Argan

Earnings Release • Apr 1, 2021

Rental income growth of +10% at €38m in the 1 st quarter of 2021

Rental income (IFRS) as at 31 March 2021 (unaudited figures)

€m	Financial year 2021	Financial year 2020	Change
st quarter 1 (Jan.- March)	38.2	34.8	+10%

Rental income of €38.2m in the 1 st quarter of 2021

In the 1 st quarter of 2021, ARGAN, the French real estate company specialising in the development and rental of PREMIUM warehouses, recorded rental income of €38.2m, up +10% compared with the same period last year. This strong growth is due to the full-year effect of rents generated by 2020 developments and to the delivery of a new project.

Significant events of the 1 st quarter of 2021

During the 1 st quarter of 2021, ARGAN maintained its development with:

• The signing of seven leases in the future state of completion for a total surface area of approximately 80,000 sqm to be delivered in 2022 ;
• In March, delivery of a logistics platform of 14,200 sqm located in Gondreville, about fifteen kilometres west of Nancy, leased to COLRUYT, a local supermarket brand, for a fixed term of nine years. In order to limit the carbon footprint and, in accordance with the Climate Plan of ARGAN, the rooftop of this logistics hub is equipped with a photovoltaic power plant producing la 150 MWh per year dedicated to COLRUYT's own use. This installation saves 10 tons of CO² emissions per year.

Financial calendar 2021 (Publication of the press release after closing of the stock exchange)

• 01 July: 2nd quarter sales 2021
• 15 July: Half-year results 2021
• 01 October: 3rd quarter sales 2021

About Argan

ARGAN is the only French real estate company specialising in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT.

As at 31 December 2020, ARGAN's portfolio amounted to 3 million sq. meters, comprising 87 warehouses located exclusively in France, valued at €3 billion and generating an annualised rental income of €152 million. ARGAN is listed on Compartment A of Euronext Paris (ISIN FR0010481960 - ARG) and is included in the CAC All-Share and IEIF SIIC France indices. The company opted for the listed real estate investment companies (SIICs) tax regime on 01 July 2007. www.argan.fr

Francis Albertinelli – Chief Financial and Administrative Officer Marie-Caroline Schwartz – General Counsel Tel: +33 1 47 47 05 46 E-mail: contact@argan.fr www.argan.fr

Aude Vayre – Media relations Tel: +33 6 14 64 15 65 Philippe Ronceau – Investor relations Tel: +33 6 64 12 53 61 E-mail: argan@citigatedewerogerson.com