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RNS Number : 6695S Ashmore Group PLC 12 February 2026
Ashmore Group plc
12 February 2026
Results for the six months ended 31 December 2025
Ashmore Group plc (Ashmore, the Group), the specialist Emerging Markets asset
manager, today announces its unaudited results for the six months ended 31
December 2025.
- Net inflows & outperformance drive higher assets under management
- Assets under management (AuM) increased 10% over the period to US$52.5
billion(1).
- Net inflows of US$2.3 billion with broad-based subscriptions +39% YoY and
redemptions reduced by 35% YoY.
- Performance added US$2.6 billion reflecting positive market returns and
Ashmore's active management delivering outperformance.
- Strong growth in profit before tax (+64% YoY) & diluted EPS (+89% YoY)
- Adjusted net revenue of £67.5 million, 16% lower YoY reflecting average AuM
levels and reduced performance fees.
- Continued focus on managing operating costs, which increased 1% YoY with VC
accrued at 32.5% of EBVCT.
- Adjusted EBITDA of £20.9 million, delivering adjusted EBITDA margin of 31%.
- Profit before tax of £81.9 million increased 64% YoY and includes higher
returns on seed capital investments.
- Diluted EPS of 10.1 pence, 89% higher YoY, and adjusted diluted EPS of 3.1
pence.
- Strong, liquid balance sheet with £480 million of excess financial resources
including £260 million of cash and deposits.
- The Board has declared an unchanged interim ordinary dividend of 4.8 pence per
share.
- Emerging markets continue to deliver strong returns & outperform developed
markets
- Emerging markets indices returned between +5% and +21% across fixed income and
equities over the period, compared with +1% for global bonds and +10% for
world equity markets.
- Ashmore's active investment processes delivering strong relative performance
with 82% of AuM outperforming over one year, 70% over three years and 58% over
five years.
- Strategic initiatives delivering diversification & growth
- Equities AuM increased 17% over the period to US$8.8 billion (17% of Group
AuM), through net inflows and investment outperformance.
- Local office AuM increased 8% to US$8.4 billion (16% of Group AuM), with
notable growth in Indonesia and Colombia.
- AuM sourced from EM-domiciled clients increased 14% over the six months and
represents 39% of Group AuM.
- Positive emerging markets trends to continue
- Supportive environment for EM with higher economic growth and easier monetary
conditions.
- US dollar weakness.
- Increasingly complex geopolitics.
- Diversity of investment opportunities across EM means active management is
critical.
Commenting on the Group's results, Mark Coombs, Chief Executive Officer,
Ashmore Group plc said:
"Ashmore has delivered strong AuM growth over the six months, with broad-based
net inflows and continued investment outperformance. It is clear that
investors are acting upon the attractive risk/reward opportunities available
across emerging markets and are benefiting from the continued performance of
these markets. As a consequence of Ashmore's investment performance, the
Group's financial results are also strong with returns on seed capital
investments contributing to a 64% increase in profit before tax and diluted
EPS approximately double the prior year.
"The near-term outlook in emerging markets is for higher economic growth, some
deflationary pressure allowing for easier monetary conditions, and further
weakness in the value of the US dollar, continuing the themes that have driven
recent EM outperformance. Ashmore's specialism and proven active investment
management philosophy mean it is well-positioned to capitalise on this
positive outlook and the multitude of investment opportunities available
across emerging markets."
1. As reported on 15 January 2026.
Analysts briefing
There will be a presentation for sell-side analysts at 0830 today at UBS, 5
Broadgate, London, EC2M 2QS. A copy of the presentation will be made available
on the Group's website at ir.ashmoregroup.com.
Contacts
For further information please contact:
Ashmore Group plc
Tom Shippey, Group Finance Director +44 (0)20 3077 6191
Paul Measday, Investor Relations +44 (0)20 3077 6278
ir@ashmoregroup.com
Cardew Group
Tom Allison +44 (0)7789 998 020
Will Baldwin-Charles +44 (0)7834 524 833
ashmore@cardewgroup.com
Chief Executive Officer's report
Emerging markets delivered strong returns and outperformed developed markets
over the six months to 31 December 2025, reflecting resilient economic growth,
attractive valuations, a moderation in geopolitical risks and the benefits of
a weaker US dollar.
Ashmore's AuM increased by 10% over the six-month period to US$52.5 billion.
The increase comprises positive investment performance of US$2.6 billion and
net inflows of US$2.3 billion, the latter resulting from increasing client
engagement levels over the course of 2025 and a growing recognition of the
superior risk-adjusted returns available in emerging markets.
The strong investment performance is also reflected in higher returns
delivered on the Group's seed capital investments, which, together with the
Group's operating performance, means PBT increased by 64% year-on-year and
diluted EPS of 10.1 pence is nearly double the level achieved in the prior
year period.
Revenue levels reflect lower average AuM and reduced performance fees compared
with the prior year period. The business model continues to be efficient with
a focus on controlling operating costs, and on an adjusted basis this resulted
in an EBITDA margin of 31% and diluted EPS of 3.1 pence.
The near-term macro outlook is for higher economic growth, some deflationary
pressure allowing for easier monetary conditions, and further weakness in the
value of the US dollar. This is a supportive environment for emerging markets
and continues many of the themes that have delivered outperformance by the EM
asset classes in recent years. Ashmore's specialism and proven active
investment management philosophy mean it is well-positioned to capitalise on
this positive outlook and the multitude of investment opportunities available
across emerging markets.
Based on the Group's statutory performance over the six-month period, its
strong financial position, cash generation, and the near-term outlook, the
Board has maintained the interim dividend at 4.8 pence per share.
Reconciling items:
£m H1 2026 Seed capital FX translation H1 2026 H1 2025
Reported
(gains)/losses
(gains)/losses
Adjusted
Adjusted
Net management fees 62.1 - - 62.1 68.3
Performance fees 0.8 - - 0.8 7.9
Other revenue 4.6 - - 4.6 1.3
Foreign exchange gains 0.5 - (0.5) - 2.4
Net revenue 68.0 - (0.5) 67.5 79.9
Net gains on investment securities 34.2 (34.2) - - -
Personnel expenses (35.9) - 0.2 (35.7) (35.1)
Other expenses excluding depreciation and amortisation (12.9) 2.0 - (10.9) (11.1)
EBITDA 53.4 (32.2) (0.3) 20.9 33.7
EBITDA margin 79% - - 31% 42%
Depreciation and amortisation (1.7) - - (1.7) (1.6)
Operating profit 51.7 (32.2) (0.3) 19.2 32.1
Finance income 30.0 (23.2) - 6.8 11.8
Share of profit from associate 0.2 - - 0.2 0.2
Profit before tax 81.9 (55.4) (0.3) 26.2 44.1
Diluted EPS (p) 10.1 (6.9) (0.1) 3.1 4.8
Market review
Building on the strength in the first half of calendar 2025, Emerging markets
indices continued to perform strongly over the six months to 31 December 2025,
delivering returns of between 5% and 8% in fixed income and between 15% and
21% in equities. EM assets comfortably outperformed both global bonds, which
delivered 1% over the period, and the 10% return from world equity markets.
At the macro level, this outperformance reflects continued economic progress
in emerging countries including resilience in the face of US tariffs, some
stabilisation in geopolitical risks, and the various benefits of a weaker US
dollar.
External debt
The EMBI GD increased by 8% over the six months, outperforming the +1% return
from the Bloomberg Global Aggregate bond index.
The main driver of performance was spread compression, with the index spread
over US Treasuries tightening from 322bps in June to 253bps in December. HY
bonds outperformed with an 11% return compared with 5% for IG bonds. All
geographic regions delivered positive returns over the period, ranging between
5% (Asia) and 13% (Africa).
Notwithstanding this strong performance, the EMBI GD continues to offer an
attractive yield of 6.8% and the index offers a wide range of investment
opportunities across 68 emerging countries and nearly 160 issuers, with the
issuance split equally between IG and HY bonds. In the six-month period, and
over 2025 as a whole, the main credit rating agencies continued to announce
positive net rating changes for emerging countries, recognising their strong
and improving fundamentals. Therefore, the investment case for external debt
remains compelling and, given the breadth of opportunities available, is best
addressed through active management to deliver outperformance.
Local currency
The GBI-EM GD delivered a 6% return over the period, benefiting from FX gains
as emerging markets currencies outperformed the US dollar, alongside
delivering attractive carry and rates returns. All regions performed well with
returns of between 2% (Asia) and 25% (Middle East & Africa).
The continued performance of local currency bonds is underpinned by high real
yields, with one-year government bonds trading around 3% above expected 2026
inflation compared with effectively zero for developed countries, and an
expectation that the US dollar will weaken further over time. Furthermore,
with inflation under control and declining in many emerging countries, EM
central banks are biased to monetary policy easing, which will support
returns.
Corporate debt
The CEMBI BD rose by 5% over the six months. HY bonds slightly outperformed
both DM HY bonds and EM IG bonds, with both returning 4% over the period.
Echoing the sovereign markets, spread tightening was a significant factor in
the performance of the corporate debt asset class, with the CEMBI BD spread
reducing by 29bps to 237bps over the period and a similar pattern of
tightening in both the HY and IG markets.
The 12-month default rate fell slightly over the six months from 2.7% to 2.4%
and is broadly in line with the rates observed in the US and European HY
markets (2.2% and 2.0%, respectively). By geographic region, there were
improvements in default rates in Asia and Europe/Middle East, partially offset
by a level in Latin America.
The CEMBI BD comprises bonds from more than 750 issuers across 65 emerging
countries, with the majority (59%) of the bonds being IG rated. On average, EM
issuers have lower leverage than developed world issuers with equivalent
credit ratings, and in the context of the credit quality described above, the
index yield of 6.7% is attractive in risk-adjusted terms. As is the case with
sovereign bonds, the diversified nature of EM corporate bond markets means
there is significant choice available and the many investment opportunities
are best exploited through active management.
Equities
The MSCI EM index delivered strong performance over the period with a return
of 15%, in excess of the 10% returns delivered by both the S&P500 and MSCI
World indices. Frontier markets performed even better with a return of 21% for
the MSCI FM index.
There were several contributing factors behind this outperformance, and the
breadth of performance contribution from a wide range of countries was
noteworthy. The primary performance driver was earnings growth, primarily led
by the technology sector, but with contributions by companies in a diverse
range of countries including China, India, South Africa, Mexico, Colombia and
Chile. This reflected typically resilient economic health, expansionary
domestic monetary policy, and limited impact from the earlier announced US
trade tariffs.
The backdrop for emerging markets equities to perform remains strong. Global
economic growth is displaying resilience and emerging markets themselves are
seeing activity indicators pick up and GDP expectations revised upwards. The
EM monetary cycle is favourable with benign inflation dynamics allowing for
further policy rate easing in countries such as Brazil, Turkey and South
Africa, which should buoy consumption. Earnings growth expectations for 2026
are strong at around 20% and, while valuations have rerated since 2025,
overall, emerging markets continue to trade at undemanding valuation multiples
and a large discount to the US equity market. The prospect of monetary easing
in the US and the potential for further US dollar weakness only reinforce the
positive outlook for EM equities.
Outlook
Emerging markets
The global macro environment in 2025, while volatile, was conducive to the
strong outperformance of emerging markets assets. The impact of US trade
tariffs was manageable and economic growth has been resilient; inflation is
under control, which provided for monetary policy easing in many countries;
there was some moderation in geopolitical risks; and the US dollar was weaker.
In 2026, while global macro factors will inevitably remain relevant to the
performance of emerging markets, other themes will have an impact, such as the
effect of AI on industry and society. Furthermore, an increasingly complex
geopolitical environment underpins the need for active investment management
to deliver outperformance.
Impact of AI
While the debate will continue about the long-term efficacy and benefits of
AI, there is no doubt that more sophisticated models allied with increasingly
powerful computers mean that individuals, companies and governments will find
ways to use AI in certain activities, and the capex cycle will extend in 2026.
In the near term, the impact of AI adoption is likely to be disinflationary,
or even deflationary, as a result of the impact on labour markets, before the
associated demand for energy and commodities puts upward pressure on
inflation. Economies in Asia are participating in the capex theme and related
companies do not have the stretched valuations that are apparent in the US
stock market.
China
Similarly, the impact of China's renewed focus on its export-led economic
model will continue to deliver deflationary impulses to its trade partners
around the world, and particularly those in Asia. Domestic reforms aimed at
boosting consumption and improving social safety nets are important but will
be enacted gradually over time. Therefore, the broader impact of China's
current policy mix is likely to be stable growth and persistently low
inflation.
Elections
With more than 70 countries in the emerging markets investment universe,
elections are always a consideration for investors in any given year. In 2026,
there is a particular focus on Latin America with major elections in Brazil,
Colombia and Peru. Following the progress delivered by economic reforms in
Argentina, it is probable that other countries in the region continue the
political transition from left to right and then seek to implement economic
policies that lead to better conditions for investment.
Monetary policy
With a few notable exceptions, such as Japan, many countries in EM and DM are
likely to experience looser monetary conditions in 2026, as a consequence of
either central bank rate decisions or the impact of heavy debt issuance to
fund spending. Emerging markets have the benefit of high real interest rates
and falling inflation as a backdrop against which to cut rates, which will
support investment returns in markets that are fundamentally cheap.
US dollar
The probability of a dovish Fed, reacting to the deflationary themes described
above, is likely to maintain downward pressure on the US dollar. Furthermore,
it is evident that the US administration is pursuing a number of key policies
that are designed to weaken the currency. Continued softness in the US dollar
would be a significant driver of returns in EM local currency bond and equity
markets, as well as contributing to the pressure for allocators to rebalance
portfolios that are heavily overweight the US in favour of more attractive
investment opportunities elsewhere, including in EM.
The near-term outlook is one of higher economic growth, some deflationary
pressure allowing for easier monetary conditions, and further weakness in
value of the US dollar. This is a supportive macro environment for emerging
markets and continues many of the themes that have delivered outperformance by
the EM asset classes in recent years.
Finally, if global macro conditions are more stable in 2026 compared with
recent years, then alpha generation is likely to revert towards micro drivers.
Country and company-specific opportunities remain diverse across EM, with
factors such as structural reforms, elections and AI capex providing ample
opportunities for outperformance. Ashmore's specialism and proven active
investment management philosophy mean it is well-positioned to capitalise on
the positive outlook and the multitude of EM investment opportunities
available.
Business review
Assets under management
AuM increased by 10% from US$47.6 billion to US$52.5 billion.
Investment performance added US$2.6 billion and the positive environment
described in the Market review, together with Ashmore's continued delivery of
investment outperformance across all of its investment themes, resulted in net
inflows of US$2.3 billion (H1 2025: US$1.1 billion net outflow). This is a
significant turnaround from the net outflows of the previous financial year
(H1 2025: US$1.1 billion net outflow; H2 2025: US$4.7 billion net outflow)
with both the global and local businesses in aggregate delivering a net
inflow.
Subscriptions of US$5.7 billion are 39% higher than in the prior year period
(H1 2025: US$4.1 billion) and represent 12% of opening AuM. This growth
reflects a substantial increase in client engagement levels as a result of a
further period of performance by emerging markets and increasing conviction in
the drivers of this performance, Ashmore's continued alpha delivery, and
portfolio allocations starting to shift to address the inherent risks of
maintaining portfolios that have become heavily weighted to the US.
Importantly, the subscriptions were broadly based and the activity reflects
both existing clients increasing allocations and the funding of new client
mandates. This was notably the case in the equities and external debt themes
with the latter also delivering net inflows to European and US mutual funds,
while local currency flows were biased to existing clients and blended debt
was mostly the result of new client activity.
Demand was geographically diverse, particularly outside of the US, and with
notable flows from European clients into equities and investors based in Asia,
including the Middle East, allocating to sovereign fixed income strategies.
While there has been some demand from US investors for EM equities, there are
also now some tentative signs of interest in EM fixed income that may develop
if US rates decline.
Redemptions of US$3.4 billion are 35% lower than in the prior year period (H1
2025: US$5.2 billion) and, for the half year, are at the lowest level since
2011. This is consistent with the later stage of what has been a relatively
protracted cycle of outflows for emerging markets funds, and there was no
significant pattern to redemptions experienced over the six months.
Average AuM of US$48.9 billion was 3% lower than in the same period in the
prior year (H1 2025: US$50.1 billion).
The Group's AuM remains geographically diverse and the mix is broadly
consistent with recent periods, with 38% of AuM invested in Latin America, 28%
in Asia Pacific, 15% in Eastern Europe and 19% in the Middle East and Africa.
Local platforms
The Group's local offices delivered strong growth over the six months with AuM
increasing 8% from US$7.8 billion to US$8.4 billion, and representing 16% of
total Group AuM. The growth comprised net inflows of US$0.2 billion and
investment performance of US$0.4 billion.
In aggregate, the local offices make a material contribution to Ashmore's
financial performance, representing approximately a quarter of the Group's net
revenue and delivering an adjusted EBITDA margin of 45% in the period.
Ashmore Indonesia delivered very strong growth over the six months with AuM
increasing by 41% to US$2.0 billion. This was primarily through net inflows to
its broad range of onshore mutual funds as domestic market conditions
improved.
Ashmore Colombia's AuM increased by 16% to US$2.5 billion as a result of
investment performance across the range of listed equity, private equity and
private debt funds. The product range was expanded in the period with the
launch of a regional Latin America equity fund.
Following strong growth in FY2025, Ashmore India's AuM of US$2.3 billion was
unchanged at the period end. The local team has a strong, long-term track
record of outperformance in listed equities and continues to develop
distribution channels for domestic institutional and retail investors.
Ashmore Saudi Arabia's AuM declined to US$1.0 billion over the six months as a
consequence of institutional client redemptions early in the period. Building
on the industrials and real estate fund launches in FY2025, Ashmore Saudi
Arabia launched its second education-themed private equity fund and has
recently enhanced its digital distribution capabilities for higher net worth
investors.
The Group's office in Qatar is now fully operational and regulatory approval
is pending in Mexico.
Clients
The Group's clients are predominantly a diversified set of institutions,
representing 96% of AuM, with the remainder sourced through intermediary
retail channels. Segregated accounts represent 83% of AuM (30 June 2025: 83%)
and, in line with the third phase of the Group's strategy, an increasing
proportion (39%) of the Group's AuM has been sourced from clients
domiciled in emerging markets (30 June 2025: 38%).
Overall, the Group's AuM has been sourced from clients across a diversified
and broadly stable mix of geographies with 33% from investors in Asia Pacific,
27% from Europe, 23% from the Middle East and Africa, 12% from the Americas
and 5% from the UK. In total, 39% of Group AuM has been sourced from clients
in the emerging markets (30 June 2025: 38%).
Ashmore's principal mutual fund platforms are in Europe and the US, which in
total account for AuM of US$3.7 billion in 44 funds (30 June 2025: US$3.4
billion in 45 funds). The European SICAV range comprises 33 funds with AuM of
US$3.2 billion (30 June 2025: US$2.9 billion in 34 funds) and the US 40 Act
range has 11 funds with AuM of US$0.5 billion (30 June 2025: US$0.5 billion in
11 funds).
Investment performance
As at 31 December 2025, 82% of AuM is outperforming over one year, 70% over
three years and 58% over five years (30 June 2025: 57%, 70% and 81%,
respectively).
This strong performance profile is the result of the successful implementation
of Ashmore's active investment processes combined with the positive
environment described in the Market review. The decline in the proportion of
AuM outperforming over five years reflects the removal from the measure of the
alpha generated in the brief post-COVID recovery period at the end of 2020.
AuM movements by investment theme
The table below shows the development during the period of AuM by investment
theme. The local currency investment theme includes US$8.5 billion of
overlay/liquidity AuM (30 June 2025: US$7.9 billion). During the period,
assets totalling US$0.1 billion were reclassified from blended debt to
external debt following changes made to investment guidelines and benchmarks.
Investment theme AuM Gross Gross Net flows Other Performance AuM
30 June
subscriptions
redemptions
US$bn
US$bn
US$bn
31 December
2025
US$bn
US$bn
2025
US$bn
US$bn
External debt 7.4 1.1 (0.6) 0.5 0.1 0.4 8.4
Local currency 14.2 2.4 (1.2) 1.2 - 0.3 15.7
Corporate debt 5.2 - (0.2) (0.2) - 0.3 5.3
Blended debt 11.7 0.2 (0.1) 0.1 (0.1) 0.8 12.5
Fixed income 38.5 3.7 (2.1) 1.6 - 1.8 41.9
Equities 7.5 1.9 (1.3) 0.6 - 0.7 8.8
Alternatives 1.6 0.1 - 0.1 - 0.1 1.8
Total 47.6 5.7 (3.4) 2.3 - 2.6 52.5
Financial review
Revenues
Adjusted net revenue declined by 16% compared with the prior year period as a
consequence of lower net management fees and a reduction in performance fees.
Net revenue
H1 2026 H1 2025
£m
£m
Net management fees 62.1 68.3
Performance fees 0.8 7.9
Other revenues 4.6 1.3
FX: hedges - 2.4
Adjusted net revenue 67.5 79.9
Net management fee income declined by 9% to £62.1 million. Average AuM
declined by 3% and the higher average GBP:USD rate of 1.3393 (H1 2025: 1.2876)
was a headwind in this period; at constant H1 2025 exchange rates, net
management fee income was 5% lower.
The average net management fee margin was 34 basis points, lower than in the
prior year period (H1 2025: 36 basis points), but in line with the second half
of the prior year and the run rate at the end of FY2025. The year-on-year
movement was largely attributable to the full period impact of higher margin
redemptions and lower margin subscriptions in H1 2025, as described in last
year's interim report.
There was a similar overall pattern by investment theme, with relative
stability over the past 12 months. The exception is alternatives where the
Group has returned higher margin private equity capital to investors following
asset realisations, and recently-raised capital is being invested and
therefore not yet earning full run-rate management fees.
Performance fees of £0.8 million were earned in the period by funds in the
external debt and alternatives themes. Performance fees in the prior year
period were higher due to fees earned as a consequence of asset realisations
in funds in the alternatives investment theme.
Approximately US$8 billion of AuM, or 16% of the Group's total, is eligible to
earn performance fees as at 31 December 2025 (30 June 2025: 18%). Ashmore
continues to expect its diverse sources of management fees to generate the
majority of its net revenues.
Other revenues increased from £1.3 million to £4.6 million, reflecting a
higher level of transaction fees in this period.
Translation of the Group's non-Sterling assets and liabilities, excluding seed
capital investments, resulted in an unrealised FX gain of £0.5 million, and
there were no net gains from hedging activities in the period (H1 2025: £3.5
million total FX gain in revenues).
Fee income and net management fee margin by investment theme
Net management fees Performance fees Net management fee margin
Investment theme H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025
£m
£m
£m
£m
bps
bps
External debt 8.9 9.2 0.4 1.5 32 32
Local currency 13.3 17.7 - - 25 26
Corporate debt 6.2 6.3 - - 32 34
Blended debt 13.3 14.2 - 0.1 31 31
Fixed income 41.7 47.4 0.4 1.6 29 29
Equities 14.6 14.6 - - 50 54
Alternatives 5.8 6.3 0.4 6.3 89 123
Total 62.1 68.3 0.8 7.9 34 36
Operating costs
Adjusted operating cost inflation was limited to only 1% compared with the
prior year period, and the increase includes approximately £0.3 million due
to the impact of preparing to move to a new office in London. There was a
small benefit from average FX rates, meaning that adjusted operating costs
were 2% higher at constant H1 2025 exchange rates.
Operating costs
H1 2026 H1 2025
£m
£m
Staff costs (16.1) (15.8)
Other operating costs (10.9) (11.1)
Depreciation and amortisation (1.7) (1.6)
Operating costs before VC (28.7) (28.5)
VC (19.8) (19.6)
VC accrual on FX gains 0.2 0.3
Adjusted operating costs (48.3) (47.8)
Staff costs of £16.1 million were comparable to the prior year period. The
Group's headcount has increased slightly since 30 June 2025, from 272 to 279
employees, primarily related to incremental hiring in the UK and Mexico.
Other operating costs of £10.9 million, excluding consolidated fund expenses
and depreciation and amortisation, continue to be managed effectively and were
also similar to the prior year period.
Variable remuneration has been accrued at 32.5% of EBVCT, resulting in a
charge of £19.8 million for the six-month period (H1 2025: 30%; FY2025: 35%).
Adjusted EBITDA
The lower revenues in this period, coupled with effectively flat operating
costs that include the VC accrued on £14.8 million of life-to-date seed
capital gains, mean that adjusted EBITDA declined by 38% to £20.9 million and
resulted in a margin of 31% (H1 2025: 42%; FY2025: 36%).
Finance income
Net finance income of £30.0 million (H1 2025: £19.4 million) includes a
significant contribution from profits relating to seed capital investments,
which are described in more detail below. Excluding these profits, net
interest income for the period of £6.8 million (H1 2025: £11.8 million)
reflects lower prevailing money market rates and average cash balances.
Seed capital
The Group's seed capital investments delivered total gains of £55.4 million
(H1 2025: £5.0 million gain), of which £9.6 million were realised in the
period (H1 2025: £0.2 million).
Profit before tax
Reflecting the operational performance together with the higher returns
generated on the Group's seed capital investments, PBT increased by 64% to
£81.9 million (H1 2025: £49.9 million).
Taxation
The effective tax rate for the period of 13.6% (H1 2025: 21.6%) reflects the
geographic mix of the Group's profits, the valuation of deferred tax assets
relating to share-based remuneration and the impact of seed capital gains and
losses. The effective tax rate is lower than both the UK tax rate and the
prior year period because a significant proportion of the mark-to-market seed
capital gains are not taxable.
Note 9 to the interim condensed financial statements provides a reconciliation
of the tax charge to the UK corporation tax rate.
The Group's underlying effective tax rate, based on its geographic mix of
profits and prevailing tax rates, is approximately 22%.
Diluted earnings per share
Diluted earnings per share increased by 89% from 5.4 pence to 10.1 pence. On
an adjusted basis, excluding the effects of FX translation, seed
capital-related items and relevant tax, diluted earnings per share were 35%
lower at 3.1 pence (H1 2025: 4.8 pence).
Balance sheet
As at 31 December 2025, total equity attributable to shareholders of the
parent was £771.8 million (31 December 2024: £818.1 million; 30 June 2025:
£782.6 million).
The Board has determined that the level of capital required to support the
Group's activities, including its regulatory requirements, is £93.3 million.
As at 31 December 2025, the Group had total capital resources of £573.6
million, equivalent to 80 pence per share, and representing an excess of
£480.3 million over the level of required capital.
Cash
Ashmore maintains a strong, liquid cash position and has £277.3 million of
cash and deposits as at 31 December 2025.
Excluding cash held in consolidated funds, the Group's cash and deposits
declined by £79.6 million over the six-month period to £261.1 million (30
June 2025: £340.7 million). This movement primarily reflects operating cash
flows; the payment of the final ordinary dividend and variable remuneration in
respect of the prior financial year, both of which impact cash flows only in
the first half of the financial year; and the purchase of ordinary shares to
satisfy employee equity awards.
Cash and deposits by currency
31 December 30 June
2025
2025
£m
£m
Sterling 68.1 173.7
US dollar 187.1 141.5
Other 22.1 33.5
Total 277.3 348.7
Based on operating profit of £51.7 million for the period (H1 2025: £30.3
million), which includes mark-to-market seed capital gains, the Group
generated £19.7 million of cash from operations (H1 2025: £26.9 million).
The operating cash flows after excluding consolidated funds represent 72% of
adjusted EBITDA (H1 2025: 84%).
Seed capital investments
Ashmore invests seed capital in its funds to achieve a number of commercial
objectives, including to provide initial scale, to support the development of
investment themes and their track records, and to enhance existing funds'
scale for intermediary distributors.
The Group's seed capital programme has delivered growth in third-party AuM,
with US$6 billion of AuM in funds that have been seeded, representing 12% of
current Group AuM.
Movements in seed capital
Market value
£m
30 June 2025 339.4
Additions 37.8
Realisations (47.3)
Market return 60.7
31 December 2025 390.6
In line with the Group's strategic growth and diversification objectives, the
additions in the period were focused on alternatives funds investing in
thematic private equity opportunities, particularly in the Middle East, and to
support the launch of new equity funds including a strategy focused on Latin
America.
The majority of the realisations were in the equities theme in response to
client flows into a number of different strategies, and as a consequence of
asset realisations in the alternatives theme.
The strong market performance over the period, as described in the Market
review, combined with the alpha delivered by Ashmore's active investment
processes, resulted in an 18% increase in the mark-to-market value of the seed
capital investments. Approximately 60% of the increase in value relates to
funds in the fixed income and equities investment themes, with the remainder
attributable to seed investments in the alternatives theme. The £60.7 million
increase in value comprises the £55.4 million gain reported in profit before
tax and £5.3 million of FX gains reported in other comprehensive income.
Overall, the market value of the Group's seed capital investments increased to
£390.6 million as at 31 December 2025 (30 June 2025: £339.4 million). The
impact of positive market returns is also reflected in the unrealised
life-to-date gains on seed capital investments, which increased over the six
months from £40.7 million to £88.3 million.
Ashmore has seed capital commitments to funds of £80.6 million that were
undrawn at the period end, primarily to support the development of thematic
private equity and private debt funds in Latin America and the Middle East,
including in healthcare, infrastructure and education sectors.
Impact of seed capital investments on profits
The following table summarises the principal seed capital-related items in the
accounts to assist in understanding the financial impact of the Group's seed
capital programme on PBT.
Impact of seed capital investments on profits
H1 2026 H1 2025
£m
£m
Consolidated funds (note 15):
Net gains/(losses) on investment securities 34.2 (1.5)
Operating costs (2.0) (1.1)
Investment income 9.0 7.4
Sub-total: consolidated funds 41.2 4.8
Unconsolidated funds (note 7):
Market return 11.8 1.7
FX 2.4 (1.5)
Sub-total: unconsolidated funds 14.2 0.2
Total seed capital gains/(losses) 55.4 5.0
- realised 9.6 0.2
- unrealised 45.8 4.8
Shares held by the EBT
The Group's EBT continues to purchase and hold shares in anticipation of the
vesting of employee share awards. As at
31 December 2025, the EBT owned 56,538,298 ordinary shares (30 June 2025:
60,817,341 ordinary shares), representing 8.8% of the Group's issued share
capital (30 June 2025: 8.5%).
Foreign exchange
The GBP:US$ rate moved from 1.3704 to 1.3451 over the period, but traded in a
range of 1.30 to 1.37 and therefore the average rate for the six months was
1.3393 (H1 2025: 1.2876).
Dividend
The Board's policy is to pay a progressive ordinary dividend over time, taking
into consideration factors such as the financial performance over the period,
the Group's strong financial position, cash generation and the near-term
outlook.
Accordingly, the Board has declared an interim dividend of 4.8 pence per share
(H1 2025: 4.8 pence per share), representing 47% of diluted EPS, which will be
paid on 30 March 2026 to all shareholders on the register on 27 February 2026.
Mark Coombs
Chief Executive Officer
11 February 2026
Risk management
A detailed description of Ashmore's risk management function and internal
control framework, which provides a process for identifying, evaluating, and
managing the Group's emerging and principal risks, was included in the Risk
management section of the 2025 Annual Report and Accounts, together with a
list of principal risks and examples of associated controls and mitigants.
There have been no material changes to the principal risks and associated
controls and mitigants during the six-month period.
Interim Condensed Consolidated Statement of Comprehensive Income
For the six months period ended 31 December 2025
Notes Unaudited Unaudited Audited
6 months to
6 months to
12 months to
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
Management fees 64.6 69.3 131.7
Performance fees 0.8 7.9 10.2
Other revenue 4.6 1.3 2.5
Total revenue 5 70.0 78.5 144.4
Distribution and sub-advisory costs (2.5) (1.0) (2.0)
Foreign exchange gains 6 0.5 3.5 1.7
Net revenue 68.0 81.0 144.1
Net gains/(losses) on investment securities 15 34.2 (1.5) 11.8
Personnel expenses (35.9) (35.4) (71.0)
Other expenses (14.6) (13.8) (27.7)
Operating profit 51.7 30.3 57.2
Finance income 7 30.0 19.4 51.1
Share of profit from associate 0.2 0.2 0.3
Profit before tax 81.9 49.9 108.6
Tax expense 9 (11.1) (10.8) (23.5)
Profit for the period 70.8 39.1 85.1
Other comprehensive income/(loss), net of related tax effect
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences arising on foreign operations 10.1 2.1 (47.3)
Cash flow hedge intrinsic value gains/(losses) (0.6) − 0.6
Other comprehensive income/(loss), net of tax 9.5 2.1 (46.7)
Total comprehensive income for the period 80.3 41.2 38.4
Profit attributable to:
Equity holders of the parent 69.4 37.1 81.2
Non-controlling interests 1.4 2.0 3.9
Profit for the period 70.8 39.1 85.1
Total comprehensive income attributable to:
Equity holders of the parent 78.6 39.0 35.0
Non-controlling interests 1.7 2.2 3.4
Total comprehensive income for the period 80.3 41.2 38.4
Earnings per share attributable to equity holders of the parent
Basic 10 10.51p 5.52p 12.17p
Diluted 10 10.13p 5.36p 11.77p
Interim Condensed Consolidated Statement of Financial Position
As at 31 December 2025
Notes Unaudited Unaudited Audited
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
Assets
Non-current assets
Goodwill 12 82.0 87.8 80.5
Property, plant and equipment 13 17.8 6.7 5.1
Investment in associates 3.2 2.9 2.8
Financial assets at fair value 15 79.2 58.8 66.3
Deferred acquisition costs − 0.1 0.1
Deferred tax assets 17.5 18.1 16.2
199.7 174.4 171.0
Current assets
Investment securities 15 421.2 329.7 321.5
Financial assets at fair value 15 11.0 19.0 17.0
Derivative financial instruments 0.1 0.4 0.9
Trade and other receivables 52.2 58.4 49.0
Cash and deposits 16 277.3 347.5 348.7
761.8 755.0 737.1
Total assets 961.5 929.4 908.1
Equity and liabilities
Capital and reserves - attributable to equity holders of the parent
Issued capital 18 0.1 0.1 0.1
Share premium 15.6 15.6 15.6
Retained earnings 789.5 796.9 809.5
Foreign exchange reserve (33.4) 5.5 (43.2)
Cash flow hedging reserve − − 0.6
771.8 818.1 782.6
Non-controlling interests 9.0 8.9 8.2
Total equity 780.8 827.0 790.8
Liabilities
Non-current liabilities
Lease liabilities 13 15.8 3.5 2.6
Deferred tax liabilities 11.5 9.4 9.5
27.3 12.9 12.1
Current liabilities
Lease liabilities 13 1.1 2.5 2.0
Derivative financial instruments − 0.1 −
Third-party interests in consolidated funds 15 130.2 65.2 73.3
Trade and other payables 22.1 21.7 29.9
153.4 89.5 105.2
Total liabilities 180.7 102.4 117.3
Total equity and liabilities 961.5 929.4 908.1
Interim Condensed Consolidated Statement of Changes in Equity
For the six months period ended 31 December 2025
Issued Share premium Retained earnings Foreign exchange reserve Cash flow hedging reserve Total Non-controlling interests Total
capital
£m
£m
£m
£m
£m
equity
£m £m
£m
Audited balance at 30 June 2024 0.1 15.6 863.3 3.6 − 882.6 8.2 890.8
Profit for the period − − 37.1 − − 37.1 2.0 39.1
Other comprehensive income:
Foreign currency translation differences arising on foreign operations − − − 1.9 − 1.9 0.2 2.1
Total comprehensive income − − 37.1 1.9 − 39.0 2.2 41.2
Transactions with owners:
Purchase of own shares − − (27.1) − − (27.1) − (27.1)
Share-based payments − − 9.8 − − 9.8 − 9.8
Dividends to equity holders − − (86.2) − − (86.2) − (86.2)
Dividends to non-controlling interests − − − − − − (1.5) (1.5)
Total contributions and distributions − − (103.5) − − (103.5) (1.5) (105.0)
Unaudited balance at 31 December 2024 0.1 15.6 796.9 5.5 − 818.1 8.9 827.0
Profit for the period − − 44.1 − − 44.1 1.9 46.0
Other comprehensive income/(loss):
Foreign currency translation differences arising on foreign operations − − − (48.7) − (48.7) (0.7) (49.4)
Cash flow hedge intrinsic value gains − − − − 0.6 0.6 − 0.6
Total comprehensive income − − 44.1 (48.7) 0.6 (4.0) 1.2 (2.8)
Transactions with owners:
Purchase of own shares − − (8.3) − − (8.3) − (8.3)
Share-based payments − − 10.7 − − 10.7 − 10.7
Movements in non-controlling interests − − − − − − 0.1 0.1
Dividends to equity holders − − (33.9) − − (33.9) − (33.9)
Dividends to non-controlling interests − − − − − − (2.0) (2.0)
Total contributions and distributions − − (31.5) − − (31.5) (1.9) (33.4)
Audited balance at 30 June 2025 0.1 15.6 809.5 (43.2) 0.6 782.6 8.2 790.8
Profit for the period − − 69.4 − − 69.4 1.4 70.8
Other comprehensive income:
Foreign currency translation differences arising on foreign operations − − − 9.8 − 9.8 0.3 10.1
Cash flow hedge intrinsic value losses − − − − (0.6) (0.6) − (0.6)
Total comprehensive income − − 69.4 9.8 (0.6) 78.6 1.7 80.3
Transactions with owners:
Purchase of own shares − − (13.8) − − (13.8) − (13.8)
Share-based payments − − 9.5 − − 9.5 − 9.5
Dividends to equity holders − − (85.1) − − (85.1) − (85.1)
Dividends to non-controlling interests − − − − − − (0.9) (0.9)
Total contributions and distributions − − (89.4) − − (89.4) (0.9) (90.3)
Unaudited balance at 31 December 2025 0.1 15.6 789.5 (33.4) − 771.8 9.0 780.8
INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the six months period ended 31 December 2025
Unaudited Unaudited Audited
6 months to
6 months to
12 months to
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
Operating activities
Profit after tax 70.8 39.1 85.1
Adjustments for non-cash items:
Depreciation and amortisation 1.7 1.6 3.1
Share-based payments 9.5 9.8 20.5
Foreign exchange gains (0.5) (3.5) (1.7)
Net (gains)/losses on investment securities (34.2) 1.5 (11.8)
Finance income (30.0) (19.4) (51.1)
Tax expense 11.1 10.8 23.5
Share of profit from associate (0.2) (0.2) (0.3)
Cash generated from operations before working capital changes 28.2 39.7 67.3
Changes in working capital:
Decrease/(increase) in trade and other receivables (1.8) 3.1 6.4
Decrease/(increase) in derivative financial instruments 0.8 0.3 (0.7)
(Decrease)/increase in trade and other payables (7.5) (16.2) (7.0)
Cash generated from operations 19.7 26.9 66.0
Taxes paid (9.7) (11.1) (17.4)
Net cash generated from operating activities 10.0 15.8 48.6
Investing activities
Interest received 9.6 16.6 23.1
Investment income received 10.5 10.7 29.7
Proceeds from matured term deposits 108.5 68.0 76.2
Purchase of non-current financial assets measured at fair value (1.3) (3.0) (11.1)
Purchase of current financial assets measured at fair value (0.2) (61.6) (61.6)
Purchase of investment securities (83.7) (43.0) (65.2)
Sale of non-current financial assets measured at fair value 0.7 1.4 2.1
Sale of current financial assets measured at fair value 9.6 7.3 10.2
Sale of investment securities 43.3 5.1 26.6
Cash movements on consolidation or deconsolidation of funds and subsidiaries (0.7) 1.0 3.8
Purchase of property, plant and equipment (0.4) (0.2) (0.2)
Net cash generated from investing activities 95.9 2.3 33.6
Financing activities
Dividends paid to equity holders (85.1) (86.2) (120.1)
Dividends paid to non-controlling interests (0.9) (1.5) (3.5)
Third-party subscriptions into consolidated funds 44.0 7.0 22.8
Third-party redemptions from consolidated funds (13.2) (4.8) (16.3)
Distributions paid by consolidated funds (0.6) (0.4) (1.0)
Payment of lease liabilities (1.3) (1.1) (2.3)
Interest paid on lease liabilities (0.2) (0.2) (0.3)
Purchase of own shares (13.8) (27.1) (35.4)
Net cash used in financing activities (71.1) (114.3) (156.1)
Net increase/(decrease) in cash and cash equivalents 34.8 (96.2) (73.9)
Cash and cash equivalents at the beginning of the period 221.1 308.0 308.0
Effect of exchange rate changes on cash and cash equivalents 2.3 (0.1) (13.0)
Cash and cash equivalents at the end of the period 258.2 211.7 221.1
NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1) General information
These interim condensed consolidated financial statements of Ashmore Group plc
(the Company or Ashmore) and its subsidiaries (together or collectively the
Group) for the six months period ended 31 December 2025 were authorised for
issue by the Directors on 11 February 2026. Ashmore is listed on the London
Stock Exchange and incorporated and domiciled in the United Kingdom.
2) Basis of preparation
The interim condensed consolidated financial statements have been prepared in
accordance with UK-adopted International Accounting Standard 34 (IAS 34)
Interim Financial Reporting and the DTR of the FCA.
The interim condensed consolidated set of financial statements has been
prepared by applying the accounting policies and presentation that were
applied in the preparation of the Group's published consolidated financial
statements for the year ended 30 June 2025, which were prepared in accordance
with UK-adopted international accounting standards and in conformity with the
requirements of the Companies Act.
These interim condensed consolidated financial statements and accompanying
notes are unaudited, do not constitute statutory accounts within the meaning
of Section 434 of the Companies Act and do not include all the information and
disclosures required in annual statutory financial statements. They should be
read in conjunction with the Group's Annual Report and Accounts for the year
ended 30 June 2025 which is available on the Group's website. Those statutory
accounts were approved by the Board of Directors on 4 September 2025 and have
been filed with Companies House. The auditors' opinion on those accounts was
unmodified and did not contain an Emphasis of Matter paragraph or a statement
made under Section 498 of the Companies Act.
Going concern
The Board of Directors has considered the resilience of the Group, taking into
account its current financial position, and the principal and emerging risks
facing the business in the context of the current economic outlook. The Board
reviewed cash flow forecasts for a period of 12 months from the date of
approval of these interim financial statements, which indicate that the Group
will have sufficient funds to meet its liabilities as they fall due for that
period. The Board applied stressed scenarios, including severe but plausible
downside assumptions on assets under management, profitability of the Group
and known commitments. While there are wider market uncertainties that may
impact the Group, the stressed scenarios, which assumed a significant
reduction in revenue for the entire forecast period, show that the Group would
continue to meet its liabilities as they fall due for a period of at least 12
months from the date of the release of these results. The interim financial
statements have therefore been prepared on a going concern basis.
Principal estimates and judgements
In preparing these interim condensed consolidated financial statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the Annual Report and Accounts for the year ended 30 June
2025.
3) New accounting standards and interpretations
The Group did not implement the requirements of any standards or
interpretations that were in issue but were not required to be adopted by the
Group at the half year. No other standards or interpretations have been issued
that are expected to have a material impact on the Group's interim
consolidated financial statements.
4) Segmental information
The Group's operations are reported to and reviewed by the Board on the basis
of the investment management business as a whole, and accordingly the Group is
treated as a single operating segment. Adjusted EBITDA, which is
£20.9 million for the period as reconciled on page 3 (H1 2025: £33.7
million), is the primary measure used by key management to assess the Group's
underlying operating performance.
The disclosures below are supplementary and provide the location of the
Group's non-current assets excluding financial instruments at period end,
which comprise goodwill, property, plant and equipment, deferred acquisition
costs and investment in associates.
Analysis of non-current assets by geography
As at As at As at
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
United Kingdom and Ireland 33.6 22.5 20.5
Americas 67.1 72.2 65.9
Asia and Middle East 2.3 2.8 2.1
Total non-current assets 103.0 97.5 88.5
5) Revenue
Management fees are accrued throughout the period in line with prevailing
levels of assets under management and performance fees are recognised when
they are crystallised, and there is deemed to be a low probability of a
significant reversal in future periods.
The Group is not considered reliant on any single source of revenue and
remains well diversified across both its client base and geographic footprint.
During the period, none of the Group's funds (H1 2025: none; FY2025: none)
provided more than 10% of total revenue when management and performance fees
are assessed on a combined basis.
Disclosures relating to revenue by location are provided below.
Analysis of revenue by geography
6 months to 6 months to 12 months to
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
United Kingdom and Ireland 46.3 45.7 86.2
Americas 9.6 11.0 21.6
Asia and Middle East 14.1 21.8 36.6
Total revenue 70.0 78.5 144.4
6) Foreign exchange
The foreign exchange rates which had a material impact on the Group's results
are the US dollar, the Euro, the Indonesian rupiah, Saudi riyal and the
Colombian peso.
£1 Closing rate Closing rate Closing rate Average rate Average rate Average rate
as at
as at
as at
6 months to
6 months to
12 months to
31 December
31 December
30 June
31 December
31 December
30 June
2025
2024
2025
2025
2024
2025
US dollar 1.3451 1.2524 1.3704 1.3393 1.2876 1.2970
Euro 1.1453 1.2095 1.1674 1.1498 1.1933 1.1911
Indonesian rupiah 22,429 20,157 22,248 22,155 20,383 20,890
Saudi riyal 5.0450 4.7058 5.1395 5.0235 4.8335 4.8668
Colombian peso 5,081 5,517 5,598 5,274 5,474 5,461
Foreign exchange gains are shown below.
6 months to 6 months to 12 months to
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
Net realised and unrealised hedging gains − 2.4 4.1
Translation gains/(losses) on non-Sterling denominated monetary assets and 0.5 1.1 (2.4)
liabilities
Total foreign exchange gains 0.5 3.5 1.7
7) Finance income
6 months to 6 months to 12 months to
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
Interest and investment income 16.0 19.4 40.9
Realised gains on disposal of investments − − 0.3
Net realised gains on seed capital investments measured at fair value 9.6 0.2 7.5
Net unrealised gains on seed capital investments measured at fair value 4.6 − 2.7
Interest expense on lease liabilities (note 13) (0.2) (0.2) (0.3)
Total finance income 30.0 19.4 51.1
Included within interest and investment income is interest earned on cash
deposits of £7.0 million (H1 2025: £12.0 million; FY2025: £20.4 million)
and investment income of £9.0 million (H1 2025: £7.4 million; FY2025: £20.5
million) on consolidated funds (note 15c).
Included within net realised and unrealised gains on seed capital investments
totalling £14.2 million (H1 2025: £0.2 million gains; FY2025: £10.2 million
gains) are £2.7 million gains (H1 2025: £0.5 million losses; FY2025: £2.2
million gains) on current financial assets measured at FVTPL (note 15a),
£10.5 million gains (H1 2025: £0.5 million gains; FY2025: £7.1 million
gains) on non-current financial assets measured at FVTPL (note 15b) and £1.0
million realised gains (H1 2025: £0.2 million gains; FY2025: £0.9 million
gains) on consolidated funds.
8) Share-based payments
The cost related to share-based payments recognised by the Group in the
interim condensed consolidated statement of comprehensive income is shown
below:
6 months to 6 months to 12 months to
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
Omnibus Plan 10.4 10.4 21.9
Phantom Bonus Plan 0.1 0.1 0.1
Total share-based payments expense 10.5 10.5 22.0
The total expense recognised for the period in respect of equity-settled
share-based payment awards was £10.1 million (H1 2025: £9.8 million; FY2025:
£20.5 million), of which £0.6 million relates to share awards granted to key
management personnel (H1 2025: £0.9 million; FY2025: £2.2 million).
The Executive Omnibus Incentive Plan (Omnibus Plan)
Share awards outstanding under the Omnibus Plan were as follows:
6 months to 6 months to 12 months to
31 December
31 December
30 June
2025
2024
2025
Number of shares subject to awards
Number of shares subject to awards
Number of
shares subject
to awards
Equity-settled awards
At the beginning of the period 53,241,729 47,014,898 47,014,898
Granted 10,054,005 15,441,594 15,441,594
Vested (6,498,968) (6,472,441) (8,041,573)
Forfeited (622,048) (286,181) (1,173,190)
Outstanding at the end of the period 56,174,718 55,697,870 53,241,729
Cash-settled awards
At the beginning of the period 363,580 366,899 366,899
Granted − 65,174 65,174
Vested − (63,618) (65,773)
Forfeited − − (2,720)
Outstanding at the end of the period 363,580 368,455 363,580
Total awards
At the beginning of the period 53,605,309 47,381,797 47,381,797
Granted 10,054,005 15,506,768 15,506,768
Vested (6,498,968) (6,536,059) (8,107,346)
Forfeited (622,048) (286,181) (1,175,910)
Outstanding at the end of the period 56,538,298 56,066,325 53,605,309
The weighted average share price of awards granted to employees under the
Omnibus Plan during the period was £1.65 (H1 2025: £1.75; FY2025: £1.75),
as determined by reference to the average Ashmore closing share price for
the five business days prior to grant.
The liability arising from cash-settled awards under the Omnibus Plan at the
end of the period and reported within trade and other payables on the Group
consolidated balance sheet is £0.4 million (H1 2025: £0.3 million;
FY2025: £0.3 million) of which £nil relates to vested awards.
9) Taxation
Analysis of tax charge for the period
6 months to 6 months to 12 months to
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
Current tax
UK corporation tax on profits for the period 7.2 4.9 12.2
Overseas corporation tax charge 3.7 4.8 7.9
Adjustments in respect of prior periods (0.8) (0.2) 0.1
10.1 9.5 20.2
Deferred tax
Origination and reversal of temporary differences 1.0 1.3 3.3
Tax expense for the period 11.1 10.8 23.5
Factors affecting tax charge for the period
6 months to 6 months to 12 months to
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
Profit before tax 81.9 49.9 108.6
Profit on ordinary activities multiplied by the prevailing UK tax rate for the 20.5 12.5 27.2
period of 25% (H1 2025: 25%; FY2025: 25%)
Effects of:
Permanent differences including non-taxable income and non-deductible expenses (0.2) 0.9 1.8
Different rate of taxes on overseas profits (0.7) (2.2) (3.5)
Non-taxable investment returns (7.0) (0.2) (2.1)
Adjustments in respect of prior periods (1.5) (0.2) 0.1
Tax expense for the period 11.1 10.8 23.5
10) Earnings per share
Basic earnings per share for the six months to 31 December 2025 of 10.51 pence
(H1 2025: 5.52 pence; FY2025: 12.17 pence) is calculated by dividing the
profit after tax for the financial period attributable to equity holders of
the parent of £69.4 million (H1 2025: £37.1 million; FY2025: £81.2 million)
by the weighted average number of ordinary shares in issue during the period,
excluding own shares.
Diluted earnings per share is calculated based on basic earnings per share
adjusted for the effect of dilutive potential ordinary shares arising from
share awards. There is no difference between the profit for the year
attributable to equity holders of the parent used in the basic and diluted
earnings per share calculations.
The weighted average number of shares used in calculating basic and diluted
earnings per share are shown below.
6 months to 6 months to 12 months to
31 December 2025
31 December 2024
30 June
Number of ordinary shares
Number of ordinary shares
2025
Number of ordinary shares
Weighted average number of shares used in the calculation of basic earnings 659,360,869 670,769,909 667,060,639
per share
Effect of dilutive potential ordinary shares 24,373,969 19,867,083 22,439,347
Weighted average number of shares used in the calculation of diluted earnings 683,734,838 690,636,992 689,499,986
per share
11) Dividends
Dividends paid
Company 6 months to 6 months to 12 months to
31 December 2025
31 December 2024
30 June
£m
£m
2025
£m
Final dividend for FY2025: 12.10p (FY2024: 12.10p) 85.1 86.2 86.2
Interim dividend for FY2025: 4.80p − − 33.9
85.1 86.2 120.1
In addition, the Group paid £0.9 million (H1 2025: £1.5 million; FY2025:
£3.5 million) in dividends to non-controlling interests.
Dividends declared/proposed
Company 6 months to 6 months to 12 months to
31 December 2025
31 December 2024
30 June
pence
pence
2025
pence
Interim dividend declared per share 4.80 4.80 4.80
Final dividend proposed per share − − 12.10
4.80 4.80 16.9
The Board has approved an interim dividend for the six months to 31 December
2025 of 4.80 pence per share payable on 30 March 2026 to shareholders on the
register on 27 February 2026.
12) Goodwill
£m
Cost (at original exchange rate)
At 31 December 2025, 30 June 2025 and 31 December 2024 70.2
Net book value
At 30 June 2024 87.0
FX revaluation through reserves* 0.8
At 31 December 2024 87.8
FX revaluation through reserves* (7.3)
At 30 June 2025 80.5
FX revaluation through reserves* 1.5
At 31 December 2025 82.0
* FX revaluation through reserves is a result of the retranslation of US
dollar-denominated goodwill.
Goodwill
The Group's goodwill balance relates to the acquisition of the business from
ANZ in 1999 and subsidiaries in subsequent periods.
The Group's goodwill is allocated to a single cash-generating unit, and it is
the Group's judgement that the lowest level of cash-generating unit used to
determine impairment is the investment management segment level.
Goodwill is tested for impairment at least annually or whenever there is an
indication that the carrying amount may not be recoverable. The key assumption
used to determine the recoverable amount is based on fair value less costs of
disposal calculation using the Company's market share price.
Based on the calculation as at 31 December 2025 using a share price of
£1.77, the recoverable amount was in excess of the carrying value of the
cash-generating unit and no impairment was implied. In addition, the
sensitivity of the recoverable amount to a 15% change in the Company's market
share price will not lead to any impairment. Therefore, no impairment loss has
been recognised in the current period.
13) Property, plant and equipment
The Group's property, plant and equipment include right-of-use assets
recognised on office leases for which the Group is a lessee under operating
lease arrangements. Information about leases is provided below.
31 December 31 December 30 June
2025
2024
2025
£m
£m
£m
Property, plant and equipment owned by the Group 1.2 1.2 1.0
Right-of-use assets 16.6 5.5 4.1
Total property, plant and equipment 17.8 6.7 5.1
The carrying value of the Group's right-of-use assets, lease liabilities and
the movement during the period are set out below.
Right-of-use assets Lease liabilities
£m
£m
At 30 June 2024 6.0 6.4
Additions 0.6 0.6
Remeasurement 0.1 0.1
Lease payments - (1.3)
Interest expense - 0.2
Depreciation charge (1.2) -
At 31 December 2024 5.5 6.0
Lease payments − (1.3)
Interest expense − 0.1
Depreciation charge (1.2) −
Foreign exchange revaluation through reserves (0.2) (0.2)
At 30 June 2025 4.1 4.6
Additions 13.8 13.5
Lease payments − (1.5)
Interest expense − 0.2
Depreciation charge (1.4) −
Foreign exchange revaluation through reserves 0.1 0.1
At 31 December 2025 16.6 16.9
The additions during the period primarily relate to the initial recognition of
a new London office lease entered into by Ashmore Group plc.
Lease liabilities are presented in the interim condensed consolidated
statement of financial position as follows:
31 December 2025 31 December 2024 30 June
£m
£m
2025
£m
Current 1.1 2.5 2.0
Non-current 15.8 3.5 2.6
Total lease liabilities 16.9 6.0 4.6
Total cash outflow included within financing activities in the interim
condensed consolidated cash flow statement in respect of principal and
interest paid on lease liabilities during the period amounted to £1.5
million.
14) Fair value of financial instruments
The accounting policies applied in determining fair values are consistent with
those used in the preparation of the Group's Annual Report and Accounts for
the year ended 30 June 2025.
The Group maintains a robust control framework governing the measurement of
fair values. Oversight is exercised through established committees responsible
for all significant fair value determinations. These committees review key
valuation inputs and any valuation adjustments on a regular basis. Where
third‑party data is used in the valuation process, the valuation committee
evaluates and documents the evidence provided to support those measurements.
Fair value hierarchy
In accordance with IFRS 13, the Group classifies fair value measurements using
a hierarchy that reflects the significance of the inputs used:
- Level 1: Fair values based on quoted prices in active markets for
identical instruments. This category includes quoted and exchange‑traded
equity and debt securities.
- Level 2: Fair values derived from valuation techniques using observable
inputs, either directly (e.g. prices) or indirectly (e.g. derived from
prices). This includes quoted equity securities in inactive markets and
interests in unlisted funds whose net asset values reference the fair values
of listed or exchange‑traded securities held by those funds. Techniques may
include broker quotes in inactive markets or evaluated prices compiled
primarily from observable market data available through external sources.
- Level 3: Fair values determined using valuation techniques that
incorporate significant inputs not based on observable market data.
For financial instruments measured at fair value on a recurring basis, the
Group reviews the classification within the hierarchy at each reporting date
and determines whether transfers between levels have occurred, based on the
lowest‑level input that is significant to the overall fair value
measurement.
The fair value hierarchy of financial instruments which are carried at fair
value is summarised below:
At 31 December 2025 At 31 December 2024 At 30 June 2025
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
£m
£m
£m
£m
£m
£m
£m
£m
£m
£m
£m
£m
Financial assets
Investment securities 155.4 184.4 81.4 421.2 117.7 169.2 42.8 329.7 132.5 156.5 32.5 321.5
Non-current financial assets at FVTPL - 41.6 37.6 79.2 − 28.0 30.8 58.8 − 33.9 32.4 66.3
Current financial assets at FVTPL - 11.0 - 11.0 − 19.0 − 19.0 − 17.0 − 17.0
Derivative financial instruments - 0.1 - 0.1 − 0.4 − 0.4 − 0.9 − 0.9
Total financial assets 155.4 237.1 119.0 511.5 117.7 216.6 73.6 407.9 132.5 208.3 64.9 405.7
Financial liabilities
Third-party interests in consolidated funds 49.3 45.1 35.8 130.2 24.6 22.3 18.3 65.2 32.0 27.4 13.9 73.3
Derivative financial instruments − − − − − 0.1 − 0.1 − − − −
Total financial liabilities 49.3 45.1 35.8 130.2 24.6 22.4 18.3 65.3 32.0 27.4 13.9 73.3
Transfer between levels
There were no transfers between level 1, level 2 and level 3 of the fair value
hierarchy during the period.
Financial instruments not measured at fair value
Financial assets and liabilities not measured at fair value comprise cash and
cash equivalents, trade and other receivables, and trade and other payables.
The carrying amounts are considered to approximate fair value as at 31
December 2025, 31 December 2024 and 30 June 2025.
Fair value measurements using significant unobservable inputs (level 3)
The following table presents the changes in level 3 financial assets and
liabilities for the period.
Investment securities Non-current financial assets at FVTPL Third-party interests in consolidated funds
£m
£m
£m
At 31 December 2024 42.8 30.8 18.3
Additions 1.1 0.3 0.6
Disposals (21.7) (1.1) (9.3)
Unrealised gains recognised in finance income 12.2 3.7 4.3
Unrealised losses recognised in foreign exchange reserve (1.9) (1.3) −
At 30 June 2025 32.5 32.4 13.9
Additions 48.7 1.3 19.4
Disposals (6.2) (0.7) (3.1)
Unrealised gains recognised in finance income 6.4 3.7 5.6
Unrealised gains recognised in foreign exchange reserve − 0.9 −
At 31 December 2025 81.4 37.6 35.8
Valuation of level 3 financial assets measured at fair value on a recurring
basis
Level 3 financial assets are valued using techniques applied to instruments
that do not have quoted prices in active markets, either because they are not
traded regularly or because market activity has diminished due to prevailing
conditions, such as reduced liquidity. The valuation methodologies applied are
consistent with those used in preparing the Group's Annual Report and Accounts
for the year ended 30 June 2025. The following tables set out the valuation
techniques and the key unobservable inputs used in determining the fair value
of level 3 investments as at 31 December 2025 and 30 June 2025. They also
illustrate the sensitivity of these unobservable inputs to reasonably possible
alternative assumptions:
Asset class and valuation technique Fair value at Significant Range of estimates Sensitivity factor Change in
31 December 2025
unobservable input
fair value
£m
£m
Unquoted securities
Market approach 2.0 EBITDA multiple 12x +/- 1x +/- 0.5
Marketability adjustment 30% +/- 5% -/+ 0.4
Discounted cash flow 32.3 Discount rate 10%-18% +/- 1% -/+ 1.1
Marketability adjustment 25%-52% +/- 5% -/+ 2.3
Price of recent investment 47.1 Transaction price n/a n/a n/a
Unquoted funds
Net assets approach 37.6 NAV(1) 1x +/- 5% +/- 1.9
Total financial assets within level 3 119.0
Third-party interests in consolidated funds (35.8) NAV(1) 1x +/- 5% -/+ 1.8
1. NAV‑priced assets include seed capital investments valued by the fund
administrator using unobservable inputs such as EBITDA, market multiples, last
observable vendor price, and discount rates.
Asset class and valuation technique Fair value at Significant Range of estimates Sensitivity factor Change in
30 June 2025
unobservable input
fair value
£m
£m
Unquoted securities
Market approach 4.1 EBITDA multiple 12x +/- 1x +/- 0.6
Marketability adjustment 30% +/- 5% -/+ 0.6
Discounted cash flow 28.4 Discount rate 10%-18% +/- 1% -/+ 1.0
Marketability adjustment 30%-53% +/- 5% -/+ 1.9
Unquoted funds
Net assets approach 32.4 NAV 1x +/- 5% +/- 1.6
Total financial assets within level 3 64.9
Third-party interests in consolidated funds (13.9) NAV 1x +/- 5% -/+ 0.7
The sensitivity analysis illustrates the impact of changing a single
unobservable input while holding all other assumptions constant. Potential
correlations between unobservable inputs and other market factors have not
been reflected. In addition, certain sensitivities are non‑linear, meaning
that the effects of larger or smaller changes cannot be reliably interpolated
or extrapolated from the amounts presented.
15) Seed capital investments
a) Current financial assets at FVTPL
Current financial assets at FVTPL comprise the Group's holdings in equity and
debt funds, as set out below:
31 December 2025 31 December 30 June
£m
2024
2025
£m
£m
Equity funds 10.8 13.0 13.5
Debt funds 0.1 6.0 3.5
Total(1) 10.9 19.0 17.0
1. As at 31 December 2025, the total excludes £0.1 million of other financial
assets measured at fair value that are not classified as seed capital.
Included within finance income are net gains of £2.7 million (H1 2025: net
losses of £0.5 million; FY2025: net gains of £2.2 million) on the Group's
current financial assets measured at FVTPL.
b) Non-current financial assets at FVTPL
Non-current financial assets at FVTPL represent the Group's interests in funds expected to be realised more than 12 months after the reporting date.
31 December 2025 31 December 30 June
£m
2024
2025
£m
£m
Infrastructure funds 31.1 26.5 27.8
Debt funds 41.7 28.0 33.9
Other funds 6.4 3.9 4.6
Total(2) 79.2 58.4 66.3
2. As at 31 December 2024, the total excludes £0.4 million of other
non-current financial assets measured at fair value that are not classified as
seed capital.
Included within finance income are net gains of £10.5 million (H1 2025: net
gains of £0.5 million; FY2025: net gains of £7.1 million) on the Group's
non-current financial assets measured at fair value.
c) Consolidated funds
The Group has consolidated 25 investment funds as at 31 December 2025 (31
December 2024: 24 investment funds; 30 June 2025: 24 investment funds), over
which it is assessed to have control in accordance with IFRS 10. The
consolidated funds relate to seed capital investments in which the Group holds
a controlling interest. The assets and liabilities of the consolidated funds
are included on a line‑by‑line basis following the elimination of
intercompany balances.
The table below provides an analysis of the carrying amounts of the fund
assets and liabilities consolidated by the Group.
31 December 2025 31 December 30 June
£m
2024
2025
£m
£m
Investment securities(3) 421.2 329.7 321.5
Cash and cash equivalents 16.2 5.2 8.0
Other(4) (6.7) 0.7 (0.1)
Third-party interests in consolidated funds (130.2) (65.2) (73.3)
Consolidated seed capital investments 300.5 270.4 256.1
3. Investment securities represent trading securities held by consolidated
investment funds and are measured at FVTPL. Further detailed information at
the security level is available in the individual fund financial statements.
4. Other includes trade receivables, trade payables and accruals.
The Group's maximum exposure to loss in respect of its interests in
consolidated and unconsolidated funds is limited to the carrying amount of the
related assets. The Group has not provided financial support or otherwise
agreed to be responsible for supporting any consolidated or unconsolidated
funds financially.
Included within the interim condensed consolidated statement of comprehensive
income are £41.2 million gains (H1 2025: net gains of £4.8 million; FY2025:
net gains of £29.9 million) relating to the results of the consolidated
funds, as follows:
31 December 2025 31 December 30 June
£m
2024
2025
£m
£m
Fair value gains/(losses) on investment securities 54.9 (1.7) 13.7
Third-party interests' share of gains/(losses) in consolidated funds (20.7) 0.2 (1.9)
Net gains/(losses) on investment securities 34.2 (1.5) 11.8
Investment income 9.0 7.4 20.5
Audit fees (0.1) (0.1) (0.3)
Operating expenses (1.9) (1.0) (2.1)
Net gains on consolidated funds 41.2 4.8 29.9
Cash flows relating to consolidated funds included £4.6 million of cash
generated from operations (H1 2025: £1.5 million utilised; FY2025: £2.4
million utilised), which is presented within the Group's cash generated from
operations
As at 31 December 2025, the Group's consolidated funds were domiciled in
Guernsey, the Cayman Islands, Luxembourg, Indonesia, India, Saudi Arabia and
the United States.
16) Cash and deposits
31 December 2025 31 December 30 June
£m
2024
2025
£m
£m
Cash at bank and in hand 23.3 32.7 55.7
Daily dealing liquidity funds 187.7 132.3 128.5
Short-term deposits 47.2 46.7 36.9
Cash and cash equivalents 258.2 211.7 221.1
Term deposits 19.1 135.8 127.6
Total cash and deposits 277.3 347.5 348.7
Term deposits are fixed-term, interest-bearing cash investments with original
maturities greater than three months. As at 31 December 2025, term deposits
carried an average annual interest rate of 4.1% and had an average remaining
maturity of four months.
17) Financial risk management
The Group is subject to a range of financial and operational risks, including
strategic, business, client, investment, operational and treasury risks. These
risks, together with the Group's risk management framework and policies, are
described in detail in the Risk management section of the Group's Annual
Report and Accounts for the year ended 30 June 2025.
There have been no significant changes to the nature of these risks or to the
Group's risk management policies during the six months period ended 31
December 2025.
18) Share capital
Authorised share capital
Number of Nominal value
shares
£'000
Ordinary shares of 0.01p each at 31 December 2025, 30 June 2025 and 31 900,000,000 90
December 2024
Issued share capital - allotted and fully paid
Number of Nominal value
shares
£'000
Ordinary shares of 0.01p each at 31 December 2025, 30 June 2025 and 31 712,740,804 71
December 2024
All the above ordinary shares represent equity of the Company and rank pari
passu in respect of participation and voting rights.
As at 31 December 2025, there were equity-settled share awards issued under
the Omnibus Plan totalling 56,174,718 shares (31 December 2024: 55,697,870
shares; 30 June 2025: 53,241,729 shares) that have release dates ranging from
September 2026 to September 2030.
19) Own shares
The Trustees of The Ashmore 2004 Employee Benefit Trust (EBT) acquire and hold
shares in Ashmore with a view to facilitating the vesting of share awards. The
EBT is periodically funded by the Company for these purposes.
The total number of shares in the Company held within the EBT comprise:
31 December 2025 31 December 30 June
2024
2025
Number of ordinary shares 62,590,852 56,975,506 60,817,341
Nominal value at 0.01p per ordinary share (£) 6,259 5,698 6,082
Cost value (£m) 144.4 152.7 154.6
20) Related party transactions
Related parties of the Group include key management personnel, close family
members of key management personnel, subsidiaries, associates, Ashmore funds,
the EBT and the Ashmore Foundation.
Key management personnel
The compensation paid to or payable to key management personnel is shown
below:
6 months to 6 months to 12 months to
31 December
31 December
30 June
2025
2024
2025
£m
£m
£m
Short-term benefits 0.3 0.3 1.0
Share-based payment benefits 0.6 0.9 2.2
0.9 1.2 3.2
Short-term benefits include salary and fees, benefits and cash bonus.
Share-based payment benefits represent the cost of equity-settled awards
charged to the interim condensed consolidated statement of comprehensive
income.
Aggregate key management personnel interests in consolidated funds at 31
December 2025 were £49.4 million (31 December 2024: £37.5 million; 30 June
2025: £32.7 million). During the period, there were no other transactions
entered into with key management personnel (H1 2025 and FY2025: none).
Transactions with Ashmore funds
During the period, the Group received £25.5 million of gross management fees
and performance fees (H1 2025: £24.7 million; FY2025: £48.4 million) from
the 91 funds (H1 2025: 98 funds; FY2025: 92 funds) it manages and which are
classified as related parties. As at 31 December 2025, the Group had
receivables due from funds of £7.7 million (31 December 2024: £4.8 million;
30 June 2025: £7.7 million) that are classified as related parties.
Transactions with the EBT
The EBT has been provided with a loan facility to allow it to acquire Ashmore
shares in order to satisfy outstanding unvested share awards. The EBT is
consolidated within the results of the Group. As at 31 December 2025, the loan
outstanding was £147.1 million (31 December 2024: £151.7 million; 30 June
2025: £146.7 million).
Transactions with the Ashmore Foundation
The Ashmore Foundation is a related party to the Group. The Foundation was set
up to provide financial grants to worthwhile causes within the Emerging
Markets countries in which Ashmore invests and/or operates with a view to
giving back into the countries and communities. The Group made donations of
£0.2 million to the Foundation during the period to 31 December 2025 (H1
2025: £0.2 million; FY2025: £0.4 million).
21) Commitments
At 31 December 2025, the Group had undrawn investment commitments of £80.6
million (31 December 2024: £19.3 million; 30 June 2025: £9.4 million)
relating to Ashmore funds. Consistent with the Group's strategy to grow the
alternatives theme, £74.3 million was committed during the period to support
the development of thematic private equity healthcare investments.
22) Contingent assets and liabilities
The Company and its subsidiaries can be party to legal claims arising in the
normal course of business. The Directors do not anticipate that the outcome of
any such proceedings and claims would have a material adverse effect on the
Group's financial position and at present there are no such claims where their
financial impact can be reasonably estimated. There are no other material
contingent assets or liabilities.
23) Post-balance sheet events
There are no post-balance sheet events that require adjustment or disclosure
in these interim condensed consolidated financial statements.
Cautionary statement regarding forward-looking statements
This document may contain forward-looking statements that relate to future
events, expectations, beliefs, strategies, objectives, intentions, plans,
prospects and performance. Forward-looking statements may be identified by
terms such as 'believe,' 'expect,' 'anticipate,' 'intend,' 'estimate,' 'may,'
'will,' 'continue,' 'seek,' 'could,' 'should' and similar expressions, as well
as by discussions of strategy, outlook, or future financial performance. Such
statements are based on current expectations, assumptions, estimates and
projections about the industry, markets, the Group and its future financial
performance, and they do not constitute guarantees of future results.
Forward-looking statements are subject to risks, uncertainties and other
important factors that could cause actual results, performance or achievements
to differ materially from those expressed or implied by such statements. These
factors include, without limitation, general economic and business conditions,
market volatility, interest rate and foreign exchange movements, regulatory
developments, competitive pressures, geopolitical events, investor behaviour,
and other risks and uncertainties described in the Group's regulatory filings
and disclosures. As a result, undue reliance should not be placed on
forward-looking statements.
Forward-looking statements speak only as at the date they are made. Except as
required by applicable law or regulation, the Group undertakes no obligation
to update, revise or publicly announce any revisions to forward-looking
statements to reflect new information, future events or otherwise.
RESPONSIBILITY STATEMENT OF THE DIRECTORS IN RESPECT OF THE INTERIM FINANCIAL
REPORT
We confirm that to the best of our knowledge:
- the interim condensed consolidated financial statements have been
prepared in accordance with UK-adopted IAS 34 Interim Financial Reporting and
that this interim report includes a fair review of the information required
by:
(a) DTR 4.2.7R being an indication of important events that have occurred during
the first six months of the financial year and their impact on the interim
condensed set of financial statements, and a description of the principal
risks and uncertainties for the remaining six months of the financial year;
and
(b) DTR 4.2.8R being related party transactions that have taken place in the first
six months of the current financial year and that have materially affected the
financial position or performance of the entity during that period and any
changes in the related party transactions described in the last Annual Report
that could do so.
By order of the Board
Mark Coombs
Chief Executive Officer
11 February 2026
independent REVIEW REPORT TO ASHMORE GROUP PLC
Conclusion
We have been engaged by Ashmore Group plc and its subsidiaries (together 'the
Group') to review the condensed set of consolidated financial statements in
the interim report for the six months ended 31 December 2025, which comprises
the interim condensed consolidated statement of comprehensive income, interim
condensed consolidated statement of financial position, interim condensed
consolidated statement of changes in equity, interim condensed consolidated
cash flow statement and the related explanatory notes (1 to 23). We have read
the other information contained in the interim report and considered whether
it contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of consolidated financial statements in the
interim report for the six months ended 31 December 2025 is not prepared, in
all material respects, in accordance with UK-adopted International Accounting
Standard 34 and the Disclosure Guidance and Transparency Rules of the United
Kingdom's Financial Conduct Authority.
Basis for conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with UK-adopted international accounting standards. The
condensed set of consolidated financial statements included in this interim
report has been prepared in accordance with UK-adopted International
Accounting Standard 34 'Interim Financial Reporting'.
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting, or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the interim report in accordance
with the Disclosure Guidance and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
In preparing the interim report, the directors are responsible for assessing
the Group's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the Group or to
cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the interim report, we are responsible for expressing to the
Group a conclusion on the condensed set of consolidated financial statements
in the interim report. Our conclusion, including our Conclusions relating to
going concern, are based on procedures that are less extensive than audit
procedures, as described in the Basis for conclusion paragraph of this report.
Use of our report
This report is made solely to the Group in accordance with guidance contained
in International Standard on Review Engagements 2410 (UK) 'Review of Interim
Financial Information Performed by the Independent Auditor of the Entity'
issued by the Financial Reporting Council. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Group,
for our work, for this report, or for the conclusions we have formed.
Ernst & Young LLP
London
11 February 2026
Alternative performance measures
Ashmore uses alternative performance measures (APMs) to provide shareholders
with additional insight into the Group's operational performance and to
support consistent period on period comparison.
The calculation of APMs is consistent with the financial year ended 30 June
2025. Historical disclosures relating to APMs, including explanations and
reconciliations, can be found in the respective interim financial reports and
Annual Reports and Accounts.
Net revenue
As shown in the interim CSCI, net revenue is total revenue less distribution
and sub-advisory costs and including FX. This provides a comprehensive view of
the revenues recognised by the Group in the period.
Reference H1 2026 H1 2025
£m
£m
Total revenue CSCI 70.0 78.5
Distribution and sub-advisory costs CSCI (2.5) (1.0)
Foreign exchange gains CSCI 0.5 3.5
Net revenue 68.0 81.0
Net management fees
The principal component of the Group's revenues is management fees, net of
distribution and sub-advisory costs, earned on AuM.
Reference H1 2026 H1 2025
£m
£m
Management fees CSCI 64.6 69.3
Distribution and sub-advisory costs CSCI (2.5) (1.0)
Net management fees 62.1 68.3
Net management fee margin
The net management fee margin is the ratio of annualised net management fees
to average AuM for the period, in US dollars as this is the primary currency
in which the Group earns fees and it aligns with the Group's AuM disclosures.
Average AuM excludes assets where fees are not recognised in revenues, for
example AuM related to associates. The margin is a principal measure of the
firm's revenue-generating capability and is widely used as a performance
measure across the industry.
H1 2026 H1 2025
Net management fee income (US$m) 82.9 88.3
Average AuM (US$bn) 48.5 49.6
Net management fee margin (bps) 34 36
Variable compensation ratio
The linking of variable annual pay awards to the Group's profitability is one
of the principal methods by which the Group controls its operating costs. The
VC ratio is defined as the charge for VC divided by EBVCT.
The charge for VC is a component of personnel expenses and comprises
share-based payments and performance-related cash bonuses. It has been accrued
in the interim accounts at 32.5% of EBVCT (H1 2025: 30%).
EBVCT is defined as PBT excluding the charge for VC, charitable donations,
share of profit from associate and unrealised seed capital-related items; and
including net seed capital gains realised in the period on a life-to-date
basis. The unrealised seed capital items are net gains or losses on investment
securities, expenses in respect of consolidated funds and net unrealised gains
or losses in finance income.
Reference H1 2026 H1 2025
£m
£m
Profit before tax CSCI 81.9 49.9
Remove: Note 7, note 15 (55.4) (5.0)
Seed capital-related gains
Share of profit from associate CSCI (0.2) (0.2)
Variable remuneration 19.8 19.6
Charitable donations 0.2 0.2
Add:
Realised life-to-date seed capital gains 14.8 0.6
EBVCT 61.1 65.1
Adjusted net revenue, adjusted operating costs and adjusted EBITDA
Adjusted figures exclude items relating to FX translation and seed capital, as
management assesses the Group's operating performance without the volatility
associated with these items.
Earnings before interest, tax, depreciation and amortisation (EBITDA) provides
a view of the operating performance of the business before certain non-cash
items, financing income and costs, and taxation.
Reference H1 2026 H1 2025
£m
£m
Net revenue CSCI 68.0 81.0
Remove:
FX translation gains Note 6 (0.5) (1.1)
Adjusted net revenue 67.5 79.9
Reference H1 2026 H1 2025
£m
£m
Personnel expenses CSCI (35.9) (35.4)
Other expenses CSCI (14.6) (13.8)
Remove:
Other expenses in consolidated funds Note 15 2.0 1.1
Add:
VC % on FX translation Note 6 0.2 0.3
Adjusted operating costs (48.3) (47.8)
Reference H1 2026 H1 2025
£m
£m
Operating profit CSCI 51.7 30.3
Remove:
Depreciation & amortisation 1.7 1.6
EBITDA 53.4 31.9
Remove:
FX translation Note 6 (0.5) (1.1)
Seed capital-related (gains)/losses Note 15 (32.2) 2.6
VC % on FX translation Note 6 0.2 0.3
Adjusted EBITDA 20.9 33.7
Adjusted EBITDA margin
The ratio of adjusted EBITDA to adjusted net revenue. It provides a useful
indicator of the Group's operational efficiency and its ability to generate
returns for shareholders.
Adjusted diluted EPS
Diluted earnings per share excluding items relating to FX translation and seed
capital, as described above, and the related tax impact.
Reference H1 2026 H1 2025
pence
pence
Diluted EPS CSCI 10.1 5.4
Remove:
FX translation Note 6 (0.1) (0.2)
Tax on FX translation - 0.1
Seed capital-related gains CSCI, note 7, note 15 (8.0) (0.7)
Tax on seed capital-related items 1.1 0.2
Adjusted diluted EPS 3.1 4.8
Conversion of operating profits to cash
This compares cash generated from operations, excluding consolidated funds, to
adjusted EBITDA, and is a measure of the effectiveness of the Group's
operations in converting profits to cash flows for shareholders. Excluding
consolidated funds also ensures consistency between the cash flow and adjusted
EBITDA.
Reference H1 2026 H1 2025
£m
£m
Cash generated from operations Consolidated cash flow statement 19.7 26.9
Remove:
Cash flows relating to consolidated funds Note 15 (4.6) 1.5
Operating cash flow 15.1 28.4
Adjusted EBITDA 20.9 33.7
Conversion of operating profits to cash 72% 84%
Capital resources
Ashmore has calculated its capital resources in a manner consistent with the
Investment Firms Prudential Regime (IFPR). Goodwill and intangible assets
include associated deferred tax liabilities and deferred acquisition costs,
and foreseeable dividends relate to the declared interim dividend of 4.8 pence
per share.
Reference 31 December 2025 30 June 2025
£m
£m
Total equity Interim consolidated statement of financial position 771.8 782.6
Deductions:
Cash flow hedging reserve Consolidated statement of changes in equity - (0.6)
Unaudited profits CSCI (69.4) -
Goodwill and intangible assets (74.2) (72.8)
Deferred tax assets Interim consolidated statement of financial position (17.5) (16.2)
Foreseeable dividends (33.9) (86.0)
Investments in financial sector entities (3.2) (2.8)
Capital resources 573.6 604.2
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