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Last updated : 30/10/2026 - 17h36
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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: 9M 2026
Key reported figures
  • Revenue: 166,2 millions d'euros
  • Quarterly revenue: 166,2 millions d'euros
Guidance from the release
  • raising its full-year 2026 rental income target
Risks mentioned
  • Dépendance vis-à-vis du timing de livraison des trois projets restants pour atteindre la cible annuelle
  • Risques de retard ou de révisions de coûts sur les projets en cours
  • Évolution des conditions économiques et du marché immobilier français affectant les rendements futurs
Opportunities identified
  • Seven developments delivered in 2026 with more than €150 million invested, generating strong lease contracts with long-term tenants
  • Three additional projects scheduled for remainder of 2026 for Jacky Perrenot, new client in Sorigny, and Jung Logistique
  • 99.9% EPRA occupancy rate demonstrating strong market demand and asset quality
Outlook / guidance
  • Expected revenue: 222 millions d'euros
  • Management commentary: ARGAN rehausse à nouveau son objectif annuel pour les revenus locatifs au titre de 2026 et vise au moins 222 M€, soit une progression de + 5 % par rapport à 2025.

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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