Argan (ARG) H1 2025 TU earnings summary

Executive summary

• Rental income rose 8% year-over-year in the first half of 2025, reaching €105.8 million, driven by new warehouse deliveries and rent indexation.

• Two new sites were delivered in Q1 2025, supporting ongoing development and expansion plans.

Financial highlights

• Q1 2025 rental income: €52.9 million, up 10% year-over-year; Q2 2025: €52.9 million, up 6% year-over-year.

• Total H1 2025 rental income: €105.8 million, up 8% compared to H1 2024.

Outlook and guidance

• Annual rental income target for 2025 confirmed at €210 million, a 6% increase, factoring in asset sales in H2 2025.

• Investment volume of around €200 million targeted for 2025-2026, with €55 million in 2025 and €115 million in 2026.

• Average yield on investments for 2025-2026 expected at about 6%.