Argan (ARG) Q1 2026 TU earnings summary

Executive summary

• Rental income reached €54.4 million in Q1 2026, up 3% year-over-year, driven by 2025 deliveries and rent indexation.

• Achieved a 100% occupancy rate after leasing previously vacant space to JS LOGISTICS.

• Two new projects delivered in Q1 2026 for PUMA and POMONA, both under long-term leases.

• Six additional deliveries scheduled for the remainder of 2026, including major clients like CELIO, FERRERO, DANONE, ID LOGISTICS, and Jacky Perrenot.

Financial highlights

• Rental income increased to €54.4 million in Q1 2026 from €52.9 million in Q1 2025, a 3% rise.

• Annual rental income target for 2026 set at a minimum of €220 million, representing a 4% increase.

• Secured investment pipeline for 2026 totals €165 million, with an average yield above 6%.

Outlook and guidance

• Annual rental income expected to grow by at least 4% in 2026, supported by scheduled project deliveries.

• Six further project deliveries planned for 2026, expanding the client base and portfolio.