Hello everyone, welcome to Argan half-year 2026 results, announcing the first six-month results. Few logistic points. Please note this conference is being recorded, and for the duration of the call, as we ask for questions to be submitted ahead of this call, your lines will be in a listen-only mode. After comments and slides are provided, we will answer to questions received by email. On today's call, we also have joining us, Aymar de Germay, Argan's General Secretary and member of the executive board, as well as Francis Albertinelli, CFO and member of the executive board. After this call, the replay will also be available on our website for a public release afterwards on the Regulated Information section for 2026 under Conference Calls and Webcasts section. Aymar de Germay and Francis Albertinelli will refer to a presentation available on the webcast screen and on our website, argan.fr, under the Regulated Information and Financial Documents section for 2026. In addition to the presentation, a press release was published that you can consult as well. I now hand it over to Aymar and Francis. Thank you, Samy. I am Aymar de Germay. Hello, everyone. Starting from page four of our presentation, we give some key figures at end of June 2026. First point to mention is the good growth in our rental income of +4% to EUR 110 million that we recorded in H1 2026. This was paired with still strong recurring net income at a solid 71% of the rental income. This placed the recurring net income per share at EUR 3, meaning an in-line trend with our target for the year of EUR 6 per share. On top of income, our portfolio grew as well in H1, with a fair value of EUR 4.3 billion on the back of cap rates that are stable at 5.25%, excluding duties. As you know, our portfolio is independently appraised by CBRE every half-year. With the contribution of the recurring income and the growth of our portfolio, our NAV EPRA NTA went also up to close to EUR 94. Argan also worked on a control debt. As such, our LTV ratio was fairly stable at around 42% at the end of June. Now, moving to page six for a quick overview on French logistics real estate trends over six-months. Take-up has continued to decrease, down 26% compared to a five-year average. This notably reflects the uncertainty on the back of geopolitical context. Page seven. Vacancy rates have stabilized nationally over Q2 2026, close to 7% according to CBRE. This, however, still comes from strong disparity between different regions with lower vacancy in the south. Also, asset availability gives an advantage to more recent warehouses with prime locations such as those in our portfolio. On slide eight, a presentation of investment in H1 2026 for the logistics asset class. These were mostly concentrated in Q2 2026 due to the transaction between Blackstone and Proudreed. The trends were somewhat subdued compared to 2024, 2025, with smaller sized transactions. Moving to page 10. As you know, we focus on blue-chip clients with strong market share and solid financials. We keep on increasing our client base with three international players joining us in H1 2026, Ferrero, Puma, and Danone. Slide 11. The distribution of our rents shows a stable picture from end of 2025. Food distribution and logistics pure players still represent a strong majority of our income at 59% of the total. Moving to page 12, regarding our main clients, the top 12 customers represent 67% of our rents, including Carrefour at 27% of the total. Considering the last six months, there is a slight deconcentration of Carrefour on the back of leases with new tenants. Few remarks on slide 13. We aim at securing long duration of leases, and as such, the average remaining fixed term length is 4.9 years, a level quite stable throughout the years. Additionally, shippers still represent more than three quarters of the volume of rents. The rates of rents fully indexed on the ILAT, the French index related to inflation, is still increasing with 67% of the total. Final point on leases on slide 14, the occupancy rate is still outperforming our peers with, once again, 100% at the end of June 2026, confirming a trend observed for more than a decade. A few key figures on page 16 relating to our portfolio. We already discussed the fair value of EUR 4.3 billion end of June. Our land bank remained sizable with around 750,000 sq m. This represents more than six years of self-development. For us, sustainable development is crucial, with 53% of our portfolio certified, notably with at least BREEAM excellent level being targeted for developments as part of the AUTONOM label for our warehouses. We now target to certify all our existing warehouses by 2030 with a BREEAM In-Use standard with at least a very good certification. On slide 17, the fair value of our portfolio is still on a positive momentum, with also a strong contribution from the valuation of our portfolio in H1 2026. This concludes the elements I wanted to highlight as part of the portfolio description. I will now pass the microphone to Francis to comment the set of H1 financial results, starting with debt. Thank you, Aymar. Hello, everyone. Francis Albertinelli speaking. I am starting on slide 21. Just to highlight that we successfully issued a bond in an amount of EUR 500 million last April at a coupon of 3.8%. The maturity is 3.5 years until October 2029. This received strong support from investors with more than five times over subscriptions and a very narrow margin of 100 basis points. It was an inaugural green bond with all supporting green financing documentation on our website. The new bond will repay V1 to be reimbursed at the end of this year for EUR 500 million as well, issued in itially in 2021 at a coupon of 1%. Slide 22. Few additional elements on our debt policy. Our goal is to maintain our debt under control. We also target to gradually switch to in fine mortgage loans and bonds in the future, thus continuously reducing the amount of yearly capital reimbursements. For this year, we aim at an LTV of around 42% and a net debt to EBITDA ratio of about 8.5 times. Another feature of Argan's policy is to have enough RCF lines with a total today of close to EUR 500 million. Finally, our sound financial model is still appreciated at an investment grade rating by S&P at BBB-, coming with a stable outlook. Next slide is on page 23. Our debt structure has the target, sorry, to minimize exposure to rate variations, with no debt having floating variable rates. As a consequence, and taking into account the new bond issued in April, we can forecast a spot cost of debt of about 3% at the end of this year against 2.50% at the end of June. The debt maturity is also fairly long at 4.5 years, excluding the bond to be repaid this year. Moving to slide 25, we target rental income of EUR 221 million this year, after having revised this target upwards early this month. This maintains a solid momentum since the creation of Argan. On slide 26, we detail our results. Rental income grew plus 4% from the first half on 2026 on the back of strong delivery pipeline. Regarding the recurring net income, it remained stable. A high margin of 71%, notably due to financial costs that increased with the new bond issued at higher cost than the one issued in 2021 due to increased rates and environment since then. This still places Argan in the right trajectory for our target of EUR 6 per share for the year. On the next slide, 27. The EPRA net income is growing, reflecting the positive contributions from the change in fair value of our portfolio. One last point for financial items on page 28, to detail our NAV EPRA NTA. It grew by EUR 2.3 per share in H1 2026. This results from the positive contribution of our recurring net income adding EUR 3 per share, as well as from the positive change in fair value of our assets for close to EUR 3 as well per share. This was partly compensated by the mechanical impact of the dividends exclusively paid in cash this year for EUR 3.45. This concludes our review of our financial performance. I hand it back to Aymar to give some color on our roadmap for 2026. Thank you, Francis. On to slide 30. Our AUTONOM® warehouses that produces its own green energy on-site for the self-consumption of tenants with batteries for storage on top of photovoltaic panels. The major aspect is the strong carbon footprint reduction by a factor of 10 compared to a standard warehouse. We compensate for residual emissions with a reforestation program near Bordeaux. Turning to slide 31 and 32 to give some perspective on our investment plans for this year, as we now target EUR 200 million of investments to be delivered in 2026 alone. Over EUR 150 million were already delivered across seven projects as of today. We are sharing two new projects as part of H1 2026 results that were carried forward to Q4 2026 from Q1 2027. First, for Jung Logistique in Tournan-en-Brie in the greater Paris area for 30,000 sq m. Second, an acquisition project for a new client that we will disclose in the coming months adjacent to the Danone warehouse delivered near Tours for new spaces totaling 13,000 sq m. All of this combined still generates an average yield of 6% for the two years. Our last comments will be on slide 33. We give here some updated outlook for the end of 2026. We have upgraded our target for rental income up to EUR 221 million and confirmed our target for the group share recurring net income at EUR 6 for 2026. Due to the projects carried forward to 2026 from 2027, we have slightly reviewed upwards our target for the EPRA LTV to 42%. We still target 8.5x for our net debt EBITDA ratio. The dividend that will be put to shareholders at the next assembly in March 2027 should be EUR 3.65 per share, up +6% from 2026. This closes our remarks on the presentation. Go through questions received by email that would not find and answer the comments already made or in documents disclosed. Opening the Q&A session of this conference call. I am handing it over to Samy to read the questions received, and he will answer the questions. Thank you very much, Aymar. I will now read questions received that, as indicated, were not already answered with the presentation or results, and we will answer them one by one by indicating as well, for the sell-side analysts, those who ask questions. First, starting with the investor questions. Question one, what is the share of self-development as part of the 2026 pipeline? Out of the EUR 200 million in the pipeline for 2026, self-developments account for about 35% of the total. On the long run, since the creation of Argan, self-developments have represented around 50% or slightly more of total investments. Question two, what is the rent reversion potential as of today? As at June 30th 2026, the average rent per square for Argan is around EUR 58 against the market value of around EUR 60 per sq m according to CBRE. As such, the reversion potential is close to 3.5% today, all of which is concentrated in the Carrefour portfolio that has a total reversion potential of around 19%. Question three, are you planning asset sales? The answer is not in the short run in 2026, but it is not excluded to do one or two opportunistic asset sales starting from 2027 on for asset rotation purposes and self-financing purposes as well. Question four, are you able to find new big tenants? Yes, and this is demonstrated with the 2026 announcement notably. We are able to find new tenants that have an international footprint. Also today, there are discussions around e-commerce players such as Amazon, but also Chinese players in France. For all players who want to increase their footprint in France. This was a market comment. Going to questions asked by Amal Aboulkhouatem from Degroof Petercam. Question one, how do you expect your cost of debt to evolve in the second half of the year, particularly following your recent bond issuance? The answer to that is that as indicated in our slideshow, we anticipate a cost of debt of about 3% at the end of the year, taking into account the impact of the refinancing in April. Question two, how do you see your development pipeline evolving for 2027? What are the key opportunities you have identified to support future growth? As announced, we are now targeting about EUR 150 million per year for the coming years in terms of delivered investments. We already have good opportunities to be in this range for 2027. Question three, what is your view on current tenant demand across your core markets? Are you seeing any significant differences across geographies or asset segments? The level of demand in H1 2026 is fairly the same as in 2025 or H2 2024. The demand is still somewhat impacted by the wait-and-see approach for some players, but France has some interest coming from, as said previously, e-commerce players and also some other industries such as defense or pharmaceuticals, for example. We are well-positioned to capture these trends in the future. Q uestion four, how do you expect market trends to evolve over the coming quarters across your key markets? The answer to that is we have seen stabilizing to slightly increasing rent levels depending on markets in France in H1 2026. We believe this trend could continue in the coming months. This concludes this set of questions by Amal. Questions asked by Frédéric Renard from Kepler Cheuvreux. Question one, how would you describe the occupier market today in terms of leasing incentives and rental growth? Which sub-markets and asset types, small, medium-sized, or large units, are currently performing the strongest? In terms of answer, market trends, as specified previously, are slightly up to stabilizing. Regarding incentives, these have fairly remained the same compared to 2025, meaning about one month per year of fixed term duration for the leases. Regarding demand, we see a shift towards smaller sites warehouse since compared to the past. These are between 10,000 to 30,000 sq m. With a prefe rence for well-located sites and strong attention paid to green certifications. Question two, how do you justify using a yield in line with the market prime yield when a significant number of transactions did not close during the first half of the year? What is your outlook for the second half, particularly with the French 10-year government bond yield, OAT, hovering around 4%? Argan does not manage its own yields. These are appreciated independently by CBRE. We are indeed close to prime yields at a national level. At this stage, CBRE has maintained the level of prime yield at 4.90%. We cannot tell what the level will be at the end of 2026. We could see a slight uptick of a few basis points. We cannot give any guidance on this point that does not depend on us. Question three, you have guided to around EUR 150 million of net investments. Is this already identified for 2027? How do you see investment opportunities evolving beyond 2027, particularly from 2028 onwards? Do you have a target of LTV ratio? The answer to that is we already have secured well above EUR 100 million for 2027. We believe there are opportunities to remain at similar levels in the years after. Our LTV ratio target for the medium term would be to remain at about 40% in the future. This concludes the questions by Frédéric. Jumping to questions by Pierre-Emmanuel Clouard from Jefferies. Question one, you report an EPRA net initial yield of 4.95%, whereas the latest CBRE data as of end of June 2026 indicates a 4.9% prime yield for newly built assets located in the Paris region. How do you explain this difference, given that only one-third of your portfolio is located in the Paris region and the portfolio has an average age of 13 years? The answer to that is that the EPRA net initial yield reported by Argan is based on today's rents that are not at market rent levels, while CBRE prime yield by nature reflects prime market rents. If we were to consider market rent levels for all leases by Argan, the EPRA net initial yield would read about 5.10%, meaning about 20 basis points difference compared to CBRE prime yield. This 5.10% level is the one we consider reflective of the quality of our portfolio. Question two. Of the EUR 69 million revaluation gain, how much is attributable to recently completed development projects, and how much comes from the existing portfolio? All of the EUR 69 million in our diagram are attributable to the portfolio delivered by the end of 2025. Question three. You are guiding for EUR 150 million of investments beyond 2026. Given your current share price, wouldn't repurchasing your own shares create more value for shareholders? The answer to that is that we are not considering share buyback at this stage. Argan rather focuses on the long-term value creation through the increase and enhancement of its own portfolio. This concludes the questions by Pierre-Emmanuel. I am going to questions asked by Emmanuel Parrot from Invest Securities. Question one. What is the value of the land bank that has not yet been developed? How is it currently valued on the balance sheet? Out of the 750,000 square meters of buildable land bank today, about half is land bank for potential extensions on existing sites. This is part of the portfolio appraised by CBRE, within the EUR 4.3 billion excluding dut ies. The rest is greenfield with, in the vast majority of cases, options on this land, that is not part of our balance sheet as such. Usually, these options represent about 5%-10% of the value of the land. They are not on the balance sheet. Question two. Can you confirm that the average cost of debt is expected to remain at 3% in 2026? Yes, we can confirm that the cost of debt is expected at about 3% spot by the end of this year. Question three. Could you break down the H1 2026 rental income growth between lease reversions and indexation? In terms of answer, out of the 4% of rental income increase, about 0.6% came from indexation, which is the organic part. The rest came from the new deliveries of 2025 and 2026, there has been close to no impact from reversion. This concludes the questions by Emmanuel. I am now going to questions by Florent Laroche-Joubert from ODDO BHF. Question one. What gives you the confidence to raise your investment target to EUR 150 million beyond 2026? As answered previously, we have identified enough opportunities, be it self-development or acquisitions, to be close to or above EUR 150 million threshold for 2026 and 2027. Longer run, we believe that France will be a strong location for secular long-term trends such as e-commerce, where France has some catch-up to do in comparison to other countries, also themes relating to sovereignty for defense, for example, or data infrastructure development through data centers, notably. Question two. Your 2026 LTV target has ultimately been increased by 150 basis points. How do you explain this, given that asset values have continued to improve on a like-for-like basis with medium-term LTV target? Which medium-term LTV target are you aiming for? The LTV guidance update reflects the increased pipeline for 2026, also to take into account the increased investment guidance for 2027 on. There is impact from 2026, also some impact from 2027 already at the end of 2026. Medium term, we target an LTV close to 40%. Question three. How do you explain the slight decline in the EBITDA margin in H1 2026 compared to H1 2025? Indeed, there is a very slight margin decline, less than one point, which is related to two main items actually. One-off items with an impact of slightly less than EUR 1 million in H1. First, this relates to marketing of our sites that were vacant with a few fees at the beginning of this year. Second point is also the fees for contracts on our RCF lines that were contracted in H1. We have increased our RCF lines by EUR 100 million compared to the end of 2025, these fees appear in the EBITDA. On all combined, less than EUR 1 million impact. This concludes the questions by Florent Laroche-Joubert, now jumping to questions by Wim Lewi from KBC Securities, this will conclude the Q&A session. First question, do the figures that we have published mean that the average cost of debt over H1 will rise to 3% at the end of full year 2026, which will not be the average for the whole year? We can confirm indeed that 3% is the spot level of our cost of debt at the end of 2026, meaning a 50 basis points up compared to the spot level at the end of June 2026, which was 2.50%. The increase is related to the fact that our bond of EUR 500 million with a cost of 1% will have been reimbursed at maturity, hence bringing up the average level of the cost of debt. Second question, if everything stays the same on debt, then the average cost of debt over full year 2027 will be around 3%? Yes, we can confirm that all things being equal, in the future, the cost of debt of 2027 would be slightly above 3%, meaning slightly above the spot rate at the end of 2026. This was the last question received. As such, this concludes the list of questions shared with us by email and I will now hand it back to Aymar and Francis for our closing remarks. Thank you very much for taking part to our H1 2026 results presentation. We remain available to answer any questions you will have after this call. We also wish you a happy summer break if you go on holiday in the coming days. See you soon.