Slide 1: Ashmore Group plc Results for six months ended 31 December 2024
Ashmore Group plc Results for six months ended 31 December 2024 7 February 2025 www.ashmoregroup.com
Slide 2: Overview
Overview • AuM of c.US$49bn broadly unchanged as of 31 December 2024 ˗ Improving EM sentiment resulting in increasing client engagement levels ˗ Good net flow momentum with stable subscriptions and significant decline in redemptions • Efficient operating model mitigates lower average AuM ˗ Delivered
Slide 3: H1 2025 markets overview
H1 2025 markets overview Q1: 3m to 30 September Q2: 3m to 31 December EM performed well Global markets volatility Global macro • Inflation stabilising, central banks cut rates • Stubborn inflation • Significant rally in bond yields • Bond yields reversed Q1 gains, led by real yields • China stimulus
Slide 4: Active management delivering performance in more volatile markets
Investment performance One year: 43% outperforming Three years: 58% outperforming Five years: 57% 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 5: Strategy building a more diversified business with multiple growth opportunities
Strategic initiatives delivering growth & diversification • Net inflows driving growth in equities AuM ‒ AuM +4% to US$7.0 billion, 14% of Group ‒ Good investment performance across a range of global EM & regional/single country strategies ‒ Ashmore recognised as a broad “EM specialist” ‒ Diversific
Slide 6: Financial performance overview
Financial performance overview • Adjusted net revenue -14% H1 2025 H1 2024 ‒ Comparable performance fees, impact of lower average AuM £m £m YoY Average AuM (US$bn) 50.1 53.3 -6% • Adjusted operating costs reduced by 9% Adjusted net revenue 79.9 93.4 -14% ‒ Disciplined control of expenses ‒ VC accrue
Slide 7: Continuing improvement in net flows
Assets under management • AuM broadly unchanged over the period at c.US$49bn AuM development (US$bn) • Strong market performance in Q1 offset by impact of US election in Q2 3.2 0.4 2.6 • Higher subscriptions YoY (US$4.1 billion vs US$3.0 billion) 0.7 • Redemptions continue to decline with improving
Slide 8: Performance fees partially mitigate impact of lower AuM
Revenues • Net management fees -17% YoY H1 2025 H1 2024 − Average AuM -6% £m £m YoY − Higher average GBP:USD rate, -2% impact Net management fee margin (bps) 36 39 -3bps − Lower net management fee margin Net management fees 68.3 82.6 -17% Performance fees 7.9 8.0 -1% • Margin 36bps, -3bps YoY Other
Slide 9: Continuing focus on operating efficiency
Operating costs • Effective & efficient operating model reduced costs by 9% H1 2025 H1 2024 £m £m YoY ‒ FX impact +1% Staff costs (15.8) (16.1) +2% ‒ Non-VC costs reduced by 5% Other operating costs (11.1) (12.4) +10% D&A (1.6) (1.6) - • Staff costs reduced by 2% Operating costs before VC (28.5) (30
Slide 10: Financial resources deployed to support strategic initiatives
Seed capital • Total value of c.£367 million comprises: Diversified investments to support strategic ‒ Market value of investments (£347.9 million) initiatives (% of market value) ‒ Commitments (£19.3 million) 19% • Invested £89.9m to underpin AuM growth 26% External debt ‒ Established new funds in
Slide 11: Other P&L items
Other P&L items • Interest income of £11.8 million H1 2025 H1 2024 ‒ Achieved consistent yield of c.5% £m £m YoY ‒ Lower average cash balances during the period Interest income 11.8 12.8 -8% Profit before tax 49.9 74.5 -33% • Effective tax rate 21.6% ‒ Below UK rate of 25.0% due to geographic mix of
Slide 12: Financial resources
Financial resources • Operating cash flow supports returns to shareholders and Financial resources facilitate continued investment allows investment for future growth − Seasonal impact in H1: final dividend and cash 28.4 11.1 87.7 505.7 bonuses relating to FY2024 27.1 − Significant net seed capital
Slide 13: Emerging Markets: 2025 outlook
Emerging Markets: 2025 outlook Robust fundamentals, consistently superior growth (%) • Robust fundamentals across major emerging countries ‒ Consistently superior GDP growth vs DM, across all EM Region GDP CPI 2024 2025 2026 2024 2025 2026 regions EM 4.1 3.9 3.8 4.5 3.4 2.8 ‒ Effective monetary poli
Slide 14: Summary
Summary Ashmore is well-positioned to navigate market volatility & deliver further growth & diversification • Efficient & effective operating model mitigates the impact of market cycles • Active management producing outperformance & identifying opportunities in recent market volatility • Strategic i
Slide 15: Q&A
Ashmore Q&A
Slide 16: Appendices
Ashmore Appendices eee
Slide 17: Adjusted profits reconciliation
Appendix 1a Adjusted profits reconciliation £m H1 2025 Seed capital FX translation H1 2025 H1 2024 Reported (gains)/losses (gains)/losses Adjusted Adjusted Net management fees 68.3 - - 68.3 82.6 Performance fees 7.9 - - 7.9 8.0 Other revenue 1.3 - - 1.3 1.7 Foreign exchange gains 3.5 - (1.1) 2.4 1.1
Slide 18: Net management and performance fees by theme
Appendix 1b Net management and performance fees by theme H1 2025 H1 2024 H1 2025 H1 2024 £m £m US$m US$m External debt 9.2 11.1 11.9 13.9 Local currency 17.7 21.1 22.9 26.5 Corporate debt 6.3 7.1 8.1 8.9 Blended debt 14.2 20.4 18.4 25.6 Equities 14.6 13.6 18.8 17.1 Alternatives 6.3 9.3 8.2 11.7 Tota
Slide 19: Net management fee margins
Appendix 1c Net management fee margins 161 H1 2024 H1 2025 123 55 54 43 39 36 34 32 32 31 29 29 26 Group External debt Local currency Corporate debt Blended debt Equities Alternatives Fixed income: 29bps (H1 2024: 33bps) 19
Slide 20: Seed capital
Appendix 2 Seed capital • Consolidated funds: H1 2025 H1 2024 £m £m − Line-by-line consolidation in financial statements Net losses on investment securities (1.5) (6.9) − FX taken to reserves Operating costs (1.1) (0.8) − PBT contribution of £4.8 million Investment income 7.4 7.7 Sub-total: consolid
Slide 21: Assets under management
Appendix 3a Assets under management AuM by theme (US$bn) AuM as invested (US$bn) 1.5 1.5 7.0 7.1 External debt 7.0 14.4 External debt Local currency Local currency Corporate debt 6.6 Corporate debt Blended debt 11.3 Equities 17.3 Equities Alternatives Alternatives 4.6 19.3 AuM by client type AuM by
Slide 22: Investment themes
Appendix 3b Investment themes FIXED INCOME ALTERNATIVES (US$40.3bn) (US$1.5bn) EQUITIES (US$7.0bn) Local Corporate External Debt Blended Debt THEME Currency Debt (US$7.1bn) (US$11.3bn) (US$17.3bn) (US$4.6bn) GLOBAL • Broad • Bonds • Broad • Blended • EM Active • EM equity • EM frontier • Private equ
Slide 23: Quarterly net flows
Appendix 3c Quarterly net flows +8.0 +6.0 +4.0 +2.0 USD billion +0.0 -2.0 -4.0 -6.0 -8.0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 23
Slide 24: AuM movements by investment theme
Appendix 4 AuM movements by investment theme AuM AuM US$bn 30 June 2024 Performance Subscriptions Redemptions Net flows 31 December 2024 External debt 7.2 0.2 0.4 (0.7) (0.3) 7.1 Local currency 17.7 0.1 1.8 (2.3) (0.5) 17.3 Corporate debt 4.7 (0.1) 0.1 (0.1) - 4.6 Blended debt 11.7 0.3 0.1 (0.8) (0.
Slide 25: Foreign exchange
Appendix 5 Foreign exchange • GBP:USD rate Currency exposure of cash and deposits(1) − Period-end rate moved from 1.2641 to 1.2524 31 December 2024 % 30 June 2024 % £m £m − Average rate 1.2876 vs 1.2572 in H1 2024 US dollar 120.3 35 223.8 44 Sterling 189.4 55 241.8 48 • P&L FX effects in H1 2025: Ot
Slide 26: Cash flows and consolidated funds H1 2025
Appendix 6 Cash flows and consolidated funds H1 2025 £m As reported Consolidated funds Group ex funds Cash from operations 26.9 (1.5) 28.4 Taxation (11.1) - (11.1) Interest & investment income 27.1 10.7 16.4 Seeding activities (91.0) (10.0) (81.0) Dividends paid (87.7) - (87.7) EBT purchases (27.1)
Slide 27: Investment performance
Appendix 7 Investment performance 1yr 3yr 5yr 31st December 2024 Ashmore Benchmark Ashmore Benchmark Ashmore Benchmark External debt Broad 7.5% 6.5% -1.4% -0.9% -1.4% 0.1% Sovereign 7.5% 6.5% 1.8% -0.9% 0.6% 0.1% Sovereign IG 0.1% 0.3% -3.9% -4.8% -1.0% -1.6% Local currency Bonds -4.5% -2.4% 1.0% -1
Slide 28: Historical valuations relative to Developed Markets
Appendix 8 Historical valuations relative to Developed Markets External debt Local currency 800 8.00 EMBI GD spread over UST, bps GBI-EM GD yield (%) Difference: GBI-EM vs GBI global (%) 700 7.00 600 6.00 500 5.00 400 4.00 300 3.00 200 2.00 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 29: Disclosures
Appendix 9 Disclosures Page 4: − 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 31 December 2024 and with a performance benchmark are included, which specif
Slide 30: 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