ARGAN records excellent first half-year 2023

Quarterly financial information – Monday July 3, 2023 – 5:45 pm.

ARGAN records excellent first half-year 2023

• Rental income grew by +11% to €91m
• 2023 rental income target for the year revised upwards to €183m

Rental income (IFRS) at June 30, 2023 (unaudited figures)

€m	Financial year 2023	Financial year 2022	Change
1st quarter (Jan.- March)	45.2	40.7	+ 11%
2nd quarter (April - June)	45.7	41.0	+ 11%
Half-year total	90.9	81.7	+ 11%

Strong increase in rental income: +11% in the first half-year of 2023

In the first half-year of 2023, ARGAN, the French real estate company specializing in the development and rental of PREMIUM warehouses, pursued its growth with rental income up a steep +11% to €90.9m. This increase was mainly the result of the full-year effect of rents coming from the developments in 2022, rents of
the warehouses delivered during the first half-year of 2023, as well as rent reviews that took place on
January 1, 2023 (+4% on average).

Significant events of the first half-year of 2023

Since the beginning of the year, ARGAN pursued its development by delivering last March a logistics platform totaling 38,000 sq.m and located in Janneyrias (38) – Lyon area – by the A432 French highway. This platform, which is leased to BUT – France's leading furniture retailer – for a fixed term of 9.5 years, meets the highest standards for frugal energy choices.

Under intended conditions, ARGAN also finalized last March its sale of a logistics platform of 20,000 sq.m located in Bonneuil-sur-Marne (94).

Finally, ARGAN joined the EPRA Europe index on March 20, 2023.

A record development pipeline of over €300m

ARGAN plans to deliver four new development projects and one extension in 2023, representing an investment volume of €135m for new spaces totalling 100,000 sq.m. All these projects are already financed through amortizing mortgage loans that were taken out in 2022, before interest rates rose.

After 2023, the very strong business momentum recorded in the first half of this year has already helped secure development projects representing a volume of over €175m for more than 155,000 sq.m of spaces to be delivered in 2024. Half of this amount is already financed through amortizing mortgage loans and the other half should come from the sale of warehouses at the end of 2024 or early 2025, depending on market conditions.