Press release – Neuilly-sur-Seine, Monday, February 23, 2026 – 5.45pm Information regarding the total number of voting rights and shares composing the share capital on February 18, 2026 On February 18, 2026, the day we released our notice of meeting ahead of our Combined General Meeting of Shareholders – to be held on March 26, 2026 – the total number of voting rights and shares composing ARGAN’s share capital was as follows: February 18, 2026Total number of shares in the share capital25,766,939Total theor ...

Core Insights - ARGAN is accelerating its investment momentum with the acquisition of three new logistics sites leased to FERRERO and PUMA, totaling nearly 100,000 sq.m, scheduled for delivery in the first half of 2026 [1][2][3] Group 1: Acquisition and Leasing Details - The first site, developed for PUMA, is located near Strasbourg in the Vendenheim logistics zone, covering 42,000 sq.m, with a firm nine-year lease commitment [2] - The two additional sites for FERRERO are in Normandy, with one in Cléon (34,000 sq.m) and another in Barentin (20,000 sq.m), both under long-term leases with firm 10-year commitments [3] Group 2: Investment Strategy and Financials - ARGAN's investment program for 2026 is particularly strong, with €165 million allocated for premium assets, including the three new sites, and €140 million scheduled for delivery in the first half of the year, yielding an average of 6% [5] - As of June 30, 2025, ARGAN's portfolio consists of 3.7 million sq.m valued at €4.0 billion, generating over €210 million in annual rental income [9] Group 3: Strategic Positioning and Future Outlook - The new projects are located in strategic logistics hubs connected to major French highway networks, enhancing operational performance and supporting tenant growth [4] - ARGAN aims to deliver next-generation warehouses aligned with modern logistics demands, showcasing its ability to attract major clients like FERRERO and PUMA [7][6]

Core Viewpoint - ARGAN is adjusting its debt reduction strategy while focusing on strengthening growth, particularly in rental income and recurring net income, amidst a challenging economic backdrop in France [1][2][3]. Financial Performance - ARGAN has initiated the marketing of a portfolio of four assets, expected to generate €130 million in net cash [2]. - Revised targets for 2025 include rental income of €211 million, an increase of 7% compared to 2024, and recurring net income of €152 million, reflecting an 11% increase [6][11]. - The LTV ratio is now projected at 41.5% for 2025, up from an initial target of below 40%, while the net debt to EBITDA ratio is revised to approximately 8.7x [3][6]. Dividend and Growth Outlook - The dividend for 2026 is confirmed at €3.45 per share, indicating a 5% increase from the previous year [5][6]. - The decision to remove the CARAT portfolio from the market is expected to enhance rental growth in the short to mid-term [3][5]. Company Overview - ARGAN specializes in the development and rental of premium warehouses in France, with a portfolio of 3.7 million square meters valued at €4.0 billion, generating over €210 million in annual rental income [7]. - The company maintains a strong financial position, reflected in its investment-grade rating (BBB- with a stable outlook) from Standard & Poor's [7].