9M rental income: up +6% and target for the year at +7%

Rental income (IFRS) at September 30, 2025 (non-audited figures)

Rental income at €158.7 million over the first nine months of 2025

Over the first nine months of 2025, ARGAN, the leading French real estate company specializing in the development and rental of PREMIUM warehouses, recorded rental income totalling €158.7 million, up +6% from the same period of last year. The sustained growth over the first nine months of the year primarily came from the full-year effect of the 8 deliveries of 2024 as well as rents indexation (+3.45%) on January 1, 2025.

On this basis, ARGAN today confirmed the target for a +7% increase in its rental income in 2025 to €211 million¹, revised up as part of the press release of September 23.

Four sites delivered in 2025 representing €55 million of investments

ARGAN already delivered two sites in the first quarter of this year:

• A new logistics site for DIMOLOG, a new brand of the DIMOTRANS group, in Bain-de-Bretagne (35), near Rennes, whose business is now operated over 3 newly delivered cells, as part of an Aut0nom®-labelled asset, for 19,500 sq.m.
• More exceptionally, ARGAN continued its support initiated in 2021 to a former employee for the development and financing of a farming company named “Les tomates des frères Besnard”, taking the form of an extension of an organic and eco-responsible greenhouse located in Eure-et-Loir (28). For more information, please refer to page 59 of the 2024 ESG report on the website argan.fr.

Two other deliveries will take place in the fourth quarter for:

• A new client, in Vendin-le-Veil, near Lens (62), with a cross-dock fulfilment hall of 7,400 sq.m with 68 dock levellers and an office block of 1,200 sq.m on an upper floor, as part of a very long-duration 12-year fixed-term lease.
• For Nortene Home Depot, European leading player in gardening and DiY items with over
• 50 years of experience, as part of an Aut0nom®-labelled warehouse of 18,000 sq.m, in the business area (French ZAC) of Louailles “Ouest Park” (72), between Angers and Le Mans. Developed in record timing, this project is the start of a long 12-year fixed-term partnership between Nortene Home Depot and ARGAN.

Close to €215 million of secured investments for 2025-2026

LThe program of 2025-2026 investments is now close to €215 million, with the following breakdown:

• €55 million in 2025.
• €160 million in 2026, currently under construction, including €140 million to be delivered before June 30, 2026.

SAcquisitions represent around 55% of the invested amount and the average yield of all investments is over 6%. These achievements, on a backdrop of sluggish economic environment, testify to the relevance of ARGAN’s development model, notably driven by Aut0nom® , the warehouse that produces its own energy for self-consumption.

AMoreover, ARGAN reasserts the deployment of its debt reduction plan, as it is no longer using debt since 2023, aiming for an LTV ratio of 41.5% (at constant capitalization rate excluding duties of 5.25%) and a net debt to EBITDA ratio of 8.7x by the end of 2025.