Argan (ARG) Q3 2025 TU earnings summary

Executive summary

• Rental income for the first nine months of 2025 reached €158.7 million, a 6% increase year-over-year, driven by the full-year effect of 2024 deliveries and rent indexation of +3.45% as of January 1, 2025.

• Four new sites delivered or scheduled for delivery in 2025, representing €55 million in investments, including major projects for DIMOLOG and Nortene Home Depot.

• The company is targeting a 7% increase in rental income for 2025, aiming for €211 million by year-end.

Financial highlights

• Rental income for the first three quarters of 2025: €158.7 million, up from €149.2 million in the same period of 2024.

• Quarterly rental income growth: Q1 +10%, Q2 +6%, Q3 +4% year-over-year.

• Portfolio appraised at €4.0 billion as of June 30, 2025, with annual rental income exceeding €210 million.

Outlook and guidance

• Rental income for 2025 is expected to reach €211 million, a 7% increase over 2024.

• Investment program for 2025-2026 totals nearly €215 million, with €55 million in 2025 and €160 million in 2026, including €140 million to be delivered by June 2026.