Slides
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1 2025 Half-year results July 17, 2025 STRONG GROWTH & 2025 TARGETS CONFIRMED ARGAN Team
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2 I. Key H1 2025 results 3 II. The Logistics Real Estate Market 5 III. Loyal and Blue-Chip Clients/Tenants 10 IV. A PREMIUM Portfolio of 3.7 million sq.m 16 V. Debt 21 VI. H1 2025 results 24 VII. 2025-2026 roadmap 29 VIII. Appendices 36 Agenda
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BSL – Bain de Bretagne (35) – 30,000 sq.m CARREFOUR – Mondeville (14) – 82,000 sq.m YOUR CARBON ZERO WAREHOUSE Key H1 2025 results
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4 H1 2025 key figures Portfolio ▪ Valuation (excl. duties): €4.0Bn ▪ Cap Rate (excl. duties): 5.25% ▪ Area: 3.7 million sq.m Half-year results ▪ Rental Income: €106 million 8% ▪ Recur. Net Inc. – Group share: €78 million 16% ▪ NAV EPRA NTA: €87.3 per share Vs. 5.20 % end of Dec. ‘24 Vs. €3.9Bn end of Dec. ‘24 Vs. €85.5 end of Dec. ‘24 Debt ▪ Net debt: €1.7Bn Vs. €1.7Bn end of Dec. ‘24 ▪ Net LTV (excl. duties): 42.3% Vs. 43.1% end of Dec. ‘24 ▪ Cost of debt H1 2025: 2.10% Vs. 2.25 % end of Dec. ‘24 ▪ S&P rating: «BBB- », with stable outlook ▪ Net debt / EBITDA: 8.6x Vs. 9.2x à end of Dec. ‘24
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BSL – Bain de Bretagne (35) – 30,000 sq.m CARREFOUR – Mondeville (14) – 82,000 sq.m YOUR CARBON ZERO WAREHOUSE The Logistics Real Estate Market
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6 • Take-up decreased -22% in H1 2025 vs. 5 previous years average Take-up is slowing down after record years Source: CBRE 0 1 000 000 2 000 000 3 000 000 4 000 000 5 000 000 2019 2020 2021 2022 2023 2024 2025 In sq.m Take-up (leasehold + user acquisition) H1 10 years average over H1 2015-2024 H1 Full-year take-up H1 take-up
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7 National vacancy rate is increasing on a more sluggish backdrop Source: CBRE In sq.m National vacancy rate of 6.1% at the end of June 2025 with regional discrepancies: - North of France: 10% - Paris region: 8% - Lyon region: 5% - Marseille region: 4%
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8 Source: CBRE Market of the French logistics investment Demand for logistics was still strong in H1 2025: 29% of total commercial real estate Interest in small to mid-sized transactions (around €100 million or less) Industrial & Logistics investment % of logistics over all investments made in corporate real estate € billions 5-year average over 2020-2024 H1 volumes
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9 100% of spaces re-let in H1 2025 for ARGAN ARGAN recorded an average reversion of around +13% on its re-lettings in H1 2025 and maintained full occupancy as of end-June 2025, despite a less favorable environment, demonstrating: ✓ The quality of sought-after spaces ✓ Sustained demand for Premium warehouses ✓ The effectiveness of ARGAN’s rental management (Asset & Property management) Location Region Area (sq.m) Reversion / sq.m Saint-Quentin-Fallavier Lyon area 18,000 +24% Serris Paris area 6,800 0 % Rognac Marseille area 7,400 +21% Roissy-en-Brie Paris area 9,200 0% Total / Compound average n.a. 41,400 +13% ARGAN successfully re-let 4 sites during H1 2025 in a less favorable environment
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BSL – Bain de Bretagne (35) – 30,000 sq.m CARREFOUR – Mondeville (14) – 82,000 sq.m YOUR CARBON ZERO WAREHOUSE Loyal and Blue-Chip Clients/Tenants
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11 Leading clients
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12 40% 21% 11% 8% 7% 5% 4% 3% 1% Food distribution Logistics / Transport Personal goods E-commerce Household goods Automotive Food products Health Other Distribution of customers by economic sector NB: Distribution by % of rents
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13 Breakdown of rental income by tenant • Number of sites 70% 58 sites ▪ Top 12 tenants account for 70% of rents, spread across 58 sites ▪ The 56 other tenants account for 30% of rents and ≤ 1% of rents by site % of rental income
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14 Secured rents Breakdown of leases by fixed term (in % of annual rental income) Rent indexationTypes of clients Average remaining fixed length: 5.3 years (stable vs. end of 2024) Average indexation 2025: +3.45% Shippers: Manufacturers or distributors who are leaseholders (Carrefour, Decathlon, L’Oréal, etc.) Logistics Specialists: Operating on behalf of shippers who have outsourced the logistics functions (FM Logistic, Géodis, GXO Logistics, etc.)
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15 Occupancy rate maintained at 100% ARGAN maintained an outstanding occupancy rate of 100% at the end of June 2025 4 re-letting successfully achieved in H1 2025
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BSL – Bain de Bretagne (35) – 30,000 sq.m CARREFOUR – Mondeville (14) – 82,000 sq.m YOUR CARBON ZERO WAREHOUSE A PREMIUM Portfolio of 3.7 million sq.m
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17 ▪ About a hundred Number of warehouses: Average remaining fixed lease term: ▪ 5,7 ans (vs. 5,8 ans)▪ 5.3 years ▪ 12.0 years Average age of the warehouses: Spot occupancy rate: ▪ 100% Built areas: ▪ 3,740,000 sq.m (vs. 3,710,000 sq.m end of 2024) Buildable land bank: ▪ 550,000 sq.m Valuation Excl. duties: ▪ €4.0 billion (at a capitalization rate of 5.25%) H1 2025: Portfolio key figures ▪ 68Number of tenants: ▪ 25,000 working in the Group’s warehousesNumber of employees: ▪ 50% of the portfolio & 100% of new developments under the Aut0nom® labelCertified warehouses:
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18 Portfolio valuation: €4.0 billion, up by +3% In € millions
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19 Distribution of logistics hubs 80% 13% 6% 1% 2% by types Ambient Refrigerated Fulfilment centre Activities/ others by region NB : Breakdown by % of rents 13% 11% 29% 10%4% 8% 10% 6% 1% 3% 3%
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20 by age Distribution of logistics hubs by surface area Average size: 36,320 sq.m Average age: 12.0 years XXLXXL
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BSL – Bain de Bretagne (35) – 30,000 sq.m CARREFOUR – Mondeville (14) – 82,000 sq.m YOUR CARBON ZERO WAREHOUSE Debt
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22 ◼Priority to debt reduction, already aiming by the end of 2025 for: - An LTV (excl. duties) of < 40%* - A net debt / EBITDA 8x Debt1 ◼ Mixed, with a mid-term target of: ◼ Amortisable bank debt (50%) ◼ Bond (50%) ◼ RCF lines = €300 million Control over debt at the heart of the financial strategy Rating4 ◼ S&P rating: “BBB-”, stable outlook Liquidity3 Financing2 * With a constant capitalization rate excluding duties compared to end of June 2025.
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23 A stable cost of debt at 2.10% at the end of June 2025 DEBT STRUCTURE AS AT June 30, 2025 TRENDS IN THE COST OF DEBT • Average Cost of Debt at end of June 2025 = 2.10 % • Maturity of debt = 4.5 years • Net debt / EBITDA = 8.6x (vs. 9.2x end of 2024) • EPRA LTV excl. duties: 42.3% (vs. 43.1% end of 2024) 1,0% 1,5% 2,0% 2,5% 3,0% 3,5% 4,0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 3.30% 2.70% 2.20% 1.90% 1.70% 1.65% 1.50% 2.10%* 1.50% 2.25% * Estimated for the end of 2025 based on an average 3-month Euribor of about 2% over the year. Net debt = €1.7 billion 2.30%
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BSL – Bain de Bretagne (35) – 30,000 sq.m CARREFOUR – Mondeville (14) – 82,000 sq.m YOUR CARBON ZERO WAREHOUSE H1 2025 results
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25 Continued growth in rental income(in € millions) 2025 Target +8% +6%
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26 In € millions H1 2024 H1 2025 Rental income 98.1 105.8 Current expenses Income from cash Interest on loans Borrowing costs (spread) -6.6 0.4 -23.3 -1.6 -6.6 0.6 -19.0 -1.8 Recurring Net Income Recurring Net Income / Rental Income Recurring net income – Group share Recurring net income – Group share per share (€) On the basis of the weighted average number of shares for the half-year 67.1 68% 67.0 €2.8 23,919,304 79.0 75% 78.0 €3.1 25,533,068 +8% H1 2025 recurring net income +18% +11% Group share recurring net income accelerated: up +16% Recurring net income per share grew less steadily (+11%), following April 2024 capital increase (2m shares) and the one related to scrip dividend in 2025 (0.3m shares) +16%
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27 H1 2025 Consolidated income statement (IFRS) In € millions H1 2024 H1 2025 Rental income 98.1 105.8 EBITDA EBITDA / Income (%) 92.6 94% 100.0 94% Change in fair value Résultat des cessions Other operational expenses 17.0 - - 61.8 - - EBITDA, after value adjustments (FV) 109.7 161.8 Income from cash and equivalents Interest on loans Derivatives / borrowing costs / IFRS 16 Early repayment 0.4 -23.3 -2.6 - 0.6 -19.0 -2.8 - Income before tax 84.3 140.7 Tax and other financial expenses Share of income from equity-accounted companies 6.8 - -2.6 - Net income Net income – Group share Earnings per share (€) On the basis of the weighted average number of shares for the half-year 91.1 90.9 3.80 23,919,304 138.0 135.9 5.32 25,533,068 Maintained positive trends in portfolio’s fair value impact
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28 H1 2025 trends in NAV EPRA NTA per share In € per share NAV EPRA NRV = €98.9 / share NAV EPRA NTA = €87.3 / share NAV EPRA NDV = €88.6 / share +€1.8 per share
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BSL – Bain de Bretagne (35) – 30,000 sq.m CARREFOUR – Mondeville (14) – 82,000 sq.m YOUR CARBON ZERO WAREHOUSE 2025-2026 roadmap
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30 All our developments are made with Highlights of Aut0nom® Main key figures ▪ The first Net carbon Zero warehouse, launched in 2022. Equipment: → Roof solar panels along batteries for energy storage → Electric heat pumps & BMS ▪ 30% to 40% of on-site energy used for an ambient air warehouse and decreases by 90% its CO2 emissions (from 10 to 1 kg/sq.m/year) → For the tenant: Decrease in CO2 and energy bills → For ARGAN: Client attraction / retention and additional layer of revenues ▪ Residual emissions (1kg/sq.m/year) compensated for by a reforestation program near Bordeaux with a label of the French State ▪ Since 2025: 100% of developments with BREEAM Excellent label & Biodivercity label for all new compatible sites Net carbon zero in-use 100 % of new developments 52,000 trees planted in Cestas 40% of average autonomy 27,000 MWh produced in 2024 -90% emissions for an ambient air warehouse
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31 2025-2026: Over €200m of investments to be delivered €55m €149m Overall, more than €200 million are identified, including: ➢ €87 million of self-developments ➢ €118 million through three acquisitions ➔ Average yield of combined investments: more than 6% 2025 2026
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32 2025: €55m of investments for 68,700 sq.m LocationSite pictures Main information ➢ Bain de Bretagne (35) ➢ Development ➢ Area: 30,000 sq.m ➢ Fixed term: 6 years 1 ➢ Ouarville (28) ➢ Extension (greenhouse) ➢ Area: 11,500 sq.m ➢ Fixed term: 21 years 2 Vendin3 ➢ Vendin (62) ➢ Development ➢ Area: 8,900 sq.m ➢ Fixed term: 12 years 3 ➢ Louailles (72) ➢ Development ➢ Area: 18,300 sq.m ➢ Fixed term: 12 years 4 Louailles4 Bain de Bretagne1 Ouarville2 Photo credits of architects pictures: A26 Architectures
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33 2026: €149m of investments for 122,600 sq.m LocationMain informationSite pictures ➢ Tours (37) ➢ New development ➢ Surface: 8,100 sq.m ➢ Fixed-term: 9 years 5 6 Béziers ➢ Béziers (34) ➢ New development ➢ Surface : 5,700 sq.m ➢ Fixed-term: 6 years 6 Tours5 ➢ Hauts-de-France region ➢ Extension ➢ Area: 11,800 sq.m ➢ Fixed-term: 10 years 4 ➢ Grand-Est region ➢ Acquisition ➢ Area: 41,700 sq.m ➢ Fixed-term: 9 years 1 ➢ Normandie region ➢ Acquisition ➢ Area: 34,200 sq.m ➢ Fixed-term: 10 years 2 ➢ Ile-de-France region ➢ Extension (cold storage) ➢ Surface: 1,300 sq.m ➢ Fixed-term: 12 years 7 1 Grand-Est 3 Normandie Hauts-de-France4 Ile-de-France7 2 Normandie ➢ Normandie region ➢ Acquisition ➢ Area: 19,800 sq.m ➢ Fixed-term: 10 years 3 Photo credits of architects pictures: A26 Architectures
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34 2025-2026: About €130m of asset sales (net cash) ◼About €130m of net cash asset sales expectedTarget1 ◼ Age = decreased portfolio age ◼ Maximize net cash generated (ratio of cash on rents) ◼ CO2 emissions considerations ◼ Sale expected to take place at the end of 2025 (ongoing due diligence)Calendar3 Criteria2
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35 Vs. 3.7 M sq.m end of 2024 < 40%(1) Projections & targets for 2025 1. At constant capitalisation rate compared with the end of June 2025 (5.25% excluding duties). 2. Based on an average 3-month Euribor of about 2% in 2025. Debt (projections) ▪ Net LTV (excl. duties) : ▪ 2025 cost of debt: Vs. 43.1% end of 2024 2.10%(2) Vs. 2.25% end of 2024 Portfolio (projections) ▪ Valuation (excl. duties): €4.0Bn(1) ▪ Area: 3.6 million sq.m Results & Dividend (Targets) ▪ Rental Income: €210 million 6% ▪ Recurring Net Income – group share: €151 million 11% ▪ Net debt: €1.6Bn Vs. €1.7Bn end of 2024 ▪ Dividend per share: €3.45 5% Vs. €3.9Bn end of 2024 ▪ Net debt / EBITDA : 8x Vs. 9.2x end of 2024
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BSL – Bain de Bretagne (35) – 30,000 sq.m CARREFOUR – Mondeville (14) – 82,000 sq.m YOUR CARBON ZERO WAREHOUSE Appendices
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37 2024: €180 million of investments for 170,000 sq.m (1/2) LocationSites delivered Main information Photo credits of architects pictures: A26 Architectures ➢ Mondeville (14) ➢ Area: 82,000 sq.m ➢ Fixed-term: 9 years 1 Mondeville1 ➢ St-Jean-sur-Veyle (01) ➢ Area: 31,300 sq.m ➢ Fixed-term: 12 years 2 St-Jean-sur-Veyle2 ➢ Chartres (28) ➢ Area: 18,000 sq.m ➢ Fixed-term: 10 years 3 Chartres3 ➢ Bolbec (76) ➢ Area: 15,200 sq.m ➢ Fixed-term: 6 years 4 Bolbec4
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38 2024: €180 million of investments for 170,000 sq.m (2/2) LocationMain information Photo credits of architects pictures: A26 Architectures ➢ 2024 is a new record year after 2023; ➢ The average yield of 2024 delivered projects was 6.6%, approaching 7% (€12m of rents / year). Sites delivered ➢ Augny (57) ➢ Area: 9,500 sq.m ➢ Fixed-term: 9 years 1 Augny1 ➢ Bruguières (31) ➢ Extension : 2,800 sq.m ➢ Area: 13,400 sq.m ➢ Fixed-term: 12 years 4 Bruguières4 ➢ Eslettes (76) ➢ Area: 4,600 sq.m ➢ Fixed-term: 9 years 2 Eslettes2 3 Castries ➢ Castries (34) ➢ Area: 4,300 sq.m ➢ Fixed-term: 6 years 3
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39 ESG appendices: 2024 highlights related to the Environnement Carbon footprint reduction Biodiversity Reforestation ▪ -25% reduction vs. 2022 (reference year) on emissions linked to energy consumption coming from the portfolio ▪ New target to reduce intensity of CO2 emissions from the construction phase: -30% by 2030 vs. 2022 (reference year) ▪ 6 heat pump projects achieved or ongoing as part of the plan to replace gas boilers in the existing portfolio by electric heat pumps → Allocated investments: over €4 million → Avoided CO2 emissions of around 2,500 tons / year ▪ Biodiversity strategy unveiled by ARGAN in Q4 2024 ▪ 8 targets for 2024 to tackle soil artificialisation, reforestation, wildlife protection and circular economy ▪ A strategy fully part of ARGAN efforts related to the companies committed to nature label (“Entreprises engagées pour la nature”) delivered by the French state → This strategy is available on the argan.fr website (under ESG commitments sections) ▪ In addition, a sustainable development guide for sites has been implemented for ARGAN’s tenant clients ▪ Reforestation project under the Low Carbon label issued by the French State and carried out by Oklima (a subsidiary of EDF), aimed at offsetting the residual emissions of ARGAN’s Aut0nom® Parc ▪ Project located in Cestas, very close to 2 ARGAN sites ▪ Planting of 50,000 trees in the Fall of 2025 on a 40-hectare land area ▪ Targeted benefit = approximately 8,000 tons of CO2 (carbon credit) ▪ Contribution to local job creation with service providers hired within 100 km
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40 ESG appendices: Other 2024 highlights ❑ First effective year of the free share allocation program for all employees ❑ Definition and internal & external dissemination of two new charters to complement the Biodiversity strategy: ▪ Responsible Purchasing Charter & ESG code of conduct for Suppliers; ▪ Stock market code of conduct; ❑ 100% of employees trained on the full set of ARGAN charters developed in 2023 and 2024
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41 ESG appendices: Increased presence and rating with benchmark agencies ➢ Argan continues its commitment to its roadmap aimed at strengthening its presence within leading ESG rating agencies ➢ The rating process has also been initiated with GRESB, and Argan aims to enhance its current ratings Sustainalytics Ecovadis Ethifinance → Level of risk revaluated from ‘medium’ to ‘low’ following the revamped ESG roadmap in 2023 → 2024 was the first year of Ecovadis campaign for Argan with a strong ‘silver medal’ achievement GOLD RATING → Improved rating in 2024 compared to 2023 (gold from silver previously)
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42 Calendar of releases and meetings for 2025-2026 October 1st: Net sales of 3rd quarter 2025 2025 financial calendar 2026 financial calendar January 5: Net sales of 4th quarter 2025 January 22: Annual Results 2025 March 26: Annual General Assembly 2026