ARGAN: RENTAL INCOME UP +6% AT THE END OF SEPTEMBER 2025 WITH +7% EXPECTED BY YEAR-END
Quarterly financial information – Neuilly-sur-Seine, Wednesday, October 1, 2025 - 5.45 pm
Rental income up +6% at the end of September 2025
with +7% expected by year-end
Rental income (IFRS) at September 30, 2025 (non-audited figures)
| € million | Year 2025 | Year 2024 | Trends |
| 1st quarter (Jan. - March) | 52.9 | 48.1 | +10% |
| 2nd quarter (April - June) | 52.9 | 50.0 | +6% |
| 3rd quarter (July – Sept.) | 52.9 | 51.1 | +4% |
| Total nine months | 158.7 | 149.2 | +6% |
Rental income at €158.7 million over the first nine months of 2025
Over the first nine months of 2025, ARGAN, the leading French real estate company specializing in the development and rental of PREMIUM warehouses, recorded rental income totalling €158.7 million, up +6% from the same period of last year. The sustained growth over the first nine months of the year primarily came from the full-year effect of the 8 deliveries of 2024 as well as rents indexation (+3.45%) on January 1, 2025.
On this basis, ARGAN today confirmed the target for a +7% increase in its rental income in 2025 to €211 million1, revised up as part of the press release of September 23.
Four sites delivered in 2025 representing €55 million of investments
ARGAN already delivered two sites in the first quarter of this year:
- A new logistics site for DIMOLOG, a new brand of the DIMOTRANS group, in Bain-de-Bretagne (35), near Rennes, whose business is now operated over 3 newly delivered cells, as part of an Aut0nom®-labelled asset, for 19,500 sq.m.
- More exceptionally, ARGAN continued its support initiated in 2021 to a former employee for the development and financing of a farming company named “Les tomates des frères Besnard”, taking the form of an extension of an organic and eco-responsible greenhouse located in Eure-et-Loir (28). For more information, please refer to page 59 of the 2024 ESG report on the website argan.fr.
Two other deliveries will take place in the fourth quarter for:
- A new client, in Vendin-le-Veil, near Lens (62), with a cross-dock fulfilment hall of 7,400 sq.m with 68 dock levellers and an office block of 1,200 sq.m on an upper floor, as part of a very long-duration 12-year fixed-term lease.
- For Nortene Home Depot, European leading player in gardening and DiY items with over 50 years of experience, as part of an Aut0nom®-labelled warehouse of 18,000 sq.m, in the business area (French ZAC) of Louailles “Ouest Park” (72), between Angers and Le Mans. Developed in record timing, this project is the start of a long 12-year fixed-term partnership between Nortene Home Depot and ARGAN.
Close to €215 million of secured investments for 2025-2026
The program of 2025-2026 investments is now close to €215 million, with the following breakdown:
- €55 million in 2025.
- €160 million in 2026, currently under construction, including €140 million to be delivered before June 30, 2026.
Acquisitions represent around 55% of the invested amount and the average yield of all investments is over 6%. These achievements, on a backdrop of sluggish economic environment, testify to the relevance of ARGAN’s development model, notably driven by Aut0nom®, the warehouse that produces its own energy for self-consumption.
Moreover, ARGAN reasserts the deployment of its debt reduction plan, as it is no longer using debt since 2023, aiming for an LTV ratio of 41.5% (at constant capitalization rate excluding duties of 5.25%) and a net debt to EBITDA ratio of 8.7x by the end of 2025.
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2026 financial calendar (Publication of the press release after closing of the stock exchange)
- January 5: Net sales of 4th quarter 2025
- January 22: Annual results 2025
- March 26: General Assembly 2026
About ARGAN
ARGAN is the only French real estate company specializing in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of its market in France. Building on a unique customer-centric approach, ARGAN develops PREMIUM and pre-let Au0nom® -labelled warehouses – i.e., which produce their own energy for self-consumption – for blue-chip companies, with tailor-made services throughout all project phases from the development milestones to the rental management.
As at June 30, 2025, ARGAN represented a portfolio of 3.7 million sq.m, with about a hundred warehouses solely located in the continental area of France. Appraised at a total of €4.0 billion, this portfolio generates a yearly rental income of over €210 million (yearly rental income based on the portfolio delivered as at June 30, 2025).
Profitability, well-mastered debt and sustainability are at the heart of ARGAN’s DNA. The financial solidity of the Group’s model is notably reflected in its Investment-grade rating (BBB- with a stable outlook) with Standard & Poor’s. ARGAN is also deploying a committed ESG policy addressing all its stakeholders. Achievements as part of this roadmap are regularly recognized by third-party agencies such as Sustainalytics (low extra-financial risk), Ethifinance (gold medal) and Ecovadis (sliver medal – top 15% amongst rated companies).
ARGAN is a listed real estate investment company (French SIIC), on Compartment A of Euronext Paris (ISIN FR0010481960 - ARG) and is included in the Euronext SBF 120, CAC All-Share, EPRA Europe and IEIF SIIC France indices.
| Francis Albertinelli – CFO Aymar de Germay – General Secretary Samy Bensaid – Head of Investor Relations Phone: 40 E-mail: | Marlène Brisset – Media relations Phone: 35 E-mail: |
Disclaimer
Some elements or statements included in this press release may contain forward looking data or prospective estimates regarding potential future events, trends, roadmaps or targets. Although ARGAN considers these forward-looking statements rely on reasonable assumptions at the time this document is released, forward looking projections and announced trends are by nature subject to risks, identified or not as of today. These can lead to significant discrepancies between actual results and those indicated or implied in elements or statements contained in this press release. For more detailed information regarding risks, readers can refer to the latest version of the Universal Registration Document of ARGAN, filed with the Autorité des marchés financiers (AMF) and available in a digital format on the AMF website (-france.org) as well as ARGAN’s ().
ARGAN makes no undertaking in any form to publish updates or revise its forward-looking statements, nor to communicate new pieces of information, new future events or any other circumstances that may question these statements.
1 For more information, please refer to the press release dated September 23, 2025.
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