Solide financial results
- Rental income: +4% at €110m, target for the year revised upwards to €221m
- Group share recurring net income per share: €3.0 per share, in line with the annual target of abour €6 per share
- Group share consolidated net income (IFRS): €156m, including a postive faire value impact of €77m
A PREMIUM portfolio of €4.3bn (excl. duties)
- €200m of investments delivered in total in 2026 with 10 projects (including two carried forward to 2026 from 2027)
- A valuation of close to €4.3bn (+5% over 6 months), with an occupancy of 100%
- NAV EPRA NTA: €93.8 per share, up +3% over 6 months
Debt under control
- LTV EPRA: 42.1% (vs. 41.1% end of 2025)
- Net debt / EBITDA: 8.8x (vs. 8.5x end of 2025)
- Cost of debt: 2.50%, including the cost of the €500m bond of 2026 (2.10% end of 2025)
Updated 2026 targets1
Indicators
Updated 2026 targets
2025
Trends
Group share recurring net inc.
/ share
About €6
€6.0
Stable
LTV EPRA ratio
About 42%2
41.1%
+ 1 point
Ratio Dette Nette / EBITDA
8.5X
8.5X
Stable
Dividend per share
€3.653
€3.45
+6%
Jean-Claude Le Lan
Chairman of ARGAN's Supervisory Board
A solid first half for 2026
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…
Footnotes:
- For initial 2026 targets, readers can refer to the release on January 22, 2026.
- Assuming a capitalization rate unchanged from the end of June 2026 (5.25%, excluding transfer taxes), and taking into account the investments brought forward from 2027 into 2026 as part of the updated 2026 guidance.
- Subject to approval by the Annual General Meeting to be held on March 25, 2027.
