Announcement PDF argoinvestments.com.au | 1 Net tangible asset (NTA) backing per share 30 November 31 October NTA per share1 $10.35 $10.65 NTA per share after unrealised tax provision2 $8.90 $9.09 Market commentary Evaporating expectations of further rate cuts and growing fears over the so-called AI bubble weighed on the Australian market in November. Volatility characterised the performance of the S&P/ASX 200 Accumulation Index, which generally trended lower before closing the month down - 2.7%. From its all-time high in October to its low point in November, the Index recorded its sharpest pull-back since April, when markets globally were roiled by the US ‘Liberation Day’ tariff announcements. Banks, which have been major drivers of the market’s gains over much of the past year, fell -7.0%. Market darling, Commonwealth Bank fell -11.2%. Technology stocks were also weak, plunging -11.7%, albeit they form a relatively small proportion of the local share market. In contrast, Healthcare (+2.0%), Materials (+1.5%) and Consumer Staples (+1.5%) all finished higher, providing bright spots in an otherwise dour period for Australian shares. Since month-end, investor confidence has firmed, with the Index posting modest gains. $m % Macquarie Group 481.2 6.1 BHP 445.1 5.6 CBA 358.9 4.5 Westpac 329.8 4.2 Wesfarmers 327.5 4.1 Rio Tinto 310.2 3.9 CSL 280.2 3.5 ANZ 277.6 3.5 Telstra 238.7 3.0 NAB 232.6 2.9 Aristocrat Leisure 216.7 2.7 Technology One 192.6 2.4 Santos 190.1 2.4 Computershare 175.9 2.2 QBE Insurance 169.2 2.1 Origin Energy 162.8 2.1 Eagers Automotive 160.9 2.0 Transurban 137.3 1.7 APA 132.5 1.7 ALS 114.0 1.4 Top 20 equity investments 4,933.8 62.0 Cash and cash equivalents 56.0 0.7 Portfolio Sector diversification NTA & Investment Update November 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 $8.0bn Shareholders 87,900 Dividend yield^ 4.1% MER 0.15% ^ Historical yield of 5.9% (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.