France · Delayed Price · Currency is EUR Argan Earnings Call Transcripts
Fiscal Year 2026
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The merger creates a leading European logistics real estate platform, combining complementary strengths, a robust land bank, and operational synergies. The deal structure includes a share swap and special dividend, with full synergy realization expected by 2028 and a focus on long-term growth and ESG leadership.
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Rental income rose 4% to EUR 110 million in H1 2026, with recurring net income at 71% of rental income and a 100% occupancy rate. The portfolio value increased to EUR 4.3 billion, and the 2026 rental income target was raised to EUR 221 million. LTV remains stable at 42%.
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Asset value and rental income grew in 2025, with a strong balance sheet and 100% occupancy. Dividend rises to EUR 3.45 per share, and all resolutions but one were approved. ESG initiatives advanced, with all new developments energy self-sufficient and BREEAM Excellent certified.
Fiscal Year 2025
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Rental income grew 8% to €106M and recurring net income rose 16% in H1 2025, with a 100% occupancy rate and strong asset revaluation. 2025 guidance is confirmed, targeting €210M rental income and €151M recurring net income, with further deleveraging and a 5% dividend increase.
Fiscal Year 2024
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Portfolio value and rental income grew strongly in H1 2024, with improved debt ratios and 100% occupancy. Guidance for 2024 and 2026 was confirmed, supported by new developments, asset disposals, and a €150 million equity raise. Political and market uncertainties are being closely monitored.