ARGO Properties (ARGO) Q2 2026 earnings summary

Executive summary

• Rental income rose 15% year-over-year in Q2 2026 to €7.9M, driven by organic rent growth and acquisitions.

• Net profit for Q2 2026 reached €18M, up from €10.7M in Q2 2025, mainly due to improved operating parameters.

• 87 apartment units sold from Jan–July 2026 for €20M, at an average price of €4,292/sqm, with economic premiums over acquisition and renovation costs exceeding 64%.

• Operating profit before fair value changes increased 30% year-over-year to €6.4M in Q2 2026.

• Asset portfolio expanded to 5,972 units (owned and in acquisition), with significant rent increase potential (58%).

Financial highlights

• Total assets as of June 30, 2026: €1.15B, up from €933M a year earlier.

• Equity attributable to shareholders: €532.8M (€23.43/share); NTA: €568.6M (€25.00/share).

• LTV ratio: 47.09%.

• Free cash flow for H1 2026: €8.5M; annualized: €17M.

• Average financing cost in Q2 2026: 2.57% (interest duration 3.2 years).

• FFO (management approach) for Q2 2026: €3.1M; annualized: €12.6M.

Outlook and guidance

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

• Rent growth and asset appreciation are projected to remain strong due to structural supply-demand imbalances in core markets.

• Potential profit backlog from apartment sales estimated at €481M, based on current portfolio and market conditions.