Final Results

Ashmore Group PLC

07 September 2026

 

Ashmore Group plc

7 September 2026

Results for the year ended 30 June 2026

Ashmore Group plc (Ashmore, the Group), the specialist Emerging Markets asset manager, today announces its audited results for the year ended 30 June 2026.

-	Assets under management increased 13% to US$54.0 billion1 through a combination of net inflows and strong investment performance
	-	Net inflows of US$2.7 billion delivered across fixed income, equities and alternatives.
	-	Gross subscriptions increased 92% to US$12.5 billion, gross redemptions decreased 20% to US$9.8 billion.
	-	Strong investment performance generated US$3.7 billion, reflecting emerging markets strength.
	-	Increasingly engaged investor base driven by continued emerging markets' outperformance and their need to address allocations.
-	Ashmore's active investment management delivering broad outperformance for clients
	-	Key emerging markets equities index returned +44% over the year; fixed income indices +7% to +12%.
	-	Ashmore delivering consistent relative outperformance of 77% over one year, 68% over three years and 67% over five years (30 June 2025: 57%, 70% and 81%, respectively).
-	Strong returns on seed capital drive 17% growth in profit before tax and 28% growth in diluted EPS
	-	Adjusted net revenue reduced by 7% YoY to £135.6 million, largely due to lower performance fees.
	-	£82.5 million gain on seed capital and positive client flows enable 50% of seed capital to be profitably recycled.
	-	Excluding the impact of seed capital, the adjusted EBITDA margin increased from 37% to 40%.
	-	Profit before tax of £126.9 million increased 17% YoY.
	-	Diluted EPS of 15.0 pence increased 28% YoY.
	-	Balance sheet strength maintained with over £600 million of financial resources and excess capital of 73 pence per share.
	-	Final ordinary dividend maintained at 12.1 pence per share, to give total dividends per share of 16.9 pence.
-	Further progress against strategic objectives with equities now 19%, and the local offices 16%, of AuM
	-	Increase emerging market allocations: Investors increasingly addressing underweight allocations to EM; net inflows of US$2.7 billion delivered.
	-	Diversification: growth in equities to 19% of Group AuM, alternatives AuM increased by 25%, and an increase in retail AuM to 5% of the overall Group.
	-	Further growth from local markets: local office AuM increased 13% YoY driven by Colombia, Indonesia and India.
-	Emerging markets well-positioned to continue outperforming developed markets and thus benefit from increasing investor allocations
	-	US exceptionalism increasingly questioned, US dollar strength expected to unwind and investors' portfolios require rebalancing.
	-	Emerging markets delivering superior economic growth, provide higher risk-adjusted returns and are expected to be net beneficiaries of the global capital investment cycle.
	-	Ashmore's active investment management processes delivering outperformance and the Group is well-positioned to capture flows.

Commenting on the Group's results, Mark Coombs, Chief Executive Officer, Ashmore Group plc said:

"Ashmore's diversified global platform and focused emerging markets strategy delivered meaningful growth in AuM and profits during the year. The Group's specialist, active investment management approach generated strong absolute and relative investment performance, resulting in increased client engagement levels and net inflows of US$2.7 billion. These positive factors combined to drive AuM 13% higher to US$54.0 billion. Further strategic progress has been made with notable growth in equities, continued expansion of the local office network and £82.5 million of profits generated from the seed capital programme. Together, these achievements strengthen Ashmore's ability to serve clients globally, capture future flows as capital is increasingly allocated to emerging markets and deliver value for shareholders.

"Ashmore's specialist, active investment processes continued to generate strong outcomes for clients across the period. 77% of AuM is outperforming over one year, with approximately 70% outperforming over three and five years, demonstrating the benefit of the Group's investment philosophy and its disciplined approach to investing across market cycles. This broad-based delivery of alpha, across the range of fixed income and equity strategies, and the positive outlook for emerging markets positions the Group well to attract further client allocations as sentiment towards emerging markets becomes increasingly positive."

1.	As reported on 14 July 2026.

Analysts briefing

There will be a presentation for sell-side analysts at 0930 today at UBS, 5 Broadgate, London, EC2M 2QS. A copy of the presentation will be made available on the Group's website at ir.ashmoregroup.com.

Contacts

For further information please contact:

Ashmore Group plc
Tom Shippey, Group Finance Director	[phone]
Jordan Griffin, Investor Relations	[phone]
	[e-mail]

Cardew Group
Tom Allison	[phone]
Will Baldwin-Charles	[phone]
Luke Bramwell	[phone]
	[e-mail]

CEO REVIEW

Ashmore's global platform and focused emerging markets strategy delivered meaningful growth during the year. The Group's specialist, active investment management approach generated strong absolute and relative investment performance, resulting in increased client engagement levels and consequently, net inflows of US$2.7 billion. As a result of strong performance and net inflows, AuM grew 13% to US$54.0 billion. The Group made further progress against its strategic objectives, expanding in equities, deepening the reach of its local office network and generating strong returns from the seed capital programme. Together, these achievements strengthen Ashmore's ability to serve clients globally, capture future flows as capital is increasingly allocated to emerging markets and deliver value for shareholders.

The year has been characterised by a complex but broadly positive backdrop for emerging markets. Emerging markets were supported by robust economic fundamentals, moderating inflation and a relatively stable developed market interest rate backdrop. Strong returns across fixed income and equities were accompanied by superior growth in many emerging economies, although risk appetite became more cautious in the latter part of the period as geopolitical tensions in the Middle East intensified and concerns increased around the potential implications for energy markets and global trade routes. Notwithstanding this uncertainty, emerging markets have again demonstrated their attractive qualities and, provided sustained disruption to energy flows is avoided, the outlook for asset prices and capital flows remains positive.

Ashmore's specialist, active investment management processes continued to generate strong outcomes for clients across the period. 77% of AuM is outperforming over one year, with approximately 70% outperforming over three and five years, demonstrating the benefit of the Group's investment philosophy and its disciplined approach across market cycles. This broad-based delivery of alpha, across the range of debt and equity strategies, positions the Group well to attract further client allocations as sentiment towards emerging markets becomes increasingly positive.

The Group delivered net inflows of US$2.7 billion in the year, representing an important inflection point, with positive net inflows across fixed income, equities and alternatives. Particularly pleasing was the significant growth in equities, where Ashmore's investment capabilities, both globally and in the local platforms, are gaining traction with clients seeking exposure to the structural growth opportunities in emerging markets. Strong momentum continued in the local businesses, delivering 28% of the Group's net inflows and achieving 13% growth in AuM. The combination of positive net flows, investment outperformance and Ashmore's scalable global operating platform means the Group enters the new financial year well positioned to make further progress.

In March, Ashmore established a strategic partnership with Japan Post Insurance, reinforcing the Group's 15-year commitment to Japan. As part of the strategic collaboration, JPI have committed an incremental US$1 billion, which will be invested across Ashmore's investment strategies including fixed income, Impact Debt and listed equities.

In terms of financial performance, Ashmore's PBT increased by 17%, driven by notable returns generated from the seed capital programme, which more than offset a reduction in the Group's operating margin. The strong seed capital returns enabled £173 million of seed capital to be recycled, realising gains and providing capital to be deployed into future strategic growth opportunities. The Group maintains its well-capitalised and liquid balance sheet with more than £600 million of financial resources.

Overall, diluted EPS of 15.0 pence per share is 28% higher than the prior year and the Board has recommended an unchanged final ordinary dividend per share.

Culture

I would like to express my appreciation to Ashmore colleagues across our 13 offices worldwide for their continued dedication to delivering strong investment performance and high-quality client service, consistently demonstrating the highest standards of professionalism and teamwork. The Group has made progress against its strategic objectives, and in April the London head office was relocated to 16 Palace Street. The new office provides enhanced collaborative workspaces, facilitating greater idea sharing, and reinforces the collegiate, high-performance culture that underpins Ashmore's long-term success.

Prospects

The Market review provides a detailed assessment of the strong performance of emerging markets over the past 12 months, and there are compelling reasons why this should continue. Emerging markets stand to benefit from global capital expenditure, widening growth differentials versus developed markets, effective fiscal and monetary policy and global portfolios rebalancing from excess exposure to the US as its exceptionalism is questioned.

Ashmore's active investment management processes continue to generate investment outperformance for clients in increasingly complex global capital markets, demonstrating the strength and consistency of Ashmore's specialist approach. The Group's global distribution resources service a broad range of predominantly institutional clients and are working closely with existing and prospective investors to highlight the opportunity to deploy additional capital across emerging markets.

The Group has enhanced the product offering and investment capabilities of the existing platforms within its local office network, which have provided growth and diversification benefits in the year, and continues to assess opportunities to add to the network to provide additional future growth.

Ashmore has delivered in a positive year for emerging markets and, with the specialist platform and proven active investment management capabilities, is well positioned to benefit as investors continue to address structurally low allocations to the asset class.

Mark Coombs

Chief Executive Officer

4 September 2026

Progress against strategic objectives

Phase 1 - EM allocation

A softer US dollar, resilient EM fundamentals, attractive relative growth prospects and increasingly stable domestic monetary policy have reinforced the case for strategic allocations towards emerging markets. The asset class has seen strong net inflows in the period as investors have begun to rebalance portfolios. Structural opportunities have added to this momentum, including Southeast Asia's increasingly specialised role in the component supply chains supporting the global AI capital expenditure cycle.

Ashmore converted this improving backdrop into net inflows of US$2.7 billion during the year across fixed income, equities and alternatives, demonstrating the breadth of client engagement and the relevance of the specialist EM investment platform. Net inflows of US$2.7 billion included subscriptions of US$12.5 billion, higher than the last three years.

The reallocation opportunity remains widespread and Ashmore's distribution team is actively pursuing new client opportunities around the world, in addition to raising additional capital from existing clients. Notably, the opportunity should be very substantial in respect of US investors, who currently represent less than 10% of Ashmore's AuM but who, historically, were more than twice this level.

Phase 2 - Diversification

Ashmore has continued to make significant progress in diversifying the business to access a range of asset classes and investors in emerging markets.

Equities AuM continues to increase, both in absolute terms with net inflows in the period, and as a proportion of the Group, and now stands at US$10.0 billion or 19% of total AuM. Growth was most pronounced in the All Cap strategy which received net inflows of US$1.6 billion, predominantly from European institutions. In the local office network, there were exceptional market returns in Colombia and net inflows into the Indian equities business.

Alternatives AuM increased by 25% over the 12 months, building on recent success in the investment theme. Ashmore Saudi Arabia raised capital into private equity education and industrials funds and Ashmore Colombia continued to deploy capital in its private equity and infrastructure private debt funds.

The Group has continued to use its capital resources to make progress in its thematic private market investments, for example in healthcare through initial funding of Ashmore Healthcare International Limited.

AuM sourced through intermediaries increased slightly from 4% to 5% of the Group's total. Retail investor demand is beginning to return, and Ashmore has maintained strong relationships with intermediaries, despite the share of total AuM being at relatively low levels, in order to support future growth.

IG fixed income continues to attract investor interest, with the majority of subscriptions in the year from European and Asian investors. Ashmore expects demand for IG and other diversified fixed income strategies, for example Impact and Frontier Debt, to continue to grow.

Phase 3 - Mobilise EM capital

AuM sourced from emerging markets continued to grow in the year to US$21 billion from US$18 billion and represents 38% of total AuM (30 June 2025: 38%). This group of investors comprises both large institutional clients with broad emerging markets strategies and the Group's growing local market businesses in Latin America, Asia and the Middle East, as described in more detail in the Business review.

AuM in the local businesses grew by 13% to US$8.9 billion, with notable growth in Colombia, Indonesia and India.

The Group recently established businesses in Mexico City and Doha. Ashmore Mexico achieved regulatory approval to act as a registered independent corporate investment adviser.

The registration enables it to both raise capital from domestic clients and provide investment advice on assets in Mexico. The business in Qatar continues to develop institutional client relationships and deliver local investment insights to the Group. The establishment of these businesses progresses the Group's strategy of developing a network of local asset management platforms.

Each established office within the network has made progress in the year including Ashmore Indonesia delivering net inflows in a difficult period for the local market, Ashmore India raising international and domestic capital to invest in Indian equities, Ashmore Saudi Arabia expanding its private equity offering and Ashmore Colombia generating strong returns in listed equities.

MARKET REVIEW

Capital markets were notably resilient over the past 12 months despite several shocks. It was neither US tariffs nor the closure of the Strait of Hormuz, but the amount of AI-related investment that proved the most important determinant of global growth and corporate earnings in the period. A weakening US dollar and falling interest rates in the second half of 2025 helped anchor emerging market outperformance, resulting in a significant increase in investment flows into the asset class. The rise in energy prices following disruption to shipping through the Strait of Hormuz has put energy-importing economies under pressure. Despite this, emerging markets have once again demonstrated resilience, with fixed income and equities outperforming developed markets in both halves of the reporting period.

EM sovereign external debt

The EMBI GD index returned 12% over the 12 months to 30 June 2026, with HY sovereigns (+17%) outperforming IG (+6%). The move was driven by spread tightening, with index spreads narrowing to 235bps from 253bps a year earlier; HY led the compression (391bps from 439bps, -48bps) while IG was relatively flat (91bps from 93bps). With the index yield to maturity at 6.9%, carry accounted for a substantial share of the total return.

Regionally, Africa was the standout performer (+18%), followed by Latin America (+16%), while Asia and the Middle East lagged, but were both up 6%. Country returns were dominated by distressed and special-situation credits: Venezuela (+160%) and Bolivia (+51%) were strongest, followed by Ukraine (+36%) and Lebanon (+33%), driven by specific domestic stories rather than beta-driven. Within IG, Panama (+18%) and Mexico (+11%) led, while China (+4%) and the UAE (+4%) detracted. Senegal (-10%) was the only issuer with outright negative return in the index.

The asset class retains the characteristics that have underpinned its attractiveness. The index remains widely diversified across 69 countries and 151 issuers. No single country represents more than 6% of the index, and IG bonds account for 48% of the total. Spreads remain generally wider than those available in comparably rated US dollar denominated bonds, and rating changes across the index continue to be weighted towards upgrades.

EM local currency debt

The GBI-EM GD index rose +8% over the year, with carry accounting for most of the total return. The index yield increased 10bps to 6.1%, and spot FX added 1% to returns as 2025's broad EM FX strength was partly unwound by the US dollar's recovery in H1 2026, when higher oil prices improved the US' terms of trade.

The strongest performing regions were the Middle East and Africa (+32%) and Latin America (+20%), while Europe (+5%) and Asia (flat) lagged. Colombia (+34%) was the standout performer, helped by 18% FX gains, followed by South Africa (+32%) and Hungary (+25%), which was driven by yield compression post the election of a pro-EU Prime Minister. The weakest markets were the Philippines (-8%), Indonesia (-6%) and India (-5%), reflecting Asian currencies underperformance due to lower carry and exposure to higher oil prices.

The gap between the strongest and weakest markets in the index was unusually wide as a result of the increasing complexity in global capital markets, and the aggregate return understates the opportunity available to an active manager such as Ashmore. The index remains well diversified, with country weights capped at 10% and only three issuers currently at that limit. At over 2% on average, EM real yields remain substantially higher than those available in developed markets and, with inflation broadly stable, many EM central banks retain room to ease policy, should the increase in oil prices prove to be transitory.

EM corporate debt

The CEMBI BD returned +7% over the year. Within CEMBI, HY corporates (+9%) outperformed IG (+5%), echoing the sovereign HY/IG pattern and the broader carry-seeking backdrop.

Technical conditions were supportive during the period. EM corporate issuance was high, with near-record gross supply. Nevertheless, maturities and buybacks outpaced new issuance for a fourth consecutive year, a supportive backdrop for spreads tightening. Asian issuers, led by Chinese corporates, dominated primary volumes, while isolated pockets of stress emerged in Brazilian corporate credit given elevated domestic rates and rising loan delinquencies.

The fundamental investment case for EM corporate debt remains unchanged. The index comprises 746 issuers across 67 countries and 66% of the bonds are rated IG. The 12-month default rate stood at 1% and EM corporates continue to carry lower net leverage while trading at wider spreads than developed world issuers with equivalent credit ratings.

Equities

EM equities delivered a particularly strong year, comfortably outperforming developed markets. The MSCI EM index rose +44%, double the MSCI World index (+22%), while the MSCI Frontier index gained +37%. Asia was the strongest region (+46%), followed by Latin America (+32%) and EMEA (+12%). In country terms, Korea gained 216% on a dramatic surge in memory chip prices, and Taiwan 106% on demand for semiconductors. Peru (+82%) and Colombia (+83%) also delivered strong returns on the anticipated policy changes following the election of market-friendly parties. China (-5%), India (-12%) and Indonesia (-40%) underperformed.

The equity rally came in two distinct phases. Over the first eight months, performance was broad based: domestic reform stories and accelerating earnings - both tech and non-tech - combined with a weakening US dollar and falling bond yields to create an ideal backdrop for EM equities. Net foreign inflows followed as investors began to rebalance their overexposure away from the US. As higher energy prices turned macro conditions more negative from March 2026, outperformance has narrowed to beneficiaries of AI capex, primarily Taiwan and Korea. However, the rest of the index remained resilient, with continued outperformance in parts of Latin America, as well as Thailand.

Three factors underpin the potential for further absolute and relative performance. The first two are valuation and growth fundamentals. The MSCI EM index trades on a forward price/earnings ratio of 10x against 18x for the MSCI World index, while offering far higher expected earnings growth over the next year (68% versus 27%). The third is positioning, with investors remaining underweight the asset class after a period of re-allocating back to the US, a trade that has underperformed since early 2025.

EM equities offer meaningful diversification, spanning both domestic growth stories and global structural trends. The case for active investment management remains strong, with volatile geopolitics and powerful structural trends such as AI capex and supply chain diversification reshaping industries. The range of regional and country-specific opportunities continues to widen as the asset class evolves.

Outlook

The global macro environment remains challenging, with volatile geopolitics and US policy still shaping market outcomes. Nonetheless, several macro themes continue to point in the same direction: investors should rebalance allocations away from the US and towards emerging markets to position for higher risk-adjusted returns over the medium term.

The expectation is for the global investment cycle to continue. This capital expenditure is underpinned by four pillars: AI, energy security, defence and supply chain resilience. Today's increasingly multi-polar geopolitical environment makes investment in each of these themes essential for countries and corporates alike. The war between the US and Iran has emphasised this further. The past year has shown that emerging markets are well positioned to continue to benefit from this investment cycle, not least as suppliers of the energy, critical minerals and manufactured goods on which it depends.

This is expected to contribute to a widening growth differential between emerging and developed markets in the coming years. Emerging markets are expected to grow roughly twice as fast as developed markets over the next few years; a macro anchor which should support continued EM asset outperformance.

Higher inflation volatility and geopolitical risk will continue to pose challenges for global asset allocators. These can be mitigated by allocating to countries with effective fiscal and monetary policies. Increasingly, it is mostly emerging rather than developed countries that provide this reassurance, with many retaining a neutral geopolitical stance.

With US assets trading at rich valuations, US exceptionalism and leadership are under scrutiny as institutional deterioration and policy divergence persist. These trends will have many consequences, including the potential for a multi-year downtrend in the US dollar, albeit not in a straight line. This year's dollar rebound was driven primarily by higher energy prices and higher real interest rates. However, the expectation is for this strength to unwind.

Ratings agencies continue to recognise EM resilience. The rating agency S&P has posted net positive rating changes in each of the past three calendar years. The three major agencies (S&P, Moody's and Fitch) have been net positive in 2025 and 2026 to date, and outlook changes have been net positive across all three agencies for the past 18 months.

As investors seek greater global diversification in response to these themes, they can look to the range of opportunities available across emerging markets sovereign debt, corporate credit, listed equities and private markets. Active management remains particularly valuable, both to control risk dynamically and to identify the valuations that drive longer-term outperformance. Ashmore is well-positioned to navigate the market environment for its clients as they rebalance their portfolios.

BUSINESS REVIEW

AuM growth of 13% delivered through net inflows and positive investment performance, as sentiment towards emerging markets improved broadly. Diluted EPS grew 28% to 15.0p, supported by strong seed capital returns, demonstrating how Ashmore's consistent strategy delivers value for shareholders.

£m	FY2026 Reported	Reconciling items		FY2026 Adjusted	FY2025 Adjusted
		Seed capital (gains)/losses	FX translation (gains)/losses
Net management fees	128.2	-	-	128.2	129.7
Performance fees	1.4	-	-	1.4	10.2
Other revenue	9.7	(3.9)	-	5.8	2.5
Foreign exchange gains	1.2	-	(1.0)	0.2	4.1
Net revenue	140.5	(3.9)	(1.0)	135.6	146.5
Net gains on investment securities	38.1	(38.1)	-	-	-
Personnel expenses	(77.9)	-	0.3	(77.6)	(71.8)
Other expenses excluding depreciation and amortisation	(25.4)	3.1	-	(22.3)	(22.2)
EBITDA	75.3	(38.9)	(0.7)	35.7	52.5
EBITDA margin	54%	-	-	26%	36%
Depreciation and amortisation	(3.6)	-	-	(3.6)	(3.1)
Operating profit	71.7	(38.9)	(0.7)	32.1	49.4
Finance income	55.0	(43.6)	-	11.4	20.1
Realised gains on disposal of investments	(0.2)	-	-	(0.2)	0.3
Share of profit from associate	0.4	-	-	0.4	0.3
Profit before tax	126.9	(82.5)	(0.7)	43.7	70.1
Diluted EPS (p)	15.0	(9.9)	(0.1)	5.0	7.1

Assets under management

AuM increased 13% over the year to US$54.0 billion as a result of net inflows of US$2.7 billion and positive investment performance of US$3.7 billion.

Gross subscriptions of US$12.5 billion represent 26% of opening AuM, marking a significant 92% increase against the prior year (FY2025: US$6.5 billion, 13% of opening AuM). Subscription activity gathered momentum in the second quarter and has since continued at consistent levels. Gross subscriptions of US$12.5 billion were higher than the preceding three years and, as a share of opening AuM, greater than any of the preceding five years. Subscriptions increased across all liquid investment themes, notably in the local currency and equities investment themes, reflecting both funding of new mandates and additions to existing accounts. Most regions saw an increase in client activity in the year, notably in Europe, where subscriptions more than doubled to US$3.9 billion or 31% of total subscriptions (FY2025: US$ 1.8 billion, 27%). Capital raising continued in the alternatives theme, with the launch of new thematic private equity funds in Saudi Arabia.

Gross redemptions of US$9.8 billion, or 21% of opening AuM (FY2025: US$12.3 billion, 25% of opening AuM) continued to fall versus recent years, with a material reduction in redemptions from the local currency theme reflective of a period of relative US dollar weakness. Increased redemptions in the blended debt and equity themes were the result of a limited number of clients' decisions, such as liquidity management and in-sourcing of investment management activities, not directly related to the merits of emerging markets or investment performance.

The combined result for the year was a total net inflow of US$2.7 billion (FY2025: net outflow US$5.8 billion). Net inflows were generated across the asset classes, comprising US$1.3 billion in both fixed income and equities and US$0.1 billion in alternatives. In aggregate, the local office network achieved net inflows of US$0.8 billion, representing 28% of the total net inflow. Net inflows are symptomatic of the positive change in investor sentiment towards emerging markets, with recognition of the returns available and diversification benefits, following a period of multiple external macroeconomic shocks.

Ashmore delivered US$3.7 billion of investment performance for clients over the year, with positive investment performance delivered across all investment themes. The MSCI EM equity index returned 44% over the year, driven largely by an AI-related market rally in South East Asia markets.

The average AuM level was 4% higher than the prior year at US$50.9 billion (FY2025: US$48.9 billion).

The geographic split of the Group's AuM remains diverse and consistent with recent periods: 39% of AuM is invested in Latin America, 28% in Asia Pacific, 15% in Eastern Europe and 18% in the Middle East and Africa.

A focus on Ashmore's local platforms

In line with the growth in the Group's AuM, total local office AuM increased by 13% over the 12 months to US$8.9 billion (30 June 2025: US$7.8 billion). In aggregate, these businesses represent 16% of Ashmore's total AuM, and contribute a notably higher proportion of the Group's revenues (23%) and adjusted EBITDA (40%). Therefore, in addition to accessing long-term structural market growth, these platforms continue to generate meaningful diversification benefits and represent an increasingly important source of value for Ashmore's shareholders.

Ashmore Colombia increased AuM by 38% to US$3.0 billion, in part driven by strong investment returns in listed equities strategies, which grew to over US$1.3 billion. The local equity index, the MSCI COLCAP index, rallied 42% over the year with further support from the peso, which is up 17% versus the US dollar. The Colombia business employs 33 people and has a well-established track record of managing private equity and private debt infrastructure assets, together with the listed equities team.

Ashmore India's AuM grew by 10% to US$2.5 billion, as a result of net inflows of US$0.5 billion partially offset by negative investment performance of US$0.3 billion. The team of 13 employees has a strong track record of outperformance in listed equities, with a focus on small and midcap companies. Ashmore India's client base consists of both international and domestic, predominantly retail, investors.

Ashmore Indonesia's AuM increased to US$1.8 billion, despite local market headwinds, through net inflows of US$0.7 billion partially offset by negative performance of US$0.3 billion. Net inflows were representative of various local distribution initiatives to grow and retain domestic capital. The team of 31 employees manages onshore and offshore institutional capital, and has a strong network of domestic intermediaries to access retail investors.

Ashmore Mexico obtained regulatory approval in May 2026 to act as an independent corporate investment adviser in Mexico. The key milestone allows commencement of a range of activities in Mexico and access to the expected growth in the domestic pension market. The team is preparing to launch an onshore Mexican equities fund, which follows the establishment of the Ashmore SICAV Mexico Equity Fund in June 2025.

Ashmore Qatar continues to provide local insights to the Group's global ICs and facilitate the development of domestic institutional client relationships. Meaningful AuM growth in the year was paused as a result of the escalation of the conflict in the Middle East.

Ashmore Saudi Arabia AuM declined to US$1.0 billion (30 June 2025: US$1.5 billion) as a result of net outflows of US$0.5 billion in the period. Net outflows were largely the result of local capital recycling to support domestic capital projects. The team of 18 employees is focused on growing and diversifying the business. In the year it launched new thematic private equity funds investing in the industrial and education sectors, and it continues to develop digital distribution capabilities to enhance access to high net worth retail investors.

The Group continues to pursue growth opportunities to further develop its existing platforms, and also to add to the network to access additional future growth markets.

Investment performance

As at 30 June 2026, 77% of AuM is outperforming over one year, 68% over three years and 67% over five years (30 June 2025: 57%, 70% and 81%, respectively).

The consistently strong investment performance over one, three and five years demonstrates the effectiveness of the Group's specialist, active investment management processes. This disciplined approach, implemented through market cycles, has delivered strong outcomes for clients and underscores the robustness of the Group's investment philosophy.

The drivers of outperformance vary depending on investment theme and specific strategies. For example, over the financial year there was positive performance contribution from a rally in South Korean equities as demand for memory chips surged and strong performance in specific situations such as Venezuela.

AuM movements by investment theme

The AuM development by theme is shown in the table below. The local currency investment theme includes US$9.8 billion of overlay/liquidity funds (30 June 2025: US$7.9 billion).

Investment theme	AuM 30 June 2025 US$bn	Gross subscriptions US$bn	Gross redemptions US$bn	Net flows US$bn	Performance US$bn	AuM 30 June 2026 US$bn
External debt	7.4	1.3	(1.6)	(0.3)	0.7	7.8
Local currency	14.2	6.0	(3.2)	2.8	0.4	17.4
Corporate debt	5.2	0.4	(0.3)	0.1	0.1	5.4
Blended debt	11.7	0.8	(2.1)	(1.3)	1.0	11.4
Fixed income	38.5	8.5	(7.2)	1.3	2.2	42.0
Equities	7.5	3.9	(2.6)	1.3	1.2	10.0
Alternatives	1.6	0.1	-	0.1	0.3	2.0
Total	47.6	12.5	(9.8)	2.7	3.7	54.0

Clients

Ashmore's clients are predominantly a diversified set of institutions, representing 95% of AuM (30 June 2025: 96%), with the remainder sourced through intermediary retail channels. Segregated accounts represent the majority of AuM at 82% of the total (30 June 2025: 83%). AuM by client type remains broadly consistent year on year.

Ashmore's principal mutual fund platforms are in Europe and the US, which in total represent AuM of US$4.0 billion in 43 funds. The European SICAV range comprises 24 funds with AuM of US$3.4 billion (30 June 2025: US$2.9 billion in 34 funds) and the US 40 Act range has 9 funds with AuM of US$0.6 billion (30 June 2025: US$0.5 billion in 11 funds).

Financial review

Revenues

Net revenue declined by 2% compared with the prior year primarily due to lower performance fee income following successful realisations in the prior period. On an adjusted basis, excluding FX translation and seed capital effects, net revenue fell by 7% to £135.6 million.

Net revenue

	FY2026 £m	FY2025 £m
Net management fees	128.2	129.7
Performance fees	1.4	10.2
Other revenue	5.8	2.5
FX: hedges	0.2	4.1
Adjusted net revenue	135.6	146.5
Other revenue from consolidated portfolio companies	3.9	-
FX: balance sheet translation	1.0	(2.4)
Net revenue	140.5	144.1

Net management fee income of £128.2 million declined by 1% as a consequence of a higher average GBP:USD rate of 1.3419 (FY2025: 1.2970) and a slight reduction in the management fee margin. At constant FY2025 exchange rates, net management fee income increased by 2%.

The net management fee margin declined to 34bps (FY2025: 35bps). The movement in the current year is largely attributable to theme mix effects, such as the impact of lower margin flows including higher average AuM in overlay mandates and the full year effect of successful private equity realisations and subsequent return of capital from alternatives funds in the prior period.

Performance fees of £1.4 million (FY2025: £10.2 million) were earned in the period from funds in the alternatives, local currency, external and corporate debt investment themes. The reduction versus the prior year was representative of fewer private equity realisations in the year. Approximately US$8.2 billion of the Group's AuM, or 15% of the total, is eligible to earn performance fees as at 30 June 2026. The Group continues to expect its diverse sources of net management fee income to generate the majority of its net revenues.

Translation of the Group's non-sterling assets and liabilities, excluding seed capital, resulted in an unrealised FX gain of £1.0 million (FY2025: £2.4 million loss).

The Group's effective hedging programme and the active management of FX exposures during the period meant that realised and unrealised hedging gains of £0.2 million were delivered (FY2025: £4.1 million gain). Therefore, the Group recognised a total FX gain of £1.2 million in revenues (FY2025: £1.7 million gain).

Other revenue of £9.7 million includes £3.9 million of revenue generated by a portfolio company held within a seeded fund that is required to be consolidated. Adjusted other revenue of £5.8m (FY2025: £2.5 million) increased compared with the prior year, predominantly owing to one-off transaction and structuring fees earned in the year.

Operating costs

Total operating costs of £106.9 million (FY2025: £98.7 million) include £3.1 million of expenses incurred by seeded funds and portfolio companies that are required to be consolidated (FY2025: £2.4 million), refer to note 20. On an adjusted basis, taking into account the impact of seed capital and the proportion of the accrual for VC that relates to FX translation gains, operating costs increased by 7% compared with the prior year. Adjusted operating costs increased by 8% at constant FY2025 exchange rates.

Operating costs

	FY2026 £m	FY2025 £m
Salary costs	(32.3)	(31.5)
Other operating costs	(22.3)	(22.2)
Depreciation and amortisation	(3.6)	(3.1)
Operating costs before VC	(58.2)	(56.8)
VC	(45.6)	(39.5)
VC accrual on FX gains/losses	0.3	(0.8)
Adjusted operating costs	(103.5)	(97.1)
Consolidated fund and portfolio
company costs	(3.1)	(2.4)
Add back VC on FX gains/losses	(0.3)	0.8
Total operating costs	(106.9)	(98.7)

Salary costs increased by 3% to £32.3 million with a 1% increase in average headcount over the year to 278, which is partly the result of the full year impact of opening offices in Mexico and Qatar in the prior period. Other operating costs were broadly flat at £22.3 million. Depreciation and amortisation increased to £3.6 million in the year (FY2025: £3.1 million) as a result of the London office move.

VC has been accrued at 30.0% of EBVCT (FY2025: 35.0%) resulting in a charge of £45.6 million. EBVCT includes £61.8 million of realised life-to-date seed capital gains (FY2025: £5.2 million). While the accrual percentage has been reduced, the charge is 15% higher than in the prior year (FY2025: £39.5 million), broadly consistent with the 17% increase in PBT and thus maintaining the alignment between employees and shareholders and recognising the strong investment performance generated and net inflows delivered.

Fee income and net management fee margin by investment theme

Investment theme	Net management fees		Performance fees		Net management fee margin
	FY2026 £m	FY2025 £m	FY2026 £m	FY2025 £m	FY2026 bps	FY2025 bps
External debt	18.3	17.5	0.4	1.5	32	31
Local currency	28.4	31.8	0.1	0.4	25	26
Corporate debt	12.3	12.4	0.4	-	31	33
Blended debt	25.9	28.0	-	0.1	30	31
Fixed income	84.9	89.7	0.9	2.0	29	29
Equities	31.1	28.1	-	-	48	52
Alternatives	12.2	11.9	0.5	8.2	91	108
Total	128.2	129.7	1.4	10.2	34	35

Adjusted EBITDA

Adjusted EBITDA reduced 32% to £35.7 million (FY2025: £52.5 million) due to lower performance fees and £18.5 million (FY2025: £1.8 million) of additional VC owing to higher realised life-to-date seed capital gains in the year. This delivered a reduced adjusted EBITDA margin of 26% for the year (FY2025: 36%).

Excluding the VC charge generated from realised seed capital gains would deliver an adjusted EBITDA margin of 40% (FY2025: 37%).

At constant FY2025 exchange rates, adjusted EBITDA declined by 28%.

Finance income

Finance income increased to £54.8 million (FY2025: £51.1 million) and comprises the items shown in the table below.

Finance income

	FY2026 £m	FY2025 £m
Net interest income	11.4	20.1
Seed capital gains	43.6	30.7
Realised (gain)/loss on disposal of
investments	(0.2)	0.3
Finance income	54.8	51.1

Net interest income for the period of £11.4 million was below the prior year level (FY2025: £20.1 million), reflecting a yield reduction to approximately 4% (FY2025: 5%) and a lower average level of cash and deposits in the year of approximately £300 million (FY2025: approximately £400 million).

Seed capital gains comprise interest earned in consolidated funds and the movement in the mark-to-market value of consolidated funds, as described in more detail below.

The realised loss on disposal relates to the sale of securities received in the period recorded in other revenue.

Seed capital

Ashmore invests seed capital in its funds to achieve a number of commercial and strategic objectives, including to provide initial scale, to support the development of an investment track record, and to enhance existing funds' scale for intermediary distributors.

The Group's seed programme has delivered growth in third-party AuM, with approximately US$6 billion of current AuM in funds that have been seeded, representing 12% of total Group AuM.

The diversified mix of seed capital investments means that the underlying funds, some of which are consolidated under IFRS 10, have exposure to a range of emerging markets asset classes, including sovereign and corporate fixed income 42%, listed equities 28% and alternatives 30%.

Movements in seed capital

	Market value £m
30 June 2025	339.4
Additions	62.5
Realisations	(172.9)
Mark-to-market	94.5
30 June 2026	323.5

Seed subscriptions in the period were focused on establishing investment track records in new strategies such as Latin American equities; providing seed capital to alternatives funds in local markets; and providing initial capital to launch new products to broaden the distribution network of existing strategies.

Seed realisations were achieved from a range of equity and fixed income funds as client flows and strong investment performance facilitated the profitable recycling of the Group's capital.

The positive investment performance described in the Market review, combined with alpha delivered by Ashmore's active investment management processes, delivered a 28% increase in the market value of the seed capital investments over the period.

In total, gains of £82.5 million were generated in the year (FY2025: £40.1 million), of which £34.7 million were

realised (FY2025: £7.5 million). The total gain comprises a £54.0 million gain in respect of consolidated funds and portfolio companies (FY2025: £29.9 million gain) and a £28.5 million mark-to-market gain in respect of unconsolidated funds (FY2025: £10.2 million gain).

The following table summarises the principal IFRS items in the accounts to assist in understanding the financial impact of the Group's seed capital programme on profits.

Impact of seed capital investments on profits

		FY2026 £m	FY2025 £m
Consolidated funds and portfolio
companies (note 20):
Net gains/(losses) on investment
securities		38.1	11.8
Other revenue		3.9	-
Operating costs		(3.1)	(2.4)
Investment income		15.1	20.5
Sub-total: consolidated		54.0	29.9
Unconsolidated funds (note 8):
Investment return		25.9	10.7
FX		2.6	(0.5)
Sub-total: unconsolidated		28.5	10.2
Total seed capital gains		82.5	40.1
-	realised	34.7	7.5
-	unrealised	47.8	32.6

Profit before tax

Statutory PBT was 17% higher at £126.9 million (FY2025: £108.6 million), reflecting the increase in returns delivered from seed capital investments.

Taxation

The effective tax rate reduced to 15.4% for the period (FY2025: 21.6%) primarily as a result of the impact of seed capital gains and losses and changes to the Group's deferred tax position.

Note 12 to the financial statements provides a reconciliation of the tax charge to the UK corporation tax rate of 25.0%.

The Group's current effective tax rate, based on its geographic mix of profits and prevailing tax rates, is approximately 22%.

Diluted earnings per share

Diluted EPS increased by 28% from 11.8 pence to 15.0 pence. On an adjusted basis, excluding the effects of FX translation, seed capital-related items and relevant tax, diluted EPS was 29% lower at 5.0 pence (FY2025: 7.1 pence).

Balance sheet

As at 30 June 2026, total equity attributable to shareholders of the parent was £794.3 million (30 June 2025: £782.3 million). The Group continues to have no debt.

The level of capital required to support the Group's activities, including its regulatory requirements, is determined by the Board to be £88.0 million. As at 30 June 2026, the Group had total capital resources of £609.5 million, equivalent to 86 pence per share, and therefore representing an excess of £521.5 million over the Board's level of required capital.

Prior year comparative balance sheet information has been restated for the consolidation of a portfolio company where the Group has reassessed the requirement to consolidate. The restatement resulted in a reduction to capital resources of £0.3 million and has no impact on previously reported revenue, profit or the Group's operating performance. Comparative information used in this review has been presented on a restated basis. Further detail is provided in note 32 of the financial statements.

Cash

Ashmore has maintained a strong cash position with cash and deposits increasing by £15.9 million in the year to £364.7 million as at 30 June 2026.

Excluding cash held in consolidated funds and portfolio companies, the Group's cash and deposits totalled £355.9 million as at 30 June 2026 (30 June 2025: £340.7 million).

Cash and deposits by currency

	30 June 2026 £m	30 June 2025 £m
Sterling	95.2	173.7
US dollar	243.9	141.6
Other	25.6	33.5
Total	364.7	348.8

The movement over the year primarily reflects operating cash flows together with seed capital realisations and the purchase of ordinary shares to satisfy employee equity awards.

Ashmore's business model delivers a high conversion rate of operating profits to cash. Based on operating profit of £71.7 million for the period (FY2025: £57.2 million), the Group generated £52.2 million of cash from operations (FY2025: £61.0 million). The operating cash flows after excluding consolidated funds and portfolio companies represent 147% of adjusted EBITDA (FY2025: 130%).

Seed capital investments

Overall, the market value of the Group's seed capital investments decreased to £323.5 million as at 30 June 2026 (30 June 2025: £339.4 million) due to realisations of £172.9 million, partially offset by seed capital subscriptions of £62.5 million and strong investment performance of £94.5 million. The unrealised life-to-date gains on seed capital investments increased over the period from £42.6 million to £69.8 million.

Ashmore has seed capital commitments to funds of £82.5 million that were undrawn at the period end, primarily to support the development of thematic private equity and private debt funds, including in the healthcare, infrastructure and education sectors.

Shares held by the EBT

The Group's EBT continues to purchase and hold shares in anticipation of the granting and vesting of employee share awards. As at 30 June 2026, the EBT owned 61,933,539 ordinary shares (30 June 2025: 60,817,341 ordinary shares), representing 8.7% of the Group's issued share capital (30 June 2025: 8.5%).

Foreign exchange

The majority of the Group's fee income is received in US dollars and it is the Group's policy to hedge up to two-thirds of the notional value of budgeted foreign currency-denominated net management fees. Foreign currency assets and liabilities, including cash, are marked to market at the period end exchange rate with movements reported in either revenues or other comprehensive income.

Dividend

The Board's policy is to pay a progressive ordinary dividend over time, taking into consideration factors such as the financial performance over the period, the Group's strong financial position, cash generation and the near-term outlook.

The improved financial performance in the year has resulted in an increase in dividend cover in the year to 0.9, compared with 0.7 in the year to 30 June 2025.

Therefore, the Board has recommended a final dividend of 12.1 pence per share, which, if approved by shareholders, will be paid on 7 December 2026 to all shareholders on the register on 6 November 2026.

Tom Shippey

Group Finance Director

4 September 2026

RISK MANAGEMENT

Embedded risk management culture

Ashmore's strategy and business model have inherent risks, with the potential for harm to the Company, its clients and the markets in which it operates. Therefore the Group identifies, evaluates and manages both principal and emerging risks through a well-established internal control framework supported by an embedded risk management culture.

The Group executes its strategy through a distinctive business model and assesses the risks inherent within it. This includes ongoing evaluation of how emerging market dynamics, regulatory developments and operational dependencies may influence the Group's risk profile. The Board retains ultimate responsibility for the Group's strategy. It undertakes a formal review twice annually and receives updates at each Board meeting. While the Board is accountable for the overall risk-management framework,

day-to-day responsibilities are delegated to the Executive Directors and relevant governance bodies, ensuring effective oversight and escalation. The Group's three-phase strategy is designed to generate long-term value for shareholders by participating in the long-term growth opportunities available in emerging markets. This is supported by disciplined risk management, enabling the Group to pursue value creation while ensuring control across market cycles.

Overview of Ashmore's risk management and internal control systems

The Board retains ultimate responsibility for the Group's risk management and internal control systems and for reviewing their effectiveness in accordance with the Code. These systems are designed to manage, rather than eliminate, the risk of failure to achieve business objectives, and provide reasonable, though not absolute, assurance against material misstatement or loss.

The Group operates within an overarching corporate governance framework that enables the Board to maintain effective oversight of strategic, financial, operational and compliance matters. Within this framework, a structured internal control framework has been established, providing a basis for assessing the effectiveness of the Group's risk management arrangements.

Risk management and internal control are embedded within the Group's strategy, business model and day-to-day operations. A strong control culture is supported by clearly defined management responsibility and accountability for individual controls.

The internal control framework sets out the processes for identifying, evaluating and managing or mitigating the Group's emerging and principal risks. This framework has operated throughout the year under review and up to the date of approval of the 2026 Annual Report, and is regularly reviewed by the Audit and Risk Committee to ensure alignment with the Guidance.

The Executive Directors oversee the risk management process, supported by an organisational structure with clearly defined lines of responsibility and delegation of authority. Established policies and procedures enable the Audit and Risk Committee, and ultimately the Board, to monitor the effectiveness of the Group's risk management and internal control systems. These systems address all relevant internal and external risks, including strategic, operational, financial and compliance as well as the Group's ability to comply with applicable laws, regulations and client requirements.

The key components of the Group's risk management and internal control systems, including core policies, governance structures, business processes and assurance activities, are described below.

Provision 29

Provision 29 of the Code will apply to Ashmore for the year ended 30 June 2027 and requires the Board to oversee the Group's risk management and internal control framework, to review its effectiveness annually, and to make a formal declaration on the effectiveness of material controls, which are aligned to principal risks and related risk appetite tolerances. In the 2027 Annual Report the Board will include a formal declaration on the effectiveness of those material controls.

During the year ended 30 June 2026, management established a programme to prepare the Group for Provision 29. This included Board-level guidance on the new requirements, a clear implementation timeline and Internal Audit assurance.

The Audit and Risk Committee has reviewed the new framework, endorsing an approach in which the principal risks are updated for exogenous and endogenous factors, and risk tolerances are monitored against approved thresholds.

Management has progressed a staged implementation emphasising governance clarity, defined control ownership and evidential rigour to provide the Board with assurance that Ashmore complies with its Provision 29 requirements.

1. Policies

The Board is committed to maintaining a strong corporate culture that embeds high standards of integrity, fair dealing and responsible conduct across the Group's activities. This includes adherence to both letter and spirit of applicable laws and regulations, as well as alignment with recognised good market practice across Ashmore's activities.

Ashmore's compliance approach underpins these expectations by setting out principles to guide employees, officers and Directors to act with integrity across a wide range of business practices. The Group's compliance policies and manuals provide clear information on the regulatory and legislative environment in which the Group operates, enabling employees to fulfil their responsibilities in accordance with relevant laws, regulatory requirements and client expectations.

To support the Group's risk management and internal control framework, Ashmore maintains a suite of policy documents at both Group and local business levels. All relevant employees are required to comply with these policies. They operate as key controls and/or mitigants in relation to the Group's principal and emerging risks, and include:

•	Anti-bribery and corruption
•	Anti-money laundering, counter-terrorist financing, proliferation financing and financial sanctions
•	Best execution
•	Conflicts of interest
•	Data protection
•	ESG
•	Information security
•	Media and reputation management
•	Operational resilience and business continuity
•	Personal account dealing
•	Valuation and pricing
•	Whistleblowing

Additionally, the Board and its committees are responsible for policies including:

•	Corporate FX and liquidity risk management
•	Directors' remuneration
•	Diversity of the Board and Group
•	Dividend
•	Market abuse and disclosure
•	Non-audit services
•	Seed capital
•	Tax
•	Supplier code of conduct

2. Governance bodies

The Board has overall responsibility for risk management, but it has delegated authority to carry out day-to-day functions to the Executive Directors and internal governance bodies that have been established to govern relevant matters. The corporate governance framework describes the interrelationships and delegation to these governance bodies.

The Awards Committee has delegated authorities from the Board's Remuneration Committee to oversee certain remuneration matters, including employee remuneration and contracts of employment.

The Best Execution and Research Oversight Committee oversees the effectiveness of trading practices across asset classes, monitors regular compliance testing of trade execution, and provides governance, oversight and review of third-party research procured.

The Business Continuity Committee is responsible for overseeing business continuity planning, operational resilience, cyber security and incident response.

The Disclosure Committee is responsible for considering the assessment of confidential information, determining whether it constitutes inside information, and taking appropriate action in accordance with prevailing market regulations.

The Diversity Committee is responsible for monitoring developments with respect to diversity and inclusion targets in line with corporate governance requirements and best practice.

The ESGC has oversight of Ashmore's responsible investing framework and focuses on the appropriate implementation of all elements of the framework across Ashmore's corporate strategy and investment management activity.

The Investment Committees and their sub-committees meet weekly, monthly or quarterly depending on investment theme, and ensure that clients' funds are managed in accordance with the agreed investment strategy and policies.

The IT Steering Group ensures that the IT strategy is aligned with the Group's strategy and objectives, and has responsibility for implementing, managing and supporting the Group's IT systems and projects.

The Operating Committee reviews the Group's financial and operating performance to focus on delivery of the Group's key strategic objectives and implementation.

The Pricing Methodology and Valuation Committee has oversight of pricing policies and third-party pricing agents, and is responsible for the valuation methodologies used for fund investments that cannot be readily priced using external sources.

The Product Committee is responsible for product governance including launches, amendments, periodic reviews and closure of funds and strategies, and for identifying and addressing risks to customer outcomes and delivering fair value to comply with regulatory requirements.

The RCC is responsible for internal control and for assessing the impact of Ashmore's activities on the Group's risk, compliance, regulatory and operational exposures.

The Regulatory Developments Steering Group is responsible for overseeing legislative and regulatory developments that may impact Ashmore's funds and subsidiaries; and for implementing regulatory and legislation-driven change by the relevant businesses and functions.

3. Processes

Business processes underpin the policies and governance bodies, and are components of Ashmore's risk management and internal control framework.

Risk management and compliance

The Audit and Risk Committee receives regular compliance, risk and internal audit reports, while the Board receives regular financial and management information covering expenditure control, investment activity, business performance and relevant compliance, risk and internal audit matters.

The Risk Management and Control function maintains a comprehensive matrix of principal and emerging risks, comprising key strategic, business and client, treasury, investment and operational risks, and considers the likelihood of those risks crystallising and the resultant impact. Senior management and employees responsible for the risks and associated controls/mitigants regularly review the matrix. Ashmore identifies the risk inherent within each business activity, assesses the adequacy and mitigating effect of processes and compares principal risks to risk appetite tolerances. The RCC also analyses relevant risk appetite statistics on a monthly basis to highlight trends in the Group's risk profile, support the reduction of operational errors and financial losses, and enable early intervention where potential risks begin to crystallise.

The Compliance function is responsible for advising and monitoring the business, identifying and escalating potential regulatory breaches, delivering regulatory training, embedding compliance procedures across the Group and undertaking real time monitoring of client mandate investment restrictions. Through these activities, Compliance provides assurance to the Audit and Risk Committee and the Board that the Group meets its regulatory and client-related obligations and maintains a strong culture of compliance.

Culture and conduct

Ashmore recognises that an effective risk framework must be underpinned by an appropriate organisational culture and conduct. The Board and senior management promote risk management values and behaviours through regular narrative, defined risk management accountability and the provision of regular training. The Group maintains a whistleblowing framework to enable staff to raise risk management concerns confidentially. The Group HR department provides the Board with a semi-annual review of culture and conduct, which provides a detailed analysis of ongoing matters relating to overall organisational purpose, governance, teamwork, people and remuneration insofar as these areas relate to and drive culture and conduct.

Operational and governance

Ashmore has a defined operational framework and organisational structure, with clear delegation of authority, segregation of duties and accountability aligned to the Group's risk appetite.

The RAS sets out the types and levels of risk the Group is willing to accept in pursuit of its strategic objectives. The Board reviews the RAS in the context of the Group's strategy, business model, financial capacity, regulatory environment and other internal and external factors. Through the Audit and Risk Committee, the Board receives regular reporting against RAS metrics.

The Group's planning framework includes a Board-approved strategy. The Board reviews and challenges the strategy semi-annually, and it receives updates on progress against strategic objectives at each scheduled Board meeting.

Ashmore's FCA-regulated subsidiaries are subject to the FCA's Senior Managers and Certification Regime, which requires allocation of specific responsibilities to individuals, recorded through a management responsibilities map and individual job descriptions.

The Group's Finance function, led by appropriately qualified accountants, is responsible for the preparation of the financial statements. These are reviewed by the Executive Directors and challenged by the Audit and Risk Committee and the Board. Finance works closely with the external auditor and other advisers to ensure compliance with accounting standards, regulatory requirements and industry best practice.

Robust financial controls, including appropriate authorisation limits, support accurate transaction recording, reliable data processing and the integrity of financial information. The Board reviews and approves a detailed annual budget, and receives monthly management information, including financial and operational performance, HR and culture metrics, and cyber security indicators.

The Group maintains defined procedures for the appraisal and approval of corporate investments, including fund seeding and share purchases. These procedures include clear authority levels and regular post-investment reviews.

4. Verification

The following activities are intended to provide the Board with independent verification of the effectiveness of the Group's risk management and internal control systems.

Internal Audit is responsible for reviewing the Group's assurance map and providing an independent assessment of assurance to the Audit and Risk Committee on an annual basis. The assurance map documents the interaction of the first, second and third lines of defence with regard to the controls and mitigants relating to the Group's principal risks.

The Internal Audit function undertakes a programme of reviews of systems, processes and procedures as agreed with the Audit and Risk Committee, reporting the results, together with its advice and recommendations, to the Audit and Risk Committee.

The external auditor expresses an opinion on the annual financial statements and reviews the condensed set of financial statements in the half-yearly financial report. The external auditor also reports annually to the FCA on compliance with the CASS Rules by the Group's FCA-regulated subsidiaries.

The Group's external auditor independently reviews the control systems pursuant to ISAE 3402 and provides a verification report on the Group's claim of compliance with GIPS annually.

The Board, through the Audit and Risk Committee, receives half-yearly updates from the Group's external auditor, which include any control matters that have come to the auditor's attention.

5. Confirmation

The Board has overall responsibility for the Company's system of internal control, the ongoing monitoring of risk and internal control systems, and for reporting on any significant failings or weaknesses. The system of controls is designed to manage rather than eliminate the risk of failure to achieve the Group's strategic objectives and can only provide reasonable assurance against material misstatement or loss.

The Board, following review by the Audit and Risk Committee, has conducted an annual review and assessment of the effectiveness of the risk management and internal control systems and has not identified any significant failings or weaknesses.

In carrying out this review, the Board and Committee have also considered periodic reports on compliance, risk and Internal Audit matters which have been received throughout the year and up to the latest practicable date prior to the approval of the 2026 Annual Report. The Board has also considered the adequacy of the Group's risk management arrangements in the context of the Group's business and strategy.

The Board is satisfied that the systems supporting the control environment remain effective, and that the overall assessment of the internal control framework continues to be satisfactory.

Principal and emerging risks, controls and mitigants

The table below summarises those principal risks that the Group has assessed as being most significant currently, together with examples of associated controls and mitigants that the Board has assessed. Reputational and conduct risks are common to most aspects of Ashmore's strategy and business model.

Ashmore's internal control framework considers the assessment and management and/or mitigation of emerging risks alongside its principal risks. Current examples of emerging risks considered by the process are:

•	potential impact of US policies on the world economy;
•	energy security;
•	political and geopolitical;
•	adoption of AI technology within the Group;
•	cyber threats resulting from the evolution of technology; and
•	level of new regulatory obligations.

Three lines of defence

The Group has three lines of defence against unintended outcomes arising from the risks it faces.

1st

Risk ownership

This rests with line managers, whether they are in portfolio management, distribution or support functions. The senior management team takes the lead role with respect to implementing and maintaining appropriate controls across the business.

2nd

Risk control

This is provided by the Risk Management and Control function, including the Group's principal risk matrix, and Group Compliance, including the compliance monitoring programme.

3rd

Independent assurance

Group Internal Audit is the third line of defence and provides independent assurance over agreed risk management, internal control and governance processes as well as recommendations to improve the effectiveness of these processes.

Longer-term viability statement

In accordance with the Code, the Directors have assessed the Group's current position and prospects over a three-year period to June 2029, in line with the planning horizon and stress-testing framework applied under the ICARA regime. This timeframe reflects the period over which the Board and management routinely develop and review strategic and financial plans.

The Directors have made a robust assessment of the principal and emerging risks implicit in the business model, alongside the associated controls and mitigants. The Board reviews the Group's strategy and prospects on a regular basis, supported by qualitative and quantitative assessments of the principal risks reported to the Audit and Risk Committee. Ongoing management reporting to the Board enables the Directors to monitor the performance of key controls. In addition, the Directors review the Group's risk metrics quarterly and the RAS annually.

The Board receives regular information in respect of the Group's financial planning, including a detailed three-year financial forecast and a suite of severe but plausible scenario-based stress tests. These scenarios consider the impact of investment underperformance, regulatory non-compliance, breach of client mandate guidelines or restrictions, a material reduction of up to 50% of the Group's AuM, and ineffective third-party services. Based on this analysis, the Board assesses the level of capital required to absorb the Group's principal risks, including under extreme but credible stress test conditions.

The Group continues to demonstrate strong profitability, resilient cash generation, a solid balance sheet and a robust liquidity position. These attributes provide the capacity to withstand the financial impacts modelled in the stress testing scenarios. Accordingly, the Directors have a reasonable expectation that the Group will remain operational, meet its obligations as they fall due and maintain adequate capital resources throughout the three-year assessment period.

Description of principal risks			Examples of associated controls and mitigants
Strategic and business risks (Responsibility: Board of Directors)
Industry trends, competition and investor preferences together with the macroeconomic landscape could adversely impact performance against strategy		•	The Board, which has relevant industry experience, reviews and approves the Group strategy
		•	Committee-based investment management with diversification of investment and strategic capabilities
		•	Governance bodies meet regularly
		•	Ashmore has a strong balance sheet with no debt
Failure to meet stakeholder expectations resulting in reputational damage, which adversely impacts the ability to meet strategic objectives		•	Regular Product Committee meetings review product appropriateness
		•	Experienced distribution team with appropriate geographic coverage
		•	Media and Spokespeople policies and media monitoring in place
		•	Disclosure Committee in place to ensure appropriate handling of inside information
Failure to adequately assess, plan for and consider sustainability preferences in the strategy, operating model and products could lead to misalignment with investor objectives		•	ESG integration framework includes scoring and engagement strategy
		•	Head of Responsible Investment & ESG Policy provides updates to the Board
		•	ESGC considers and reports on the risks and opportunities relating to climate change
		•	Regular Product Committee meetings review product appropriateness
Treasury risks (Responsibility: CEO and GFD)
Inaccurate financial projections impact decision-making including balance sheet investments, liquidity and hedging of future cash flows		•	Defined risk appetite, and risk appetite measures updated and reported quarterly
		•	Weekly reporting and meeting including senior management to review liquidity and balance sheet exposures
		•	Annual ICARA process and quarterly regulatory reporting
Investment process risks (Responsibility: Group ICs)
Failure to meet clients' investment objectives or perform in line with guidelines, resulting in poor client outcomes, underperformance and breaches		•	Experienced, qualified employees with adequate supervision and regular training
		•	Investment restrictions, operational rules and risk limits are coded in relevant systems according to guidelines and actively monitored
		•	Committee-based investment management
		•	Robust policies, procedures and controls in place
Operational risks (Responsibility: Governance bodies)
Infrastructure, technology and digital capabilities fail to keep pace with needs, inhibiting growth as well as compromising operational resilience, continuity and cyber security arrangements		•	Information Security policy and IT Change Management policy in place and updated regularly
		•	RCC receives cyber security reports, including metrics on security patching
		•	The Business Continuity Committee meets regularly
		•	Regular/proactive identification and remediation of vulnerabilities
		•	No unsanctioned use of AI tools
		•	Employees receive online training and undertake mandatory testing
Failure or disruption to operational processes, systems or data		•	Robust policies, procedures and controls in place, which are continuously maintained
		•	Systems kept current with vendor updates
		•	Multiple connections to critical data sources
Inability to attract and retain key employees		•	Committee-based investment management reduces key person risk
		•	Appropriate remuneration policy with emphasis on performance-related pay and long-dated deferral of equity awards
		•	Regular reviews of resource requirements and updates provided to the Board
		•	Annual review of remuneration and benefits including benchmarking against industry
		•	Semi-annual Culture and Conduct report to the Board
Failure to comply with laws, regulations, rules and codes of conduct		•	Experienced Legal and Compliance functions provide ongoing regulatory horizon scanning, mandatory training, advice and monitoring across the Group
		•	Global compliance framework and policies ensure consistent control
		•	Structured oversight of regulatory compliance through formal reporting processes
		•	Oversight committees reinforce culture, escalation and remediation of potential breaches
		•	Whistleblowing policy including independent and confidential reporting line and Board sponsor
		•	Insurance policies in place with appropriate cover
Failure in the Group's financial crime prevention and detection frameworks		•	Robust policies, procedures and controls in place covering areas including Anti Money Laundering and Anti Bribery and Corruption
		•	Independent Internal Audit function that considers risk of fraud in each audit
		•	Whistleblowing policy, including independent and confidential reporting line and Board sponsor
		•	Insurance policies in place with appropriate cover
Legal action taken against Ashmore		•	Mandatory regular training provided to all employees
		•	Internal experienced legal team with support from external counsel
		•	Insurance policies in place with appropriate cover
Inappropriate accounting or tax practices leading to non-compliance, regulatory sanction or financial penalty		•	Qualified, experienced and dedicated Finance and Tax departments
		•	Group accounting and tax policies reviewed annually
		•	External tax advice sought for higher risk or non-routine matters
		•	Independent internal and external audit
Inadequate oversight of Ashmore overseas offices		•	GFD has oversight responsibility for overseas offices. Senior employees take local board positions
		•	Dual reporting lines into local management and Group department heads, with adherence to applicable Group policies
		•	Local risk and compliance committees in place and RCC receives updates
		•	Internal Audit reviews
Inadequate oversight of critical third-party service providers		•	Due diligence on service providers
		•	At least annual review of critical third-party service providers

Consolidated statement of comprehensive income

For the year ended 30 June 2026

	Notes	2026 £m	2025 £m
Management fees		133.2	131.7
Performance fees		1.4	10.2
Other revenue		9.7	2.5
Total revenue	6	144.3	144.4
Distribution and sub-advisory costs		(5.0)	(2.0)
Foreign exchange gains	7	1.2	1.7
Net revenue		140.5	144.1
Net gains on investment securities	20	38.1	11.8
Personnel expenses	9	(77.9)	(71.0)
Other expenses	11	(29.0)	(27.7)
Operating profit		71.7	57.2
Finance income	8	54.8	51.1
Share of profit from associate	26	0.4	0.3
Profit before tax		126.9	108.6
Tax expense	12	(19.6)	(23.5)
Profit for the year		107.3	85.1
Other comprehensive income/(loss), net of related tax effect
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation differences arising on foreign operations		20.5	(47.8)
Cash flow hedge intrinsic value gains/(losses)		(0.6)	0.6
Other comprehensive income/(loss), net of tax		19.9	(47.2)
Total comprehensive income for the year		127.2	37.9
Profit attributable to:
Equity holders of the parent		103.3	81.2
Non-controlling interests		4.0	3.9
Profit for the year		107.3	85.1
Total comprehensive income attributable to:
Equity holders of the parent		122.6	34.7
Non-controlling interests		4.6	3.2
Total comprehensive income for the year		127.2	37.9
Earnings per share attributable to equity holders of the parent
Basic	13	15.67p	12.17p
Diluted	13	15.04p	11.77p

Consolidated balance sheet

As at 30 June 2026

	Notes	2026 £m	2025 £m
Assets
Non-current assets
Goodwill	15	83.0	80.5
Property, plant and equipment1	16	66.3	33.8
Investment in associate	26	3.6	2.8
Financial assets at fair value	19, 20	60.1	66.3
Deferred acquisition costs		-	0.1
Trade and other receivables1	17	4.3	3.0
Deferred tax assets	18	21.7	16.2
		239.0	202.7
Current assets
Investment securities1	19, 20	297.5	310.4
Financial assets at fair value	19, 20	16.9	17.0
Derivative financial instruments	19, 21	-	0.9
Trade and other receivables1	17	55.3	50.2
Current tax		8.3	3.2
Cash and deposits1	21	364.7	348.8
		742.7	730.5
Assets held for sale	20	89.2	-
Total assets		1,070.9	933.2
Equity and liabilities
Capital and reserves - attributable to equity holders of the parent
Issued capital	22	0.1	0.1
Share premium		15.6	15.6
Retained earnings		802.2	809.5
Foreign exchange reserve1		(23.6)	(43.5)
Cash flow hedging reserve		-	0.6
		794.3	782.3
Non-controlling interests1	31	15.4	11.9
Total equity		809.7	794.2
Liabilities
Non-current liabilities
Lease liabilities	16	16.2	2.6
Deferred tax liabilities	18	12.9	9.5
Other financial liabilities1	20e	30.1	18.0
		59.2	30.1
Current liabilities
Derivative financial instruments	19, 21	0.2	-
Lease liabilities	16	0.6	2.0
Current tax		3.1	2.7
Third-party interests in consolidated funds1	19, 20	104.1	72.9
Trade and other payables1	24	34.9	31.3
		142.9	108.9
Liabilities held for sale	20	59.1	-
Total liabilities		261.2	139.0
Total equity and liabilities		1,070.9	933.2

1.	Comparative amounts have been restated, see note 32.

Approved by the Board on 4 September 2026 and signed on its behalf by:

Mark Coombs

Chief Executive Officer

Tom Shippey

Group Finance Director

Consolidated statement of changes in equity

For the year ended 30 June 2026

	Attributable to equity holders of the parent
	Issued capital £m	Share premium  £m	Retained earnings £m	Foreign exchange reserve £m	Cash flow hedging reserve £m	Total £m	Non-controlling interests £m	Total equity  £m
Balance at 30 June 2024	0.1	15.6	863.3	3.6	-	882.6	8.2	890.8
Profit for the year	-	-	81.2	-	-	81.2	3.9	85.1
Other comprehensive income/(loss):
Foreign currency translation differences arising on foreign operations1	-	-	-	(47.1)	-	(47.1)	(0.7)	(47.8)
Cash flow hedge intrinsic value gains	-	-	-	-	0.6	0.6	-	0.6
Total comprehensive income/(loss)	-	-	81.2	(47.1)	0.6	34.7	3.2	37.9
Transactions with owners:
Purchase of own shares	-	-	(35.4)	-	-	(35.4)	-	(35.4)
Share-based payments	-	-	20.5	-	-	20.5	-	20.5
Movements in non-controlling interests1	-	-	-	-	-	-	4.0	4.0
Dividends to equity holders	-	-	(120.1)	-	-	(120.1)	-	(120.1)
Dividends to non-controlling interests	-	-	-	-	-	-	(3.5)	(3.5)
Total transactions with owners	-	-	(135.0)	-	-	(135.0)	0.5	(134.5)
Balance at 30 June 20251	0.1	15.6	809.5	(43.5)	0.6	782.3	11.9	794.2
Profit for the year	-	-	103.3	-	-	103.3	4.0	107.3
Other comprehensive income/(loss):
Foreign currency translation differences arising on foreign operations	-	-	-	19.9	-	19.9	0.6	20.5
Cash flow hedge intrinsic value losses	-	-	-	-	(0.6)	(0.6)	-	(0.6)
Total comprehensive income/(loss)	-	-	103.3	19.9	(0.6)	122.6	4.6	127.2
Transactions with owners:
Purchase of own shares (see note 23)	-	-	(13.9)	-	-	(13.9)	-	(13.9)
Share-based payments	-	-	22.1	-	-	22.1	-	22.1
Deferred tax on share-based payments (see notes 12 and 18)	-	-	0.9	-	-	0.9	-	0.9
Movements in non-controlling interests	-	-	(0.9)	-	-	(0.9)	0.5	(0.4)
Dividends to equity holders	-	-	(118.8)	-	-	(118.8)	-	(118.8)
Dividends to non-controlling interests	-	-	-	-	-	-	(1.6)	(1.6)
Total transactions with owners	-	-	(110.6)	-	-	(110.6)	(1.1)	(111.7)
Balance at 30 June 2026	0.1	15.6	802.2	(23.6)	-	794.3	15.4	809.7

1.	Comparative amounts have been restated, see note 32.

Consolidated cash flow statement

For the year ended 30 June 2026

	2026 £m	2025 £m
Operating activities
Profit for the year	107.3	85.1
Adjustments for non-cash items:
Depreciation and amortisation	3.6	3.1
Share-based payments	22.1	20.5
Foreign exchange gains	(1.2)	(1.7)
Net gains on investment securities	(38.1)	(11.8)
Finance income	(54.8)	(51.1)
Tax expense	19.6	23.5
Share of profit from associate	(0.4)	(0.3)
Cash generated from operations before working capital changes	58.1	67.3
Changes in working capital:
Increase in trade and other receivables1	(3.9)	(1.6)
Decrease/(increase) in derivative financial instruments	1.1	(0.7)
Decrease in trade and other payables1	(3.1)	(4.0)
Cash generated from operations	52.2	61.0
Taxes paid	(25.0)	(17.4)
Net cash generated from operating activities	27.2	43.6
Investing activities
Interest received	14.8	23.1
Investment income received	20.7	29.7
Proceeds from term deposits1	146.6	342.8
Placement of term deposits1	(71.8)	(266.6)
Purchase of non-current financial assets measured at fair value	(1.5)	(11.1)
Purchase of financial assets measured at fair value	(6.5)	(61.6)
Purchase of investment securities1	(58.7)	(54.5)
Purchase of assets held for sale	(28.7)	-
Sale of non-current financial assets measured at fair value	1.0	2.1
Sale of financial assets measured at fair value	45.5	10.2
Sale of investment securities	116.6	26.6
Cash movement on reclassification of consolidated funds	0.4	3.8
Purchase of property, plant and equipment1	(20.8)	(27.4)
Net cash generated from investing activities	157.6	17.1
Financing activities
Dividends paid to equity holders	(118.8)	(120.1)
Drawdown of financial liabilities1	11.4	19.0
Increase in non-controlling interests1	0.2	2.6
Dividends paid to non-controlling interests	(1.6)	(3.5)
Third-party subscriptions into consolidated funds	45.2	22.8
Third-party redemptions from consolidated funds	(19.5)	(16.3)
Distributions paid by consolidated funds	(1.0)	(1.0)
Payment of lease liabilities	(1.9)	(2.3)
Interest paid on lease liabilities	(0.8)	(0.3)
Purchase of own shares (see note 23)	(13.9)	(35.4)
Net cash used in financing activities	(100.7)	(134.5)
Net increase/(decrease) in cash and cash equivalents1	84.1	(73.8)
Cash and cash equivalents at beginning of year	221.2	308.0
Effect of exchange rate changes on cash and cash equivalents	6.6	(13.0)
Cash and cash equivalents at end of year	311.9	221.2
Cash and deposits at end of year comprise the following:
Cash at bank and in hand	26.7	55.8
Daily dealing liquidity funds and short-term deposits	285.2	165.4
Cash and cash equivalents	311.9	221.2
Term deposits	52.8	127.6
Cash and deposits (see note 21)	364.7	348.8

1.	Comparative amounts have been restated, see note 32.

Company balance sheet

As at 30 June 2026

	Notes	2026 £m	2025 £m
Assets
Non-current assets
Goodwill	15	4.1	4.1
Property, plant and equipment	16	18.1	1.2
Investment in subsidiaries	25	19.9	19.9
Deferred acquisition costs		-	0.1
Trade and other receivables	17	200.5	192.5
Deferred tax assets	18	14.4	10.3
		257.0	228.1
Current assets
Trade and other receivables	17	204.1	157.0
Derivative financial instruments	21	-	0.8
Cash and deposits	21	62.1	134.4
		266.2	292.2
Total assets		523.2	520.3
Equity and liabilities
Capital and reserves
Issued capital	22	0.1	0.1
Share premium		15.6	15.6
Retained earnings		466.5	488.7
Cash flow hedging reserve		-	0.6
Total equity attributable to equity holders of the Company		482.2	505.0
Liabilities
Non-current liabilities
Lease liability	16	13.4	-
Deferred tax liabilities	18	0.6	-
		14.0	-
Current liabilities
Lease liability	16	0.4	1.0
Derivative financial instruments	21	0.2	-
Trade and other payables	24	26.4	14.3
		27.0	15.3
Total liabilities		41.0	15.3
Total equity and liabilities		523.2	520.3

The Company has taken the exemption under section 408 of the Companies Act 2006 not to present its profit and loss account and related notes. The Company's profit for the year ended 30 June 2026 was £87.5 million (30 June 2025: £42.8 million).

The financial statements of Ashmore Group plc (registered number 03675683) were approved by the Board on 4 September 2026 and signed on its behalf by:

Mark Coombs

Chief Executive Officer

Tom Shippey

Group Finance Director

Company statement of changes in equity

For the year ended 30 June 2026

	Issued capital £m	Share premium £m	Retained earnings  £m	Cash flow hedging reserve £m	Total equity attributable to equity holders of the parent £m
Balance at 30 June 2024	0.1	15.6	580.9	-	596.6
Profit for the year	-	-	42.8	-	42.8
Cash flow hedge intrinsic value gains	-	-	-	0.6	0.6
Purchase of own shares	-	-	(35.4)	-	(35.4)
Share-based payments	-	-	20.5	-	20.5
Dividends to equity holders	-	-	(120.1)	-	(120.1)
Balance at 30 June 2025	0.1	15.6	488.7	0.6	505.0
Profit for the year	-	-	87.5	-	87.5
Cash flow hedge intrinsic value losses	-	-	-	(0.6)	(0.6)
Purchase of own shares (see note 23)	-	-	(13.9)	-	(13.9)
Share-based payments	-	-	22.1	-	22.1
Deferred tax on share-based payments (see notes 12 and 18)	-	-	0.9	-	0.9
Dividends to equity holders	-	-	(118.8)	-	(118.8)
Balance at 30 June 2026	0.1	15.6	466.5	-	482.2

Company cash flow statement

For the year ended 30 June 2026

	2026 £m	2025 £m
Operating activities
Profit for the year	87.5	42.8
Adjustments for:
Depreciation and amortisation	2.1	1.6
Share-based payments	16.4	14.5
Foreign exchange losses/(gains)	(10.5)	23.7
Interest income	(2.9)	(9.2)
Tax expense/(credit)	1.3	(1.8)
Dividend income from subsidiaries	(100.5)	(79.9)
Cash used in operations before working capital changes	(6.6)	(8.3)
Changes in working capital:
Decrease in trade and other receivables	8.4	9.4
Decrease/(increase) in derivative financial instruments	1.0	(0.7)
Increase in trade and other payables	12.1	4.2
Cash generated from operations	14.9	4.6
Taxes paid	(18.7)	(9.0)
Net cash generated/(used) in operating activities	(3.8)	(4.4)
Investing activities
Interest received	6.0	11.7
Proceeds from term deposits1	146.5	341.0
Placement of term deposits1	(71.0)	(266.5)
Loans advanced to subsidiaries	(47.3)	(25.8)
Loans repaid by subsidiaries	11.0	3.8
Dividends received from subsidiaries	100.5	79.9
Purchase of property, plant and equipment	(5.5)	(0.1)
Net cash generated from investing activities	140.2	144.0
Financing activities
Dividends paid	(118.8)	(120.1)
Payment of lease liability	(0.7)	(1.2)
Interest paid	(0.6)	(0.1)
Purchase of own shares (see note 23)	(13.9)	(35.4)
Net cash used in financing activities	(134.0)	(156.8)
Net increase/(decrease) in cash and cash equivalents	2.4	(17.2)
Cash and cash equivalents at beginning of year	6.9	20.1
Effect of exchange rate changes on cash and cash equivalents	0.8	4.0
Cash and cash equivalents at end of year	10.1	6.9
Cash and deposits at end of year comprise the following:
Cash at bank and in hand	3.3	3.4
Daily dealing liquidity funds	6.8	3.5
Cash and cash equivalents	10.1	6.9
Term deposits	52.0	127.5
Cash and deposits (see note 21)	62.1	134.4

1.	Comparative amounts have been restated, see note 32.

Notes to the financial statements

1) General information

Ashmore Group plc (the Company) is a public limited company listed on the London Stock Exchange and incorporated and domiciled in the United Kingdom. The consolidated financial statements for the year to 30 June 2026 comprise the financial statements of the Company and its consolidated subsidiaries (together the Group). The principal activity of the Group is described in the Directors' report.

2) Basis of preparation

The Group and Company financial statements for the year ended 30 June 2026 have been prepared in accordance with UK-adopted international accounting standards.

The financial statements have been prepared on a going concern basis.

The Company has taken advantage of the exemption in section 408 of the Companies Act 2006 that allows it not to present its individual statement of comprehensive income and related notes.

Going concern

The Board of Directors has considered the resilience of the Group, taking into account its current financial position, and the principal and emerging risks facing the business in the context of the current economic outlook. The Board reviewed cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for that period. The Board applied stressed scenarios, including severe but plausible downside assumptions on AuM, profitability of the Group and known commitments. While there are wider market uncertainties that may impact the Group, the stressed scenarios, which assumed a significant reduction in revenue for the entire forecast period, show that the Group and Company would continue to meet their liabilities as they fall due for a period of at least 12 months from the date of approval of the annual financial statements. The financial statements have therefore been prepared on a going concern basis.

Principal estimates and judgements

The preparation of the Group's consolidated financial statements in accordance with UK-adopted International Financial Reporting Standards (IFRS) requires management to make estimates and apply judgements that affect the reported amounts of assets, liabilities, income, and expenses. These estimates and judgements are periodically evaluated based on historical experience, current conditions, and expectations of future events that are considered reasonable under the circumstances. Actual outcomes may differ from these estimates.

In preparing the financial statements, the key source of estimation uncertainty at the reporting date results from the Group's valuation of level 3 financial assets and liabilities using unobservable inputs (see note 19).

The key accounting judgement is the assessment of whether certain funds with seed capital investments are controlled by the Group in accordance with IFRS 10 criteria and therefore need to be classified as assets held for sale (see notes 4 and 20a), financial assets at fair value through profit or loss (see note 20b), consolidated funds (see notes 4 and 20d) or consolidated portfolio companies (see notes 4 and 20e).

The Group has considered climate-related risks in the preparation of the financial statements, particularly in the valuation of financial assets. It has been assessed that climate risks did not have a material impact on the Group's accounting estimates or judgements for the year ended 30 June 2026.

3) New and amended Standards and Interpretations

The amendments to IAS 21 Lack of Exchangeability were adopted in the year and had no material impact. No other new or amended Standards effective during the year ended 30 June 2026 had a material impact on the Group's consolidated financial statements.

The amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments, effective for periods beginning on or after 1 January 2026, will be adopted for the year ending 30 June 2027 and are not expected to have a material impact.

IFRS 18 Presentation and Disclosures in Financial Statements, issued in 2024 and effective for periods beginning on or after 1 January 2027, will be applied for the year ending 30 June 2028, with comparatives restated. IFRS 18 introduces defined categories and subtotals in the statement of profit or loss, requires disclosure of management-defined performance measures, and removes certain classification options in the statement of cash flows. The Group expects an impact on presentation and disclosure, but not on recognition or measurement.

No other Standards or Interpretations issued but not yet effective are expected to have a material impact on the Group.

4) Material accounting policy information

The following material accounting policies have been applied consistently where applicable to all years presented in dealing with items considered material in relation to the Group and Company financial statements, unless otherwise stated.

Basis of consolidation

The consolidated financial statements of the Group comprise the financial statements of the Company and its subsidiaries. This includes an Employee Benefit Trust (EBT) established for the employee share-based awards and consolidated investment funds.

References to profit or loss in the notes to the financial statements have the same meaning as the statement of comprehensive income.

Interests in subsidiaries

Subsidiaries are entities, including investment funds, over which the Group has control as defined by IFRS 10 Consolidated Financial Statements. The Group has control if it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date when control ceases. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the elements of control.

The profit or loss and each component of other comprehensive income are attributed to the equity holders of the Company and to any non-controlling interests. Based on their nature, the interests of third parties in consolidated funds are classified as liabilities and appear as 'Third-party interests in consolidated funds' on the Group's balance sheet.

A change in the ownership interest of a consolidated entity that does not result in a loss of control by the Group is accounted for as an equity transaction. If the Group loses control over a consolidated entity, it derecognises the related assets, goodwill, liabilities, non-controlling interest and other components of equity, and any gain or loss is recognised in consolidated profit or loss. Any investment retained is recognised at its fair value at the date of loss of control.

Interests in associates

Associates are partly owned entities over which the Group has significant influence but not control.

Investments in associates are measured using the equity method of accounting. Under this method, the investments are initially recognised at cost, including attributable goodwill, and are adjusted thereafter for the post-acquisition changes in the Group's share of net assets. The Group's attributable results of associates are recognised in the consolidated profit or loss.

Interests in consolidated structured entities

The Group acts as fund manager to investment funds that are structured entities. A structured entity is one designed so that voting or similar rights are not the dominant factor in deciding who controls it, for example where voting rights relate to administrative tasks only and the relevant activities are directed by contractual arrangements. The Group's assets under management are held within such entities, which are typically unitised vehicles; Sociétés d'Investissement à Capital Variable (SICAVs), limited partnerships, unit trusts and other open-ended and closed-ended vehicles, entitling third-party investors to a share of net asset value.

The Group's interests in these entities arise from managing assets on behalf of clients and, in some cases, from investing alongside them. Where the Group holds a direct interest in a fund, it assesses control under IFRS 10 by reference to its power over the fund and its aggregate economic interest, relative to third-party investors. Power is normally conveyed through an investment management agreement or other contractual arrangements. Aggregate economic interest measures the Group's exposure to variable returns through its direct interest, expected management and performance fees, fair value movements and distributions receivable.

The Group concludes that it acts as a principal when the power it has over the fund is exercised for its own benefit, having regard to the level of its economic exposure and the strength of third-party investors' rights to remove the Group as investment manager. The Group concludes that it acts as an agent where the power is exercised for the benefit of third-party investors. Where the Group acts as a principal, it has control and therefore consolidates the fund. Where the Group does not have control over the fund, it recognises its interest in the fund as a financial asset.

Interests in consolidated portfolio companies

Where the Group makes an assessment under IFRS 10 and concludes that it controls a fund in which it has invested seed capital, and that fund controls an operating company, the operating company is consolidated by the Group from the date on which control is obtained or, if newly incorporated, from the date of incorporation. These entities are referred to as consolidated portfolio companies and are held as investments in the seeded fund and are not part of the Group's investment management operations.

Non-controlling interests in consolidated portfolio companies are measured at the proportionate share of the recognised net assets attributable to equity holders. The share of a portfolio company's net assets attributable to third-party interests in the consolidated fund is classified as a financial liability of the fund, and is therefore not presented within non-controlling interests.

Further financial information on consolidated portfolio companies is set out in note 20e.

Interests in unconsolidated structured entities

The Group assesses whether it controls an investee by reference to its power over the investee, its exposure to variable returns and its ability to use that power to affect those returns. Where the Group manages a fund, that assessment turns on whether it acts as principal or as agent. The Group has concluded that it acts as agent, and so does not control, in the following cases.

•

Funds and segregated mandates in which the Group holds no investment: The Group acts as investment manager but holds no beneficial interest, so its exposure to variable returns is limited to its management fee. In the case of segregated mandates, investors can also remove the Group as manager without cause.

•

Funds in which the Group holds a direct interest, including seed capital investments: Where the Group has invested alongside third-party investors, it considers the magnitude and variability of its aggregate economic interest together with the rights held by those investors. Where the Group's aggregate economic interest is not sufficient to make it a principal, and investors hold substantive rights to remove it as manager, the Group acts as agent.

Interests in unconsolidated structured entities are accounted for as financial assets at fair value through profit or loss in accordance with IFRS 9. AuM of both consolidated and unconsolidated structured entities are disclosed in note 27.

Foreign currency

The Group's financial statements are presented in Pounds Sterling (Sterling), which is also the Company's functional and presentation currency. Items included in the financial statements of each of the Group's entities are measured using the functional currency, which is the currency that prevails in the primary economic environment in which the entity operates.

Foreign currency transactions

Transactions in foreign currencies are translated into the respective functional currencies of the Group entities at the spot exchange rates at the date of the transactions.

Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into the functional currency at the spot exchange rate at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

Foreign currency differences arising on translation are recognised in profit or loss, except for qualifying cash flow hedges to the extent that the hedge is effective, in which case foreign currency differences arising are recognised in other comprehensive income.

Foreign operations

The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into Sterling at the spot exchange rates at the balance sheet date. The revenues and expenses of foreign operations are translated into Sterling at rates approximating to the foreign exchange rates ruling at the dates of the transactions.

Foreign currency differences are recognised in other comprehensive income, and accumulated in the foreign currency translation reserve, except to the extent that the translation difference is allocated to non-controlling interests.

When a foreign operation is disposed of such that control is lost, the cumulative amount in the foreign currency translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests.

Business combinations

Business combinations are accounted for using the acquisition method as at the acquisition date. The acquisition date is the date on which the acquirer effectively obtains control of the acquiree.

The consideration transferred for the acquisition is generally measured at the acquisition date fair value, as are the identifiable net assets acquired, liabilities incurred (including any asset or liability resulting from a contingent consideration arrangement) and equity instruments issued by the Group in exchange for control of the acquiree.

Acquisition-related costs are expensed as incurred, except if they are related to the issue of debt or equity securities.

Goodwill

Goodwill is initially recognised as the excess of the purchase consideration over the fair value of identifiable net assets acquired in a business combination. It is carried at cost less accumulated impairment losses and is not amortised, as it is considered to have an indefinite useful life. Goodwill is tested for impairment at least annually, or more frequently if there are indicators of impairment, by comparing its carrying value to its recoverable amount. Impairment losses are recognised immediately in profit or loss and are not reversed.

Non-controlling interests (NCI)

The Group recognises NCI in an acquired entity either at fair value or at the NCI's proportionate share of the acquired entity's net identifiable assets. This decision is made on an acquisition-by-acquisition basis. Changes to the Group's interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

Property, plant and equipment

Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Cost comprises expenditure directly attributable to bringing the asset to the condition and location necessary for its intended use. Property, plant and equipment are depreciated using the straight-line method over the estimated useful lives, assessed to be ten years for leasehold improvements, five years for office equipment and four years for IT equipment. The residual values and useful lives of assets are reviewed at least annually.

The Group's property, plant and equipment include right-of-use assets recognised on lease arrangements in accordance with IFRS 16 Leases.

Leases

The Group's lease arrangements primarily relate to office premises and motor vehicles. In accordance with IFRS 16 Leases, the Group recognises a right-of-use asset and a corresponding lease liability at the lease commencement date.

The lease liability is initially measured at the present value of lease payments to be made over the lease term. These payments are discounted using the interest rate implicit in the lease, or, if that rate cannot be readily determined, the Group's incremental borrowing rate, which reflects the rate the Group would have to pay to borrow funds to acquire an asset of similar value in a similar economic environment.

The right-of-use asset is initially measured at cost, comprising the amount of the initial lease liability, any lease payments made at or before the commencement date, initial direct costs, and an estimate of costs to dismantle or restore the leased asset, if applicable. Right-of-use assets are presented within property, plant and equipment in the consolidated balance sheet.

Subsequently, the lease liability is measured using the effective interest method, with interest expense recognised in profit or loss and the liability reduced by lease payments made. The right-of-use asset is depreciated on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset. The Group reassesses the lease term if a significant event or change in circumstances occurs that is within its control and affects its ability to exercise (or not exercise) an extension or termination option.

Short-term leases (those with a lease term of 12 months or less) are not recognised on the balance sheet. Lease payments for such arrangements are recognised as an expense on a straight-line basis over the lease term.

Assets and liabilities held for sale

The Group may invest seed capital in funds that are managed or advised by a subsidiary of the Group. Where the Group is deemed to control such a fund, the fund is consolidated in accordance with IFRS 10 until the Group loses control.

Where, at the reporting date, a controlled fund meets the criteria in IFRS 5 to be classified as held for sale, the fund's assets are presented as a single amount within 'assets held for sale' and its liabilities within 'liabilities held for sale'.

Assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell except where the asset is outside the measurement scope of IFRS 5. Liabilities associated with assets classified as held for sale continue to be measured in accordance with the applicable IFRS, being amortised cost.

Where investments that have been recognised as assets and liabilities held for sale are subsequently disposed of or diluted such that the Group's holding is no longer deemed to be controlling, the retained investment is classified as a financial asset measured at FVTPL in accordance with IFRS 9.

Financial instruments

Recognition and initial measurement

Financial instruments are recognised when the Group becomes party to the contractual provisions of an instrument, initially at fair value plus or minus transaction costs, except for financial assets classified at FVTPL. Transaction costs for financial instruments at FVTPL are expensed. Purchases or sales of financial assets are recognised on the trade date, being the date that the Group commits to purchase or sell the asset.

Financial assets are derecognised when the rights to receive cash flows from the investments have expired or been transferred or when the Group has transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation under the liability has been discharged, cancelled or expires.

Subsequent measurement

The subsequent measurement of financial instruments depends on their classification in accordance with IFRS 9 Financial Instruments.

Under IFRS 9, the Group classifies its financial assets into two measurement categories: amortised cost and fair value through profit or loss. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:

•	it is held within a business model whose objective is to hold assets to collect contractual cash flows; and
•	its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All financial assets not classified as measured at amortised cost are measured at FVTPL. The Group classifies its financial liabilities at amortised cost except for derivative liabilities that are classified at FVTPL.

Amortised cost is the amount at which the financial asset or financial liability is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance.

Financial assets

The Group classifies its financial assets into the following categories: investment securities at FVTPL, financial assets at FVTPL and financial assets measured at amortised cost.

Investment securities at FVTPL

Investment securities represent securities, other than derivatives, held by consolidated funds. These securities are measured at fair value with gains and losses recognised in profit or loss within finance income or expense.

Financial assets at FVTPL

Financial assets at FVTPL include certain readily realisable interests in seeded funds, non-current financial assets measured at fair value and derivatives. From the date the financial asset is recognised, all subsequent changes in fair value, foreign exchange differences, interest and dividends are recognised in the profit or loss within finance income or expense.

(i) Non-current financial assets measured at fair value

Non-current financial assets include the Group's interests in funds that are expected to be realised within a period longer than 12 months from the balance sheet date. They are held at fair value with changes in fair value being recognised in profit or loss within finance income or expense.

(ii) Current financial assets measured at fair value

The Group classifies readily realisable interests in seeded funds as current financial assets measured at FVTPL with fair value changes recognised in profit or loss within finance income or expense. Fair value is measured based on the proportionate net asset value in the fund.

(iii) Derivatives

Derivatives include foreign exchange forward contracts and options used by the Group to manage its foreign currency exposures and those held in consolidated funds. Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and subsequently remeasured at fair value. Transaction costs are recognised immediately in profit or loss. All derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

Any gains or losses arising from changes in the fair value of derivatives are recognised in profit or loss within foreign exchange gains or losses and net gains or losses on investment securities, except for the effective portion of cash flow hedges, which is recognised in other comprehensive income.

Financial assets measured at amortised cost

(i) Trade and other receivables

Trade and other receivables are initially recorded at fair value plus transaction costs. The fair value on acquisition is normally the cost. Subsequent to initial recognition these assets are measured at amortised cost less impairment loss allowances. Impairment losses are recognised in profit or loss within other expenses, for expected credit losses and changes in those expected credit losses over the life of the instrument. Loss allowances are calculated based on lifetime expected credit losses at each reporting date.

(ii) Cash and cash equivalents

Cash represents cash at bank and in hand. Cash equivalents comprise short-term deposits with contractual maturities of three months or less from the date of acquisition and units in money market funds held for the purposes of meeting short-term cash commitments. Cash equivalents are readily convertible to known amounts of cash and are subject to insignificant risk of changes in value.

(iii) Term deposits

Term deposits are fixed term interest-yielding cash investments with contractual maturities of greater than three months from the date of acquisition. Term deposits are not cash equivalents, and placements of and proceeds from term deposits are presented gross within investing activities in the cash flow statement.

Financial liabilities

The Group classifies its financial liabilities into the following categories: financial liabilities at FVTPL and financial liabilities at amortised cost.

Financial liabilities at FVTPL

Financial liabilities at FVTPL include derivative financial instruments and third-party interests in consolidated funds. They are carried at fair value with gains or losses recognised in profit or loss within finance income or expense.

Financial liabilities at amortised cost

Other financial liabilities including trade and other payables are subsequently measured at amortised cost using the effective interest rate method. Interest expense is recognised in profit or loss within finance income or expense using the effective interest method, which allocates interest at a constant rate of return over the expected life of the financial instrument based on the estimated future cash flows.

Fair value of financial instruments

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the 'exit price') in an orderly transaction between market participants at the measurement date. In determining fair value, the Group applies valuation techniques that are consistent with the principles of IFRS 13 Fair Value Measurement, and prioritises the use of observable market inputs where available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Group.

Unobservable inputs are inputs that reflect the Group's judgements about the assumptions other market participants would use in pricing the asset or liability, developed based on the best information available in the circumstances.

Listed securities traded on recognised exchanges or regulated markets are valued at the last available closing bid price. Where securities are traded across multiple active markets, the price from the principal market is used. For instruments traded on secondary markets with regulated dealer activity, valuation may be based on observable dealer quotes.

For instruments not listed or traded on regulated markets, the Group uses valuation techniques such as the market approach, income approach, or cost approach, in line with the International Private Equity and Venture Capital Valuation Guidelines. These techniques may incorporate observable inputs (e.g., comparable market transactions) or unobservable inputs (e.g., discounted cash flows adjusted for liquidity, credit, and market risks).

Investments in funds are valued using the latest available net asset value (NAV) of the units or shares.

The fair value of derivative instruments is determined using market valuations at the reporting date.

The Group has a separate PMVC to oversee the valuation process and review the valuation methodologies, inputs and assumptions used to value individual investments.

Smaller investments may be valued directly by the PMVC but material investments are valued by independent third-party valuation specialists.

Valuation techniques used include the market approach, the income approach or the cost approach. The use of the market approach generally consists of using comparable market transactions or using techniques based on market observable inputs, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as deemed appropriate for liquidity, credit, market and/or other risk factors.

The governance framework ensures that fair value measurements are subject to rigorous internal scrutiny and reflect the best available information at the reporting date.

Hedge accounting

The Group applies the general hedge accounting model in IFRS 9, aligning hedge accounting relationships with its risk management objectives and strategy. The Group adopts a qualitative and forward-looking approach to assessing hedge effectiveness.

The Group uses forward and option contracts to hedge the variability in cash flows arising from changes in foreign exchange rates relating to management fee revenues. For hedge accounting purposes, the Group designates only the change in fair value of the hedging instrument that relates to the spot element of forward contracts or the intrinsic value of option contracts in its cash flow hedging relationships.

The intrinsic value of an option contract, representing the in-the-money portion, is considered the effective component of the hedge. The time value of options and the forward points of forward contracts are excluded from the hedging relationship and are accounted for in accordance with IFRS 9's treatment of costs of hedging.

The effective portion of changes in fair value of the hedging instrument is recognised in other comprehensive income and accumulated in the cash flow hedge reserve within equity. This amount is reclassified to profit or loss in the same period during which the hedged item affects the Group's financial performance.

To qualify for hedge accounting, the following criteria must be met:

•	formal documentation of the hedging relationship at inception;
•	The hedged forecast cash flows must be highly probable and capable of affecting profit or loss; and
•	The hedge must be expected to be highly effective, and effectiveness must be reliably measurable and assessed on an ongoing basis.

Any ineffective portion of the hedge is recognised immediately in profit or loss within foreign exchange gain/(loss). If the hedging instrument is terminated, sold, or ceases to be highly effective, hedge accounting is discontinued prospectively.

Impairment of financial assets

In accordance with IFRS 9, the Group recognises expected credit losses (ECLs) on financial assets measured at amortised cost. The ECL model requires the recognition of credit losses based on forward-looking information, incorporating both historical data and future expectations of credit risk.

Assets measured at amortised cost

The Group applies the simplified approach to measure ECLs for trade receivables, which do not contain a significant financing component. Under this approach, the Group recognises lifetime expected credit losses from initial recognition and throughout the life of the receivable.

The Group assesses credit risk based on days past due, whether there is deterioration in the credit quality of the counterparty, and knowledge of specific events that could influence a counterparty's ability to pay.

The ECL allowance is deducted from the gross carrying amount of trade receivables and is updated at each reporting date to reflect changes in credit risk.

For cash and deposits held with banks, the Group assesses credit risk using the general ECL model, which considers whether there has been a significant increase in credit risk since initial recognition, external credit ratings as the primary indicator of counterparty credit risk and forward-looking information and macroeconomic factors. Credit risk is deemed to have increased if the credit rating has deteriorated at the reporting date relative to the credit rating at the date of initial recognition.

Impairment of non-financial assets

An impairment test is performed annually or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets, other than goodwill, that have suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

Goodwill impairment review

Goodwill is tested for impairment at least annually or whenever there is an indication that the carrying amount may not be recoverable based on management's judgements regarding the future prospects of the business, estimates of future cash flows and discount rates. When assessing the appropriateness of the carrying value of goodwill at year end, the recoverable amount is considered to be the greater of fair value less costs to sell or value in use. The pre-tax discount rate applied is based on the Group's weighted average cost of capital after making allowances for any specific risks.

Goodwill acquired in a business combination is allocated to the cash-generating units that are expected to benefit from that business combination. It is the Group's judgement that the lowest level of cash-generating unit used to determine impairment is the investment management segment level.

The business of the Group is managed as a single unit, with asset allocations, research and other such operational practices reflecting the commonality of approach across all fund themes. This reflects the Group's global operating model, based on a single operating platform, into which acquired businesses are fully integrated and from which acquisition-related synergies are expected to be realised. Therefore, for the purpose of testing goodwill for impairment, the Group is considered to have one cash-generating unit to which all goodwill is allocated and, as a result, no further split of goodwill into smaller cash-generating units is possible and the impairment review is conducted for the Group as a whole.

An impairment loss in respect of goodwill cannot be reversed.

Net revenue

Net revenue is total revenue less distribution costs and includes foreign exchange gains or losses on non-Sterling denominated revenues, receivable and payable balances. The Group's total revenue includes management fees, performance fees and other revenue. The primary revenue source for the Group is fee income received or receivable for the provision of investment management services.

The Group recognises revenue in accordance with the principles of IFRS 15 Revenue from Contracts with Customers. Revenue is recognised to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Group applies the IFRS 15 five-step model for recognising revenue, which consists of identifying the contract with the customer; identifying the relevant performance obligations; determining the amount of consideration to be received under the contract; allocating the consideration to each performance obligation; and recognising the revenue as the performance obligations are satisfied. The Group's principal revenue recognition policies are summarised below:

Management fees

Management fees are presented net of rebates, and are calculated as a percentage of net fund assets managed in accordance with individual management agreements. Management fees are calculated and recognised on a monthly basis in accordance with the terms of the management fee agreements. Management fees are typically collected on a monthly or quarterly basis.

Performance fees

Performance fees are earned from some arrangements when contractually agreed performance levels are exceeded within specified performance measurement periods, typically over one year. The fees are recognised when they are crystallised, and there is deemed to be a low probability of a significant reversal in future periods. This is usually at the end of the performance period or upon early redemption by a fund investor. Once crystallised, performance fees typically cannot be clawed-back. Performance fees are presented net of rebates, and are calculated as a percentage of the appreciation in the net asset value of a fund above a defined hurdle.

Rebates

Rebates relate to repayments of management and performance fees charged subject to a rebate agreement, typically with institutional investors, and are calculated based on an agreed percentage of net fund assets managed and recognised as the service is received. Where rebate agreements exist, management and performance fees are presented on a net basis in profit or loss.

Other revenue

Other revenue principally comprises fees for other services, which are typically driven by the volume of transactions, along with revenues that vary in accordance with the volume of fund project development activities.

Other revenue includes transaction, structuring and administration fees, project management fees, and reimbursement by funds of costs incurred by the Group. This revenue is recognised as the relevant service is provided, and it is probable that the fee will be collected.

The Group presents revenue recognised by consolidated portfolio companies within other revenue, see note 20e.

Distribution and sub-advisory costs

Distribution costs are amounts paid to external intermediaries for marketing and investor servicing. Sub-advisory costs are amounts paid to external advisers for investment advisory or portfolio management services. These costs vary with the level of fund assets managed and associated management fee revenue, and are recognised over the period in which the services are provided.

Employee benefits

Obligations for contributions to defined contribution pension plans are recognised as an expense in profit or loss within personnel expenses when payable in accordance with the scheme particulars.

Share-based payments

The Group issues share awards to its employees under share-based compensation plans which are accounted for under IFRS 2 Share-based Payment.

For equity-settled awards, the fair value of the amounts payable to employees is recognised as an expense with a corresponding increase in equity over the vesting period after adjusting for the estimated number of shares that are expected to vest. The fair value is measured at the grant date using an appropriate valuation model, taking into account the terms and conditions upon which the instruments were granted. At each balance sheet date prior to vesting, the cumulative expense representing the extent to which the vesting period has expired and management's best estimate of the awards that are ultimately expected to vest is calculated. The movement in cumulative expense is recognised in profit or loss within personnel expenses with a corresponding entry within equity.

For cash-settled awards, the fair value of the amounts payable to employees is recognised as an expense with a corresponding liability on the Group's balance sheet. The fair value is measured using an appropriate valuation model, taking into account the estimated number of awards that are expected to vest and the terms and conditions upon which the instruments were granted. During the vesting period, the liability recognised represents the portion of the vesting period that has expired at the balance sheet date multiplied by the fair value of the awards at that date. Movements in the liability are recognised in profit or loss within personnel expenses.

The Group has in place an intragroup recharge arrangement for equity-settled share-based awards whereby the Company is reimbursed based on the grant-date cost of share awards granted to employees of subsidiary entities. During the vesting period, the subsidiaries recognise a share-based payment expense with an intercompany payable to the Company. The Company recognises an intercompany receivable and a corresponding credit within equity as a share-based payment reserve. The intercompany balances are settled regularly and reported as current assets/liabilities.

Finance income and expense

Finance income includes interest receivable on the Group's cash and cash equivalents and term deposits, and both realised and unrealised gains on financial assets at FVTPL. Finance expense includes both realised and unrealised losses on financial assets at FVTPL.

Taxation

Tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss within tax expense except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.

Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year, and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates enacted or substantively enacted at the balance sheet date in the countries where the Group operates. Current tax also includes withholding tax arising from dividends and trading revenues.

Deferred tax

Deferred tax is recognised using the balance sheet liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following differences are not provided for:

•	goodwill not deductible for tax purposes; and
•	differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.

Deferred tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the assets can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date.

Dividends

Dividends are recognised when shareholders' rights to receive payments have been established.

Equity shares

The Company's ordinary shares of 0.01 pence each are classified as equity instruments. Ordinary shares issued by the Company are recorded at the fair value of the consideration received or the market price at the day of issue. Direct issue costs, net of tax, are deducted from equity through share premium. When share capital is repurchased, the amount of consideration paid, including directly attributable costs, is recognised as a change in equity.

Own shares

Own shares are held by the Employee Benefit Trust (EBT). The holding of the EBT comprises own shares that have not vested unconditionally to employees of the Group. In both the Group and Company, own shares are recorded at cost and are deducted from retained earnings.

Segmental information

Key management information, including revenues, margins, investment performance, distribution costs and AuM flows, which is relevant to the operation of the Group, is reported to and reviewed by the Board on the basis of the investment management business as a whole. Hence, the Group's management considers that the Group's services and its operations are not run on a discrete geographic basis and comprise one business segment (being provision of investment management services).

Company-only accounting policies

In addition to the above accounting policies, the following specifically relates to the Company:

Investment in subsidiaries

Investments by the Company in subsidiaries are stated at cost less, where appropriate, provisions for impairment. Investments in subsidiaries are reviewed at least annually for impairment or when there is an indication of impairment.

5) Geographical information

The Group's operations are reported to and reviewed by the Board on the basis of the investment management business as a whole, hence the Group is treated as a single segment. The key management information considered is adjusted EBITDA, an alternative performance measure, which is £35.7 million for the year as reconciled in the Alternative performance measures (FY2025: adjusted EBITDA of £52.5 million).

The disclosures below are supplementary and provide the location of the Group's non-current assets at year end, which comprise goodwill, property, plant and equipment, deferred acquisition costs and investment in associate.

Analysis of non-current assets by geography

	2026 £m	2025 £m
United Kingdom and Ireland	38.4	20.5
Americas	112.7	94.6
Asia and Middle East	1.8	2.1
Total non-current assets	152.9	117.2

6) Revenue

Management fees are accrued throughout the year in line with prevailing levels of AuM and performance fees are recognised when they are crystallised, and there is deemed to be a low probability of a significant reversal in future periods.

The Group is not considered to be reliant on any single source of revenue. During the year, none of the Group's funds (FY2025: none) provided more than 10% of total revenue when considering management fees and performance fees on a combined basis.

Other revenue includes revenue recognised by consolidated portfolio companies, see note 20e.

Disclosures relating to revenue by location are provided below.

Analysis of total revenue by geography

	2026 £m	2025 £m
United Kingdom and Ireland	88.4	86.2
Americas	25.6	21.6
Asia and Middle East	30.3	36.6
Total revenue	144.3	144.4

7) Foreign exchange

The foreign exchange rates which had a material impact on the Group's results are the US dollar, the Euro, the Indonesian rupiah, the Saudi riyal and the Colombian peso.

£1	Closing rate as at 30 June 2026	Closing rate as at 30 June 2025	Average rate year ended 30 June 2026	Average rate year ended 30 June 2025
US dollar	1.3273	1.3704	1.3419	1.2970
Euro	1.1609	1.1674	1.1508	1.1911
Indonesian rupiah	23,731	22,248	22,647	20,890
Saudi riyal	4.9867	5.1395	5.0342	4.8668
Colombian peso	4,576	5,598	5,098	5,461

Foreign exchange gains are shown below.

	2026 £m	2025 £m
Net realised and unrealised hedging gains	0.2	4.1
Translation gains/(losses) on non-Sterling denominated monetary assets and liabilities	1.0	(2.4)
Total foreign exchange gains	1.2	1.7

8) Finance income and expense

	2026 £m	2025 £m
Interest and investment income	28.2	40.9
Realised gains/(losses) on disposal of investments measured at fair value	(0.2)	0.3
Net realised gains on seed capital investments measured at fair value	15.9	7.5
Net unrealised gains on seed capital investments measured at fair value	12.6	2.7
Interest expense on lease liabilities (see note 16)	(0.8)	(0.3)
Interest expense within the consolidated portfolio company (see note 20e)	(0.9)	-
Net finance income	54.8	51.1

Included within interest and investment income is interest earned on cash deposits of £12.2 million (FY2025: £20.4 million) and investment income of £16.0 million (FY2025: £20.5 million) on consolidated funds (see note 20d).

Net gains on seed capital investments measured at fair value were £28.5 million (FY2025: £10.2 million), comprising realised gains of £15.9 million (FY2025: £7.5 million) and unrealised gains of £12.6 million (FY2025: £2.7 million). Net gains are analysed by classification of the underlying investment as follows: £21.5 million gains (FY2025: £2.2 million gains) on current financial assets measured at fair value through profit or loss (see note 20b); £4.6 million gains (FY2025: £7.1 million gains) on non-current financial assets measured at fair value through profit or loss (see note 20c); £1.5 million gains (FY2025: £nil) on assets held for sale (see note 20a), and £0.9 million gains (FY2025: £0.9 million gains) on disposal of interests in consolidated funds (see note 20d).

9) Personnel expenses

Personnel expenses during the year comprised the following:

	2026 £m	2025 £m
Wages and salaries	24.9	23.8
Performance-related cash bonuses	20.5	17.5
Share-based payments (see note 10)	25.1	22.0
Social security costs	2.3	2.5
Pension costs	2.4	2.3
Other costs	2.7	2.9
Total personnel expenses	77.9	71.0

Number of employees

At 30 June 2026, the number of investment management employees of the Group (including Executive Directors) was as follows:

	Average for the year ended 30 June 2026 Number	Average for the year ended 30 June 2025 Number	At 30 June 2026 Number	At 30 June 2025 Number
Total investment management employees	278	275	282	272

Directors' remuneration

Disclosures of Directors' remuneration during the year as required by the Companies Act 2006 are included in the Remuneration report. There are retirement benefits accruing to two Executive Directors under a defined contribution scheme (FY2025: two).

10) Share-based payments

The cost related to share-based payments recognised by the Group in consolidated profit or loss is shown below:

Group	2026 £m	2025 £m
Omnibus Plan	24.9	21.9
Phantom Bonus Plan	0.2	0.1
Total share-based payments expense	25.1	22.0

The total expense recognised for the year in respect of equity-settled share-based payment awards, excluding national insurance, was £22.1 million (FY2025: £20.5 million), of which £2.1 million (FY2025: £2.2 million) relates to share awards granted to key management personnel.

The Executive Omnibus Incentive Plan (Omnibus Plan)

The Omnibus Plan was introduced prior to the Company listing in October 2006 and provides for the grant of share awards, market value options, premium cost options, discounted options, linked options and phantom awards to employees. It also allows bonuses to be deferred in the form of share awards with or without matching shares. Awards typically vest after five years from date of grant, with the exception of bonus awards which vest on the earlier of five years from date of grant and the date of termination of employment.

No share options have been granted under the Omnibus Plan and none were outstanding or exercised during the year (FY2025: none). The awards set out below are share awards carrying no exercise price, which vest on satisfaction of the relevant service and, where applicable, performance conditions. The weighted average share prices disclosed represent the grant-date share price of the awards concerned.

Awards are accounted for as equity-settled share-based payments, with the exception of phantom awards which are cash-settled.

The tables below present the combined cash and equity-settled awards under the Omnibus Plan.

Total expense by year awards were granted (excluding national insurance)

Group and Company Year of grant	2026 £m	2025 £m
2020	-	3.9
2021	2.8	3.1
2022	2.8	2.9
2023	4.6	4.9
2024	2.5	3.3
2025	2.4	2.4
2026	7.0	-
Total Omnibus Plan share-based payments expense reported in profit or loss	22.1	20.5

Awards outstanding under the Omnibus Plan were as follows:

i) Equity-settled awards

Group and Company	2026 Number of shares subject to awards	2026 Weighted average share price	2025 Number of shares subject to awards	2025 Weighted average share price
Restricted share awards
At the beginning of the year	34,274,723	£2.24	29,802,680	£2.61
Granted	7,143,316	£1.67	8,613,488	£1.75
Vested	(3,303,754)	£3.48	(3,398,755)	£4.19
Forfeited	(1,172,927)	£2.06	(742,690)	£2.52
Awards outstanding at year end	36,941,358	£2.03	34,274,723	£2.24
Bonus share awards
At the beginning of the year	8,838,181	£2.55	8,431,485	£3.24
Granted	1,541,823	£1.64	3,406,067	£1.75
Vested	(2,084,487)	£3.23	(2,999,371)	£3.62
Awards outstanding at year end	8,295,517	£2.23	8,838,181	£2.55
Matching share awards
At the beginning of the year	10,128,825	£2.55	8,780,733	£3.20
Granted	1,552,918	£1.64	3,422,039	£1.75
Vested	(1,806,641)	£3.56	(1,643,447)	£4.37
Forfeited	(173,038)	£2.13	(430,500)	£2.64
Awards outstanding at year end	9,702,064	£2.25	10,128,825	£2.55
Total	54,938,939	£2.10	53,241,729	£2.35

ii) Cash-settled awards

Group and Company	2026 Number of shares subject to awards	2026 Weighted average share price	2025 Number of shares subject to awards	2025 Weighted average share price
Restricted share awards
At the beginning of the year	237,352	£2.05	236,603	£2.36
Granted	-	-	31,462	£1.75
Vested	-	-	(27,993)	£4.27
Forfeited	-	-	(2,720)	£2.10
Awards outstanding at year end	237,352	£2.05	237,352	£2.05
Bonus share awards
At the beginning of the year	63,114	£2.33	65,148	£3.07
Granted	-	-	16,856	£1.75
Vested	-	-	(18,890)	£4.38
Awards outstanding at year end	63,114	£2.33	63,114	£2.33
Matching share awards
At the beginning of the year	63,114	£2.33	65,148	£3.07
Granted	-	-	16,856	£1.75
Vested	-	-	(18,890)	£4.38
Awards outstanding at year end	63,114	£2.33	63,114	£2.33
Total	363,580	£2.15	363,580	£2.15

iii) Total awards

Group and Company	2026  Number of shares subject to awards	2026 Weighted average share price	2025  Number of shares subject to awards	2025 Weighted average share price
Restricted share awards
At the beginning of the year	34,512,075	£2.24	30,039,283	£2.61
Granted	7,143,316	£1.67	8,644,950	£1.75
Vested	(3,303,754)	£3.48	(3,426,748)	£4.19
Forfeited	(1,172,927)	£2.06	(745,410)	£2.52
Awards outstanding at year end	37,178,710	£2.03	34,512,075	£2.24
Bonus share awards
At the beginning of the year	8,901,295	£2.54	8,496,633	£3.24
Granted	1,541,823	£1.64	3,422,923	£1.75
Vested	(2,084,487)	£3.23	(3,018,261)	£3.62
Awards outstanding at year end	8,358,631	£2.23	8,901,295	£2.54
Matching share awards
At the beginning of the year	10,191,939	£2.55	8,845,881	£3.20
Granted	1,552,918	£1.64	3,438,895	£1.75
Vested	(1,806,641)	£3.56	(1,662,337)	£4.37
Forfeited	(173,038)	£2.13	(430,500)	£2.64
Awards outstanding at year end	9,765,178	£2.25	10,191,939	£2.55
Total	55,302,519	£2.10	53,605,309	£2.35

The weighted average fair value of awards granted to employees under the Omnibus Plan during the year was £1.66 (FY2025: £1.75), calculated based on the average Ashmore Group plc closing share price for the five business days prior to grant. For Executive Directors, the fair value of awards also takes into account the performance conditions set out in the Remuneration report.

Where the grant of restricted and matching share awards is linked to the annual bonus process, the grant date fair value is recognised over a period comprising the current financial year and the following five years, to the vesting date when the grantee becomes unconditionally entitled to the underlying shares.

The liability arising from cash-settled awards under the Omnibus Plan at the end of the year and reported within trade and other payables on the Group consolidated balance sheet is £0.5 million (30 June 2025: £0.3 million) of which £nil (30 June 2025: £nil) relates to vested awards.

11) Other expenses

Other expenses consist of the following:

	2026 £m	2025 £m
Travel	1.9	2.2
Professional fees	4.2	3.9
Information technology and communications	8.7	8.4
Amortisation of deferred acquisition costs	0.1	0.1
Lease expenses	0.1	0.3
Depreciation of property, plant and equipment (see note 16)	3.5	3.0
Premises-related costs	1.6	1.5
Insurance	0.8	0.7
Research costs	0.2	0.3
Auditor's remuneration (see below)	1.1	1.1
Operating expenses in consolidated funds (see note 20d)	2.4	2.1
Operating expenses in consolidated portfolio company (see note 20e)	0.5	-
Other operating expenses	3.9	4.1
	29.0	27.7

Lease expenses relate to short-term leases where the Group has applied the optional exemption contained within IFRS 16, which permits the cost of short-term leases (less than 12 months) to be expensed on a straight-line basis over the lease term.

Auditor's remuneration

		2026 £m	2025 £m
Fees for statutory audit services:
•	Fees payable to the Company's auditor for the audit of the Group's accounts	0.3	0.3
•	Fees payable to the Company's auditor and its associates for the audit of the Company's subsidiaries pursuant to legislation	0.6	0.6
Fees for non-audit services:
•	Other assurance non-audit services1	0.2	0.2
		1.1	1.1

1.	Other assurance non-audit services include fees paid to EY for the Group's half year review, internal controls reporting under ISAE 3402 and regulatory assurance reporting relevant to a number of the Group's subsidiaries.

12) Taxation

Analysis of tax charge for the year:

	2026 £m	2025 £m
Current tax
UK corporation tax on profits for the year	14.2	12.2
Overseas corporation tax charge	8.5	7.9
Adjustments in respect of prior years	(1.9)	0.1
	20.8	20.2
Deferred tax
Deferred tax charge/(credit) for the year (see note 18)	(1.2)	3.3
Tax expense	19.6	23.5

Factors affecting tax charge for the year

	2026 £m	2025 £m
Profit before tax	126.9	108.6
Tax at the standard UK corporation tax rate of 25% (FY2025: 25%)	31.7	27.2
Effects of:
Permanent differences including non-taxable income and non-deductible expenses	(1.6)	1.8
Different rates of tax on overseas profits	(1.6)	(3.5)
Non-taxable investment returns1	(5.7)	(2.1)
Adjustments in respect of prior years - current tax	(1.9)	0.1
Adjustments in respect of prior years - deferred tax	(1.3)	-
Tax expense	19.6	23.5

1.	Non-taxable investment returns comprise seed capital investment gains/losses in certain jurisdictions in which the Group operates for which there are local tax exemptions

The tax credit recognised in other comprehensive income and directly in equity is as follows:

	2026 £m	2025 £m
Recognised in other comprehensive income
Current tax credit on foreign exchange losses	-	(0.5)
Recognised directly in equity
Deferred tax credit on share-based payments (see note 18)	(0.9)	-
Total tax credit	(0.9)	(0.5)

13) Earnings per share

Basic earnings per share for the year ended 30 June 2026 of 15.67 pence (30 June 2025: 12.17 pence) is calculated by dividing the profit after tax for the financial year attributable to equity holders of the parent of £103.3 million (FY2025: £81.2 million) by the weighted average number of ordinary shares in issue during the year, excluding own shares.

Diluted earnings per share is calculated based on basic earnings per share adjusted for the effect of dilutive potential ordinary shares arising from share awards. There is no difference between the profit for the year attributable to equity holders of the parent used in the basic and diluted earnings per share calculations.

The weighted average number of shares used in calculating basic and diluted earnings per share is shown below.

	2026 Number of ordinary shares	2025 Number of ordinary shares
Weighted average number of ordinary shares used in the calculation of basic earnings per share	659,160,156	667,060,639
Effect of dilutive potential ordinary shares	27,616,103	22,439,347
Weighted average number of ordinary shares used in the calculation of diluted earnings per share	686,776,259	689,499,986

14) Dividends

Dividends paid in the year

Company	2026 £m	2025 £m
Final dividend for FY2025: 12.10p (FY2024: 12.10p)	85.1	86.2
Interim dividend FY2026: 4.80p (FY2025: 4.80p)	33.7	33.9
	118.8	120.1

In addition, the Group paid £1.6 million (FY2025: £3.5 million) of dividends to non-controlling interests.

Dividends declared/proposed in respect of the year

Company	2026 pence	2025 pence
Interim dividend per share paid	4.80	4.80
Final dividend per share proposed	12.10	12.10
	16.90	16.90

On 4 September 2026, the Board proposed a final dividend of 12.10 pence per share for the year ended 30 June 2026 (30 June 2025: 12.10 pence final dividend proposed). This has not been recognised as a liability of the Group at the year end as it has not yet been approved by shareholders. Based on the number of shares in issue at the year end that qualify to receive a dividend, the total amount payable would be £85.1 million.

15) Goodwill

Group	2026 £m	2025 £m
Cost (at original exchange rate)
At the beginning of the year	70.2	70.2
At the end of the year	70.2	70.2
Net book value
At the beginning of the year	80.5	87.0
Foreign exchange revaluation through reserves1	2.5	(6.5)
At the end of the year	83.0	80.5

1.	Foreign exchange revaluation through reserves is a result of the retranslation of US dollar-denominated goodwill.

Company	2026 £m	2025 £m
Cost and net book value
At the beginning of the year	4.1	4.1
At the end of the year	4.1	4.1

Goodwill impairment review

The Group's goodwill balance relates to the acquisition of subsidiaries. The Company's goodwill balance relates to the acquisition of the business from ANZ in 1999.

The Group's goodwill is allocated to a single cash-generating unit. Goodwill is tested for impairment at least annually or whenever there is an indication that the carrying amount may not be recoverable. The key assumption used to determine the recoverable amount is based on a fair value less costs of disposal calculation using the Company's market share price.

An annual impairment review of goodwill was undertaken for the year ended 30 June 2026, and no factors indicating potential impairment of goodwill were noted.

Based on the calculation as at 30 June 2026 using a share price of £2.01, the recoverable amount of the cash-generating unit was in excess of its carrying amount including goodwill, and no impairment was implied. In addition, the sensitivity of the recoverable amount to a 15% change in the Company's share price would not lead to any impairment. Therefore, no impairment loss has been recognised in the current or preceding years.

16) Property, plant and equipment

The Group's property, plant and equipment include right-of-use assets recognised on lease arrangements and the property, plant and equipment of the consolidated portfolio company, as follows:

	Group		Company
	30 June 2026 £m	30 June 2025 £m	30 June 2026 £m	30 June 2025 £m
Property, plant and equipment owned by the Group	5.6	1.0	5.0	0.3
Right-of-use assets	15.8	4.1	13.1	0.9
Property, plant and equipment owned by consolidated portfolio company (see note 20e)	44.9	28.7	-	-
Total net book value	66.3	33.8	18.1	1.2

The movement in property, plant and equipment is provided below:

Group	2026 Owned £m	2026 Right-of-use £m	2026 Total £m	2025 Owned £m	2025 Right-of-use £m	2025 Total £m
Cost
At the beginning of the year	10.2	13.7	23.9	10.2	13.4	23.6
Additions1	5.2	14.6	19.8	0.3	0.6	0.9
Write-off on termination of lease1	(6.4)	(8.6)	(15.0)	-	-	-
Foreign exchange revaluation	-	0.1	0.1	(0.3)	(0.3)	(0.6)
At the end of the year	9.0	19.8	28.8	10.2	13.7	23.9
Accumulated depreciation
At the beginning of the year	9.2	9.6	18.8	8.9	7.4	16.3
Depreciation charge for the year	0.5	3.0	3.5	0.6	2.4	3.0
Write-off on termination of lease1	(6.4)	(8.6)	(15.0)	-	-	-
Foreign exchange revaluation	0.1	-	0.1	(0.3)	(0.2)	(0.5)
At the end of the year	3.4	4.0	7.4	9.2	9.6	18.8
Net book value at 30 June	5.6	15.8	21.4	1.0	4.1	5.1

Company	2026 Owned £m	2026 Right-of-use £m	2026 Total £m	2025 Owned £m	2025 Right-of-use £m	2025 Total £m
Cost
At the beginning of the year	6.7	7.8	14.5	6.6	7.8	14.4
Additions1	5.0	14.0	19.0	0.1	-	0.1
Write-off on termination of lease1	(5.3)	(7.8)	(13.1)	-	-	-
At the end of the year	6.4	14.0	20.4	6.7	7.8	14.5
Accumulated depreciation
At the beginning of the year	6.4	6.9	13.3	6.0	5.8	11.8
Depreciation charge for year	0.3	1.8	2.1	0.4	1.1	1.5
Write-off on termination of lease1	(5.3)	(7.8)	(13.1)	-	-	-
At the end of the year	1.4	0.9	2.3	6.4	6.9	13.3
Net book value at 30 June	5.0	13.1	18.1	0.3	0.9	1.2

1.

Included in additions for the current year is the recognition of the Group's new London office lease and the associated leasehold improvements. The right-of-use asset and leasehold improvements relating to the former premises were fully depreciated at the date of relocation, and their cost and accumulated depreciation have been written off.

Lease arrangements

The Group leases office space in various countries and enters into lease agreements on office premises with remaining lease periods of one to ten years. Lease terms are negotiated on an individual basis and contain varying terms and conditions depending on location. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor.

In accordance with IFRS 16, the Group recognises a lease liability and a corresponding right-of-use asset at the commencement date of each lease. Lease liabilities are measured as the present value of future lease payments, discounted using the Group's incremental borrowing rate, which reflects the rate the Group would pay to borrow funds over a similar term and with similar security. For the year ended 30 June 2026, the weighted average incremental borrowing rate applied was 4.1% (FY2025: 5.0%).

The carrying value of right-of-use assets, lease liabilities and the movement during the year are set out below.

	Group		Company
	Right-of-use assets £m	Lease liabilities £m	Right-of-use assets £m	Lease liabilities £m
At 30 June 2024	6.0	6.4	2.0	2.2
Additions	0.6	0.6	-	-
Remeasurement	-	0.1	-	-
Lease payments	-	(2.6)	-	(1.3)
Interest expense (see note 8)	-	0.3	-	0.1
Depreciation charge	(2.4)	-	(1.1)	-
Foreign exchange revaluation through reserves	(0.1)	(0.2)	-	-
At 30 June 2025	4.1	4.6	0.9	1.0
Additions	14.6	14.1	14.0	13.5
Lease payments	-	(2.7)	-	(1.3)
Interest expense (see note 8)	-	0.8	-	0.6
Depreciation charge	(3.0)	-	(1.8)	-
Foreign exchange revaluation through reserves	0.1	-	-	-
At 30 June 2026	15.8	16.8	13.1	13.8

The contractual maturities on the minimum lease payments under lease liabilities are provided below:

	Group		Company
Maturity analysis - contractual undiscounted cash flows	30 June 2026 £m	30 June 2025 £m	30 June 2026 £m	30 June 2025 £m
Within 1 year	1.6	2.3	0.4	1.0
Between 1 and 5 years	10.3	2.0	8.4	-
After 5 years	9.5	0.7	9.4	-
Total undiscounted lease liabilities	21.4	5.0	18.2	1.0
Lease liabilities are presented in the balance sheet as follows:
Current	0.6	2.0	0.4	1.0
Non-current	16.2	2.6	13.4	-
Total lease liabilities	16.8	4.6	13.8	1.0
Amounts recognised under financing activities in the cash flow statement:
Payment of lease liabilities	1.9	2.3	0.7	1.2
Interest paid	0.8	0.3	0.6	0.1
Total cash outflow for leases	2.7	2.6	1.3	1.3

17) Trade and other receivables

	Group		Company
	2026 £m	2025 £m	2026 £m	2025 £m
Non-current
Trade and other receivables of consolidated portfolio company (see note 20e)	4.3	3.0	-	-
Loans due from subsidiaries	-	-	200.5	192.5
	4.3	3.0	200.5	192.5
Current
Trade debtors	46.2	40.8	5.4	1.6
Prepayments	5.2	3.1	2.4	1.7
Amounts due from subsidiaries	-	-	32.8	26.8
Loans due from subsidiaries	-	-	161.9	123.2
Other receivables	2.9	1.9	1.6	3.7
Trade and other receivables of consolidated portfolio company (see note 20e)	1.0	4.4	-	-
	55.3	50.2	204.1	157.0

Group trade debtors include accrued management and performance fees in respect of investment management services provided up to 30 June 2026. Management fees are received in cash when the funds' net asset values are determined, typically every month or every quarter. The majority of fees are deducted from the net asset values of the respective funds by independent administrators and therefore the credit risk of fee receivables is minimal. As at 30 June 2026, the assessed provision for expected credit losses was immaterial and the Group has not recognised any credit losses in the current year (FY2025: none).

Loans due from subsidiaries for the Company include intercompany loans related to the provision of funding for seed capital investments, predominantly denominated in sterling and US dollars, and cash invested by subsidiaries in daily-traded investment funds. The net increase in loans due from subsidiaries during the year was £46.7 million, comprising £47.3 million of loans advanced, £11.0 million of loans repaid, and £10.4 million foreign exchange gain arising from the retranslation of US dollar-denominated balances (FY2025: net decrease of £4.0 million comprising £25.8 million of loans advanced, £3.8 million loans repaid and £26.0 million foreign exchange loss).

The intercompany loans accrue interest at market rates and the amounts classified as current are repayable on demand and regularly settled during the year. Applying the general expected credit loss model, the Company has assessed credit risk on these balances as low and no loss allowance is considered necessary. No credit losses have been recognised in the current year (FY2025: none).

18) Deferred taxation

Deferred tax assets and liabilities recognised by the Group and Company at year end are attributable to the following:

	2026			2025
Group	Other temporary differences £m	Share-based payments £m	Total £m	Other temporary differences £m	Share-based payments £m	Total £m
Deferred tax assets	5.2	16.5	21.7	5.0	11.2	16.2
Deferred tax liabilities	(12.9)	-	(12.9)	(9.5)	-	(9.5)
	(7.7)	16.5	8.8	(4.5)	11.2	6.7
	2026			2025
Company	Other temporary differences £m	Share-based payments £m	Total £m	Other temporary differences £m	Share-based payments £m	Total £m
Deferred tax assets	-	14.4	14.4	-	10.3	10.3
Deferred tax liabilities	(0.6)	-	(0.6)	-	-	-
	(0.6)	14.4	13.8	-	10.3	10.3

Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or substantively enacted tax rate for the year in which they are expected to be realised or settled. Deferred tax assets on share-based payments represent tax deductible amounts on shares expected to vest in future periods, and are measured based on the market value of shares as at 30 June 2026.

At 30 June 2026 the aggregate amount of taxable temporary differences associated with investments in subsidiaries for which no deferred tax liability has been recognised was £76.5 million (30 June 2025: £32.0 million). These differences would reverse only on disposal, and the Group controls the timing of any disposal and does not expect these differences to reverse, or any associated tax to crystallise, in the foreseeable future.

Movement of deferred tax balances

The movement in the deferred tax balances between the balance sheet dates has been reflected in the consolidated statement of comprehensive income as follows:

Group	Other temporary differences £m	Share-based payments £m	Total £m
At 30 June 2024	(2.6)	12.6	10.0
Charged to profit or loss	(1.5)	(1.4)	(2.9)
Foreign exchange revaluation	(0.4)	-	(0.4)
At 30 June 2025	(4.5)	11.2	6.7
Credited/(charged) to profit or loss	(3.2)	4.4	1.2
Credited to equity	-	0.9	0.9
At 30 June 2026	(7.7)	16.5	8.8
Company	Other temporary differences £m	Share-based payments £m	Total £m
At 30 June 2024	-	11.4	11.4
Charged to profit or loss	-	(1.1)	(1.1)
At 30 June 2025	-	10.3	10.3
Credited/(charged) to profit or loss	(0.6)	3.2	2.6
Credited to equity	-	0.9	0.9
At 30 June 2026	(0.6)	14.4	13.8

19) Fair value of financial instruments

The Group has an established control framework with respect to the measurement of fair values. Responsibility for all significant fair value measurements rests with the PMVC, which regularly reviews significant valuation inputs and valuation adjustments. Where third-party information is used to measure fair value, the PMVC assesses and documents the evidence obtained from those third parties to support such valuations. Further details of the PMVC's role are set out in the Risk management report.

Fair value hierarchy

The Group measures fair values using the following fair value levels that reflect the significance of inputs used in making the measurements, based on the degree to which the fair value is observable:

•	Level 1: Valuation is based upon a quoted market price in an active market for an identical instrument. This fair value measure relates to the valuation of quoted and exchange traded equity and debt securities.
•	Level 2: Valuation techniques are based upon observable inputs, either directly (i.e. as prices) or indirectly (i.e. derived from prices). This fair value measure relates to the valuation of quoted equity securities in inactive markets or interests in unlisted funds whose net asset values are referenced to the fair values of the listed or exchange traded securities held by those funds. Valuation techniques may include using a broker quote in an inactive market or an evaluated price based on a compilation of primarily observable market information utilising information readily available via external sources.
•	Level 3: Fair value measurements are derived from valuation techniques that include inputs not based on observable market data.

For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of the financial year.

The fair value hierarchy of financial instruments which are carried at fair value at year end is summarised below:

	2026				2025
	Level 1 £m	Level 2 £m	Level 3 £m	Total £m	Level 1 £m	Level 2 £m	Level 3 £m	Total £m
Financial assets
Investment securities	122.8	153.5	21.2	297.5	132.5	156.5	21.4	310.4
Financial assets at FVTPL - non-current	-	18.1	42.0	60.1	-	33.9	32.4	66.3
Financial assets at FVTPL - current	0.4	16.5	-	16.9	-	17.0	-	17.0
Derivative financial instruments	-	-	-	-	-	0.9	-	0.9
Total financial assets	123.2	188.1	63.2	374.5	132.5	208.3	53.8	394.6
Financial liabilities
Third-party interests in consolidated funds	34.4	52.4	17.3	104.1	32.0	27.4	13.5	72.9
Derivative financial instruments	-	0.2	-	0.2	-	-	-	-
Total financial liabilities	34.4	52.6	17.3	104.3	32.0	27.4	13.5	72.9

Financial instruments not measured at fair value

Financial assets and liabilities that are not measured at fair value comprise cash and cash equivalents, term deposits, trade and other receivables, trade and other payables, assets and liabilities held for sale, and other financial liabilities (see notes 17, 20, 21 and 24). The carrying value of financial assets and financial liabilities not measured at fair value is considered a reasonable approximation of fair value as at 30 June 2026 and 2025.

Transfers between levels

There were no transfers between level 1, level 2 and level 3 of the fair value hierarchy during the year (FY2025: investments with a carrying value of £2.8 million were transferred out of level 2 into level 3 as their value was determined based on valuation techniques that include unobservable inputs).

Fair value measurements using significant unobservable inputs (level 3)

The following table presents the changes in level 3 financial assets and liabilities for the years ended 30 June 2026 and 2025:

	Investment securities £m	Financial assets at  FVTPL - non-current £m	Third-party interests in consolidated funds £m
At 30 June 2024	27.7	29.3	10.5
Additions	2.0	3.4	5.5
Disposals	(21.7)	(2.6)	(9.3)
Transfers in	2.8	-	1.2
Unrealised gains recognised in finance income	12.3	4.0	5.6
Unrealised losses recognised in foreign exchange reserve	(1.7)	(1.7)	-
At 30 June 2025	21.4	32.4	13.5
Additions	-	1.5	-
Disposals	(9.2)	(0.9)	(4.6)
Unrealised gains recognised in finance income	8.6	7.3	8.4
Unrealised gains recognised in foreign exchange reserve	0.4	1.7	-
At 30 June 2026	21.2	42.0	17.3

Valuation of financial assets measured at fair value on a recurring basis categorised within level 3

Investments valued using valuation techniques include financial investments which, by their nature, do not have an externally quoted price based on regular trades, and financial investments for which markets are no longer active as a result of market conditions, e.g. market illiquidity. The valuation techniques used include comparison to recent arm's length transactions, market approach making reference to other instruments that are substantially the same, discounted cash flow analysis, enterprise valuation and net assets approach. These techniques may include a number of assumptions relating to variables such as interest rate and price earnings multiples. Changes in assumptions relating to these variables could positively or negatively impact the reported fair value of these instruments. When determining the inputs into the valuation techniques used, priority is given to publicly available prices from independent sources when available, but overall the source of pricing is chosen with the objective of arriving at a fair value measurement that reflects the price at which an orderly transaction would take place between market participants on the measurement date.

The fair value estimates are made at a specific point in time, based upon available market information and judgements about the financial instruments, including estimates of the timing and amount of expected future cash flows. Such estimates could include a marketability adjustment to reflect illiquidity and/or non-transferability that could result from offering for sale at one time the Group's entire holdings of a particular financial instrument.

The following tables show the valuation techniques and the significant unobservable inputs used to estimate the fair value of level 3 investments as at 30 June 2026 and 2025, and the associated sensitivity to changes in unobservable inputs to a reasonable alternative.

Asset class and valuation technique	2026 Fair value £m		Significant unobservable inputs		Range of estimates		Sensitivity factor	Change in fair value £m
Financial assets
Unquoted securities
Market approach	0.2		EBITDA multiple		10x		+/- 2x	+/- 0.1
			Marketability adjustment		30%		+/- 5%	-
Discounted cash flow	21.0		Discount rate		10%-18%		+/- 1%	-/+ 1.0
			Marketability adjustment		25%-52%		+/- 5%	-/+ 2.3
Unquoted funds
Net assets approach1	42.0		NAV		1x		+/- 5%	+/- 2.1
Total financial assets within level 3	63.2
Financial liabilities
Unquoted funds
Net assets approach1	17.3		NAV		1x		+/- 5%	-/+ 0.9
Total financial liabilities within level 3	17.3

Asset class and valuation technique	2025 Fair value £m		Significant unobservable inputs		Range of estimates		Sensitivity factor	Change in fair value £m
Financial assets
Unquoted securities
Market approach	4.1		EBITDA multiple		12x		+/- 1x	+/- 0.6
			Marketability adjustment		30%		+/- 5%	-/+ 0.6
Discounted cash flow	17.3		Discount rate		10%-18%		+/- 1%	-/+ 1.0
			Marketability adjustment		30%-53%		+/- 5%	-/+ 1.9
Unquoted funds
Net assets approach1	32.4		NAV		1x		+/- 5%	+/- 1.6
Total financial assets within level 3	53.8
Financial liabilities
Unquoted funds
Net assets approach1	13.5		NAV		1x		+/- 5%	-/+ 0.7
Total financial liabilities within level 3	13.5

1.

NAV priced assets include seed capital investments valued using unobservable inputs. Valuations are reviewed and approved by the PMVC before being applied by the fund administrator in striking the fund's net asset value. The significant unobservable inputs applied include EBITDA, market multiples, last observable vendor price and discount rates.

The sensitivity demonstrates the effect of a change in one unobservable input while other assumptions remain unchanged. There may be a correlation between the unobservable inputs and other factors that have not been considered. It should also be noted that some of the sensitivities are non-linear, therefore larger or smaller impacts should not be interpolated or extrapolated from these results.

20) Seed capital investments

The Group considers itself a sponsor of an investment fund when it facilitates the establishment of a fund in which a Group entity is the investment manager. The Group ordinarily provides seed capital in order to provide initial scale and facilitate marketing of the funds to third-party investors. Aggregate interests held by the Group include seed capital, management fees and performance fees. The Group generates management and performance fee income from managing the assets on behalf of third-party investors.

The movements of seed capital investments and related items during the year are as follows:

Group	Net assets held for sale £m	Financial assets at FVTPL - current £m	Investment securities (relating to consolidated funds) £m	Other (relating to consolidated  funds)1 £m	Third-party interests in consolidated funds £m	Financial assets at FVTPL - non-current £m	Total £m
Carrying amount at 30 June 2024	-	32.8	200.9	6.0	(39.4)	57.3	257.6
Transfers from FVTPL to consolidated funds	-	(69.5)	88.5	1.9	(19.9)	(1.0)	-
Additions	-	61.6	52.0	-	(22.4)	11.1	102.3
Disposals	-	(10.1)	(51.7)	-	17.3	(2.1)	(46.6)
Fair value movement	-	2.2	20.7	-	(8.5)	1.0	15.4
Carrying amount at 30 June 2025	-	17.0	310.4	7.9	(72.9)	66.3	328.7
Transfers from non-current to current FVTPL	-	28.4	-	-	-	(28.4)	-
Additions	28.7	6.4	55.8	-	(44.8)	16.3	62.4
Disposals	-	(60.1)	(132.4)	-	20.6	(1.0)	(172.9)
Fair value movement	1.4	25.2	63.7	1.2	(7.0)	6.9	91.4
Carrying amount at 30 June 2026	30.1	16.9	297.5	9.1	(104.1)	60.1	309.6

1.	Includes cash and other assets held by consolidated funds that are not investment securities, see note 20d.

a) Assets and liabilities held for sale

Where Group companies invest seed capital into funds operated and controlled by the Group, and the Group is actively seeking to reduce its investment such that control will be lost, the funds' assets and liabilities are classified as held for sale and presented separately in the consolidated balance sheet. During the year, two seed capital investments met these criteria and were classified as held for sale (FY2025: none).

The assets and liabilities held for sale at 30 June 2026 were as follows:

	2026 £m
Assets held for sale	89.2
Liabilities held for sale	(59.1)
Net assets held for sale	30.1

Included within finance income are gains of £1.5 million arising on assets held for sale (FY2025: nil). As the Group has a single business segment (see note 4), no additional segment disclosure of held for sale assets and liabilities is required.

b) Financial assets at FVTPL - current

Where Group companies invest seed capital into funds managed by the Group and the Group concludes that it does not control the fund, the interests are recognised as financial assets measured at FVTPL.

If the Group retains control over the fund in accordance with IFRS 10, the seed capital investment ceases to be classified as a financial asset and the fund is consolidated on a line-by-line basis. Conversely, funds cease to be consolidated when the Group no longer controls them, which may occur through the sale of an investment and/or dilution of the Group's holding.

During the year, no funds were transferred from FVTPL to consolidated funds as a result of meeting the control requirements of IFRS 10 (FY2025: three funds with an aggregate value of £70.5 million). During the year, one fund with a value of £28.4 million was transferred from non-current FVTPL to current FVTPL, as the investment was expected to be disposed of within 12 months (FY2025: none). FVTPL investments at 30 June 2026 comprise shares held in debt and equity funds as follows:

	2026 £m	2025 £m
Equity funds	1.2	13.5
Debt funds	15.7	3.5
Total	16.9	17.0

Included within finance income are gains of £21.5 million (FY2025: gains of £2.2 million) on the Group's current financial assets measured at FVTPL.

c) Financial assets at FVTPL - non-current

Non-current financial assets are seed capital interests in funds managed by the Group that are expected to be realised more than 12 months after the balance sheet date.

	2026 £m	2025 £m
Infrastructure funds	35.8	27.8
Debt funds	18.1	33.9
Other funds	6.2	4.6
Total	60.1	66.3

Included within finance income are gains of £4.6 million (FY2025: gains of £7.1 million) on the Group's non-current financial assets measured at fair value.

d) Consolidated funds

The Group consolidated 19 investment funds as at 30 June 2026 (30 June 2025: 24 investment funds), over which it is deemed to have control in accordance with IFRS 10 (see note 25). Consolidated funds represent seed capital investments where the Group interest gives it a controlling stake in the fund. The assets and liabilities of consolidated funds are presented on a line-by-line basis, after eliminating intercompany balances and transactions. The table below sets out an analysis of the carrying amounts of fund assets and liabilities consolidated by the Group.

	2026 £m	2025 £m
Investment securities1	297.5	310.4
Cash and cash equivalents	7.5	8.0
Other2	1.6	(0.1)
Third-party interests in consolidated funds	(104.1)	(72.9)
Consolidated seed capital investments	202.5	245.4

1.	Investment securities represent trading securities held by consolidated investment funds and are measured at FVTPL. Note 25 provides a list of the consolidated funds by asset class, and further detailed information at the security level is available in the individual fund financial statements.
2.	Other includes trade receivables, trade payables and accruals.

The maximum exposure to loss is the carrying amount of the assets held. The Group has not provided financial support or otherwise agreed to be responsible for supporting any consolidated or unconsolidated funds financially.

Included within the consolidated statement of comprehensive income are net gains of £51.5 million (FY2025: net gains of £29.9 million) relating to the results of the consolidated funds for the year, as follows:

	2026 £m	2025 £m
Fair value gains on investment securities	58.2	13.7
Third-party interests' share of gains in consolidated funds	(20.1)	(1.9)
Net gains on investment securities	38.1	11.8
Investment income	16.0	20.5
Audit fees	(0.2)	(0.3)
Operating expenses	(2.4)	(2.1)
Net gains on consolidated funds	51.5	29.9

Included in the Group's cash generated from operations is £4.2 million cash utilised in operations (FY2025: £2.4 million) relating to consolidated funds.

As of 30 June 2026, the Group's consolidated funds were domiciled in Guernsey, Luxembourg, Indonesia, India and the United States.

e) Consolidated portfolio companies

Where the Group invests seed capital in a fund that, in turn, controls an operating company, the Group assesses whether it controls the underlying portfolio company in accordance with IFRS 10. During the year, the Group determined that it controls one such portfolio company that owns and operates infrastructure assets in the Americas. Accordingly, the Group has consolidated the portfolio company from the date control was obtained, being 18 September 2024. The portfolio company commenced revenue-generating activities on 28 February 2026.

See note 32 for further information on the restatement of comparative amounts.

The portfolio company's contribution to the consolidated financial statements is set out below:

Contribution to profit or loss	2026 £m	2025 £m
Revenue	3.9	-
Operating costs	(0.5)	-
Operating profit	3.4	-
Interest expense	(0.9)	-
Third-party interests' share of result	(0.8)	-
Profit before tax	1.7	-
Tax expense	(0.3)	-
Profit for the year	1.4	-
Attributable to equity holders of the parent	0.8	-
Attributable to non-controlling interests	0.6	-

Contribution to the balance sheet	2026 £m	2025 £m
Property, plant and equipment	44.9	28.7
Trade and other receivables - non-current	4.3	3.0
Trade and other receivables - current	1.0	4.4
Term deposits	0.6	-
Cash and cash equivalents	0.7	0.1
Total assets	51.5	36.2
Other financial liabilities - non-current	(30.1)	(18.0)
Trade and other payables - current	(3.3)	(4.1)
Current tax	(0.2)	-
Total liabilities	(33.6)	(22.1)
Net assets	17.9	14.1
Attributable to equity holders of the parent	6.6	5.9
Attributable to third-party interests in the fund	6.6	4.5
Attributable to non-controlling interests	4.7	3.7

Contribution to cash flows	2026 £m	2025 £m
Net cash generated from/(used in) operating activities	3.9	(5.0)
Net cash used in investing activities	(15.3)	(27.2)
Net cash generated from financing activities	12.0	32.3
Net increase in cash and cash equivalents	0.6	0.1

The accounting policies applied by the portfolio company in preparing the information above are consistent with those of the Group. The following policy information relates specifically to the portfolio company's property, plant and equipment and other financial liabilities.

Property, plant and equipment

Property, plant and equipment comprise infrastructure assets measured at cost less accumulated depreciation and any impairment losses. Cost includes expenditure directly attributable to bringing the asset to the location and condition necessary for its intended use, including capitalised borrowing costs. Assets under construction are not depreciated; depreciation commences when the asset is available for use. Infrastructure assets are depreciated on a straight-line basis over their estimated useful lives of 25 years.

The movement in portfolio company property, plant and equipment during the year was as follows:

Property, plant and equipment	2026 £m	2025 £m
Net book value at 1 July	28.7	-
Additions	15.5	30.3
Disposals	(0.4)	-
Foreign exchange revaluation	1.1	(1.6)
Net book value at 30 June	44.9	28.7

Other financial liabilities

Other financial liabilities comprise borrowings of the consolidated portfolio company. These borrowings are non-recourse to the Group and are secured over the portfolio company's assets. They are recognised initially at fair value, net of directly attributable transaction costs, and are subsequently measured at amortised cost using the effective interest method.

The Group has not provided any financial guarantee or other credit support in respect of these borrowings.

21) Financial instrument risk management

Group

The Group is subject to strategic and business, client, investment, treasury and operational risks throughout its business, as discussed in the Risk management section. This note discusses the Group's exposure to and management of the following principal risks which arise from the financial instruments it uses: credit risk, liquidity risk, interest rate risk, foreign exchange risk and price risk. Where the Group holds units in investment funds, classified either as financial assets measured at FVTPL or non-current financial assets, the related financial instrument risk disclosures in the note below categorise exposures based on the Group's direct interest in those funds without looking through to the nature of underlying securities.

Risk management is the ultimate responsibility of the Board, as noted in the Risk management section.

Capital management

It is the Group's policy that all entities within the Group have sufficient capital to meet regulatory and working capital requirements and it conducts regular reviews of its capital requirements relative to its capital resources. The Group considers its share capital and reserves to constitute its total capital.

Ashmore reports under IFPR and applies the ICARA approach to the calculation of the capital and liquidity requirement for its UK regulated entity, AIML. The Board has determined that the capital required to support the Group's activities as at 30 June 2026, including its regulatory requirements, is £88.0 million (30 June 2025: £93.3 million).

Ashmore holds total capital resources of £609.5 million as at 30 June 2026, providing an excess of £521.5 million over the Group capital requirement (30 June 2025: £603.9 million, providing an excess of £510.6 million over the Group capital requirement).

Credit risk

The Group has exposure to credit risk from its normal activities where the risk is that a counterparty will be unable to pay in full amounts when due.

Exposure to credit risk is monitored on an ongoing basis by senior management and the Group's Risk Management and Control function. The Group has a counterparty and cash management policy in place which, in addition to other controls, restricts exposure to any single counterparty by setting exposure limits and requiring approval and diversification of counterparty banks and other financial institutions. The Group's maximum exposure to credit risk is represented by the carrying value of its financial assets, excluding prepayments, assets held for sale and financial instruments measured at fair value. The table below lists financial assets subject to credit risk.

	Notes	2026 £m	2025 £m
Cash and deposits		364.7	348.8
Non-current trade and other receivables	17	4.3	3.0
Current trade and other receivables	17	50.1	47.1
Total		419.1	398.9

The Group's cash and cash equivalents and term deposits are predominantly held with counterparties with credit ratings ranging from A- to AAAm as at 30 June 2026 (30 June 2025: A- to AAAm).

Term deposits have an average annual interest rate of 4.1% (FY2025: 4.8%) and average original contractual maturities of six months (30 June 2025: nine months). As at 30 June 2026, the average remaining maturity was five months (30 June 2025: four months).

All trade and other receivables are considered to be fully recoverable at year end. They include fee debtors that arise principally within the Group's investment management business. They are monitored regularly and, historically, default levels have been insignificant. There is no significant concentration of credit risk in respect of fees owing from clients.

Group

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities that are settled by delivering cash or other financial assets.

The Group produces cash flow forecasts to assist in the efficient management of the receipt and payment of liquid assets and liabilities. The Group places surplus cash held by the operating entities over and above the amounts required for working capital management in interest-yielding liquidity funds and term deposits. The Group ensures that liquid assets are maintained in all regulated subsidiaries to meet regulatory requirements. The Group has no debt as at 30 June 2026 (30 June 2025: none).

In order to manage liquidity risk, there is a Group liquidity policy to ensure that there is sufficient access to funds to cover all forecast committed requirements for the next 12 months.

The table below summarises the maturity profile of the Group's financial liabilities at 30 June 2026 and 30 June 2025 based on contractual undiscounted payments:

At 30 June 2026

	Within 1 year £m	1-5 years £m	More than 5 years £m	Total £m
Current trade and other payables	34.9	-	-	34.9
Lease liabilities	1.6	10.3	9.5	21.4
Total	36.5	10.3	9.5	56.3

At 30 June 2025

	Within 1 year £m	1-5 years £m	More than 5 years £m	Total £m
Current trade and other payables	31.3	-	-	31.3
Lease liabilities	2.3	2.0	0.7	5.0
Total	33.6	2.0	0.7	36.3

The table excludes third-party interests in consolidated funds of £104.1 million (30 June 2025: £72.9 million), liabilities held for sale of £59.1 million (30 June 2025: £nil) and other financial liabilities (non-recourse borrowings) of the consolidated portfolio company of £30.1 million (30 June 2025: £18.0 million). These are obligations of the funds and portfolio company concerned rather than of the Group, are settled solely out of their own assets, and carry no Group guarantee or other credit support. They therefore do not give rise to liquidity risk for the Group.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in market interest rates.

The principal interest rate risk is the risk that the Group will sustain a reduction in interest income through adverse movements in interest rates. This relates to deposits with banks and liquidity funds held in the ordinary course of business. The Group has a cash management policy which monitors cash levels and returns within set parameters on a continuing basis.

The effective interest earned on bank balances and term deposits during the year, excluding amounts in consolidated funds and portfolio companies, is given in the table below:

	2026 %	2025 %
Cash and deposits	3.50	4.77

At 30 June 2026, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, profit before tax for the year would have been £1.7 million higher/lower (FY2025: £2.1 million higher/lower), mainly as a result of higher/lower interest on cash balances.

In addition, the Group is indirectly exposed to interest rate risk where the Group holds seed capital investments in funds that invest in debt securities.

Foreign exchange risk

Foreign exchange risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of changes in foreign exchange rates.

The Group's revenue is almost entirely denominated in US dollars, while the majority of the Group's costs are denominated in Sterling. Consequently, the Group has an exposure to movements in the GBP:USD exchange rate. In addition, the Group operates globally, which means that it may enter into contracts and other arrangements denominated in local currencies in various countries. The Group also holds a number of seed capital investments denominated mainly in US dollars, Colombian pesos and Indonesian rupiah.

The Group's policy is to hedge a proportion of the Group's revenue by using a combination of forward foreign exchange contracts and options for a period of up to two years forward. The Group also sells US dollars at spot rates when opportunities arise.

The table below shows the sensitivity (in absolute terms) to a 5% exchange movement in the US dollar, Colombian peso, Indonesian rupiah, Saudi riyal and the Euro.

	2026		2025
	Impact on profit before tax £m	Impact on equity £m	Impact on profit before tax £m	Impact on equity £m
US dollar +/- 5%	1.6	18.7	0.6	16.3
Colombian peso +/- 5%	0.2	1.5	0.1	1.0
Indonesian rupiah +/- 5%	0.1	0.4	-	0.4
Saudi riyal +/- 5%	0.3	1.7	0.6	1.2
Euro +/- 5%	0.1	0.1	0.1	0.1

Price risk

Price risk is the risk that the fair value or future cash flows of financial instruments will fluctuate because of market changes.

Seed capital

The Group is exposed to the risk of changes in market prices in respect of seed capital investments. Such price risk is borne by the Group directly through interests in financial assets measured at fair value or through consolidation of underlying results, assets and liabilities of consolidated funds. Details of seed capital investments held are given in note 20.

The Group has procedures defined by the Board governing the appraisal, approval and monitoring of seed capital investments.

At 30 June 2026, a 5% movement in the fair value of these investments would have a £16.2 million (FY2025: £17.0 million) impact on profit before tax. The sensitivity information for level 3 seed capital investments is provided under note 19.

Management and performance fees

The Group is also indirectly exposed to price risk in connection with the Group's management fees, which are based on a percentage of value of AuM, and fees based on performance. Movements in market prices, exchange and interest rates could cause the AuM to fluctuate, which in turn could affect fees earned. Performance fee revenues could also be reduced depending upon market conditions.

Management and performance fees are diversified across a range of investment themes and are not measurably correlated to any single market index in Emerging Markets. In addition, the policy of having funds with year ends staged throughout the financial year has meant that in periods of steep market decline, some performance fees have still been recorded. The profitability impact is likely to be less than this, as cost mitigation actions would apply, including the reduction of the variable compensation paid to employees.

Using the year end AuM level of US$54.0 billion and applying the year's average net management fee rate of 34bps, a 5% movement in AuM would have a US$9.2 million impact, equivalent to £6.9 million using a year end exchange rate of 1.3273, on management fee revenues (FY2025: US$47.6 billion and applying the year's average net management fee rate of 35bps, a 5% movement in AuM would have a US$8.3 million impact, equivalent to £6.0 million using a year end exchange rate of 1.3704, on management fee revenues).

Hedging activities

The Company uses forward and option contracts to hedge its exposure to foreign currency risk. These hedges, which have been assessed as effective cash flow hedges as at 30 June 2026, protect a proportion of the Group's revenue cash flows from foreign exchange movements. The cumulative fair value of the outstanding foreign exchange hedges liability at 30 June 2026 was £0.2 million and is included within the Group's derivative financial instruments (30 June 2025: £0.8 million foreign exchange hedges asset included in derivative financial instruments).

The notional and fair values of foreign exchange hedging instruments were as follows:

	2026		2025
	Notional amount US$m	Fair value assets/(liabilities) £m	Notional amount US$m	Fair value assets/(liabilities) £m
Cash flow hedges
Foreign exchange nil-cost option collars	40.0	(0.2)	40.0	0.8
	40.0	(0.2)	40.0	0.8

The maturity profile of the Group's outstanding hedges is shown below.

Notional amount of option collars maturing:	2026 US$m	2025 US$m
Within 6 months	20.0	20.0
Between 6 and 12 months	20.0	20.0
Later than 12 months	-	-
	40.0	40.0

When hedges are assessed as effective, intrinsic value gains and losses are initially recognised in other comprehensive income and later reclassified to profit or loss as the corresponding hedged cash flows crystallise. Time value in relation to the Group's hedges is excluded from being part of the hedging item and, as a result, the net unrealised gain/(loss) related to the time value of the hedges is recognised in profit or loss for the year.

An intrinsic value loss of £0.6 million (FY2025: £0.6 million intrinsic value gain) on the Group's hedges has been recognised through other comprehensive income in the year and a £0.4 million realised intrinsic value loss (FY2025: £0.2 million realised intrinsic value gain) was reported in profit or loss within foreign exchange gains in the year.

Included within the net realised and unrealised hedging gain of £0.2 million (see note 7) recognised at 30 June 2026 (30 June 2025: £4.1 million gain) are:

•	a £0.4 million realised intrinsic value loss in respect of foreign exchange hedges covering net management fee income for the financial year ended 30 June 2026 (FY2025: £0.3 million realised gain); and
•	a £0.6 million gain in respect of crystallised foreign exchange contracts (FY2025: £3.8 million gain).

Company

The risk management processes of the Company, including those relating to the specific risk exposures covered below, are aligned with those of the Group as a whole unless stated otherwise.

In addition, the risk definitions that apply to the Group are also relevant for the Company.

Credit risk

The Company's maximum exposure to credit risk is represented by the carrying value of its financial assets, excluding prepayments and financial instruments measured at fair value. The table below lists financial assets subject to credit risk.

	Notes	2026 £m	2025 £m
Cash and deposits		62.1	134.4
Trade and other receivables	17	402.2	347.8
Total		464.3	482.2

The Company's cash and cash equivalents and term deposits are held with counterparties which have credit ratings ranging from A- to AAAm as at 30 June 2026 (30 June 2025: A- to AAAm).

Term deposits have an average annual interest rate of 4.1% (FY2025: 4.8%) and average original contractual maturities of six months (30 June 2025: nine months). As at 30 June 2026, the average remaining maturity was five months (30 June 2025: four months).

Trade and other receivables comprise principally amounts due from and loans to subsidiaries of £395.2 million (30 June 2025: £342.5 million). The Company applies the general expected credit loss model to these balances, assessing credit risk by reference to the financial position of each borrowing entity and its ability to repay on demand from available liquid resources. Credit risk on these balances is considered low and, accordingly, no loss allowance has been recognised. Further detail is provided in note 17.

Liquidity risk

The Company's exposure to liquidity risk is not considered to be material and, therefore, no further information is provided.

Details on other commitments are provided in note 29.

Interest rate risk

The principal interest rate risk for the Company is that it could sustain a reduction in interest revenue from bank deposits held in the ordinary course of business through adverse movements in interest rates.

The effective interest earned on bank balances and term deposits during the year is given in the table below:

	2026 %	2025 %
Cash and deposits	3.56	5.21

At 30 June 2026, if interest rates over the year had been 50 basis points higher/lower with all other variables held constant, profit before tax for the year would have been £0.5 million higher/lower (FY2025: £0.9 million higher/lower), mainly as a result of higher/lower interest on cash balances.

Foreign exchange risk

The Company is exposed primarily to foreign exchange risk in respect of US dollar cash balances and US dollar-denominated intercompany balances. However, such risk is not hedged by the Company.

At 30 June 2026, if the US dollar had strengthened/weakened by 5% against Sterling with all other variables held constant, profit before tax for the year would have increased/decreased by £17.8 million (FY2025: increased/decreased by £15.9 million).

22) Share capital

Authorised share capital

Group and Company	2026 Number of shares	2026 Nominal value £'000	2025 Number of shares	2025 Nominal value £'000
Ordinary shares of 0.01p each	900,000,000	90	900,000,000	90

Issued share capital - allotted and fully paid

Group and Company	2026 Number of shares	2026 Nominal value £'000	2025 Number of shares	2025 Nominal value £'000
Ordinary shares of 0.01p each	712,740,804	71	712,740,804	71

All the above ordinary shares represent equity of the Company and rank pari passu in respect of participation and voting rights.

At 30 June 2026, there were equity-settled share awards issued under the Omnibus Plan totalling 54,938,939 (30 June 2025: 53,241,729) shares that have release dates ranging from September 2026 to May 2031. Further details are provided in note 10.

23) Own shares

The Trustees of the Ashmore Group plc 2024 Employee Benefit Trust (EBT) acquire and hold shares in Ashmore Group plc with a view to facilitating the vesting of share awards. The EBT is periodically funded by the Company for these purposes.

Movements in own shares held during the year were as follows:

Group and Company	2026 Number of shares	2026 £m	2025 Number of shares	2025 £m
At the beginning of the year	60,817,341	154.6	49,481,410	158.8
Shares purchased	8,311,080	13.9	19,849,209	35.4
Shares released on vesting of share awards	(7,194,882)	(26.3)	(8,513,278)	(39.6)
At the end of the year	61,933,539	142.2	60,817,341	154.6

Own shares are held at cost, and shares released on vesting are transferred at their weighted average cost. The cost of shares purchased during the year of £13.9 million (FY2025: £35.4 million) is reported as "purchase of own shares" in the Group and Company cash flow statements and in the statements of changes in equity. As at 30 June 2026, the EBT owned 61,933,539 (30 June 2025: 60,817,341) ordinary shares of 0.01p with a nominal value of £6,193 (30 June 2025: £6,082).

24) Trade and other payables

	Group 2026 £m	Group 2025 £m	Company 2026 £m	Company 2025 £m
Current
Trade payables	13.6	14.3	2.5	2.9
Accruals and provisions	18.0	12.9	9.2	3.1
Trade and other payables of consolidated portfolio company (see note 20e)	3.3	4.1	-	-
Amounts due to subsidiaries	-	-	14.7	8.3
Total trade and other payables	34.9	31.3	26.4	14.3

25) Interests in subsidiaries

Operating subsidiaries held by the Company

There were no movements in investment in subsidiaries held by the Company during the year.

Company	2026 £m	2025 £m
Cost
At 30 June 2026 and 2025	19.9	19.9

In the opinion of the Directors, the following subsidiary undertakings principally affected the Group's results or balance sheet at 30 June 2026. A full list of the Group's subsidiaries and all related undertakings is disclosed in note 34.

Name	Country of incorporation/ formation and principal place of operation	% of equity shares held by the Group
Ashmore Investments (UK) Limited	England	100.00
Ashmore Investment Management Limited	England	100.00
Ashmore Investment Advisors Limited	England	100.00
Ashmore Management Company Colombia SAS	Colombia	57.73
Ashmore CAF-AM Management Company SAS	Colombia	52.58
Ashmore Management Company Limited	Guernsey	100.00
Ashmore Investment Management India LLP	India	100.00
PT Ashmore Asset Management Indonesia Tbk	Indonesia	60.04
Ashmore Investment Management (Ireland) Limited	Ireland	100.00
Ashmore Japan Co. Limited	Japan	100.00
Ashmore Mexico, Asesor en Inversiones Independiente, S.A. de C.V.	Mexico	100.00
Ashmore QFC LLC	Qatar	92.50
Ashmore Investment Saudi Arabia	Saudi Arabia	100.00
Ashmore Investment Management (Singapore) Pte. Ltd.	Singapore	100.00
Ashmore Investment Management (US) Corporation	USA	100.00
Ashmore Investment Advisors (US) Corporation	USA	100.00

Consolidated funds

The Group consolidated the following 19 investment funds as at 30 June 2026 (30 June 2025: 24 investment funds) over which the Group is deemed to have control:

Name	Type of fund	Country of incorporation/ principal place of operation	Proportion of ownership interest %
Ashmore Strategic Partners Limited	Alternatives	Guernsey	50.00
Ashmore SICAV Emerging Markets India Equity Fund	Equity	Luxembourg	66.38
Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund	Equity	Luxembourg	46.67
Ashmore SICAV Emerging Markets Middle East Equity Fund	Equity	Luxembourg	86.84
Ashmore SICAV Emerging Markets Shariah Active Equity Fund	Equity	Luxembourg	42.27
Ashmore SICAV Emerging Markets Indonesian Equity Fund	Equity	Luxembourg	100.00
Ashmore SICAV Emerging Markets Mexico Equity Fund	Equity	Luxembourg	100.00
Ashmore SICAV Emerging Markets Latin-America Equity Fund	Equity	Luxembourg	99.86
Ashmore SICAV Emerging Markets Sovereign Debt Fund	External Debt	Luxembourg	65.02
Ashmore SICAV Emerging Markets Frontier Blended Debt Fund	Blended debt	Luxembourg	59.59
Ashmore SICAV Emerging Markets Impact Debt Fund	Blended Debt	Luxembourg	78.39
Ashmore Dana USD Fixed Income	Local currency	Indonesia	39.42
Ashmore Dana Pasar Uang Syariah	Local currency	Indonesia	91.15
Ashmore India Equities Fund	Equity	India	62.63
Ashmore Emerging Markets Equity SMA Completion Fund	Equity	USA	100.00
Ashmore Emerging Markets Equity ESG Fund	Equity	USA	100.00
Ashmore Emerging Markets Equity Ex China Fund	Equity	USA	100.00
Ashmore EM Equity Fund LP	Equity	USA	100.00
Ashmore Emerging Markets Debt Fund	Corporate debt	USA	100.00

26) Investment in associate

The Group held an interest in the following associate as at 30 June 2026:

Name	Type	Nature of business	Country of incorporation/ formation and principal place of operation	% of equity shares held by the Group
Taiping Fund Management Company	Associate	Investment management	China	5.23

Although the Group holds less than 20% of the voting rights, which would ordinarily be presumed not to give rise to significant influence, it has determined that it retains significant influence over the entity and accordingly continues to account for it as an associate under IAS 28. This reflects the Group's right to appoint a director to the associate's board, which it exercises, and its participation in decisions on the associate's financial and operating policies, including the review and approval of its annual budget.

The movement in the carrying value of investment in associate for the year is provided below:

Associate	2026 £m	2025 £m
At the beginning of the year	2.8	2.7
Share of profit for the year	0.4	0.3
Foreign exchange revaluation	0.4	(0.2)
At the end of the year	3.6	2.8

The summarised financial information for the associate is shown below.

Associate	2026 £m	2025 £m
Total assets	76.4	61.2
Total liabilities	(8.5)	(7.0)
Net assets	67.9	54.2
Group's share of net assets	3.6	2.8
Revenue for the year	26.8	22.8
Profit for the year	7.6	5.7
Group's share of profit for the year	0.4	0.3

The carrying value of the investment in associate represents the cost of acquisition subsequently adjusted for share of profit or loss and other comprehensive income or loss. No impairment is believed to exist relating to the associate as at 30 June 2026. The Group had no undrawn capital commitments (30 June 2025: £nil) to investment funds managed by the associate.

27) Interests in structured entities

The Group has interests in structured entities as a result of the management of assets on behalf of its clients. Where the Group holds a direct interest in a closed-ended fund, private equity fund or open-ended pooled fund such as a SICAV, the interest is accounted for either as a consolidated structured entity, held for sale or as a financial asset, depending on whether the Group has control over the fund or not.

The Group's interest in structured entities is reflected in the Group's AuM. The Group is exposed to movements in AuM of structured entities through the potential loss of fee income as a result of client withdrawals. Outflows from funds are dependent on market sentiment, asset performance and investor considerations. Further information on these risks can be found in the Strategic report.

The Group's unconsolidated structured entities comprise segregated mandates and pooled fund vehicles over which the Group does not have control. Disclosure of the Group's exposure has been made on this basis.

The reconciliation of AuM reported by the Group within unconsolidated structured entities is shown below.

	Total AuM US$bn	Less: AuM within consolidated funds US$bn	AuM within unconsolidated structured entities US$bn
30 June 2025	47.6	0.5	47.1
30 June 2026	54.0	0.4	53.6

Included in the Group's consolidated management fees of £133.2 million (FY2025: £131.7 million) are management fees amounting to £132.1 million (FY2025: £130.6 million) earned from unconsolidated structured entities.

The table below shows the carrying values of the Group's interests in unconsolidated structured entities, recognised in the Group balance sheet, which are equal to the Group's maximum exposure to loss from those interests.

	2026 £m	2025 £m
Management fees receivable	33.8	26.8
Trade and other receivables	1.4	1.4
Seed capital investments1	77.0	83.3
Total exposure	112.2	111.5

1.	Comprise financial assets measured at fair value and non-current financial assets measured at fair value (see note 20).

The main risk the Group faces from its beneficial interests in unconsolidated structured entities arises from a potential decrease in the fair value of seed capital investments. The Group's beneficial interests in seed capital investments are disclosed in note 20. Note 21 includes further information on the Group's exposure to market risk arising from seed capital investments.

28) Related party transactions

Related parties of the Group include key management personnel, close family members of key management personnel, subsidiaries, associates, Ashmore funds, the EBT and The Ashmore Foundation.

Key management personnel - Group and Company

The compensation paid to or payable to key management personnel is shown below:

	2026 £m	2025 £m
Short-term benefits	2.9	1.0
Defined contribution pension costs	-	-
Share-based payment benefits (see note 10)	2.1	2.2
	5.0	3.2

Short-term benefits include salary and fees, benefits and cash bonus.

Share-based payment benefits represent the cost of equity-settled awards charged to the consolidated statement of comprehensive income.

Details of the remuneration of Directors are given in the Remuneration report.

During the year, there were no other transactions entered into with key management personnel (FY2025: none). Aggregate key management personnel interests in consolidated funds at 30 June 2026 were £43.2 million (30 June 2025: £32.7 million).

Transactions with subsidiaries - Company

Details of transactions between the Company and its subsidiaries are shown below:

	2026 £m	2025 £m
Transactions during the year
Management fees	61.4	46.4
Net dividends received	100.5	79.9
Net loans advanced to subsidiaries	(36.3)	(22.0)

Amounts receivable or payable to subsidiaries are disclosed in notes 17 and 24 respectively.

Transactions with Ashmore funds - Group

During the year, the Group received £49.6 million of gross management fees and performance fees (FY2025: £48.4 million) from the 87 funds (FY2025: 92 funds) it manages and which are classified as related parties. As at 30 June 2026, the Group had receivables due from funds of £6.3 million (30 June 2025: £7.7 million) that are classified as related parties.

Transactions with the EBT - Group and Company

The EBT has been provided with an interest free loan facility to allow it to acquire Ashmore shares in order to satisfy outstanding unvested share awards. The EBT is included within the results of the Group and the Company. As at 30 June 2026, the loan outstanding was £134.9 million (30 June 2025: £146.7 million).

Transactions with The Ashmore Foundation - Group and Company

The Ashmore Foundation is a related party to the Group. The Foundation was set up to provide financial grants to worthwhile causes within the Emerging Markets countries in which Ashmore invests and/or operates with a view to giving back to the countries and communities. The Group donated £0.4 million to the Foundation during the year (FY2025: £0.4 million).

29) Commitments

The Group has undrawn investment commitments relating to seed capital investments as follows:

Group	2026 £m	2025 £m
Ashmore II - CAF Colombian Infrastructure Senior Debt Fund	10.6	8.7
Ashmore Andean Fund II, LP	-	0.1
Fondo Ashmore Andino III - FCP	0.3	0.6
Ashmore Strategic Partners Limited	71.6	-
Total undrawn investment commitments	82.5	9.4

Company

The Company has undrawn loan commitments to other Group entities totalling £366.7 million (30 June 2025: £399.1 million) to support their investment activities but has no investment commitments of its own (30 June 2025: none).

30) Contingent assets and liabilities

The Company and its subsidiaries can be party to legal claims arising in the normal course of business. The Directors do not anticipate that the outcome of any such potential proceedings and claims will have a material adverse effect on the Group's financial position and at present there are no such claims where their financial impact can be reasonably estimated. There are no other material contingent assets or liabilities.

31) Non-controlling interests

The Group's material NCI as at 30 June 2026 was held in PT Ashmore Asset Management Indonesia Tbk. Set out below is summarised financial information, before intercompany eliminations.

	39.96% NCI Ashmore Indonesia
Summarised balance sheet	2026 £m	2025 £m
Total assets	16.5	17.1
Total liabilities	(4.2)	(4.4)
Net assets	12.3	12.7
Non-controlling interests	4.9	5.0
Summarised statement of comprehensive income
Net revenue	8.7	7.7
Profit for the period	3.7	3.5
Other comprehensive loss	(0.7)	(0.8)
Total comprehensive income	3.0	2.7
Profit allocated to NCI	1.5	1.4
Dividends paid to NCI	1.2	1.8
Summarised cash flows
Cash flows from operating activities	1.8	3.2
Cash flows generated from/(used in) investing activities	(0.5)	0.6
Cash flows used in financing activities	(3.5)	(4.6)
Net decrease in cash and cash equivalents	(2.2)	(0.8)

In addition to the above, at 30 June 2026 the Group had non-controlling interests of £4.7 million (30 June 2025: £3.7 million) in a consolidated portfolio company, see note 20e.

The Group also had non-controlling interests in other subsidiaries which are individually immaterial, with an aggregate carrying amount of £5.8 million (30 June 2025: £3.2 million) and profit allocated of £1.9 million for the year (2025: £2.5 million). Total non-controlling interests at 30 June 2026 were £15.4 million (30 June 2025: £11.9 million).

32) Prior year restatement

Consolidation of a portfolio company

The Group has reassessed the consolidation requirements of IFRS 10 in respect of its interests in funds and has concluded that it controls a portfolio company held through one of its funds, being an infrastructure company in the Americas, as disclosed in note 20e. In accordance with IAS 8, the comparative consolidated balance sheet, consolidated statement of changes in equity and consolidated cash flow statement for the year ended 30 June 2025 have been restated. The impact of the restatement on the Group was an increase in net assets of £3.4 million and an increase in cash and cash equivalents of £0.1 million. There was no impact on profit or earnings per share. The impact on the financial statement line items is set out below:

Consolidated balance sheet	As previously reported £m	Restatement £m	As restated £m
Non-current assets
Property, plant and equipment	5.1	28.7	33.8
Trade and other receivables	-	3.0	3.0
Current assets
Investment securities	321.5	(11.1)	310.4
Trade and other receivables	45.8	4.4	50.2
Cash and deposits	348.7	0.1	348.8
Total assets	908.1	25.1	933.2
Equity
Foreign exchange reserve	(43.2)	(0.3)	(43.5)
Non-controlling interests	8.2	3.7	11.9
Total equity	790.8	3.4	794.2
Liabilities
Other financial liabilities	-	18.0	18.0
Third-party interests in consolidated funds	73.3	(0.4)	72.9
Trade and other payables	27.2	4.1	31.3
Total liabilities	117.3	21.7	139.0

Consolidated statement of changes in equity	As previously reported £m	Restatement £m	As restated £m
Foreign currency translation differences - equity holders of the parent	(46.8)	(0.3)	(47.1)
Foreign currency translation differences - non-controlling interests	(0.5)	(0.2)	(0.7)
Movements in non-controlling interests	0.1	3.9	4.0
Balance at 30 June 2025	790.8	3.4	794.2

Consolidated cash flow statement	As previously reported £m	Restatement £m	As restated £m
Decrease/(increase) in trade and other receivables	6.4	(8.0)	(1.6)
Increase/(decrease) in trade and other payables	(7.0)	3.0	(4.0)
Net cash generated from operating activities	48.6	(5.0)	43.6
Purchase of investment securities	(65.2)	10.7	(54.5)
Purchase of property, plant and equipment	(0.2)	(27.2)	(27.4)
Net cash generated from investing activities	33.6	(16.5)	17.1
Drawdown of financial liabilities	-	19.0	19.0
Increase in non-controlling interests	-	2.6	2.6
Net cash used in financing activities	(156.1)	21.6	(134.5)
Net increase/(decrease) in cash and cash equivalents	(73.9)	0.1	(73.8)

Presentation of term deposits

In addition to the restatement above, following reconsideration of the requirements of IAS 7, placements of, and proceeds from, term deposits have been reclassified and presented on a gross basis in the Group and Company cash flow statements. There is no impact on the Group's or Company's net cash flows from investing activities or on the movement in cash and cash equivalents for the year.

The following reclassifications were made:

•	For the Group, net inflows of £76.2 million have been presented as proceeds from term deposits of £342.8 million and placements of term deposits of £266.6 million.
•	For the Company, net inflows of £74.5 million have been presented as proceeds from term deposits of £341.0 million and placements of term deposits of £266.5 million.

33) Post-balance sheet events

There are no post-balance sheet events that require adjustment or disclosure in the Group or Company financial statements.

34) Subsidiaries and related undertakings

The following is a full list of the Ashmore Group plc subsidiaries and related undertakings as at 30 June 2026, along with the registered address and the percentage of equity owned by the Group. Related undertakings comprise significant holdings in associated undertakings and Ashmore sponsored public funds in which the Group owns greater than 20% interest.

Name	Classification	% voting interest	Registered address and place of incorporation
Ashmore Investments (UK) Limited1	Subsidiary	100.00	16 Palace Street, London, SW1E 5JD United Kingdom
Ashmore Investment Management Limited	Subsidiary	100.00
Ashmore Investment Advisors Limited	Subsidiary	100.00
Aldwych Administration Services Limited (dormant)	Subsidiary	100.00
Ashmore Asset Management Limited (dormant)	Subsidiary	100.00
Ashmore Investment Management (Ireland) Limited	Subsidiary	100.00	32 Molesworth Street, Dublin 2, D02 Y512, Ireland
Ashmore Group plc 2024 Employee Benefit Trust	Subsidiary	100.00	First Floor, Le Marchant House, Le Truchot, St. Peter Port, GY1 1GR, Channel Islands, Guernsey
Ashmore Investment Management India LLP	Subsidiary	100.00	Units 206, 207, 208 Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai 400 018, India
Ashmore India Equities Fund	Consolidated fund	62.63
Ashmore Investment Management (US) Corporation	Subsidiary	100.00	437 Madison Avenue, Suite 1904, New York, NY 10022, United States
Ashmore Investment Advisors (US) Corporation	Subsidiary	100.00
Ashmore EM Blended Debt Fund GP, LLC	Subsidiary	100.00	The Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USA
Ashmore EM Active Equity Fund GP, LLC	Subsidiary	100.00
Ashmore EM Equity Fund GP, LLC	Subsidiary	100.00
Ashmore QFC LLC	Subsidiary	92.50	9th Floor, QFC Tower 1, Westbay, Doha, Qatar
Ashmore Mexico, Asesor en Inversiones Independiente, S.A. de C.V.	Subsidiary	100.00	Paseo de las Palmas 405-1701, Lomas de Chapultepec, 11000, Mexico, CDMX, Mexico
Ashmore Investment Management (Singapore) Pte. Ltd.	Subsidiary	100.00	1 George Street, #15-04, Singapore 049145
PT Ashmore Asset Management Indonesia Tbk	Subsidiary	60.04	Pacific Century Place, 18th Floor, SCBD Lot 10, Jl. Jenderal. Sudirman Kav. 52-53 Jakarta 12190, Indonesia
Ashmore Dana Pasar Uang Syariah	Consolidated fund	91.15
Ashmore Dana USD Fixed Income	Consolidated fund	39.42
Ashmore IDX 30 Equity Fund	Financial asset	28.40
Ashmore Management Company Colombia SAS	Subsidiary	57.73	Carrera 7 No. 75-66, Office 701 & 702, Bogotá, Colombia
Ashmore CAF-AM Management Company SAS	Subsidiary	52.58
Ashmore Holdings Colombia SAS	Subsidiary	100.00
Ashmore Investment Advisors S.A. Sociedad Fiduciaria	Subsidiary	100.00
Ashmore Backup Management Company SAS	Subsidiary	100.00
Ashmore Peru Backup Management	Subsidiary	100.00	Av. Circunvalación del Club Golf Los Incas No. 134, Torre 1, Of. 505, Surco. Lima, Perú
Ashmore Japan Co. Limited	Subsidiary	100.00	11F, Shin Marunouchi Building 1-5-1 Marunouchi, Chiyoda-ku, Tokyo 100-6511, Japan
Ashmore Investments (Colombia) SL	Subsidiary	100.00	Calle Suero de Quiñones 34-36, 28002 Madrid, Spain
Ashmore Investment Saudi Arabia	Subsidiary	100.00	3rd Floor Tower B, Olaya Towers, Olaya Main Street, Riyadh, Saudi Arabia
Ashmore Saudi Education Fund	Held for sale	47.22

1.	Ashmore Investments (UK) Limited (registered number 3345198) is exempt from the requirements relating to the audit of accounts under section 479A of the UK Companies Act 2006.

Name	Classification	% voting interest	Registered address and place of incorporation
Ashmore AISA (Cayman) Limited	Subsidiary	100.00	PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands
Ashmore Investments (Holdings) Limited (in liquidation)	Subsidiary	100.00	Les Cascades Building, 33 Edith Cavell Street, Port Louis, Mauritius
Ashmore Management Company Limited	Subsidiary	100.00	Trafalgar Court, Les Banques, St Peter Port, GY1 3QL, Guernsey
Ashmore Global Special Situations Fund 3 (GP) Limited (in liquidation)	Subsidiary	100.00
Ashmore Global Special Situations Fund 4 (GP) Limited (in liquidation)	Subsidiary	100.00
Ashmore Global Special Situations Fund 5 (GP) Limited (in liquidation)	Subsidiary	100.00
Ashmore Venezuela Recovery Fund 2 Ltd	Financial asset	39.98
Ashmore Venezuela Restructuring and Recovery Fund	Financial asset	25.06
Ashmore Strategic Partners Limited	Consolidated fund	50.00
Ashmore SICAV Emerging Markets Middle East Equity Fund	Consolidated fund	86.84	10, rue du Chateau d'Eau, L-3364 Leudelange, Grand-Duchy of Luxembourg
Ashmore SICAV Emerging Markets India Equity Fund	Consolidated fund	66.38
Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund	Consolidated fund	46.67
Ashmore SICAV Emerging Markets Indonesian Equity Fund	Consolidated fund	100.00
Ashmore SICAV Emerging Markets Shariah Active Equity Fund	Consolidated fund	42.27
Ashmore SICAV Emerging Markets Frontier Blended Debt Fund	Consolidated fund	59.59
Ashmore SICAV Emerging Markets Sovereign Debt Fund	Consolidated fund	65.02
Ashmore SICAV Emerging Markets Impact Debt Fund	Consolidated fund	78.39
Ashmore SICAV Emerging Markets Mexico Equity Fund	Consolidated fund	100.00
Ashmore SICAV Emerging Markets Latin-America Equity Fund	Consolidated fund	99.86
Ashmore Emerging Markets Equity Ex China Fund	Consolidated fund	100.00	50 South LaSalle Street, Chicago, Illinois 60603, USA
Ashmore Emerging Markets Debt Fund	Consolidated fund	100.00
Ashmore Emerging Markets Equity ESG Fund	Consolidated fund	100.00
Ashmore EM Equity Fund LP	Consolidated fund	100.00
Ashmore Emerging Markets Equity SMA Completion Fund	Consolidated fund	100.00
Ashmore China Real Estate Debt Recovery Fund	Financial asset	26.35
AGPE Limited	Consolidated portfolio company	50.00	190 Elgin Avenue, George Town, Grand Cayman, KY1-9008, Cayman Islands

Cautionary statement regarding forward-looking statements

It is possible that this document could or may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning.

Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. There are several factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions. The Group undertakes no obligation to revise or update any forward-looking statements contained within this document, regardless of whether those statements are affected as a result of new information, future events or otherwise.

Statutory accounts

The financial information set out above does not constitute the Group's statutory accounts for the years ending 30 June 2026 or 30 June 2025. Statutory accounts for 2025 have been delivered to the registrar of companies. The statutory accounts for 2026 will be delivered in due course and the auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 in respect of the accounts for 2026.

Five-year summary

	2026 £m	2025 £m	2024 £m	2023 £m	2022 £m
Management fees	133.2	131.7	162.6	185.4	247.0
Performance fees	1.4	10.2	22.7	5.1	4.5
Other revenue	9.7	2.5	3.7	2.7	2.9
Total revenue	144.3	144.4	189.0	193.2	254.4
Distribution and sub-advisory costs	(5.0)	(2.0)	(2.2)	(2.2)	(3.5)
Foreign exchange gains	1.2	1.7	2.5	5.4	11.6
Net revenue	140.5	144.1	189.3	196.4	262.5
Net gains/(losses) on investment securities	38.1	11.8	(17.2)	(25.0)	(44.8)
Personnel expenses	(32.3)	(31.5)	(32.2)	(31.4)	(27.8)
Variable compensation	(45.6)	(39.5)	(52.9)	(34.8)	(45.6)
Other expenses	(29.0)	(27.7)	(29.8)	(27.8)	(25.1)
Total operating expenses	(106.9)	(98.7)	(114.9)	(94.0)	(98.5)
Operating profit	71.7	57.2	57.2	77.4	119.2
Finance income/(expense)	54.8	51.1	70.4	33.9	(2.1)
Share of profit from associate	0.4	0.3	0.5	0.5	1.3
Profit before tax	126.9	108.6	128.1	111.8	118.4
Tax expense	(19.6)	(23.5)	(29.9)	(25.3)	(26.5)
Profit for the year	107.3	85.1	98.2	86.5	91.9
EPS (basic)	15.7p	12.2p	13.9p	12.4p	13.4p
Dividend per share	16.9p	16.9p	16.9p	16.9p	16.9p
Other operating data (unaudited)
AuM at year end (US$bn)	54.0	47.6	49.3	55.9	64.0
Average AuM (US$bn)	50.9	48.9	52.4	58.2	83.6
Average GBP:USD exchange rate for the year	1.34	1.30	1.26	1.21	1.33
Period end GBP:USD exchange rate for the year	1.33	1.37	1.26	1.27	1.21

Alternative performance measures

Ashmore discloses APMs to assist shareholders' understanding of the Group's operational performance during the accounting period and to allow consistent comparisons with prior periods.

The calculation of APMs is consistent with the financial year ended 30 June 2025. Historical disclosures relating to APMs, including explanations and reconciliations, can be found in the respective interim financial reports and Annual Reports and Accounts.

Net revenue

As shown in the CSCI, net revenue is total revenue less distribution costs and including FX. This provides a comprehensive view of the revenues recognised by the Group in the period.

	Reference	FY2026 £m	FY2025 £m
Total revenue	CSCI	144.3	144.4
Distribution costs	CSCI	(5.0)	(2.0)
FX gains	CSCI	1.2	1.7
Net revenue		140.5	144.1

Net management fees

The principal component of the Group's revenues is management fees, net of associated distribution costs, earned on AuM.

	Reference	FY2026 £m	FY2025 £m
Management fees	CSCI	133.2	131.7
Distribution costs	CSCI	(5.0)	(2.0)
Net management fees		128.2	129.7

Net management fee margin

The net management fee margin is defined as the ratio of annualised net management fees to average AuM for the period, in US dollars since this is the primary currency in which fees are received and it matches the Group's AuM disclosures. The average AuM excludes assets where fees are not recognised in revenues, for example AuM related to associates. The margin is a principal measure of the Company's revenue-generating capability and is a commonly used industry performance measure.

		FY2026	FY2025
Net management fee income (US$m)		171.7	168.5
Average AuM (US$bn)		50.9	48.4
Net management fee margin (bps)		34	35

Variable compensation ratio

The linking of variable annual pay awards to the Group's profitability is one of the principal methods by which the Group controls its operating costs. The VC ratio is defined as the charge for VC divided by EBVCT.

The charge for VC is a component of personnel expenses and comprises share-based payments and performance-related cash bonuses, and has been accrued at 30.0% of EBVCT (FY2025: 35.0%).

EBVCT is defined as PBT excluding the charge for VC, charitable donations, share of profit from associate, realised gains on disposal of investments and unrealised seed capital-related items; and including net seed capital gains realised in the period on a life-to-date basis. The unrealised seed capital items are net gains or losses on investment securities, revenue and expenses in respect of consolidated funds and portfolio companies, and net unrealised gains or losses in finance income.

	Reference	FY2026 £m	FY2025 £m
Profit before tax	CSCI	126.9	108.6
Remove:
Seed capital-related gains	CSCI, note 20	(82.5)	(40.1)
Realised (gain)/loss on disposal of investments	Note 8	0.2	(0.3)
Share of profit from associate	CSCI	(0.4)	(0.3)
Variable remuneration		45.6	39.5
Charitable donations		0.4	0.4
Add:
Realised life-to-date seed capital gains		61.8	5.2
EBVCT		152.0	113.0

Adjusted net revenue, adjusted operating costs and adjusted EBITDA

Adjusted figures exclude items relating to FX translation and seed capital. Management assesses the Group's operating performance by excluding the volatility associated with these items.

EBITDA provides a view of the operating performance of the business before certain non-cash items, financing income and charges, and taxation.

	Reference	FY2026 £m	FY2025 £m
Net revenue	CSCI	140.5	144.1
Remove:
Other revenue from consolidated portfolio companies	Note 20	(3.9)	-
FX translation (gains)/losses	Note 7	(1.0)	2.4
Adjusted net revenue		135.6	146.5
	Reference	FY2026 £m	FY2025 £m
Personnel expenses	CSCI	(77.9)	(71.0)
Other expenses	CSCI	(29.0)	(27.7)
Remove:
Other expenses in consolidated funds and portfolio companies	Note 20	3.1	2.4
VC % on FX translation	Note 7	0.3	(0.8)
Adjusted operating costs		(103.5)	(97.1)
	Reference	FY2026 £m	FY2025 £m
Operating profit	CSCI	71.7	57.2
Remove:
Depreciation & amortisation		3.6	3.1
EBITDA		75.3	60.3
Remove:
FX translation	Note 7	(1.0)	2.4
Seed capital-related (gains)/losses	CSCI, note 20	(38.9)	(9.4)
VC % on FX translation	Note 7	0.3	(0.8)
Adjusted EBITDA		35.7	52.5

Adjusted EBITDA margin

Defined as the ratio of adjusted EBITDA to adjusted net revenue. This is an appropriate measure of the Group's operational efficiency and its ability to generate returns for shareholders.

Adjusted diluted EPS

Diluted EPS excluding items relating to FX translation and seed capital, as described above, and the related tax impact.

	Reference	FY2026 pence	FY2025 pence
Diluted EPS	CSCI	15.0	11.8
Remove:
FX translation	Note 7	(0.1)	0.3
Tax on FX translation		-	(0.1)
Seed capital-related gains	CSCI, note 7, note 20	(11.9)	(5.8)
Tax on seed capital-related items		2.0	0.9
Adjusted diluted EPS		5.0	7.1

Conversion of operating profits to cash

This compares cash generated from operations, excluding consolidated funds, to adjusted EBITDA, and is a measure of the effectiveness of the Group's operations in converting profits to cash flows for shareholders. Excluding consolidated funds also ensures consistency between the cash flows and adjusted EBITDA.

	Reference	FY2026 £m	FY2025 £m
Cash generated from operations	Consolidated cash flow statement	52.2	61.0
Remove:
Cash flows relating to consolidated funds and portfolio companies	Note 20	0.3	7.4
Operating cash flow		52.5	68.4
Adjusted EBITDA		35.7	52.5
Conversion of operating profits to cash		147%	130%

Capital resources

Ashmore has calculated its capital resources in a manner consistent with the IFPR. Note that goodwill and intangible assets include associated deferred tax liabilities and deferred acquisition costs, and foreseeable dividends relate to the proposed final dividend of 16.9 pence per share.

	Reference	30 June 2026 £m	30 June 2025 £m
Total equity	Consolidated balance sheet	794.3	782.3
Add:
Cash flow hedging reserve	Consolidated statement of changes in equity	-	(0.6)
Deductions:
Goodwill and intangible assets		(74.4)	(72.8)
Deferred tax assets	Balance sheet	(21.7)	(16.2)
Foreseeable dividends	Note 14	(85.1)	(86.0)
Investments in financial sector entities		(3.6)	(2.8)
Capital resources		609.5	603.9

Debt

The Group consolidates certain funds and portfolio companies where it has control for IFRS accounting purposes. Accordingly, the consolidated statement of financial position includes the assets, liabilities and borrowings of those funds. Borrowings incurred by consolidated funds and portfolio companies are generally secured against and repayable from, the assets of the relevant fund or portfolio company and are not used to support the Group's activities. Debt adjusts IFRS borrowings to remove secured borrowings recognised within consolidated funds and portfolio companies. This is a useful measure when assessing the Group's corporate funding obligations, liquidity and leverage.

	Reference	FY2026 £m	FY2025 £m
Other financial liabilities	Balance Sheet	30.1	18.0
Remove: borrowings of consolidated portfolio companies	Note 20	(30.1)	(18.0)
Debt		-	-

 

END