Announcement PDF Appendix 4E Preliminary final report 2025 Results for announcement to the market Year ended 30 June 2025 Comparative figures being the year ended 30 June 2024 Argo Investments Limited ABN 35 007 519 520 2025 $A’000 2024 $A’000 Income from operating activities up 1.6% to 289,981 285,519 Profit for the year up 2.7% to 259,832 252,962 Dividends Interim fully franked dividend paid 21 March 2025 17.0 cents Final fully franked dividend payable 12 September 2025 20.0 cents Total 37.0 cents The final dividend is fully franked and includes a 7.0 cents per share LIC capital gain component. This enables eligible shareholders to claim a deduction in their 2025/2026 income tax returns. The amount which eligible shareholders may be able to claim as a tax deduction depends on their individual situation. Further details will be provided in the dividend statement. The Company’s Dividend Reinvestment Plan (DRP) and Dividend Substitution Share Plan (DSSP) will operate for the final dividend. The Directors have resolved that the shares will be allotted at the market price of Argo shares, which will be the volume weighted average ex-dividend market price of the shares traded during the pricing period from 11 August to 5 September 2025. No discount will apply. The record date for determining entitlements to the final dividend 11 August 2025 The election date for determining participation in the DRP and DSSP 12 August 2025 Previous corresponding period: Interim fully franked dividend paid 8 March 2024 16.5 cents Final fully franked dividend paid 13 September 2024 18.0 cents Total 34.5 cents Net Tangible Asset Backing NTA per share1 NTA after unrealised tax provision 1. 2. 2 June 2025 June 2024 $10.43 $9.61 $8.96 $8.36 After all costs, including 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 | ĬĥŒĬĞĉåÃŚêåȋŒŚÃŚêĤêĥŚȋĬÿȋ‚ŋĬƌŚȋĬŋȋXĬŒŒ for the year ended 30 June 2025 Dividends and distributions Note 2 Other income Net (losses)/gains on trading investments Income from operating activities Administration expenses 3 ‚ŋĬƌŚȋÞêÿĬŋêȋĉĥßĬĤêȋŚÃżȋêżňêĥŒê Income tax expense thereon 4 ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ Basic and diluted earnings per share 5 2025 $’000 292,822 6,089 (8,930) 289,981 (11,715) 278,266 (18,434) 259,832 2024 $’000 271,930 10,452 3,137 285,519 (10,582) 274,937 (21,975) 252,962 cents 34.1 cents 33.3 Consolidated Statement of Comprehensive Income for the year ended 30 June 2025 ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ 2025 $’000 259,832 2024 $’000 252,962 675,241 464,368 (208,095) 467,146 726,978 (142,248) 322,120 575,082 Other comprehensive income: FŚêĤŒȋŚąÃŚȋŷĉĞĞȋĥĬŚȋÞêȋŋêßĞÃŒŒĉƌêåȋŚĬȋňŋĬƌŚȋĬŋȋĞĬŒŒ Revaluation of long-term investments Provision for deferred tax expense on revaluation of longterm investments fŚąêŋȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋȋ ”ĬŚÃĞȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋ dz”ĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ argoinvestments.com.au | 1 Consolidated Statement of Financial Position at 30 June 2025 2025 2024 Note $’000 $’000 6 7 8 119,323 36,383 18,677 174,383 97,166 35,867 22,074 155,107 8 9 7,852,038 1,816 7,853,854 8,028,237 7,235,739 2,189 7,237,928 7,393,035 10 11 2,299 9,367 39,813 931 52,410 1,533 8,486 26,669 996 37,684 10 13 12 1,248 1,156,400 238 1,157,886 1,210,296 6,817,941 1,437 992,539 195 994,171 1,031,855 6,361,180 14 15 16 3,250,587 2,806,254 761,100 6,817,941 3,253,652 2,362,639 744,889 6,361,180 Current Assets Cash and cash equivalents Receivables Investments Total Current Assets Non-Current Assets Investments ‚ŋĬňêŋŚŽDzȋňĞÃĥŚȋÃĥåȋêŊŠĉňĤêĥŚ Total Non-Current Assets Total Assets Current Liabilities ‚ÃŽÃÞĞêŒ #êŋĉŶÃŚĉŶêȋƌĥÃĥßĉÃĞȋĉĥŒŚŋŠĤêĥŚŒ Current tax liabilities Provisions 12 Total Current Liabilities Non-Current Liabilities ‚ÃŽÃÞĞêŒ Deferred tax liabilities Provisions Total Non-Current Liabilities Total Liabilities Net Assets Shareholders’ Equity ĬĥŚŋĉÞŠŚêåȋêŊŠĉŚŽ Reserves êŚÃĉĥêåȋňŋĬƌŚŒ ”ĬŚÃĞȋŒąÃŋêąĬĞåêŋŒȄȋ(ŊŠĉŚŽ dz”ĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ argoinvestments.com.au | 2 Consolidated Statement of Changes in Equity for the year ended 30 June 2025 Contributed Equity $’000 (Note 14) ÃĞÃĥßêȋÃŒȋÃŚȋƦȋTŠĞŽȋƧƥƧƩ 3,253,652 ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ Other comprehensive income ”ĬŚÃĞȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋ - Reserves $’000 (Note 15) 2,362,639 467,146 467,146 Retained WƌŽĮƚƐ $’000 (Note 16) 744,889 259,832 259,832 6,361,180 259,832 467,146 726,978 24,995 (210) (27,850) (3,065) 3,250,587 (694) (22,837) (23,531) 2,806,254 (243,621) (243,621) 761,100 24,995 (210) (694) (266,458) (27,850) (270,217) 6,817,941 3,204,096 - 2,040,788 322,120 322,120 753,027 252,962 252,962 5,997,911 252,962 322,120 575,082 49,648 (92) 49,556 3,253,652 (269) (269) 2,362,639 (261,100) (261,100) 744,889 49,648 (92) (269) (261,100) (211,813) 6,361,180 Total $’000 Transactions with shareholders: Dividend Reinvestment Plan Cost of share issues net of tax Executive performance rights reserve Dividends paid ŠŽǹÞÃßěȋĬÿȋŒąÃŋêŒ Total transactions with shareholders ÃĞÃĥßêȋÃŒȋÃŚȋƨƥȋTŠĥêȋƧƥƧƪ for the year ended 30 June 2024 ÃĞÃĥßêȋÃŒȋÃŚȋƦȋTŠĞŽȋƧƥƧƨ ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ Other comprehensive income ”ĬŚÃĞȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋ Transactions with shareholders: Dividend Reinvestment Plan Cost of share issues net of tax Executive performance rights reserve Dividends paid Total transactions with shareholders ÃĞÃĥßêȋÃŒȋÃŚȋƨƥȋTŠĥêȋƧƥƧƩ dz”ĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ argoinvestments.com.au | 3 Consolidated Statement of Cash Flows for the year ended 30 June 2025 Note 2025 $’000 2024 $’000 285,833 3,227 2,932 271,062 5,517 5,023 6,233 (10,885) (11,870) (49,183) 226,287 7,096 (15,157) (10,078) (22,942) 240,521 391,304 (325,398) (88) 65,818 287,433 (343,606) (503) (56,676) (335) (300) (241,463) (27,850) (269,948) 22,157 97,166 119,323 (350) (132) (211,452) (211,934) (28,089) 125,255 97,166 ÃŒąȋƍĬŷŒȋÿŋĬĤȋĬňêŋÃŚĉĥĀȋÃߌĉŶĉŚĉêŒ Dividends and distributions received Interest received Other receipts Proceeds from trading investments ‚ÃŽĤêĥŚŒȋÿĬŋȋŚŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒ fŚąêŋȋňÃŽĤêĥŚŒ Income tax paid _êŚȋĬňêŋÃŚĉĥĀȋßÃŒąȋĉĥƍĬŷŒ ÃŒąȋƍĬŷŒȋÿŋĬĤȋĉĥŶêŒŚĉĥĀȋÃߌĉŶĉŚĉêŒ Proceeds from sale of long-term investments ‚ÃŽĤêĥŚŒȋÿĬŋȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒ ‚ÃŽĤêĥŚŒȋÿĬŋȋƌżêåȋÃŒŒêŚŒ _êŚȋĉĥŶêŒŚĉĥĀȋßÃŒąȋĉĥƍĬŷŒǯdzĬŠŚƍĬŷŒǴ ÃŒąȋƍĬŷŒȋÿŋĬĤȋƌĥÃĥßĉĥĀȋÃߌĉŶĉŚĉêŒ ‚ÃŽĤêĥŚŒȋÿĬŋȋĞêÃŒêȋĞĉÃÞĉĞĉŚĉêŒȋ Cost of share issues Dividends paid –net of Dividend Reinvestment Plan ŠŽǹÞÃßěȋĬÿȋŒąÃŋêŒ _êŚȋƌĥÃĥßĉĥĀȋßÃŒąȋĬŠŚƍĬŷŒ Net increase/(decrease) in cash held ÃŒąȋÃŚȋŚąêȋÞêĀĉĥĥĉĥĀȋĬÿȋŚąêȋŽêÃŋ ÃŒąȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋŽêÃŋ 6 dz”ĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ argoinvestments.com.au | 4 Notes to the Financial Statements for the year ended 30 June 2025 ƒǢȋȋ ÃŒĉŒȋĬÿȋňŋêňÃŋÃŚĉĬĥ ”ąêȋňŋêĞĉĤĉĥÃŋŽȋßĬĥŒĬĞĉåÃŚêåȋƌĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋąÃŶêȋÞêêĥȋňŋêňÃŋêåȋĉĥȋÃßßĬŋåÃĥßêȋ with the measurement and recognition requirements of Australian Accounting ŒŚÃĥåÃŋåŒǣȋFĥŚêŋňŋêŚÃŚĉĬĥŒȋĉŒŒŠêåȋÞŽȋŚąêȋ
ŠŒŚŋÃĞĉÃĥȋ
ßßĬŠĥŚĉĥĀȋŒŚÃĥåÃŋåŒȋĬÃŋåȋ and the Corporations Act 2001. Compliance with Australian Accounting Standards êĥŒŠŋêŒȋŚąÃŚȋŚąêȋňŋêĞĉĤĉĥÃŋŽȋßĬĥŒĬĞĉåÃŚêåȋƌĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋÃĥåȋĥĬŚêŒȋßĬĤňĞŽȋŷĉŚąȋ the measurement and recognition requirements of International Financial Reporting Standards (IFRS). ”ąêȋÃßßĬŠĥŚĉĥĀȋňĬĞĉßĉêŒȋÃåĬňŚêåȋÃŋêȋßĬĥŒĉŒŚêĥŚȋŷĉŚąȋŚąĬŒêȋĬÿȋŚąêȋňŋêŶĉĬŠŒȋƌĥÃĥßĉÃĞȋ ŽêÃŋǢȋ ”ąêȋňŋêĞĉĤĉĥÃŋŽȋßĬĥŒĬĞĉåÃŚêåȋƌĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋĉĥßĬŋňĬŋÃŚêȋŚąêȋÃŒŒêŚŒȋÃĥåȋĞĉÃÞĉĞĉŚĉêŒȋ ĬÿȋŚąêȋĬĤňÃĥŽȄŒȋŷąĬĞĞŽȋĬŷĥêåȋŒŠÞŒĉåĉÃŋŽȋ
ŋĀĬȋŒêŋŶĉßêȋĬĤňÃĥŽȋ‚ŚŽȋXŚåȋÃŒȋÃŚȋƔƑȋTŠĥêȋ ƓƑƓƖǣȋÃĥåȋĉŚŒȋŋêŒŠĞŚŒȋÿĬŋȋŚąêȋŽêÃŋȋŚąêĥȋêĥåêåǢȋFĥŚêŋßĬĤňÃĥŽȋŚŋÃĥŒÃߌĉĬĥŒȋÃĥåȋÞÃĞÃĥßêŒȋ ÞêŚŷêêĥȋ
ŋĀĬȋFĥŶêŒŚĤêĥŚŒȋXĉĤĉŚêåȋÃĥåȋ
ŋĀĬȋŒêŋŶĉßêȋĬĤňÃĥŽȋ‚ŚŽȋXŚåȋÃŋêȋêĞĉĤĉĥÃŚêåȋ on consolidation. ƓǢȋ #ĉŶĉåêĥåŒȋÃĥåȋåĉŒŚŋĉÞŠŚĉĬĥŒ 2025 $’000 2024 $’000 283,157 9,105 560 - 261,175 10,367 327 61 292,822 271,930 2025 $’000 7,488 461 269 3,497 11,715 2024 $’000 6,923 444 59 3,156 10,582 Received/receivable from: XĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒȋąêĞåȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋŽêÃŋ XĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒȋŒĬĞåȋåŠŋĉĥĀȋŚąêȋŽêÃŋ ”ŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒȋąêĞåȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋŽêÃŋ ”ŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒȋŒĬĞåȋåŠŋĉĥĀȋŚąêȋŽêÃŋ ƔǢȋ
åĤĉĥĉŒŚŋÃŚĉĬĥȋêżňêĥŒêŒȋ (ĤňĞĬŽĤêĥŚȋÞêĥêƌŚŒ Depreciation Finance costsdzƦǴ Other (1) FĥßĞŠåêŒȋßĬŒŚŒȋÃŒŒĬßĉÃŚêåȋŷĉŚąȋŚąêȋêŒŚÃÞĞĉŒąĤêĥŚȋĬÿȋÃȋŷĬŋěĉĥĀȋßÃňĉŚÃĞȋÿÃßĉĞĉŚŽȋÃĥåȋĬÿƌßêȋ ĞêÃŒêŒȋŚąÃŚȋÃŋêȋŋêßĬĀĥĉŒêåȋÃŒȋňŋĬňêŋŚŽȋŋĉĀąŚȋĬÿȋŠŒêȋÃŒŒêŚŒǢȋ argoinvestments.com.au | 5 Notes to the Financial Statements ƕǢȋ FĥßĬĤêȋŚÃżȋêżňêĥŒêȋ 2025 $’000 2024 $’000 278,266 83,480 274,937 82,481 (62,399) (1,476) (1,171) 18,434 (58,395) (1,390) (721) 21,975 20,734 (1,129) (1,171) 18,434 21,153 1,543 (721) 21,975 208,095 142,248 2025 number ’000 2024 number ’000 °êĉĀąŚêåȋÃŶêŋÃĀêȋĥŠĤÞêŋȋĬÿȋĬŋåĉĥÃŋŽȋŒąÃŋêŒȋĬĥȋĉŒŒŠêȋŠŒêåȋĉĥȋŚąêȋ calculation of earnings per share 762,852 758,774 ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ $’000 259,832 $’000 252,962 cents 34.1 cents 33.3 (a) Reconciliation of income tax expense to prima facie ŚÃżȋňÃŽÃÞĞêǤ ‚ŋĬƌŚȋÞêÿĬŋêȋĉĥßĬĤêȋŚÃżȋêżňêĥŒê ‚ŋĉĤÃȋÿÃßĉêȋŚÃżȋêżňêĥŒêȋßÃĞߊĞÃŚêåȋÃŚȋƔƑɄȋdzƓƑƓƕǤȋƔƑɄǴ Tax effect of amounts which are not deductible (taxable) in calculating taxable income: ”ÃżȋĬÿÿŒêŚȋÿĬŋȋÿŋÃĥěêåȋåĉŶĉåêĥåŒ Other fŶêŋȋňŋĬŶĉŒĉĬĥȋĉĥȋňŋêŶĉĬŠŒȋŽêÃŋ Income tax expense (b) Income tax expense composition: ąÃŋĀêȋÿĬŋȋŚÃżȋňÃŽÃÞĞêȋŋêĞÃŚĉĥĀȋŚĬȋߊŋŋêĥŚȋŽêÃŋ (Decrease)/increase in deferred tax liabilities fŶêŋȋňŋĬŶĉŒĉĬĥȋĉĥȋňŋêŶĉĬŠŒȋŽêÃŋ (c)
ĤĬŠĥŚŒȋŋêßĬĀĥĉŒêåȋåĉŋêßŚĞŽȋĉĥȋĬŚąêŋȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêǤ Increase in deferred tax liabilities ƖǢȋȋ (ÃŋĥĉĥĀŒȋňêŋȋŒąÃŋê Basic and diluted earnings per share argoinvestments.com.au | 6 Notes to the Financial Statements ƗǢȋȋ ÃŒąȋÃĥåȋßÃŒąȋêŊŠĉŶÃĞêĥŚŒ ÃĥěȋåêňĬŒĉŚŒȋÃĥåȋßÃŒąȋĤÃĥÃĀêĤêĥŚȋŚŋŠŒŚŒ 2025 $’000 119,323 2024 $’000 97,166 ÃŒąȋÃĥåȋßÃŒąȋêŊŠĉŶÃĞêĥŚŒȋĉĥßĞŠåêŒȋßÃŒąȋĬĥȋåêňĬŒĉŚȋŷĉŚąȋÞÃĥěŒȋdzƍĬÃŚĉĥĀȋĉĥŚêŋêŒŚȋŋÃŚêȋĬÿȋ ƔǢƙƖɄȋÃŚȋƔƑȋTŠĥêȋƓƑƓƖǥȋƓƑƓƕǤȋƕǢƔƖɄǴǣȋƌżêåȋŚêŋĤȋåêňĬŒĉŚŒȋŷĉŚąȋÞÃĥěŒȋĤÃŚŠŋĉĥĀȋŷĉŚąĉĥȋŚąŋêêȋ ĤĬĥŚąŒȋÿŋĬĤȋåÃŚêȋĬÿȋåêňĬŒĉŚȋdzĥĉĞȋÃŚȋƔƑȋTŠĥêȋƓƑƓƖǥȋƓƑƓƕǤȋƕǢƚƘɄǴǣȋÃĥåȋßÃŒąȋĤÃĥÃĀêĤêĥŚȋŚŋŠŒŚŒǢ ƘǢȋȋ êßêĉŶÃÞĞêŒ 2025 $’000 2024 $’000 34,072 2,311 36,383 35,209 98 560 35,867 Current Dividends and distributions receivable Interest receivable Other Receivables are non-interest bearing and unsecured. None of the receivables are past due or impaired. ƙǢȋ FĥŶêŒŚĤêĥŚŒ 2025 $’000 2024 $’000 18,677 22,074 7,832,737 19,301 7,852,038 7,218,073 17,666 7,235,739 Current Listed securities at fair valuedzƦǴ Non-Current Listed securities at fair valuedzƦǴ Unlisted securities at fair valuedzƧǴ (1) The fair value of listed securities is established from the quoted prices (unadjusted) in the ÃߌĉŶêȋĤÃŋěêŚȋĬÿȋŚąêȋ
ŒµȋÿĬŋȋĉåêĥŚĉßÃĞȋÃŒŒêŚŒȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋXêŶêĞȋƒȋĬÿȋŚąêȋÿÃĉŋȋŶÃĞŠêȋ ĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǢȋ (2) ”ąêȋÿÃĉŋȋŶÃĞŠêȋĬÿȋŠĥĞĉŒŚêåȋŒêߊŋĉŚĉêŒȋĉŒȋĥĬŚȋÞÃŒêåȋĬĥȋĬÞŒêŋŶÃÞĞêȋĤÃŋěêŚȋåÃŚÃȋĉĥȋÃßßĬŋåÃĥßêȋ ŷĉŚąȋXêŶêĞȋƔȋĬÿȋŚąêȋÿÃĉŋȋŶÃĞŠêȋĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǢȋ”ąêȋ#ĉŋêߌĬŋŒȋąÃŶêȋĤÃåêȋŶÃĞŠÃŚĉĬĥȋ judgements to determine the fair value of these securities based on inputs which include ŚąêȋßĬŒŚȋÃĥåȋŚąêȋĥêŚȋŚÃĥĀĉÞĞêȋÃŒŒêŚȋŶÃĞŠêŒȋňŋĬŶĉåêåȋÞŽȋŚąêȋĉĥŶêŒŚêêȋßĬĤňÃĥŽȋÿĬŋȋŷąĉßąȋ ŚąêȋŠĥĞĉŒŚêåȋŒêߊŋĉŚŽȋąĬĞåĉĥĀȋŋêĞÃŚêŒǢ argoinvestments.com.au | 7 Notes to the Financial Statements êßĬĥßĉĞĉÃŚĉĬĥȋĬÿȋßąÃĥĀêŒȋĉĥȋŠĥĞĉŒŚêåȋŒêߊŋĉŚĉêŒȋŶÃĞŠêåȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋXêŶêĞȋƔȋĬÿȋŚąêȋ ÿÃĉŋȋŶÃĞŠêȋĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǤ ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Additions Fair value gain/(loss) recognised in other comprehensive income ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋêĥåȋĬÿȋŽêÃŋ 2025 $’000 2024 $’000 17,666 - 17,036 4,509 1,635 19,301 (3,879) 17,666 ”ąêŋêȋŷêŋêȋƘƙƓȋĉĥŶêŒŚĤêĥŚȋŚŋÃĥŒÃߌĉĬĥŒȋåŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǢȋ”ąêȋŚĬŚÃĞȋÞŋĬěêŋÃĀêȋňÃĉåȋ on these transactions was $2.2 million. ƚǢȋ ‚ŋĬňêŋŚŽǣȋňĞÃĥŚȋÃĥåȋêŊŠĉňĤêĥŚ Plant and equipment at cost Accumulated depreciation ‚ŋĬňêŋŚŽȋŋĉĀąŚȋĬÿȋŠŒêȋÃŒŒêŚŒ Accumulated depreciation ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋêĥåȋĬÿȋŽêÃŋ 2025 $’000 1,231 (722) 509 2024 $’000 1,143 (544) 599 2,131 (824) 1,307 1,816 2,131 (541) 1,590 2,189 2,189 599 88 (461) 1,816 503 1,531 (444) 2,189 ^ĬŶêĤêĥŚŒ ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Additions: - plant and equipment at cost ǹȋňŋĬňêŋŚŽȋŋĉĀąŚȋĬÿȋŠŒêȋÃŒŒêŚŒ Depreciation ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋêĥåȋĬÿȋŽêÃŋ ”ąêȋĬĤňÃĥŽȊŒȋĬÿƌßêȋĞêÃŒêŒȋÃŋêȋŋêßĬĀĥĉŒêåȋÃŒȋňŋĬňêŋŚŽȋŋĉĀąŚȋĬÿȋŠŒêȋÃŒŒêŚŒȋÃĥåȋÃȋ ßĬŋŋêŒňĬĥåĉĥĀȋĞĉÃÞĉĞĉŚŽǢȋ
ŒŒêŚŒȋÃĥåȋĞĉÃÞĉĞĉŚĉêŒȋÃŋĉŒĉĥĀȋÿŋĬĤȋÃȋĞêÃŒêȋÃŋêȋĉĥĉŚĉÃĞĞŽȋĤêÃŒŠŋêåȋĬĥȋÃȋňŋêŒêĥŚȋŶÃĞŠêȋÞÃŒĉŒȋŠŒĉĥĀȋ a incremental borrowing rate. The right of use assets are depreciated over the life of the lease on a straight line basis. XêÃŒêȋĞĉÃÞĉĞĉŚĉêŒȋÃŋêȋåĉŒßĞĬŒêåȋĉĥȋ_ĬŚêȋƒƑǢ argoinvestments.com.au | 8 Notes to the Financial Statements 10. Payables 2025 $’000 2024 $’000 189 2,110 2,299 218 1,315 1,533 1,248 1,437 Current Lease liabilities Other Non- Current Lease liabilities ‚ÃŽÃÞĞêŒȋÃŋêȋĥĬĥǹĉĥŚêŋêŒŚȋÞêÃŋĉĥĀȋÃĥåȋŠĥŒêߊŋêåǢȋXêÃŒêȋĞĉÃÞĉĞĉŚĉêŒȋąÃŶêȋÞêêĥȋåêŚêŋĤĉĥêåȋ ÞÃŒêåȋĬĥȋŚąêȋňŋêŒêĥŚȋŶÃĞŠêȋĬÿȋŚąêȋĞêÃŒêȋňÃŽĤêĥŚŒȋÃĥåȋÃŋêȋÃßßĬŠĥŚêåȋÿĬŋȋĬŶêŋȋŚąêȋňêŋĉĬåȋĬÿȋ the lease. ƒƒǢȋ #êŋĉŶÃŚĉŶêȋƌĥÃĥßĉÃĞȋĉĥŒŚŋŠĤêĥŚŒ Exchange traded options at fair value 2025 $’000 9,367 2024 $’000 8,486 The fair value of exchange traded options is established from the quoted prices (unadjusted) ĉĥȋŚąêȋÃߌĉŶêȋĤÃŋěêŚȋĬÿȋŚąêȋ
ŒµȋÿĬŋȋĉåêĥŚĉßÃĞȋÃŒŒêŚŒȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋXêŶêĞȋƒȋĬÿȋŚąêȋÿÃĉŋȋŶÃĞŠêȋ ĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǢ ƒƓǢȋ‚ŋĬŶĉŒĉĬĥŒ 2025 $’000 2024 $’000 931 996 238 195 Current ‚ŋĬŶĉŒĉĬĥȋÿĬŋȋêĤňĞĬŽêêȋêĥŚĉŚĞêĤêĥŚŒ Non-Current ‚ŋĬŶĉŒĉĬĥȋÿĬŋȋêĤňĞĬŽêêȋêĥŚĉŚĞêĤêĥŚŒ argoinvestments.com.au | 9 Notes to the Financial Statements ƒƔǢȋ#êÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚĉêŒ 2025 $’000 2024 $’000 1,157,586 3,225 - 992,579 2,926 303 1,160,811 995,808 (3,065) (1,203) (143) (4,411) 1,156,400 (3,143) (126) (3,269) 992,539 992,539 (1,130) 208,095 (43,104) 1,156,400 863,783 1,543 142,248 (15,035) 992,539 ”ąêȋÞÃĞÃĥßêȋßĬĤňŋĉŒêŒȋŚêĤňĬŋÃŋŽȋåĉÿÿêŋêĥßêŒȋÃŚŚŋĉÞŠŚêåȋŚĬǤ #êÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚŽȋĬĥȋŠĥŋêÃĞĉŒêåȋĀÃĉĥŒȋĬĥȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒ Income receivable which is not assessable for tax until receipt #êÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚŽȋĬĥȋŠĥŋêÃĞĉŒêåȋĀÃĉĥŒȋĬĥȋŚŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒ fÿÿŒêŚȋÞŽȋåêÿêŋŋêåȋŚÃżȋÃŒŒêŚŒǤ ‚ŋĬŶĉŒĉĬĥŒȋÃĥåȋňÃŽÃÞĞêŒ Deferred tax on unrealised losses on trading investments Deferred tax on cost of share issues Net deferred tax liabilities ^ĬŶêĤêĥŚŒ ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ dzŋêåĉŚêåǴǯåêÞĉŚêåȋŚĬȋňŋĬƌŚȋĬŋȋĞĬŒŒ Charged to other comprehensive income Changes to the tax base of investments ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ The amount of net deferred tax assets expected to be settled in the next 12 months is ȑƑǢƒȋĤĉĞĞĉĬĥȋdzƓƑƓƕǤȋåêÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚĉêŒȋȑƒǢƒȋĤĉĞĞĉĬĥǴǢ argoinvestments.com.au | 10 Notes to the Financial Statements 14. Contributed equity fŋåĉĥÃŋŽȋŒąÃŋêŒȋŋÃĥěȋňÃŋĉȋňÃŒŒŠǣȋąÃŶêȋĥĬȋňÃŋȋŶÃĞŠêȋÃĥåȋêĥŚĉŚĞêȋŚąêȋąĬĞåêŋȋŚĬȋňÃŋŚĉßĉňÃŚêȋĉĥȋ åĉŶĉåêĥåŒȋÃĥåȋŚąêȋňŋĬßêêåŒȋĬĥȋŷĉĥåĉĥĀȋŠňȋĬÿȋŚąêȋĬĤňÃĥŽȋĉĥȋňŋĬňĬŋŚĉĬĥȋŚĬȋŚąêȋĥŠĤÞêŋȋĬÿȋŚąêȋ ŒąÃŋêŒȋąêĞåǢȋ”ąêȋĬĤňÃĥŽȋåĬêŒȋĥĬŚȋąÃŶêȋÃȋĞĉĤĉŚêåȋÃĤĬŠĥŚȋĬÿȋÊŚąĬŋĉŒêåȋßÃňĉŚÃĞǢ 2025 No. of shares 2024 No. of shares 2025 $’000 2024 $’000 761,242,265 2,843,587 755,564,117 5,670,889 3,253,652 24,995 3,204,096 49,648 11,474 (3,100,752) 7,259 - 760,996,574 761,242,265 (27,850) (210) 3,250,587 (92) 3,253,652 FŒŒŠêåȋÃĥåȋÿŠĞĞŽȋňÃĉåȋ ĬŋåĉĥÃŋŽȋŒąÃŋêŒǤȋȋ Opening balance Dividend Reinvestment Plan(a) Dividend Substitution Share Plan(b) ŠŽǹÞÃßěȋĬÿȋŒąÃŋêŒ(c) Cost of share issues net of tax Closing balance (a) fĥȋƒƔȋŒêňŚêĤÞêŋȋƓƑƓƕǣȋƓǣƙƕƔǣƖƙƘȋŒąÃŋêŒȋŷêŋêȋÃĞĞĬŚŚêåȋÃŚȋȑƙǢƘƚȋňêŋȋŒąÃŋêȋňŠŋŒŠÃĥŚȋŚĬȋ Śąêȋ#ĉŶĉåêĥåȋ êĉĥŶêŒŚĤêĥŚȋ‚ĞÃĥȋdz# ‚ǴȋĉĥȋĬňêŋÃŚĉĬĥȋÿĬŋȋŚąêȋƌĥÃĞȋåĉŶĉåêĥåȋňÃĉåȋÿĬŋȋŚąêȋŽêÃŋȋ êĥåêåȋƔƑȋTŠĥêȋƓƑƓƕǢ (b) fĥȋƒƔȋŒêňŚêĤÞêŋȋƓƑƓƕǣȋƒƒǣƕƘƕȋŒąÃŋêŒȋŷêŋêȋÃĞĞĬŚŚêåȋÃŚȋȑƙǢƘƚȋňêŋȋŒąÃŋêȋňŠŋŒŠÃĥŚȋŚĬȋŚąêȋ #ĉŶĉåêĥåȋŒŠÞŒŚĉŚŠŚĉĬĥȋŒąÃŋêȋ‚ĞÃĥȋdz#ŒŒ‚ǴȋĉĥȋĬňêŋÃŚĉĬĥȋÿĬŋȋŚąêȋƌĥÃĞȋåĉŶĉåêĥåȋňÃĉåȋÿĬŋȋŚąêȋ ŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƕǢȋŒąÃŋêąĬĞåêŋŒȋŷąĬȋêĞêߌȋŚĬȋÞêȋĉĥȋŚąêȋ#ŒŒ‚ȋÿĬŋĀĬȋŚąêĉŋȋåĉŶĉåêĥåȋ and receive shares instead. (c) #ŠŋĉĥĀȋŚąêȋňêŋĉĬåȋŚąêȋßĬĤňÃĥŽȋňŠŋßąÃŒêåȋÃĥåȋßÃĥßêĞĞêåȋŒąÃŋêŒȋĬĥǹĤÃŋěêŚǢȋ”ąêȋŒąÃŋêŒȋ ŷêŋêȋÃßŊŠĉŋêåȋÃŚȋÃĥȋÃŶêŋÃĀêȋňŋĉßêȋĬÿȋȑƙǢƚƙȋňêŋȋŒąÃŋêȋŷĉŚąȋňŋĉßêŒȋŋÃĥĀĉĥĀȋÿŋĬĤȋȑƙǢƘƚȋŚĬȋ ȑƚǢƒƓȋňêŋȋŒąÃŋêǢ Fĥȋ^ÃŋßąȋƓƑƓƖǣȋŚąêȋ# ‚ȋÃĥåȋ#ŒŒ‚ȋŷêŋêȋĥêŠŚŋÃĞĉŒêåȋÞŽȋňŠŋßąÃŒĉĥĀȋŚąêȋŒąÃŋêŒȋŋêŊŠĉŋêåȋÿĬŋȋ ňÃŋŚĉßĉňÃĥŚŒȋĬĥǹĤÃŋěêŚǢ argoinvestments.com.au | 11 Notes to the Financial Statements ƒƖǢȋ êŒêŋŶêŒ 2025 $’000 (346) 2,497,157 309,443 2,806,254 2024 $’000 348 2,124,060 238,231 2,362,639 348 1,655 (2,349) 617 974 (1,243) (346) 348 Revaluation of long-term investments 2,124,060 675,241 1,831,496 464,368 Provision for deferred tax expense on revaluation of long-term investments (208,095) (142,248) (138,781) 44,732 2,497,157 (40,979) 11,423 2,124,060 238,231 (22,837) 94,049 309,443 2,806,254 208,675 29,556 238,231 2,362,639 Executive Performance Rights Reserve Investment Revaluation Reserve ÃňĉŚÃĞȋ‚ŋĬƌŚŒȋ êŒêŋŶê ^ĬŶêĤêĥŚŒȋĉĥȋŋêŒêŋŶêŒȋåŠŋĉĥĀȋŚąêȋŽêÃŋ Executive Performance Rights Reserve ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Accrued entitlement for unvested rights Executive performance shares purchased ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ Investment Revaluation Reserve ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Realised gains on sale of long-term investments transferred to ßÃňĉŚÃĞȋňŋĬƌŚŒȋŋêŒêŋŶê Income tax expense thereon ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ ÃňĉŚÃĞȋ‚ŋĬƌŚŒȋ êŒêŋŶê ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Dividend paid Transfer from investment revaluation reserve ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ Total Reserves XĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒȋŷêŋêȋŒĬĞåȋĉĥȋŚąêȋĥĬŋĤÃĞȋßĬŠŋŒêȋĬÿȋŚąêȋĬĤňÃĥŽȄŒȋĬňêŋÃŚĉĬĥŒȋÃŒȋÃȋ ĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋĬŋȋÃŒȋÃȋŋêŒŠĞŚȋĬÿȋŚÃěêĬŶêŋŒǢȋ”ąêȋÿÃĉŋȋŶÃĞŠêȋĬÿȋŚąêȋĉĥŶêŒŚĤêĥŚŒȋŒĬĞåȋ åŠŋĉĥĀȋŚąĉŒȋňêŋĉĬåȋŷÃŒȋȑƔƘƑǢƖȋĤĉĞĞĉĬĥȋdzƓƑƓƕǤȋȑƔƕƒǢƒȋĤĉĞĞĉĬĥǴǢȋ”ąêȋߊĤŠĞÃŚĉŶêȋĀÃĉĥȋÃÿŚêŋȋŚÃżȋĬĥȋ ŚąêŒêȋåĉŒňĬŒÃĞŒȋŷÃŒȋȑƚƕǢƑȋĤĉĞĞĉĬĥȋdzƓƑƓƕǤȋȑƓƚǢƗȋĤĉĞĞĉĬĥǴǣȋŷąĉßąȋąÃŒȋÞêêĥȋŚŋÃĥŒÿêŋŋêåȋÿŋĬĤȋŚąêȋ ĉĥŶêŒŚĤêĥŚȋŋêŶÃĞŠÃŚĉĬĥȋŋêŒêŋŶêȋŚĬȋŚąêȋßÃňĉŚÃĞȋňŋĬƌŚŒȋŋêŒêŋŶêǢ argoinvestments.com.au | 12 Notes to the Financial Statements Nature and purpose of reserves Executive performance rights reserve This reserve contains the fair value of the short-term incentive (STI) and long-term incentive (LTI) performance rights pursuant to the Argo Investments Limited Executive Performance ĉĀąŚŒȋ‚ĞÃĥǢȋ°ąêĥȋŋĉĀąŚŒȋÃŋêȋêżêŋßĉŒêåǣȋŒąÃŋêŒȋÃŋêȋňŠŋßąÃŒêåȋĬĥȋĤÃŋěêŚȋÃĥåȋĉŒŒŠêåȋŚĬȋŚąêȋ executive. Œ”FȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒ The values of the STI performance rights are calculated and allocated to each reporting period from the commencement of the performance periods to the vesting dates. The value ĬÿȋŚąêȋŒ”FȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒȋÿĬŋȋŚąêȋߊŋŋêĥŚȋŋêňĬŋŚĉĥĀȋňêŋĉĬåǣȋŷąĉßąȋÃŋêȋŽêŚȋŚĬȋÞêȋĉŒŒŠêåȋŚĬȋ participants, has been estimated. X”FȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒ The values of the LTI performance rights are calculated at grant dates and allocated to each reporting period from the service commencement dates to the vesting dates. Investment revaluation reserve Increments or decrements on the revaluation of long-term investments after provision for deferred capital gains tax are recorded in this reserve. ÃňĉŚÃĞȋňŋĬƌŚŒȋŋêŒêŋŶêȋ =ÃĉĥŒȋĬŋȋĞĬŒŒêŒȋÃŋĉŒĉĥĀȋÿŋĬĤȋŚąêȋŒÃĞêȋĬÿȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒǣȋĥêŚȋĬÿȋÃĥŽȋŚÃżȋêżňêĥŒêȋĬŋȋ ÞêĥêƌŚǣȋÃŋêȋŋêßĬŋåêåȋĉĥȋŚąĉŒȋŋêŒêŋŶêǢ ƒƗǢȋ êŚÃĉĥêåȋňŋĬƌŚŒ ‚ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ 2025 $’000 744,889 (243,621) 259,832 2024 $’000 753,027 (261,100) 252,962 ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ 761,100 744,889 ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ Dividends paid ƒƘǢȋ ÃňĉŚÃĞȋĤÃĥÃĀêĤêĥŚ ”ąêȋĬĤňÃĥŽȄŒȋĬÞĘêߌĉŶêȋĉĥȋĤÃĥÃĀĉĥĀȋĉŚŒȋßÃňĉŚÃĞȋĉŒȋŚĬȋĤÃżĉĤĉŒêȋĞĬĥĀǹŚêŋĤȋŋêŚŠŋĥŒȋŚĬȋ ŒąÃŋêąĬĞåêŋŒȋŚąŋĬŠĀąȋÃȋÞÃĞÃĥßêȋĬÿȋßÃňĉŚÃĞȋÃĥåȋåĉŶĉåêĥåȋĀŋĬŷŚąȋÿŋĬĤȋÃȋåĉŶêŋŒĉƌêåȋ
ŠŒŚŋÃĞĉÃĥȋ ĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬǢȋ”ąĉŒȋĉŒȋÃßąĉêŶêåȋÞŽȋŚąêȋňŋĬßꌌȋĬÿȋňŋĬŶĉåĉĥĀȋŒąÃŋêąĬĞåêŋŒȋŷĉŚąȋÃȋŒŚêÃåŽȋ ŒŚŋêÃĤȋĬÿȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒȋÃĥåȋêĥąÃĥßêĤêĥŚȋĬÿȋßÃňĉŚÃĞȋĉĥŶêŒŚêåǣȋŷĉŚąȋŚąêȋĀĬÃĞȋĬÿȋ ňÃŽĉĥĀȋÃĥȋĉĥßŋêÃŒĉĥĀȋĞêŶêĞȋĬÿȋåĉŶĉåêĥåŒȋÃĥåȋňŋĬŶĉåĉĥĀȋÃŚŚŋÃߌĉŶêȋŚĬŚÃĞȋŋêŚŠŋĥŒȋĬŶêŋȋŚąêȋĞĬĥĀȋ term. ”ąêȋĬĤňÃĥŽȋŋêßĬĀĥĉŒêŒȋŚąÃŚȋĉŚŒȋßÃňĉŚÃĞȋŷĉĞĞȋƍŠßŚŠÃŚêȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋĤÃŋěêŚȋßĬĥåĉŚĉĬĥŒȋ ÃĥåȋĉĥȋĬŋåêŋȋŚĬȋĤÃĉĥŚÃĉĥȋĬŋȋÃåĘŠŒŚȋŚąêȋßÃňĉŚÃĞȋŒŚŋŠßŚŠŋêǣȋĉŚȋĤÃŽȋÞêȋĥêßꌌÃŋŽȋŚĬȋŶÃŋŽȋŚąêȋ ÃĤĬŠĥŚȋĬÿȋåĉŶĉåêĥåŒȋňÃĉåǣȋĉŒŒŠêȋĥêŷȋŒąÃŋêŒȋÿŋĬĤȋŚĉĤêȋŚĬȋŚĉĤêȋĬŋȋÞŠŽȋÞÃßěȋĉŚŒȋĬŷĥȋŒąÃŋêŒǢ ”ąêȋĬĤňÃĥŽȄŒȋßÃňĉŚÃĞȋßĬĥŒĉŒŚŒȋĬÿȋĉŚŒȋŒąÃŋêąĬĞåêŋŒȄȋêŊŠĉŚŽȋÃĥåȋŚąêȋßąÃĥĀêŒȋŚĬȋŚąĉŒȋßÃňĉŚÃĞȋÃŋêȋ ŒąĬŷĥȋĉĥȋŚąêȋĬĥŒĬĞĉåÃŚêåȋŒŚÃŚêĤêĥŚȋĬÿȋąÃĥĀêŒȋĉĥȋ(ŊŠĉŚŽǢ argoinvestments.com.au | 13 Notes to the Financial Statements ƒƙǢȋ#ĉŶĉåêĥåŒ 2025 $’000 2024 $’000 136,923 136,002 129,535 266,458 125,098 261,100 241,463 24,995 266,458 319 211,452 49,648 261,100 64 (a) #ĉŶĉåêĥåŒȋňÃĉåȋåŠŋĉĥĀȋŚąêȋŽêÃŋ <ĉĥÃĞȋåĉŶĉåêĥåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƕȋĬÿȋƒƙǢƑȋßêĥŚŒȋ ÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêȋňÃĉåȋƒƔȋŒêňŚêĤÞêŋȋƓƑƓƕȋdzƓƑƓƔǤȋ ƒƙǢƑȋßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêǴ FĥŚêŋĉĤȋåĉŶĉåêĥåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƖȋĬÿȋƒƘǢƑȋ ßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêȋňÃĉåȋƒƕȋ^ÃŋßąȋƓƑƓƖ dzƓƑƓƕǤȋƒƗǢƖȋßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêǴ Total dividends paid Dividends paid in cash Dividends reinvested in shares via DRP Dividends forgone via DSSP ”ąêȋƌĥÃĞȋåĉŶĉåêĥåȋßĬĥŚÃĉĥêåȋÃȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋdzXFǴȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋ ƔǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêȋdzƓƑƓƔǤȋĥĉĞǴǢȋ”ąêȋĉĥŚêŋĉĤȋåĉŶĉåêĥåȋňÃĉåȋåĉåȋĥĬŚȋßĬĥŚÃĉĥȋÃȋXFȋßÃňĉŚÃĞȋĀÃĉĥȋ ßĬĤňĬĥêĥŚȋdzƓƑƓƕǤȋĥĉĞǴǢ 2025 $’000 2024 $’000 152,199 137,024 (b) #ĉŶĉåêĥåȋåêßĞÃŋêåȋÃÿŚêŋȋÞÃĞÃĥßêȋåÃŚêȋ ŒĉĥßêȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǣȋŚąêȋ#ĉŋêߌĬŋŒȋąÃŶêȋ declared the following dividend which has not been ŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǤ <ĉĥÃĞȋåĉŶĉåêĥåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƖȋĬÿȋƓƑǢƑȋßêĥŚŒȋ ÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêȋňÃŽÃÞĞêȋƒƓȋŒêňŚêĤÞêŋȋƓƑƓƖȋ dzƓƑƓƕǤȋƒƙǢƑȋßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêǴ ”ąêȋƌĥÃĞȋåĉŶĉåêĥåȋåêßĞÃŋêåȋŷĉĞĞȋßĬĥŚÃĉĥȋÃȋXFȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋĬÿȋƘǢƑȋßêĥŚŒȋňêŋȋ ŒąÃŋêȋdzƓƑƓƕǤȋƔǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêǴȋÃĥåȋÃȋ_êŷȋ¾êÃĞÃĥåȋĉĤňŠŚÃŚĉĬĥȋßŋêåĉŚȋĬÿȋ_¾ƔǢƑȋßêĥŚŒȋňêŋȋ ŒąÃŋêȋdzƓƑƓƕǤȋĥĉĞǴǢ argoinvestments.com.au | 14 Notes to the Financial Statements ƒƚǢȋ<ŋÃĥěĉĥĀȋÃßßĬŠĥŚ ÃĞÃĥßêȋĬÿȋŚąêȋÿŋÃĥěĉĥĀȋÃßßĬŠĥŚȋÃÿŚêŋȋÃĞĞĬŷĉĥĀȋÿĬŋȋŚÃżȋňÃŽÃÞĞêȋ ÃĥåȋŚąêȋŋêßêĉňŚȋĬÿȋÿŋÃĥěêåȋåĉŶĉåêĥåŒȋŋêßĬĀĥĉŒêåȋÃŒȋŋêßêĉŶÃÞĞêŒ FĤňÃߌȋĬĥȋŚąêȋÿŋÃĥěĉĥĀȋÃßßĬŠĥŚȋĬÿȋŚąêȋåĉŶĉåêĥåȋåêßĞÃŋêåȋÞŠŚȋĥĬŚȋ ŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋ ”ąêȋÿŋÃĥěĉĥĀȋÃßßĬŠĥŚȋÞÃĞÃĥßêȋŷĬŠĞåȋÃĞĞĬŷȋŚąêȋĬĤňÃĥŽȋŚĬȋÿŠĞĞŽȋ ÿŋÃĥěȋÃååĉŚĉĬĥÃĞȋåĉŶĉåêĥåȋňÃŽĤêĥŚŒȋŠňȋŚĬȋÃĥȋÃĤĬŠĥŚȋĬÿ This equates to a per share amount of 2025 $’000 2024 $’000 245,535 210,598 (65,228) 180,307 (58,724) 151,874 420,717 cents 55.3 354,372 cents 46.6 ”ąêȋĬĤňÃĥŽȄŒȋÃÞĉĞĉŚŽȋŚĬȋßĬĥŚĉĥŠêȋŚĬȋňÃŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒȋĉŒȋåêňêĥåêĥŚȋŠňĬĥȋŚąêȋŋêßêĉňŚȋĬÿȋ ÿŋÃĥěêåȋåĉŶĉåêĥåŒȋÿŋĬĤȋŚąêȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬȋÃĥåȋŚąêȋĬĤňÃĥŽȋňÃŽĉĥĀȋŚÃżǢ ƓƑǢȋ_êŷȋ¾êÃĞÃĥåȋdz_¾ǴȋĉĤňŠŚÃŚĉĬĥȋÃßßĬŠĥŚ Balance of the imputation account after allowing for the receipt of dividends recognised as receivables FĤňÃߌȋĬĥȋŚąêȋ_¾ȋĉĤňŠŚÃŚĉĬĥȋÃßßĬŠĥŚȋĬÿȋŚąêȋåĉŶĉåêĥåȋåêßĞÃŋêåȋ ÞŠŚȋĥĬŚȋŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋ 2025 NZ$’000 2024 NZ$’000 23,084 15,697 (22,830) 254 15,697 _¾ȋĉĤňŠŚÃŚĉĬĥȋßŋêåĉŚŒȋÃŶÃĉĞÃÞĞêȋÿĬŋȋåĉŒŚŋĉÞŠŚĉĬĥȋÃŋêȋåêňêĥåêĥŚȋŠňĬĥȋŚąêȋŋêßêĉňŚȋĬÿȋ_¾ȋ imputation credits from the investment portfolio. ƓƒǢȋXĉŒŚêåȋFĥŶêŒŚĤêĥŚȋĬĤňÃĥŽȋdzXFǴȋßÃňĉŚÃĞȋĀÃĉĥȋÃßßĬŠĥŚȋ Balance of the LIC capital gain account Impact on the LIC capital gain account of the dividend declared ÞŠŚȋĥĬŚȋŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋ This equates to an attributable amount of 2025 $’000 54,886 2024 $’000 29,772 (53,270) 1,616 2,309 (22,837) 6,935 9,907 LIC capital gains available for distribution are dependent upon the disposal of investment ňĬŋŚÿĬĞĉĬȋąĬĞåĉĥĀŒȋŷąĉßąȋŊŠÃĞĉÿŽȋÿĬŋȋXFȋßÃňĉŚÃĞȋĀÃĉĥŒȋÃĥåȋŚąêȋŋêßêĉňŚȋĬÿȋXFȋßÃňĉŚÃĞȋĀÃĉĥȋ distributions from LIC securities held in the investment portfolio. argoinvestments.com.au | 15 Notes to the Financial Statements ƓƓǢȋ<ĉĥÃĥßĉÃĞȋŋêňĬŋŚĉĥĀȋÞŽȋŒêĀĤêĥŚŒȋ ”ąêȋĬĤňÃĥŽȋĬňêŋÃŚêŒȋĉĥȋŚąêȋĉĥŶêŒŚĤêĥŚȋĉĥ劌ŚŋŽȋňŋêåĬĤĉĥÃŚêĞŽȋŷĉŚąĉĥȋ
ŠŒŚŋÃĞĉÃǢ ”ąêȋĬĤňÃĥŽȋĉŒȋĤÃĥÃĀêåȋÃŒȋÃȋŷąĬĞêȋÃĥåȋĉŒȋßĬĥŒĉåêŋêåȋŚĬȋąÃŶêȋÃȋŒĉĥĀĞêȋĬňêŋÃŚĉĥĀȋŒêĀĤêĥŚǢȋ ”ąêŋêȋĉŒȋĥĬȋÿŠŋŚąêŋȋåĉŶĉŒĉĬĥȋĬÿȋŚąêȋĬĤňÃĥŽȋĬŋȋĉĥŚêŋĥÃĞȋŒêĀĤêĥŚȋŋêňĬŋŚĉĥĀȋŠŒêåȋÞŽȋŚąêȋ #ĉŋêߌĬŋŒȋŷąêĥȋĤÃěĉĥĀȋŒŚŋÃŚêĀĉßǣȋĉĥŶêŒŚĤêĥŚȋĬŋȋŋêŒĬŠŋßêȋÃĞĞĬßÃŚĉĬĥȋåêßĉŒĉĬĥŒǢ ”ąêȋĬĤňÃĥŽȋĉŒȋåĬĤĉßĉĞêåȋĉĥȋ
ŠŒŚŋÃĞĉÃȋÃĥåȋåêŋĉŶêŒȋĉŚŒȋĉĥßĬĤêȋÿŋĬĤȋŚąêȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬȋ through the receipt of dividends, distributions, interest and other income. Argo has a åĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋĬÿȋĉĥŶêŒŚĤêĥŚŒǣȋŷĉŚąȋĥĬȋŒĉĥĀĞêȋĉĥŶêŒŚĤêĥŚȋÃßßĬŠĥŚĉĥĀȋÿĬŋȋĤĬŋêȋŚąÃĥȋƒƑɄȋ of income. ”ąêŋêȋąÃŒȋÞêêĥȋĥĬȋßąÃĥĀêȋŚĬȋŚąêȋĬňêŋÃŚĉĥĀȋŒêĀĤêĥŚŒȋåŠŋĉĥĀȋŚąêȋŽêÃŋǢ ƓƔǢȋ(ŶêĥŚŒȋĬßߊŋŋĉĥĀȋÃÿŚêŋȋŚąêȋŋêňĬŋŚĉĥĀȋňêŋĉĬå _ĬȋĤÃŚŚêŋŒȋĬŋȋßĉŋߊĤŒŚÃĥßêŒȋąÃŶêȋĬßߊŋŋêåȋŒŠÞŒêŊŠêĥŚȋŚĬȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋêĥåȋŚąÃŚȋąÃŶêȋ ŒĉĀĥĉƌßÃĥŚĞŽȋÃÿÿêߌêåǣȋĬŋȋĤÃŽȋÃÿÿêߌǣȋŚąêȋĬňêŋÃŚĉĬĥŒȋĬÿȋŚąêȋĬĤňÃĥŽǣȋŚąêȋŋêŒŠĞŚŒȋĬÿȋŚąĬŒêȋ ĬňêŋÃŚĉĬĥŒȋĬŋȋŚąêȋŒŚÃŚêȋĬÿȋÃÿÿÃĉŋŒȋĬÿȋŚąêȋĬĤňÃĥŽȋĉĥȋŒŠÞŒêŊŠêĥŚȋƌĥÃĥßĉÃĞȋŽêÃŋŒǢ ƓƕǢȋĬĥŚĉĥĀêĥßĉêŒ
ŚȋÞÃĞÃĥßêȋåÃŚêȋŚąêȋĬĤňÃĥŽȋĉŒȋĥĬŚȋÃŷÃŋêȋĬÿȋÃĥŽȋĤÃŚêŋĉÃĞȋßĬĥŚĉĥĀêĥŚȋĞĉÃÞĉĞĉŚĉêŒȋĬŋȋßĬĥŚĉĥĀêĥŚȋ assets.
ŠåĉŚȋĬÿȋ
ßßĬŠĥŚŒ ”ąêȋÃßßĬŠĥŚŒȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƖȋÃŋêȋĉĥȋŚąêȋňŋĬßꌌȋĬÿȋÞêĉĥĀȋÊåĉŚêåǢȋ argoinvestments.com.au | 16