Business
Ashmore : Interim results for 6 months ending 31.12.2025
Ashmore : Interim results for 6 months ending
About this update from Ashmore Group Plc
20 26 I n t e r i m Re p o r t Contents Chief Executive Officer's report Interim condensed consolidated financial statements Notes to the interim condensed consolidated financial statements 3 Responsibility statement of 29 the Directors in respect of the 11 interim report Independent review report 30 15 to Ashmore Group plc Alternative performance measures 31 Glossary 35 UNAUDI T E D I NT E RI M RE SUL T S F OR T H E S I X M O N T H S PERI O D EN DED 31 DECEM BER 2025 H1 2026 highlights AuM as at 31 December 2025 US$52.5bn 30 June 2025: US$47.6bn AuM outperforming benchmarks (three years) 70% 30 June 2025: 70% Diluted earnings per share 10.1p H1 2025: 5.4p Adjusted EBITDA margin 31% H1 2025: 42% Profit before tax £81.9m H1 2025: £49.9m Interim dividend per share 4.8p H1 2025: 4.8p CHI EF EXECUTI VE OFFI CER' S REPORT Emerging markets delivered strong returns and outperformed developed markets over the six months to 31 December 2025, reflecting resilient economic growth, attractive valuations, a moderation in geopolitical risks and the benefits of a weaker US dollar. Ashmore's AuM increased by 10% over the six-month period to US$52.5 billion. The increase comprises positive investment performance of US$2.6 billion and net inflows of US$2.3 billion, the latter resulting from increasing client engagement levels over the course of 2025 and a growing recognition of the superior risk-adjusted returns available in emerging markets. The strong investment performance is also reflected in higher returns delivered on the Group's seed capital investments, which, together with the Group's operating performance, means PBT increased by 64% year-on-year and diluted EPS of 10.1 pence is nearly double the level achieved in the prior year period. Revenue levels reflect lower average AuM and reduced performance fees compared with the prior year period. The business model continues to be efficient with a focus on controlling operating costs, and on an adjusted basis this resulted in an EBITDA margin of 31% and diluted EPS of 3.1 pence. The near-term macro outlook is for higher economic growth, some deflationary pressure allowing for easier monetary conditions, and further weakness in the value of the US dollar. This is a supportive environment for emerging markets and continues many of the themes that have delivered outperformance by the EM asset classes in recent years. Ashm...