Argan (ARG) investor relations material

Executive summary

• Rental income grew 4% year-over-year to EUR 110 million in H1 2026, with recurring net income at 71% of rental income and recurring net income per share at EUR 3, on track for the annual target of EUR 6 per share.

• Portfolio value increased to EUR 4.3 billion, up 4% from end of 2025, with a premium logistics real estate portfolio and 100% occupancy.

• Net income attributable to group share increased 15% year-over-year to EUR 156.2 million, with recurring net income stable at EUR 77.5 million.

• Three new international tenants (Ferrero, Puma, Danone) joined, diversifying the client base.

• All new projects are under the AUTONOM® net-zero carbon label, with a continued focus on sustainable development.

Financial highlights

• Rental income for H1 2026 reached EUR 110 million, up 4% year-over-year.

• Recurring net income margin held at 71%, with recurring net income per share at EUR 3.

• EPRA NTA (Net Tangible Assets) rose to nearly EUR 94 per share.

• Net income per share: EUR 6.1 (+15% year-over-year); recurring net income per share: EUR 3.0 (stable year-over-year).

• Dividend per share target for 2026: EUR 3.65 (+6% vs. 2025).

Outlook and guidance

• Rental income target for 2026 raised to EUR 221 million.

• Recurring net income per share target maintained at EUR 6 for 2026.

• Dividend proposed for March 2027 is EUR 3.65 per share, up 6% from 2026.

• Investment pipeline for 2026 set at EUR 200 million, with two major projects accelerated into 2026.

• Medium-term investment guidance of EUR 150 million per year for coming years.