Argan (ARG) Q3 2024 TU earnings summary

Executive summary

• Rental income rose 9% year-over-year for the first nine months of 2024, reaching €149 million.

• Full-year rental income target increased to €198 million, up 8% from 2023.

• Occupancy rate maintained at 100% for the seventh consecutive quarter.

Financial highlights

• Q1 rental income: €48.1 million (+6% YoY); Q2: €50.0 million (+9% YoY); Q3: €51.1 million (+10% YoY).

• Total rental income for the first nine months: €149.2 million, up from €137.2 million in 2023.

• Rental growth driven by 4.6% indexation and impact of 2023/2024 warehouse deliveries.

Outlook and guidance

• 2024 rental income target raised to €198 million, reflecting strong rental momentum and full occupancy.

• Expected annual growth in rental income of 8% compared to 2023.