2024 ANNUAL RESULTS: A 25TH VINTAGE OF EXCEPTIONAL QUALITY,
COMBINING GROWTH (REVENUES: +8%) AND DEBT REDUCTION (LTV: 43%)
Annual results –
Neuilly-sur-Seine, Thursday,
January 16, 2025 – 5.45pm
2024 annual results:
A 25th vintage
of exceptional quality, combining
growth (revenues: +8%) and debt reduction (LTV:
43%)
- Remarkable growth in financial indicators
- Rental income: +8% to €198
million, target fully
met1
- Group share recurring net
income: +9% at €137 million, target for the year
overachieved2
- Consolidated (IFRS) Group
share net income: €246 million, including a positive impact from
portfolio fair value of €118 million
- A strengthened PREMIUM portfolio
- €180 million of investments
delivered in 2024 and close to €170 million identified for
2025-2026
- A valuation of close to €4
billion (+6% vs. 2023), with a 100% occupancy rate
- NAV EPRA NTA: €86, up
+8%
- Debt reduction already on its way
- EPRA LTV: 43% (vs. 50% end
of 2023)
- Net debt / EBITDA: 9.2x (vs.
11x end of 2023)
- Mastered cost of debt: 2.25%
(vs. 2.30% in 2023)
- 2025 targets confirm a trajectory aiming for
growth and debt reduction
- Rental income: €210 million,
+6% (vs. €198 million in 2024)
- Group share recurring net
income: €151 million, +11% (vs. €137 million in 2024)
- EPRA
LTV3: <40% (vs. 43%
in 2024)
- Net debt / EBITDA: 8x (vs.
9.2x fin 2024)
- Dividend per share: €3.45,
+5% (vs. €3.30 in respect of 2024)
- Successful first milestones for the ESG
roadmap
- A greener portfolio: 6 sites
as part of the heat pumps plan
- Biodiversity strategy
unveiled: 8 targets for 2030
- Improved rating with
extra-financial agencies
Jean-Claude Le Lan, Founder & Chairman of ARGAN’s
Supervisory Board:
« 25 years
already!
I started on my own and from a blank page on
January 1, 2000. Her we are now, managing a logistics real estate
portfolio appraised at close to €4 billion, made of some 100
warehouses representing close to 4 million sq.m and generating more
than €200 million of rental income.
By « we », I now mean about thirty people
who joined me along the years, with their expertise in their own
fields, forming an actual team of talents.
25 years of development and management of a
logistics real estate company: It’s a learning experience!
Financially, we have been
through capitalization rates approaching 12% in 2000, that were
then down to 4.3% end of 2021, following a stabilization at around
5.2% at the end of 2024. Loan rates were close to 7% in 2000,
declined to close to 1% in 2021 to hike back up to 4.5%
afterwards.
Following the IPO of June 2007, we went through
the 2008 financial crisis by using bank mortgage loans, at a time
when financial markets were closed.
We have always known how to adapt to special
circumstances, seizing opportunities while reaching, or
overachieving, our targets year after year.
During this period, we have contributed to
building the market for warehouse development and leasing.
Regarding technical
considerations, we opted for a premium positioning of our
assets, which thus led us today to develop the Aut0nom®-labelled
warehouse that produces energy for our
client-tenants’ self-consumption, neutralizing CO2
emissions that come from heating and lighting of our
warehouses.
Of course, this successful track-record was
built thanks to a partnership with our client-tenants relying on
trust, and for the long run. We have supported them in their
projects, and their loyalty has helped us grow!
2025-2030
Today, we presented a master plan for 2025-2030,
on a backdrop of less favourable times than in the previous years
in terms of political and economic landscape.
We are deploying this plan with the aim to
combine growth and debt reduction.
We are targeting a net increase of our rental
income of around +3% per year, mainly financed with the cash
generated by asset sales, which represent a leverage to reduce our
debt.
As a result, we are targeting an LTV ratio of
30% by 2030 (vs. 43% in 2024) and a Net debt to EBITDA of 6x (vs.
9x in 2024).
At the same time, we will strengthen our
leadership position on the French market by capitalizing on our
Aut0nom® brand that will be deployed for all our portfolio.
Our target is also to reach close to 100% of our
portfolio being environmentally certified and decrease by 50%, by
2030, the CO2 emissions linked to the use of our
warehouses.
This is how we intend to build a sustainable and
profitable growth. »
2025 targets: Growth and debt reduction
trajectory confirmed
|
Indicators |
2025
Targets |
2024
Actual data |
Change
vs. 2024 |
|
Rental income |
€210m |
€198m |
+6% |
|
Recurring net income – Group share |
€151m |
€137m |
+11% |
|
EPRA LTV ratio4 |
<40% |
43% |
-3
pts |
|
Net debt / EBITDA |
8x |
9.2x |
-1 x |
|
Dividend per share |
€3.455 |
€3.306 |
+5% |
FINANCIAL PERFORMANCE AS AT DECEMBER 31,
2024
2024 financial key figures:
|
Consolidated income statement |
Dec. 31, 2024 |
Dec. 31, 2023 |
Change |
|
Rental income |
€198.3m |
€183.6m |
+8% |
|
Net income – Group share |
€245.7m |
-€263.5m |
n.a |
|
Recurring net income – Group share |
€136.7m |
€125.6m |
+9% |
|
Net income / share – Group
share |
€10.04 |
-€11.4 |
n.a |
|
Recurring net income / share – Group
share |
€5.57 |
€5.5 |
+2% |
|
|
|
|
|
|
Valuation indicators |
Dec. 31, 2024 |
Dec. 31, 2023 |
Change |
|
Portfolio valuation excluding duties |
€3.91 billion |
€3.68 billion |
+6% |
|
NAV EPRA NTA per share |
€85.58 |
€79.1 |
+8% |
|
NAV EPRA NRV per share |
€96.75 |
€90.6 |
+7% |
|
NAV EPRA NDV per share |
€87.55 |
€83.6 |
+5% |
| |
|
|
|
|
|
Debt indicators |
Dec. 31, 2024 |
Dec. 31, 2023 |
Change |
|
EPRA LTV |
43.1% |
49.7% |
-660 bps |
|
EPRA LTV (including duties) |
40.7% |
47.1% |
-640 bps |
|
Net debt on EBITDA |
9.2x |
11.0x |
-1.8x |
|
Cost of debt |
2.25% |
2.30% |
-5 bps |
2024 consolidated accounts were agreed by
ARGAN’s Executive Board on January 13, 2025, and approved by the
Supervisory Board on January 15, 2025. The audit procedures of our
statutory auditors on these consolidated financial statements have
been carried out. The certification report will be issued after the
specific checks have been carried out.
Remarkable growth in financial
indicators
Despite an uncertain political and economic
environment, ARGAN recorded an excellent operating
performance, which resulted in a strong growth in
the rental income (+8%) and the group share recurring net income
(+9%). These results demonstrate once again our
Group’s capacity to turn its very good
performance into robust cash flow,
in particular thanks to tight control over our
debt.
Rental income: up +8% in 2024
Rental income growth was strong (+8%) in
2024, standing at €198 million over
12 months. 2024 growth in ARGAN’s rents
confirmed the success of the Group’s commercial strategy, with the
full-year impact of 2023 deliveries and the effect coming from
those of 2024, along rents’ indexation (+4.6%) that took place on
January 1, 2024.
A 100% occupancy ratio for the
2nd
year in a row
The occupancy ratio (100%) of
our warehouses remained at a maximum level for
the second year in a row, a unique track
record on ARGAN’s market (vacancy ratio of 5.4% in France
at the end of December 2024, source: CBRE). This outcome
testifies once again to the company’s
PRIME assets attractiveness. The EPRA vacancy
ratio thus stood at 0%.
Solid increase of the Group share recurring net
income: +9%
The Group share recurring net income
grew strongly by +9%, to €137 million in 2024, with a
still high margin of 69% of the rental income, i.e., beyond
the target set for the year of €135
million9. Note that
the recurring net income is the best
reflection of our Group’s cash flow generation and shows ARGAN’s
capacity to pursue the financing of its development
model.
The effect linked to the change in the
fair value variation turned back to a positive impact, with +€118
million recorded in 2024, on a backdrop of capitalization rate
stabilizing, after a peak was reached in June 2024. The
Group share recurring net income, which integrates this
impact, turned positive (in comparison to 2023) and thus stood at
€245.7 million over 12 months.
Growth in the portfolio and the NAV EPRA
NTA
A Premium portfolio appraised with a rate (excl.
duties) of 5.2% at €3.91 billion,
up +6% over 12 months
The delivered portfolio
(excluding buildings being under development) represented
3,710,000 sq.m as at
December 31, 2024. Its valuation stood at €3.91 billion
excluding duties (€4.15 billion including duties),
rising
+6% from December 31, 2023.
The delivered portfolio shows a
capitalization rate of 5.20% (excluding
duties), a slight increase from 5.10% recorded on December
31, 2023. The EPRA net initial yield (including
duties) stood at 4.90%, in line with the
national PRIME yield of 4.90% (source: CBRE, December 31,
2024), thus reflecting the PREMIUM-quality of our
assets.
The average residual lease term was 5.3
years compared with 5.7 years as at December 31, 2023.
The weighted average age was 11.6 years.
NAV EPRA of continuation (NTA) at €86 per
share
The NRV (reconstitution NAV) was €96.7 per share
at December 31, 2024 (+7% over one year).
The NTA (continuation NAV) was €85.5 per share at December
31, 2024 (+8% over one year).
The NDV (liquidation NAV) was €87.5 per share at December 31, 2024
(+5% over one year).
More particularly, the growth in the NTA
(continuation NAV) over the year
represents, in value, an increase of +€6.4 from December
31, 2023 coming from the earnings per share (+€5.5), the change in
the value of the assets that turned positive (+€4.5), the dilutive
impact of the new shares created as part of the capital increase
that took place in H1 2024 (-€0.5), the payment of the dividend in
cash (-€2.1) and in shares (-€1.0).
Ongoing growth and debt reduction strategy over
2025-2030
Drawing on 2024 achievements, ARGAN
intends to pursue over 2025-2030 its strategy combining
growth, through high-yield
investments (around €100 million per year at 6%)
and accelerating structural debt reduction,
particularly by leveraging selective asset sales.
This plan should allow, by the end of 2030, to
significantly reduce ARGAN’s debt ratios (LTV below 30%)
while generating average annual growth
(net of asset sales impacts) of around +3%
over the 2025-2030 period.
Maintaining significant growth
investments
€170 million of investments identified for
2025-2026
After €180 of investments representing
170,000 sq.m of newly built area in
202410 at yield on
costs of 6.6% for €12 million of additional yearly rental
income, ARGAN will pursue this
growth momentum and has already identified €170 million of
investments for 2025 and 2026 combined.
The planned investments are equally
split between inhouse developments, at an average
yield of about 7%, and with 2
acquisitions11
of new warehouses for the other half, for which the company
has the exclusivity, with an average yield of 5.2%.
These investments will be fully financed
through the cash generation of ARGAN’s business as well as the
continuation of the asset sales program initiated in
2024.
€100 million per year for
2027-2030
From 2027 on, ARGAN is targeting to
invest €100 million per year on average to sustain its growth on
the long run:
- With the largest possible
share coming from self-development, by deploying warehouses under
the proprietary Aut0nom® label;
- And for the remaining share
through acquisitions of new warehouses at market fair
value.
Full speed on debt reduction
confirmed
Asset sales program renewed
In 2024, ARGAN initiated its debt
reduction program, as it successfully sold assets in an amount of
€77 million, raised capital for €150 million and repaid mortgage
loans for over €90 million.
ARGAN is now confirming it will pursue the self-financing
of its development in the coming years: through the cash generation
coming from its business and a selective asset sales program, with
a targeted amount of €125 million over 2025 and 2026
combined.
From 2027 on, ARGAN intends to pursue this asset sales
program to finance its growth and deploy the debt reduction
strategy, while powering a younger profile of its assets and an
increased share of its portfolio meeting the best possible
environmental certifications
Significant and fast decrease of debt
ratios
ARGAN’s policy results in a strong
decrease of debt ratios. As such, ARGAN recorded at the
end of December 2024:
- An EPRA LTV ratio
(excluding duties) of 43%;
- A net debt to EBITDA ratio
of 9.2X.
Pursuing this trajectory our Group is
targeting for 2025:
- An EPRA LTV ratio
(excluding duties) below 40%12
by the end of 2025;
- A net debt to EBITDA ratio
of about 8X by the end of 2025.
As part of its 2025-2030 business plan,
ARGAN intends to pursue debt ratios reduction on the longer run,
with:
- An EPRA LTV (excluding
duties) below 30%1 by the end of
2030;
- A net debt to EBITDA ratio
of about 6X by the end of 2030.
Cost of debt under control
Demonstrating mastery over the financing of its
model, ARGAN’s gross debt decreased by -8%
compared with the end of 2023, thus standing at
€1.8 billion, and net
debt was €1.7 billion.
Average cost of debt as at December 31,
2024 remained low at 2.25%, showcasing a slight decrease
from December 31, 2023 (2.30%), for an average maturity of
5.0 years. This cost of debt ratio is expected to still decline to
around 2.10% for 2025, assuming a 3-month Euribor rate projected on
average at 2.50% over the full-year.
The cost of debt structure limits risks, as it is
mostly incurred with fixed or hedged variable rates:
- 59% fixed-rate
debt;
- 39% of hedged variable
debt;
- Only 2% of non-hedged
variable debt.
New ESG roadmap: successful first
milestones
Improved green standards for our portfolio: 6
projects already part of the heat pumps program
In line with its 2024-2030 investment
plan, ARGAN has already finalized
or initiated the process to invest
€4 million in total through 6 projects to replace
highly-CO2 emitting
gas boilers with air/water
electric heat pumps.
Next to developments through Aut0nom®-labelled assets,
i.e., “Net Zero” in-use warehouses, these investments will
contribute to reduced CO2
emissions coming from the operations in ARGAN’s warehouses.
This being aligned with a trajectory set to limit global warming to
1.5°C. Remaining emissions linked to our
developments will, additionally, be
compensated, from now on, through a reforestation
initiative that benefits from the Low carbon label
(Label bas carbone) delivered by the French
state.
Biodiversity strategy unveiled: 8 targets for
2030
Still committed to a continuous
improvement approach, as part of its ESG roadmap for
2023-203013, ARGAN has
finalized its biodiversity strategy, published at the end of 2024.
Structured around eight ambitious targets, this strategy aims at
limiting the negative externalities associated with the Group's
operations, and even contribute to a net positive impact on
ecosystems, particularly through reforestation efforts and the
implementation of measures to protect wildlife and
flora.
Ambitious in scope, this strategy aligns
with the Companies Committed to Nature initiative
(Entreprises engages pour la nature) led by the French
government, which ARGAN actively supports.
The comprehensive biodiversity strategy is
available on the company's website, argan.fr, under the "ARGAN
Charters" section within the "ESG Commitments" tab.
Improved rating from extra-financial
agencies
The success of ARGAN's ESG approach was
demonstrated in 2024 by an improvement in its non-financial ratings
from third-party organizations Sustainalytics and
Ethifinance, now assessed as "low" extra-financial
risk (compared to "medium" in 2023) and awarded a
gold medal (up from silver in 2023),
respectively.
Additionally, as announced, ARGAN expanded the range of
agencies evaluating its non-financial performance with a first
rating in 2024 by Ecovadis, which ranked ARGAN in the top 15% of
assessed companies, equivalent to a silver
medal, and our company initiated the rating
process with GRESB.
---------------------------------------------------------------------------------
2025 financial calendar (Publication of the
press release after closing of the stock exchange)
- March 20: General Assembly 2025
- April 1: Net sales of 1st quarter 2025
- July 1: Net sales of 2nd quarter 2025
- 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 19: General Assembly 2026
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 customer-centric
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
|
|
|
Appendices
Consolidated net income (IFRS)
|
In millions of € |
December 31, 2023
(12 months) |
December 31, 2024
(12 months) |
|
Rental income |
183.6 |
198.3 |
|
Rebilling of rental charges and taxes |
33.9 |
37.1 |
|
Rental charges and taxes |
-35.0 |
-37.7 |
|
Other property income |
3.2 |
3.6 |
|
Other property expenses |
-0.2 |
-0.4 |
|
Net property income |
185.5 |
200.9 |
|
EBITDA (Current Operating Income) |
172.1 |
185.7 |
|
Of which IFRS 16 impact |
3.0 |
3.2 |
|
Change in fair value of the portfolio |
-370.8 |
120.4 |
|
Change in fair value IFRS 16 |
-2.4 |
-2.4 |
|
Other operational expenses |
- |
- |
|
Income from disposals |
-0.2 |
-1.6 |
|
EBITDA, after value adjustments (FV) |
-201.2 |
302.2 |
Income from cash and equivalents
Interest on loans and overdrafts
Interest on IFRS 16 lease liabilities
Borrowing costs
Change in fair value of the derivative instruments
|
1.6
-41.4
-1.9
-3.7
-0.2
|
1.3 |
|
-43.9 |
|
-1.9 |
|
-3.3 |
|
-0.1 |
|
Early repayment penalties |
- |
- |
|
Income before tax |
-246.8 |
254.4 |
|
Other financial income and expenses |
-19.7 |
-4.9 |
|
Tax |
- |
- |
|
Share of profit of equity-accounted companies |
- |
0.1 |
Consolidated net income
Consolidated net income – group share
|
-266.4
-263.5
|
249.6 |
|
245.7 |
|
Diluted Consolidated net income per share (€) |
-11.4 |
10.0 |
Net recurring income
|
In millions of € |
December 31, 2023
(12 months) |
December 31, 2024
(12 months) |
|
Consolidated net income |
-266.4 |
249.6 |
|
Change in fair value of hedging instruments |
0.2 |
0.1 |
|
Change in fair value of the portfolio |
370.8 |
-120.4 |
|
Income from disposals |
0.2 |
1.6 |
|
Other financial expenses |
19.7 |
4.9 |
|
Tax |
- |
- |
|
Share of profit of equity-accounted companies |
- |
-0.1 |
|
Early repayment penalties |
- |
- |
|
Allocation of free shares |
0.6 |
0.9 |
|
Other operating expenses non-recurring |
- |
- |
|
Impact of IFRS 16 |
1.3 |
1.1 |
|
Net recurring income |
126.2 |
137.6 |
|
Minority interests |
0.6 |
0.9 |
|
Net recurring income – Group share (EPRA) |
125.6 |
136.7 |
|
(EPRA) Group share recurring net income margin on revenues |
68% |
69% |
|
Recurring net income per share (€) |
5.5 |
5.5 |
EPRA rental vacancy
|
In millions of € |
December 31, 2023
(12 months) |
December 31, 2024
(12 months) |
|
Estimated rental value of vacant space (A) |
0.0 |
0.0 |
|
Total estimated rental value (B) |
200.7 |
204.2 |
|
EPRA vacancy rate (A/B) |
0.0% |
0.0% |
Simplified consolidated balance sheet
|
In millions of € |
December 31, 2023
(12 months) |
December 31, 2024
(12 months) |
|
Non-current assets |
3,935.5 |
4,105.4 |
|
Current assets |
118.1 |
156.9 |
|
Assets held for sale |
17.5 |
- |
|
Total Assets |
4,071.1 |
4,262.3 |
|
Shareholders’ equity |
1,887.8 |
2,226.1 |
|
Minorities |
34.6 |
38.5 |
|
Non-current liabilities |
1,864.5 |
1,793.5 |
|
Current liabilities |
276.2 |
204.2 |
|
Liabilities classified as held for sale |
8.0 |
- |
|
Total Liabilities |
4,071.1 |
4,262.3 |
NAV EPRA
|
|
December 31, 2023
(12 months) |
December 31, 2024
(12 months) |
|
|
NRV |
NTA |
NDV |
NRV |
NTA |
NDV |
Shareholders’ equity (in €m)
Shareholders’ equity (in €/share) |
1,887.8
81.8 |
1,887.8
81.8 |
1,887.8
81.8 |
2,226.1
87.6 |
2,226.1
87.6 |
2,226.1
87.6 |
|
|
|
|
|
|
|
|
|
+ Fair value of financial instruments (in €m) |
-5.5 |
-5.5 |
- |
1.6 |
1.6 |
- |
|
- Goodwill in the balance sheet (in €m) |
- |
-55.6 |
-55.6 |
- |
-55.6 |
- 55.6 |
|
+ Fair value of fixed-rate debt (in €m) |
- |
- |
98.2 |
- |
- |
51.3 |
|
+ Transfer taxes (in €m) |
208.4 |
- |
- |
229.2 |
- |
- |
| |
|
|
|
|
|
|
= NAV (in €m)
= NAV (in €/share) |
2,090.7
90.6 |
1,826.6
79.1 |
1,930.4
83.6 |
2,456.9
96.7 |
2,172.0
85.5 |
2,221.7
87.5 |
EPRA LTV
|
In millions of € |
December 31, 2023
(12 months) |
December 31, 2024
(12 months) |
|
Include |
|
|
|
Borrowings from Financial Institutions |
1,299.8 |
1,247.8 |
|
Lines of credit |
70.0 |
0.0 |
|
Bond loans |
500.0 |
500.0 |
|
Finance lease |
68.6 |
48.1 |
|
Liabilities related to assets held for sale |
8.0 |
0.0 |
|
Exclude |
|
|
|
Cash and cash equivalents |
-52.0 |
-85.7 |
|
Net Debt (a) |
1,894.4 |
1,710.2 |
|
Include |
|
|
|
Owner-occupied property |
11.3 |
11.2 |
|
Investment properties at fair value |
3,661.0 |
3,914.7 |
|
Properties under development |
119.1 |
39.9 |
|
Properties held for sale |
17.5 |
- |
|
Total Property Value (b) |
3,808.9 |
3,965.9 |
|
LTV (a) / (b) |
49.7% |
43.1% |
|
Real Estate Transfer Taxes - RETTs (c) |
210.0 |
232.0 |
|
LTV (incl. RETTS) (a)/((b)+(c)) |
47.1% |
40.7% |
Cost of debt
|
In millions of € |
December 31, 2023
(12 months) |
December 31, 2024
(12 months) |
|
Gross debt |
1,946 |
1,796 |
|
Annualized cost of financial debt |
44 |
40 |
|
Cost of debt (SPOT at the end of the year) |
2.30% |
2.25% |
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.
1 For more information, please refer to the press release dated
October 1, 2024.
2 For more information, please refer to the press release dated
January 18, 2024.
3 At constant capitalisation rate compared with the end of December
2024 (5.20% excluding duties).
4 At constant capitalisation rate compared with the end of December
2024 (5.20% excluding duties).
5 Subject to approval during the Shareholders Annual Meeting of
March 19, 2026.
6 Subject to approval during the Shareholders Annual Meeting of
March 20, 2025.
7 Calculated on the weighted average number of shares of
24,657,305.
8 Calculated on the number of shares at the end of December 2024 of
25,402,673.
9 For more information, please refer to the
press release dated April 24, 2024.
10 For more information regarding 2024 delivered investments,
please refer to the press release dated January 3, 2025.
11 Subject to standard conditions precedent.
12 Assuming a capitalization rate (excluding duties) of 5.20%
(stable compared with the one recorded at the end of 2024).
13 For more information regarding ARGAN's ESG commitments and
progress, please refer to the ESG report published on June 27,
2024.
- 20250116 - ARGAN_2024_Annual_Results
Argan (EU:ARG)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Argan (EU:ARG)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
