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French warehouse developer Argan reported a 4% year-on-year increase in rental income for the first half of 2026, supported by the full-year contribution of warehouses delivered in 2025, annual rent indexation and a return to full occupancy. The company has slightly raised its rental income guidance for 2026 to at least EUR 221 million and expects further support from two projects scheduled for completion later this year. Analysts continue to maintain a positive
French warehouse developer Argan reported rental income of EUR 109.7 million for the first half of 2026, marking a 4% increase compared to the same period last year. The growth was mainly driven by the full-year contribution of logistics warehouses delivered during 2025, annual rent indexation and the company's return to full occupancy.
Following the improved performance, Argan revised its 2026 rental income guidance upwards to at least EUR 221 million from its earlier target of EUR 220 million. The revised outlook also reflects the expected contribution from two additional warehouse projects that are scheduled to be completed later in 2026.
The company said rental income also benefited from a 0.6% rent indexation that took effect at the beginning of the year. Another key factor was the leasing of previously vacant warehouse space to JS Logistics during the first quarter of 2026, helping Argan restore its occupancy rate to 100%.
Argan has continued to focus on expanding its logistics warehouse portfolio in France, where demand for modern warehouse space has remained supported by e-commerce, supply chain optimisation and long-term leasing by logistics operators. In recent years, the company has consistently invested in new developments while maintaining a high occupancy level across its portfolio.
Market sentiment towards the company also remains positive. According to analyst estimates, the average recommendation on the stock continues to be a "buy", with five analysts assigning either a strong buy or buy rating, while three recommend holding the stock. There are currently no sell recommendations.
Analysts have set a median 12-month price target of EUR 74 for Argan's shares, representing an upside of about 22.5% from the closing price of EUR 60.40 recorded in the previous trading session. The stock is currently trading at around 10 times its expected earnings over the next 12 months, compared with a price-to-earnings multiple of 9 reported three months ago.
Source Reuters
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