ARGO Properties (ARGO) Q4 2025 earnings summary

Executive summary

• Revenue from rental properties grew by 12% year-over-year to €28.1M, driven by organic rent growth and acquisitions.

• Net profit for 2025 reached €67M, up from €35M in 2024, mainly due to improved operating profitability, revaluation gains, and lower tax rates.

• 102 apartments were sold in 2025 for €25.4M (avg. €4,230/sqm), compared to 40 units in 2024; 23 units sold in early 2026 at €4,317/sqm.

• Operating profit (before fair value changes) increased by 51% to €20.3M, supported by rental and condo sales activities.

• The company’s portfolio expanded to 5,297 units as of February 2026, with a focus on Leipzig and Dresden.

Financial highlights

• Rental income: €28.1M in 2025 (up 12% YoY); NOI from same properties: €21.1M.

• Net profit: €67M in 2025 vs. €35M in 2024.

• FFO (Funds From Operations): €11.7M in 2025 (management approach).

• Fair value gains on investment property: €58.5M in 2025.

• Book equity attributable to shareholders: €498.4M; NTA: €529.4M.

• LTV ratio: 44.35% as of year-end 2025.

• Cash and restricted deposits: €86.5M at report date.

Outlook and guidance

• Plans to further expand the rental portfolio, especially in Leipzig and Dresden.

• Targeting annual asset portfolio growth of 10–15% and equity returns of 15%.

• Condo sales (R2C): aiming to increase annual sales pace to 130–150 units in 2026.

• Continued focus on acquiring under-managed assets for value-add and future condo conversion.