Annual results – Neuilly-sur-Seine, Thursday, January 22, 2026 – 5.45 pm 2025: An exceptional year Rental income: +7% Recurring net income: +13% Portfolio: €4bn excl. duties, +4% Strong increase in financial results Rental income: +7% at €212 million, annual target exceeded1Group share recurring net income: +13% at €155 million, i.e. €6.0 per share, annual target exceeded 1 Group share consolidated net income (IFRS): €245 million, including a positive fair value impact of €91 million A PREMIUM portfolio o ...

Core Viewpoint - ARGAN has appointed Ms. Laurence Batlle to its Supervisory Board as an independent member, effective January 1, 2026, to ensure compliance with governance standards and maintain gender parity within the board [4][7]. Governance Changes - Mr. Eric Donnet ceased to be considered independent due to a new employment contract effective January 2, 2026, prompting governance adjustments [2]. - Mr. Jean-Claude Le Lan Junior announced his resignation effective December 31, 2025, to facilitate the company's compliance with independent member quotas [3]. - Ms. Laurence Batlle's appointment is provisional and will be ratified at the General Meeting scheduled for March 26, 2026 [6]. Profile of New Board Member - Ms. Laurence Batlle has over 30 years of experience, including 8 years as CEO of major companies, and has held significant positions such as Chair of the Management Board of RATP Dev [5]. Board Composition - Following these changes, ARGAN's Supervisory Board will consist of 6 members, including 2 independent members, achieving one-third independence as recommended by the Middlenext code [7]. Company Overview - ARGAN specializes in the development and rental of premium warehouses in France, with a portfolio of 3.8 million square meters valued at €4.1 billion, generating an annual rental income of €214 million as of December 31, 2025 [8]. - The company is recognized for its financial solidity, holding an investment-grade rating of BBB- with a stable outlook from Standard & Poor's [9]. ESG Commitment - ARGAN is committed to sustainability and has received high ratings from various third-party agencies, including a score of 83/100 from GRESB and a gold medal from Ethifinance [9].

Core Insights - ARGAN is a leading French real estate company specializing in the development and rental of premium warehouses, with a focus on sustainability and customer-centric services [3][4] - As of December 31, 2025, ARGAN's portfolio includes 3.8 million square meters of warehouse space, valued at €4.1 billion, generating an annual rental income of €214 million [3] - The company maintains a strong financial position, reflected in its investment-grade rating of BBB- with a stable outlook from Standard & Poor's [4] Financial Performance - The liquidity contract with NATIXIS ODDO BHF shows significant trading volumes, with 230,160 shares purchased for €14,980,043 and 226,705 shares sold for €14,785,373.2 during the specified period [7] - The financial calendar for 2026 includes key dates for annual results and general assemblies, indicating a structured approach to financial reporting [7] Sustainability and ESG - ARGAN is committed to an ESG policy that addresses all stakeholders, achieving high ratings from third-party agencies such as GRESB (83/100), Sustainalytics (low extra-financial risk), Ethifinance (gold medal), and Ecovadis (silver medal) [4]

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]