Note relating to this Universal Registration Document

 

The terms “Group” and “ARGAN” refer to the Company (as defined and described in point 1 of the notes to the consolidated financial statements in this Universal Registration Document), its consolidated subsidiaries, or any equity interest. References to “ARGAN SA” refer to the parent company of the Group thus formed.

 

The Company’s consolidated financial statements included in this Universal Registration Document for the financial year ended December 31, 2025 have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. In accordance with applicable regulations, the Company prepares and presents its consolidated financial statements under IFRS, which may differ significantly from French accounting principles. The statutory financial statements of ARGAN SA are presented in accordance with French accounting principles.

 

This Universal Registration Document contains information about ARGAN’s markets and its position within them (including market shares), which may be derived from industry reports on the French logistics real estate market, publications (including institutional publications) by industry players, or specific market analyses conducted internally. Although considered reliable and appropriate, this information does not constitute data drawn from the consolidated financial statements and, as such, has not been verified by an independent third-party expert (ARGAN therefore recommends that readers do not place undue reliance on this information). Furthermore, competitors or other stakeholders within ARGAN’s ecosystem may define this market differently and may also estimate their market shares differently.

 

This Universal Registration Document also contains forward-looking information that does not correspond to historical data, is valid only as of the date of its publication, and may be updated as part of ARGAN’s institutional communications, which are regularly published on argan.fr. This information is included in various sections of this Universal Registration Document and contains data relating to ARGAN’s intentions, estimates and objectives, particularly with regard to its market, strategy, growth, results, and financial or non-financial position.

 

Forward-looking information inherently involves risks and uncertainties and does not constitute guarantees of ARGAN’s future performance. Factors that could cause actual results to differ from forward-looking statements include, in particular, those related to the risks described in Chapter 3 of this Universal Registration Document. Consequently, all forward-looking information should be considered in light of the uncertainty inherent in it, particularly due to a competitive environment and economic context that may change rapidly and therefore affect risk factors, as well as their ranking and likelihood of occurrence.

 

Finally, it should be noted that none of the forward-looking information contained in this Universal Registration Document constitutes a guarantee of actual results.

 

 

This universal registration document was filed on March 2, 2026 with the Autorité des Marchés Financiers (the French Financial Markets Authority), as competent authority under Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 (the “Regulation”), without prior approval in accordance with Article 9 of the said Regulation.

 

The Universal Registration Document may be used for the purpose of an offer to the public of securities or admission of securities to trading on a regulated market if it is supplemented by a securities note together with, if applicable, a summary and any amendments to the Universal Registration Document. The resulting set of documents shall be approved by the Autorité des Marchés Financiers in accordance with Regulation (EU) 2017/1129.

 

This is a translation into English of the (universal) registration document of the Company issued in French and it is available on the website of the Issuer.

1.	Integrated Report	4
1.1.	A word from the Chairman	5
1.2.	10 highlights of 2025	6
1.3.	Summary presentation of ARGAN	7
1.4.	ARGAN: a company with a fully integrated organisation	10
1.5.	2025 revenue model and key figures	11
1.6.	Dialogue with stakeholders	12
1.7.	Strategy and objectives	13
1.8.	Governance and risk management	14
1.9.	Overall financial and non-financial	16
2.	Group Presentation	18
2.1.	ARGAN: Leader in the French PREMIUM logistics warehouses	19
2.2.	Group history	22
2.3.	The French logistics real estate market	23
2.4.	A large scale portfolio	32
2.5.	A high-profitability value creation model	45
2.6.	Regulatory framework	46
2.7.	Appraisals	54
3.	Activity report	60
3.1.	Highlights of the year	61
3.2.	Consolidated results of the ARGAN Group	62
3.3.	ARGAN’s corporate results	69
3.4.	Outlook	73
3.5.	Shareholding	74
3.6.	Appendices to the management report	75
3.7.	Risk factors and insurance	76
3.8.	Corporate Governance Report and ESG  Report	88
4.	ESG information	89
4.1.	A robust and ambitious ESG approach	90
4.2.	General information	95
4.3.	The 2023-2030 ESG strategy	96
4.4.	Environmental policy	98
4.5.	Social and Societal Policy	108
4.6.	Governance Policy	112
4.7.	General framework and ESG governance	115
4.8.	Additional non-financial information	124
5.	Supervisory Board Report on Corporate Governance	129
5.1.	Management and control of the Company	130
5.2.	Report on the remuneration of executive officers	149
5.3.	Additional information on corporate governance	163
5.4.	Summary tables of delegations currently in force and submitted to the Combined General Meeting of March 26, 2026	164
6.	2025 Consolidated financial statements	166
6.1.	Consolidated balance sheet	167
6.2.	Consolidated income statement	168

6.3.	Statement of recognised income and expenses	169
6.4.	Consolidated cash flow statement	170
6.5.	Consolidated statement of changes in equity	171
6.6.	Notes to the consolidated financial statements	172
6.7.	Statutory Auditors’ Report on the Consolidated Financial Statements Prepared in Accordance with IFRS for the Year Ended December 31, 2025	205
7.	ARGAN SA French GAAP financial statements	210
7.1.	Balance sheet assets	211
7.2.	Balance sheet liabilities	212
7.3.	Profit and loss account	213
7.4.	Accounting rules and methods	215
7.5.	Key facts	219
7.6.	Notes to the balance sheet	220
7.7.	Notes to the income statement	231
7.8.	Other information	233
7.9.	Cash flow statement	235
7.10.	Breakdown of earnings and related distribution obligations	236
7.11.	Degree of exposure to market risks	237
7.12.	Events after the balance sheet date	237
7.13.	Balance sheet assets presented in 2024	238
7.14.	Liabilities presented in 2024	239
7.15.	Income statement presented in 2024	240
7.16.	Statutory Auditors’ Report on the Annual Accounts	242
7.17.	Special report of the statutory auditors on regulated agreements	247
8.	Legal and organisational information	250
8.1.	Organisation chart	251
8.2.	Share capital, shareholders and stock market performance	252
8.3.	Financial communication policy and calendar	262
8.4.	Shareholder agreements	263
8.5.	Other information relating to the Group’s shareholding structure and capital	265
8.6.	Rules governing the allocation and distribution of profits (Article 43 of the Articles of Association)	266
8.7.	General Meetings	267
9.	Additional information	269
9.1.	General information	270
9.2.	Pledges and mortgages	274
9.3.	Persons responsible and access to financial information	274
9.4.	Statutory Auditors	275
9.5.	List of regulated information for the past year	277
9.6.	Publicly available documents	278
9.7.	Cross-reference tables	279
9.8.	Glossary	285
9.9.	EPRA indicators	287

 

 

 

 

2026: A year of 4% rental income growth

 

With a €165 million development pipeline currently underway, our revenues are expected to reach €220 million, representing a 4% increase.

 

We will also refinance our €500 million bond issued in 2021, which matures on November 17, 2026.

2025 was an exceptional year

 

We delivered an exceptional year in a macroeconomic environment that was less favourable.

 

Our main financial indicators exceeded our forecasts, with a 7% increase in rental income and a 13% rise in recurring net income, as well as a reduction in LTV to 41% (vs. 43% at year-end 2024). The portfolio is valued at €4 billion, with an occupancy rate above 99%.

 

We are also improving our non-financial performance:

 

Our objective to reduce Scope 3 energy CO₂ emissions from 25,000 tonnes in 2022 to 12,500 tonnes has been achieved by more than 50%, with a full-year impact representing a reduction of 6,400 tonnes in net emissions.

 

There are therefore only around 6,000 tonnes remaining to be eliminated, which we will achieve by continuing to replace gas heating systems with “air-to-water” heat pumps.

 

At the end of this plan, CO₂ emissions per square meter will be below 3 kg/sq.m, compared with 10 kg/sq.m for a traditional gas-heated warehouse.

 

New developments are AUTONOM^® — labelled — our flagship “STAR” warehouse concept, which produces its own energy for self-consumption!

To ensure maximum flexibility in selecting the optimal issuance window, we have put in place a €500 million bridge facility available until November 2027. We also have €400 million in credit lines. Together, these facilities enable us to repay the bond at its maturity on November 17.

 

In 2025, issuances by companies with comparable ratings (BBB- by S&P) were completed within interest rate ranges of approximately 3.5% to 4%. Under these conditions, our cost of debt, currently 2.10%, would be around 3%.

 

ARGAN is more than ever fully geared up to continue its disciplined growth journey, which began over 25 years ago!

 

Jean-Claude LE LAN

Founder & Chairman of the Supervisory Board of ARGAN

Starting from a blank slate in 2000, ARGAN has developed global expertise in the development and leasing of PREMIUM warehouses.

 

ARGAN’s expertise can be seen at every stage of the warehouse development and rental management process and the Company’s positioning as a Pure Player ensures it is constantly being enhanced. This involves both:

 

●     Understanding and examining clients’ storage and distribution needs in depth, working with them to design their future warehouse and supporting them with active asset management;

 

●     Finding suitable land and negotiating with communities and private owners to build up a high- quality land reserve in prime locations;

 

●     Optimising the overall design of the logistics project thanks to in-depth knowledge of the operation of a warehouse and its flows of goods and vehicles;

 

●    Maintaining a high level of expertise in urban planning, environmental regulations and ICPE (Facilities Classified for the Protection of the Environment) to guarantee feasibility and control project deadlines;

●     Master the technical studies of all construction components and guarantee the quality of construction through close monitoring of the construction phase and the acceptance stages of the works;

 

●     Effectively carry out rental and asset management missions in order to maintain the quality of the sites over time, to meet the expectations of tenant- clients (improvements, extensions, etc.) and, in general, to manage the portfolio assets by making relevant acquisitions or disposals;

 

●     Assist our clients to help them reduce their energy consumption;

 

Asset management certainly demands perfect knowledge of commercial leases, but above all it requires a spirit of long-term partnership and the utmost respect for clients.

 

Human capital

 

●

28 employees with multidisciplinary expertise

 

●

15% female managers

 

●

Average age of 43

 

●

Entrepreneurial spirit, awareness and innovation

 

Real estate capital

 

●

105 logistics platforms meeting the highest standards in Prime locations

 

●

Assets of 3.8 million sq.m on 750,000 sq.m of land reserve

 

Tenant-client base

 

●

Loyal, creditworthy, mostly major corporates

 

●

A diversified base of shippers (77%), multi- client logistics specialists (17%) or single-client logistics specialists (6%), across all sectors

Financial capital

 

●

Family structure with long-term asset management approach

 

●

Solid financial structure: shareholders’ equity of €2.4bn

 

●

LTV ratio excl. tax of 41.1% and cost of debt of 2.10% for a maturity of 4 years

 

Environmental capital

 

●

50% of the fleet certified BREEAM or HQE, and 100% of new projects now BREEAM certified “Excellent” at least

 

●

Deployment of BMS and heat pumps on existing sites

 

Share capital

 

●

Knowledge and strong presence with local authorities

 

●

About fifteen partner banks

For our employees

 

●

100% permanent contracts

 

●

Professional mobility

 

●

Profit-sharing agreement and free share allocation for all

 

●

Fair group bonuses for new leases

 

For our tenant clients

 

●

Custom warehouses meeting the highest standards

 

●

Innovative low-carbon warehouses (100% new developments with AutOnom®, the net zero warehouse in use)

 

●

> 99% occupancy with strong client retention

 

For our shareholders

 

●

Rental income of €212m, +7% in 2025 (CAGR of +13% since 2016)

 

●

Recurring net income €155m, +13%

 

●

in 2025 (73% of the rental income)

●

Portfolio of €4.1Bn for a capitalisation rate of 5.25 % (excluding transfer taxes)

 

●

Dividend of €3.45 in respect of 2025 (yield of 5.4% vs. a share price of €64: average price of December 2025)

 

For our planet & the environment

 

●

30,000 MWh green energy production

 

●

Close to €3m already invested to replace gas boilers with electric heat pumps in 2025

 

●

0 tonnes of hazardous wastx

 

For our suppliers & territories

 

●

Family structure, with long-term asset management vision

 

●

25,000 employees of our clients working in our logistics platforms

 

●

€220m investments in logistics platforms as part of our 2025-26 roadmap

Supporting them over the long term

 

●

Once the building is delivered, our clients have a dedicated asset and property team for all sites (development and operation phases)

 

●

Regular contacts and permanent availability

 

●

Proposal of services meeting the latest requirements, in particular environmental requirements

 

●

Specific support: Resolution of claims, expansion projects, energy improvement works, ICPE monitoring

	●	Regular publications of information

	●	(in French and English) on current developments and financial and non-financial results

●

Participation in conferences and roadshows, in addition to the Annual General Meeting (open to the public)

	●	All information available online (argan.fr) and from an Investor Relations department

●

An attractive dividend policy (steady increase in dividend per share)

●

Ongoing dialogue with the representatives of the various territories (municipalities, inter-municipality associations, departments, regions or States)

 

●

Compliance with public disclosure obligations

●

Attention paid to the integration of our projects (quality of the buildings, jobs created, control of the environmental impact)

 

●

Contact with ARGAN by telephone (+33 1 47 47 05 46) and by e-mail (contact@argan.fr)

Premium warehouses

 

A family-owned property company, ARGAN’s strategy is to develop PREMIUM warehouses.

 

To maintain this “PREMIUM” portfolio, selective asset disposals take place periodically. The Group makes one-off and targeted acquisitions of high-quality and new warehouses ideally complementing its existing assets.

 

Controlled financial management

 

The Management teams pay great attention to the performance of developed projects, their sustainability and virtuous financing, with the ambition of maintaining sustainable debt ratios in a long-term wealth strategy.

Rental policy

 

The Company’s rental prices track market prices as closely as possible in the spirit of long-term partnership with its tenant clients.

 

This approach has made it possible to establish a relationship of trust that contributes to the commitment of tenant clients over firm.

 

Strong commitment to ESG

 

With exemplary corporate governance, conducted in the best interests of all its stakeholders (shareholders, clients and employees), ARGAN is also committed to a drastic reduction in its carbon footprint (production of solar energy, installation of heat pumps and BMS).

ARGAN’s strategy aims for continued development throughout 2026 and over the medium term, supported by an approach that combines growth — through in- house development and acquisitions — with careful debt management. In 2026, the Company aims to:

 

●

Delivery of €165 million in investments through eight secured projects;

 

●

Rental income growth of at least 4% and recurring net income per share remaining stable at around €6;

●

An LTV (excluding duties) of around 40% at the end of 2026, with a net debt-to-EBITDA ratio of approximately 8.5x;

 

●

A dividend per share of €3.65 (+6%), which will be proposed to shareholders at the 2027 Annual General Meeting.

 

From 2027 onwards, ARGAN aims to:

 

●

An investment program of approximately €150 million; and

 

●

Average annual growth of around +4%.

Strong attention to risk management

 

ARGAN regularly conducts a review of the most significant risks. These are classified according to their level of importance as well as their likelihood, based on their potential adverse impact on the company’s business activities.

 

The risks related to ARGAN’s business fall into four categories, presented below:

 

●

Risks related to development;

 

●

Risks related to ESG;

 

●

Risks related to ARGAN’s business operations and functioning;

 

●

Risks related to the listed logistics real estate market.

Extensive internal control system

 

The ARGAN Supervisory Board defines, implements and guarantees the internal control procedures, with the aim of:

 

●

Reliable financial information, that is high quality and available;

 

●

An effective operational organisation capable of achieving the objectives set;

 

●

Compliance with the legal and regulatory framework;

 

●

Preservation of assets;

 

●

Fraud prevention and detection.

Improvement of the existing portfolio

 

ARGAN has an existing portfolio of 105 warehouses, whose CO₂ emissions are estimated at nearly 22,000 tonnes for 2024 in relation to energy consumption. In order to halve these emissions between 2022 and 2030, we plan the following measures:

 

●

Ban gas heating (which emits 3.5 times more CO2 than electricity) thanks to the installation of electric heat pumps;

 

●

Generalize GTM systems (Centralised Technical Management) to manage lighting and heating systems and reduce energy consumption by around 10%;

 

●

Deploy solar canopies.

 

Deployment of AutOnom^®

 

Aut0nom^®, the Net Zero warehouse that produces its own energy, combines a rooftop photovoltaic power plant with battery storage. This next-generation warehouse makes it possible to cover:

 

●

100% of annual requirements for lighting and heating & cooling; and

 

●

Between 30% and 40% of overall needs, including process-related energy consumption;

 

CO₂ emissions are divided by 10 compared with a standard warehouse, and the remaining balance is offset through a reforestation program launched during the winter of 2025–2026.

ARGAN is the leading real estate company specializing in PREMIUM logistics warehouses in France. The Company focuses on the development and leasing of high-end, tailor-made logistics warehouses for leading companies.

 

Our objective is to build a PREMIUM portfolio composed of modern logistics sites meeting the highest standards, ensuring an optimal occupancy rate close to 100%. This dynamic portfolio is continuously enhanced through new turnkey developments and the extension of existing sites to meet the evolving needs of our tenants.

 

At the same time, selective and opportunistic disposals of mature platforms contribute to financing continued growth, alongside the cash flow generated by our operations.

Growth has been rapid and well controlled. Having commenced operations in 2000, ARGAN now owns a portfolio of 3.8 million sqm, and rental income has recorded average annual double-digit growth, reaching €212 million at the end of 2025.

 

These performances are notably driven by the commitment of our employees, who master all stages of the value creation chain: development, property management, and financial management.

 

As the only pure player in French logistics real estate, ARGAN is listed on Euronext Paris and is notably included in the Euronext SBF 120 and CAC All-Share indices, as well as the FTSE EPRA Europe and IEIF SIIC France indices.

Over nearly 25 years, ARGAN has become the LEADER in PREMIUM French logistics warehouses, with growth driven by unique strengths that set the Company apart from its competitors:

 

●

Full in-house control of the value creation chain;

 

●

An optimal developer-investor positioning providing access to construction cost prices;

 

●

A development strategy focused on PREMIUM logistics platforms, located in Prime areas and leased on a long-term basis to financially sound tenants;

 

●

Management led by the principal shareholder;

 

●

Operating costs (including development costs) among the lowest in the industry, representing less than 8% of rental income;

 

●

A portfolio of PREMIUM logistics platforms with an average age of 12.4 years (as of December 31, 2025);

 

●

An occupancy rate close to 100%;

●

An average remaining firm lease term of 5 years (as of December 31, 2025);

 

●

Tenants that are predominantly leading blue-chip companies;

 

●

A balanced tenant profile: 77% shippers, 17% multi- client logistics providers, and 6% single-client logistics providers;

 

●

A dividend representing a 5.4% yield (based on the average share price in December 2025, i.e., €64);

 

●

Strong consideration of the environmental and societal impacts of its activities, notably through the implementation of a demanding ESG policy directed at all stakeholders, aimed in particular at reducing the environmental footprint of operations (through the reduction of Scope 1, 2, and 3 CO₂ emissions and the greening of its warehouse portfolio) and at increasing the co-benefits generated by its sites for local communities.

ARGAN has developed comprehensive expertise in the development and leasing of PREMIUM warehouses.

 

Having commenced its operations in 2000, ARGAN already owns a portfolio of 105 PREMIUM warehouses as of December 31, 2025, representing 3.8 million sqm, most of which were developed by the Company and are managed internally.

 

This expertise is demonstrated at every stage of warehouse development and property management, and it continues to be enhanced on an ongoing basis thanks to the Company’s pure player positioning.

 

Each stage in the development of a logistics platform requires specific expertise:

 

●

Understanding and examining clients’ storage and distribution needs in depth, working with them to design their future warehouse and supporting them with active asset management;

 

●

Finding suitable land and negotiating with communities and private owners to build up a high-quality land reserve in prime locations.

 

●

Optimizing the overall design of a logistics project requires knowledge of how a warehouse operates and the flows of goods and vehicles in and out. It also requires a thorough understanding of the regulatory environment. Poor design not only increases construction costs, but more importantly operating costs, owing to lack of overall usability or energy efficiency.

 

●

Handling the engineering analysis for all aspects of the build: soil stability and mechanical strength, pier and beam structure, paving, roofing, cladding and thermal insulation, to form the fabric of the building. Next, there are structural engineering plans to be developed and technical equipment to be assessed and selected: power distribution and lighting, heating, loading dock equipment and the whole of the safety system, including automatic fire-extinguishing, fire hose stations, etc.

 

●

Maintaining a high level of expertise in the ICPE regulations (Installations Classées pour la Protection de l’Environnement – Classified Facilities for Environmental Protection) is essential. Depending on the nature and quantity of the products they store, warehouses must either make a declaration, registration or obtain prefectoral authorisation in order to operate. The ministerial decree of April 11, 2017 for combustible products, and other decrees covering more specific products, establish the requirements for fitting out storage bins, the fire-fighting equipment to be provided and the prevention of pollution risks. The Company has long-standing experience of the regulations and is therefore fully conversant with their implementation.

●	Promoting sustainable development in every project:

 

-

Selection of materials with a small environmental footprint begins at design and engineering analysis stage, ensuring the best possible energy performance,

 

-

The main contributors in controlling the facility’s energy consumption and its carbon footprint are LED lighting with presence sensors and dimming systems, enhanced thermal insulation, lots of natural light, high-efficiency heating, solar water heaters and centralised technical management,

 

-

In addition, since 2018, all new warehouses have been equipped with photovoltaic power plants dedicated to the tenant’s self-consumption,

 

-

Since January 2022, the Company has offered its future tenants Aut0nom®, the warehouse that produces its own energy,

 

-

Trees planted as part of the landscaping work are chosen from regional species, preferably broadleaved to optimise the carbon footprint,

 

-

Happy staff work better: ARGAN creates an atmosphere conducive to well-being, high- quality work, productivity and accident prevention with light colours on walls and the underside of the roof, good natural light distribution, an appropriate colour temperature and intensity for artificial light and high-quality office fittings, and by ensuring acoustic comfort and areas for staff to relax;

 

●

Ensuring a high-quality build to guarantee the durability of the building and keep maintenance costs under control, by using top-tier construction companies and consultants with a reputation for experience, diligence and a high level of excellence;

 

●

Asset management certainly demands expertise in commercial leases, but above all it requires a spirit of long-term partnership and the utmost respect for clients.

 

2.1.4. ARGAN strategy and structure

 

2.1.4.1. PREMIUM Warehouse

 

ARGAN’s strategy is to develop PREMIUM warehouses to the latest standards. To maintain this “PREMIUM” asset base, selective multi-criteria asset disposals (asset age, location, cash in relation to rents sold and carbon footprint) are carried out periodically.

 

2.1.4.2. Rental policy

 

The Company’s rental prices track market prices as closely as possible in the spirit of long-term partnership with its tenant clients.

 

2.1.4.3. Management and control of ARGAN

 

The Company has a Supervisory Board and an Executive Board. The shareholding structure is broken down as follows: 37% for Jean-Claude LE LAN and his family, 15% for PREDICA and 48% free float (as at December 31, 2025).

 

 

As of December 31, 2025, the Supervisory Board comprises six members, including two independent members, with a balanced structure consisting of an equal number of women and men.

 

Since 2019, ARGAN has established an Audit, Risk and Sustainability Committee and a Nomination and Compensation Committee, each composed of three members appointed by the Supervisory Board from among its members. In addition, the Executive Board consists of four members.

 

For further information regarding the governance bodies, readers are invited to refer to their presentation in the Integrated Report or to Chapter 5 of this Universal Registration Document – Supervisory Board Report on Corporate Governance.

 

Driven by the combined effects of globalization and the outsourcing of corporate logistics functions, logistics real estate has expanded significantly since the 2000s.

 

This trend gave rise to the profession of logistics operators or logistics service providers, covering warehousing and, in some cases, transportation. As a result, logistics specialists such as FM Logistic, Geodis, XPO, Kuehne+Nagel, ID Logistics, and others have emerged, operating internationally alongside smaller and more recent players focused solely on the French market.

 

Following this evolution, the logistics real estate industry developed, bringing together all stakeholders in the value chain: developers, promoters, investors, construction companies, architects, engineering firms, and real estate agents specializing in this asset class.

 

As a consequence, warehouses have become “standardized,” particularly under the regulatory framework of August 5, 2002, replaced by that of April 11, 2017, and in line with the requirements expressed by logistics operators. Since 2002, warehouses have been divided into 6,000 sqm cells separated by firewalls, equipped with 35-meter-deep truck maneuvering yards and safety installations in accordance with ICPE regulations (Installations Classified for Environmental Protection).

 

These standards continue to rise, particularly in terms of energy performance. In 2010, ARGAN was the first to develop a low-energy warehouse (BBC – Bâtiment Basse Consommation) for L’Oréal and, since 2018, has equipped all new warehouses with photovoltaic power plants dedicated to tenant self-consumption for those who wish. In January 2022, ARGAN inaugurated AutOnom^®, its carbon-neutral warehouse during the operational phase. AutOnom^® has now been rolled out across all new developments. Around fifteen AutOnom^® warehouses had already been delivered at the date of preparation of this Universal Registration Document.

 

Ceiling heights have also evolved, increasing from 8 meters of clear height under beams in the 1980s and 1990s to 10 meters in 2000 and 12 meters since 2010.

 

Initially developed primarily along the North-South corridor connecting Lille to Marseille via the Paris and Lyon regions, the warehouse market has gradually expanded across the entire territory in recent years. Today, the Atlantic Arc and the Normandy region are experiencing significant growth and represent clear development opportunities.

 

The growing importance of logistics in a connected economy, new consumption patterns—particularly through e-commerce—and the demand for ever shorter delivery times are all key drivers of this market’s development.

 

Take-up of warehouses over 5,000 sqm amounted to 3.2 million sqm in 2025, showing near stability compared to 2024 (CBRE data). The national vacancy rate stood at 6.3% at year-end, with a notable decline between the end of September 2025 and the end of December 2025, during which the rate decreased by 30 basis points.

 

Investment in logistics real estate totaled approximately €4.1 billion in 2025, representing a 22% decrease compared to 2024. This decline is notably attributable to an adverse political environment marked by numerous uncertainties throughout much of 2025. Nevertheless, the logistics asset class remains highly sought after, accounting for 29% of total commercial real estate transactions.

 

2.3.3.1. Land developers

 

To construct a 100,000 sqm warehouse, at least twice that amount of land is required — i.e., 200,000 sqm or 20 hectares. The land must first be zoned for development in order to be buildable. Municipalities or inter-municipal authorities designate land for residential, office, retail, or warehouse construction through the Local Urban Plan (PLU) or the Inter- Municipal Local Urban Plan (PLUI), which is approved by State authorities (the Prefecture).

 

The preparation of PLUIs must be consistent with the SCOT (Territorial Coherence Scheme), the SRADDET (Regional Scheme for Spatial Planning, Sustainable Development and Territorial Equality), and, in the case of the Île-de-France region, with the SDRIF (Regional Master Plan for Île-de-France).

 

Land developers intervene upstream, supporting and driving the land urbanization process, and subsequently carry out land development works (roads, drinking water networks, wastewater systems, gas, electricity, and telecommunications).

 

Public works companies perform development works on behalf of local authorities, which own the land after having previously acquired it from private owners, generally farmers.

 

Land developers may also, at an earlier stage, acquire agricultural land in order to apply for its reclassification as buildable land with local authorities, then carry out the necessary development works and subsequently sell the plots to operators such as property developers, construction companies, or investor-developers.

 

2.3.3.4. Investors

 

Investors generally buy new warehouses from property developers or other investors in the event of resale, as their business is to rent these warehouses to shippers or logistics specialists.

 

These investors are Real Estate Companies or Funds:

 

●

Real Estate Companies like ARGAN are intended to be long-term concerns, managing a real estate portfolio for rent;

 

●

Funds (very often British or American) are set up for predetermined periods at the end of which the assets are sold and the funds are dissolved. This is a strictly financial approach where the underlying asset is warehouses.

 

The lines between roles are sometimes blurred:

 

●

Investors with a similar positioning to ARGAN may also take on property development themselves to pick up the property developer’s margin;

 

●

Builders seeking to improve their bottom line are also becoming property developers and in some cases land developers as well;

 

●

As a business area where there is ample supply, construction requires significant resources;

 

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Property developers work with little in the way of equity capital and around ten employees or even fewer, and can achieve successful outcomes when the climate is conducive to investment. What is key here is being able to sign a commercial lease with a future lessee prior to completion of the project.

 

2.3.3.5. Real estate agents

 

Real estate agents have earned an enviable position in this sector. where they act as an interface between supply and demand at all levels:

 

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Between lessees and property developers or investors/property developers;

 

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Between property developers and investors.

 

They generally operate at all levels of the sector.

 

Their fee is around 1% of the transaction amount for a sale (€200,000 for a sale of €20 million) and about 15% of the annual rent for a lease.

 

The critical factor for these professionals is having access to the following information: Who wants to buy? Who wants to sell? Who wants to rent?

 

2.3.3.6. Lessees

 

Tenants may be shippers or logistics specialists and are the most important players in the chain.

 

Rather than taking on the mantle of ownership by allocating their financial resources to property, they have chosen instead to devote them to their more profitable core business.

 

As a result, areas allocated to logistics real estate will be away from housing and as close as possible to main roads or motorways.

 

2.3.3.7. Government agencies

 

Government agencies are responsible for reviewing building permit and ICPE applications and are supervised by the departmental prefects. It is the prefect who grants ICPE authorisations, but building permits are granted by district authorities further to referral and subject to State control.

 

2.3.3.8. Local authorities

 

Communes are of course concerned about town planning issues in their local areas and they determine the allocation of land for housing, shops, business operations and logistics via their PLU(I)s.

 

Three types of districts are identified:

 

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Urban districts (> 250,000 inhabitants);

 

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Districts and conurbations (> 50,000 inhabitants);

 

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Communities of communes (>15,000 inhabitants).

 

For certain communities, logistics businesses are not welcome on the pretext that they create noise and other pollution, especially because of the heavy vehicles involved. It is our sales team’s efforts to explain and persuade that make it possible to identify land and carry out projects by highlighting the fact that ARGAN is a French, family-owned company with a long-term and quality vision.

 

2.3.3.9. Architects and engineering consultants

 

These service providers act on behalf of operators in the development chain. Architects prepare building permits while engineering consultants provide input in their areas of expertise: land development, geotechnology, structural design, fluids, ICPE, etc.

 

2.3.3.10. Asset managers (property management companies)

 

Property investment funds make use of property management companies (Asset Managers) to manage their property assets.

 

These companies provide rental management, rent recovery and technical facility management services, either directly or indirectly.

 

The expansion of warehouses has, in recent years, generated strong interest from investors due to the rental profitability of this asset class, with a PRIME yield in France of 4.90% as of December 31, 2025 (Source: CBRE).

 

This interest was reinforced during and following the COVID crisis, during which this asset class demonstrated its resilience, and has also been supported by the growth of e-commerce, which continues to record annual growth rates in the double digits or close to that level.

 

In 2025, warehouse transactions amounted to approximately €4.1 billion. Logistics accounted for nearly 30% of total commercial real estate transactions (Source: CBRE).

 

Two types of competitors are active in sales transactions or development:

 

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Investment Funds – Such as AEW, AXA Real Estate, CBRE Global Investors, DWS, and Patrizia — operate on the secondary market, acquiring portfolios of existing warehouses, not necessarily of the latest generation, on an opportunistic basis across European, American, or Asian markets depending on market conditions. These funds, backed by banks or insurance companies, entrust the management of their warehouses to asset managers.

 

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Developers/Investors – Such as BARJANE, GLP, GOODMAN, SEGRO, SOGARIS, PARCOLOG, and PROLOGIS - and Property Developers – Such as PRD, Telamon, or GICRAM — are, like ARGAN, involved in the development of new warehouses intended for lease. In this segment, which has represented approximately 800,000 sqm per year since 2020 (based on ARGAN’s internal estimates), ARGAN holds an estimated market share of over 10%, having delivered on average more than 100,000 sqm of new warehouse space over the period.