Highlights

  • Ashmore Group’s assets under management (AuM) grew 10% to USD 52.5bn in H1 2026.
  • Net inflows reached USD 2.3bn, with subscriptions up 39% YoY and redemptions down 35% YoY.
  • Company’s adjusted net revenue decreased 16% YoY to GBP 67.5m
  • Profit before tax rose 64% YoY to GBP 81.9m, including higher returns on seed capital.
  • Diluted EPS climbed 89% YoY to GBX 10.1, while adjusted diluted EPS was GBX 3.1.

Ashmore Group plc (LSE:ASHM) shares gained 2.07% to GBX 266.40 during the morning session on 12 February 2026, extending one-year returns to 65.06%. Today’s price movement coincided with the release of its unaudited results for the six months ended 31 December 2025. The update highlighted continued growth in assets under management and increased profitability, despite a decline in adjusted net revenue.

The Group reported a 10% increase in AuM to USD 52.5bn over the period. Net inflows totalled USD 2.3bn, with broad-based subscriptions rising 39% YoY and redemptions falling 35% YoY. Market performance contributed an additional USD 2.6bn, reflecting positive returns and active investment outperformance.

Equities AuM rose 17% to USD 8.8bn, representing 17% of total AuM, supported by net inflows and investment results. Local office AuM increased 8% to USD 8.4bn, notably growing in Indonesia and Colombia. AuM sourced from EM-domiciled clients expanded 14% to account for 39% of the Group’s total.

Profitability Climbs Despite Revenue Dip

Adjusted net revenue decreased 16% YoY to GBP 67.5m in H1 2026, impacted by lower average AuM levels and reduced performance fees. Operating costs remained largely stable, increasing 1% YoY, with variable compensation accrued at 32.5% of EBVCT.

Adjusted EBITDA reached GBP 20.9m in H1 2026, producing an adjusted EBITDA margin of 31%. Profit before tax rose 64% YoY to GBP 81.9m in H1 2026, including higher returns on seed capital investments. Diluted EPS increased 89% YoY to GBX 10.1, while adjusted diluted EPS stood at GBX 3.1. The interim ordinary dividend was maintained at GBX 4.8 per share.

The Group has also reported excess financial resources of GBP 480m, including GBP 260m in cash and deposits, reflecting a liquid and well-capitalized balance sheet.

Emerging Markets Outperformance Drives Gains

Emerging markets indices returned between +5% and +21% across fixed income and equities during H1 2026, compared with +1% for global bonds and +10% for world equity markets. Active investment processes resulted in 82% of AuM outperforming over one year, 70% over three years, and 58% over five years.

FAQs

Why did Ashmore’s profit before tax rise 64% YoY?

Profit growth was driven by returns on seed capital and active investment outperformance.

How much did assets under management increase in H1 2026?

AuM grew 10% to USD 52.5bn, supported by net inflows and market performance.

What was the interim dividend declared by Ashmore?

The Board declared an unchanged interim ordinary dividend of 4.8p per share.