Argan (ARG) investor relations material

Opening remarks and agenda

• The meeting opened with a welcome to shareholders, introduction of the executive team, and confirmation of a quorum at 82.98%, higher than the previous year.

• The agenda included a review of 2025 results, 2026 outlook, auditor reports, Q&A, and voting on resolutions.

Financial performance review

• Asset value reached EUR 4.1 billion in 2025, up from EUR 3.9 billion, with rental income at EUR 212 million (+7%).

• Net recurring profit rose 13% to EUR 155 million, or EUR 6 per share.

• Debt ratio improved to 41% (from 43%), with net debt at EUR 1.7 billion and cost of debt at 2.1%.

• EPRA NTA per share increased to EUR 91.5 (+7%), and the share price ended 2025 at EUR 66 (+9%).

• The company maintained a 100% occupancy rate at the start of 2026.

Board and executive committee updates

• The board highlighted a shift to non-amortizing debt to improve cash flow and flexibility.

• Ratification and renewal of board members, including the appointment of a new censeur and approval of remuneration policies for 2026.

• A new director of diversification was appointed via a regulated contract.

• Approval of regulated agreements, including new contracts with board members and related parties.