Announcement PDF NTA & Investment Update June 2025 Net tangible asset (NTA) backing per share 30 June^ 31 May NTA per share1 $10.43 $10.27 NTA per share after unrealised tax provision2 $8.96 $8.83 These figures are subject to audit. ^ Market commentary Despite persistent global geopolitical uncertainty – including a 12-day war between Iran and Israel – Australian shares finished the 2025 financial year on a positive note, with the S&P/ASX 200 Accumulation Index gaining +1.4% in June. Energy stocks were the standout performers, rising +9.0% for the month, supported by higher oil prices and a takeover bid for Santos, which saw its share price end the month +16.2% higher. In contrast, the Materials sector lagged, falling -3.1%, with major miners BHP and Rio Tinto drifting lower amid softening demand for iron ore. Argo Investments will report its full year profit result on 4 August 2025. For more information, see the Key Dates section in our Shareholder Centre: argoinvestments.com.au/shareholder-centre. Portfolio Top 20 investments $m % Macquarie Group 569.3 7.1 CBA 434.8 5.4 BHP 383.4 4.8 Wesfarmers 356.7 4.5 CSL 321.3 4.0 Westpac 298.2 3.7 Technology One 262.5 3.3 Rio Tinto 243.7 3.1 Aristocrat Leisure 242.0 3.0 Telstra Group 234.8 2.9 ANZ 233.7 2.9 NAB 229.7 2.9 Santos 226.1 2.8 QBE Insurance 205.6 2.6 Computershare 195.5 2.4 Origin Energy 150.4 1.9 Suncorp 137.9 1.7 Transurban 128.5 1.6 Woolworths Group 120.7 1.5 APA Group 116.9 1.5 Top 20 equity investments 5091.7 63.6 Cash and cash equivalents 119.3 1.5 Sector diversification 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. argoinvestments.com.au | 1 About us At a glance Shareholder benefits ASX code ARG Founded 1946 Total assets $8.0bn Shareholders 89,300 Dividend yield^ 3.8% MER 0.15% ^ Historical yield of 5.4% (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