Real Estate
ARGAN: HALF-YEAR 2026 RESULTS
Half-year results – Neuilly-sur-Seine, Monday, July 20, 2026 – 5.45 pm HALF-YEAR 2026 RESULTS Sustained increase in rental income (€110m, +4%) Strengthened portfolio (€4.3bn, +5% vs. end of 2025) with a delivery pipeline for 2026 up to €200m And updated targets for 2026 Indicators2026Initial targets2026Updated targets2025 actual dataChangevs. 2025Rental income €220m€221m€212m+4%Recurring net income per share – Group share~€6~€6€6.0StableLTV EPRA ratio~40%1~42%141.1% ~+1 ptNet debt / EBITDA ratio
About this update from Argan
Half-year results – Neuilly-sur-Seine, Monday, July 20, 2026 – 5.45 pm HALF-YEAR 2026 RESULTS Sustained increase in rental income (€110m, +4%) Strengthened portfolio (€4.3bn, +5% vs. end of 2025) with a delivery pipeline for 2026 up to €200m And updated targets for 2026 Jean-Claude Le Lan, Founder & Chairman of ARGAN's Supervisory board: "In the first half of 2026, ARGAN once again delivered excellent financial performance, reflecting the strength of its profitable growth model combined with disciplined debt management, despite a macroeconomic and geopolitical environment that remains challenging. Rental income increased by 4%, leading to an upward revision of the full-year 2026 target to more than €221 million, while recurring net income per share reached €3, in line with the full-year target of approximately €6 per share. These results underscore the quality of our portfolio, which remains 100% occupied and continued to grow to €4.3 billion (excluding transfer taxes), up 5% over the first six months of 2026. During the period, we also maintained a strong financial structure, with an EPRA LTV ratio of approximately 42% and a net debt-to-EBITDA ratio of 8.8x. Our continued financial discipline, combined with a selective capital allocation strategy, enables us to accelerate our development on a solid foundation while creating sustainable long-term value." Financial performance as at June 30, 2026 Financial key figures: ARGAN's consolidated financial statements for the first half of 2026 were approved by the Executive Board on July 20, 2026, and by the Supervisory Board on the same day. The statutory auditors have completed their limited review procedures on the consolidated financial statements. Their limited review report will be issued once the specific verification procedures have been finalized. Strong financial performance ARGAN continued to successfully execute its strategy of profitable and disciplined growth, delivering solid increase in rental income (+4%) with group share recurring net income representing a 71% margin on rental income. These results once again demonstrate the Group's ability to translate its strong operating performance into robust cash flows, supported in particular by disciplined debt management. Rental income: up +4% in the first half of 2026 In the first six months of 2026, ARGAN recorded an increase of +4% in its rental ...