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 - ARGAN and DECATHLON are enhancing their partnership by modernizing heating systems in logistics warehouses to improve energy performance and reduce carbon emissions [2][3][4]. Group 1: Partnership and Collaboration - ARGAN has leased four warehouses totaling over 170,000 sq.m to DECATHLON, which are essential for the brand's distribution in France and Europe [2]. - The collaboration focuses on reducing the carbon footprint, with a significant step being the replacement of gas boilers with next-generation heat pumps [3][5]. Group 2: Environmental Impact - The initiative is expected to avoid 700 tons of CO₂ emissions annually, equivalent to the emissions of 120 French citizens [4]. - ARGAN aims to reduce its overall carbon emissions from 24,000 tons in 2022 to 12,000 tons by 2030, achieving a 50% reduction [4]. Group 3: Company Profile and Strategy - ARGAN specializes in the development and rental of premium warehouses and is a leading player in the French market, with a portfolio of 3.7 million sq.m valued at €4.0 billion [7][8]. - The company emphasizes a customer-centric approach and sustainability, reflected in its investment-grade rating and recognition from third-party agencies for its ESG policies [8].

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].