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Last updated : 15/09/2026 - 17h35
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Argan Anticipates Slower Growth in Rental Income by 2026

Real estate group Argan exceeded its rental income targets in 2025 with EUR 212 million, up by 7%, but expects a slowdown to 4% next year.


Argan Anticipates Slower Growth in Rental Income by 2026

2025 Performance Overview

In 2025, Argan recorded rental incomes of EUR 212 million, surpassing its revised target of EUR 211 million. This performance marks a 7% increase compared to the previous year. However, the consolidated net earnings per share decreased by 4% in 2025, from EUR 10 to EUR 9.6.

Projections for 2026

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For 2026, Argan forecasts a 4% growth in its rental incomes, reaching about EUR 220 million. The group has secured investments close to EUR 165 million for 2026, with an average yield of over 6%. Argan plans to refinance its EUR 500 million bond loan maturing in November 2026.

Financial Strategy and New Tenants

The cost of debt is expected to rise from 2.10% to about 3% in 2026. Argan's gross financial debt stood at EUR 1.7 billion at the end of 2025. New tenants expected in 2026 include Danone, Ferrero, and Puma.



Sector Foncières / REITs Immobilier commercial / foncières


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Context

Period
  • Period: S1 2026
Key reported figures
  • Revenue: 109,7 millions d'euros
  • Quarterly revenue: 109,7 millions d'euros
  • Revenue growth: 3,7 %
  • EBITDA: 178,9 millions d'euros
  • Net income: 156,2 millions d'euros
  • 1 907 millions d'euros
Guidance from the release
  • Sur la base des très bonnes réalisations du premier semestre, et tenant compte du calendrier des livraisons de 2026, ARGAN révise à la hausse l'objectif annuel
Risks mentioned
  • Marge sur revenus du résultat net récurrent a diminué à 71 %.
Opportunities identified
  • Accélération du développement avec des livraisons avancées pour 2026.
Outlook / guidance
  • Expected revenue: 221 millions d'euros
  • Management commentary: l'objectif annuel d'environ 6 € par action

The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.

Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.

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