Ashmore Group Plc · LSE:ASHM
Ashmore — Investor Presentation (April 2026)
36 slides from Ashmore's investor presentation, April 2026
Slide 1: Ashmore Group plc Investor presentation
Ashmore Group plc Investor presentation April 2026 www.ashmoregroup.com
Slide 2: Contents
Contents Ashmore Group plc Page Emerging markets Page Ashmore ‘at a glance’ 4 Superior growth 19 Understanding Ashmore 5 Structural reforms 20 Three-phase growth strategy 7 Diversification provides opportunities 21 Active investment processes 11 Outlook 22 Remuneration philosophy aligns interests 15
Slide 3: Ashmore Group plc
Ashmore Ashmore Group plc
Slide 4: Ashmore 'at a glance'
Ashmore ‘at a glance’ • A specialist emerging markets manager with USD 50.7bn AuM AuM: diversified by investment theme & client type diversified across asset classes 4% 16% 17% External debt • Active investment management delivered by committee-based investment processes with more than 30 years’ exp
Slide 5: 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 6: 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 7: Three-phase growth strategy
Three-phase growth strategy Establish emerging markets asset classes • Developed world investors hold approximately USD 95 trillion of assets and 1 Ashmore is recognised as an established specialist EM manager, and is therefore well positioned to capture investors’ rising allocations yet are profoun
Slide 8: 1. Establish emerging markets asset classes
1. Establish emerging markets asset classes • Ashmore’s specialist focus means it is well-placed to exploit the Convergence: GDP per capita (indexed 1980 = 100) significant growth potential as emerging nations develop 2025 EM = US$18,200 DM = US$73,500 • Large investable markets across fixed income,
Slide 9: 2. Diversify assets under management
2. Diversify assets under management • Diversification mitigates impact of cyclical factors on revenues, and AuM development (USD bn) includes asset classes, products and clients (type & location) 100 90 • Focus on increasing scale of equities & alternatives AuM, and growing 80 IG strategies 70 60 5
Slide 10: 3. Mobilise emerging markets capital
3. Mobilise emerging markets capital Ashmore continues to develop its network of local businesses, and targets Ashmore’s local offices in emerging markets larger EM institutional investors, to increase proportion of AuM from EM- domiciled clients from 39% currently • Local AuM +8% over the six month
Slide 11: Active investment processes
Active investment processes • Specialist, active investment management is required to exploit Investment committees structure inefficiencies in Emerging Markets • Investment committees oversee experienced teams with collective responsibility for strategies in each theme • No ‘star’ culture • ~100 in
Slide 12: Investment themes & strategies
Investment themes & strategies FIXED INCOME ALTERNATIVES (US$40.0bn) (US$1.9bn) EQUITIES (US$8.8bn) External Debt Local Currency Corporate Debt Blended Debt THEME (US$8.0bn) (US$16.4bn) (US$5.1bn) (US$10.5bn) • Broad • Bonds • Broad • Blended • EM Active • EM Equity • EM Frontier • Private Equity •
Slide 13: Investment performance (1)
Investment performance (1) 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% 40% 30% 30% 30% 20% 20% 20% 10% 10% 10% 0
Slide 14: Investment performance summary (2)
Investment performance summary (2) 1yr 3yr 5yr 31st March 2026 Ashmore Benchmark Ashmore Benchmark Ashmore Benchmark External debt Broad 12.3% 10.4% 11.6% 9.5% 2.2% 2.5% Sovereign 13.5% 10.4% 14.4% 9.5% 4.8% 2.5% Sovereign IG 5.8% 6.0% 4.4% 4.4% 0.1% -0.6% Local currency Bonds 12.7% 11.7% 7.5% 6.8%
Slide 15: Remuneration philosophy aligns interests
Remuneration philosophy aligns interests • Consistent philosophy aligned with cyclical profits & protects returns to Linking pay & performance shareholders through market cycles 100% • Applies to all Group employees, underpins strong team-based culture & 80% aids employee retention 60% • RemCo deter
Slide 16: Financial resources
Financial resources Cash flows (H1 2026, £m) • Ashmore has a well-capitalised & liquid balance sheet 340.7 15.1 9.7 86.0 • Total financial resources of £573.6 million 13.8 4.6 9.6 2.5 1.9 261.1 • Excess capital of £480.3 million (67p per share) versus Group requirement of £93.3 million • Total cash
Slide 17: Sustainability
Sustainability Consistent & coherent approach across the Group Approach to sustainability centred on three pillars • ESG Committee oversees implementation of all ESG & responsible investment issues; includes front office, middle office & support functions; reports to the plc Board Corporate • Annual
Slide 18: Emerging markets
Ashmore Emerging markets
Slide 19: Superior growth
Superior growth • Superior growth delivered by powerful economic convergence trends Superior growth & rising share of world GDP with the developed world 8.0 6.0 • Emerging markets have a dominant share of economic resources, but are underrepresented in indices & investor allocations 4.0 GDP growth (
Slide 20: Structural reforms
Structural reforms • Most important development of past few decades is the shift from Structural shift to local currency funding (USD trillion) external to local currency funding 25 • Supported by improvements in quality & effectiveness of monetary & fiscal policymaking, and growth in domestic insti
Slide 21: Diversification provides opportunities
Diversification provides opportunities • Diverse equity & fixed income asset classes representing more than 70 Wide range of returns available (GBI-EM GD, 12m to 31 Dec 2025) countries 45% • No country is more than 5% of EMBI GD 40% • GBI-EM GD country weights capped at 10% 35% 30% • The majority of
Slide 22: Emerging markets outlook
Emerging markets outlook 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 exporting deflation to its trading partners) 5.0 1.0 4.0
Slide 23: Summary of recent financial performance: H1 2026
Ashmore Group plc Summary of recent financial performance: H1 2026 23
Slide 24: Financial performance overview
Financial performance overview Focus on efficiency & seed capital returns deliver strong profit growth • Adjusted net revenue -16% H1 2026 H1 2025 YoY £m £m • 3% lower average AuM & reduced performance fees Adjusted net revenue 67.5 79.9 -16% • Adjusted operating costs increased 1% Adjusted operatin
Slide 25: 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 26: Quarterly net flows
Quarterly net flows +8.0 +6.0 +4.0 +2.0 USD billion +0.0 -2.0 -4.0 -6.0 -8.0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 26
Slide 27: 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 28: 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 29: 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 30: 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 31: Net management fee margins
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) 31
Slide 32: Foreign exchange
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 milli
Slide 33: Appendix
Ashmore Appendix
Slide 34: Disclosures
12. Disclosures Page 13 • 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 35: 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
Slide 36: Investor relations contact
Investor relations contact Telephone: +44 (0) 203 077 6000 Email: ir@ashmoregroup.com Website: ir.ashmoregroup.com 36