ARGO Properties (ARGO) Q2 2025 earnings summary

Executive summary

• Achieved 11.3% year-over-year growth in rental income in Q2 2025, reaching €6.9M, driven by organic rent increases and acquisitions.

• Sold 61 apartments for €15.33M at an average price of €4,226/m² from January to August 2025, up from 40 units in 2024.

• Operating profit rose 53.8% year-over-year to €4.9M in Q2 2025, supported by higher rental income and apartment sales.

• Net profit for Q2 2025 was €10.7M, up from €7M in Q2 2024.

Financial highlights

• Rental income for H1 2025: €13.6M (up from €12.1M in H1 2024).

• Gross profit from rentals in H1 2025: €11.1M; from apartment sales: €5.6M.

• Net profit for H1 2025: €24.9M (H1 2024: €11M).

• Cash and equivalents at June 30, 2025: €27.5M.

• Net asset value (NTA) at June 30, 2025: €493.6M (€22.71/share).

Outlook and guidance

• Management expects continued growth in rental income and asset acquisitions in 2025.

• Ongoing focus on acquiring under-rented assets for value-add and future sales.

• Free cash flow (annualized) estimated at €34.3M, supporting further expansion.