Announcement PDF argoinvestments.com.au | 1 Net tangible asset (NTA) backing per share 31 January^ 31 December NTA per share1 $10.54 $10.34 NTA per share after unrealised tax provision2 $9.04 $8.90 Market commentary Against a backdrop of dramatic offshore developments, Australia's share market started the new calendar year on a postive note. Despite some intra-month volatility, the S&P/ASX 200 Accumulation Index ended January up +1.8%. The Energy (+10.6%) and Materials (+9.5%) sectors led the market higher. Gold stocks were particularly strong performers, reflecting the gold price, which continued to surge amid ongoing geopolitical uncertainty. At the other end of the spectrum, technology stocks fell sharply (-9.4%) as higher domestic rate expectations and growing global concerns about AI-related risks. This week, Argo reported increased half-year profit of $130.8 million and a record high interim dividend of 18.5 cents per share, fully franked. For more, see announcement here or visit argoinvestments.com.au. $m % BHP 540.2 6.7 Macquarie Group 518.2 6.4 Rio Tinto 355.4 4.4 CBA 351.5 4.4 Westpac 339.6 4.2 Wesfarmers 333.4 4.1 ANZ 294.2 3.7 CSL 272.9 3.4 NAB 251.5 3.1 Telstra 236.8 2.9 Santos 206.9 2.6 Aristocrat Leisure 198.9 2.5 QBE Insurance 173.5 2.2 Origin Energy 164.5 2.0 Technology One 161.2 2.0 Computershare 160.3 2.0 Eagers Automotive 151.6 1.9 Transurban 128.2 1.6 ALS 125.8 1.6 Woolworths 120.0 1.5 Top 20 equity investments 5,084.6 63.2 Cash and cash equivalents 16.9 0.2 Portfolio Sector diversification NTA & Investment Update January 2026 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 before provision for the interim dividend of 18.5 cents per share. 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 $8.1bn Shareholders 87,300 Dividend yield^ 4.2% MER 0.14% ^ Historical yield of 6.1% (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.