Slide 1: Ashmore Group plc Results presentation H1 2026
Ashmore Group plc Results presentation H1 2026 www.ashmoregroup.com
Slide 2: Overview
Overview Strong market returns & Ashmore delivering outperformance • EM has continued to deliver strong returns over the six months & outperformed DM • Ashmore’s active management delivering outperformance for clients (82% AuM outperformed in 2025) Improved flows drive 10% increase in AuM over the s
Slide 3: Emerging markets
Emerging markets Strong performance continues, aided by US dollar weakness • Emerging markets delivered strong absolute returns in 2025, and Index returns (12m to 31 Dec 2025) outperformed developed markets 50% • Continued economic progress 40% • Resilience in the face of US tariffs • Successful ong
Slide 4: Investment performance
Investment performance Active management delivering outperformance One year: 82% outperforming Three years: 70% outperforming Five years: 58% outperforming (30 June 2025: 57%) (30 June 2025: 70%) (30 June 2025: 81%) 100% 100% 100% 90% 90% 90% 80% 80% 80% 70% 70% 70% 60% 60% 60% 50% 50% 50% 40% 40% 4
Slide 5: Financial performance overview
Financial performance overview Focus on efficiency & seed capital returns deliver strong profit growth • Adjusted net revenue -16% H1 H12026 2026 H1 H12025 2025 YoY YoY £m £m £m £m • 3% lower average AuM & reduced performance fees AuM (US$bn) Adjusted net revenue XX.X 67.5 48.8 79.9 +xx% -16% • Adju
Slide 6: Local offices
Local offices Diversification & access to long-term growth trends • AuM +6% over the six months to US$8.4 billion, comprising net inflows of US$0.2 billion & investment performance of US$0.4 billion • Strong equity market performance in Colombia • Net flows in Indonesia • India delivering strong inv
Slide 7: Assets under management
Assets under management Strong growth through investment outperformance & broad-based net inflows • 10% increase in AuM over the six months AuM development (US$bn) • Positive market environment & strong Ashmore outperformance • Global distribution team delivered net inflows 5.7 3.4 • Subscriptions i
Slide 8: Revenues
Revenues Impact of lower average AuM & reduced performance fees • Net management fees -9% YoY H1 2026 H1 2025 YoY £m £m • Average AuM 3% lower • GBP:USD headwind of 4% Net management fee margin 34bps 36bps -2bp Net management fees 62.1 68.3 -9% • Net management fee margin in line with H2 2025 & FY20
Slide 9: Operating costs
Operating costs Continued focus on cost management • Operating costs increased 1% YoY H1 2026 H1 2025 YoY £m £m • Ongoing focus on efficiency Salary costs (16.1) (15.8) -2% • Modest increase in salary costs Other operating costs (10.9) (11.1) +2% • Headcount increased +3%, primarily local office exp
Slide 10: Seed capital
Seed capital Supporting strategic growth initiatives & delivering strong returns • Meaningful scale to facilitate AuM growth & deliver returns H1 2026 H1 2025 £m £m • US$6 billion in funds that have been seeded (12% of Group AuM) • Market value of £390.6 million Realised gains 9.6 0.2 • Commitments
Slide 11: Other P&L items
Other P&L items • Interest income reflects lower prevailing money market rates & average H1 2026 H1 2025 YoY cash balances £m £m Interest income 6.8 11.8 -42% • Effective tax rate 13.6% Profit before tax 81.9 49.9 +64% • Below UK rate & lower than prior year due to non-taxable seed capital gains Tax
Slide 12: Financial resources
Financial resources Well-capitalised, liquid balance sheet Cash & deposits (£m) • Total financial resources of £573.6 million 340.7 15.1 9.7 86.0 • Excess capital of £480.3 million (67p per share) versus Group 13.8 4.6 9.6 2.5 1.9 261.1 requirement of £93.3 million • Total cash & deposits of £261.1
Slide 13: Emerging markets outlook
Emerging markets outlook Supportive environment for continued EM outperformance Attractive local currency bond yields (%) Key themes relevant to EM performance in 2026: 10.0 4.0 9.0 3.0 8.0 • China’s policy mix 7.0 2.0 • Expected to deliver stable growth & persistently low inflation 6.0 (including e
Slide 14: Summary
Summary • Strong market returns & Ashmore delivering outperformance • Improved flows drive 10% increase in AuM over the six months to US$52.5 billion • Higher statutory profits • Strategic initiatives delivering diversification & growth • Positive macro economic trends underpin further EM performanc
Slide 15: Ashmore
Ashmore
Slide 16: Appendix
Ashmore Appendix
Slide 17: 1. Adjusted profits reconciliation
1. Adjusted profits reconciliation £m H1 2026 Seed capital FX translation H1 2026 H1 2025 Reported (gains)/losses (gains)/losses Adjusted Adjusted Net management fees 62.1 - - 62.1 68.3 Performance fees 0.8 - - 0.8 7.9 Other revenue 4.6 - - 4.6 1.3 Foreign exchange 0.5 - (0.5) - 2.4 Net revenue 68.0
Slide 18: 2. Net management and performance fees
2. Net management and performance fees H1 2026 H1 2025 H1 2026 H1 2025 £m £m US$m US$m External debt 8.9 9.2 11.9 11.9 Local currency 13.3 17.7 17.7 22.9 Corporate debt 6.2 6.3 8.3 8.1 Blended debt 13.3 14.2 17.8 18.4 Equities 14.6 14.6 19.5 18.8 Alternatives 5.8 6.3 7.7 8.2 Total net management fee
Slide 19: 3. Net management fee margins
3. Net management fee margins 123 H1 2025 H2 2025 H1 2026 93 89 54 50 50 36 34 34 34 32 32 32 30 32 31 31 31 26 26 25 Group External debt Local currency Corporate debt Blended debt Equities Alternatives Fixed income: H1 2026: 29bps (H1 2025: 29bps) (H2 2025: 29bps) 19
Slide 20: 4. Investment themes & strategies
4. Investment themes & strategies FIXED INCOME ALTERNATIVES (US$41.9bn) (US$1.8bn) EQUITIES (US$8.8bn) External Debt Local Currency Corporate Debt Blended Debt THEME (US$8.4bn) (US$15.7bn) (US$5.3bn) (US$12.5bn) • Broad • Bonds • Broad • Blended • EM Active • EM Equity • EM Frontier • Private Equity
Slide 21: 5. Assets under management
5. Assets under management By theme By client type Central banks External debt 3% 4% 1% Sovereign wealth funds 16% 10% 17% Local currency 23% Governments Corporate debt Pension plans 23% Corporates/financial institutions Blended debt 24% 30% Funds/sub-advisers 25% Equities 12% 2% Intermediary retail
Slide 22: 6. AuM movements by investment theme
6. AuM movements by investment theme US$bn AuM Performance Subscriptions Redemptions Net flows Other AuM 30 June 2025 31 December 2025 External debt 7.4 0.4 1.1 (0.6) 0.5 0.1 8.4 Local currency 14.2 0.3 2.4 (1.2) 1.2 - 15.7 Corporate debt 5.2 0.3 - (0.2) (0.2) - 5.3 Blended debt 11.7 0.8 0.2 (0.1) 0
Slide 23: 7. Quarterly net flows
7. Quarterly net flows +8.0 +6.0 +4.0 +2.0 US$ billion +0.0 -2.0 -4.0 -6.0 -8.0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 23
Slide 24: 8. Seed capital
8. Seed capital Consolidated funds: H1 2026 H1 2025 £m £m • Line-by-line consolidation in financial statements • FX taken to reserves Net gains(losses) on investment 34.2 (1.5) securities • PBT contribution of £41.2 million Operating costs (2.0) (1.1) Investment income 9.0 7.4 Unconsolidated funds:
Slide 25: 9. Cash flows
9. Cash flows £m As reported Consolidated funds Group ex consolidated funds Cash from operations 19.7 4.6 15.1 Taxation (9.7) - (9.7) Interest & investment income 20.1 10.5 9.6 Seeding activities (2.1) (6.7) 4.6 Dividends paid (86.0) - (86.0) EBT purchases (13.8) - (13.8) FX & other 0.4 (0.2) 0.6 In
Slide 26: 10. Foreign exchange
10. Foreign exchange GBP:USD rate Cash and deposits 31 December % 30 June 2025 % 2025 • Period-end rate moved from 1.3704 to 1.3451 • Average rate 1.3393 (H1 2025: 1.2876) US dollar 172.1 66 135.0 40 Sterling 68.1 26 173.7 51 FX in P&L Other 20.9 8 32.0 9 • Translation of net management fees -£2.5 m
Slide 27: 11. Investment performance summary
11. Investment performance summary 1yr 3yr 5yr 31st December 2025 Ashmore Benchmark Ashmore Benchmark Ashmore Benchmark External debt Broad 16.2% 14.3% 12.5% 10.6% 1.2% 1.8% Sovereign 16.8% 14.3% 15.3% 10.6% 3.6% 1.8% Sovereign IG 10.3% 10.4% 6.0% 5.8% -0.8% -1.4% Local currency Bonds 22.0% 19.2% 10
Slide 28: 12. Disclosures
12. 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 2025 and with a performance benchmark are included, which specifically
Slide 29: Disclaimer
Disclaimer IMPORTANT INFORMATION This document does not constitute or form part of any offer to sell, or the solicitation of any offer to buy, securities of Ashmore Group plc (the Company) or any other entity, nor shall there be any sale of securities in any jurisdiction in which such offer, solicit