• Argan reported an exceptional 2025 with rental income up 7%, recurring net income up 13%, portfolio value above €4 billion and occupancy over 99%, alongside plans for about €165 million of 2026 investments and refinancing of a €500 million bond.

• At the same time, Argan reshaped its governance to preserve board independence and gender parity, appointing experienced executive Laurence Batlle and preparing Eric Donnet for a future vice-chair role.

• We will now examine how Argan’s stronger 2025 recurring net income and active governance refresh influence the company’s overall investment narrative.

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To own Argan, you really have to buy into a simple story: a focused logistics landlord trying to turn high occupancy and disciplined development into steady recurring income, while managing debt and governance with care. The latest update reinforces that story rather than transforming it. Stronger 2025 recurring net income and a portfolio above €4 billion keep the near term catalysts anchored in delivery of the €165 million Aut0nom® projects, lease execution and the planned refinancing of the €500 million bond. The governance reshuffle around Eric Donnet and the appointment of Laurence Batlle looks more like risk management than a new risk, helping preserve board independence and audit oversight. With the share price roughly flat over three months, the market does not seem to be treating this news as a major value inflection, but it does slightly improve comfort around oversight at a time when debt coverage and earnings quality are front of mind.

However, one issue around debt coverage still stands out as something investors should not ignore. Despite retreating, Argan’s shares might still be trading 21% above their fair value. Discover the potential downside here.

Two Simply Wall St Community members currently place Argan’s fair value between €78 and about €82, hinting at upside from today’s price. Set against that, the reliance on refinancing a sizeable bond and one off earnings effects keeps the discussion grounded in how resilient Argan’s cash flows really are.

Explore 2 other fair value estimates on Argan – why the stock might be worth just €78.00!

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