Ashmore Group (ASHM) H2 2026 earnings summary

Executive summary

• Delivered strong outperformance in emerging markets, with equity indices up 44% and fixed income indices up 7–12% year-over-year.

• 77% of assets outperformed benchmarks over one year, 68% over three years, and 67% over five years.

• Assets under management (AuM) increased 13% to $54.0 billion, driven by positive investment performance and net inflows of $2.7 billion.

• Equity business grew by 33%, now representing 19% of group assets; alternatives up 25% to $2.0 billion.

• Local offices grew 13% to $8.9 billion, accounting for 16% of total assets, with notable inflows in India, Colombia, and Indonesia.

Financial highlights

• Adjusted revenues/net revenue declined 7% year-over-year to £135.6 million due to lower performance fees and weaker USD.

• Profit before tax increased 17% to £126.9 million; diluted EPS up 28% to 15.0p.

• Operating/EBITDA margin compressed to 26%, but underlying margin (excluding seed capital) rose to 40%.

• Seed capital gains of £82.5 million, with realized life-to-date gains of £61.8 million.

• Dividend per share maintained at 16.9p, with dividend cover of 0.9x.

Outlook and guidance

• Emerging markets expected to grow twice as fast as developed markets, with continued opportunities in equities and fixed income.

• Fee margin pressure persists, but growth in higher-margin products and retail channels expected to support margins.

• Performance fees for FY27 expected to be no more than GBP 5 million.

• Operating costs (excluding variable comp) expected to rise 2–3% in FY27.

• Tax rate guidance for FY27 is approximately 22%; effective tax rate reduced to 15.4% due to non-taxable seed capital gains.