Announcement PDF argoinvestments.com.au | 1 Net tangible asset (NTA) backing per share 31 March 28 February NTA per share1 $10.24 $10.73 NTA per share after unrealised tax provision2 $8.80 $9.12 Market commentary March was a dramatic month for global markets following the United States and Israel’s attack on Iran. While investors were initially muted in their response, sentiment deteriorated sharply as energy prices surged and supply disruptions intensified. Argo's NTA fell -4.6% outperforming the S&P/ASX 200 Accumulation Index which ended the month down -7.2%. Materials were the largest drag on the Australian share market while Energy stocks were the clear beneficiaries, including Argo holdings Woodside (+16.3%) and Santos (+11.7%). In the ‘risk off’ environment, Consumer Staples and Utilities also outperformed. Beyond the human toll, the war has increased geopolitical risk and materially changed the macroeconomic backdrop, increasing the potential for higher inflation and a global slowdown. These risks may be tempered if the current ceasefire holds and the Strait of Hormuz re-opens. $m % BHP 538.3 6.9 Macquarie Group 488.1 6.2 CBA 391.8 5.0 Rio Tinto 378.6 4.8 Westpac 345.3 4.4 Wesfarmers 291.6 3.7 ANZ 288.3 3.7 Telstra 254.9 3.2 NAB 240.3 3.1 Santos 234.9 3.0 CSL 211.9 2.7 QBE Insurance 186.6 2.4 Technology One 174.5 2.2 Origin Energy 172.2 2.2 Aristocrat Leisure 168.3 2.1 Woodside Energy 152.5 1.9 Computershare 139.1 1.8 Woolworths 135.8 1.7 Eagers Automotive 127.1 1.6 APA 126.4 1.6 Top 20 equity investments 5,046.5 64.2 Cash and cash equivalents 4.9 0.1 Portfolio Sector diversification NTA & Investment Update March 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 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 $7.8bn Shareholders 87,000 Dividend yield^ 4.5% MER 0.14% ^ Historical yield of 6.5% (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.