Rental income up +4% in H1 2026 and target for the year revised upwards to €221m (vs. €220m previously)

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

First half 2026 rental income: €109.7 million

In the 1^st half of 2026, ARGAN, leading French real estate company specializing in the development and leasing of premium warehouse facilities across France, recorded rental income totalling €109.7m, i.e., up + 4 % from the first half of 2025. The growth in the first half was mainly driven by the full-year effect of the 2025 deliveries, supplemented by the rent indexation (+0.6%) as of January 1, 2026. The Company also returned to a 100% occupancy rate in the first quarter of 2026, following the lease to JS LOGISTICS¹ of 32,000 sqm previously vacant on the Coudray-Montceaux site (Paris area).
 
Following its strong first-half performance and taking into account the 2026 delivery schedule, ARGAN is raising its full-year 2026 rental income guidance and now expects rental income of at least €221 million², representing an increase of more than 4% compared with 2025.

Six deliveries have been completed since the beginning of the year as part of a 2026 investment program of nearly €160 million covering eight projects

The secured investment program for 2026 amounts to €160 million, of which acquisitions account for nearly €120 million. The average overall yield on the 2026 investments exceeds 6%, with more than €140 million already delivered through six projects intended for:  

• PUMA, delivered in February, at the Vendenheim logistics park (Bas-Rhin, 67), comprising 42,000 sqm. A long-standing presence in France’s Grand Est region, PUMA has leased this new facility near Strasbourg under a long-term lease with a firm nine-year term;
• POMONA, with an extension delivered in February, adding 1,300 sqm of new frozen-storage space at its Valenton site (Val-de-Marne, 94). The delivery also provided the opportunity to extend the lease for a firm term of 12 years;
• CELIO, with a new 12,000 sqm extension inaugurated in April, bringing the total surface area of the Amblainville site (Oise, 60) to 55,000 sqm. The project also reduced the site’s CO₂ emissions by a factor of four by upgrading the entire facility to the AutOnom® standard. This new milestone also marks the beginning of a new commitment under a lease with a firm 10-year term;
• FERRERO, in Normandy, the historic heartland of the Italian group’s operations in France. The first facility, comprising 34,000 sqm, was delivered in Cléon (Seine-Maritime, 76) in June, while the second, a 20,000 sqm facility in Barentin (Seine-Maritime, 76), was commissioned on July 1. These two deliveries mark the commencement of long-term leases with firm
  10-year terms for each site; and
• DANONE, for a new AutOnom® facility in Sorigny (Indre-et-Loire, 37), near Tours, delivered at the end of May.This new 8,200 sqm site includes 6,400 sqm of cold storage space at 2/6°C and an 800 sqm office block, under a lease with a firm nine-year term.

ARGAN’s delivery pipeline for the remainder of the year includes two additional projects for:

• Jacky Perrenot, with the development of a 5,700 sqm AutOnom® facility in Béziers (Hérault, 34),scheduled for delivery in October 2026.Located in the fast-growing Béziers Ouest business park, the project will mark the commencement of a lease with a firm six-year term; and
• ID LOGISTICS, on behalf of Intermarché, in Saint-Bonnet-les-Oules (Loire, 42), near Saint-Étienne, involving the conversion of approximately 15,000 sqm of ambient-temperature storage into cold storage within a warehouse of more than 50,000 sqm. On completion of the project, scheduled for July 2026, the lease will be extended for a further firm term of nine years.

A Proven Value Creation Model

Despite a backdrop of sluggish economic activity and heightened geopolitical uncertainty, ARGAN’s commercial and financial performance continues to demonstrate the resilience of its business model, driven in particular by AutOnom®, the warehouse that generates its own energy for self-consumption. In addition, the recently signed projects have brought several major new customers into ARGAN’s portfolio.