Argan (ARG) H1 2026 TU earnings summary

Executive summary

• Rental income rose 4% year-over-year in H1 2026, reaching €109.7 million.

• Full-year 2026 rental income guidance raised to at least €221 million, up from €220 million.

• Achieved 100% occupancy in Q1 2026 after leasing 32,000 sqm previously vacant.

• Six new warehouse deliveries completed in H1 2026, with major tenants including PUMA, POMONA, CELIO, FERRERO, and DANONE.

• Business model resilience highlighted despite sluggish economic activity and geopolitical uncertainty.

Financial highlights

• H1 2026 rental income: €109.7 million, up from €105.8 million in H1 2025.

• Q1 2026 rental income: €54.4 million (+3% YoY); Q2 2026: €55.3 million (+5% YoY).

• Rent indexation contributed +0.6% to growth as of January 1, 2026.

Outlook and guidance

• 2026 rental income guidance revised upwards to at least €221 million, over 4% growth from 2025.

• Delivery pipeline includes two additional projects scheduled for completion in H2 2026.