Ashmore Group (ASHM) H1 2026 earnings summary

Executive summary

• Assets under management (AUM) increased 10% to $52.5 billion, driven by $2.3 billion net inflows, strong investment performance, and higher subscriptions.

• 82% of AUM outperformed benchmarks over one year, with continued strong performance in local bonds and equities.

• Statutory profit before tax rose 64% year-on-year to GBP 81.9 million, and diluted EPS increased 89% to 10.1p.

• Interim dividend maintained at GBP 4.8p per share.

• Strategic initiatives led to diversification, with equities AUM up 17% and local office AUM up 8%.

Financial highlights

• Adjusted net revenue declined 16% year-on-year due to lower average AUM and reduced performance fees.

• Adjusted EBITDA was GBP 20.9 million, with a margin of 31%.

• Seed capital gains contributed GBP 55.4 million to pre-tax profits.

• Net management fees fell 9% year-on-year to GBP 62.1 million, with fee margin stable at 34bps.

• Total financial resources stood at GBP 573.6 million, with excess capital of GBP 480 million and no debt.

Outlook and guidance

• Positive outlook for emerging markets, with expectations of continued AUM growth, higher economic growth, and strong client pipeline.

• Monetary policy in EM expected to loosen further, with high real yields and controlled inflation.

• Anticipated continued growth in local and equity businesses, supported by strategic initiatives.

• Fee margin guidance remains for a 1-2bps decline every 12-24 months, though mix effects may stabilize margins.

• Variable compensation ratio of 32.5% is a reasonable full-year estimate, subject to RemCo review.