Argo Global Listed Infrastructure Ltd. · ASX:ALI
Argo Global Listed Infrastructure — Investor Presentation (May 2026)
64 slides from Argo Global Listed Infrastructure's investor presentation, May 11, 2026
Slide 1: Information meetings announcement
11 May 2026 Company Announcements ASX Limited Information meetings For personal use only Please find attached the presentation slides for the upcoming Investor Information Meetings of Argo Global Listed Infrastructure Limited (ASX: ALI) and Argo Investments Limited (ASX: ARG), being held in Melbourn
Slide 2: Information Meetings May 2026
INFORMATION MEETINGS For personal use only May 2026
Slide 3: Upcoming Information Meetings
UPCOMING MELBOURNE Monday 11 May ADELAIDE Tuesday 12 May 10 am 10 am INFORMATION Sofitel Hotel Adelaide Town Hall 25 Collins St 128 King William St Melbourne Adelaide For personal use only MEETINGS BRISBANE Wednesday 13 May 10 am SYDNEY Thursday 14 May 10 am The Westin Amora Hotel 111 Mary St 11 Jam
Slide 4: Disclaimer
DISCLAIMER This presentation has been prepared by Argo Service Company Pty Ltd (ASCO) (ACN 603 367 479) (Australian Financial Services Licence 470477), on behalf of Argo Investments Limited (ACN 007 For personal use only 519 520) and Argo Global Listed Infrastructure Limited (ACN 604 986 914). ASCO’
Slide 5: Agenda
AGENDA 1. Argo Investments (ASX: ARG) For personal use only 2. Argo vs. index ETFs 3. Economic & share market performance 4. Our portfolio 5. Looking ahead 6. Argo Infrastructure (ASX: ALI) 7. Q&A 4
Slide 6: Your Presenters
YOUR PRESENTERS For personal use only JASON BEDDOW ANDY FORSTER COLIN WHITEHEAD Managing Director Senior Investment Investment Analyst Officer MEREDITH HEMSLEY TYLER ROSENLICHT JAMES SEWELL TIM BINKS Communications Portfolio Manager, Cohen Investment Analyst Chief Operating Officer Manager & Steers
Slide 7: Argo Investments
ARGO INVESTMENTS For personal use only ASX CODE: ARG Navigating through various market cycles and conditions for 80 years 6
Slide 8: Overview
OVERVIEW For personal use only Half-year profit Half-year earnings per share Interim dividend $130.8m 17.2c 18.5c Fully franked per share $121.2m in 2025 15.9c per share in 2025 17.0c per share in 2025 Total assets Dividend yield MER $7.9b 6.5% 0.14% $7.7b in 2025 Grossed up to include franking (Man
Slide 9: Our Dividend Track Record
“Argo remains committed to sustainably growing fully franked dividends and, for OUR DIVIDEND TRACK RECORD the foreseeable future, accelerating the distribution of accumulated franking credits.” Argo Investments annual cash dividends For personal use only Cents per share Peter Warne, Chairman (2025 A
Slide 10: Long-Term Cyclicality
LONG-TERM CYCLICALITY Argo share price premium/discount to NTA 30 years to March 2026 Asian economic Post- GFC crises ‘hangover’ Low interest 'Tech wreck' For personal use only rates Ultra-low interest rates Covid 30-year average discount -0.5% China mining boom Aggressive monetary tightening Tech b
Slide 11: What Drives Premiums/Discounts?
WHAT DRIVES PREMIUMS/DISCOUNTS? Addressing discounts LIC-specific factors Proactive actions For personal use only • Size and liquidity of LIC • Portfolio performance Capital management – share buy backs • Fully franked dividend track record • Dividend policy / frequency Fully franked dividend track
Slide 12: Argo vs. Index-Tracking ETFs
ARGO VS. INDEX- TRACKING ETFS For personal use only FOR EXPOSURE TO THE AUSTRALIAN SHARE MARKET 11
Slide 13: Key Comparisons
KEY COMPARISONS Argo Index-tracking ETFs Close-ended, ASX-listed company with 80-year Structure Open-ended, trust structure track record For personal use only Retains earnings to ‘smooth’ dividends through Must pass through all income each year, Income market cycles meaning distributions can be vola
Slide 14: How Does Argo Stack Up?
HOW DOES ARGO STACK UP? Argo Investments iShares Core S&P/ASX Large Australian (ASX: ARG) 200 ETF Active ETF For personal use only (ASX: IOZ) Investment style Active Passive Active Inception date 1946 2010 2018 1 yr portfolio returns 11.5% 11.7% 2.2% 3 yr p.a. total portfolio 9.5% 9.5% 5.5% returns
Slide 15: How Does Argo Stack Up? Continued
HOW DOES ARGO STACK UP? CONTINUED Argo Investments iShares Core S&P/ASX Large Australian (ASX: ARG) 200 ETF Active ETF (ASX: IOZ) For personal use only Figures based on share price Figures based on unit price Figures based on unit price Yield 4.5% 3.1% 4.0%* Franking 100% ~67% ~60%* Grossed-up divid
Slide 16: Lower Dividend Volatility
LOWER DIVIDEND VOLATILITY Annual cash dividends (including franking) Argo versus Index-tracking ETF* For personal use only 130% 120% Argo grossed-up dividend 110% 100% 90% iShares Core S&P/ASX 200 ETF 80% 70% 60% 50% 2019 2020 2021 2022 2023 2024 2025 2026 *Figures for dividends paid in financial ye
Slide 17: LICs vs Index-Tracking ETFs
LICs vs INDEX-TRACKING ETFs Listed Investment Companies Index-Tracking ETF For personal use only Actively managed portfolio Passively managed portfolio To prioritise stocks based on valuation and dividend profile, ETFs blindly track the index, increasing concentration risk. can manage concentrat
Slide 18: Economic & Share Market Performance
ECONOMIC & SHARE MARKET For personal use only PERFORMANCE AUSTRALIA’S WINNERS & LOSERS 17
Slide 19: Share Market Resilience
SHARE MARKET RESILIENCE S&P/ASX 200 & Accumulation Index 200 Before, during and post-pandemic Accumulation Index For personal use only 180 160 140 S&P/ASX 200 Index 120 100 80 60 Source: Factset, S&P Global
Slide 20: Middle Eastern Conflict
MIDDLE EASTERN CONFLICT Tanker & container ships departing Eastbound from Hormuz For personal use only Source: UBS Evidence Lab, S&P Global Market Intelligence 19
Slide 21: Recent Sector Performance
RECENT SECTOR PERFORMANCE S&P/ASX 200 Index sector performance 12 months to 31 March 2026 60% Energy For personal use only 50% Materials Utilities 40% Banks 30% Financials Consumer Staples 20% Communication Services 10% Financial Services Industrials 0% Real Estate -10% Insurance Consumer Discretion
Slide 22: ASX Tech Sector Slump
ASX TECH SECTOR SLUMP ASX Tech Sector Valuation Premium vs Broader Market 550% For personal use only 500% 450% 400% 350% 300% 250% 200% 150% 100% 50% 0% May-16 May-17 May-18 May-19 May-20 May-21 May-22 May-23 May-24 May-25 May-26 Source: Factset, S&P Global 21
Slide 23: The Economy Is Growing
THE ECONOMY IS GROWING GDP Growth For personal use only Source:ABS 22
Slide 24: And Unemployment Remains Low, But…
AND UNEMPLOYMENT REMAINS LOW, BUT… Australian unemployment rate For personal use only Source: ABS, March 2026. 23
Slide 25: Sentiment Has Plunged
SENTIMENT HAS PLUNGED Consumer Sentiment Business Sentiment For personal use only Average since 1996 = 100 Confidence and conditions Sources: ANZ-Roy Morgan, RBA, Westpac and Melbourne Institute 24
Slide 26: Inflation Has Re-Emerged
INFLATION HAS RE-EMERGED Consumer Price Inflation* For personal use only year ended Source: ABS, RBA 25
Slide 27: …So the RBA Is Raising Rates
…SO THE RBA IS RAISING RATES RBA cash rate target For personal use only Source: RBA 26
Slide 28: Argo's Investment Portfolio
ARGO’S INVESTMENT For personal use only PORTFOLIO TOP HOLDINGS & POSITIONING 27
Slide 29: Our Portfolio Top Holdings
OUR PORTFOLIO TOP 20 HOLDINGS # Company Value Weight # Company Value Weight 1 BHP $538m 6.9% 11 CSL $212m 2.7% For personal use only 2 Macquarie $488m 6.2% 12 QBE Insurance $187m 2.4% 3 CBA $392m 5.0% 13 Technology One $175m 2.2% 4 Rio Tinto $379m 4.8% 14 Origin Energy $172m 2.2% 5 Westpac $345m 4.4
Slide 30: Diversified Exposure
DIVERSIFIED EXPOSURE For personal use only $xxxM $617 million $405 million $394 million $376 million $338 million $288 million $258 million $245 million $234 million $210 million $195 million $179 million $156 million $192 million Figures are at 31 March 2026 29
Slide 31: Index Concentration Risk
INDEX CONCENTRATION RISK Comparing Argo’s portfolio to the S&P/ASX 200 Index 60% Sector exposure Top 10 holdings For personal use only 25% 50% RIO 20% WDS CSL Portfolio weight STO 15% 40% MQG NAB WES TLS 10% ANZ ANZ 5% 30% WES NAB WBC 0% WBC 20% RIO BHP CBA Top 3 holdings Top 3 holdings 10% MQG CBA
Slide 32: Banks Remain Well Positioned
BANKS REMAIN WELL POSITIONED LATEST RESULTS: HALF-YEAR PROFITS AND INTERIM DIVIDENDS DECLARED For personal use only $3.5 billion $3.6 billion $5.4 billion $3.8 billion $4.8* billion up 1% flat up 5% up 6% Up 30% $0.77 $0.85 per share $2.35 per share $0.83 per share $7.00** per share up 1% flat up 4%
Slide 33: Recent Movements
RECENT MOVEMENTS Recent purchases Recent sales For personal use only Figures are for 2026 calendar year to 31 March 2026. 32
Slide 34: Argo's AI Exposure
ARGO'S AI EXPOSURE ENABLERS & PICKS-AND-SHOVELS Power & energy infrastructure Connectivity & digital infrastructure For personal use only Materials & resources for build-out Engineering & industrial support 33
Slide 35: Outlook
OUTLOOK For personal use only LOOKING AHEAD: KEY THEMES FOR AUSTRALIA & THE WORLD 34
Slide 36: Key Themes: Short-Term Outlook
KEY THEMES SHORT-TERM OUTLOOK For personal use only Ongoing market Economy remains Stubbornly high volatility robust inflation Energy price Budget outcomes Interest rate pressures & impacts uncertainty 35
Slide 37: Key Themes: Longer-Term Outlook
KEY THEMES LONGER-TERM OUTLOOK For personal use only Geopolitical risks Energy Energy independence & & realignment infrastructure resource nationalism expenditure Higher defence Supply chain Acceleration of spending resilience economy’s digitisation/ electrification 36
Slide 38: Shareholder Benefits
Shareholder benefits For personal use only Low-cost, Experienced board and Long-term, proven internally managed management team investment approach Fully-franked, Strong balance sheet Diversified and sustainable dividends with no debt administratively simple 37
Slide 39: Argo Infrastructure
ARGO INFRASTRUCTURE For personal use only ASX CODE: ALI Access a large and complex global asset class through a single ASX trade 38
Slide 40: Overview
OVERVIEW ASX code Dividend yield Consecutive fully For personal use only franked dividends ALI 6.0% 16 Grossed up to include Dividends paid every year franking credits since inception Total assets Manager Portfolio Manager $483m Argo Cohen & $481m in 2025 Investments Steers Figures at 31 March 2026.
Slide 41: Diversification Benefits
DIVERSIFICATION BENEFITS Global listed infrastructure vs Australian share market Total returns to 31 March 2026 For personal use only 12.0% 11.7% 11.7% 10.4% 10.1% 9.4% 9.5% 9.3% 8.6% 8.4% 8.2% 7.4% 6.7% 5.5% 6 months 1 year 3 years (pa) 5 years (pa) since inception (pa) -2.6% Portfolio (before fees
Slide 42: Key Considerations for Investors
KEY CONSIDERATIONS FOR INVESTORS Global listed infrastructure vs Australian share market Total returns to 31 March 2026 For personal use only 41
Slide 43: Infrastructure Powers the Global Economy
INFRASTRUCTURE POWERS THE GLOBAL ECONOMY For personal use only 42
Slide 44: Listed Infrastructure Offers a Differentiated Performance Profile
LISTED INFRASTRUCTURE OFFERS A DIFFERENTIATED PERFORMANCE PROFILE For personal use only 43
Slide 45: 2025 & 2026: Key Drivers & What's Next
2025 & 2026: KEY DRIVERS & WHAT’S NEXT For personal use only 44
Slide 46: Generational Opportunity in Infrastructure Capital Formation
GENERATIONAL OPPORTUNITY IN INFRASTRUCTURE CAPITAL FORMATION For personal use only 45
Slide 47: Attractive Entry Point for Infrastructure
ATTRACTIVE ENTRY POINT FOR INFRASTRUCTURE For personal use only 46
Slide 48: Secular Themes Driving Opportunities in Infrastructure
SECULAR THEMES ARE DRIVING OPPORTUNITIES IN INFRASTRUCTURE For personal use only 47
Slide 49: Power Demand Accelerating at Unprecedented Levels
POWER DEMAND ACCELERATING AT UNPRECEDENTED LEVELS For personal use only 48
Slide 50: Connected Devices & Data Will Continue to Grow
BOTH THE NUMBER OF CONNECTED DEVICES & AMOUNT OF DATA WILL CONTINUE TO GROW For personal use only 49
Slide 51: Deglobalisation & Supply-Side Shocks
DEGLOBALISATION & SUPPLY-SIDE SHOCKS For personal use only 50
Slide 52: War in Iran
For personal use only WAR IN IRAN 51
Slide 53: War in Iran (Cont.)
WAR IN IRAN (CONT.) VOLATILE ENERGY PRICES CREATE UNCERTAINTY, BUT REAL ASSETS SHOULD BE RESILIENT For personal use only 52
Slide 54: Portfolio in Action: Midstream Subsector
PORTFOLIO IN ACTION: MIDSTREAM SUBSECTOR For personal use only 53
Slide 55: Portfolio in Action: Transportation Subsector
PORTFOLIO IN ACTION TRANSPORTATION SUBSECTOR For personal use only 54
Slide 56: Portfolio in Action: Communications Subsector
PORTFOLIO IN ACTION COMMUNICATIONS SUBSECTOR For personal use only 55
Slide 57: Portfolio in Action: Utilities Subsector
PORTFOLIO IN ACTION UTILITIES SUBSECTOR For personal use only 56
Slide 58: Argo Infrastructure Portfolio Top Holdings
ARGO INFRASTRUCTURE PORTFOLIO TOP 10 HOLDINGS For personal use only 57
Slide 59: Cohen & Steers' Competitive Advantages
COHEN & STEERS’ COMPETITIVE ADVANTAGES For personal use only 58
Slide 60: Dedicated Team of Global Listed Infrastructure Specialists
DEDICATED TEAM OF GLOBAL LISTED INFRASTRUCTURE SPECIALISTS For personal use only 59
Slide 61: Summary
For personal use only SUMMARY 60
Slide 62: Portfolio Manager
For personal use only PORTFOLIO MANAGER 61
Slide 63: Legal Notes
For personal use only LEGAL NOTES 62
Slide 64: Find Out More
FIND OUT MORE For personal use only argoinvestments.com.au argoinfrastructure.com.au 64
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