Argan

Earnings Release • Jul 1, 2025

Quarterly financial information – Neuilly-sur-Seine, Tuesday, July 1, 2025 – 5.45 pm

RENTAL INCOME UP +8% IN THE 1 ST HALF OF 2025

Rental income (IFRS) at June 30, 2025 (non-audited figures)
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€ million	Year 2025	Year 2024	Trends
st quarter (Jan. - 1 March)	52.9	48.1	+10%
nd quarter (April - 2 June)	52.9	50.0	+6%
Total 1st half	105.8	98.1	+8%

Rental income of €105.8 million in the 1st half of 2025

In the 1st half of 2025, ARGAN, the leading French real estate company specializing in the development and rental of PREMIUM warehouses, recorded a rental income of €105.8 million, up +8% compared with the same period of last year. The sustained growth in the first half came primarily from the full-year impact of 8 deliveries in 2024, mainly in the second half of the year, as well as rents indexation (+3.45%) on January 1, 2025.

On the back of first-half achievements, ARGAN confirmed its annual target of a +6% increase in its rental income in 2025 to €210 million¹ , which takes into account the negative impact of asset sales in the second half of 2025.

Two new sites already delivered in the 1st quarter of 2025

Note that ARGAN pursued its inaugurations as part of a sustained development plan for the two coming years, including two deliveries already concluded in the first quarter of this year:

• A new logistics site for DIMOLOG, a new brand of the DIMOTRANS group, in Bain-de-Bretagne (35), close to Rennes, whose business is from now on operated in 3 newly delivered cells, as part of an Aut0nom®-labelled asset, for 19,500 sq.m.
• More exceptionally, ARGAN continued its support initiated in 2021 to a former employee for the development and financing of a farming company named "Les tomates des frères Besnard", taking the form of an extension of an organic and eco-responsible greenhouse located in Eure-et-Loire (28). For more information, please refer to page 59 of the 2024 ESG report on the website argan.fr.

Around €200 million targeted investments for 2025-2026, while maintaining full speed towards debt reduction

ARGAN is confirming an increase of its investments over 2 years (2025 and 2026) by augmenting the volume of investments over the period compared with the initial plan announced early this year¹ .

The current development plan includes 10 secured projects (notably the ones delivered in Q1 2025), all pre-let to blue-chip clients – leading their respective sectors – including 2 acquisitions that represent around 50% of total investments.

¹ For more information, please refer to the press release dated January 16, 2025.

By year, these investments are split as follows:

• 2025: over €55 million with three new self-development projects and one extension;
• 2026: close to €115 million with two new self-development projects, two extensions and two acquisitions.

ARGAN also announced today the company will not pursue plans to acquire a third warehouse as initially programmed for 2025, following results of the due diligence process1 .

Our company is still targeting an investment volume of around €200 million over 2025-2026 and is thus committed to complete already secured investments with an additional amount of €30 million, with many opportunities being currently evaluated as part of discussions at advanced stages.

As previously announced, the average yield of investments for 2025 and 2026 is about 6%. These achievements, on a backdrop of sluggish economic environment, testify to the relevance of ARGAN's development model, notably driven by Aut0nom® , the 'in-use' net carbon zero warehouse.

In accordance with its strategy that combines growth and debt reduction, ARGAN will self-finance its 2025-2026 developments through cash flow generated by its operations and a program of selective asset disposals. The amount of net cash targeted as part of the 2025-2026 asset sales program is now €135 million, vs. €180 million previously, with the sale of a portfolio being targeted by end of 2025.

ARGAN is thus confirming it is maintaining full speed towards debt reduction by targeting an LTV ratio below 40% and a net debt to EBITDA ratio of around 8X by the end of this year.

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2025 financial calendar (Publication of the press release after closing of the stock exchange)

• July 17: Half-year results 2025
• October 1: Net sales of 3rd quarter 2025

2026 financial calendar (Publication of the press release after closing of the stock exchange)

• January 5: Net sales of 4th quarter 2025
• January 22: Annual results 2025
• March 26: General Assembly 2026

¹ For more information, please refer to the press release dated April 1, 2025.

About ARGAN

ARGAN is the only French real estate company specializing in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of its market in France. Building on a unique customercentric approach, ARGAN develops PREMIUM and Au0nom® -labelled – i.e., carbon-neutral in use – pre-let warehouses for blue-chip companies, with tailor-made services throughout all project phases from the development milestones to the rental management.

As at December 31, 2024, ARGAN represented a portfolio of 3.7 million sq.m, with about a hundred warehouses solely located in the continental area of France. Appraised at a total of €3.9 billion, this portfolio generates a yearly rental income of close to €205 million (yearly rental income based on the portfolio delivered as at Dec. 31, 2024).

Profitability, well-mastered debt and sustainability are at the heart of ARGAN's DNA. The financial solidity of the Group's model is notably reflected in its Investment-grade rating (BBB- with a stable outlook) with Standard & Poor's. ARGAN is also deploying a committed ESG policy addressing all its stakeholders. Achievements as part of this roadmap are regularly recognized by third-party agencies such as Sustainalytics (low extra-financial risk), Ethifinance (gold medal) and Ecovadis (sliver medal – top 15% amongst rated companies).

ARGAN is a listed real estate investment company (French SIIC), on Compartment A of Euronext Paris (ISIN FR0010481960 - ARG) and is included in the Euronext SBF 120, CAC All-Share, EPRA Europe and IEIF SIIC France indices. www.argan.fr

Francis Albertinelli – CFO Aymar de Germay – General Secretary Samy Bensaid – Head of Investor Relations Phone: +33 1 47 47 47 40 E-mail: contact@argan.fr www.argan.fr

Marlène Brisset – Media relations Phone: +33 6 59 42 29 35 E-mail: argan@citigatedewerogerson.com

DISCLAIMER

Some elements or statements included in this press release may contain forward looking data or prospective estimates regarding potential future events, trends, roadmaps or targets. Although ARGAN considers these forward-looking statements rely on reasonable assumptions at the time this document is released, forward looking projections and announced trends are by nature subject to risks, identified or not as of today. These can lead to significant discrepancies between actual results and those indicated or implied in elements or statements contained in this press release. For more detailed information regarding risks, readers can refer to the latest version of the Universal Registration Document of ARGAN, filed with the Autorité des marchés financiers (AMF) and available in a digital format on the AMF website (www.amf-france.org) as well as ARGAN's (www.argan.fr).

ARGAN makes no undertaking in any form to publish updates or revise its forward-looking statements, nor to communicate new pieces of information, new future events or any other circumstances that may question these statements.