ARGAN (1K) | Hold | Reflecting the "new" plan

Research evidence excerpt

ARGAN (1K) | Hold | Reflecting the "new" plan

#EstimatesRevision

Release date: 22 July 2026

Company research

ESG profile HoldARGAN

France | Property Beta Profile: MCap: EUR1.7bn

Target Price: EUR66.00 Change in TP: 0.0 % Bloomberg: ARG FP Reuters: ARGAN.PA

Current Price: EUR64.00 Change in Revenues: none 26E/1.0% 27E Free float 48%

Up/downside: 3.1% Change in Rec EBIT: none 26E/0.9% 27E Avg. daily volume (EURm) 1.3

YTD abs performance -3.0% Market data: 21 July 2026 Change in FFOps: -0.4% 26E/1.2% 27E

52-week high/low (EUR) 71.10/56.40

Reflecting the "new" plan Price performance

Why this report?

We slightly adjust our model post H1 to reflect the newly announced EUR40m

to be executed this year, together with EUR150m investment in the year post-

2026. We already had some deals (and disposals). This makes us go from c.

EUR36m net investment per year to EUR125m. All in all, our EPS moves on

average by c. 1-2% over 2027-28. In parallel, we continue to see the portfolio

slightly overvalued as the yield reflects almost a full "prime" portfolio. We

see a negative revaluation in H2, specifically supported by the 10Y French OAT

now flirting with the 4%, and impacting our NTA ps by c. 3.5% annually over

2026-2028. We might be negative, as history has taught us that appraisers can

be sticky with their views. Our TP and rating are unchanged at EUR66. Hold.

Key findings FY to 31/12 (EUR) 12/26E 12/27E 12/28E

ARGAN's H1 set of results came relatively in line with market expectations. We Net rent (m) 223.8 234.0 243.5

were expecting, somehow, a multi-year expansion plan, but we were relatively NOI 216.9 226.8 236.0

surprised by the relatively "shy" new plan. Indeed, the company is contemplating NOI margin 98.1% 98.1% 98.0%

EBITDA (m) 208.0 217.5 226.3a c.