Argo Investments Limited · ASX:ARG
Argo Investments — Shareholder Meeting (October 2025)
43 slides from Argo Investments's shareholder meeting presentation, Oct 22, 2025
Slide 1: Annual General Meeting 2025 announcement
22 October 2025 Company Announcements ASX Limited 20 Bridge Street SYDNEY NSW 2000 For personal use only Annual General Meeting 2025 Please find attached the Chairman’s Address, Managing Director’s Address and the accompanying presentation slides for today’s Annual General Meeting of Argo Investment
Slide 2: Chairman's Address: Increased full-year profit
2025 Annual General Meeting Chairman’s Address Delivered by Mr. Peter Warne at the 79th Annual General Meeting of Argo Investments Limited (Argo or Company) at the Adelaide Convention Centre on Wednesday 22 October 2025 at 10.00am. Increased full-year profit For personal use only During a period of
Slide 3: LIC capital gain tax benefit and investment performance
LIC capital gain tax benefit The final dividend also included a listed investment company (LIC) capital gain component of 7.0 cents per share, due to capital gains being crystallised, including those resulting from takeovers. When Argo realises a discounted capital gain, the associated tax benefit c
Slide 4: Share price relative to NTA
Share price relative to NTA As shareholders will be aware, Argo’s share price has been trading at a discount to its NTA for some time. This is consistent with an industry-wide trend, with most listed investment companies offering exposure to Australian equities also trading below their underlying as
Slide 5: Board changes
As announced at last year’s AGM the Chairman, Mr. Russell Higgins AO, announced his decision to retire effective 31 December after 13 years as a Non- executive Director, including seven years as Chairman. The Board would like to record its thanks and appreciation to Russell for his long period of se
Slide 6: Resilience and thank you
I remind shareholders that Argo has demonstrated resilience through many different market conditions, disruptive events and technological developments, over nearly 80 years of investing. With a strong balance sheet, no debt and a diversified portfolio, Argo remains resilient in this environment. Tha
Slide 7: Managing Director's Address: Market overview
2025 Annual General Meeting Managing Director’s Address Delivered by Mr. Jason Beddow at the 79th Annual General Meeting of Argo Investments Limited (Argo or Company) held at the Adelaide Convention Centre on Wednesday 22 October 2025 at 10.00am. Market overview – the US influence and impacts For mo
Slide 8: Australian market overview and investment portfolio
While we are certainly not suggesting markets will follow the same trajectory, those who have followed markets long enough will recall how that episode ultimately ended. Australian market overview Following the strong lead from the US, Australian equities have also advanced and are similarly trading
Slide 9: Portfolio trimming and CSL
With rich share price valuations, we recently trimmed our holdings in Eagers Automotive and Lynas Rare Earths – both up over 100% in the past 12 months – as well as Macquarie Group and Wesfarmers. CSL CSL has been one of the most hotly debated stocks for the past couple of years and serves as a sali
Slide 10: Buybacks, superannuation flows and yields
A record number of stock buybacks in the Australian market currently are supporting valuations. An additional 17 companies announced new or extended buybacks in the recent August corporate results reporting season, with intentions to buy back approximately $8 billion of stock. Mandated superannuatio
Slide 11: Outlook
Outlook Some support from previous interest rate cuts will continue to filter through the economy. Consumer-facing businesses should see improving conditions as lower interest rates begin to ease cost-of-living pressures. Prices of fuel, shipping and imported goods have fallen and macroeconomic data
Slide 12: Argo Investments Annual General Meeting 2025
ARGO INVESTMENTS For personal use only Annual General Meeting 2025 1
Slide 13: Peter Warne, Chairman
For personal use only Peter Warne Chairman 2
Slide 14: 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. For p
Slide 15: Board of Directors
Board of Directors For personal use only Peter Warne Jason Beddow Lianne Buck Elizabeth Lewin Chairman Managing Director Non-executive Director Non-executive Director Melissa Holzberger Symon Parish Chris Cuffe AO Non-executive Director Non-executive Director Non-executive Director 4
Slide 16: Our objective
For personal use only Our objective To maximise long-term shareholder returns through reliable fully franked dividend income and capital growth. 5 5
Slide 17: 2025 overview
2025 overview For personal use only Profit Earnings per share Full year dividends LIC capital gain $259.8m 34.1c 37.0c 7.0c $253.0m in 2024 33.3c per share in 2024 Fully franked per share LIC tax benefit 34.5c per share in 2024 3.0c in 2024 Total assets NTA per share MER Yield, incl. franking $8.0b
Slide 18: Annual dividends cents per share
Annual dividends cents per share For personal use only 7
Slide 19: LIC capital gain tax benefit
LIC capital gain tax benefit For personal use only More information See the fact sheet on our website: argoinvestments.com.au/dividends 8
Slide 20: Total returns
Total returns For personal use only Figures are at 30 September 2025. 9
Slide 21: Shareholder returns $10,000 invested
Shareholder returns $10,000 invested For personal use only Figures are at 30 September 2025. 10
Slide 22: Premium/discount to NTA
Premium/discount to NTA For personal use only Figures are at 30 September 2025. 11
Slide 23: Directorate
Directorate For personal use only Chris Cuffe AO BCom, FCA Non-executive Director 12
Slide 24: Looking ahead
For personal use only Looking ahead 13
Slide 25: 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 14
Slide 26: Jason Beddow, Managing Director
Jason Beddow For personal use only Managing Director 15
Slide 27: US market concentration
US market concentration Top 8 stocks as a proportion of US market S&P 500 Index and Nasdaq-100 Index For personal use only Source: FactSet, October 2025. 16
Slide 28: The rise and rise of AI
The rise and rise of AI AI exposure in the S&P 500 Direct AI, AI utilities and AI capital equipment stocks 46% For personal use only October 2025 Source: JP Morgan, Bloomberg. 17
Slide 29: US valuations near-historical highs
US valuations near-historical highs S&P 500 Price to Peak Earnings Ratio Price/Peak Trailing 12 months Operating EPS (Quarterly, Q4 1988 – Q2 2025) For personal use only Price to Peak Earnings Ratio Historical Median Source: S&P Dow Jones, Y Charts. 18
Slide 30: Share market over time
Share market over time S&P/ASX 200 & Accumulation Index Before, during and post-pandemic Accumulation Index For personal use only S&P/ASX 200 Index Record high US Fed cuts rates US RBA pauses ‘Liberation Day’ First vaccine rate rises US Fed starts released RBA starts rate rises rate rises Source: Fa
Slide 31: Diversified exposure
Diversified exposure $xxxM For personal use only $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 30 September 2025. 20
Slide 32: Recent purchases
Recent purchases For personal use only For the quarter to 30 September 2025. 21
Slide 33: Recent sales
•Ho Recent sales For personal use only For the quarter to 30 September 2025. 22
Slide 34: Stock in focus: CSL
Stock in focus: CSL CSL’s EPS and 12 month forward P/E Compared to S&P/ASX 200 Index 12 month forward P/E For personal use only Source: FactSet, Argo Investments. 23
Slide 35: Forward price to earnings
Forward price to earnings 21 For personal use only 19 17 15 13 11 9 7 92 93 95 96 98 99 01 02 04 05 07 08 10 11 13 14 16 17 19 20 22 23 25 +/-1 Std +/-2 Std ASX200 12mf Price-to-Earnings Source: FactSet, IBES, Morgan Stanley Research. 24
Slide 36: Forward price to earnings month forward P/E
Forward price to earnings 12 month forward P/E S&P/ASX 200 Index For personal use only 25 Source: RIMES, IBES, Morgan Stanley Research.
Slide 37: Forward dividend yield
Forward dividend yield S&P/ASX 200 Index 12 month forward dividend yield (%) For personal use only Source: FactSet, IBES, Morgan Stanley Research. 26
Slide 38: Our portfolio
Our portfolio For personal use only Figures are at 30 September 2025. 27
Slide 39: Looking ahead
For personal use only LOOKING AHEAD 28
Slide 40: RBA interest rates
RBA interest rates Cash rate target January 1990 – September 2025 For personal use only Source: Reserve Bank of Australia. 29
Slide 41: Simmering trade tensions
For personal use only Simmering trade tensions 30
Slide 42: Get in touch
Get in touch For personal use only invest@argoinvestments.com.au (08) 8210 9500 argoinvestments.com.au 37
Slide 43: For personal use only
For personal use only 38
Argo Investments — Shareholder Meeting (October 2025) on 6ix