Ashmore Group Plc · LSE:ASHM
Ashmore — Investor Presentation (October 2025)
36 slides from Ashmore's investor presentation, October 2025
Slide 1: Ashmore Group plc Investor presentation
Ashmore Group plc Investor presentation October 2025 www.ashmoregroup.com
Slide 2: Contents
Contents Ashmore Group plc Page Emerging Markets Page Ashmore ‘at a glance’ 3 Superior growth 18 Understanding Ashmore 4 Structural reforms 19 Three-phase growth strategy 6 Diversification provides opportunities 20 Active investment processes 10 Index valuations 21 Remuneration philosophy 14 Outlook
Slide 3: Ashmore 'at a glance'
Ashmore ‘at a glance’ • A specialist emerging markets manager with USD48.7 bn AuM (30 AuM: diversified by investment theme & client type September 2025) diversified across asset classes Alternatives, 4% External debt, 15% Equities, 16% • Active investment management delivered by committee-based inve
Slide 4: Understanding Ashmore (1)
Understanding Ashmore (1) Key features of Ashmore’s business • Three-phase growth strategy to increase AuM, diversify revenue streams & broaden access to capital in EM • Differentiated business model to execute strategy across market cycles, facilitating investment for future growth & underpinning d
Slide 5: Understanding Ashmore (2)
Understanding Ashmore (2) Macroeconomic & structural factors Emerging markets offer a broad range of investment opportunities, underpinned by important macroeconomic & structural factors • Consistently superior aggregate growth compared with developed markets • Underappreciated structural developmen
Slide 6: Three-phase growth strategy
Three-phase growth strategy Establish emerging markets asset classes 1 • Developed world investors hold approximately USD 95 trillion of assets and yet Ashmore is recognised as an established specialist EM manager, are profoundly underweight emerging markets: target allocations are less than and is
Slide 7: Strategy phase 1: Establish Emerging Markets asset classes
Strategy phase 1: Establish Emerging Markets asset classes Convergence: GDP per capita (indexed 1980 = 100) • Ashmore’s specialist focus means it is well-placed to exploit 2024 the significant growth potential as emerging nations develop EM = US$17,250 DM = US$71,000 • Large investable markets acros
Slide 8: Strategy phase 2: Diversify assets under management
Strategy phase 2: Diversify assets under management AuM development (USD bn) • Diversification mitigates impact of cyclical factors on revenues, and includes asset classes, products and 100 clients (type & location) 90 • Focus on increasing scale of equities & alternatives 80 AuM, and growing IG str
Slide 9: Strategy phase 3: Mobilise emerging markets capital
Strategy phase 3: Mobilise emerging markets capital Ashmore’s local offices in emerging markets • AuM increased 5% YoY to US$7.8 billion in FY2025 − Net inflows & positive performance in Colombia & India − Successful private equity realisations in Saudi Arabia − Market headwinds in Indonesia • Effic
Slide 10: Active investment processes
Active investment processes • Specialist, active investment management is required to exploit inefficiencies in Emerging Markets • Investment committees oversee experienced teams with collective responsibility for strategies in each theme ˗ No ‘star’ culture • ~100 investment professionals covering
Slide 11: Investment themes
Investment themes FIXED INCOME ALTERNATIVES (USD 39.1bn) (USD 1.8bn) EQUITIES (USD 7.8bn) Local Corporate External Debt Blended Debt THEME Currency Debt (USD 7.2bn) (USD 12.1bn) (USD 14.4bn) (USD 5.4bn) GLOBAL • Broad • Bonds • Broad • Blended • EM Active • EM equity • EM frontier • Private equity S
Slide 12: Investment performance
Investment performance One year: 57% outperforming Three years: 70% outperforming Five years: 81% outperforming 100% 100% 100% 90% 90% 90% 80% 80% 80% 70% 70% 70% 60% 60% 60% 50% 50% 50% 40% 40% 40% 30% 30% 30% 20% 20% 20% 10% 10% 10% 0% 0% 0% June 2024: 40% June 2024: 59% June 2024: 62% Outperformi
Slide 13: Investment performance
Investment performance 1yr 3yr 5yr 30th September 2025 Ashmore Benchmark Ashmore Benchmark Ashmore Benchmark External debt Broad 9.3% 8.5% 15.1% 12.3% 2.1% 2.3% Sovereign 9.3% 8.5% 17.2% 12.3% 4.1% 2.3% Sovereign IG 3.8% 4.1% 7.6% 7.2% -0.4% -1.0% Local currency Bonds 7.9% 7.4% 12.9% 11.3% 4.5% 2.3%
Slide 14: Remuneration philosophy aligns interests
Remuneration philosophy aligns interests • Consistent philosophy aligned with cyclical profits and protects Linking pay & performance returns to shareholders through market cycles 100% • Applies to all Group employees, underpins strong team-based 80% culture and employee retention 60% • RemCo determ
Slide 15: Financial resources
Financial resources • Well-capitalised with total resources of £604 million Cash flows (FY2025, £m) ˗ Group capital requirement of £93 million 68.4 17.4 123.6 505.7 ˗ Excess capital of £511 million, equivalent to 72p/share 35.4 66.2 22.8 12.3 1.3 340.7 • Total cash and deposits of £341 million (1) a
Slide 16: Sustainability
Sustainability Approach to sustainability centred on three pillars Consistent, coherent approach across the Group • ESG Committee oversees implementation of all ESG and responsible investment issues; includes front office, middle office & support functions; reports to the plc Board Corporate • Annua
Slide 17: Emerging Markets
Ashmore Emerging Markets eee
Slide 18: Superior growth
Superior growth • Superior growth delivered by powerful economic Emerging Markets’ superior growth & dominant share of resources convergence trends with the developed world 8.0 6.0 • Emerging Markets have a dominant share of 4.0 economic resources, but underrepresented in GDP growth (%) 2.0 indices
Slide 19: Structural reforms
Structural reforms • Most important development of past few decades is the Structural shift to local currency funding (US$trn) shift from external to local currency funding 25 ‒ Supported by improvements in quality & effectiveness of monetary & fiscal policymaking, and 20 ‒ Growth in institutional i
Slide 20: Diversification provides opportunities
Diversification provides opportunities • Diverse equity & fixed income asset classes representing Wide range of returns available (GBI-EM GD, 12m to 30 June 2025) more than 70 countries 30% ˗ No country is more than 5% of EMBI GD 25% ˗ GBI-EM GD country weights capped at 10% 20% 15% 10% • The majori
Slide 21: Historical valuations relative to developed markets
Historical valuations relative to developed markets External debt Local currency 800 8.00 GBI-EM GD yield (%) Difference: GBI-EM vs GBI global (%) EMBI GD spread over UST, bps 700 7.00 600 6.00 500 5.00 400 4.00 300 3.00 200 2.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017
Slide 22: Emerging markets outlook
Emerging markets outlook Attractive rates in EM local bond markets • Global macro remains volatile, portfolios require rebalancing 10.0 EM CPI 9.0 Policy rate 8.0 • Superior economic growth & more effective fiscal & monetary 7.0 policies, providing for higher risk-adjusted returns in EM 6.0 5.0 % •
Slide 23: Summary of recent financial performance: FY2025
Ashmore Group plc Summary of recent financial performance: FY2025
Slide 24: Financial performance overview
Financial performance overview • Adjusted net revenue -22% FY2025 FY2024 ‒ Impact of average AuM and reduced performance fees £m £m YoY AuM (US$bn) 47.6 49.3 -3% • Adjusted operating costs 14% lower Adjusted net revenue 146.5 187.8 -22% ‒ VC 25% lower at £39.5 million Adjusted operating costs (97.1)
Slide 25: Assets under management
Assets under management • Strong market performance over the year, across all investment themes AuM development (US$bn) • Broadly stable subscriptions YoY (US$6.5 billion vs US$7.2 billion) 6.5 12.3 − Good demand for local currency, IG & equities − Capital raising in alternatives, offsetting capital
Slide 26: Quarterly net flows
Quarterly net flows USD billion Ashmore +6.0 | il alll 00 a | ‘ " yl mit mm "|" -2.0 -4.0 -6.0 -8.0 FYO8 FYO9 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY25 26
Slide 27: Revenues
Revenues • Net management fees -19% YoY FY2025 FY2024 − Average AuM -7% £m £m YoY − Higher average GBP:USD rate, -2% impact Net management fee margin (bps) 35 39 -4bps − Lower net management fee margin Net management fees 129.7 160.4 -19% Performance fees 10.2 22.7 -55% • Margin 35bps Other revenues
Slide 28: Operating costs
Operating costs • Continued focus on efficiency reduced costs by 14% FY2025 FY2024 £m £m YoY ‒ Non-VC costs reduced by 6% Salary costs (31.5) (32.2) +2% ‒ Small FX benefit (1%) Other operating costs (22.2) (25.3) +12% D&A (3.1) (3.1) • Salary costs declined by 2% Operating costs before VC (56.8) (60
Slide 29: Seed capital
Seed capital • Total value including commitments of c.£350 million Supporting diversified growth initiatives (% of market value) • Delivered £40.1 million gain across investment themes, meaningful returns in equities & alternatives 19% 26% External debt • Invested £113.0m to support AuM growth Local
Slide 30: Other P&L items
Other P&L items • Interest income of £20.1 million FY2025 FY2024 ‒ Achieved consistent yield of approximately 5% £m £m YoY ‒ Lower average cash balances during the period Interest income 20.1 24.9 -19% Realised gains on disposal 0.3 5.2 of investments • Effective tax rate 21.6% Profit before tax 108
Slide 31: Net management fee margins
Net management fee margins 116 FY2024 FY2025 108 55 52 37.5 37 35 33 33 33 31 31 29 26 1 1 Group External debt Local currency Corporate debt Blended debt Equities Alternatives Fixed income: 29bps (FY2024: 33bps) 1. FY2024 pro forma for business disposal & excludes one-off fees in Ashmore Colombia 31
Slide 32: Foreign exchange
Foreign exchange • GBP:USD rate Currency exposure of cash and deposits(1) − Period-end rate moved from 1.2641 to 1.3704 30 June 2025 % 30 June 2024 % £m £m − Average rate 1.2970 vs 1.2609 in FY2024 US dollar 135.0 40 223.8 44 Sterling 173.7 51 241.8 48 • P&L FX effects in FY2025: Other 32.0 9 40.1 8
Slide 33: Appendix
Ashmore Appendix |
Slide 34: Disclosures
Disclosures Page 12: − Gross performance is shown, weighted by fund AuM, to provide a representative view to analysts and shareholders of Ashmore’s investment performance over relevant time periods − Only funds at 30 June 2025 and with a performance benchmark are included, which specifically exclude
Slide 35: Disclaimer
Disclaimer IMPORTANT INFORMATION This document does not constitute an offer to sell or an invitation to buy shares in Ashmore Group plc or any other invitation or inducement to engage in investment activities. Certain statements, beliefs and opinions in this document are forward-looking, which refle
Slide 36: Investor relations contact
Investor relations contact Paul Measday Telephone: +44 (0) 203 077 6278 Email: paul.measday@ashmoregroup.com Website: ir.ashmoregroup.com 36