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ARGAN: S&P MAINTAINED THE “INVESTMENT GRADE” STATUS WITH A “BBB-” RATING AND A “STABLE” OUTLOOK
Presse release – Neuilly-sur-Seine, Wednesday, September 24, 2025 – 8.30 am
ARGAN: S&P maintained the “Investment Grade” status
with a “BBB-” rating and a “stable” outlook
Following the press release indicating the withdrawal of the CARAT portfolio from the market by ARGAN, S&P Global Ratings published a bulletin stating that it considers ARGAN’s level of indebtedness to be consistent with its current rating, namely a long-term issuer rating of 'BBB-' with a 'Stable' outlook.
The bulletin more particularly indicated : “ S&P Global Ratings today said that Argan S.A.'s credit metrics will remain consistent with the current rating level , despite the
announcement on
Sept. 23, 2025, not to sell a portfolio of warehouses of about €130 million .”
ARGAN is , indeed, now targeting an LTV EPRA ratio excluding duties of 41.5% (at constant capitalisation rate compared with June 2025 of 5.25%) and a ratio of net debt to EBITDA of 8.7 times for 2025 , compared, respectively, with 43.1% and 9.2 times at the end of 2024.
Finally, S&P Global Ratings reiterates its confidence in the quality of the Company’s assets to generate steady cash flows, as well as in ARGAN’s ability to successfully refinance its €500 million bond maturity due in November 2026 .
The bulletin and ARGAN’s rating are available on S&P Global Ratings’ website (www.standardandpoors.com).
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2025 financial calendar (Publication of the press release after closing of the stock exchange)
2026 financial calendar (Publication of the press release after closing of the stock exchange)
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 June 30, 2025, 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 €4.0 billion, this portfolio generates a yearly rental income of over €210 million (yearly rental income based on the portfolio delivered as at June 30, 2025).
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
1 For more information, please read the press release dated September 23, 2025, published before the opening of stock exchange markets.
2 Extract of the bulletin published on September 23, 2025, by S&P Global Ratings.
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