ARGO Properties (ARGO) Q3 2025 earnings summary

Executive summary

• Q3 2025 rental revenue rose 11.3% YoY to €7.1m; net income reached €26.8m, including €8.4m of deferred-tax income, and fair-value gains totaled €17.1m.

• Sold 88 apartments for €22.1m at an average €4,219/sqm in Jan–Nov 2025, versus 40 units in 2024.

• Acquisition activity totaled €120m since early 2025, including €59.1m completed and €61.4m under contract; the estimated gross-profit pool on eligible apartments was €389.8m.

Financial highlights

• Operating profit rose 13.6% YoY to €6.5m; net income was €26.8m versus €9.3m in Q3 2024.

• Total assets were €839.4m and equity attributable to shareholders was €482.8m at Sept. 30, 2025.

• Annualized free cash flow was €27.4m; cash and restricted deposits totaled €93m.

• LTV was 42.88%; S&P rating was ilA+ with a positive outlook.

Outlook and guidance

• Organic rent growth outlook was 8%–10% annually; management cited potential annual ROE of 15%–20% as apartment sales develop.

• Further ROE improvement was expected as leverage approaches 50% and apartment sales expand; annual cash flow was projected to fund ~10% portfolio growth.

• Significant growth in property acquisitions was expected in 2026, with continued focus on acquiring, upgrading and selling residential assets in core German cities.