Announcement PDF argoinvestments.com.au | 1 Net tangible asset (NTA) backing per share 30 September 31 August NTA per share1 $10.80 $10.96 NTA per share after unrealised tax provision2 $9.22 $9.29 Market commentary Global share markets retreated in September, rattled by surging bond yields amid high oil prices, rising inflation and large government deficits, with several central banks lifting interest rates, notably the US Federal Reserve and the Reserve Bank of Australia. After four consecutive monthly gains, the S&P/ASX 200 Accumulation Index fell -2.4%, having pared some of its losses towards month-end on softer-than-expected inflation data. Losses were broad-based, with Materials the biggest drag on the Index, particularly gold miners as the price of the precious metal slipped. Health Care was the only bright spot, driven by its largest constituent, CSL, which gained +7.4% to $184.22 per share, up from a recent low of around $90.00. Pleasingly, Argo continues to outperform the broader Australian share market, with our NTA (after costs and adjusted for tax paid) up +8.2% for the six months to 30 September, versus the Index's +5.4%. $m % BHP 649.7 7.9 Macquarie Group 576.4 7.0 Rio Tinto 372.7 4.5 CBA 352.8 4.3 ANZ 305.5 3.7 Wesfarmers 299.2 3.6 Westpac 294.6 3.6 CSL 286.5 3.5 Santos 254.4 3.1 Telstra 228.5 2.8 NAB 227.1 2.8 Aristocrat Leisure 221.0 2.7 Technology One 186.8 2.3 QBE Insurance 186.6 2.3 Computershare 179.3 2.2 Origin Energy 152.7 1.9 Woodside Energy 136.2 1.7 APA 133.7 1.6 Woolworths 132.5 1.6 Suncorp 127.4 1.6 Top 20 equity investments 5,303.6 64.7 Cash 124.3 1.5 Portfolio Sector diversification NTA & Investment Update September 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 over 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 $8.1bn Shareholders 85,100 Dividend yield^ 4.2% MER 0.14% ^ Historical yield of 6.0% (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.