Announcement PDF NTA & Investment Update August 2025 Net tangible asset (NTA) backing per share 31 August^ 31 July NTA per share1 $10.81 $10.74 NTA per share after unrealised tax provision2 $9.18 $9.18 These figures are after provision for the final dividend of 20 cents per share. ^ Market commentary Adding to recent gains, the Australian share market rose in August (up +3.1%) with strong global sentiment providing a tailwind. Despite the positive overall performance, the local corporate reporting season was the most volatile on record. Market heavyweight CSL disappointed investors with restructuring plans and job cuts, while Reece and James Hardie Industries were impacted by their exposure to the weak US housing market. In contrast, companies with earnings momentum were rewarded, particularly consumer stocks. Harvey Norman stood out with strong profits driving a sharp share price rally. Overall, rising household spending and improving business confidence supported optimistic company outlook statements. While company valuations appear stretched, further monetary easing is expected to support equities. Portfolio Top 20 investments $m % Macquarie Group 549.9 6.5 BHP 450.6 5.4 CBA 400.8 4.8 Wesfarmers 386.4 4.6 Westpac 340.1 4.0 CSL 287.8 3.4 Rio Tinto 276.6 3.3 Aristocrat Leisure 270.0 3.2 ANZ 269.9 3.2 Technology One 255.8 3.0 NAB 249.7 3.0 Telstra 237.2 2.8 Santos 236.7 2.8 QBE Insurance 190.3 2.3 Computershare 187.0 2.2 Origin Energy 180.1 2.1 Eagers Automotive 153.5 1.8 Suncorp 135.8 1.6 Transurban 134.2 1.6 APA 126.1 1.5 Top 20 equity investments 5,318.5 63.1 Cash and cash equivalents 127.7 1.5 Sector diversification 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 $8.5bn Shareholders 88,700 Dividend yield^ 3.9% MER 0.15% ^ Historical yield of 5.5% (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