ARGAN: RENTAL INCOME UP +6% AT THE END OF SEPTEMBER 2025 WITH +7% EXPECTED BY YEAR-END

Core Viewpoint - ARGAN, a leading French real estate company specializing in the development and rental of premium warehouses, reported a 6% increase in rental income for the first nine months of 2025, totaling €158.7 million, and anticipates a further 7% increase by year-end 2025 [2][3]. Financial Performance - Rental income for Q1 2025 was €52.9 million, showing a 10% increase from Q1 2024 - Q2 2025 rental income remained at €52.9 million, reflecting a 6% increase from Q2 2024 - Q3 2025 rental income was also €52.9 million, marking a 4% increase from Q3 2024 - Total rental income for the first nine months of 2025 reached €158.7 million, up 6% from €149.2 million in the same period of 2024 [1][2]. Growth Drivers - The growth in rental income is attributed to the full-year effect of eight deliveries in 2024 and a rent indexation of 3.45% effective January 1, 2025 [2]. Future Projections - ARGAN confirmed a target of €211 million in rental income for 2025, representing a 7% increase from the previous year [3]. Investment Strategy - In 2025, ARGAN delivered four sites with a total investment of €55 million, with plans for an investment program of approximately €215 million for 2025-2026 [4]. - The investment breakdown indicates that acquisitions account for around 55% of the total invested amount, with an average yield exceeding 6% [4]. Debt Management - ARGAN has implemented a debt reduction plan, having ceased using debt since 2023, targeting a loan-to-value (LTV) ratio of 41.5% and a net debt to EBITDA ratio of 8.7x by the end of 2025 [5]. Portfolio Overview - As of June 30, 2025, ARGAN's portfolio consisted of 3.7 million square meters of warehouses, appraised at €4.0 billion, generating an annual rental income exceeding €210 million [6]. Sustainability and Ratings - ARGAN maintains a strong focus on profitability, debt management, and sustainability, reflected in its investment-grade rating of BBB- with a stable outlook from Standard & Poor's [7]. - The company is recognized for its ESG commitments, receiving accolades from various third-party agencies [7].