Strong increase in financial results
- Rental income: +7% at €212 million, annual target exceeded
- Group share recurring net income: +13% at €155 million, i.e. €6.0 per share, annual target exceeded
- Group share consolidated net income (IFRS): €245 million, including a positive fair value impact of €91 million
A PREMIUM portfolio of €4Bn
- €220 million in investments over the 2025-2026 period
- Valuation stood at over €4 billion (+4%), with an occupancy of over 99%
- EPRA NAV NTA: €91.5, up +7%
Ongoing debt reduction
- EPRA LTV: 41.1%, down -200 basis points
- Net debt / EBITDA: 8.5x, i.e., down -0,7x
- Cost of debt: 2.10%, -15 basis points
Solid 2025 achievements for the ESG roadmap
- 2030 objective to divide by two Scope 3 energy CO₂ emissions: more than 50% already achieved by the end of 2025
- French State certification of the ARGAN’s biodiversity program
- Further improvement in ratings from ESG agencies
2026 targets
Indicators
2026 targets
FY 2025
Trends
Group share recur. net income
/ share
Around €6
€6.0
Stable
LTV EPRA ratio
Around 40%1
41.1%
– 1 point
Net debt / EBITDA ratio
8.5 X
8.5 X
Stable
Dividend per share
€3.652
€3.453
+6%
Jean-Claude Le Lan
Chairman of ARGAN's Supervisory Board
2025 was an exceptional year
We are delivering an exceptional year in a less favourable macroeconomic environment.
Our key financial indicators exceeded expectations, with rental income up 7% and recurring net income up 13%, alongside a reduction in LTV to 41% (vs. 43% at year-end 2024). The portfolio is valued at €4bn, with an occupancy rate above 99% …
Footnotes:
- At a capitalization rate constant compared with year-end December 2025 (5.25% excluding duties).
- Subject to approval at the Annual General Meeting of March 25, 2027.
- Subject to approval at the Annual General Meeting of March 26, 2026.
