Ashmore Group Plc · LSE:ASHM
Ashmore — Investor Presentation (September 2026)
35 slides from Ashmore's investor presentation, September 2026
Slide 1: Ashmore Group plc Investor presentation
Ashmore Group plc Investor presentation September 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 Diversification provides opportunities 20 Three-phase growth strategy 7 Outlook 21 Active investment processes 11 Remuneration philosophy aligns interests 15 Financial resources 1
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 54.0bn AuM AuM: diversified by investment theme & client type diversified across asset classes 4% External debt 14% • Active investment management delivered by committee-based 19% 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 and expected to grow twice as fast • Inf
Slide 7: Three-phase growth strategy
Three-phase growth strategy Increase emerging markets allocations • Developed world investors hold more than USD 100 trillion of assets and yet 1 Ashmore is recognised as an established specialist EM manager, and is therefore well positioned to capture investors’ rising allocations are profoundly un
Slide 8: 1. Increase EM allocations
1. Increase EM allocations • Ashmore’s specialist focus means it is well-placed to capitalise on the significant growth potential as emerging nations develop Superior growth (%) • Large investable markets across fixed income, currencies, equities and 8.0 illiquid assets 6.0 4.0 GDP growth (%) • Inst
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) 4% 1% • Focus on increasing scale of equities & alternatives AuM, and growing 19% 8% IG strategies 2021
Slide 10: 3. Mobilise EM capital through local office network
3. Mobilise EM capital through local office network Local capabilities provide access to long-term growth trends Local offices in emerging markets • AuM +13% over the year to US$8.9 billion, comprising net inflows of US$0.8 billion & investment performance of US$0.3 billion • Net inflows and outperf
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$42.0bn) (US$2.0bn) EQUITIES (US$10.0bn) External Debt Local Currency Corporate Debt Blended Debt THEME (US$7.8bn) (US$17.4bn) (US$5.4bn) (US$11.4bn) • Broad • Bonds • Broad • Blended • EM Active • EM Equity • EM Frontier • Private Equity •
Slide 13: Investment performance
Investment performance Active management continuing to deliver outperformance One year: 77% outperforming Three years: 68% outperforming Five years: 67% 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
Slide 14: Investment performance summary (2)
Investment performance summary (2) See Appendix for related disclosures 14
Slide 15: Remuneration philosophy aligns interests
Remuneration philosophy aligns interests • Consistent philosophy aligned with cyclical profits & protects returns to shareholders through market cycles • Applies to all Group employees, underpins strong team-based culture & aids employee retention • RemCo determines awards for Directors but also sig
Slide 16: Financial resources
Financial resources Well-capitalised, liquid balance sheet maintained Financial resources (£m) • Total financial resources of £609.5 million 323.5 • Excess capital of £521.5 million 521.5 • Versus Group requirement of £88.0 million • Equivalent to 73p per share 355.9 88.0 Group capital requirement E
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 and investment performance
Superior growth and investment performance EM & DM Index returns (12m to 30 June 2026) • Superior growth delivered by powerful economic convergence trends 50% 44% with the developed world 40% • Emerging markets have a dominant share of economic resources, but 30% 23% are underrepresented in indices
Slide 20: Diversification provides opportunities
Diversification provides opportunities Through active management Wide range of returns available (EMBI GD) 200% • Diverse equity & fixed income asset classes representing more than 70 countries 150% High Low EMBI GD return • No country is more than 6% of EMBI GD • GBI-EM GD country weights capped at
Slide 21: Emerging markets outlook
Emerging markets outlook Supportive environment for continued EM outperformance Further EM debt upside available from spread compression • Global investment cycle to continue 2.5x • AI, energy security, defence and supply chain resilience • EM to benefit as suppliers of the energy, critical minerals
Slide 22: Summary of recent financial performance: FY2026
Ashmore Group plc Summary of recent financial performance: FY2026 22
Slide 23: Assets under management
Assets under management AuM growth through investment outperformance & broad-based net inflows • 13% increase in AuM to US$54.0 billion AuM development (US$bn) 12.5 • Subscriptions increased +92% YoY to US$12.5 billion • Substantial increase in client engagement levels • New mandates & additional al
Slide 24: Quarterly subscriptions and redemptions
Quarterly subscriptions and redemptions 10.0 8.0 6.0 4.0 2.0 0.0 (2.0) (4.0) (6.0) (8.0) (10.0) FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Subscriptons Redemptions 24
Slide 25: Financial performance overview
Financial performance overview Seed capital returns deliver strong profit growth • Adjusted net revenue -7% FY2026 FY2025 • Reduced performance fees YoY £m £m AuM (US$bn) 54.0 47.6 +13% • Increased seed capital profits of £82.5 million Adjusted net revenue 135.6 146.5 -7% • Profitable recycling, rea
Slide 26: Revenues
Revenues Higher average AuM levels, offset by weaker US dollar and lower performance fees • Net management fees -1% YoY FY2026 FY2025 YoY £m £m • Average AuM +4%, closing AuM +13% • GBP:USD headwind of 3% Net management fee margin 34bps 35bps -1bp Net management fees 128.2 129.7 -1% • Net management
Slide 27: Operating costs
Operating costs Ongoing control of operating costs, realised seed profits drive increase in VC • Operating costs increased 7% YoY, driven by strong seed capital FY2026 FY2025 YoY realisations increasing the VC accrual £m £m • VC accrued at 30.0% of EBVCT (FY2025: 35.0%) Salary costs (32.3) (31.5) -3
Slide 28: Seed capital
Seed capital Generating shareholder value through investment returns and strategic growth FY2026 FY2025 • Seed capital programme supports AuM growth and delivers returns £m £m • US$6 billion in funds that have been seeded (12% of Group AuM) Realised gains 34.7 7.5 • Market value of £323.5 million, 7
Slide 29: Other P&L items
Other P&L items • Interest income reflects lower prevailing money market rates & average FY2026 FY2025 YoY cash balances £m £m Interest income 11.4 20.1 -43% • FY2026 effective tax rate of 15.4% Profit before tax 126.9 108.6 +17% • Below UK rate & lower than prior year • non-taxable seed capital gai
Slide 30: Net management fee margins
Net management fee margins 108 91 FY2025 FY2026 52 48 35 34 32 33 31 31 31 30 26 25 Group External debt Local currency Corporate debt Blended debt Equities Alternatives Fixed income: FY2026: 29bps (FY2025: 29bps) 30
Slide 31: Foreign exchange
Foreign exchange GBP:USD rate Cash and deposits 30 June 2026 % 30 June 2025 % • Period-end rate moved from 1.3704 to 1.3273 US dollar 236.1 66 135.0 40 • Average rate 1.3419 (FY2025: 1.2970) Sterling 95.2 27 173.7 51 Other 24.6 7 32.0 9 FX in P&L Total 355.9 340.7 • Translation of net management fee
Slide 32: Appendix
Ashmore Appendix 32
Slide 33: 12. 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 30 June 2026 and with a performance benchmark are included, which specifically exc
Slide 34: 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 35: Investor relations contact
Investor relations contact Telephone: +44 (0) 203 077 6000 Email: ir@ashmoregroup.com Website: ir.ashmoregroup.com 35
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