Argo Investments Limited · ASX:ARG
Argo Investments — Shareholder Meeting (October 2026)
45 slides from Argo Investments's shareholder meeting presentation, Oct 21, 2026
Slide 1: Annual General Meeting 2026 ASX cover letter
For personal use only 21 October 2026 Company Announcements ASX Limited 20 Bridge Street SYDNEY NSW 2000 Annual General Meeting 2026 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
ASX RELEASE 21 October 2026 ASX: ARG For personal use only 2026 ANNUAL GENERAL MEETING Chairman’s address Delivered by Mr. Peter Warne at the 80th Annual General Meeting of Argo Investments Limited (Argo or Company) at the Adelaide Town Hall on Wednesday 21 October 2026 at 10.00am. ━━ Introduction T
Slide 3: Chairman's address: quarterly dividends and outperformance
━━ Move to quarterly dividend payments In this historic year, the Board has also determined that, commencing in January 2027, dividends will be paid quarterly instead of twice annually. The move recognises that many shareholders now seek more regular income to meet changing household cash flow needs
Slide 4: Chairman's address: shareholder survey results
unpredictable. Of course, we continue to engage and educate prospective shareholders about Argo, particularly by emphasising this benefit. ━━ Shareholder survey results Earlier this year, we invited shareholders to complete an online survey. We undertake these surveys periodically to help us underst
Slide 5: Chairman's address: 80 years of dividends
Notably, since 1946 Argo has not missed a single year of paying dividends, and since 1995, every dividend has been fully franked. Assuming reinvestment of every dividend over the last 80 years, and without taking into account the value of franking credits, Argo’s compound annual growth rate over the
Slide 6: Managing Director's address: global market overview
ASX RELEASE 21 October 2026 ASX: ARG For personal use only 2026 ANNUAL GENERAL MEETING Managing Director’s address Delivered by Mr. Jason Beddow at the 80th Annual General Meeting of Argo Investments Limited (Argo or Company) at the Adelaide Town Hall on Wednesday 21 October 2026 at 10.00am. ━━ Glob
Slide 7: Australian market overview and investment performance
━━ Australian market overview The Reserve Bank of Australia also raised rates by 0.25% to 4.6% on September 29, marking the fourth hike this year. The Australian economy is also dealing with some domestic challenges, including the For personal use only comprehensive tax changes introduced by the gov
Slide 8: Argo's investment portfolio
━━ Argo’s investment portfolio We remain well diversified across the Australian market. However, our portfolio does not replicate the Index. In the Australian market, the top 10 holdings account for approximately 50% of the Index, with the top three alone accounting for more than a quarter, or over
Slide 9: Dividend volatility versus ETF
Argo’s dividend is also far less volatile. During COVID, there was a material drop in the grossed-up dividends from the Index. We only modestly cut our dividend. This was followed by a big bounce-back in the Index dividend due to a one-off demerger dividend from BHP’s sale of its petroleum division
Slide 10: Portfolio evolution and investment philosophy
capitalisation, becoming its largest industry sector, and today accounts for around a third of our market. Australia’s share market has also been shaped by geopolitical and economic events, as well as capital market upheaval including wars, oil shocks, high inflation, recessions, terrorist attacks a
Slide 11: Thank you and contacts
━━ Thank you I would like to acknowledge the efforts of all Argo staff. Our small team continue to be fully committed to the Company’s success across both our Adelaide and Sydney offices, and I thank you all. For personal use only I also thank Peter Warne and all of the Non-executive Directors for t
Slide 12: Argo Investments Annual General Meeting 2026
For personal use only ARGO INVESTMENTS Annual General Meeting 2026
Slide 13: Chairman Peter Warne
For personal use only CHAIRMAN PETER WARNE 2
Slide 14: Disclaimer
For personal use only 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 argoinv
Slide 15: Board of Directors
BOARD OF DIRECTORS For personal use only 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 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: 2026 overview
2026 OVERVIEW For personal use only 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
Slide 18: Our dividend track record
OUR DIVIDEND TRACK RECORD For personal use only 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
Slide 19: LIC capital gain tax benefit
LIC CAPITAL GAIN TAX BENEFIT For personal use only For more information argoinvestments.com.au/dividends 8
Slide 20: Move to quarterly dividends
MOVE TO QUARTERLY DIVIDENDS For personal use only 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 ensur
Slide 21: Total returns
TOTAL RETURNS For personal use only All figures as at 30 September 2026 10
Slide 22: Shareholder returns: $10,000 invested
SHAREHOLDER RETURNS $10,000 INVESTED For personal use only $10,000 invested in Argo Investments Over 20 years to September 2026 All figures as at 30 September 2026 11
Slide 23: Share price relative to NTA
SHARE PRICE RELATIVE TO NTA For personal use only '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 b
Slide 24: Shareholder survey
SHAREHOLDER SURVEY For personal use only 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
Slide 25: Shareholder survey: words describing Argo
SHAREHOLDER SURVEY For personal use only 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 b
Slide 26: Directorate: Elizabeth Lewin
DIRECTORATE For personal use only Elizabeth Lewin Non-executive Director 15
Slide 27: 80 years investing for our shareholders
80ArgoYEARS Investments keyINVESTING milestones, 1946–2027 FOR OUR SHAREHOLDERS For personal use only 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 refre
Slide 28: Looking ahead
For personal use only LOOKING AHEAD 17
Slide 29: 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 18
Slide 30: Jason Beddow, Managing Director
For personal use only JASON BEDDOW MANAGING DIRECTOR 19
Slide 31: Share market
SHARE MARKET For personal use only 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 32: Official cash rate
OFFICIAL CASH RATE For personal use only RBA Cash Rate Target January 2000 – September 2026 Source: Reserve Bank of Australia (RBA) 8
Slide 33: NTA movements
NTA MOVEMENTS For personal use only Net Tangible Asset (NTA) movements per share for the 2026 financial year 8
Slide 34: 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 All figures as at 30 September 2026 23
Slide 35: Index concentration risk
INDEX CONCENTRATION RISK For personal use only 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 holdi
Slide 36: Our portfolio top holdings
OUR PORTFOLIO TOP 20 HOLDINGS For personal use only # 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.
Slide 37: Recent portfolio movements
RECENT PORTFOLIO MOVEMENTS For personal use only PURCHASES SALES For the three months to 30 September 2026 26
Slide 38: Lower dividend volatility
LOWER DIVIDEND VOLATILITY For personal use only 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
Slide 39: How do they stack up?
HOW DO THEY STACK UP? For personal use only 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
Slide 40: An enduring approach
AN ENDURING APPROACH For personal use only Adelaide Stock Exchange trading floor, early 1900s Argo’s portfolio in 1947 29
Slide 41: Investing over years
INVESTING OVER 80 YEARS For personal use only 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 $245 A$mil
Slide 42: Looking ahead
For personal use only LOOKING AHEAD 31
Slide 43: Outlook
OUTLOOK For personal use only US midterm elections Higher inflation Image to come Oil price volatility Geopolitical uncertainty 32
Slide 44: Get in touch
For personal use only GET IN TOUCH [email protected] (08) 8210 9500 argoinvestments.com.au 43
Slide 45: Investing for our shareholders since 1946
For personal use only Investing for our shareholders since 1946 44
Argo Investments — Shareholder Meeting (October 2026) on 6ix