Announcement PDF argoinvestments.com.au | 1 Net tangible asset (NTA) backing per share 31 May 30 April NTA per share1 $10.59 $10.44 NTA per share after unrealised tax provision2 $9.06 $8.94 Market commentary Despite significant intra-month volatility, the Australian share market gained a modest +1.2% in May. Markets were buffeted by geopolitical uncertainty and one of the more consequential Australian Federal Budgets in recent times. During the month, the Reserve Bank of Australia announced a third consecutive interest rate rise, citing ongoing inflation risks. Materials was the standout performer, surging over +10%. The sector is increasingly seen as a domestic proxy for the global AI boom, given the significant demand for resources required to build AI infrastructure. Our portfolio has proven to be well-positioned for the current climate with Argo’s NTA outperforming the S&P/ASX 200 Accumulation Index by almost +3.0% over the last three months. Thank you to everyone who attended our recent information meetings. We had another record turnout! Watch a recording and view slides on our website: argoinvestments.com.au/2026-information-meetings. $m % BHP 665.6 8.3 Macquarie Group 576.6 7.2 Rio Tinto 433.0 5.4 CBA 385.5 4.8 Wesfarmers 315.2 3.9 Westpac 304.1 3.8 ANZ 282.1 3.5 Telstra 246.5 3.1 Santos 230.5 2.9 NAB 216.5 2.7 Technology One 194.0 2.4 QBE Insurance 187.7 2.3 Aristocrat Leisure 186.1 2.3 Computershare 164.3 2.0 Origin Energy 151.2 1.9 CSL 148.6 1.8 Transurban Group 134.8 1.7 Woodside Energy 131.0 1.6 APA 127.0 1.6 Woolworths 126.1 1.6 Top 20 equity investments 5,206.4 64.8 Cash and cash equivalents 47.3 0.6 Portfolio Sector diversification NTA & Investment Update May 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 $8.0bn Shareholders 86,000 Dividend yield^ 4.3% MER 0.14% ^ Historical yield of 6.2% (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.