Announcement PDF 22 October 2025 Company Announcements ASX Limited 20 Bridge Street SYDNEY NSW 2000 Annual General Meeting 2025 Please find attached the Chairman’s Address, Managing Director’s Address and the accompanying presentation slides for today’s Annual General Meeting of Argo Investments Limited (ASX: ARG). Yours faithfully, Tim Binks Company Secretary Argo Investments Limited ACN 007 519 520 invest@argoinvestments.com.au argoinvestments.com.au Head Office Level 25, 91 King William St Adelaide SA 5000 08 8210 9500 Sydney Office Level 37, 259 George St Sydney NSW 2000 02 8274 4700 ArgoInvestmentsLimited ACN 007 519 520 invest@argoinvestments.com.au argoinvestments.com.au Head Office Level 25, 91King William St Adelaide SA 5000 08 8210 9500 Sydney Office Level 37, 259 George St Sydney NSW 2000 02 8274 4700 2025 Annual General Meeting Chairman’s Address Delivered by Mr. Peter Warne at the 79th Annual General Meeting of Argo Investments Limited (Argo or Company) at the Adelaide Convention Centre on Wednesday 22 October 2025 at 10.00am. Increased full-year profit During a period of ongoing share market volatility, challenging and uncertain macroeconomic conditions and significant geopolitical announcements and actual events, Argo’s profit for the financial year ended 30 June 2025 increased to $259.8 million. Investment revenue from companies in our portfolio also rose, up +5.1% to $285.8 million, bolstered by better-than-expected dividends from numerous holdings and several higher special dividends received during the year. Record high fully franked dividends In August, the Board was pleased to declare a fully franked final dividend of 20.0 cents per share – an increase of 2.0 cents, or +11.1%, on last year. Together with the increased interim dividend of 17.0 cents per share, total fully franked dividends for the year were a record high of 37.0 cents per share. Despite increasing the level of fully franked dividends paid to shareholders over recent years, the balance of Argo’s accumulated franking credits has continued to increase. Recognising that imputation credits are more valuable in our shareholders’ hands than on our balance sheet, and given this continued growth in Argo’s franking account, the Board considered it appropriate to meaningfully increase the final dividend. Argo remains committed to sustainably growing fully franked dividends and, for the foreseeable future, accelerating the distribution of those accumulated franking credits. argoinvestments.com.au | 2 LIC capital gain tax benefit The final dividend also included a listed investment company (LIC) capital gain component of 7.0 cents per share, due to capital gains being crystallised, including those resulting from takeovers. When Argo realises a discounted capital gain, the associated tax benefit can be passed on to our shareholders as though these shareholders had made the gain themselves. This enables most individuals and self-managed superannuation fund shareholders to claim a tax deduction in relation to this gain, in addition to the benefit of franking credits. Importantly, Argo is one of only a few companies able to offer this benefit due to our status as a genuine long-term investor rather than a short-term trader. This is an important benefit of Argo and differentiates us from managed investment funds, exchange-traded funds and many other LICs. Shareholders can find more details on their dividend statement or by visiting the ‘Dividends’ section of the Shareholder Centre on our website. Investment performance Over the 12 months to 30 September 2025, Argo’s investment performance, as measured by net tangible assets (NTA) return after all costs and adjusted for the corporate tax we pay, was +10.3%. This compares to the S&P/ASX 200 Accumulation Index which gained +10.6%, although the Index makes no allowance for costs. Over the past five financial years since the onset of the COVID-19 crisis – a period marked by significant global disruption and volatility – Argo has delivered a compound annual return of +12.1%, outperforming the Index, which returned +11.8% per annum. We believe Argo’s ability to navigate these tumultuous times and generate consistent, competitive income and returns reflects the strength of our diversified portfolio and disciplined, long-term investment approach, which focuses on businesses that are able to maintain and grow their dividends. argoinvestments.com.au | 3 Share price relative to NTA As shareholders will be aware, Argo’s share price has been trading at a discount to its NTA for some time. This is consistent with an industry-wide trend, with most listed investment companies offering exposure to Australian equities also trading below their underlying asset values. We have taken proactive steps to help reduce this discount, including the selective use of on-market share buy-backs and purchasing shares for the Dividend Reinvestment Plan (DRP) and Dividend Substitution Share Plan (DSSP) on-market rather than issuing new shares at a discount to NTA. However, we believe the current discount is primarily cyclical and reflects the greater relative appeal of cash investments currently. During the COVID period, ultra-low interest rates made cash returns negligible, driving demand for LICs like Argo. Our share price climbed and traded at a premium to NTA, peaking at +10.9%. As the Reserve Bank of Australia began raising interest rates in 2022, cash yields became competitive again. This put downward pressure on Argo’s share price as many investors—particularly retirees—shifted capital to term deposits and other cash or income products. Looking ahead, as the monetary easing cycle progresses and returns on cash decline, we expect renewed investor demand for Argo’s reliable, fully franked income stream. This should help narrow the current discount, particularly as the dividend yield of the broader market continues to trend lower while Argo remains focused on sustainably growing its fully franked dividend. Furthermore, as retail investors lose access to bank hybrid securities over time, we expect these income-seeking investors will also be attracted to invest in Argo shares. Over the long term, Argo shares generally trade close to their NTA value. Over the past 10 years, the average discount has been just 0.7%, and over the past 30 years, only 0.4%. Given this mean reversion over time, many long-term shareholders see these periods of discount as attractive opportunities to accumulate shares below the value of Argo’s underlying portfolio. Directorate Argo’s succession plan for the Board of Directors is designed to provide orderly renewal while ensuring an appropriate mix of skills, experience and diversity is maintained. argoinvestments.com.au | 4 As announced at last year’s AGM the Chairman, Mr. Russell Higgins AO, announced his decision to retire effective 31 December after 13 years as a Non- executive Director, including seven years as Chairman. The Board would like to record its thanks and appreciation to Russell for his long period of service and commitment to the Company and the leadership he provided. Mr. Chris Cuffe AO retires from the Company at the conclusion of today’s meeting after serving on the Board for nine years, including as a member of the Audit & Risk Committee. Chris has made a significant contribution to Argo over this time, with his deep industry insight, funds management expertise and diligence. On behalf of the Board, I would like to thank Chris for his outstanding service to Argo. Mr. Symon Parish was appointed as an independent, Non-executive Director with effect from 3 October 2025 and stands for election before you today with the unanimous support of the Board. Symon brings extensive experience in the funds management industry having worked with Russell Investment Management for over 30 years across a variety of leadership and investment roles in varying market conditions. I am pleased to formally introduce Symon to shareholders today and you will hear from him later in the meeting. Outlook Australian and global markets continue to be shaped largely by geopolitical and macroeconomic forces, most notably the policy and posturing of the United States under President Trump. Aside from a period of volatility around US tariff announcements and the related uncertainty, investors have largely remained willing to look through the range of risks facing the outlook. Much of the prevailing optimism has been driven by remarkable levels of investment in artificial intelligence or AI-powered technologies and wide-ranging potential applications. Looking ahead, AI technology is poised to continue shaping our lives, the economy, markets and society in profound ways – both positive and negative. Despite the market’s optimism, the pace of change driven by technology development is alarming at times and not without risk. We wish to reassure shareholders that Argo’s experienced Board and management team regularly consider and challenge our established processes and investment philosophy to ensure they continue to be relevant and optimised to meet rapidly changing circumstances. argoinvestments.com.au | 5 I remind shareholders that Argo has demonstrated resilience through many different market conditions, disruptive events and technological developments, over nearly 80 years of investing. With a strong balance sheet, no debt and a diversified portfolio, Argo remains resilient in this environment. Thank you In closing, I would like to thank our Managing Director, Jason Beddow, and the entire Argo team for their hard work and dedication throughout the year. I also thank my fellow Directors for their valuable contributions and, in particular, Chris Cuffe for his commitment and service to Argo over many years. Finally, on behalf of the Board, I sincerely thank our loyal shareholders for their ongoing support and extend a warm welcome to our new shareholders who have joined Argo in the last year. ArgoInvestmentsLimited ACN 007 519 520 invest@argoinvestments.com.au argoinvestments.com.au Head Office Level 25, 91King William St Adelaide SA 5000 08 8210 9500 Sydney Office Level 37, 259 George St Sydney NSW 2000 02 8274 4700 2025 Annual General Meeting Managing Director’s Address Delivered by Mr. Jason Beddow at the 79th Annual General Meeting of Argo Investments Limited (Argo or Company) held at the Adelaide Convention Centre on Wednesday 22 October 2025 at 10.00am. Market overview – the US influence and impacts For most of last year, investment markets globally were fixated on when the US Federal Reserve would begin its monetary easing cycle. The first interest rate cut came in September 2024. However, following the election of President Trump, expectations of accelerating inflation resulting from tariffs, put further rate cuts on hold. The US Federal Reserve did not cut rates again until September 2025. This, combined with a global frenzy in AI investment, has pushed US markets to all- time highs. Gold, Bitcoin and many other assets have also followed an upward trajectory. The US now dominates global markets more than ever and is at the epicentre of the current AI and technology investment boom. The top eight companies in the US are now worth over US$22 trillion. To put this in context, chip maker Nvidia is alone now valued at US$4.5 trillion, which is about the same size as the German economy, the third largest globally. The growth of many of these companies has been fuelled by the rush of AI- related investment. According to JP Morgan, approximately 46% of the S&P 500 Index’s market capitalisation is now somehow linked to AI. This has pushed overall market valuations, on a simple forward price-to-earnings basis, to levels not seen since the first tech boom of the late 1990s. However, if history is any guide the current technology rally may have further to run. It is worth remembering that despite markets already looking expensive after doubling in the preceding 12 months, the NASDAQ Index went on to double again between October 1999 and March 2000. argoinvestments.com.au | 2 While we are certainly not suggesting markets will follow the same trajectory, those who have followed markets long enough will recall how that episode ultimately ended. Australian market overview Following the strong lead from the US, Australian equities have also advanced and are similarly trading around all-time highs, having gained another 6% since 30 June 2025. Certain parts of the market have had amazing share price performance since the short-lived market sell-off in April this year following Donald Trump’s Liberation Day tariff announcements. For example, Life 360 is up over 300% and many gold stocks have doubled. In fact, the past three years has been a stellar period for equity investors with the S&P/ASX 200 Accumulation Index (Index) up nearly +50%. Investment portfolio While we clearly want some exposure to high growth and high price-to-earnings (P/E) multiple stocks, we continue to diversify our portfolio to maintain balanced performance over longer time periods and to deliver shareholders a relatively smooth dividend profile through market cycles. With this in mind, our recent acquisitions have primarily focused on companies offering strong and growing cashflows, complemented with a small selection of higher growth businesses in the early stages of their development. We continue to believe that commodity demand globally will remain strong, driven by increased spending on defence, data centres – including the power and infrastructure to run them – and the continuing rollout of renewable energy assets. The supply to meet this demand is likely to cost more and take longer to deliver than expected, which should support higher commodity prices over the long term. This is our expectation regardless of any shorter-term impacts of increasing trade tensions between the US and China. In line with this thematic, we have modestly added to our BHP, Rio Tinto and Worley holdings. We have also added to our holdings in Amcor, Clarity Pharmaceuticals, Sonic Healthcare and CSL. Generation Development Group is a new holding benefitting from strong structural tailwinds in financial services. We have also made a modest pre-IPO investment in Firmus Technologies, a data centre company with intellectual property assets in liquid cooling. We fully exited positions in GPT, Chrysos Corporation and Healius – the latter was a disappointing investment after showing so much promise during the COVID pandemic. argoinvestments.com.au | 3 With rich share price valuations, we recently trimmed our holdings in Eagers Automotive and Lynas Rare Earths – both up over 100% in the past 12 months – as well as Macquarie Group and Wesfarmers. CSL CSL has been one of the most hotly debated stocks for the past couple of years and serves as a salient example of how market sentiment and emotion can influence share prices as much as earnings and growth forecasts. Globally, the Healthcare sector was perhaps the most negatively impacted by COVID. In CSL’s case, these effects were compounded by management changes, a couple of ‘own goals’ and some failed R&D projects. This led to a period of flat and disappointing earnings for perhaps the first time in CSL’s history. Adding to this, proposed reforms to the US Affordable Care Act, advocated by US Health Secretary Robert F. Kennedy Jr, are raising concerns about future health policy. Healthcare company share prices globally have fallen amid this additional uncertainty. So, what does this mean for CSL? While earnings per share has fallen slightly, the forward-looking expectations are still robust. Historically, CSL has traded at a premium to the broader market, reflecting its earnings quality and consistent growth. However, the market has now significantly discounted those earnings, to the extent that CSL’s forward P/E multiple has fallen below the market average—something not seen before. Looking ahead, 2026 is likely to be a complex year for CSL. The company has announced plans to demerge its Seqirus influenza business and has stepped back from its pre-COVID plasma margin guidance. In addition, Chief Financial Officer Joy Linton recently resigned. Despite these challenges, we believe that the share price reaction is overdone. In time, we expect CSL will regain investors’ confidence and attention. Lower earnings and franking expectations Lower earnings expectations and higher stock prices have pushed the Australian market to record high P/E ratios and similarly record low yields. While the market looks expensive versus history, the quality of our market has never been better. There are more growth-focused companies and fewer that are capital-intensive and cyclical. Corporate Australia is in good health. Balance sheets are robust and companies continue to manage well through this period of heightened uncertainty. argoinvestments.com.au | 4 A record number of stock buybacks in the Australian market currently are supporting valuations. An additional 17 companies announced new or extended buybacks in the recent August corporate results reporting season, with intentions to buy back approximately $8 billion of stock. Mandated superannuation flows are also continuing to bolster the market. With employment strong, population growth and increasing contributions – which rose further to 12% in July – there are record net flows into superannuation – all looking for a home. The cash dividend yield for the S&P/ASX 200 Index is now at 3.2%. This compares to the cash interest rate of 3.6% and the 10-year government bond yield of 4.4%. Even including franking (which is only partial), Australia’s equity market no longer provides the same yield it once did. In this context, we believe Argo’s investment appeal increases – particularly when compared to an Australian index-tracking ETF. Although both Argo and Index ETFs offer extremely low-cost exposure to the Australian market, their differences are quite stark. Notably, while the Index dividend and franking levels have declined, we continue to grow our fully franked dividend. Based on Argo’s current share price and the 37.0 cents per share fully franked annual dividend for financial year 2025, our yield is 4.0%, or 5.7% when the 100% franking credit is attributed. Our portfolio turnover is low, which we believe is prudent in minimising tax leakage for shareholders, rather than pursuing a high turnover strategy to chase short-term Index returns. However, the positioning of our portfolio is very active. For example, 7 of our top 20 holdings are not in the Index’s top 20, and 16 of the 80 stocks in our portfolio are not in the S&P/ASX 200 benchmark Index at all. We believe our portfolio positioning will deliver superior dividend growth and, in time, capital appreciation compared to the Index – although we acknowledge that achieving both at the same time is a challenge. With our current portfolio and franking balance, we are confident that we can conservatively grow the Argo dividend. We believe this will become increasingly attractive in a lower-yield world, especially against partially or unfranked alternatives. We continue to believe that the fully franked income growth alone is a compelling reason to own Argo. argoinvestments.com.au | 5 Outlook Some support from previous interest rate cuts will continue to filter through the economy. Consumer-facing businesses should see improving conditions as lower interest rates begin to ease cost-of-living pressures. Prices of fuel, shipping and imported goods have fallen and macroeconomic data reflects a resilient economy. However, the outlook for Australia remains highly contingent on offshore developments, and we remain alert to a range of challenges, including geopolitical uncertainties. As we have seen in just the past fortnight, renewed tariff tensions between the US and China have once again spooked markets— just as it appeared that the major tariff-induced volatility was behind us. Given geopolitical risks persist and valuations remain stretched, we continue to take a conservative approach to managing Argo’s portfolio. In this environment, I highlight the defensive and diversified nature of Argo’s portfolio – attributes that help ensure our portfolio is less susceptible to sharp market swings. Thank you I would like to acknowledge the efforts of all Argo staff. Our small team continues to be fully committed to the Company’s success across both our Adelaide and Sydney offices, and I thank you all. I also welcome Peter Warne as the new Chairman of Argo. I have enjoyed working with him for the past year. I also acknowledge the work of the Non-executive Directors and look forward to continuing to work with them as we best navigate Argo through this next period for you, our shareholders. I would particularly like to thank Chris Cuffe AO for his contribution to Argo as a Board member. It has been a great pleasure for me personally, debating markets and stocks with you, and I will miss your insights and market feel. I wish you well in your future endeavours. I would also like to congratulate and welcome Symon Parish to the Board. I look forward to continuing the strong relationship that I and the management team have with the Argo Board. I wish all of our shareholders well for the remainder of the year. We thank you for your continued support and I look forward to seeing you for our roadshow in May 2026. 20251 Annual General Meeting ARGO INVESTMENTS Peter Warne Chairman 2 Disclaimer This presentation has been prepared by Argo Service Company Pty Ltd (ASCO) (ACN 603 367 479) (Australian Financial Services Licence 470477), on behalf of Argo Investments Limited (ACN 007 519 520). ASCO’s Financial Services Guide is available on request or at argoinvestments.com.au. This presentation contains unsolicited general information only, which does not take into account the particular objectives, financial situation or needs of any individual investor. It is not intended to be passed on or relied upon as a recommendation by any person. Before making any decision about the information provided, an investor should consult their independent adviser and consider the appropriateness of the information, having regard to their objectives, financial situation and needs. Past performance may not be indicative of future performance and no guarantee of future returns is implied or given. While all reasonable care has been taken when preparing this presentation, no responsibility is accepted for any loss, damage, cost or expense resulting directly or indirectly from any error, omission or misrepresentation in the information presented. 3 Chris Cuffe AO Non-executive Director Jason Beddow Managing Director Lianne Buck Non-executive Director Peter Warne Chairman Melissa Holzberger Non-executive Director Elizabeth Lewin Non-executive Director Board of Directors 4 Symon Parish Non-executive Director To maximise long-term shareholder returns through reliable fully franked dividend income and capital growth. 5 5 Our objective $259.8m 37.0c 34.1c 7.0c $8.0b $10.43 0.15% 5.8% $253.0m in 2024 Profit Fully franked per share 34.5c per share in 2024 Full year dividends 33.3c per share in 2024 Earnings per share LIC capital gain LIC tax benefit 3.0c in 2024 $7.4b in 2024 Total assets Net tangible assets $9.61 per share in 2024 NTA per share MER 5.7% in 2024 Yield, incl. franking Management Expense Ratio 0.15% in 2024 6 2025 overview 7 Annual dividends cents per share 8 LIC capital gain tax benefit More information See the fact sheet on our website: argoinvestments.com.au/dividends 9 Total returns Figures are at 30 September 2025. 10 Shareholder returns $10,000 invested Figures are at 30 September 2025. 11 Premium/discount to NTA Figures are at 30 September 2025. 12 Directorate Chris Cuffe AO BCom, FCA Non-executive Director 13 Looking ahead Low-cost, internally managed Experienced board and management team Long-term, proven investment approach Fully-franked, sustainable dividends Strong balance sheet with no debt Diversified and administratively simple 14 Shareholder benefits Jason Beddow 15 Managing Director 16 US market concentration Top 8 stocks as a proportion of US market S&P 500 Index and Nasdaq-100 Index Source: FactSet, October 2025. 17 The rise and rise of AI AI exposure in the S&P 500 Direct AI, AI utilities and AI capital equipment stocks 46% October 2025 Source: JP Morgan, Bloomberg. 18 US valuations near-historical highs S&P 500 Price to Peak Earnings Ratio Price/Peak Trailing 12 months Operating EPS (Quarterly, Q4 1988 – Q2 2025) Price to Peak Earnings Ratio Historical Median Source: S&P Dow Jones, Y Charts. 19 Share market over time Source: FactSet, S&P Global. Accumulation Index S&P/ASX 200 Index US ‘Liberation Day’ Record high RBA starts rate rises US Fed starts rate rises US Fed cuts rates S&P/ASX 200 & Accumulation Index Before, during and post-pandemic First vaccine released RBA pauses rate rises 20 $xxxM $192 million $617 million $405 million $394 million $376 million $338 million $288 million $258 million $245 million $234 million $210 million $195 million $179 million $156 million Diversified exposure Figures are at 30 September 2025. 21 Recent purchases For the quarter to 30 September 2025. 22 Recent sales For the quarter to 30 September 2025. •Ho 23 Stock in focus: CSL CSL’s EPS and 12 month forward P/E Compared to S&P/ASX 200 Index 12 month forward P/E Source: FactSet, Argo Investments. 24 Forward price to earnings 7 9 11 13 15 17 19 21 92 93 95 96 98 99 01 02 04 05 07 08 10 11 13 14 16 17 19 20 22 23 25 +/-1 Std +/-2 Std ASX200 12mf Price-to-Earnings Source: FactSet, IBES, Morgan Stanley Research. 25 Forward price to earnings 12 month forward P/E S&P/ASX 200 Index Source: RIMES, IBES, Morgan Stanley Research. 26 Forward dividend yield S&P/ASX 200 Index 12 month forward dividend yield (%) Source: FactSet, IBES, Morgan Stanley Research. 27 Our portfolio Figures are at 30 September 2025. LOOKING AHEAD 28 29 RBA interest rates Source: Reserve Bank of Australia. Cash rate target January 1990 – September 2025 30 Simmering trade tensions 37 Get in touch invest@argoinvestments.com.au (08) 8210 9500 argoinvestments.com.au 38