Press release – Neuilly-sur-Seine, Thursday, December 4, 2025 – 6.30 pm ARGAN and DECATHLON: a lasting collaboration for low-carbon logistics assets Spread across the entire country and totalling more than 170,000 sq.m of logistics space, the four warehouses leased by ARGAN to DECATHLON are key platforms in the brand’s distribution chain in France and Europe. Having been committed for several years to a shared approach aimed at reducing the carbon footprint of their activities, ARGAN and DECATHLON are now ...

Core Viewpoint - ARGAN is preparing for its 2026 bond refinancing by signing a €500 million bridge-to-bond loan with a banking pool led by J.P. Morgan, aimed at ensuring optimal conditions for the upcoming bond maturity [2][3][4] Financing Details - The bridge loan of €500 million is a short-term financing solution to prepare for the bond maturity initially issued in 2021, which is due on November 17, 2026 [2][3] - The loan has an initial duration of 12 months starting from November 17, 2025, with the option to extend for two additional six-month periods, potentially lasting until November 17, 2027 [3] Financial Health and Covenants - As of June 30, 2025, ARGAN's financial indicators exceeded covenant requirements, demonstrating strong debt management and sustainable growth [4] - The company holds an Investment Grade rating of BBB- with a stable outlook from S&P, positioning it favorably for the 2026 bond refinancing [4][7] Portfolio Overview - ARGAN's portfolio consists of 3.7 million square meters across approximately 100 warehouses in France, valued at €4.0 billion, generating over €210 million in annual rental income as of June 30, 2025 [6] - The company specializes in the development and rental of premium warehouses, focusing on energy self-sufficiency and tailored services for blue-chip clients [5] Debt Management Metrics - ARGAN maintains a consolidated EPRA LTV ratio below 65% and a secured LTV ratio below 45%, with an ICR ratio of at least 1.80 [11] - As of the latest reporting, the EPRA LTV ratio was 42.3%, and the secured LTV ratio was 30.8%, indicating effective debt management [11]

Core Insights - ARGAN has completed a new 9,000 sq.m cross-dock fulfillment center in Vendin-le-Vieil, strategically located in a major logistics hub in the Lens area, under a firm 12-year lease with a leading international transport and logistics group [2][4] Group 1: Strategic Location - The fulfillment center is built on a 7-hectare site adjacent to an existing ARGAN property operated by CARREFOUR SUPPLY CHAIN, providing a prime geographic position close to Lens and direct access to the A21 highway and National Route 47 towards Lille [2] - The location is ideal for fulfillment and urban distribution activities, benefiting from proximity to a population of over 250,000 inhabitants [5] Group 2: Facility Features - The facility includes a 7,400 sq.m cross-dock hall with 71 loading bays, facilitating efficient circulation of goods, and a two-story office space of 1,200 sq.m [3] - ARGAN has installed a 150 kWp rooftop solar power plant to supply part of the tenant's electricity needs, aligning with its commitment to sustainability [3] Group 3: Long-term Commitment - The 12-year lease agreement with the tenant indicates a long-term commitment to the development and operational sustainability of the facility [4] Group 4: Market Alignment - The new development is aligned with the growing demand for fulfillment centers driven by the rise of e-commerce, positioning ARGAN favorably within the logistics market [5] Group 5: Company Overview - ARGAN is a leading French real estate company specializing in the development and rental of premium warehouses, with a portfolio of 3.7 million sq.m valued at €4.0 billion, generating over €210 million in annual rental income as of June 30, 2025 [6][7] - The company holds an investment-grade rating (BBB- with a stable outlook) from Standard & Poor's, reflecting its financial solidity and commitment to sustainability [8]

Core Viewpoint - ARGAN has successfully completed the refurbishment and extension of a fulfilment centre for GEODIS in Bruguières, enhancing the facility's capacity and sustainability while establishing a long-term partnership through a new 12-year lease [2][6]. Company Overview - ARGAN is a leading French real estate company specializing in the development and rental of premium warehouses, with a focus on carbon-neutral facilities [8]. - As of December 31, 2024, ARGAN's portfolio includes 3.7 million sq.m of warehouses, appraised at €3.9 billion, generating an annual rental income of approximately €205 million [9][8]. Project Details - The extension of the Bruguières fulfilment centre added 2,900 sq.m, bringing the total built area to 14,000 sq.m, and was designed to allow ongoing operations during construction [3][2]. - The project included the enhancement of the existing office block (1,900 sq.m) and improvements to road infrastructure and dock equipment [5][6]. - The facility now features 157 docks and a freight terminal hall expanded to 12,100 sq.m [4]. Environmental Initiatives - The refurbishment has significantly reduced the site's energy footprint through the installation of a photovoltaic power station for self-consumption and a Building Management System (BMS) [6]. - Upgrades included replacing metal halide lamps with smart LED lighting systems that monitor presence and light intensity [6]. Financial Stability - ARGAN maintains a strong financial model, reflected in its investment-grade rating (BBB- with a stable outlook) from Standard & Poor's, and is recognized for its ESG commitments [10].