Argo Global Listed Infrastructure Ltd. · ASX:ALI
Argo Global Listed Infrastructure — Non-Deal Roadshow (May 2026)
63 slides from Argo Global Listed Infrastructure's roadshow presentation, May 2026
Slide 1: Information Meetings May 2026
INFORMATION MEETINGS May 2026
Slide 2: 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 MEETINGS BRISBANE Wednesday 13 May 10 am SYDNEY Thursday 14 May 10 am The Westin Amora Hotel 111 Mary St 11 Jamison St Brisbane Sydne
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) and Argo Global Listed Infrastructure Limited (ACN 604 986 914). ASCO’s Financial Services G
Slide 4: Agenda
AGENDA 1. Argo Investments (ASX: ARG) 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 5: Your Presenters
YOUR PRESENTERS 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 5
Slide 6: Argo Investments
ARGO INVESTMENTS ASX CODE: ARG Navigating through various market cycles and conditions for 80 years 6
Slide 7: Overview
OVERVIEW 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 (Management Expense Ratio)
Slide 8: 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 Cents per share Peter Warne, Chairman (2025 AGM) So far this financ
Slide 9: 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' Ultra-low rates interest rates Covid 30-year average discount -0.5% China mining boom Aggressive monetary tightening Tech bubble AI boom Figures
Slide 10: What Drives Premiums/Discounts?
WHAT DRIVES PREMIUMS/DISCOUNTS? Addressing discounts LIC-specific factors Proactive actions • Size and liquidity of LIC • Portfolio performance Capital management – share buy backs • Fully franked dividend track record • Dividend policy / frequency Fully franked dividend track record. Dividend • Sha
Slide 11: Argo vs. Index-Tracking ETFs
ARGO VS. INDEX- TRACKING ETFS FOR EXPOSURE TO THE AUSTRALIAN SHARE MARKET 11
Slide 12: Key Comparisons
KEY COMPARISONS Argo Index-tracking ETFs Close-ended, ASX-listed company with 80-year Structure Open-ended, trust structure track record Retains earnings to ‘smooth’ dividends through Must pass through all income each year, Income market cycles meaning distributions can be volatile Greater capacity
Slide 13: 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 (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 5 yr p.a. total portfo
Slide 14: 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) 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 dividend yield 6.5% ~4.5% ~
Slide 15: Lower Dividend Volatility
LOWER DIVIDEND VOLATILITY Annual cash dividends (including franking) Argo versus Index-tracking ETF* 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 years to the end of FY26
Slide 16: LICs vs Index-Tracking ETFs
LICs vs INDEX-TRACKING ETFs Listed Investment Companies Index-Tracking ETF 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 concentration risk Cannot priori
Slide 17: Economic & Share Market Performance
ECONOMIC & SHARE MARKET PERFORMANCE AUSTRALIA’S WINNERS & LOSERS 17
Slide 18: Share Market Resilience
SHARE MARKET RESILIENCE S&P/ASX 200 & Accumulation Index 200 Before, during and post-pandemic Accumulation Index 180 160 140 S&P/ASX 200 Index 120 100 80 60 Source: Factset, S&P Global
Slide 19: Middle Eastern Conflict
MIDDLE EASTERN CONFLICT Tanker & container ships departing Eastbound from Hormuz Source: UBS Evidence Lab, S&P Global Market Intelligence 19
Slide 20: Recent Sector Performance
RECENT SECTOR PERFORMANCE S&P/ASX 200 Index sector performance 12 months to 31 March 2026 60% Energy 50% Materials Utilities 40% Banks 30% Financials Consumer Staples 20% Communication Services 10% Financial Services Industrials 0% Real Estate -10% Insurance Consumer Discretionary -20% Health Care -
Slide 21: ASX Tech Sector Slump
ASX TECH SECTOR SLUMP ASX Tech Sector Valuation Premium vs Broader Market 550% 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 22: The Economy Is Growing
THE ECONOMY IS GROWING GDP Growth Source:ABS 22
Slide 23: And Unemployment Remains Low, But…
AND UNEMPLOYMENT REMAINS LOW, BUT… Australian unemployment rate Source: ABS, March 2026. 23
Slide 24: Sentiment Has Plunged
SENTIMENT HAS PLUNGED Consumer Sentiment Business Sentiment Average since 1996 = 100 Confidence and conditions Sources: ANZ-Roy Morgan, RBA, Westpac and Melbourne Institute 24
Slide 25: Inflation Has Re-emerged
INFLATION HAS RE-EMERGED Consumer Price Inflation* year ended Source: ABS, RBA 25
Slide 26: …So the RBA Is Raising Rates
…SO THE RBA IS RAISING RATES RBA cash rate target Source: RBA 26
Slide 27: Argo's Investment Portfolio
ARGO’S INVESTMENT PORTFOLIO TOP HOLDINGS & POSITIONING 27
Slide 28: 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% 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% 15 Aristocrat $168m
Slide 29: 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 Figures are at 31 March 2026 29
Slide 30: Index Concentration Risk
INDEX CONCENTRATION RISK Comparing Argo’s portfolio to the S&P/ASX 200 Index 60% Sector exposure Top 10 holdings 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 = 26% = 18% Argo ASX20
Slide 31: Banks Remain Well Positioned
BANKS REMAIN WELL POSITIONED LATEST RESULTS: HALF-YEAR PROFITS AND INTERIM DIVIDENDS DECLARED $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% flat up 8% * Macquari
Slide 32: Recent Movements
RECENT MOVEMENTS Recent purchases Recent sales Figures are for 2026 calendar year to 31 March 2026. 32
Slide 33: Argo's AI Exposure
ARGO'S AI EXPOSURE ENABLERS & PICKS-AND-SHOVELS Power & energy infrastructure Connectivity & digital infrastructure Materials & resources for build-out Engineering & industrial support 33
Slide 34: Outlook
OUTLOOK LOOKING AHEAD: KEY THEMES FOR AUSTRALIA & THE WORLD 34
Slide 35: Key Themes: Short-Term Outlook
KEY THEMES SHORT-TERM OUTLOOK Ongoing market Economy remains Stubbornly high volatility robust inflation Energy price Budget outcomes Interest rate pressures & impacts uncertainty 35
Slide 36: Key Themes: Longer-Term Outlook
KEY THEMES LONGER-TERM OUTLOOK Geopolitical risks Energy Energy independence & & realignment infrastructure resource nationalism expenditure Higher defence Supply chain Acceleration of spending resilience economy’s digitisation/ electrification 36
Slide 37: 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 37
Slide 38: Argo Infrastructure
ARGO INFRASTRUCTURE ASX CODE: ALI Access a large and complex global asset class through a single ASX trade 38
Slide 39: Overview
OVERVIEW ASX code Dividend yield Consecutive fully 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. 39
Slide 40: Diversification Benefits
DIVERSIFICATION BENEFITS Global listed infrastructure vs Australian share market Total returns to 31 March 2026 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) Benchmark S&P/ASX 20
Slide 41: Key Considerations for Investors
KEY CONSIDERATIONS FOR INVESTORS Global listed infrastructure vs Australian share market Total returns to 31 March 2026 41
Slide 42: Infrastructure Powers the Global Economy
INFRASTRUCTURE POWERS THE GLOBAL ECONOMY 42
Slide 43: Listed Infrastructure Offers a Differentiated Performance Profile
LISTED INFRASTRUCTURE OFFERS A DIFFERENTIATED PERFORMANCE PROFILE 43
Slide 44: 2025 & 2026: Key Drivers & What's Next
2025 & 2026: KEY DRIVERS & WHAT’S NEXT 44
Slide 45: Generational Opportunity in Infrastructure Capital Formation
GENERATIONAL OPPORTUNITY IN INFRASTRUCTURE CAPITAL FORMATION 45
Slide 46: Attractive Entry Point for Infrastructure
ATTRACTIVE ENTRY POINT FOR INFRASTRUCTURE 46
Slide 47: Secular Themes Are Driving Opportunities in Infrastructure
SECULAR THEMES ARE DRIVING OPPORTUNITIES IN INFRASTRUCTURE 47
Slide 48: Power Demand Accelerating at Unprecedented Levels
POWER DEMAND ACCELERATING AT UNPRECEDENTED LEVELS 48
Slide 49: Growth in Connected Devices and Data
BOTH THE NUMBER OF CONNECTED DEVICES & AMOUNT OF DATA WILL CONTINUE TO GROW 49
Slide 50: Deglobalisation & Supply-Side Shocks
DEGLOBALISATION & SUPPLY-SIDE SHOCKS 50
Slide 51: War in Iran
ah WAR IN IRAN What happened? * Intensifying conflict involving Iran has disrupted regional energy production and global supply chains. Attacks on energy infrastructure and rising security threats have constrained tanker traffic through the Strait of Hormuz, a critical artery for global oil, liquefi
Slide 52: War in Iran (cont.)
WAR IN IRAN (CONT.) VOLATILE ENERGY PRICES CREATE UNCERTAINTY, BUT REAL ASSETS SHOULD BE RESILIENT 52
Slide 53: Portfolio in Action: Midstream Subsector
PORTFOLIO IN ACTION: MIDSTREAM SUBSECTOR 53
Slide 54: Portfolio in Action: Transportation Subsector
PORTFOLIO IN ACTION TRANSPORTATION SUBSECTOR 54
Slide 55: Portfolio in Action: Communications Subsector
PORTFOLIO IN ACTION COMMUNICATIONS SUBSECTOR 55
Slide 56: Portfolio in Action: Utilities Subsector
PORTFOLIO IN ACTION UTILITIES SUBSECTOR 56
Slide 57: Argo Infrastructure Portfolio: Top Holdings
ARGO INFRASTRUCTURE PORTFOLIO TOP 10 HOLDINGS 57
Slide 58: Cohen & Steers' Competitive Advantages
COHEN & STEERS’ COMPETITIVE ADVANTAGES 58
Slide 59: Dedicated Team of Global Listed Infrastructure Specialists
DEDICATED TEAM OF GLOBAL LISTED INFRASTRUCTURE SPECIALISTS 59
Slide 60: Summary: Why Invest in Global Listed Infrastructure
Why Invest in global listed infrastructure Massive infrastructure investments are needed globally Historically compelling risk-adjusted returns with attractive income component Low long-term correlations to broad stock and bond markets Liquidity of listed market provides ability to invest and manage
Slide 61: Portfolio Manager
Tyler Rosenlicht Senior Vice President, Cohen & Steers Tyler Rosenlicht, Senior Vice President, is a portfolio manager for Global Listed Infrastructure and serves as Head of Natural Resource Equities. He has 16 years of experience. Prior to joining the firm in 2012, Mr. Rosenlicht was an investment
Slide 62: Legal Notes
This material is provided to qualified institutional and professional investors or their advisors only for informational purposes and reflects prevailing conditions and our judgment as ofthis date, which are subject to change. It does not const estment advice or a recommendation or offer. We consid
Slide 63: Find Out More
FIND OUT MORE argoinvestments.com.au argoinfrastructure.com.au 64
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