Announcement PDF argoinvestments.com.au | 1 Net tangible asset (NTA) backing per share 31 December^ 30 November NTA per share1 $10.34 $10.35 NTA per share after unrealised tax provision2 $8.90 $8.90 Market commentary The Australian share market ended the year on a positive note, with the S&P/ASX 200 Accumulation Index gaining +1.3% in December, recovering some of November’s losses. At its final meeting of 2025, the Reserve Bank of Australia (RBA) maintained the official cash rate at 3.6%, striking an unexpectedly hawkish tone. Together with robust GDP data and stable unemployment, expectations of a future rate increase grew. This saw investors rotate out of more interest rate–sensitive sectors and into Financials (+3.4%), which typically see improved margins in a rising-rate environment. However, Materials (+6.7%) led the market’s gains, driven by higher commodity prices, particularly a rebound in the gold price. In contrast, Technology stocks lost ground (-8.7%), heavily influenced by ‘AI jitters’ offshore. Argo will report its half-year result on 9 February 2026. For details, see Key Dates in our Shareholder Centre. $m % Macquarie Group 496.2 6.3 BHP 485.9 6.2 CBA 377.9 4.8 Rio Tinto 344.3 4.4 Westpac 337.7 4.3 Wesfarmers 324.4 4.1 ANZ 291.3 3.7 CSL 259.7 3.3 NAB 245.4 3.1 Telstra 236.3 3.0 Aristocrat Leisure 216.1 2.7 Santos 182.1 2.3 Technology One 178.9 2.3 QBE Insurance 174.8 2.2 Computershare 167.3 2.1 Origin Energy 160.1 2.0 Eagers Automotive 139.2 1.8 Transurban 130.6 1.7 APA 128.3 1.6 Woolworths 114.0 1.4 Top 20 equity investments 4,990.5 63.3 Cash and cash equivalents 17.8 0.2 Portfolio Sector diversification NTA & Investment Update December 2025 Top 20 investments ƺ After all costs, including any tax payable. Ʊ 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. ^ These figures are subject to external review by the Company's auditor. argoinvestments.com.au | 2 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 Shareholder benefits Low-cost, internally managed Internal management structure ensures low operating costs and no external fees Long-term and proven investment approach Resilience and growth through various market cycles and conditions for over 75 years Experiencedboardandmanagement Highly experienced board and management team with strong governance and conservative culture Fully-franked, sustainable dividends Dividends paid every year since inception in 1946 and fully franked since 1995 Strong balance sheet with no debt A strong balance sheet and no debt allows a long-term approach to investing Diversified and administratively simple Exposure to a diversified portfolio of Australian equities through a single ASX trade About us ASX code ARG Founded 1946 Total assets $7.9bn Shareholders 87,600 Dividend yield^ 4.1% MER 0.14% ^ Historical yield of 5.9% (including franking) based on dividends paid/declared over the last 12 months. At a glance 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. Company objective Maximise long-term shareholder returns through reliable fully franked dividend income and capital growth. Share registry enquiries BoardRoom Pty Ltd 1300 350 716 investorserve.com.au argo@boardroomlimited.com.au 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.