Argan Raises Annual Target to €221M After a 4% Increase in First Half
The logistics warehouse specialist recorded rental revenues of €109.7M in the first half, up 4%. On this basis, it now targets €221M in annual revenues, up from €220M previously.
Rental Revenues Up 4% in the First Half
Argan reported rental revenues of €109.7M in the first half of 2026, a 4% increase compared to the same period in 2025 (€105.8M). The first quarter generated €54.4M (+3% year-on-year) and the second quarter €55.3M (+5%). This growth is primarily due to the full-year effect of deliveries completed in 2025, supplemented by a rent revision of 0.6% applied on January 1, 2026. The company also regained a 100% occupancy rate since the first quarter of 2026, thanks to leasing 32,000 m² previously vacant at the Coudray-Montceaux site, in the Paris region, to JS Logistics.
Annual Target Raised to €221M
Strengthened by the half-year results and the schedule of deliveries remaining for 2026, Argan has revised its annual rental revenue target upwards, now aiming for at least €221M, compared to €220M previously. This target represents a 4% increase from the 2025 fiscal year. The 2026 investment program totals €160M, with nearly €120M dedicated to acquisitions. The average yield of the year's investments is over 6%, with more than €140M already operational.
Six Warehouses Delivered Since January
Since the beginning of the year, Argan has delivered six warehouse projects for major clients. In February, the company commissioned a 42,000 m² site for Puma in Vendenheim (67), leased for nine firm years, and a 1,300 m² cold storage extension for Pomona in Valenton (94), with a twelve-year lease. In April, Celio benefited from a 12,000 m² extension bringing the Amblainville (60) site to 55,000 m², certified Autonoom, with a ten-year firm lease. Ferrero welcomed two deliveries in Normandy: a 34,000 m² site in Cléon (76) in June and a second 20,000 m² site in Barentin (76) on July 1st, both with ten-year firm leases. Danone received an Autonoom site of 8,200 m² in Sorigny (37) at the end of May, for a firm duration of nine years. Two more deliveries are expected before the end of the year: an Autonoom warehouse of 5,700 m² for Jacky Perrenot in Béziers (34) in October, and a refrigerated site of 15,000 m² for ID Logistics (Intermarché) in Saint-Bonnet-les-Oules (42), conversion planned for mid-July with a nine-year lease.
