ARGO Properties (ARGO) Q2 2026 earnings summary

Executive summary

• Q2 rental revenue rose 15% YoY to €7.874m; net income reached €18.0m vs. €10.7m, supported by operating growth and property revaluation gains.

• Portfolio strategy combines rental growth, apartment upgrades and sales, and expansion; 5,972 units were owned or in acquisition processes as of July 31, 2026.

• H1 net income was €34.3m; June 30 shareholders’ equity was €532.8m and NTA was €568.6m, or €25.00 per share.

Financial highlights

• Q2 rental income was €7.874m vs. €6.873m; H1 rental income was €15.529m vs. €13.601m.

• Q2 operating profit before fair-value changes rose ~30% YoY to €6.4m; H1 reached €13.2m vs. €9.6m.

• Investment-property fair-value gains were €21.1m in Q2 and €58.5m in H1; Q2 net income was €18.0m vs. €10.7m and H1 net income was €34.3m vs. €24.9m.

• Q2 basic EPS was €0.80 vs. €0.50; H1 basic EPS was €1.54 vs. €1.11.

• Apartment sales generated Q2 revenue of €6.2m and gross profit of €1.7m; H1 revenue was €15.2m and gross profit was €4.2m.

Outlook and guidance

• 2026 acquisition activity is expected to grow significantly vs. 2025; signed or exclusivity-stage transactions totaled €142.1m YTD, with €93.3m completed by the report date.

• At least 5,685 apartments were identified as potential R2C inventory, with an estimated €481m profit pool subject to market, financing and execution uncertainties.

• Management expects urban demand and constrained housing supply to support rental growth and residential values over the medium to long term.

• Berlin development plans target ~18,310 sqm gross residential area; a preliminary permit application was filed in March 2026, with approval scope uncertain.