Core Viewpoint - S&P Global Ratings has maintained ARGAN's "Investment Grade" status with a "BBB-" rating and a "stable" outlook, indicating confidence in the company's financial metrics and asset quality despite recent portfolio changes [2][3]. Financial Metrics - ARGAN's level of indebtedness is consistent with its current rating, with a long-term issuer rating of 'BBB-' and a stable outlook [2]. - The company is targeting an LTV EPRA ratio excluding duties of 41.5% for 2025, down from 43.1% at the end of 2024, and a net debt to EBITDA ratio of 8.7 times for 2025, improved from 9.2 times [2]. Portfolio and Revenue - ARGAN has withdrawn a portfolio of warehouses valued at approximately €130 million from the market, but this decision does not negatively impact its credit metrics [2]. - As of June 30, 2025, ARGAN's portfolio consists of 3.7 million square meters of warehouses, appraised at a total of €4.0 billion, generating over €210 million in annual rental income [4]. Company Profile - ARGAN is a leading French real estate company specializing in the development and rental of premium warehouses, focusing on a customer-centric approach and sustainability [4]. - The company is listed on Euronext Paris and included in several indices, reflecting its significant market presence [5]. ESG Commitment - ARGAN is committed to an ESG policy that addresses all stakeholders, with achievements recognized by third-party agencies such as Sustainalytics and Ecovadis [4]. Upcoming Financial Calendar - Key upcoming dates include the publication of Q3 2025 net sales on October 1, 2025, and annual results on January 22, 2026 [3][7].

Core Viewpoint - ARGAN has commenced construction of a new Aut0nom® warehouse for NORTENE HOME DEPOT, highlighting a long-term partnership and commitment to sustainability in the logistics sector [1][4][5]. Company Overview - NORTENE HOME DEPOT is a leading player in the DIY and gardening sector with over 50 years of experience, operating under the CATRAL group with six subsidiaries in Europe [2]. - The company distributes its products through approximately 4,000 selling points in France, including gardening stores, farming cooperatives, and online platforms [2]. Project Details - The new warehouse, located in Louailles, will cover an area of 18,000 square meters and is strategically positioned about 30 kilometers from NORTENE's headquarters [2][3]. - A 12-year fixed-term lease has been established between ARGAN and NORTENE, indicating mutual trust and long-term project prospects [4]. Sustainability Features - The Aut0nom® warehouse will feature a photovoltaic power station with a capacity of 300 kWp and energy storage batteries of 200 KWh, ensuring the site meets its lighting and heating needs sustainably [6]. - The project aims to reduce CO2 emissions by a factor of 10, with any remaining emissions offset through a reforestation program [6]. Financial and Operational Insights - As of December 31, 2024, ARGAN's portfolio includes 3.7 million square meters of warehouses, valued at €3.9 billion, generating an annual rental income of approximately €205 million [9]. - ARGAN is recognized for its financial stability, holding an investment-grade rating of BBB- with a stable outlook from Standard & Poor's [10].

Core Insights - ARGAN published its 2025 ESG report, highlighting significant achievements in its 2023-2030 roadmap across all three ESG pillars [2][4][9] Environmental Achievements - CO2 emissions linked to energy consumption in ARGAN's warehouses decreased by 25% over two years, demonstrating the effectiveness of its strategy to deploy net zero carbon warehouses and install electric heat pumps [2][9] - The company aims to continue reducing its carbon footprint through innovative developments and upgrades to existing sites [9] Social and Societal Initiatives - ARGAN has intensified its efforts in social responsibility, achieving a 0% pay gap between men and women for equivalent positions and an equity ratio of 2.2 times for top management compared to SBF 120 companies [9] - The company has implemented a free share plan, ensuring all employees are shareholders, which fosters a sense of ownership and commitment [9] Governance Improvements - In 2024, ARGAN completed a set of charters and public commitments, including a Responsible Purchasing Charter and a biodiversity strategy with eight targets for 2030 [9] - The governance framework aligns with the French initiative "Companies committed for Nature," reflecting a commitment to sustainability and responsible practices [9] Financial Performance and Ratings - ARGAN's portfolio, appraised at €3.9 billion, generates an annual rental income of approximately €205 million as of December 31, 2024 [5][6] - The company has received a "low" extra-financial risk rating from Sustainalytics, a gold medal from Ethifinance, and a silver medal from Ecovadis, indicating strong performance in ESG metrics [4][6]