Announcement PDF argoinvestments.com.au | 1 Net tangible asset (NTA) backing per share 30 September 31 August NTA per share1 $10.65 $10.81 NTA per share after unrealised tax provision2 $9.09 $9.18 Market commentary Following five consecutive monthly gains, Australia’s share market broke its winning streak, with the S&P/ ASX 200 Accumulation Index down -0.8% in September. Uncertainty offshore weighed on sentiment as geopolitical tensions persisted, including US President Trump reviving tariff concerns with the announcement of new import duties, notably on pharmaceuticals. Amid the uncertainty, gold’s stunning rise was the standout theme for the month. The precious metal — and the companies that mine it — forged ahead. The Materials sector more broadly, was a rare bright spot benefiting from the rotation out of Financials. The only other positively performing sector was Utilities. All other sectors ended September in the red. On the last day of the month, the Reserve Bank of Australia announced rates would stay on hold, citing a slower-than-expected fall in underlying inflation and stronger-than-anticipated private demand. $m % Macquarie Group 535.6 6.6 BHP 454.3 5.6 CBA 392.8 4.8 Wesfarmers 378.2 4.6 Westpac 343.2 4.2 Rio Tinto 292.3 3.6 CSL 279.3 3.4 ANZ 266.2 3.3 Aristocrat Leisure 259.9 3.2 NAB 257.6 3.2 Technology One 246.1 3.0 Telstra 233.8 2.9 Santos 198.6 2.4 QBE Insurance 181.0 2.2 Computershare 177.8 2.2 Origin Energy 174.2 2.1 Eagers Automotive 158.3 1.9 Suncorp 129.3 1.6 APA 127.1 1.6 Transurban 126.9 1.6 Top 20 equity investments 5,212.5 64.0 Cash and cash equivalents 25.9 0.3 Portfolio Sector diversification NTA & Investment Update September 2025 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. Banks 15.8% Materials 14.6% Other Financials 14.2% Telcos & I.T. 11.5% Consumer Staples 8.4% Consumer Discret. 7.6% Health Care 7.5% Energy 7.1% Industrials 7.0% Property 2.9% LICs 1.6% Utilities 1.5% Cash 0.3% Banks 15.8% Materials 14.6% Other Financials 14.2% Telcos & I.T. 11.5% Consumer Staples 8.4% Consumer Discret. 7.6% Health Care 7.5% Energy 7.1% Industrials 7.0% Property 2.9% LICs 1.6% Utilities 1.5% Cash 0.3% 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 over 75 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 $8.2bn Shareholders 88,500 Dividend yield^ 4.0% MER 0.15% ^ Historical yield of 5.7% (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.