Argan (ARG) H2 2025 earnings summary

Executive summary

• 2025 marked an exceptional year with rental income up 7% to €212 million and recurring net income up 13% to €155 million, both exceeding annual targets.

• Portfolio valuation rose 4% to over €4 billion, with an occupancy rate above 99%.

• Strong ESG progress, with over 50% of the 2030 Scope 3 CO2 reduction target already achieved and improved ratings from non-financial agencies.

Financial highlights

• Rental income increased 7% year-over-year to €212 million, driven by new deliveries and rent indexation.

• Group share recurring net income rose 13% to €154.8 million, with a record 73% margin on rental income.

• Group share consolidated net income (IFRS) was €245.2 million, including a €91 million positive fair value impact.

• EPRA NAV NTA per share increased 7% to €91.5.

Outlook and guidance

• 2026 targets include 4% growth in rental income to €220 million and stable recurring net income per share at ~€6.

• €165 million investment program for 2026, with major tenants such as Danone, Ferrero, and Puma joining.

• Refinancing of €500 million bond due November 2026, with a bridge facility and undrawn credit lines in place.

• Dividend per share proposed at €3.45 for 2025 (+5%) and €3.65 for 2026 (+6%).