Announcement PDF argoinvestments.com.au | 1 Net tangible asset (NTA) backing per share 31 October 30 September NTA per share1 $10.65 $10.65 NTA per share after unrealised tax provision2 $9.09 $9.09 Market commentary Australian equities inched higher in October, with the S&P/ASX 200 Accumulation Index gaining +0.4%. Early in the month, shares rallied on optimism around a potential US–China trade deal and upbeat global market indicators. The Australian share market reached a record high buoyed by the announcement of an Australia– US trade agreement. This helped lift Materials stocks — the month’s best-performing sector. However, trading turned choppy later in the month, and shares fell decisively in the final days after higher- than-expected inflation data dampened expectations of further interest rate cuts by the Reserve Bank of Australia in the near-term. We recently held Argo’s 79th Annual General Meeting (AGM) in Adelaide. Thank you to all those who attended. If you couldn’t join us, materials from the AGM, including videos, slides and speeches are available on our website: argoinvestments.com.au/agm. $m % Macquarie Group 533.7 6.5 BHP 464.2 5.7 CBA 404.0 4.9 Westpac 341.2 4.2 Wesfarmers 336.0 4.1 Rio Tinto 318.2 3.9 ANZ 293.8 3.6 CSL 267.6 3.3 NAB 254.5 3.1 Telstra 236.8 2.9 Technology One 236.2 2.9 Aristocrat Leisure 235.3 2.9 Eagers Automotive 192.4 2.3 Santos 186.2 2.3 Computershare 179.2 2.2 QBE Insurance 174.4 2.1 Origin Energy 170.7 2.1 Transurban 133.1 1.6 APA 131.4 1.6 Suncorp 125.2 1.5 Top 20 equity investments 5,214.1 63.7 Cash and cash equivalents 60.3 0.7 Portfolio Sector diversification NTA & Investment Update October 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. 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 88,100 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.