ARGAN: S&P MAINTAINED THE “INVESTMENT GRADE” STATUS WITH A “BBB-” RATING AND A “STABLE” OUTLOOK

24 Sep 2025 08:30 CEST

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 release¹ 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 indicated²: “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)

• October 1: Net sales of 3^rd quarter 2025
  
  

2026 financial calendar (Publication of the press release after closing of the stock exchange)

• January 5: Net sales of 4^th quarter 2025
• January 22: Annual results 2025
• March 26: 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 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.

Attachment

• 20250923 - Argan S&P rating maintained with stable outlook