Argan

Earnings Release • Apr 4, 2022

Rental income growth of +7% at €41m in the 1 st quarter of 2022

Rental income (IFRS) at March 31, 2022 (unaudited figures)

€m	Financial year 2022	Financial year 2021	Change
st quarter 1 (Jan.- March)	40.7	38.2	+7%

Rental income of €40.7m in the 1 st quarter of 2022

In the 1 st quarter of 2022, ARGAN, the French real estate company specialising in the development and rental of PREMIUM warehouses, recorded rental income of €40.7m, up +7% compared with the same period last year. This strong growth is mainly due to the full-year effect of rents generated by 2021 developments and the delivery of three new projects in 2022.

Significant events of the 1 st quarter of 2022

Since the beginning of this year, ARGAN maintained its growth path with the delivery of three new developments projects, for a total area of 27,000 sq.m:

• In January, the delivery of a logistics platform of 14,000 sq.m located in Marne-la-Vallée, in Serris, facing A4 highway, leased to two internationals tenants, each one occupying a unit for a firm period of respectively three and nine years.

Argan has inaugurated there Aut0nom®, the warehouse producing its own green energy.

Aut0nom® hosts a photovoltaic power plant on the roof, coupled with a set of storage batteries, the production of which is intended for self-consumption by tenants. It replaces gas heating with electric air/air heat pumps and generalizes smart LED lighting. Aut0nom® produces more green energy than it consumes for its heating-cooling and lighting.

• In February, the delivery of a 7,000 sq.m extension of our warehouse in Marne-la-Vallée, in Chanteloupen-Brie, for its current tenant Arvato Services Heathcare, which extend the total area of the logistics platform to 28,000 sq.m, with a new lease of 6-year firm period This extension is equipped with LED lighting including motion sensor and a photovoltaic power plant which produces 440 MWh annually, intended for self-consumption.
• In March, the delivery of a 6,000 sq.m extension of our 12,000 sq.m warehouse in Marne-la-Vallée, in Croissy-Beaubourg leased since 2000 to L'Oréal. This extension is leased to Intersurgical, with a lease of 9-year firm period.

This extension is equipped with LED lighting including motion sensor and a photovoltaic power plant which produces 120 MWh annually, intended for self-consumption.

These three developments will be certified BREEAM "very good".

Financial calendar 2022 (Publication of the press release after closing of the stock exchange)

• 4 July: 2nd quarter sales 2022
• 20 July: Half-year results 2022
• 3 October: 3rd quarter sales 2022

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 2021, ARGAN's portfolio amounted to 3.3 million sq.m, comprising approximately 100 warehouses located exclusively in France, valued at €3.75 billion and generating an annualised rental income of €162 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 Stéphane Saatdjian – Investor Relations 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 E-mail: argan@citigatedewerogerson.com