ARGAN: RENTAL INCOME (+7%) AND APPRAISED PORTFOLIO (+4%) - 2025 WAS FIRMLY ON TRACK FOR GROWTH!

Core Insights - ARGAN, a leading French real estate company specializing in PREMIUM warehouses, reported a rental income of €212.0 million for the full year 2025, reflecting a 7% increase from €198.3 million in 2024, driven by the impact of eight projects delivered in 2024 and a rent indexation of 3.45% on January 1, 2025 [2][10] Financial Performance - Rental income for each quarter in 2025 showed consistent growth: Q1 at €52.9 million (+10%), Q2 at €52.9 million (+6%), Q3 at €52.9 million (+4%), and Q4 at €53.3 million (+9%), leading to a total of €212.0 million for the year [1][2] - The appraised value of ARGAN's portfolio increased by 4% to €4.07 billion at the end of 2025, up from €3.91 billion at the end of 2024, attributed to rising market rents and stable capitalization rates [3] Portfolio and Occupancy - As of December 31, 2025, ARGAN's portfolio comprised over 100 warehouses totaling approximately 3.77 million sq.m, with an occupancy rate exceeding 99%, maintaining a historic trend of high occupancy over the past decade [4][10] - The weighted average residual lease term was stable at 5.0 years, with the average age of the portfolio increasing to 12.4 years [4] Investment and Development - In 2025, ARGAN delivered €55 million in investments, adding nearly 70,000 sq.m of new areas that are expected to generate €4 million in annual rental income, yielding 7.2% [5] - For 2026, ARGAN has secured an investment program of approximately €165 million, with nearly €120 million allocated for acquisitions, expected to yield over 6% [5] Client Engagement and Sustainability - ARGAN's business model, particularly its AutOnom® warehouses that produce their own energy, has attracted major clients, including PUMA and NORTENE HOME DEPOT, with long-term leases established [7][8] - The company continues to support sustainable initiatives, such as the development of eco-responsible projects and partnerships with local businesses [7] Future Outlook - The 2026 targets for rental income and overall financial performance will be announced on January 22, 2026, following the release of the 2025 annual results [9]