Ashmore Group Shares Jump on AUM Increase and Strong Net Inflows

Ashmore Group (LON: ASHM) saw its shares jump at the open on Thursday following the release of its unaudited results for the six months ended December 31, 2025. The specialist emerging markets asset manager reported a significant increase in assets under management (AUM) and robust net inflows, driving positive sentiment.

AUM climbed 10% to US$52.5 billion, fueled by net inflows of US$2.3 billion and a further US$2.6 billion from investment performance. This growth reflects a 39% year-over-year increase in subscriptions and a 35% decrease in redemptions, demonstrating strong investor confidence in Ashmore's emerging market strategies.

Profit before tax soared 64% year-over-year to £81.9 million, with diluted earnings per share (EPS) jumping an impressive 89% to 10.1 pence. Adjusted net revenue, however, was 16% lower at £67.5 million, attributed to lower average AUM levels and reduced performance fees during the period.

Despite the revenue dip, Ashmore maintained a strong focus on cost management, with operating costs increasing just 1% year-over-year. Adjusted EBITDA reached £20.9 million, delivering a healthy adjusted EBITDA margin of 31%. The company boasts a strong, liquid balance sheet with £480 million of excess financial resources, including £260 million in cash and deposits. The board declared an unchanged interim ordinary dividend of 4.8 pence per share, returning value to shareholders.

The positive results were underpinned by strong performance in emerging markets, with indices returning between +5% and +21% across fixed income and equities, outperforming developed market counterparts. Ashmore's active investment processes delivered strong relative performance, with 82% of AUM outperforming over one year, 70% over three years, and 58% over five years.

Strategic initiatives also contributed to growth, with equities AUM increasing 17% to US$8.8 billion and local office AUM rising 8% to US$8.4 billion. AUM sourced from EM-domiciled clients increased 14% and now represents 39% of Group AUM, showcasing the company's increasing penetration in local markets.

Driver Breakdown:

• Net Inflows: Broad-based subscriptions across various asset classes.
• Outperformance: Active management strategies add value in volatile markets.
• EM Growth: Increased investment from EM-domiciled clients.

CEO Mark Coombs stated, “Ashmore has delivered strong AuM growth over the six months, with broad-based net inflows and continued investment outperformance,” reinforcing the company’s focus on capitalizing on attractive risk/reward opportunities in emerging markets.