Announcement PDF NTA & Investment Update July 2025 Net tangible asset (NTA) backing per share 31 July^ 30 June NTA per share1 $10.74 $10.43 NTA per share after unrealised tax provision2 $9.18 $8.96 These figures are before provision for the final dividend of 20.0 cents per share. ^ Market commentary Australian shares made a strong start to the new financial year, with the S&P/ASX 200 Accumulation Index rising +2.4% in July, defying signs of a softening economic outlook and still-simmering trade tensions. Gains were broad-based, with all but the Financials sector ending the month in positive territory. Notably, three of the ‘big four’ banks posted falls, including market darling Commonwealth Bank. In contrast, Health Care rebounded after languishing in recent times, gaining +9.1% to be the best-performer. Pleasingly, Argo holdings CSL and ResMed rallied +13.1% and +7.9% respectively. On Monday, Argo reported increased full year profit of $259.8 million and declared a record high final dividend of 20.0 cents per share, fully franked – an increase of +11.1% on last year. For more details, read the full announcement here or visit argoinvestments.com.au. Portfolio Top 20 investments $m % Macquarie Group 530.9 6.4 CBA 418.7 5.1 BHP 409.5 5.0 CSL 366.1 4.4 Wesfarmers 360.9 4.4 Westpac 297.9 3.6 Technology One 262.9 3.2 Aristocrat Leisure 260.1 3.2 Rio Tinto 259.2 3.1 ANZ 246.2 3.0 Telstra Group 241.1 2.9 Santos 232.3 2.8 NAB 227.0 2.7 Computershare 206.5 2.5 QBE Insurance 203.9 2.5 Origin Energy 162.6 2.0 Suncorp 133.7 1.6 Transurban 127.0 1.5 Woolworths Group 122.2 1.5 APA Group 120.0 1.5 Top 20 equity investments 5188.7 62.9 Cash and cash equivalents 137.1 1.7 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 $8.3bn Shareholders 89,000 Dividend yield^ 4.0% MER 0.15% ^ Historical yield of 5.6% (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