Annual financial statement
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7 Appendix 4E Preliminary final report ARGO INVESTMENTS 2026
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Results for announcement to the market Year ended 30 June 2026 Comparative figures being the year ended 30 June 2025 Argo Investments Limited ABN 35 007 519 520 2026 $A’000 2025 $A’000 Income from operating activities up 2.2% to 296,284 289,981 Profit for the year up 0.1% to 260,178 259,832 Dividends Interim fully franked dividend paid 20 March 2026 18.5 cents Final fully franked dividend payable 18 September 2026 20.0 cents Total 38.5 cents The final dividend is fully franked and includes a 5.0 cents per share LIC capital gain component. This enables eligible shareholders to claim a deduction in their 2026/2027 income tax returns. The amount which eligible shareholders may be able to claim as a tax deduction depends on their individual situation. Further details will be provided in the dividend statement. The Company’s Dividend Reinvestment Plan (DRP) and Dividend Substitution Share Plan (DSSP) will operate for the final dividend. The DRP will be neutralised by purchasing the shares required for participants on- market while new shares will be issued for DSSP participants. The Directors have resolved that the shares will be allotted at the market price of Argo shares, which will be the volume weighted average ex-dividend market price of the shares traded during the pricing period from 17 August to 11 September 2026. No discount will apply. The record date for determining entitlements to the final dividend 17 August 2026 The election date for determining participation in the DRP and DSSP 18 August 2026 Previous corresponding period: Interim fully franked dividend paid 21 March 2025 17 .0 cents Final fully franked dividend paid 12 September 2025 20.0 cents Total 37 .0 cents Net Tangible Asset Backing June 2026 June 2025 NTA per share1 $10.84 $10.43 NTA after unrealised tax provision2 $9.25 $8.96 1. After all costs, including tax payable. 2. As required under the ASX Listing Rules, theoretical NTA per share after providing for estimated tax on unrealised gains/losses in the portfolio. That is, after tax that may arise if the entire portfolio was sold. argoinvestments.com.au |
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argoinvestments.com.au | 1 ĬĥŒĬĞĉåÃŚêåȋŚÃŚêĤêĥŚȋĬÿȋŋĬƌŚȋĬŋȋXĬŒŒ for the year ended 30 June 2026 2026 2025 Note $’000 $’000 Dividends and distributions 2 282,283 292,822 Other income 9,097 6,089 Net gains/(losses) on trading investments 4,904 (8,930) Income from operating activities 296,284 289,981 Administration expenses 3 (11,105) (11,562) Borrowing costs (718) (153) ŋĬƌŚȋÞêÿĬŋêȋĉĥßĬĤêȋŚÃżȋêżňêĥŒê 284,461 278,266 Income tax expense thereon 4 (24,283) (18,434) ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ 260,178 259,832 cents cents Basic and diluted earnings per share 5 34.3 34.1 Consolidated Statement of Comprehensive Income for the year ended 30 June 2026 2026 2025 $’000 $’000 ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ 260,178 259,832 Other comprehensive income: FŚêĤŒȋŚąÃŚȋŷĉĞĞȋĥĬŚȋÞêȋŋêßĞÃŒŒĉƌêåȋŚĬȋňŋĬƌŚȋĬŋȋĞĬŒŒ Revaluation of long-term investments 361,919 675,241 Provision for deferred tax expense on revaluation of long- term investments (111,025) (208,095) fŚąêŋȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋȋ 250,894 467,146 ĬŚÃĞȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋ 511,072 726,978 dzĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ
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argoinvestments.com.au | 2 Consolidated Statement of Financial Position at 30 June 2026 Note 2026 $’000 2025 $’000 Current Assets Cash and cash equivalents 6 75,277 119,323 Receivables 38,119 36,383 Investments 7 13,336 18,677 Total Current Assets 126,732 174,383 Non-Current Assets Investments 7 8,105,658 7,852,038 ŋĬňêŋŚŽDzȋňĞÃĥŚȋÃĥåȋêŊŠĉňĤêĥŚ 2,412 1,816 Total Non-Current Assets 8,108,070 7,853,854 Total Assets 8,234,802 8,028,237 Current Liabilities ÃŽÃÞĞêŒ 2,378 1,464 #êŋĉŶÃŚĉŶêȋƌĥÃĥßĉÃĞȋĉĥŒŚŋŠĤêĥŚŒ 8,264 9,367 Current tax liabilities 41,295 39,813 Provisions 2,076 1,766 Total Current Liabilities 54,013 52,410 Non-Current Liabilities ÃŽÃÞĞêŒ 2,000 1,248 Deferred tax liabilities 8 1,218,085 1,156,400 Provisions 136 238 Total Non-Current Liabilities 1,220,221 1,157,886 Total Liabilities 1,274,234 1,210,296 Net Assets 6,960,568 6,817,941 Shareholders’ Equity ĬĥŚŋĉÞŠŚêåȋêŊŠĉŚŽ 9 3,174,280 3,250,587 Reserves 10 3,003,740 2,806,254 êŚÃĉĥêåȋňŋĬƌŚŒ 782,548 761,100 ĬŚÃĞȋąÃŋêąĬĞåêŋŒȄȋ(ŊŠĉŚŽ 6,960,568 6,817,941 dzĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ
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argoinvestments.com.au | 3 Consolidated Statement of Changes in Equity for the year ended 30 June 2026 Contributed Equity Reserves Retained WƌŽĮƚƐ Total $’000 $’000 $’000 $’000 (Note 9) (Note 10) ÃĞÃĥßêȋÃŒȋÃŚȋƦȋTŠĞŽȋƧƥƧƪ 3,250,587 2,806,254 761,100 6,817,941 ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ - - 260,178 260,178 Other comprehensive income - 250,894 - 250,894 ĬŚÃĞȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋ - 250,894 260,178 511,072 Transactions with shareholders: Cost of share issues net of tax (292) - - (292) Executive performance rights reserve - (138) - (138) Dividends paid - (53,270) (238,730) (292,000) ŠŽǹÞÃßěȋĬÿȋŒąÃŋêŒ (76,015) - - (76,015) Total transactions with shareholders (76,307) (53,408) (238,730) (368,445) ÃĞÃĥßêȋÃŒȋÃŚȋƨƥȋTŠĥêȋƧƥƧƫ 3,174,280 3,003,740 782,548 6,960,568 for the year ended 30 June 2025 ÃĞÃĥßêȋÃŒȋÃŚȋƦȋTŠĞŽȋƧƥƧƩ 3,253,652 2,362,639 744,889 6,361,180 ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ - - 259,832 259,832 Other comprehensive income - 467,146 - 467,146 ĬŚÃĞȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêȋÿĬŋȋŚąêȋŽêÃŋ - 467,146 259,832 726,978 Transactions with shareholders: Dividend Reinvestment Plan 24,995 - - 24,995 Cost of share issues net of tax (210) - - (210) Executive performance rights reserve - (694) - (694) Dividends paid - (22,837) (243,621) (266,458) ŠŽǹÞÃßěȋĬÿȋŒąÃŋêŒ (27,850) - - (27,850) Total transactions with shareholders (3,065) (23,531) (243,621) (270,217) ÃĞÃĥßêȋÃŒȋÃŚȋƨƥȋTŠĥêȋƧƥƧƪ 3,250,587 2,806,254 761,100 6,817,941 dzĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ
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argoinvestments.com.au | 4 Consolidated Statement of Cash Flows for the year ended 30 June 2026 2026 2025 Note $’000 $’000 ÃŒąȋƍĬŷŒȋÿŋĬĤȋĬňêŋÃŚĉĥĀȋÃߌĉŶĉŚĉêŒ Dividends and distributions received 280,625 285,833 Interest received 1,979 3,227 Other receipts 5,469 2,932 Proceeds from trading investments 15,656 6,233 ÃŽĤêĥŚŒȋÿĬŋȋŚŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒ (6,514) (10,885) fŚąêŋȋňÃŽĤêĥŚŒ (11,159) (11,870) Income tax paid (71,770) (49,183) _êŚȋĬňêŋÃŚĉĥĀȋßÃŒąȋĉĥƍĬŷŒ 214,286 226,287 ÃŒąȋƍĬŷŒȋÿŋĬĤȋĉĥŶêŒŚĉĥĀȋÃߌĉŶĉŚĉêŒ Proceeds from sale of long-term investments 373,679 391,304 ÃŽĤêĥŚŒȋÿĬŋȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒ (263,195) (325,398) ÃŽĤêĥŚŒȋÿĬŋȋƌżêåȋÃŒŒêŚŒ (18) (88) _êŚȋĉĥŶêŒŚĉĥĀȋßÃŒąȋĉĥƍĬŷŒ 110,466 65,818 ÃŒąȋƍĬŷŒȋÿŋĬĤȋƌĥÃĥßĉĥĀȋÃߌĉŶĉŚĉêŒ ÃŽĤêĥŚŒȋÿĬŋȋĞêÃŒêȋĞĉÃÞĉĞĉŚĉêŒȋ (366) (335) Cost of share issues (417) (300) Dividends paid (292,000) (241,463) ŠŽǹÞÃßěȋĬÿȋŒąÃŋêŒ (76,015) (27,850) _êŚȋƌĥÃĥßĉĥĀȋßÃŒąȋĬŠŚƍĬŷŒ (368,798) (269,948) Net (decrease)/increase in cash held (44,046) 22,157 ÃŒąȋÃŚȋŚąêȋÞêĀĉĥĥĉĥĀȋĬÿȋŚąêȋŽêÃŋ 119,323 97,166 ÃŒąȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋŽêÃŋ 6 75,277 119,323 dzĬȋÞêȋŋêÃåȋĉĥȋßĬĥĘŠĥߌĉĬĥȋŷĉŚąȋŚąêȋÃßßĬĤňÃĥŽĉĥĀȋĥĬŚêŒǴ
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argoinvestments.com.au | 5 ƒǢȋȋ ÃŒĉŒȋĬÿȋňŋêňÃŋÃŚĉĬĥ ąêȋňŋêĞĉĤĉĥÃŋŽȋßĬĥŒĬĞĉåÃŚêåȋƌĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋąÃŶêȋÞêêĥȋňŋêňÃŋêåȋĉĥȋÃßßĬŋåÃĥßêȋ with the measurement and recognition requirements of Australian Accounting ŚÃĥåÃŋåŒǣȋFĥŚêŋňŋêŚÃŚĉĬĥŒȋĉŒŒŠêåȋÞŽȋŚąêȋŠŒŚŋÃĞĉÃĥȋßßĬŠĥŚĉĥĀȋŚÃĥåÃŋåŒȋ ĬÃŋåȋ and the Corporations Act 2001. Compliance with Australian Accounting Standards êĥŒŠŋêŒȋŚąÃŚȋŚąêȋňŋêĞĉĤĉĥÃŋŽȋßĬĥŒĬĞĉåÃŚêåȋƌĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋÃĥåȋĥĬŚêŒȋßĬĤňĞŽȋŷĉŚąȋ the measurement and recognition requirements of International Financial Reporting Standards (IFRS). ąêȋÃßßĬŠĥŚĉĥĀȋňĬĞĉßĉêŒȋÃåĬňŚêåȋÃŋêȋßĬĥŒĉŒŚêĥŚȋŷĉŚąȋŚąĬŒêȋĬÿȋŚąêȋňŋêŶĉĬŠŒȋƌĥÃĥßĉÃĞȋ ŽêÃŋǢȋ °ąêŋêȋÃňňŋĬňŋĉÃŚêǣȋßĬĤňÃŋÃŚĉŶêȋåĉŒßĞĬŒŠŋêŒȋąÃŶêȋÞêêĥȋŋêßĞÃŒŒĉƌêåǯÃĤêĥåêåȋŚĬȋÞêȋ ßĬĥŒĉŒŚêĥŚȋŷĉŚąȋŚąêȋߊŋŋêĥŚȋŽêÃŋȊŒȋňŋêŒêĥŚÃŚĉĬĥǢ ąêȋňŋêĞĉĤĉĥÃŋŽȋßĬĥŒĬĞĉåÃŚêåȋƌĥÃĥßĉÃĞȋŒŚÃŚêĤêĥŚŒȋĉĥßĬŋňĬŋÃŚêȋŚąêȋÃŒŒêŚŒȋÃĥåȋĞĉÃÞĉĞĉŚĉêŒȋ ĬÿȋŚąêȋ ĬĤňÃĥŽȄŒȋŷąĬĞĞŽȋĬŷĥêåȋŒŠÞŒĉåĉÃŋŽȋŋĀĬȋêŋŶĉßêȋ ĬĤňÃĥŽȋŚŽȋXŚåȋÃŒȋÃŚȋƔƑȋTŠĥêȋ ƓƑƓƗǣȋÃĥåȋĉŚŒȋŋêŒŠĞŚŒȋÿĬŋȋŚąêȋŽêÃŋȋŚąêĥȋêĥåêåǢȋFĥŚêŋßĬĤňÃĥŽȋŚŋÃĥŒÃߌĉĬĥŒȋÃĥåȋÞÃĞÃĥßêŒȋ ÞêŚŷêêĥȋŋĀĬȋFĥŶêŒŚĤêĥŚŒȋXĉĤĉŚêåȋÃĥåȋŋĀĬȋêŋŶĉßêȋ ĬĤňÃĥŽȋŚŽȋXŚåȋÃŋêȋêĞĉĤĉĥÃŚêåȋ on consolidation. ƓǢȋȋ #ĉŶĉåêĥåŒȋÃĥåȋåĉŒŚŋĉÞŠŚĉĬĥŒ 2026 2025 $’000 $’000 Received/receivable from: XĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒȋąêĞåȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋŽêÃŋ 274,344 283,157 XĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒȋŒĬĞåȋåŠŋĉĥĀȋŚąêȋŽêÃŋ 7,489 9,105 ŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒȋąêĞåȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋŽêÃŋ 400 560 ŋÃåĉĥĀȋĉĥŶêŒŚĤêĥŚŒȋŒĬĞåȋåŠŋĉĥĀȋŚąêȋŽêÃŋ 50 - 282,283 292,822 ƔǢȋ åĤĉĥĉŒŚŋÃŚĉĬĥȋêżňêĥŒêŒȋ 2026 2025 $’000 $’000 (ĤňĞĬŽĤêĥŚȋÞêĥêƌŚŒ 6,892 7,488 Depreciation 456 461 Other 3,757 3,613 11,105 11,562 Notes to the Financial Statements for the year ended 30 June 2026
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argoinvestments.com.au | 6 ƕǢȋ FĥßĬĤêȋŚÃżȋêżňêĥŒêȋ 2026 2025 $’000 $’000 (a) Reconciliation of income tax expense to prima facie ŚÃżȋňÃŽÃÞĞêǤ ŋĬƌŚȋÞêÿĬŋêȋĉĥßĬĤêȋŚÃżȋêżňêĥŒê 284,461 278,266 ŋĉĤÃȋÿÃßĉêȋŚÃżȋêżňêĥŒêȋßÃĞߊĞÃŚêåȋÃŚȋƔƑɄȋdzƓƑƓƖǤȋƔƑɄǴ 85,338 83,480 Tax effect of amounts which are not deductible (taxable) in calculating taxable income: ÃżȋĬÿÿŒêŚȋÿĬŋȋÿŋÃĥěêåȋåĉŶĉåêĥåŒ (57,489) (62,399) Other (2,971) (1,476) fŶêŋȋňŋĬŶĉŒĉĬĥȋĉĥȋňŋêŶĉĬŠŒȋŽêÃŋ (595) (1,171) Income tax expense 24,283 18,434 (b) Income tax expense composition: ąÃŋĀêȋÿĬŋȋŚÃżȋňÃŽÃÞĞêȋŋêĞÃŚĉĥĀȋŚĬȋߊŋŋêĥŚȋŽêÃŋ 23,980 20,734 Increase/(decrease) in deferred tax liabilities 898 (1,129) fŶêŋȋňŋĬŶĉŒĉĬĥȋĉĥȋňŋêŶĉĬŠŒȋŽêÃŋ (595) (1,171) 24,283 18,434 (c) ĤĬŠĥŚŒȋŋêßĬĀĥĉŒêåȋåĉŋêßŚĞŽȋĉĥȋĬŚąêŋȋßĬĤňŋêąêĥŒĉŶêȋĉĥßĬĤêǤ Increase in deferred tax liabilities 111,025 208,095 ƖǢȋȋ (ÃŋĥĉĥĀŒȋňêŋȋŒąÃŋê 2026 2025 number number ’000 ’000 °êĉĀąŚêåȋÃŶêŋÃĀêȋĥŠĤÞêŋȋĬÿȋĬŋåĉĥÃŋŽȋŒąÃŋêŒȋĬĥȋĉŒŒŠêȋŠŒêåȋĉĥȋŚąêȋ calculation of earnings per share 758,824 762,852 $’000 $’000 ŋĬƌŚȋÿĬŋȋŚąêȋŽêÃŋ 260,178 259,832 cents cents Basic and diluted earnings per share 34.3 34.1 Notes to the Financial Statements
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argoinvestments.com.au | 7 ƗǢȋȋ ÃŒąȋÃĥåȋßÃŒąȋêŊŠĉŶÃĞêĥŚŒ 2026 2025 $’000 $’000 ÃĥěȋåêňĬŒĉŚŒȋÃĥåȋßÃŒąȋĤÃĥÃĀêĤêĥŚȋŚŋŠŒŚŒ 75,277 119,323 ÃŒąȋÃĥåȋßÃŒąȋêŊŠĉŶÃĞêĥŚŒȋĉĥßĞŠåêŒȋßÃŒąȋĬĥȋåêňĬŒĉŚȋŷĉŚąȋÞÃĥěŒȋdzƍĬÃŚĉĥĀȋĉĥŚêŋêŒŚȋŋÃŚêȋĬÿȋ ƕǢƔƖɄȋÃŚȋƔƑȋTŠĥêȋƓƑƓƗǥȋƓƑƓƖǤȋƔǢƙƖɄǴǣȋƌżêåȋŚêŋĤȋåêňĬŒĉŚŒȋŷĉŚąȋÞÃĥěŒȋĤÃŚŠŋĉĥĀȋŷĉŚąĉĥȋŚąŋêêȋ ĤĬĥŚąŒȋÿŋĬĤȋåÃŚêȋĬÿȋåêňĬŒĉŚȋdzĥĉĞȋÃŚȋƔƑȋTŠĥêȋƓƑƓƗǥȋƓƑƓƖǤȋĥĉĞǴǣȋÃĥåȋßÃŒąȋĤÃĥÃĀêĤêĥŚȋŚŋŠŒŚŒǢ ƘǢȋ FĥŶêŒŚĤêĥŚŒ 2026 2025 $’000 $’000 Current Listed securities at fair valuedzƦǴ 13,336 18,677 Non-Current Listed securities at fair valuedzƦǴ 8,054,002 7,832,737 Unlisted securities at fair valuedzƧǴ 51,656 19,301 8,105,658 7,852,038 (1) The fair value of listed securities is established from the quoted prices (unadjusted) in the ÃߌĉŶêȋĤÃŋěêŚȋĬÿȋŚąêȋµȋÿĬŋȋĉåêĥŚĉßÃĞȋÃŒŒêŚŒȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋXêŶêĞȋƒȋĬÿȋŚąêȋÿÃĉŋȋŶÃĞŠêȋ ĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǢȋ (2) ąêȋÿÃĉŋȋŶÃĞŠêȋĬÿȋŠĥĞĉŒŚêåȋŒêߊŋĉŚĉêŒȋĉŒȋĥĬŚȋÞÃŒêåȋĬĥȋĬÞŒêŋŶÃÞĞêȋĤÃŋěêŚȋåÃŚÃȋĉĥȋÃßßĬŋåÃĥßêȋ ŷĉŚąȋXêŶêĞȋƔȋĬÿȋŚąêȋÿÃĉŋȋŶÃĞŠêȋĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǢȋąêȋ#ĉŋêߌĬŋŒȋąÃŶêȋĤÃåêȋŶÃĞŠÃŚĉĬĥȋ judgements to determine the fair value of these securities based on inputs which include ŚąêȋßĬŒŚȋÃĥåȋŚąêȋĥêŚȋŚÃĥĀĉÞĞêȋÃŒŒêŚȋŶÃĞŠêŒȋňŋĬŶĉåêåȋÞŽȋŚąêȋĉĥŶêŒŚêêȋßĬĤňÃĥŽȋÿĬŋȋŷąĉßąȋ ŚąêȋŠĥĞĉŒŚêåȋŒêߊŋĉŚŽȋąĬĞåĉĥĀȋŋêĞÃŚêŒǢ êßĬĥßĉĞĉÃŚĉĬĥȋĬÿȋßąÃĥĀêŒȋĉĥȋŠĥĞĉŒŚêåȋŒêߊŋĉŚĉêŒȋŶÃĞŠêåȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋXêŶêĞȋƔȋĬÿȋŚąêȋ ÿÃĉŋȋŶÃĞŠêȋĤêÃŒŠŋêĤêĥŚȋąĉêŋÃŋßąŽǤ 2026 2025 $’000 $’000 ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ 19,301 17,666 Additions 20,000 - Fair value gain recognised in other comprehensive income 12,355 1,635 ÃŋŋŽĉĥĀȋÃĤĬŠĥŚȋÃŚȋêĥåȋĬÿȋŽêÃŋ 51,656 19,301 ąêŋêȋŷêŋêȋƗƖƚȋĉĥŶêŒŚĤêĥŚȋŚŋÃĥŒÃߌĉĬĥŒȋåŠŋĉĥĀȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǢȋąêȋŚĬŚÃĞȋÞŋĬěêŋÃĀêȋňÃĉåȋ on these transactions was $2.4 million. Notes to the Financial Statements
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argoinvestments.com.au | 8 ƙǢȋ #êÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚĉêŒ 2026 2025 $’000 $’000 ąêȋÞÃĞÃĥßêȋßĬĤňŋĉŒêŒȋŚêĤňĬŋÃŋŽȋåĉÿÿêŋêĥßêŒȋÃŚŚŋĉÞŠŚêåȋŚĬǤ #êÿêŋŋêåȋŚÃżȋĞĉÃÞĉĞĉŚŽȋĬĥȋŠĥŋêÃĞĉŒêåȋĀÃĉĥŒȋĬĥȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒ 1,218,406 1,157,586 Income receivable which is not assessable for tax until receipt 3,555 3,225 1,221,961 1,160,811 fÿÿŒêŚȋÞŽȋåêÿêŋŋêåȋŚÃżȋÃŒŒêŚŒǤ ŋĬŶĉŒĉĬĥŒȋÃĥåȋňÃŽÃÞĞêŒ (3,375) (3,065) Deferred tax on unrealised losses on trading investments (323) (1,203) Deferred tax on cost of share issues (178) (143) (3,876) (4,411) Net deferred tax liabilities 1,218,085 1,156,400 ^ĬŶêĤêĥŚŒ ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ 1,156,400 992,539 #êÞĉŚêåǯdzßŋêåĉŚêåǴȋŚĬȋňŋĬƌŚȋĬŋȋĞĬŒŒ 898 (1,130) Charged to other comprehensive income 111,025 208,095 Changes to the tax base of investments (50,238) (43,104) ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ 1,218,085 1,156,400 The amount of net deferred tax liabilities expected to be settled in the next 12 months is ȑƒǢƓȋĤĉĞĞĉĬĥȋdzƓƑƓƖǤȋåêÿêŋŋêåȋŚÃżȋÃŒŒêŚŒȋȑƑǢƒȋĤĉĞĞĉĬĥǴǢ Notes to the Financial Statements
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argoinvestments.com.au | 9 9. Contributed equity fŋåĉĥÃŋŽȋŒąÃŋêŒȋŋÃĥěȋňÃŋĉȋňÃŒŒŠǣȋąÃŶêȋĥĬȋňÃŋȋŶÃĞŠêȋÃĥåȋêĥŚĉŚĞêȋŚąêȋąĬĞåêŋȋŚĬȋňÃŋŚĉßĉňÃŚêȋĉĥȋ åĉŶĉåêĥåŒȋÃĥåȋŚąêȋňŋĬßêêåŒȋĬĥȋŷĉĥåĉĥĀȋŠňȋĬÿȋŚąêȋ ĬĤňÃĥŽȋĉĥȋňŋĬňĬŋŚĉĬĥȋŚĬȋŚąêȋĥŠĤÞêŋȋĬÿȋŚąêȋ ŒąÃŋêŒȋąêĞåǢȋąêȋ ĬĤňÃĥŽȋåĬêŒȋĥĬŚȋąÃŶêȋÃȋĞĉĤĉŚêåȋÃĤĬŠĥŚȋĬÿȋÊŚąĬŋĉŒêåȋßÃňĉŚÃĞǢ 2026 2025 2026 2025 No. of shares No. of shares $’000 $’000 FŒŒŠêåȋÃĥåȋÿŠĞĞŽȋňÃĉåȋ ĬŋåĉĥÃŋŽȋŒąÃŋêŒǤȋȋ Opening balance 760,996,574 761,242,265 3,250,587 3,253,652 Dividend Reinvestment Plan(a) - 2,843,587 - 24,995 Dividend Substitution Share Plan(b) 34,244 11,474 - - ŠŽǹÞÃßěȋĬÿȋŒąÃŋêŒ(c) (8,587,424) (3,100,752) (76,015) (27,850) Cost of share issues net of tax (292) (210) Closing balance 752,443,394 760,996,574 3,174,280 3,250,587 (a) FĥȋêňŚêĤÞêŋȋƓƑƓƖȋÃĥåȋ^ÃŋßąȋƓƑƓƗǣȋŚąêȋ#ĉŶĉåêĥåȋ êĉĥŶêŒŚĤêĥŚȋĞÃĥȋdz# ǴȋŷÃŒȋ ĥêŠŚŋÃĞĉŒêåȋÞŽȋňŠŋßąÃŒĉĥĀȋŚąêȋŒąÃŋêŒȋŋêŊŠĉŋêåȋÿĬŋȋňÃŋŚĉßĉňÃĥŚŒȋĬĥǹĤÃŋěêŚǣȋÃĥåȋŚąêŋêÿĬŋêȋ åĉåȋĥĬŚȋĉĤňÃߌȋŚąêȋĥŠĤÞêŋȋĬÿȋŒąÃŋêŒȋĬĥȋĉŒŒŠêȋdzƓƑƓƖǤȋêňŚêĤÞêŋȋƓƑƓƕǣȋĥêŷȋŒąÃŋêŒȋŷêŋêȋ ĉŒŒŠêåǥȋ^ÃŋßąȋƓƑƓƖǣȋ# ȋŷÃŒȋĥêŠŚŋÃĞĉŒêåǴǢȋ (b) FĥȋêňŚêĤÞêŋȋƓƑƓƖǣȋŚąêȋ#ĉŶĉåêĥåȋŠÞŒŚĉŚŠŚĉĬĥȋąÃŋêȋĞÃĥȋdz#ǴȋŷÃŒȋĥêŠŚŋÃĞĉŒêåȋÞŽȋ ňŠŋßąÃŒĉĥĀȋŚąêȋŒąÃŋêŒȋŋêŊŠĉŋêåȋÿĬŋȋňÃŋŚĉßĉňÃĥŚŒȋĬĥǹĤÃŋěêŚǣȋÃĥåȋŚąêŋêÿĬŋêȋåĉåȋĥĬŚȋĉĤňÃߌȋ ŚąêȋĥŠĤÞêŋȋĬÿȋŒąÃŋêŒȋĬĥȋĉŒŒŠêȋdzƓƑƓƖǤȋêňŚêĤÞêŋȋƓƑƓƕǣȋĥêŷȋŒąÃŋêŒȋŷêŋêȋĉŒŒŠêåǴǢ Fĥȋ^ÃŋßąȋƓƑƓƗǣȋƔƕǣƓƕƕȋŒąÃŋêŒȋŷêŋêȋÃĞĞĬŚŚêåȋÃŚȋȑƙǢƚƚȋňêŋȋŒąÃŋêȋňŠŋŒŠÃĥŚȋŚĬȋŚąêȋ#ȋ ĉĥȋĬňêŋÃŚĉĬĥȋÿĬŋȋŚąêȋĉĥŚêŋĉĤȋåĉŶĉåêĥåȋňÃĉåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƗȋdzƓƑƓƖǤȋ^Ãŋßąȋ ƓƑƓƖǣȋ#ȋŷÃŒȋĥêŠŚŋÃĞĉŒêåǴǢ Shareholders who elect to be in the DSSP forgo their dividend and receive shares instead. (c) #ŠŋĉĥĀȋŚąêȋňêŋĉĬåȋŚąêȋßĬĤňÃĥŽȋňŠŋßąÃŒêåȋÃĥåȋßÃĥßêĞĞêåȋŒąÃŋêŒȋĬĥǹĤÃŋěêŚǢȋąêȋŒąÃŋêŒȋ ŷêŋêȋÃßŊŠĉŋêåȋÃŚȋÃĥȋÃŶêŋÃĀêȋňŋĉßêȋĬÿȋȑƙǢƙƔȋňêŋȋŒąÃŋêȋŷĉŚąȋňŋĉßêŒȋŋÃĥĀĉĥĀȋÿŋĬĤȋȑƙǢƖƖȋŚĬȋ ȑƚǢƒƘȋňêŋȋŒąÃŋêȋdzƓƑƓƖǤȋÃŶêŋÃĀêȋňŋĉßêȋĬÿȋȑƙǢƚƙȋňêŋȋŒąÃŋêǣȋŋÃĥĀĉĥĀȋÿŋĬĤȋȑƙǢƘƚȋŚĬȋȑƚǢƒƓȋňêŋȋ share). Notes to the Financial Statements
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argoinvestments.com.au | 10 ƒƑǢȋ êŒêŋŶêŒ 2026 2025 $’000 $’000 Executive Performance Rights Reserve (484) (346) Investment Revaluation Reserve 2,724,220 2,497,157 ÃňĉŚÃĞȋŋĬƌŚŒȋ êŒêŋŶê 280,004 309,443 3,003,740 2,806,254 ^ĬŶêĤêĥŚŒȋĉĥȋŋêŒêŋŶêŒȋåŠŋĉĥĀȋŚąêȋŽêÃŋ Executive Performance Rights Reserve ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ (346) 348 Accrued entitlement for unvested rights 872 1,655 Executive performance shares purchased (1,010) (2,349) ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ (484) (346) Investment Revaluation Reserve ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ 2,497,157 2,124,060 Revaluation of long-term investments 361,919 675,241 Provision for deferred tax expense on revaluation of long-term investments (111,025) (208,095) Realised gains on sale of long-term investments transferred to ßÃňĉŚÃĞȋňŋĬƌŚŒȋŋêŒêŋŶê (54,796) (138,781) Income tax expense thereon 30,965 44,732 ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ 2,724,220 2,497,157 ÃňĉŚÃĞȋŋĬƌŚŒȋ êŒêŋŶê ÃĞÃĥßêȋÃŚȋÞêĀĉĥĥĉĥĀȋĬÿȋŽêÃŋ 309,443 238,231 Dividend paid (53,270) (22,837) Transfer from investment revaluation reserve 23,831 94,049 ÃĞÃĥßêȋÃŚȋêĥåȋĬÿȋŽêÃŋ 280,004 309,443 Total Reserves 3,003,740 2,806,254 XĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒȋŷêŋêȋŒĬĞåȋĉĥȋŚąêȋĥĬŋĤÃĞȋßĬŠŋŒêȋĬÿȋŚąêȋ ĬĤňÃĥŽȄŒȋĬňêŋÃŚĉĬĥŒȋÃŒȋÃȋ ĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋĬŋȋÃŒȋÃȋŋêŒŠĞŚȋĬÿȋßĬŋňĬŋÃŚêȋÃߌĉĬĥŒǣȋŒŠßąȋÃŒȋŚÃěêĬŶêŋŒǢȋąêȋÿÃĉŋȋ ŶÃĞŠêȋĬÿȋŚąêȋĉĥŶêŒŚĤêĥŚŒȋŒĬĞåȋåŠŋĉĥĀȋŚąĉŒȋňêŋĉĬåȋŷÃŒȋȑƔƗƙǢƓȋĤĉĞĞĉĬĥȋdzƓƑƓƖǤȋȑƔƘƑǢƖȋĤĉĞĞĉĬĥǴǢȋ ąêȋߊĤŠĞÃŚĉŶêȋĀÃĉĥȋÃÿŚêŋȋŚÃżȋĬĥȋŚąêŒêȋåĉŒňĬŒÃĞŒȋŷÃŒȋȑƓƔǢƙȋĤĉĞĞĉĬĥȋdzƓƑƓƖǤȋȑƚƕǢƑȋĤĉĞĞĉĬĥǴǣȋ ŷąĉßąȋąÃŒȋÞêêĥȋŚŋÃĥŒÿêŋŋêåȋÿŋĬĤȋŚąêȋĉĥŶêŒŚĤêĥŚȋŋêŶÃĞŠÃŚĉĬĥȋŋêŒêŋŶêȋŚĬȋŚąêȋßÃňĉŚÃĞȋňŋĬƌŚŒȋ reserve. Notes to the Financial Statements
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argoinvestments.com.au | 11 ȋ _ÃŚŠŋêȋÃĥåȋňŠŋňĬŒêȋĬÿȋŋêŒêŋŶêŒ Executive performance rights reserve This reserve contains the fair value of the short-term incentive (STI) and long-term incentive (LTI) performance rights pursuant to the Argo Investments Limited Executive Performance ĉĀąŚŒȋĞÃĥǢȋ°ąêĥȋŋĉĀąŚŒȋÃŋêȋêżêŋßĉŒêåǣȋŒąÃŋêŒȋÃŋêȋňŠŋßąÃŒêåȋĬĥȋĤÃŋěêŚȋÃĥåȋĉŒŒŠêåȋŚĬȋŚąêȋ executive. FȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒ The values of the STI performance rights are calculated and allocated to each reporting period from the commencement of the performance periods to the vesting dates. The value of the STI performance rights for the current reporting period, which are issued to ňÃŋŚĉßĉňÃĥŚŒȋĬĥȋƔȋêňŚêĤÞêŋȋƓƑƓƗǣȋąÃŒȋÞêêĥȋêŒŚĉĤÃŚêåǢ XFȋňêŋÿĬŋĤÃĥßêȋŋĉĀąŚŒ The values of the LTI performance rights are calculated at grant dates and allocated to each reporting period from the service commencement dates to the vesting dates. Investment revaluation reserve Increments or decrements on the revaluation of long-term investments after provision for deferred capital gains tax are recorded in this reserve. ÃňĉŚÃĞȋňŋĬƌŚŒȋŋêŒêŋŶêȋ =ÃĉĥŒȋĬŋȋĞĬŒŒêŒȋÃŋĉŒĉĥĀȋÿŋĬĤȋŚąêȋŒÃĞêȋĬÿȋĞĬĥĀǹŚêŋĤȋĉĥŶêŒŚĤêĥŚŒǣȋĥêŚȋĬÿȋÃĥŽȋŚÃżȋêżňêĥŒêȋĬŋȋ ÞêĥêƌŚǣȋÃŋêȋŋêßĬŋåêåȋĉĥȋŚąĉŒȋŋêŒêŋŶêǢ ƒƒǢȋ ÃňĉŚÃĞȋĤÃĥÃĀêĤêĥŚ ąêȋ ĬĤňÃĥŽȄŒȋĬÞĘêߌĉŶêȋĉĥȋĤÃĥÃĀĉĥĀȋĉŚŒȋßÃňĉŚÃĞȋĉŒȋŚĬȋĤÃżĉĤĉŒêȋĞĬĥĀǹŚêŋĤȋŋêŚŠŋĥŒȋŚĬȋ ŒąÃŋêąĬĞåêŋŒȋŚąŋĬŠĀąȋÃȋÞÃĞÃĥßêȋĬÿȋßÃňĉŚÃĞȋÃĥåȋåĉŶĉåêĥåȋĀŋĬŷŚąȋÿŋĬĤȋÃȋåĉŶêŋŒĉƌêåȋŠŒŚŋÃĞĉÃĥȋ ĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬǢȋąĉŒȋĉŒȋÃßąĉêŶêåȋÞŽȋŚąêȋňŋĬßꌌȋĬÿȋňŋĬŶĉåĉĥĀȋŒąÃŋêąĬĞåêŋŒȋŷĉŚąȋÃȋŒŚêÃåŽȋ ŒŚŋêÃĤȋĬÿȋÿŠĞĞŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒȋÃĥåȋêĥąÃĥßêĤêĥŚȋĬÿȋßÃňĉŚÃĞȋĉĥŶêŒŚêåǣȋŷĉŚąȋŚąêȋĀĬÃĞȋĬÿȋ ňÃŽĉĥĀȋÃĥȋĉĥßŋêÃŒĉĥĀȋĞêŶêĞȋĬÿȋåĉŶĉåêĥåŒȋÃĥåȋňŋĬŶĉåĉĥĀȋÃŚŚŋÃߌĉŶêȋŚĬŚÃĞȋŋêŚŠŋĥŒȋĬŶêŋȋŚąêȋĞĬĥĀȋ term. ąêȋ ĬĤňÃĥŽȋŋêßĬĀĥĉŒêŒȋŚąÃŚȋĉŚŒȋßÃňĉŚÃĞȋŷĉĞĞȋƍŠßŚŠÃŚêȋĉĥȋÃßßĬŋåÃĥßêȋŷĉŚąȋĤÃŋěêŚȋßĬĥåĉŚĉĬĥŒȋ ÃĥåȋĉĥȋĬŋåêŋȋŚĬȋĤÃĉĥŚÃĉĥȋĬŋȋÃåĘŠŒŚȋŚąêȋßÃňĉŚÃĞȋŒŚŋŠßŚŠŋêǣȋĉŚȋĤÃŽȋÞêȋĥêßꌌÃŋŽȋŚĬȋŶÃŋŽȋŚąêȋ ÃĤĬŠĥŚȋĬÿȋåĉŶĉåêĥåŒȋňÃĉåǣȋĉŒŒŠêȋĥêŷȋŒąÃŋêŒȋÿŋĬĤȋŚĉĤêȋŚĬȋŚĉĤêȋĬŋȋÞŠŽȋÞÃßěȋĉŚŒȋĬŷĥȋŒąÃŋêŒǢ ąêȋ ĬĤňÃĥŽȄŒȋßÃňĉŚÃĞȋßĬĥŒĉŒŚŒȋĬÿȋĉŚŒȋŒąÃŋêąĬĞåêŋŒȄȋêŊŠĉŚŽȋÃĥåȋŚąêȋßąÃĥĀêŒȋŚĬȋŚąĉŒȋßÃňĉŚÃĞȋÃŋêȋ ŒąĬŷĥȋĉĥȋŚąêȋ ĬĥŒĬĞĉåÃŚêåȋŚÃŚêĤêĥŚȋĬÿȋ ąÃĥĀêŒȋĉĥȋ(ŊŠĉŚŽǢ Notes to the Financial Statements
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argoinvestments.com.au | 12 ƒƓǢȋ#ĉŶĉåêĥåŒ 2026 2025 $’000 $’000 (a) #ĉŶĉåêĥåŒȋňÃĉåȋåŠŋĉĥĀȋŚąêȋŽêÃŋ <ĉĥÃĞȋåĉŶĉåêĥåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƖȋĬÿȋƓƑǢƑȋßêĥŚŒȋ ÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêȋňÃĉåȋƒƓȋêňŚêĤÞêŋȋƓƑƓƖȋdzƓƑƓƕǤȋ ƓƑǢƑȋßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêǴ 151,932 136,923 FĥŚêŋĉĤȋåĉŶĉåêĥåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƗȋĬÿȋƒƙǢƖȋ ßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêȋňÃĉåȋƓƑȋ^ÃŋßąȋƓƑƓƗ dzƓƑƓƖǤȋƒƘǢƑȋßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêǴ 140,068 129,535 Total dividends paid 292,000 266,458 Dividends paid in cash 240,846 218,186 Dividends reinvested - neutralised 51,154 23,277 Dividends reinvested - new shares issued - 24,995 292,000 266,458 Dividends forgone via DSSP 576 319 ąêȋƌĥÃĞȋåĉŶĉåêĥåȋßĬĥŚÃĉĥêåȋÃȋĞĉŒŚêåȋĉĥŶêŒŚĤêĥŚȋßĬĤňÃĥŽȋdzXF ǴȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋĬÿȋ ƘǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêȋdzƓƑƓƕǤȋƔǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêǴȋÃĥåȋÃȋ_êŷȋ¾êÃĞÃĥåȋdz_¾ǴȋĉĤňŠŚÃŚĉĬĥȋßŋêåĉŚȋ Ĭÿȋ_¾ƔǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêȋdzƓƑƓƕǤȋĥĉĞǴǢȋ ąêȋĉĥŚêŋĉĤȋåĉŶĉåêĥåȋňÃĉåȋåĉåȋĥĬŚȋßĬĥŚÃĉĥȋÃȋXF ȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋdzƓƑƓƖǤȋĥĉĞǴȋĬŋȋÃȋ_¾ȋ ĉĤňŠŚÃŚĉĬĥȋßŋêåĉŚȋdzƓƑƓƖǤȋĥĉĞǴǢ 2026 2025 $’000 $’000 (b) #ĉŶĉåêĥåȋåêßĞÃŋêåȋÃÿŚêŋȋÞÃĞÃĥßêȋåÃŚêȋ ĉĥßêȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǣȋŚąêȋ#ĉŋêߌĬŋŒȋąÃŶêȋ declared the following dividend which has not been ŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋǤ <ĉĥÃĞȋåĉŶĉåêĥåȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƗȋĬÿȋƓƑǢƑȋßêĥŚŒȋ ÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêȋňÃŽÃÞĞêȋƒƙȋêňŚêĤÞêŋȋƓƑƓƗȋ dzƓƑƓƖǤȋƓƑǢƑȋßêĥŚŒȋÿŠĞĞŽȋÿŋÃĥěêåȋÃŚȋƔƑɄȋŚÃżȋŋÃŚêǴ 150,489 152,199 ąêȋƌĥÃĞȋåĉŶĉåêĥåȋåêßĞÃŋêåȋŷĉĞĞȋßĬĥŚÃĉĥȋÃȋXF ȋßÃňĉŚÃĞȋĀÃĉĥȋßĬĤňĬĥêĥŚȋĬÿȋƖǢƑȋßêĥŚŒȋňêŋȋ ŒąÃŋêȋdzƓƑƓƖǤȋƘǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêǴǢ ąêȋƌĥÃĞȋåĉŶĉåêĥåȋŷĉĞĞȋĥĬŚȋßĬĥŚÃĉĥȋÃȋ_¾ȋĉĤňŠŚÃŚĉĬĥȋßŋêåĉŚȋdzƓƑƓƖǤȋ_¾ƔǢƑȋßêĥŚŒȋňêŋȋŒąÃŋêǴǢ Notes to the Financial Statements
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argoinvestments.com.au | 13 Notes to the Financial Statements ƒƔǢȋ<ŋÃĥěĉĥĀȋÃßßĬŠĥŚ 2026 2025 $’000 $’000 Opening balance 200,147 176,149 _êŚȋßąÃĥĀêȋĉĥȋÿŋÃĥěĉĥĀȋßŋêåĉŚŒȋ ǹ ȋŋêßêĉŶêåǯdzňÃĉåǴ (43,262) (25,185) Net change in income tax - (refunded)/paid 71,770 49,183 Closing balance 228,655 200,147 ÃĞÃĥßêȋĬÿȋŚąêȋÿŋÃĥěĉĥĀȋÃßßĬŠĥŚȋÃÿŚêŋȋÃĞĞĬŷĉĥĀȋÿĬŋȋŚÃżȋňÃŽÃÞĞêȋ ÃĥåȋŚąêȋŋêßêĉňŚȋĬÿȋÿŋÃĥěêåȋåĉŶĉåêĥåŒȋŋêßĬĀĥĉŒêåȋÃŒȋŋêßêĉŶÃÞĞêŒ 276,114 245,535 FĤňÃߌȋĬĥȋŚąêȋÿŋÃĥěĉĥĀȋÃßßĬŠĥŚȋĬÿȋŚąêȋåĉŶĉåêĥåȋåêßĞÃŋêåȋÞŠŚȋĥĬŚȋ ŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋ (64,495) (65,228) 211,619 180,307 ąêȋÿŋÃĥěĉĥĀȋÃßßĬŠĥŚȋÞÃĞÃĥßêȋŷĬŠĞåȋÃĞĞĬŷȋŚąêȋ ĬĤňÃĥŽȋŚĬȋÿŠĞĞŽȋ ÿŋÃĥěȋÃååĉŚĉĬĥÃĞȋåĉŶĉåêĥåȋňÃŽĤêĥŚŒȋŠňȋŚĬȋÃĥȋÃĤĬŠĥŚȋĬÿ 493,778 420,717 cents cents This equates to a per share amount of 65.6 55.3 ąêȋ ĬĤňÃĥŽȄŒȋÃÞĉĞĉŚŽȋŚĬȋßĬĥŚĉĥŠêȋŚĬȋňÃŽȋÿŋÃĥěêåȋåĉŶĉåêĥåŒȋĉŒȋåêňêĥåêĥŚȋŠňĬĥȋŚąêȋŋêßêĉňŚȋĬÿȋ ÿŋÃĥěêåȋåĉŶĉåêĥåŒȋÿŋĬĤȋŚąêȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬȋÃĥåȋŚąêȋ ĬĤňÃĥŽȋňÃŽĉĥĀȋŚÃżǢ ƒƕǢȋ _êŷȋ¾êÃĞÃĥåȋdz_¾ǴȋĉĤňŠŚÃŚĉĬĥȋÃßßĬŠĥŚ 2026 2025 NZ$’000 NZ$’000 Balance of the imputation account after allowing for the receipt of dividends recognised as receivables 6,340 23,084 FĤňÃߌȋĬĥȋŚąêȋ_¾ȋĉĤňŠŚÃŚĉĬĥȋÃßßĬŠĥŚȋĬÿȋŚąêȋåĉŶĉåêĥåȋåêßĞÃŋêåȋ ÞŠŚȋĥĬŚȋŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋ - (22,830) 6,340 254 _¾ȋĉĤňŠŚÃŚĉĬĥȋßŋêåĉŚŒȋÃŶÃĉĞÃÞĞêȋÿĬŋȋåĉŒŚŋĉÞŠŚĉĬĥȋÃŋêȋåêňêĥåêĥŚȋŠňĬĥȋŚąêȋŋêßêĉňŚȋĬÿȋ_¾ȋ imputation credits from the investment portfolio.
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argoinvestments.com.au | 14 ƒƖǢȋXĉŒŚêåȋFĥŶêŒŚĤêĥŚȋ ĬĤňÃĥŽȋdzXF ǴȋßÃňĉŚÃĞȋĀÃĉĥȋÃßßĬŠĥŚ 2026 2025 $’000 $’000 Balance of the LIC capital gain account 40,334 54,886 Impact on the LIC capital gain account of the dividend declared ÞŠŚȋĥĬŚȋŋêßĬĀĥĉŒêåȋÃŒȋÃȋĞĉÃÞĉĞĉŚŽȋÃŚȋŚąêȋêĥåȋĬÿȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋ (37,622) (53,270) 2,712 1,616 This equates to an attributable amount of 3,874 2,309 LIC capital gains available for distribution are dependent upon the disposal of investment ňĬŋŚÿĬĞĉĬȋąĬĞåĉĥĀŒȋŷąĉßąȋŊŠÃĞĉÿŽȋÿĬŋȋXF ȋßÃňĉŚÃĞȋĀÃĉĥŒȋÃĥåȋŚąêȋŋêßêĉňŚȋĬÿȋXF ȋßÃňĉŚÃĞȋĀÃĉĥȋ distributions from LIC securities held in the investment portfolio. ƒƗǢȋ<ĉĥÃĥßĉÃĞȋŋêňĬŋŚĉĥĀȋÞŽȋŒêĀĤêĥŚŒȋ ąêȋ ĬĤňÃĥŽȋĬňêŋÃŚêŒȋĉĥȋŚąêȋĉĥŶêŒŚĤêĥŚȋĉĥ劌ŚŋŽȋňŋêåĬĤĉĥÃŚêĞŽȋŷĉŚąĉĥȋŠŒŚŋÃĞĉÃǢ ąêȋ ĬĤňÃĥŽȋĉŒȋĤÃĥÃĀêåȋÃŒȋÃȋŷąĬĞêȋÃĥåȋĉŒȋßĬĥŒĉåêŋêåȋŚĬȋąÃŶêȋÃȋŒĉĥĀĞêȋĬňêŋÃŚĉĥĀȋŒêĀĤêĥŚǢȋ ąêŋêȋĉŒȋĥĬȋÿŠŋŚąêŋȋåĉŶĉŒĉĬĥȋĬÿȋŚąêȋ ĬĤňÃĥŽȋĬŋȋĉĥŚêŋĥÃĞȋŒêĀĤêĥŚȋŋêňĬŋŚĉĥĀȋŠŒêåȋÞŽȋŚąêȋ #ĉŋêߌĬŋŒȋŷąêĥȋĤÃěĉĥĀȋŒŚŋÃŚêĀĉßǣȋĉĥŶêŒŚĤêĥŚȋĬŋȋŋêŒĬŠŋßêȋÃĞĞĬßÃŚĉĬĥȋåêßĉŒĉĬĥŒǢ ąêȋ ĬĤňÃĥŽȋĉŒȋåĬĤĉßĉĞêåȋĉĥȋŠŒŚŋÃĞĉÃȋÃĥåȋåêŋĉŶêŒȋĉŚŒȋĉĥßĬĤêȋÿŋĬĤȋŚąêȋĉĥŶêŒŚĤêĥŚȋňĬŋŚÿĬĞĉĬȋ through the receipt of dividends, distributions, interest and other income. Argo has a åĉŶêŋŒĉƌêåȋňĬŋŚÿĬĞĉĬȋĬÿȋĉĥŶêŒŚĤêĥŚŒǣȋŷĉŚąȋĥĬȋŒĉĥĀĞêȋĉĥŶêŒŚĤêĥŚȋÃßßĬŠĥŚĉĥĀȋÿĬŋȋĤĬŋêȋŚąÃĥȋƒƑɄȋ of income. ąêŋêȋąÃŒȋÞêêĥȋĥĬȋßąÃĥĀêȋŚĬȋŚąêȋĬňêŋÃŚĉĥĀȋŒêĀĤêĥŚŒȋåŠŋĉĥĀȋŚąêȋŽêÃŋǢ ƒƘ Ǣȋ (ŶêĥŚŒȋĬßߊŋŋĉĥĀȋÃÿŚêŋȋŚąêȋŋêňĬŋŚĉĥĀȋňêŋĉĬå _ĬȋĤÃŚŚêŋŒȋĬŋȋßĉŋߊĤŒŚÃĥßêŒȋąÃŶêȋĬßߊŋŋêåȋŒŠÞŒêŊŠêĥŚȋŚĬȋŚąêȋƌĥÃĥßĉÃĞȋŽêÃŋȋêĥåȋŚąÃŚȋąÃŶêȋ ŒĉĀĥĉƌßÃĥŚĞŽȋÃÿÿêߌêåǣȋĬŋȋĤÃŽȋÃÿÿêߌǣȋŚąêȋĬňêŋÃŚĉĬĥŒȋĬÿȋŚąêȋ ĬĤňÃĥŽǣȋŚąêȋŋêŒŠĞŚŒȋĬÿȋŚąĬŒêȋ ĬňêŋÃŚĉĬĥŒȋĬŋȋŚąêȋŒŚÃŚêȋĬÿȋÃÿÿÃĉŋŒȋĬÿȋŚąêȋ ĬĤňÃĥŽȋĉĥȋŒŠÞŒêŊŠêĥŚȋƌĥÃĥßĉÃĞȋŽêÃŋŒǢ ƒƙǢȋ ĬĥŚĉĥĀêĥßĉêŒ ŚȋÞÃĞÃĥßêȋåÃŚêȋŚąêȋ ĬĤňÃĥŽȋĉŒȋĥĬŚȋÃŷÃŋêȋĬÿȋÃĥŽȋĤÃŚêŋĉÃĞȋßĬĥŚĉĥĀêĥŚȋĞĉÃÞĉĞĉŚĉêŒȋĬŋȋßĬĥŚĉĥĀêĥŚȋ assets. ŠåĉŚȋĬÿȋßßĬŠĥŚŒ ąêȋÃßßĬŠĥŚŒȋÿĬŋȋŚąêȋŽêÃŋȋêĥåêåȋƔƑȋTŠĥêȋƓƑƓƗȋÃŋêȋĉĥȋŚąêȋňŋĬßꌌȋĬÿȋÞêĉĥĀȋÊåĉŚêåǢȋ Notes to the Financial Statements