Announcement PDF argoinvestments.com.au | 1 Net tangible asset (NTA) backing per share 30 April 31 March NTA per share1 $10.44 $10.24 NTA per share after unrealised tax provision2 $8.94 $8.80 Market commentary Global equity markets rallied in April as investor sentiment reversed sharply, driven by renewed enthusiasm for AI infrastructure investment and easing geopolitical concerns. The US share market was particularly strong, rebounding +10.5%. Australian shares had a strong start to April amid growing optimism about a resolution to the Middle Eastern conflict. However, gains faded somewhat as concerns about rising inflation and the prospect of higher interest rates weighed on the outlook. The S&P/ASX 200 Accumulation Index ended the month up +2.2%. Technology stocks led the way, surging +12.3% to reverse some of their recent steep losses. Real Estate Investment Trusts (REITs) also performed well (+8.1%), despite near-unanimous expectations of a further rate increase, although residential property-focused companies lagged. Energy stocks declined (-4.8%) as oil prices retreated, reversing some of the strong gains seen since the Strait of Hormuz first closed. $m % BHP 573.9 7.2 Macquarie Group 568.2 7.1 CBA 405.7 5.1 Rio Tinto 390.5 4.9 Westpac 336.8 4.2 ANZ 293.8 3.7 Wesfarmers 291.7 3.7 Telstra 251.7 3.2 Santos 236.1 3.0 NAB 231.3 2.9 QBE Insurance 190.8 2.4 CSL 187.2 2.4 Technology One 181.9 2.3 Aristocrat Leisure 175.6 2.2 Origin Energy 168.3 2.1 Computershare 147.9 1.9 Woodside Energy 146.0 1.8 Eagers Automotive 135.6 1.7 APA 131.3 1.6 Transurban Group 126.0 1.6 Top 20 equity investments 5,170.3 65.0 Cash and cash equivalents 0.0 0.0 Portfolio Sector diversification NTA & Investment Update April 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. 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 80 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 87,000 Dividend yield^ 4.4% MER 0.14% ^ Historical yield of 6.3% (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.