France's Argan H1 rental income rises, lifts 2026 guidance

Overview

• France warehouse developer's H1 2026 rental income rose 4% yr/yr to €109.7 mln

• Company raised 2026 rental income target to at least €221 mln

• Growth driven by 2025 deliveries, rent indexation, and return to 100% occupancy

Outlook

• Argan SA raises 2026 rental income guidance to at least €221 mln from €220 mln

• Argan SA delivery pipeline includes two additional projects scheduled for completion in 2026

Result Drivers

• 2025 DELIVERIES - Growth in H1 2026 rental income mainly driven by the full-year effect of warehouses delivered in 2025

• RENT INDEXATION - Additional growth from rent indexation (+0.6%) as of January 1, 2026

• OCCUPANCY RATE - Return to 100% occupancy after leasing previously vacant space to JS LOGISTICS in Q1 2026

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy"

• Wall Street's median 12-month price target for Argan SA is €74.00, about 22.5% above its June 30 closing price of €60.40

• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

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