Announcement PDF NTA & Investment Update April 2025 Net tangible asset (NTA) backing per share 30 April 31 March NTA per share1 $9.90 $9.63 NTA per share after unrealised tax provision2 $8.55 $8.36 Market commentary The Australian share market ended April in positive territory, defying extreme intra-month volatility triggered by escalating global trade tensions. Early in the month, US President Trump announced a sweeping package of aggressive tariffs on a range of trading partners — both strategic allies and rivals — sparking fears of a synchronised global slowdown and sending global markets tumbling. After falling as much as -7.5% early in the month, the S&P/ASX 200 Accumulation Index rebounded strongly following the mid-April announcement of a 90-day pause on further tariff escalation, ultimately finishing the month up +3.6%. We will be discussing the implications of these global trade tensions for Australia’s economy and share market — and our broader outlook — at our shareholder information meetings starting next week in various capital cities. For full details, including times and venues, visit: argoinvestments.com.au. Portfolio Top 20 investments* Sector diversification* $m % Macquarie Group 496.0 6.5 CBA 408.8 5.4 BHP 387.0 5.1 Wesfarmers 345.3 4.5 CSL 336.9 4.4 Westpac 289.2 3.8 Rio Tinto 266.4 3.5 Aristocrat Leisure 248.2 3.3 ANZ 239.3 3.1 Industrials 7.3% Property 2.6% Telstra Group 218.8 2.9 LICs 1.6% Discret. 7.2% Consumer NAB 210.8 2.8 Technology One 204.4 2.7 QBE Insurance 200.6 2.6 Computershare 199.5 2.6 Santos 177.4 2.3 Origin Energy 148.3 1.9 Transurban 129.7 1.7 Suncorp 129.3 1.7 Woolworths Group 122.5 1.6 APA Group 117.6 1.5 Top 20 equity investments 4,876.0 63.9 Cash and cash equivalents 80.2 1.1 Banks 15.2% Banks 15.2% Other Financials 14.6% Materials 13.4% Other Financials 14.6% Telcos & I.T. 10.8% Materials 13.4% Health Care 9.3% Telcos & I.T. 10.8% Consumer Staples 8.8% Industrials 7.3% Health Care 9.3% Energy 6.6% Consumer Staples 8.8% Consumer Discret. 7.2% Utilities 1.5% Energy 6.6% Cash 1.1% Property 2.6% LICs 1.6% Utilities 1.5% Cash 1.1% ƺ Ʊ * After all costs, including any tax payable. 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. As a percentage of investment portfolio. argoinvestments.com.au | 1 About us At a glance Shareholder benefits ASX code ARG Founded 1946 Total assets $7.6bn Shareholders 90,200 Dividend yield^ 4.0% MER 0.15% ^ Historical yield of 5.7% (including franking) based on dividends paid/declared over the last 12 months. Fully-franked, sustainable dividends Dividends paid every year since inception in 1946 and fully franked since 1995 Experienced board and management Highly experienced board and management team with strong governance and conservative culture 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. Strong balance sheet with no debt A strong balance sheet and no debt allows a long-term approach to investing Company objective Maximise long-term shareholder returns through reliable fully franked dividend income and capital growth. Low-cost, internally managed Internal management structure ensures low operating costs and no external fees 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. Diversified and administratively simple Exposure to a diversified portfolio of Australian equities through a single ASX trade Share registry enquiries BoardRoom Pty Ltd 1300 350 716 investorserve.com.au argo@boardroomlimited.com.au Long-term and proven investment approach Resilience and growth through various market cycles and conditions for over 75 years 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 argoinvestments.com.au | 2