Ashmore Group (ASHM) H1 2026 earnings summary

Executive summary

• Assets under management (AUM) rose 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.

• Profit before tax increased 64% to £81.9 million, with diluted EPS up 89% to 10.1p; interim dividend per share maintained at 4.8p.

• Strategic focus on growing equities and local offices, with equities AUM up 17% to $8.8 billion and local offices AUM up 8% to $8.4 billion.

• Diversification efforts included new product launches and expansion in Latin America, Saudi Arabia, and digital distribution channels.

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

Financial highlights

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

• Net management fees declined 9% year-on-year to £62.1 million, with a stable fee margin of 34bps.

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

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

• Interim dividend per share maintained at 4.8p.

Outlook and guidance

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

• Healthy client pipeline and ongoing demand for local currency bonds and equities.

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

• Active management seen as critical amid complex geopolitics and diverse investment opportunities.

• Anticipated continued growth in equities and local businesses, with a focus on risk acquisition during election cycles.