ARGO Properties (ARGO) Q1 2026 earnings summary

Executive summary

• Rental income rose 14% year-over-year to €7.7M, driven by organic rent growth and acquisitions.

• Net profit for Q1 2026 was €16.3M, up from €14.2M in Q1 2025, mainly due to improved operating profitability.

• 49 apartment units sold in Jan–Apr 2026 for €11.9M at an average €4,377/sqm, with strong premiums over book and acquisition costs.

• Asset portfolio expanded to 5,584 units, with significant acquisition activity and a robust pipeline.

Financial highlights

• Operating profit before fair value changes increased 46% year-over-year to €6.8M.

• Changes in fair value contributed €16.4M in profit, up from €13.5M in Q1 2025.

• Gross profit from property rental was €6.2M; gross profit from apartment sales was €2.5M.

• FFO for Q1 2026 was €3.0M, annualized to €12.1M.

• Cash and restricted deposits totaled €112M at report signing.

Outlook and guidance

• Management expects continued significant growth in asset acquisitions in 2026 compared to 2025.

• Ongoing rent growth and strong demand in core cities are anticipated to support further increases in property values.

• The company estimates a potential profit backlog of €484M from future apartment sales.