Ashmore Group (ASHM) investor relations material

Executive summary

• Assets under management (AUM) increased 10% to $52.5 billion, driven by $2.3 billion net inflows and strong investment performance, with 82% of AUM outperforming benchmarks over one year.

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

• Interim dividend per share maintained at 4.8p.

• Strategic diversification continued, 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 £20.9 million, with an operating margin of 31%.

• Seed capital investments delivered £55.4 million gains, supporting profit growth.

• Net management fees were £62.1 million, with a fee margin of 34bps.

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

Outlook and guidance

• Positive outlook for emerging markets, with expectations of higher economic growth, easier monetary conditions, and US dollar weakness.

• Healthy client pipeline and anticipated further growth in local and equity businesses, supported by macroeconomic tailwinds.

• Monetary policy in EM expected to loosen, with positive real yields and declining inflation.

• Full-year variable compensation ratio expected around 32.5%, subject to performance.