Argo Investments Limited · ASX:ARG
Argo Investments — Shareholder Meeting (2026)
34 slides from Argo Investments's shareholder meeting presentation, Oct 25, 2026
Slide 1: Argo Investments Annual General Meeting 2026
ARGO INVESTMENTS Annual General Meeting 2026
Slide 2: Peter Warne, Chairman
PETER WARNE CHAIRMAN 2
Slide 3: 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 007 519 520). ASCO’s Financial Services Guide is available on request or at argoinvestments.com.au. This
Slide 4: Board of Directors
BOARD OF DIRECTORS Peter Warne Jason Beddow Lianne Buck Chairman Managing Director Non-executive Director Melissa Holzberger Symon Parish Elizabeth Lewin Non-executive Director Non-executive Director Non-executive Director 4
Slide 5: Our Objective
OUR OBJECTIVE To maximise long-term shareholder returns through reliable fully franked dividend income and capital growth. 5 5
Slide 6: 2026 Overview
2026 OVERVIEW Profit Earnings per share Full year dividends LIC capital gain $260.2m 34.3c 38.5c 5.0c $259.8m in 2025 34.1c per share in 2025 Fully franked per share LIC tax benefit 37.0c per share in 2025 7.0c in 2025 Total assets NTA per share MER Yield, incl. franking $8.2b $10.84 0.14% 6.0% $8.0
Slide 7: Our Dividend Track Record
OUR DIVIDEND TRACK RECORD Increase Fully franked full-year dividends ANNUAL DIVIDENDS cents per share Up +37.5% Since COVID market lows 16.5 15.9 14.8 14.8 14.1 14.1 13.1 13.3 13.5 TRACK RECORD 12.6 12.9 80 years 12.0 12.0 11.1 11.1 11.4 10.7 Continuous dividends 37.0 38.5 33.0 33.0 34.5 34.5 30.5 3
Slide 8: LIC Capital Gain Tax Benefit
LIC CAPITAL GAIN TAX BENEFIT For more information argoinvestments.com.au/dividends 8
Slide 9: Move to Quarterly Dividends
MOVE TO QUARTERLY DIVIDENDS 40 cents January 2027 10 cents FORECAST ANNUAL DIVIDEND PROPOSED START DATE FOR FOR EACH OF FIRST FOUR QUARTERLY DIVIDENDS QUARTERLY DIVIDENDS Proposed quarterly dividend schedule “Argo’s Board continues to focus on PAYMENT DATE DIVIDEND AMOUNT ensuring the Company sustai
Slide 10: Total Returns
TOTAL RETURNS All figures as at 30 September 2026 10
Slide 11: Shareholder Returns $10,000 Invested
SHAREHOLDER RETURNS $10,000 INVESTED $10,000 invested in Argo Investments Over 20 years to September 2026 All figures as at 30 September 2026 11
Slide 12: Share Price Relative to NTA
SHARE PRICE RELATIVE TO NTA 'Tech wreck' Argo Investments share price premium/discount to NTA 30 years to September 2026 Post-GFC ‘hangover’ ‘Tech wreck’ Low interest Ultra-low Asian economic rates interest rates crisis COVID -0.7% 30-year average discount to NTA China mining boom Tech bubble Aggres
Slide 13: Shareholder Survey
SHAREHOLDER SURVEY Response rate Top priority Would recommend 3,424 1st 91% Shareholders responded Diversified exposure to Willing to recommend Argo Australia’s share market to other investors Communications Long-term holders Engagement 74% 63% 71% Access information about Have held Argo for 10 or R
Slide 14: Shareholder Survey: Words to Describe Argo
SHAREHOLDER SURVEY WHAT WORDS WOULD YOU USE TO DESCRIBE ARGO? reliable safe conservative solid steady consistent stable diversified low cost dependable dividends managed trustworthy secure excellent franked sound returns income australian long-term quality trusted honest easy boring balanced set and
Slide 15: Directorate
DIRECTORATE Elizabeth Lewin Non-executive Director 15
Slide 16: 80 Years Investing for Our Shareholders
80ArgoYEARS Investments keyINVESTING milestones, 1946–2027 FOR OUR SHAREHOLDERS 1946 1996 1999 2021 Founded in Adelaide 1961 1987 50th anniversary: Dividend 2010 75th anniversary; 2027 by Alf Adamson and Argonauts ship First fully franked 25,000+ Reinvestment Jason Beddow refreshed visual Move to qu
Slide 17: Looking Ahead
he oh bit um SE LOOKING
Slide 18: Shareholder Benefits
SHAREHOLDER BENEFITS 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 18
Slide 19: Jason Beddow, Managing Director
JASON BEDDOW MANAGING DIRECTOR 19
Slide 20: Share Market
SHARE MARKET 110 S&P/ASX 200 & Accumulation Indices 2026 Calendar Year 105 Accumulation Index 100 S&P/ASX 200 Index 95 90 Source: Factset. S&P Global 8
Slide 21: Official Cash Rate
OFFICIAL CASH RATE RBA Cash Rate Target January 2000 – September 2026 Source: Reserve Bank of Australia (RBA) 8
Slide 22: NTA Movements
NTA MOVEMENTS Net Tangible Asset (NTA) movements per share for the 2026 financial year 8
Slide 23: Diversified Exposure
DIVERSIFIED EXPOSURE $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 All figures as at 30 September 2026 23
Slide 24: Index Concentration Risk
INDEX CONCENTRATION RISK Comparing Argo’s portfolio to the S&P/ASX 200 Index Sector exposure Top 10 holdings 50% 30% WDS 45% RIO MQG TLS 25% 40% WES STO 20% CSL CSL 35% ANZ WBC 15% Portfolio Weight 30% WES WBC 10% ANZ 25% NAB 5% CBA 20% RIO 0% CBA Top 3 holdings 15% Top 3 holdings 10% = 26% MQG = 20
Slide 25: Our Portfolio Top 20 Holdings
OUR PORTFOLIO TOP 20 HOLDINGS # Company Value Weight # Company Value Weight 1 BHP $650m 7.9% 11 NAB $227m 2.8% 2 Macquarie $576m 7.0% 12 Aristocrat Leisure $221m 2.7% 3 Rio Tinto $373m 4.5% 13 Technology One $187m 2.3% 4 CBA $353m 4.3% 14 QBE Insurance $187m 2.3% 5 ANZ $306m 3.7% 15 Computershare $1
Slide 26: Recent Portfolio Movements
RECENT PORTFOLIO MOVEMENTS PURCHASES SALES For the three months to 30 September 2026 26
Slide 27: Lower Dividend Volatility
LOWER DIVIDEND VOLATILITY Annual cash dividends (including franking) Argo versus Index ETF* 130% Argo grossed-up dividend 120% 110% 100% Relative to FY2019 90% iShares Core S&P/ASX 200 ETF 80% 70% 60% 50% 2019 2020 2021 2022 2023 2024 2025 2026 2027E Figures for financial years to the end of FY26 an
Slide 28: How Do They Stack Up?
HOW DO THEY STACK UP? Argo Investments iShares Core S&P/ASX 200 (ASX: ARG) ETF Figures based on share price (ASX: IOZ) Figures based on unit price Investment style Active Passive 1 yr portfolio returns 6.4% 2.7% Yield 4.2% 3.4% Franking 100% 68% Grossed-up dividend yield 6.0% 4.4% MER 0.14% 0.05% An
Slide 29: An Enduring Approach
AN ENDURING APPROACH Adelaide Stock Exchange trading floor, early 1900s Argo’s portfolio in 1947 29
Slide 30: Investing Over 80 Years
INVESTING OVER 80 YEARS Argo Investments NTA/share $12.00 1946 to 2026 Liberation Day $xxxM China resources Ukraine war $10.00 $617 million $405 million $394 million $376 million boom$338 million Iran War $8.00 $ per share $6.00 $288 million $258 million $210 million $245 A$million Dollar floated $2
Slide 31: Looking Ahead
LOOKING AHEAD 31
Slide 32: Outlook
OUTLOOK US midterm elections Higher inflation Image to come Oil price volatility Geopolitical uncertainty 32
Slide 33: Get in Touch
GET IN TOUCH invest@argoinvestments.com.au (08) 8210 9500 argoinvestments.com.au 43
Slide 34: Investing for our shareholders since 1946
Investing for our shareholders since 1946 44