Slide 1: Ashmore Group plc Results presentation FY2026
Ashmore Group plc Results presentation FY2026 www.ashmoregroup.com
Slide 2: Overview
Overview Strong market returns continue & Ashmore’s active management delivering outperformance • EM continues to deliver strong returns & outperform DM (MSCI EM equities +44% / fixed income indices +7% to +12%) • Ashmore’s delivering consistently strong outperformance for clients (77% outperforming
Slide 3: Emerging markets
Emerging markets Strong outperformance driven by relative value, macro fundamentals and diversity • Strong absolute returns over the period, outperforming developed markets EM & DM Index returns (12m to 30 June 2026) • Global growth and corporate earnings driven by AI-related 50% 44% investment; MSC
Slide 4: 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 5: Progress against strategic objectives
Progress against strategic objectives Increasingly diversified growth platform Phase One Phase Two Phase Three EM allocation Diversification Mobilise EM capital • Net inflows to EM in the year • Equities AuM increased by 33% to • AuM sourced from EM grew to US$21 US$10.0 billion billion (38% of Grou
Slide 6: 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 7: Local offices
Local offices Local capabilities provide access to long-term growth trends • AuM +13% over the year to US$8.9 billion, comprising net inflows of Local offices in emerging markets US$0.8 billion & investment performance of US$0.3 billion • Net inflows and outperformance in India • Strong investment r
Slide 8: Financial performance overview
Financial performance overview Seed capital returns deliver strong profit growth • Adjusted net revenue -7% FY2026 FY2025 • Reduced performance fees YoY £m £m AuM (US$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 9: 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 10: 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 11: 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$6 billion in funds that have been seeded (12% of Group AuM) Realised gains 34.7 7.5 • Market value of £323.5 million, 7
Slide 12: Other P&L items
Other P&L items • Interest income reflects lower prevailing money market rates & average FY2026 FY2025 YoY cash balances £m £m Interest income 11.4 20.1 -43% • FY2026 effective tax rate of 15.4% Profit before tax 126.9 108.6 +17% • Below UK rate & lower than prior year • non-taxable seed capital gai
Slide 13: Financial resources
Financial resources Well-capitalised, liquid balance sheet maintained Financial resources (£m) • Total financial resources of £609.5 million 323.5 • Excess capital of £521.5 million 521.5 • Versus Group requirement of £88.0 million • Equivalent to 73p per share 355.9 88.0 Group capital requirement E
Slide 14: Emerging markets outlook
Emerging markets outlook Supportive environment for continued EM outperformance Further EM debt upside available from spread compression • Global investment cycle to continue 2.5x • AI, energy security, defence and supply chain resilience • EM to benefit as suppliers of the energy, critical minerals
Slide 15: Summary
Summary • Strong market returns continue & Ashmore’s active management delivering outperformance • Step up in subscriptions and lower redemptions generate net inflows across fixed income, equities and alternatives • Strategic progress with growth in equities, alternatives and expansion of local offi
Slide 16: Ashmore
Ashmore
Slide 17: Appendix
Ashmore Appendix
Slide 18: 1. Adjusted profits reconciliation
1. Adjusted profits reconciliation £m FY2026 Seed capital FX translation FY2026 FY2025 Reported (gains)/losses (gains)/losses Adjusted Adjusted Net management fees 128.2 - - 128.2 129.7 Performance fees 1.4 - - 1.4 10.2 Other revenue 9.7 (3.9) - 5.8 2.5 Foreign exchange 1.2 - (1.0) 0.2 4.1 Net reven
Slide 19: 2. Net management and performance fees
2. Net management and performance fees FY2026 FY2025 FY2026 FY2025 £m £m US$m US$m External debt 18.3 17.5 24.5 22.8 Local currency 28.4 31.8 38.0 41.3 Corporate debt 12.3 12.4 16.4 16.0 Blended debt 25.9 28.0 34.7 36.3 Equities 31.1 28.1 41.7 36.5 Alternatives 12.2 11.9 16.4 15.5 Total net manageme
Slide 20: 3. Net management fee margins
3. 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) 20
Slide 21: 4. Investment themes & strategies
4. 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$11.4bn) • Broad • Bonds • Broad • Blended • EM Active • EM Equity • EM Frontier • Private Equit
Slide 22: 5. Assets under management
5. Assets under management By theme By client type Central banks External debt 1% 4% 5% Sovereign wealth funds 14% 12% 23% 19% Local currency Governments Pension plans Corporate debt 18% Corporates/financial institutions 32% Blended debt Funds/sub-advisers 21% 27% Equities Intermediary retail 13% 1%
Slide 23: 6. AuM movements by investment theme
6. AuM movements by investment theme US$bn AuM Performance Subscriptions Redemptions Net flows AuM 30 June 2025 30 June 2026 External debt 7.4 0.7 1.3 (1.6) (0.3) 7.8 Local currency 14.2 0.4 6.0 (3.2) 2.8 17.4 Corporate debt 5.2 0.1 0.4 (0.3) 0.1 5.4 Blended debt 11.7 1.0 0.8 (2.1) (1.3) 11.4 Fixed
Slide 24: 7. Quarterly subscriptions and redemptions
7. 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: 8. Seed capital
8. Seed capital FY2026 FY2025 £m £m Consolidated portfolio companies: Other revenue 3.9 - • Line-by-line consolidation in financial statements Operating costs (0.5) - • PBT contribution of £2.5 million in FY2026 (FY2025: £nil). FY2025 balance sheet restated for consolidation impact, which resulted i
Slide 26: 9. Cash flows
9. Cash flows £m As reported Consolidated funds and Group ex consolidated funds portfolio companies and portfolio companies Cash from operations 52.2 (0.2) 52.4 Taxation (25.0) (0.1) (24.9) Interest & investment income 35.5 20.7 14.8 Seeding activities 104.4 (4.9) 109.3 Dividends paid (120.4) - (120
Slide 27: 10. Foreign exchange
10. 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
Slide 28: 11. Investment performance summary
11. Investment performance summary See Appendix section 12 for related disclosures 28
Slide 29: 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 30 June 2026 and with a performance benchmark are included, which specifically excl
Slide 30: 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