Argan (ARG) Q4 2025 TU earnings summary

Executive summary

• Rental income for 2025 reached €212.0 million, a 7% increase year-over-year, driven by the full-year impact of 8 projects delivered in 2024 and rent indexation of +3.45% on January 1, 2025.

• The portfolio comprises over 100 premium warehouses totaling 3.77 million sq.m, appraised at €4.07 billion, up 4% from the previous year.

• Four new logistics sites were delivered in 2025, adding nearly 70,000 sq.m and generating €4 million in annual rental income at a 7.2% yield.

Financial highlights

• Rental income increased by 7% to €212.0 million in 2025 compared to €198.3 million in 2024.

• Portfolio value rose 4% to €4.07 billion, reflecting higher market rents and stable capitalization rates.

• Occupancy rate remained above 99% for the tenth consecutive year.

• Weighted average residual lease term was 5.0 years at year-end 2025.

Outlook and guidance

• Secured investment program for 2026 totals nearly €165 million, with €140 million scheduled for delivery before June 30.

• Eight new projects planned for 2026, including major clients such as PUMA, POMONA, CELIO, FERRERO, DANONE, ID LOGISTICS, and Jacky Perrenot.

• 2026 rental income and financial targets to be announced on January 22, 2026.