Announcement PDF Appendix4D Half-yearreport 2026 argoinvestments.com.au | 2 Results for announcement to the market Half-year ended 31 December 2025 Comparative figures being the half-year ended 31 December 2024 Argo Investments Limited ABN 35 007 519 520 2025 $A’000 2024 $A’000 Income from operating activities up 11.6% to 149,874 134,353 Profit for the half-year up 7.9% to 130,786 121,229 Dividends Interim fully franked dividend payable 20 March 2026 18.5 cents (previous corresponding period 17.0 cents fully franked) TheCompany’sDividend Reinvestment Plan (DRP) and Dividend Substitution SharePlan (DSSP)willoperate for the interim dividend. The DRP will be neutralised by purchasing the shares required for participants on- market while new shares will be issued for DSSP participants. The Directors have resolved that the shares will be allocated at the market price of Argo shares, which will be the volume weighted average ex-dividend market price of the shares traded during the pricing period from 16 February 2026 to 13 March 2026. No discount will apply. The record date for determining entitlements to the interim dividend 16 February 2026 The last election date for determining participation in the DRP and DSSP 17 February 2026 Final fully franked dividend for year ended 30 June 2025 paid 12 September 2025 20.0 cents Net Tangible Asset Backing December 2025 December 2024 NTA per share1 $10.34 $10.01 NTA after unrealised tax provision2 $8.90 $8.63 1. After allcosts,including tax payable. 2. As required under theASX Listing Rules,theoretical NTA per shareafter providing forestimated taxon unrealised gains/losses in theportfolio. That is,after tax that may ariseif theentireportfoliowas sold. argoinvestments.com.au | 3 Contents Directors’ Report 4 Auditor’s Independence Declaration 5 Financial Report Consolidated Statement of Profit or Loss 6 Consolidated Statement of Comprehensive Income 6 Consolidated Statement of Financial Position 7 Consolidated Statement of Changes in Equity 8 Consolidated Statement of Cash Flows 9 Notes to the Consolidated Financial Statements 10 Directors’ Declaration 12 Independent Auditor’s Review Report 13 argoinvestments.com.au | 4 The Directors present the financial report of the consolidated entity, consisting of Argo Investments Limited and its controlled entity (Argo or Company), for the half-year ended 31 December 2025. The Company’s objective is to maximise long-term returns to shareholders through a balance of capital and dividend growth. It does this by investing in a diversified Australian equities portfolio which is actively managed in a tax-aware manner within a low-cost structure. Review of operations Profit for the half-year increased by 7.9% on the previous corresponding period to $130.8 million and earnings per share increased 8.2% to 17.2 cents per share. While dividends and distributions increased, the rise in profit was primarily due to increased investment income received from trading investments in the portfolio. The Directors have declared a fully franked interim dividend of 18.5 cents per share compared with 17.0 cents per share paid for the half-year to 31 December 2024. This dividend totals $140.4 million, compared with $129.8 million in the previous corresponding period, and will be paid on 20 March 2026. Net tangible asset backing per Argo share was $10.34 as at 31 December 2025, compared with $10.43 as at 30 June 2025 and $10.01 as at 31 December 2024. During the half-year, the Dividend Reinvestment Plan (DRP) and Dividend Substitution Share Plan (DSSP) were neutralised by purchasing the shares required for participants on-market. In addition, the on-market share buy-back facility was utilised with 2,207,514 Argo shares bought and cancelled. Directors The following persons were Directors during the half-year and are in office at the date of this report: Peter Warne Lianne Buck Melissa Holzberger Elizabeth Lewin Symon Parish (Director since 3 October 2025) Jason Beddow (Managing Director) Christopher Cuffe AO retired as a Director on 22 October 2025. Auditor’s Independence Declaration The Auditor’s Independence Declaration, as required under Section 307C of the Corporations Act 2001, is set out on page 5. Rounding of amounts Australian Securities and Investments Commission Corporations (Rounding in Financial/Directors’ Reports) Instrument 2016/191 applies to the Company and accordingly amounts have been rounded to the nearest one thousand dollars in accordance with that Instrument, unless otherwise stated. This report is made in accordance with a resolution of the Board of Directors. On behalf of the Board P.H. Warne Chairman 9 February 2026 Directors' Report PricewaterhouseCoopers, ABN 52 780 433 757 Level 11, 70 Franklin Street, ADELAIDE SA 5000, GPO Box 418, ADELAIDE SA 5001 T: +61 8 8218 7000, F: +61 8 8218 7999, www.pwc.com.au pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. Auditor’s Independence Declaration As lead auditor of Argo Investments Limited’s financial report for the half-year ended 31 December 2025 I declare that to the best of my knowledge and belief, there have been: a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review of the financial report; and b) no contraventions of any applicable code of professional conduct in relation to the review of the financial report. Bianca DeGennaro Adelaide Partner 9 February 2026 PricewaterhouseCoopers argoinvestments.com.au | 5 argoinvestments.com.au | 6 Note 2025 $’000 2024 $’000 Dividends anddistributions 138,860 137,493 Other income 3,335 3,018 Net gains/(losses)on trading investments 7,679 (6,158) Incomefromoperating activities 149,874 134,353 Administrationexpenses (5,815) (5,848) Profit beforeincometaxexpense 144,059 128,505 Incometaxexpensethereon (13,273) (7,276) Profit for thehalf-year 130,786 121,229 cents cents Basicanddilutedearnings per share 2 17.2 15.9 Consolidated Statement of Comprehensive Income for the half-year ended 31 December 2025 2025 $’000 2024 $’000 Profit for thehalf-year 130,786 121,229 Othercomprehensiveincome: Itemsthatwill not bereclassifiedtoprofitor loss Revaluationof long-term investments (33,240) 328,453 Provision fordeferred tax benefit/(expense)on revaluationof long-term investments 7,164 (100,925) Othercomprehensive(loss)/incomefor thehalf-year (26,076) 227,528 Totalcomprehensiveincomefor thehalf-year 104,710 348,757 (To be read in conjunction with the accompanying notes) Consolidated Statement of Profit or Loss for the half-year ended 31 December 2025 argoinvestments.com.au | 7 December 2025 $’000 June 2025 $’000 CurrentAssets Cash andcashequivalents 17,822 119,323 Receivables 25,028 36,383 Investments 18,292 18,677 Total Current Assets 61,142 174,383 Non-CurrentAssets Investments 7,846,169 7,852,038 Property, plant andequipment 2,635 1,816 Total Non-Current Assets 7,848,804 7,853,854 Total Assets 7,909,946 8,028,237 CurrentLiabilities Payables 1,350 2,299 Derivativefinancial instruments 5,096 9,367 Current tax liabilities 22,947 39,813 Provisions 1,084 931 Total Current Liabilities 30,477 52,410 Non-CurrentLiabilities Payables 2,126 1,248 Deferred tax liabilities 1,127,308 1,156,400 Provisions 121 238 Total Non-Current Liabilities 1,129,555 1,157,886 Total Liabilities 1,160,032 1,210,296 Net Assets 6,749,914 6,817,941 Shareholders’Equity Contributedequity 3,230,356 3,250,587 Reserves 2,726,333 2,806,254 Retained profits 793,225 761,100 Total Shareholders’Equity 6,749,914 6,817,941 (To be read in conjunction with the accompanying notes) Consolidated Statement of Financial Position at 31 December 2025 argoinvestments.com.au | 8 Contributed Equity $’000 Reserves $’000 Retained Profits $’000 Total $’000 Balanceas at 1 July 2025 3,250,587 2,806,254 761,100 6,817,941 Profit for thehalf-year - - 130,786 130,786 Othercomprehensiveloss - (26,076) - (26,076) Totalcomprehensiveincomefor the half-year - (26,076) 130,786 104,710 Transactionswith shareholders: Costof shareissues netof tax (222) - - (222) Executiveperformancerights reserve - (575) - (575) Dividend paid - (53,270) (98,661) (151,931) Buy-backof shares (20,009) - - (20,009) Total transactionswith shareholders (20,231) (53,845) (98,661) (172,737) Balanceas at 31 December 2025 3,230,356 2,726,333 793,225 6,749,914 for the half-year ended 31 December 2024 Balanceas at 1 July 2024 3,253,652 2,362,639 744,889 6,361,180 Profit for thehalf-year - - 121,229 121,229 Othercomprehensiveincome - 227,528 - 227,528 Totalcomprehensiveincomefor the half-year - 227,528 121,229 348,757 Transactionswith shareholders: Dividend Reinvestment Plan 24,995 - - 24,995 Costof shareissues netof tax (47) - - (47) Executiveperformancerights reserve - (794) - (794) Dividend paid - (22,837) (114,086) (136,923) Buy-backof shares (7,539) - - (7,539) Total transactionswith shareholders 17,409 (23,631) (114,086) (120,308) Balanceas at 31 December 2024 3,271,061 2,566,536 752,032 6,589,629 (To be read in conjunction with the accompanying notes) Consolidated Statement of Changes in Equity for the half-year ended 31 December 2025 argoinvestments.com.au | 9 2025 $’000 2024 $’000 Cashflowsfromoperatingactivities Dividends anddistributions received 161,701 162,823 Interest received 1,500 1,649 Other receipts 1,841 1,444 Proceeds from trading investments 7,448 7,706 Payments for trading investments (3,654) (9,281) Other payments (6,601) (7,750) Incometax paid (51,842) (34,116) Netoperatingcash inflows 110,393 122,475 Cashflowsfrominvestingactivities Proceeds from saleof long-term investments 152,142 144,348 Payments for long-term investments (191,602) (170,781) Payments for fixed assets (3) (67) Net investingcashoutflows (39,463) (26,500) Cashflowsfromfinancingactivities Payments for leaseliabilities (174) (163) Costof shareissues (317) (67) Dividends paid–netof Dividend Reinvestment Plan (151,931) (111,928) Buy-backof shares (20,009) (7,539) Net financingcashoutflows (172,431) (119,697) Netdecreaseincash held (101,501) (23,722) Cash at thebeginningof thehalf-year 119,323 97,166 Cash at theendof thehalf-year 17,822 73,444 (To be read in conjunction with the accompanying notes) Consolidated Statement of Cash Flows for the half-year ended 31 December 2025 argoinvestments.com.au | 10 1. Basis of preparation The financial report for the half-year ended 31 December 2025 has been prepared in accordance with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Act 2001. The half-year financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this half-year report is to be read in conjunction with the Annual Report for the year ended 30 June 2025 and any public announcements made by Argo Investments Limited (Company) during the half-year, in accordance with any continuous disclosure obligations arising under the Corporations Act 2001. The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. 2. Earnings per share 2025 number ’000 2024 number ’000 Weighted averagenumberofordinary shareson issueused in the calculationofearnings per share 760,667 762,733 $'000 $’000 Profit for thehalf-year 130,786 121,229 cents cents Basicanddilutedearnings per share 17.2 15.9 3. Dividends 2025 $’000 2024 $’000 Dividends paid during the half-year Finaldividend for theyearended 30 June2025of 20.0cents fully franked at 30% tax ratepaid 12 September 2025 (2024:18.0cents fully franked at 30% tax rate) 151,931 136,923 Dividends paid incash 125,284 111,928 Dividends reinvested - neutralised 26,647 - Dividends reinvested - new shares issued - 24,995 151,931 136,923 Dividends forgonevia DSSP 268 101 The final dividend paid contained a listed investment company (LIC) capital gain component of 7.0 cents per share (2024: 3.0 cents per share) and a New Zealand imputation credit of NZ3.0 cents per share (2024: nil) Notes to the Consolidated Financial Statements for the half-year ended 31 December 2025 argoinvestments.com.au | 11 2025 $’000 2024 $’000 Dividend declared after balance date Sincetheendof thehalf-year, theDirectors havedeclared thefollowing dividendwhich has not been recognised as a liability at theendof the half-year: Interimdividend for theyearending 30 June2026of 18.5cents fully franked at 30% tax ratepayable20 March 2026 (previouscorresponding period: 17.0cents fully franked at 30% tax rate) 140,376 129,754 The interim dividend declared will not contain a LIC capital gain component (2024: nil) or a New Zealand imputation credit (2024: nil). 4. Contributed equity Ordinary shares rank pari passu, have no par value and entitle the holder to participate in dividends and the proceeds on winding up of the Company in the proportion to the number of the shares held. The Company does not have a limited amount of authorised capital. 2025 No.ofshares 2024 No.ofshares 2025 $’000 2024 $’000 Issued and fully paidordinary shares: Opening balance 760,996,574 761,242,265 3,250,587 3,253,652 Dividend Reinvestment Plan(a) - 2,843,587 - 24,995 Dividend Substitution SharePlan(a) - 11,474 - - Buy-backof shares(b) (2,207,514) (840,692) (20,009) (7,539) Costof shareissues netof tax (222) (47) Closing balance 758,789,060 763,256,634 3,230,356 3,271,061 (a) In September 2025, the Dividend Reinvestment Plan (DRP) and Dividend Substitution Share Plan (DSSP) were neutralised by purchasing the shares required for participants on-market, and therefore did not impact the number of shares on issue (2024: new shares were issued). (b)During the period the Company purchased and cancelled shares on-market. The shares were acquired at an average price of $9.07 per share with prices ranging from $8.94 to $9.17 per share. 5. Financial reporting by segments The Company operates in the investment industry predominately within Australia. The Company is managed as a whole and is considered to have a single operating segment. There is no further division of the Company or internal segment reporting used by the Directors when making strategic, investment or resource allocation decisions. The Company is domiciled in Australia and derives its income from the investment portfolio through the receipt of dividends, distributions, interest and other income. Argo has a diversified portfolio of investments, with no single investment accounting for more than 10% of income. There has been no change to the operating segments during the half-year. 6. Events after balance date Since 31 December 2025, to the date of this report, there have been no events specific to the Company of which the Directors are aware which has had a material effect on the Company or its financial position. 7. Contingencies At balance date the Company is not aware of any material contingent liabilities or contingent assets. Notes to the Consolidated Financial Statements argoinvestments.com.au | 12 In the opinion of the Directors of Argo Investments Limited (Company): (a) the consolidated financial statements and notes set out on pages 6 to 11 are in accordance with the Corporations Act 2001 including: (i) complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and (ii) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and (b)there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of the Directors. P.H. Warne Chairman 9 February 2026 Directors' Declaration PricewaterhouseCoopers, ABN 52 780 433 757 Level 11, 70 Franklin Street, ADELAIDE SA 5000, GPO Box 418, ADELAIDE SA 5001 T: +61 8 8218 7000, F: +61 8 8218 7999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. pwc.com.au Independent auditor's review report to the members of Argo Investments Limited Report on the half-year financial report Conclusion We have reviewed the half-year financial report of Argo Investments Limited (the Company) and the entities it controlled during the half-year (together the Group), which comprises the consolidated statement of financial position as at 31 December 2025, the consolidated statement of comprehensive income, consolidated statement of profit or loss, consolidated statement of changes in equity, consolidated statement of cash flows, for the half-year ended on that date, selected explanatory notes and the directors‘ declaration. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Argo Investments Limited does not comply with the Corporations Act 2001 including: 1. giving a true and fair view of the Group’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; 2. complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the Auditor's responsibilities for the review of the half-year financial report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the argoinvestments.com.au | 13 Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. Responsibilities of the directors for the half-year financial report The directors of the Company are responsible for the preparation of the half-year financial report, in accordance with Australian Accounting Standards and the Corporations Act 2001, including giving a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement whether due to fraud or error. Auditor's responsibilities for the review of the half-year financial report Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2025 and of its performance for the half- year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. PricewaterhouseCoopers Bianca DeGennaro Adelaide Partner 9 February 2026 argoinvestments.com.au | 14