9 months 2026 rental income: +5%, annual target raised to €222 million

Rental income (IFRS) as at September 30, 2026 (unaudited figures)

€166.2 million in rental income over the first nine months of 2026

Over the first nine months of 2026, ARGAN, the French property company specialising in and leading the development and leasing of PREMIUM warehouses in France, recorded rental income of €166.2 million, up 5% compared with the same period in 2025. Growth over the first nine months of 2026 was primarily driven by the full-year effect of the developments delivered in 2025, supplemented by the rent indexation (+0.6%) effective as of January 1, 2026. The Company also maintained a 99.9% EPRA occupancy rate.

Based on the very strong performance achieved over the first nine months and solid prospects for the fourth quarter, ARGAN is once again raising its full-year 2026 rental income target and now expects at least €222 million¹, representing an increase of +5% compared with 2025.

Seven developments delivered since the beginning of the year as part of a 2026 investment programme of approximately €200 million covering a total of ten projects

As a reminder, the secured investment programme for 2026 amounts to €200 million. Acquisitions account for nearly €130 million of investments, while the average overall yield on 2026 investments exceeds 6%. More than €150 million has already been delivered through seven projects intended for:

• PUMA, delivered in February in the Vendenheim logistics zone (67),with a total surface area of 42,000 sq.m. With a longstanding presence in the French ‘Grand Est’ region, PUMA occupies this new site near Strasbourg, leased under a long-term lease with a firm 9-year term;
• POMONA, for an extension, also delivered in February, adding 1,300 sq.m of new negative cold storage space in Valenton (94). This delivery also provided an opportunity to extend the lease for a firm 12-year term;
• CELIO, for a new 12,000 sq.m extension, inaugurated in April, bringing the total surface area of the Amblainville (60) site to 55,000 sq.m, while reducing the site’s CO₂ emissions fourfold thanks to the entire facility being upgraded to the AutOnom® label. This new milestone also marks the start of a renewed commitment through a firm 10-year lease;
• DANONE, for a new AutOnom® site in Sorigny (37), close to Tours, delivered at the end of May. This new warehouse spans 8,200 sq.m, including 6,400 sq.m of temperature-controlled space (2–6°C) and an 800 sq.m office block, under a firm 9-year lease;
• FERRERO in Normandy, the historic heartland of the Italian group’s operations in France.The first site was delivered in Cléon (76) in June, with a total surface area of 34,000 sq.m, while the second site, in Barentin (76), became operational in July, with a surface area of 20,000 sq.m. These two deliveries mark the start of a long-term lease with a firm 10-year term for each site;
• ID LOGISTICS, on behalf of Intermarché, in Saint-Bonnet-les-Oules (42), near Saint-Étienne, for the conversion of nearly 14,000 sq.m of ambient-temperature storage space into cold storage within a warehouse spanning more than 50,000 sq.m, together with a 700 sq.m extension. As part of the project, the lease was extended for a firm 9-year term commencing upon delivery last July.

ARGAN’s delivery programme for the remainder of the year includes three additional projects for:

• Jacky Perrenot, in Béziers (34), for the development of a 5,700 sq.m AutOnom® site, scheduled for delivery in 2026. Located in the rapidly expanding ‘Béziers Ouest’ business park (ZAC), this project will mark the start of a firm 6-year lease;
• A new client, as part of an acquisition of a 13,000 sq.m warehouse in Sorigny, close to the one recently delivered to Danone, with operations scheduled to begin this November;
• Jung Logistique, in Tournan-en-Brie (77), for a 30,000 sq.m building, scheduled for delivery in December. This new AutOnom®-labelled warehouse is in a long-established logistics hub in eastern Greater Paris, one of the historic areas where ARGAN first expanded, and benefits from direct on-site rail access.