Argan (ARG) H1 2026 earnings summary

Executive summary

• Rental income grew 4% year-over-year to €110 million in H1 2026, with recurring net income at 71% of rental income and recurring net income per share at €3; net income attributable to group share increased 15% to €156.2 million.

• Portfolio value reached €4.3 billion (excl. duties), up 4–5% from end-2025, with 100% occupancy and a premium asset base.

• Six major projects delivered in H1 2026, with a secured investment program of €200 million for the year and an average return exceeding 6%.

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

• All new developments are net-zero carbon and BREEAM Excellent certified, with strong ESG performance and emissions reductions.

Financial highlights

• Rental income for H1 2026 reached €110 million, up 4% year-over-year; recurring net income margin held at 71%, with recurring net income per share at €3.

• EPRA NTA (Net Tangible Assets) rose to €93.8 per share, up 3% over six months.

• Net financial debt stood at €1.8 billion, with net LTV at 42.1%.

• Net debt/EBITDA at 8.8x, up from 8.5x at end of 2025.

• Cost of debt increased to 2.5% (up from 2.1% at end-2025), expected to reach ~3.0% by year-end.

Outlook and guidance

• Full-year 2026 rental income target raised to €221 million, with recurring net income per share guidance maintained at ~€6.

• Dividend per share target for 2026: €3.65, up 6% from 2025.

• Annual investment plan beyond 2026 set at €150 million, focusing on sustainable warehouse concepts.

• Four additional projects scheduled for delivery in H2 2026.

• Debt ratios expected to remain stable, with EPRA LTV around 42% and net debt/EBITDA at 8.5x.