Announcement PDF NTA & Investment Update March 2025 Net tangible asset (NTA) backing per share 31 March 28 February NTA per share1 $9.63 $9.94 NTA per share after unrealised tax provision2 $8.36 $8.56 Market commentary The S&P/ASX 200 Accumulation Index declined -3.4% in March as ongoing geopolitical uncertainty and growing trade concerns weighed on sentiment, sparking a broad-based sell-off. Reflecting the prevailing risk-off sentiment, Information Technology (-9.7%) and Consumer Discretionary (-6.4%) were the worst-performing sectors. In contrast, investors gravitated towards more defensive stocks, with Utilities the strongest performers, although the sector still finished the month flat. Since the end of March, markets globally have continued to be roiled by the emerging prospect of a US — or potentially global — recession following the announcement of widespread US tariffs last week. We will be discussing these developments, the global economic outlook and macroeconomic themes impacting the Australian share market at our upcoming shareholder information meetings in various capital cities. For full details, including times and venues, visit: argoinvestments.com.au. Portfolio Top 20 investments Sector diversification $m % Macquarie Group 504.2 6.8 Other Financials 15.0% Banks 14.8% BHP 387.1 5.2 Materials 13.6% Banks 14.8% CBA 370.3 5.0 CSL 334.4 4.5 Wesfarmers 317.5 4.3 Westpac 278.1 3.8 Health Care Industrials 7.3%9.6% Rio Tinto 262.8 3.6 Energy 7.2% Consumer Staples 8.5% Aristocrat Leisure 238.2 3.2 ANZ 233.2 3.2 Telstra Group 204.2 2.8 Energy LICs 1.6%7.2% QBE Insurance 203.5 2.8 Utilities 1.5% Discret. 7.2% Consumer NAB 198.5 2.7 Santos 196.6 2.7 Computershare 191.7 2.6 Technology One 189.3 2.6 Utilities 1.5% Origin Energy 146.8 2.0 Cash 0.6% Transurban 123.1 1.7 Suncorp 122.7 1.7 Woolworths Group 114.6 1.6 APA Group 113.0 1.5 Top 20 equity investments 4,729.8 64.3 Cash and cash equivalents 47.3 0.6 Other Financials 15.0% Telcos & I.T. 10.4% Materials 13.6% Health Care 9.6% Telcos & I.T. 10.4% Consumer Staples 8.5% Consumer Discret. 7.2% Industrials 7.3% Property 2.7% Cash 0.6% Property 2.7% LICs 1.6% ƺ Ʊ After all costs, including any tax payable. As required under the ASX Listing Rules, theoretical NTA per share after providing for estimated tax on unrealised gains/ losses in the portfolio. That is, after tax that may arise if the entire portfolio was sold. argoinvestments.com.au | 1 About us At a glance Shareholder benefits ASX code ARG Founded 1946 Total assets $7.4bn Shareholders 90,800 Dividend yield^ 4.0% MER 0.15% ^ Historical yield of 5.8% (including franking) based on dividends paid/declared over the last 12 months. Fully-franked, sustainable dividends Dividends paid every year since inception in 1946 and fully franked since 1995 Experienced board and management Highly experienced board and management team with strong governance and conservative culture Company overview One of Australia’s oldest and largest listed investment companies (LICs), Argo actively manages a diversified portfolio of Australian shares with a low-cost, internally managed business model. Argo applies a conservative, long-term investment approach which has proven resilient since 1946. Strong balance sheet with no debt A strong balance sheet and no debt allows a long-term approach to investing Company objective Maximise long-term shareholder returns through reliable fully franked dividend income and capital growth. Low-cost, internally managed Internal management structure ensures low operating costs and no external fees How to invest We are listed on the Australian Securities Exchange (ASX) under the ASX code ‘ARG’. To become a shareholder, simply buy shares through your stockbroker, online broker, financial adviser or platform. Diversified and administratively simple Exposure to a diversified portfolio of Australian equities through a single ASX trade Share registry enquiries BoardRoom Pty Ltd 1300 350 716 investorserve.com.au argo@boardroomlimited.com.au Long-term and proven investment approach Resilience and growth through various market cycles and conditions for over 75 years This report has been prepared as general information only and is not intended to provide financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances before making any investment decisions. Past performance is no guarantee of future results. This announcement is authorised by Tim Binks, Company Secretary. Argo Investments Limited ACN 007 519 520 argoinvestments.com.au | 2