Slide 1: Ashmore Group plc Results for year ended 30 June 2025
Ashmore Group plc Results for year ended 30 June 2025 5 September 2025 www.ashmoregroup.com
Slide 2: Overview
Overview • Active management delivering outperformance ˗ Strong EM returns over the 12 months against backdrop of macro & geopolitical volatility ˗ Delivering alpha across broad range of strategies & increasing outperformance: 70% AuM over three years, 81% over five years • Improving net flows ˗ AuM
Slide 3: A good performance year across emerging markets
A good performance year across emerging markets Quarterly EM index returns (12m to 30 June 2025) • Resilient EM performance after US election 15.0% • Outperforming many developed markets 10.0% 5.0% • US dollar weakness 0.0% − Positive for EM investor sentiment -5.0% − Contributes to strong returns i
Slide 4: Improving investment performance
Improving 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% O
Slide 5: Progress against strategic objectives
Progress against strategic objectives • Phase 1: significant DM re-allocation opportunity ‒ US dominance being questioned by markets, portfolios require rebalancing from heavily overweight positions ‒ Solid EM fundamentals will attract capital: superior growth, high real rates & attractive risk-adju
Slide 6: Local offices: growth & diversification benefits
Local offices: growth & diversification benefits Ashmore’s local offices in emerging markets • AuM increased 5% YoY to US$7.8 billion − Net inflows & positive performance in Colombia & India − Successful private equity realisations in Saudi Arabia − Market headwinds in Indonesia • Efficient operatin
Slide 7: Financial performance overview
Financial performance overview • Adjusted net revenue -22% FY2025 FY2024 ‒ Impact of average AuM and reduced performance fees £m £m YoY AuM (US$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 8: 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 9: 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 10: 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 11: 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 12: 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 13: Financial resources
Financial resources • Well-capitalised with total resources of £604.2 million Cash & deposits (£m) ˗ Group capital requirement of £93.3 million 68.4 17.4 123.6 505.7 ˗ Excess capital of £510.9 million, equivalent to 72p/share 35.4 66.2 22.8 12.3 1.3 340.7 • Total cash and deposits of £340.7 million
Slide 14: 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 15: Ashmore outlook
Ashmore outlook Ashmore’s strengths • More than 30 years’ experience, specialist focus, investment committees & team culture • Active approach delivers alpha across market cycles: 81% AuM outperforming over five years • Efficient operating model delivering 36% adjusted EBITDA margin • Substantial fi
Slide 16: Summary
Summary • Active management delivering outperformance • Improving net flows • Consistent operating model mitigated impact of lower revenues • Progress against strategic objectives • Building blocks in place for higher EM allocations Ashmore is outperforming for clients & well-positioned to capture f
Slide 17: Q&A
Ashmore Q&A
Slide 18: Appendices
Ashmore Appendices eee
Slide 19: Adjusted profits reconciliation
Appendix 1a Adjusted profits reconciliation £m FY2025 Seed capital FX translation FY2025 FY2024 Reported (gains)/losses (gains)/losses Adjusted Adjusted Net management fees 129.7 - - 129.7 160.4 Performance fees 10.2 - - 10.2 22.7 Other revenue 2.5 - - 2.5 3.7 Foreign exchange gains 1.7 - 2.4 4.1 1.
Slide 20: Net management and performance fees by theme
Appendix 1b Net management and performance fees by theme FY2025 FY2024 FY2025 FY2024 £m £m US$m US$m External debt 17.5 18.8 22.8 23.6 Local currency 31.8 40.6 41.3 51.2 Corporate debt 12.4 13.5 16.0 17.0 Blended debt 28.0 40.9 36.3 51.6 Equities 28.1 27.8 36.5 35.1 Alternatives 11.9 18.8 15.5 23.6
Slide 21: Net management fee margins
Appendix 1c Net management fee margins 116 FY2024 FY2025 108 55 52 37.5 37 35 33 33 33 31 31 29 26 1 1 Group External debt Local currency Corporate debt Blended debt Equities Alternatives Fixed income: 29bps (FY2024: 33bps) 1. FY2024 pro forma for business disposal & excludes one-off fees in Ashmore
Slide 22: Seed capital
Appendix 2 Seed capital • Consolidated funds: FY2025 FY2024 £m £m − Line-by-line consolidation in financial statements Net gains/(losses) on investment securities 11.8 (17.2) − FX taken to reserves Operating costs (2.4) (1.4) − PBT contribution of £29.9 million Investment income 20.5 13.9 Sub-total:
Slide 23: Assets under management
Appendix 3a Assets under management AuM by theme (US$bn) AuM as invested (US$bn) 1.6 1.8 7.4 7.5 7.4 External debt 14.6 External debt Local currency Local currency Corporate debt Corporate debt Blended debt 7.3 Equities 11.7 14.2 Equities Alternatives Alternatives 5.2 16.5 AuM by client type AuM by
Slide 24: Investment themes
Appendix 3b Investment themes FIXED INCOME ALTERNATIVES (US$38.5bn) (US$1.6bn) EQUITIES (US$7.5bn) Local Corporate External Debt Blended Debt THEME Currency Debt (US$7.4bn) (US$11.7bn) (US$14.2bn) (US$5.2bn) GLOBAL • Broad • Bonds • Broad • Blended • EM Active • EM equity • EM frontier • Private equ
Slide 25: Quarterly net flows
Appendix 3c Quarterly net flows +8.0 +6.0 +4.0 +2.0 USD billion +0.0 -2.0 -4.0 -6.0 -8.0 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 25
Slide 26: AuM movements by investment theme
Appendix 4 AuM movements by investment theme AuM AuM US$bn 30 June 2024 Performance Subscriptions Redemptions Net flows Other 30 Jun 2025 External debt 7.2 0.6 0.6 (0.9) (0.3) (0.1) 7.4 Local currency 17.7 1.0 2.8 (7.3) (4.5) - 14.2 Corporate debt 4.7 0.6 0.4 (0.5) (0.1) - 5.2 Blended debt 11.7 1.2
Slide 27: Foreign exchange
Appendix 5 Foreign exchange • GBP:USD rate Currency exposure of cash and deposits(1) − Period-end rate moved from 1.2641 to 1.3704 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
Slide 28: Cash flows and consolidated funds FY2025
Appendix 6 Cash flows and consolidated funds FY2025 £m As reported Consolidated funds Group ex funds Cash from operations 66.0 (2.4) 68.4 Taxation (17.4) - (17.4) Interest & investment income 52.5 29.7 22.8 Seeding activities (90.9) (24.7) (66.2) Dividends paid (123.6) - (123.6) EBT purchases (35.4)
Slide 29: Investment performance
Appendix 7 Investment performance 1yr 3yr 5yr 30th June 2025 Ashmore Benchmark Ashmore Benchmark Ashmore Benchmark External debt Broad 11.2% 10.0% 10.3% 8.9% 1.8% 1.8% Sovereign 10.7% 10.0% 12.7% 8.9% 3.7% 1.8% Sovereign IG 5.0% 5.7% 4.4% 4.0% -0.6% -1.3% Local currency Bonds 14.7% 13.8% 10.0% 8.5%
Slide 30: Historical valuations relative to developed markets
Appendix 8 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
Slide 31: 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 30 June 2025 and with a performance benchmark are included, which specifical
Slide 32: 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