonomous, goal-driven systems, underscoring the early stage of adoption. Gartner further notes that 42% of enterprises plan to deploy AI agents. We believe this momentum reflects a growing focus on operational scalability, governance, and business impact as agentic AI becomes embedded into core enterprise processes. •Quantum Communication. Quantum communication is gaining relevance as a critical enabler of secure data exchange in the emerging post-quantum environment. According to Hyperion Research, by 2026 approximately 18% of global quantum algorithm revenues are expected to be driven by AI-related applications, highlighting the convergence between quantum technologies and artificial intelligence. As concerns around cryptographic resilience and long-term data protection increase, quantum communication technologies such as quantum key distribution are expected to play an increasingly important role in supporting secure enterprise and government infrastructures. •Polyfunctional Robotics. Robotics is evolving from task-specific automation toward polyfunctional, AI-powered systems capable of performing multiple tasks and adapting to dynamic environments. According to Precedence Research, the global advanced robotics market is projected to grow from $44.7 billion in 2024 to nearly $280 billion by 2034, representing a compound annual growth rate of approximately 20%. Gartner estimates that by 2030, one in 20 supply chain managers will manage robots rather than humans, reflecting the expanding role of intelligent robotics across industrial and enterprise operations. We expect this evolution to further accelerate the integration of AI-driven robotics into critical business workflows. •Ambient Intelligence. Ambient intelligence is emerging as a new paradigm in which technology becomes embedded into physical and digital environments, reducing friction and enhancing human experience. According to Grand View Research, the global ambient computing market is projected to reach $352.7 billion by 2033, growing at a compound annual growth rate of 25.3% from 2025. We view this evolution as a shift toward more seamless, context-aware systems, with DataM Intelligence estimating that the ambient intelligence market could reach $182 billion by 2032, driven by adoption across sectors such as healthcare, retail, smart infrastructure, and entertainment. •AI-Powered Cybersecurity. Cybersecurity is increasingly shaped by the use of AI by both attackers and defenders, accelerating the shift from reactive protection models toward predictive and adaptive security approaches. According to Cyber Defense Magazine, the global cost of cybercrime is projected to reach $24 trillion by 2027. IBM’s Cost of a Data Breach Report 2025 indicates that organizations using AI-driven security solutions can achieve average savings of $1.9 million per breach, while TASS reports that approximately 85% of cyberattacks in 2026 are expected to involve AI. We believe these dynamics reinforce the importance of AI-powered cybersecurity as a foundational capability for enterprise resilience. The timing, scale and commercial impact of these trends remain uncertain and may vary by industry and geography. As we navigate this dynamic environment, we remain committed to leveraging these advancements to deliver innovative solutions and create lasting value for our stakeholders. Strategy Our strategy focuses on supporting client technology, AI and digital transformation initiatives across multiple industries to assist organizations in addressing evolving customer and workforce demands through the use of the latest technologies and methodologies. Key elements of our strategy include the following: Revenue growth We continue to focus on delivering innovative and high value-added solutions that drive revenues for our clients, thereby strengthening our relationships and creating additional revenue opportunities for us. We will continue to target new clients by leveraging our AI engineering, design and innovation capabilities and our deep understanding of emerging technologies and industries. We will focus on building our brand in order to further penetrate our existing and target markets where there is a strong demand for our knowledge and services. 34 Continue focusing on AI, emerging technologies and digital transformation Our Studios deliver software solutions through the use of our expertise across industries, in emerging technologies and in related market trends. As new technologies emerge and as market trends evolve, we may add Studios to capture additional business opportunities and enter new markets. Globant Enterprise AI, a sophisticated orchestration software that integrates and manages all AI Agents, serves as a great example of our constant evolution. It offers full traceability of AI-driven processes, providing transparency, accountability, and the ability to monitor and adapt strategies in real time. It is key in supporting our AI Studios, allowing us to deliver robust, flexible, and scalable AI solutions to enterprises worldwide. Development of products and platforms Through Globant Enterprise AI (GEAI), among other offerings, we will continue to focus on expanding our product and platform offerings to keep transforming the business operations of our clients, stimulating their growth potential and helping them to improve their business and operations. These investments help us to further enhance our differentiation and competitiveness in the marketplace. Our disciplined investment strategy, which acts as a catalyst to fuel organic growth, is focused on scaling our business in high-growth areas; adding skills and capabilities in new areas; and deepening our industry and functional expertise. Attract, train and retain top-quality talent We place a high priority on recruiting, training, and retaining employees, which we believe is integral to our continued ability to meet the challenges of the most complex software development assignments. In doing so, we seek to decentralize our delivery centers by opening centers in locations that may not have developed IT services markets but can provide professionals with the caliber of technical training and experience that we seek. We offer highly attractive career opportunities to individuals who might otherwise have had to relocate to larger IT markets. We will continue to develop our scalable human capital platform by implementing resource planning and staffing systems, attracting, training and developing high-quality professionals, strengthening our relationships with leading universities in different countries, and helping universities better prepare graduates for careers in our industry. We have agreements to teach, provide internships, and interact on various initiatives with several universities throughout the world. Selectively pursue strategic acquisitions In building on our track record of successfully acquiring and integrating complementary companies, we will continue to selectively pursue strategic acquisition opportunities that deepen our relationships with key clients, extend our technology capabilities, broaden our service offerings and expand the geographic footprint of our delivery centers that will enhance our ability to serve our clients. Competitive Strengths We believe the following strengths differentiate Globant from competitors and create the foundation for continued rapid growth in revenues and profitability: Deep AI expertise to propel business transformation Globant’s deep knowledge of AI combines advanced technical expertise with real-world implementation experience across industries. For more than a decade, Globant has been developing and deploying AI solutions, building a strong foundation of capabilities, assets, and best practices. Rather than treating AI as a standalone capability, we integrates it into broader business transformation, helping clients move from experimentation to measurable outcomes. Its teams understand not only models and data architectures, but also the operational and product implications of deploying AI at scale. This approach is further strengthened by AI Pods, a subscription-based delivery model that provides scalable access to AI-powered capabilities across functions, enhancing efficiency, predictability, and speed to market while embedding AI more deeply into client engagements worldwide. 35 Domain expertise across industries, in emerging technologies and related market trends We have deep domain expertise across industries, in emerging technologies and in related market trends. We organize our areas of expertise in Studios, which we believe provide us with a strong competitive advantage and allow us to leverage prior experiences to deliver superior solutions to clients. Long-term relationships with blue chip clients We have built a roster of blue chip clients, such as Google and The Walt Disney Company, many of which themselves are at the forefront of emerging technologies and with whom we have been working for more than ten years. We believe that our success in developing these client relationships reflects the innovative and significant value-added services that we provide along with our ability to positively impact our clients’ business. Our relationships with these enterprises provide us with an opportunity to access large IT, research and development, and marketing budgets. These relationships have driven our growth and have enabled us to engage with new clients. Global delivery with access to deep talent pool We have built a strong foundation with respect to our delivery footprint, and as a key element of our strategy, we continue to focus on expanding our delivery footprint, including increasing the number of employees that work onsite at our clients or near client locations. By expanding our global delivery footprint, we expect to gain access to additional pools of talent to effectively meet the demands of our clients. Highly experienced management team Our management team is comprised of seasoned industry professionals with global experience. Our management sets the vision and strategic direction for Globant and drives our growth and entrepreneurial culture. On average, the members of our senior management team have more than 20 years of experience in the technology industry giving them a comprehensive understanding of the industry as well as insight into the industries in which our clients operate, emerging technologies and opportunities for strategic expansion. Seasonality Our business is seasonal and as a result, our revenues and profitability fluctuate from quarter to quarter. Our revenues tend to be higher in the third and fourth quarters of each year compared to the first and second quarters of each year due to seasonal factors. During the first quarter of each year, which includes summer months in the southern hemisphere, there is a general slowdown in business activities and a reduced number of working days for our IT professionals based in the southern hemisphere, which results in fewer hours being billed on client projects and therefore, lower revenues being recognized on those projects. In addition, some of the reduction in the number of working days for our IT professionals in the first or second quarter of the year is due to the Easter holiday. Depending on whether the Easter holiday falls in March or April of a given year, the effect on our revenues and profitability can appear either in the first or second quarter of that year. Our revenues derived from our GUT Studio are typically much higher towards the fourth fiscal quarter due to the holiday season. Finally, we may implement annual salary increases in the second and fourth quarters of each year. Our revenues are traditionally higher, and our margins tend to increase, in the third and fourth quarters of each year. Methodologies and Tools Effectively delivering the innovative software solutions that we offer requires highly evolved methodologies and tools. Since inception, we have invested significant resources into developing a proprietary suite of internal applications and tools to assist us in developing solutions for our clients and manage all aspects of our delivery process. These applications and tools are designed to promote transparency, and knowledge-sharing, enhance coordination and cooperation, reduce risks such as security breaches and cost overruns, and provide control as well as visibility across all stages of the project lifecycle, for both our clients and us. Our key methodologies and tools are described below. 36 Clients At Globant, we focus on delivering innovative and high value-added solutions that drive revenues and brand awareness for our clients. We believe that our approach deepens our relationships and leads to additional revenue opportunities. We also target new clients by showcasing our engineering, design and innovation capabilities along with our deep understanding of digital journeys, emerging technologies and related market trends. Our clients include primarily medium to large-sized companies based in North America, Latin America, Europe and New Markets, operating in a broad range of industries, including Media and Entertainment, Professional Services, Technology and Telecommunications, Travel and Hospitality, Healthcare, Banks, Financial Services and Insurance, and Consumer, Retail and Manufacturing. We believe clients choose us based on our ability to understand their business and help them drive revenues, as well as our innovative and high value-added business proposals, tailored Studio-based solutions, and our reputation for high quality execution. We have been able to grow with, and retain our clients by merging their industry knowledge with our expertise in the latest market trends to deliver tangible business value. We typically enter into a master services agreement (or MSA) with our clients, which provides a framework for services and a statement of work (or SOW) to define the scope, timing, pricing terms and performance criteria of each individual engagement under the MSA. We generate 49.8% of our revenue from long-term projects with terms greater than 24 months. During 2025, 2024 and 2023, our ten largest clients based on revenues accounted for 29.2%, 29.3% and 32.0% of our revenues, respectively. Our top client for the years ended December 31, 2025, 2024 and 2023, The Walt Disney Company, accounted for 8.7% of our revenues in each such year. Additionally, for the year ended December 31, 2025, 2024 and 2023, 96.0%, 93.7% and 89.6% of our revenues, respectively, came from existing clients who engaged our services in the prior year. We believe our success in building our client base in one of the most sophisticated and competitive markets for IT services demonstrates the strength of our value proposition, the quality of our execution and the value of our culture of innovation and entrepreneurial spirit. For additional information regarding the breakdown of the distribution of our clients by revenue, see “Operating Results — Certain Income Statement Line Items — 2025 Compared to 2024 — Revenue by Client Concentration — Distribution of our Clients by Revenues". Sales and Marketing Our growth strategy is based on six pillars: (i) leveraging our broad expertise; (ii) growing within existing clients; (iii) acquiring new clients; (iv) geographic expansion; (v) products and platforms; and (vi) pursuing strategic acquisitions. Our expertise and Studio approach help us expand the portfolio and practices we offer to our clients. Our acquisitions are pursued with the aim of fulfilling strategic goals, such as growing into a new geography or the expansion of specializations. Under our multi-pronged, integrated sales and marketing strategy, our senior management, sales executives, sales managers, account managers and engagement managers work collaboratively to target, acquire and retain new clients and expand our work for existing clients. Globant's team is currently comprised of 395 sales professionals worldwide. Beyond leveraging our broad expertise, our sales strategy is driven by three fundamentals: retain, develop and acquire ("RDA"). The retention component is focused on maintaining our wallet share with existing accounts through flawless execution on our engagements. The development component emphasizes developing existing client relationships by significantly expanding our wallet share and capturing business from our competitors. The acquisition component targets new client accounts. Through our RDA strategy, as well as marketing and branding events, we are able to acquire new or expand existing engagements in our large and growing addressable market. New Clients We seek to create relationships with strategic clients through existing client referrals or through our multi-tiered approach. Our approach begins by identifying industries and geographic locations with solid growth potential. Once potential clients are identified, we seek to engage the market-facing management personnel of those companies instead of their IT divisions, which allows us to get a better understanding of the prospect's business model before engaging with its IT personnel. The focus on an enterprise's revenue drivers allows us to highlight the value of our services in meeting our client's business needs, thereby differentiating us. 37 Our account sales teams are made up of sales executives and sales managers, and follow specific guidelines for managing opportunities when contacting potential new clients. Before a sales team approaches a prospective client, we gather significant intelligence and insight into the client's potential needs, creating a specific value proposition for discussion during the engagement process. Additional opportunities resulting from the planned targeted engagement are gathered and tracked. Once an appropriate opportunity has been identified and confirmed with the client, our sales team performs account and competition mapping and enlists internal industry and subject matter experts as well as pre-sales engineers from all of the participating Studios. We then generate proposals to present to and negotiate with the client. Once we have secured the engagement, our sales executives work closely with the Globant leadership team, partners and subject matter experts from our Studios to ensure that we exceed our new client's expectations. From time to time, we use ideation sessions and discovery engagements in our pre-sales process. During the discovery engagements, we meet with clients to discuss their goals and develop creative solutions. The discovery engagement sessions help us discover our clients' main objectives, even if those objectives are not explicitly stated. These sessions are critical in helping us to offer solutions that will adapt to our clients' needs and wishes. This allows us to showcase our expertise in emerging technologies to the prospective client while also allowing us to generate a significant number of possible future client opportunities. Existing Clients Once we have established the client relationship, we are focused on driving future growth through increased client loyalty and retention. We leverage our historical successes with existing clients and our relationships with our clients' key decision-makers to cross-sell additional services, thereby expanding the scope of our engagements to other departments within our clients' organizations. We seek to increase our revenues from existing clients through our account managers, technical directors, program managers, leadership team, Studio partners, and subject matter experts. Since its launch in 2016, we have pursued our growth strategy within the framework of our “50-Squared” vision. Under this initiative, we assigned our most senior teams to focus on 50 clients. As our “50-Squared” vision evolved, we expanded our service offerings, broadened our geographic reach, and enhanced our industry capabilities, while attracting top-tier talent across industries and regions worldwide. Many of our key clients have grown under this program. In 2021, we expanded this strategy into our “100-Squared” vision, under which we aim to develop long-term relationships with our top 100 accounts. We undertake periodic reviews to identify existing clients that we believe are of strategic importance based on, among other things, the amount of revenue we generate from the client, as well as the growth potential and brand recognition that the client provides. 38 Marketing To fully implement a digital and cognitive transformation, we also help our customers stay relevant within their industries and audiences by providing helpful information and initiatives to understand their users’ environment, competitors and behavior. With research, SME gatherings, webinars, workshops and conferences, our leaders offer valuable insights to help organizations create valuable and emotional experiences for the audience. As of December 31, 2025, our marketing department operates in all markets in which we operate. This team promotes our brand through a variety of channels, including the following: •Converge: Our series of executive events that brings together some of the best creative minds in the industry for one amazing day of inspirational stories, inventive ideas, learning experiences, and "wow" technology showcases that enable attendees to re-think the new ways they do business. •Global Partnerships: Leveraging hospitality and co-branding initiatives with global partners, such as FIFA, F1, Riot Games, Unity and Open AI. •Tech Trends Report: A series of reports and LIVE conversations regarding technology trends in key industries. •Reports and whitepapers: Special reports that analyze trends and the impact of such trends on businesses. •Success Stories: A yearly initiative where participants share experiences about complex technical challenges and the brands and people behind them. •Events: Ranging from small events for specific guests or partners to large events that welcome the community. •Podcasts: Discussion of tech trends and diverse perspectives. •Blog: Explore content on the latest trends and best practices in the different industries we work with. •Analyst Relations: Managing relationships with firms like Gartner and Forrester to position Globant offering among enterprise buyers and participate in rankings and reports. Intellectual Property Our intellectual property rights are important to our business. We rely on a combination of intellectual property laws, trade secrets, confidentiality procedures and contractual provisions to protect the investment we make in research and development. We require our employees, independent contractors, vendors and clients to enter into written confidentiality agreements upon the commencement of their relationships with us. We customarily enter into nondisclosure agreements with our clients with respect to the use of their software systems and platforms. Our clients usually own the intellectual property in the software solutions we deliver. Furthermore, we usually grant a perpetual, worldwide, royalty-free, nonexclusive, transferable and non-revocable license to our clients to use our preexisting intellectual property, but only to the extent necessary in order to use the software solutions we deliver. In addition, we have developed a number of proprietary internal tools that we use to manage our projects, build applications in specific software technologies, and assess software vulnerability. Our registered intellectual property consists of the trademark "Globant" (which is registered in twelve jurisdictions), the trademark "StarMeUp", certain other trademarks related to our service offerings and products, three software patents granted in the United States in favor of our United States subsidiary Globant LLC, and three software patents that are granted in the United States in favor of our Spanish subsidiary Globant España S.A. We do not believe that any individual registered intellectual property right, other than our rights in our name and logo, is material to our business. 39 Facilities and Infrastructure As of December 31, 2025, we provided our services from 91 locations where we lease approximately 1.34 million total square feet of office space, including the following principal operational locations: Country Type Square Feet Argentina Development and Delivery Center / Client Management Center 339,928 India Development and Delivery Center 338,697 Colombia Development and Delivery Center / Client Management Center 124,676 Spain Development and Delivery Center / Client Management Center 71,572 Uruguay Development and Delivery Center / Client Management Center 60,412 Government Support and Incentives Argentina The Knowledge Economy Law, which replaced the Software Promotion Law No. 25,922 (the “Software Promotion Law”) went into effect on January 1, 2020 for the legal entities adhered to the Software Promotion Law, and is effective until December 31, 2029. Pursuant to the Knowledge Economy Law, the beneficiaries will enjoy the following benefits: •Stability in the enjoyment of the regime benefits. •Exemption from any value-added tax withholding or collection regimes only in the case of export operations. •A reduction in the corporate income tax liability originated in the promoted activities of 60% for micro and small enterprises, 40% for medium-sized enterprises and 20% for large enterprises. •Allowance to deduct as cost any payment or withholding of foreign taxes on taxed income of Argentine source. •Granting of a tax credit bond of up to 70% of the social security contributions of the employees associated with the promoted activities. Such bonds can be used within the following 24 months (extendable for additional 12 months with justified cause) to pay Income Tax (up to a percentage of the exports reported each year), value added tax ("VAT") or other federal taxes. The bonds may be transferred on one occasion if the beneficiary has exports of services related to the promoted activity which represent at least 70% of its annual revenue. The amount of bonds to be issued could be increased to 80% of the paid social security contributions when the newly-hired employees are members of certain minorities. This benefit has a maximum limit per employee, based on their monthly salary. In order to maintain eligibility for these benefits, beneficiaries are required to demonstrate compliance with certain requirements every two years. In addition, the benefits are subject to an annual cap established in Argentine pesos pursuant to the national budget. Due to Argentina’s high inflation and the absence of periodic adjustments to this cap, the effective value of the benefits received by our Argentine subsidiaries has been materially reduced in recent years. As of 2026, a new cap has been established. However, there can be no assurance that the cap allocated for the current year will be sufficient, and it may continue to limit or reduce the benefits ultimately received by our Argentine subsidiaries. See "Business Overview — Government Support and Incentives". On October 11, 2022, the Argentine Executive Branch created the Investment Promotion Regime for Exports of Knowledge Economy Activities, pursuant to which eligible entities (i.e., entities submitting projects for investments in infrastructure, capital goods and working capital that seek to increase exports through an investment of over $3.0 million), can benefit from the free availability of up to 30% of the foreign currency received from the incremental net exports, which may be used for paying salaries in foreign currency. On August 18, 2023, Argentina and the Inter-American Development Bank entered into an agreement for the disbursement of US$35,000,000 to support the Investment Promotion Regime for Exports of Knowledge Economy Activities. Our subsidiaries, BSF S.A., IAFH Global S.A. and Sistemas Globales S.A were approved as beneficiaries of the Knowledge Economy Law by the Subsecretary of Knowledge Economy and incorporated into the National Registry on July 8, 2021, October 15, 2021, December 14, 2021, and February 8, 2022 respectively. Benefits were granted as of January 1, 2020. 40 India In India, under the Special Economic Zones Act of 2005, the services provided by export-oriented companies within Special Economic Zones (each, a "SEZ") are eligible for a deduction of 100% of the profits or gains derived from the export of services for the first five years from the financial year in which the company commenced the provision of services and 50% of such profits or gains for the five years thereafter. In the case of Globant India Private Limited (GIPL), fiscal year 2026-2027 is the tenth year for which the deduction under Section 10AAA is available. Companies must meet the conditions under Section 10AA of Income Tax Act to be eligible for the benefit. Other tax benefits are also available for registered special economic zone ("SEZ") companies. Some locations of our Indian subsidiary are located in a SEZ and have completed the SEZ registration process. Consequently, we started receiving the tax benefit on August 2, 2017. With the growth of our business in a SEZ, our Indian subsidiary may be required to compute its tax liability under Minimum Alternate Tax ("MAT") in future years at the current rate of approximately 17.5%, including surcharges, as its tax liability under the general tax provisions may be lower compared to the MAT liability. Uruguay In 1988, Law No. 15,921 created Uruguay's Free Trade Zone regime allowing any type of industrial, commercial, or service activity to be carried out in a specifically delimited areas of the Uruguayan territory and be performed outside Uruguay. The main benefits include the following: •An almost full tax exemption (Corporate Income Tax "IRAE", Net Wealth Tax-IP, VAT and several withholding taxes) and customs duties exemption; and •Foreign employees may opt out of the Uruguayan social security system and, with regard to personal income tax, opt to be subject to Non-Residents Income Tax at a 12% flat rate instead of Individual Tax. On December 8, 2017, Uruguay’s Executive Power enacted Law No. 19,566, introducing changes to Law No. 15,921, The new Law allows for services rendered to third countries from the Free Trade Zone to also be rendered to corporate income taxpayers inside the Uruguayan, non-Free Trade Zone territory. Our subsidiary in Uruguay, Sistemas Globales Uruguay S.A., is situated in a Free Trade Zone and is eligible for the fiscal benefits. Regulatory Overview Given the broad scope of our presence, our operations are subject to a variety of rules and regulations. Various federal and state agencies in the 31 countries in which we operate regulate different aspects of our business, including anti-corruption, internal and disclosure control obligations, data privacy and protection, wage and labor standards, employment and labor relations, trade protections, international trade controls, foreign exchange controls and other regulatory requirements affecting trade and investment. Some of the laws and regulations to which we are exposed, and their interpretation, are still evolving. The following summaries included below provide a high-level overview of the laws and regulations material to us and do not purport to address all laws and regulations that may be relevant to our operations. If we are not in compliance with applicable legal requirements, we may be subject to civil or criminal penalties and other remedial measures, which could adversely affect our business, financial condition and results of operations. Taxation We are subject to taxes globally, including income tax, valued-added tax, turn-over tax, etc., and are subject to certain tax incentive regimes. Tax incentives We benefit from certain tax incentives promulgated by the Argentine, Uruguayan and Indian governments, among others. See "Business Overview — Government Support and Incentives" and "Risk Factors — Changes in the tax laws or in their interpretation or enforcement or the loss of any country-specific tax benefits could have a material adverse effect on our financial condition and results of operations". 41 Global Minimum Tax The Global Minimum Tax was introduced by the Global Anti-Base Erosion (GloBE) Rules and is a key part of the two-pillar solution agreed by over 135 member jurisdictions of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (Inclusive Framework on BEPS) in October 2021. It ensures that Multinational Entities with revenues above EUR 750 million are subject to a 15% effective minimum tax rate in each jurisdiction that operates. Since January 2024, Globant has been subject to the Global Minimum Tax regulation. Some of the tax incentives that we benefit from could be adversely affected. For example, in Uruguay, where the Free Trade Zone regime benefits us with an almost full tax exemption, our Income Tax Effective Rate increased to 15% following the implementation of a domestic top-up tax in 2025.The extent to which different tax incentives will be affected varies significantly. In addition, countries may use the opportunity of the introduction of the OECD Global Minimum Tax to remove those tax incentives. Argentina Income tax Pursuant to Income Tax Law No. 20,628, as amended, legal entities and branches of foreign entities are subject to a tax on their worldwide net income; provided that any foreign taxes paid on income earned from activities carried out abroad can be taken as a credit against the applicable Argentine tax, to the extent that the foreign tax does not exceed the Argentine tax. Losses incurred during any fiscal year may be carried forward and offset against taxable income obtained during the following five fiscal years. Corporate income tax is levied at a progressive rate ranging between 25% and 35%. Subject to net income amounts, companies are required to pay a fixed amount and a progressive rate over the surplus of the minimum base rate in their category. The amounts are adjusted annually based on the variation of the consumer price index ("CPI"). Argentine entities are subject to an integral inflation adjustment tax mechanism to the extent that the CPI exceeds 100% in the 36 previous months to the closing of each relevant fiscal year. For the fiscal years beginning on or after January 1, 2021, 100% of the tax inflation adjustment (negative or positive) would be allocated by fiscal year. Valued-added tax In Argentina, the sale of goods and the provision of services, under certain circumstances, rendered outside of Argentina, which are effectively used or exploited in Argentina, and digital services rendered from abroad, are subject to VAT. The current value-added general tax rate is 21%. Certain sales and imports of goods, such as computers and other hardware, are, however, subject to a lower rate of 10.5%. Services rendered in Argentina, which are effectively used or exploited abroad, qualify as “export services” and are not subject to VAT. Law No. 27,346 creates the figure of substitute taxpayer for the payment of the tax corresponding to non-Argentine residents who render services within Argentina. Substitute taxpayers will assess and pay for applicable VAT, even in the cases in which it is impossible to withhold that tax from the non-Argentine resident. Tax on dividends In Argentina, dividends resulting from profits obtained since and including fiscal year 2018 that are paid to Non-Argentine Beneficiaries or Argentine resident individuals are subject to a 7% income tax withholding. Net wealth tax The net wealth tax is payable on shares and other equity participation issued by an entity domiciled in Argentina that are owned by companies residing abroad. The tax is paid by the local company itself. The applicable rate is 0.50% on the company’s net worth. An Argentine company is entitled to seek reimbursement of such tax paid from the shareholders. The current Double Taxation Treaties (DDTs) signed by Argentina do not provide an exemption on this tax. 42 Colombia In December 2025, in the context of the declaration of a state of emergency pursuant to Decree No. 1390 of 2025, which grants the Executive Branch temporary extraordinary powers to issue decrees with the force of law, including the authority to create or modify taxes, the National Government adopted new tax measures in Colombia, including measures affecting income tax, VAT and net wealth tax. However, pursuant to an order issued by the Constitutional Court of Colombia on January 29, 2026, the validity and enforceability of these measures remain subject to constitutional review. Income tax In Colombia, national corporations, branches of foreign corporations and permanent establishments are taxed on global income. The general corporate income tax rate is 35%. However, pursuant to Law No. 2,277 of 2022, corporate taxpayers are subject to a minimum effective tax rate of 15%. Capital gains are subject to tax at a corporate income tax rate of 15%, including (a) gains on the transfer of fixed assets owned for more than two years; and (b) gains resulting from the receipt of liquidation proceeds of corporations in excess of capital contributed if the corporation existed for at least two years. Valued-added tax In Colombia, VAT is an indirect national tax levied on, among others (i) services rendered in Colombia and from abroad; and (ii) sales or transfers of intangible assets related to industrial property. The general tax rate is 19%. Tax on dividends In Colombia, distributions to foreign companies or nonresidents are subject to taxation at a rate of 20%. The distribution of dividends to national corporations derived from profits that are considered as income and are not subject to income tax is subject to a tax rate of 10%, which applies to the first distribution and is transferable and attributable to the final shareholder (resident person, entity, or non-resident individual). The 10% withholding is not applicable when the distribution is made between registered economic group members. In addition, if the dividend distribution is made out of profits that were not taxed at the distributing entity level, the distribution to nonresidents is subject to a 35% corporate income tax (recapture tax), which is withheld by the company who distributes the dividends. In this case, the 20% dividends tax applies on the distributed amount after it is reduced by the 35% recapture income tax. A 35% corporate income tax is imposed on dividends paid to residents (including companies) out of profits not taxed at the corporate level. If the profits subject to tax at the corporate level in a given year are higher than the commercial profits of that year, the difference can be carried back for two years or carried forward for five years to offset the profits of such periods, in order to reduce or eliminate the amount of the distribution subject to the 35% withholding tax. This carryforward or carryback should not reduce the amount of the distribution to nonresidents subject to the dividends tax of 20%. The 20% withholding for dividends paid to non-residents (individuals and corporations) can be reduced if a Double Tax Treaty between Colombia and a third-party country applies. Net wealth tax The wealth tax is levied on the possession of net wealth for tax purposes (more than 72,000 Tax Value Units (TVU)) on January 1st of each year. This tax applies to (i) resident individuals and estates with respect to their worldwide assets (equity), (ii) non-resident individuals and estates over their assets held in Colombia, and (iii) certain foreign entities that have assets in Colombia other than certain types of investments (i.e., shares, receivables, portfolio investments duly registered with the Central Bank). Progressive rates apply, varying according to the individual’s net worth, and range from 0.5% to 1.5%. 43 Mexico Income tax Corporate entities resident in Mexico are taxed on their worldwide income from all sources, including profits from business and property. A nonresident corporate entity in Mexico is subject to profits tax on income earned from carrying on business through a permanent establishment in Mexico and on Mexican-sourced income. Corporate entities are considered residents of Mexico if their principal place of management is located in Mexico. The corporate income tax rate is 30%. The income tax law recognizes the effects of inflation on the following items and transactions: (a) depreciation of fixed assets (b) cost on sales of fixed assets (c) sales of capital stock (shares) (d) monetary assets and liabilities and (e) tax loss carryforwards. Mexican transfer pricing rules are based on the OECD principles. Valued-added tax In Mexico VAT is levied upon, among others, the supply and importation of goods and independent services. VAT is calculated by "cash basis" for each calendar month as a definitive tax. The standard tax rate is 16%; provided that certain transactions, such as the sale of shares are exempted from the VAT. Tax on dividends Nonresident shareholders of a Mexican corporation are subject to a 10% income tax on dividends received that are paid out of profits generated after 2013. Dividends are not subject to corporate income tax at the distributing company level if the distribution is from previously taxed earnings and if the distributing corporation has sufficient accumulation in its “net after-tax profit” ("CUFIN") account to cover the dividend. If the dividend is in excess of the CUFIN account, then the dividend is also taxed at the distributing company level at a rate of 30% on a grossed-up basis with a gross-up factor of 1.4286. India Income tax A company resident in India is subject to tax on its worldwide income, unless the income is specifically exempt. A company that does not reside in India is subject to Indian tax on Indian-sourced income and on income received in India. Under the regular taxation regime, the standard corporate income tax rate is 30% for domestic companies. A 25% rate (plus any applicable surcharge and cess) applies for a financial year to domestic companies with total turnover or gross receipts not exceeding INR 4 billion during the specified period (generally, the financial year two years prior to the relevant financial year). A 7% surcharge applies to domestic companies with income exceeding INR 10 million and a 12% surcharge applies where income exceeds INR 100 million. Alternatively, domestic companies may opt for taxation under Section 115BAA, whereby income is taxable at a concessional rate of 22% (plus applicable surcharge of 10% and 4% Health and Education Cess), subject to the fulfillment of prescribed conditions. Companies opting for this regime are not eligible for certain deductions and incentives, including additional depreciation and specified profit-linked deductions, deduction under section 10AA etc) and are exempt from the applicability of Minimum Alternate Tax (MAT). Minimum alternate tax (MAT) is imposed at a rate of 15% (plus any applicable surcharge and 4% educational cess) on the adjusted book profits of corporations whose tax liability is less than 15% of their book profits. Value-added tax In India, goods and services tax ("GST") is a destination-based consumption tax applicable to the supply of goods or services. GST also is a part of the aggregate customs duty imposed on imports. Exports and supplies to SEZs are zero-rated supplies for GST purposes. Central GST ("CGST") and state GST ("SGST") are imposed simultaneously on a common tax base on all intrastate transactions. In the case of interstate supplies of goods and services, integrated GST ("IGST") applies at a rate that is an aggregate of CGST and SGST. The general tax rate applicable to most services is 18%. Tax on dividends Dividends paid to an Indian resident are generally subject to a withholding tax at the rate of 10%, and dividends paid to a nonresident are subject to withholding tax at the rate of 20%. The withholding tax rates on dividends paid to nonresidents are subject to any applicable surcharge and cess and may be reduced under a tax treaty. 44 Foreign exchange controls Pursuant to the regulations of the Argentine Central Bank, among others, (a) collections of foreign currency from the export of goods and services and the disbursement of foreign financial loans (to have access to the FX Market for the repayment of principal and interests), are subject to mandatory transfer into Argentina and conversion into Argentine pesos through the FX Market; provided, that in the case of the export of goods and services, the Export Increase Program (Progama de Incremento Exportador) allows exporters to repatriate and liquidate at the official exchange rate equal to 80% of the proceeds for their exports through the FX Market, and to execute inbound blue-chip swap transactions for the remaining 20%; (b) the prior authorization of the Argentine Central Bank is required for access to the FX Market for the purchase of foreign currency for certain purposes (e.g. except under certain circumstances, payment of dividends, pre-payment of principal and interest on indebtedness; and payments to related parties); and (c) access to the FX Market to make payments from Argentina is subject to compliance with a foreign indebtedness information regime and the filing of an affidavit stating that, among other things: (i) payor did not, and commits not to perform certain transactions with Argentine securities, Argentine depositary receipts of foreign shares (“CEDEARS”) or external assets within the preceding and following 90 calendar days; (ii) as of the transaction date, payor does not have holdings of foreign currency in Argentina that are not deposited with Argentine financial institutions and does not have foreign liquid disposable assets and CEDEARS for an equivalent of more than $100,000; and (iii) commits to transfer into Argentina and settle for Argentine pesos any payments received outside of Argentina under loans granted by payor or under time deposits made after May 28, 2020, or from the sale of assets. Law No. 19,359, as amended and complemented, establishes penalties for the infringement of any foreign exchange regulations. Penalties include fines of up to a tenfold increase in the amount of the infringing transaction, temporary suspensions, disqualification for up to ten years preventing the infringing party from acting as importer, exporter and/or as foreign exchange institution, or imprisonment in event of recidivism. For additional information regarding all current foreign exchange restrictions and exchange control regulations in Argentina, investors should consult their legal advisors and read the applicable rules mentioned herein, as well as any amendments and complementary regulations, which are available at the Argentine Central Bank's website: www.bcra.gob.ar. Under Colombian foreign exchange regulations, payments in foreign currency related to certain foreign exchange transactions must be channeled through the commercial exchange market, by means of (i) a foreign exchange intermediary, or (ii) through compensation accounts, in both cases, declared to the Colombian Central Bank. This mechanism applies to payments in connection with, among others, imports and exports of goods, foreign loans and related financing costs, investment of foreign capital and the remittances of profits thereon, investment in foreign securities and assets and endorsements and guarantees in foreign currency. Transactions through the commercial exchange market are made at market rates freely negotiated with the authorized intermediaries. In addition, the Colombian Central Bank may intervene in the foreign exchange market at its own discretion at any time and may, under certain circumstances, take actions that limit the availability of foreign currency to private sector companies. Notwithstanding the foregoing, the Colombian Central Bank has never taken such action since the present foreign exchange regime was implemented in 1991. The prevailing foreign exchange laws in India, more specifically, Section 8 of the Foreign Exchange Management Act, 1999, require an Indian company to take all reasonable steps to realize and repatriate into India all foreign currency earned by the company outside India, within such time periods and in the manner specified by the Reserve Bank of India (the "RBI"). The RBI has promulgated guidelines that require Indian companies to realize and repatriate such foreign currency to India, inter alia by way of remittance into a foreign currency account such as an Exchange Earners Foreign Currency ("EEFC") account maintained with an authorized dealer in India. Remittance into an EEFC account is subject to the condition that the sum total of the accruals in the account during a calendar month should be converted into rupees on or before the last day of the succeeding calendar month, after adjusting for utilization of the balances for approved purposes or forward commitments. Data Protection We collect, store, process, use and transfer personal data and other sensitive information, and, therefore, we are subject to laws and regulations related to security and privacy, in addition to other numerous, and sometimes conflicting, legal requirements. We are also subject to various other laws governing the protection of privacy, health and other personally identifiable information and data privacy and cybersecurity laws in other regions. See "Risk Factors — Risks Related to Our Global Operations — Our business, results of operations and financial condition may be adversely affected by the various conflicting and/or onerous legal and regulatory obligations required in the countries where we operate". 45 Labor and Employment We are subject to a variety of national and local labor laws including, employee health safety, wages and benefits laws, immigration, independent contractors regulations and outsourcing. See "Risk Factors — Risks Related to Our Global Operations — Our business, results of operations and financial condition may be adversely affected by the various conflicting and/or onerous legal and regulatory obligations required in the countries where we operate", “If we are faced with immigration or work permit restrictions in any country where we currently have personnel onsite at a client location or would like to expand our delivery footprint, then our business, results of operations and financial condition may be adversely affected” and “Risk Factors — Risks Related to Our Business and Industry — Our labor costs and the operating restrictions that apply to us could increase as a result of collective bargaining negotiations and changes in labor laws and regulations, and disputes resulting in work stoppages, strikes, or disruptions could adversely affect our business”. C. Organizational Structure On December 10, 2012, we incorporated our company, Globant S.A., as a société anonyme under the laws of the Grand Duchy of Luxembourg, as the holding company for our business. Prior to the incorporation in Luxembourg, our company was incorporated in Spain as a sociedad anónima, which we refer to as “Globant Spain” or “Spain Holdco”. As a result of the incorporation of our company in Luxembourg and certain related share transfers and other transactions, Globant Spain became a wholly-owned subsidiary of our company. The following chart is a summary of our principal subsidiaries as of the date of this report. You may find complete information about all of our subsidiaries and their respective holdings in Exhibit 8.1. D. Property, Plant and Equipment See “Business Overview - Facilities and Infrastructure”.