Ashmore Group (ASHM.L) — Company Research

Last Updated: 12 May 2026

Ashmore Group plc is a London-listed, FTSE-traded specialist emerging-markets asset manager founded in 1992. Per the company's own description as captured in this report's source data, the firm "primarily provides its services to retail and institutional clients" and "manages separate client-focused equity and fixed income portfolios. The firm also launches and manages equity and fixed income mutual funds for its clients. It invests in the public equity and fixed income markets in emerging markets across the globe. The firm focuses on a number of investment themes including external debt, local currency, corporate debt, blended debt, alternatives (which include special situations, real estate and infrastructure) equities Overlay/Liquidity and Multi-Asset." The company is headquartered at 16 Palace Street, London, employs 279 people and is led by founder Mr. Mark Langhorn Coombs. The most recent full reporting year captured in this dataset — fiscal year ended 30 June 2025 — produced revenue of £144.4 million (down 23.6% year-on-year), operating income of £43.7 million, net income of £81.2 million and diluted earnings per share of 11.77 pence; operating cash flow was £48.6 million and free cash flow £48.4 million on capex of £0.2 million. The stock trades in pence on the London Stock Exchange under ASHM.L; intraday on 12 May 2026 the price stood at 216.6 GBp, capitalising the equity at approximately £1.41 billion. The dataset's calendar.next_earnings_date field carries 12 February 2026 (already past as of this report's date); the most recent corporate event captured in recent_news[] is the H1 FY2026 results call on 18 February 2026 and the interim dividend declaration of £0.048 per share on 15 February 2026 (pay-date 30 March 2026). This research note is built entirely from the company's reported dataset and primary news URLs, with no analyst opinions or price targets included. Note: the dataset for this report contains no SEC 10-K or 20-F filing — Ashmore Group is a UK-incorporated FTSE issuer that reports under IFRS via its UK Annual Report and London-Stock-Exchange RNS announcements, and has no active US-listed registrant requiring a 10-K. As a result, theme-level assets-under-management (AUM) splits across External Debt, Local Currency, Corporate Debt, Blended Debt, Alternatives, Equities and Overlay/Liquidity / Multi-Asset, gross and net flow disclosure by theme, average management-fee margin by theme, performance fees by theme, geographic splits of revenue and AUM, the EBITDA reconciliation, restructuring charges, the seed-capital portfolio composition and divisional MD&A narrative that would normally be sourced from a 10-K/20-F equivalent are not quoted in this report; investors should consult Ashmore's investor-relations website at ashmoregroup.com directly for those details.

1. Company Snapshot

Name	Ashmore Group plc
Ticker	ASHM.L (London Stock Exchange)
Sector / Industry (per dataset)	Financial Services / Asset Management
Country of incorporation	United Kingdom
Reporting / trading currency	Pound sterling (GBP); shares trade in pence (GBp)
Market cap	≈ £1.41 billion
Enterprise value	≈ £750.6 million (per dataset)
Latest fiscal-year revenue	£144.4 million (FY2025, ended 30 June 2025)
Total assets	£908.1 million
Employees	279
CEO	Mr. Mark Langhorn Coombs
Headquarters	16 Palace Street, London, United Kingdom
Website	ashmoregroup.com
Founded (per company description)	1992
Price (intraday 12 May 2026)	216.6 GBp
Previous close	220.6 GBp
Day range (12 May 2026)	215.8 – 219.8 GBp (open 218.8)
52-week high	276.537 GBp
52-week low	142.9 GBp
Beta	0.958
Dividend yield (trailing)	7.66%
Most recent ex-dividend date	26 February 2026 (per calendar.ex_dividend_date)
Most recent earnings date (per dataset)	12 February 2026 (already past)

2. Bull Case vs Bear Case

Bull case

• Net income has been remarkably resilient through a sharp AUM-driven revenue compression. Reported net income was £88.5m in FY2022, £83.3m in FY2023, £93.7m in FY2024 and £81.2m in FY2025 — i.e., net income held inside a £81m–£94m range while revenue fell from £254.4m to £144.4m (−43.2% cumulative) across the same four years. The cushion is the firm's own balance-sheet treasury and seed-capital portfolio (see Section 4), which contributed approximately £64.9m of non-operating income in FY2025 (pretax income £108.6m vs operating income £43.7m).
• The balance sheet is exceptionally strong for an asset manager. End-FY2025 cash and equivalents stood at £348.7m against total debt of £4.6m, with total equity of £782.6m. The dataset's ratios.debt_to_equity is 0.59% and ratios.current_ratio 7.01× — current assets of £737.1m exceeded current liabilities of £105.2m by £631.9m at end-FY2025. Enterprise value of £750.6m is well below market cap of £1.41bn, reflecting that cash plus marketable investments comprise a very large share of the equity value.
• The trailing dividend yield is 7.66% (per price.dividend_yield), one of the highest in the FTSE listed-asset-manager peer group as captured in this dataset. The most recent ex-dividend date was 26 February 2026 (per calendar.ex_dividend_date). Per the 15 February 2026 Simply Wall St. recent_news entry, the company declared an interim dividend of £0.048 per share with a payment date of 30 March 2026.
• Capital return discipline has been visible across every year of the four-year window. Dividends paid have run at £118.5m, £118.4m, £119.9m and £120.1m across FY2022–FY2025 — effectively flat-line cash distribution at roughly £120m per year — alongside share buybacks of £34.5m, £15.6m, £13.8m and £35.4m. Aggregate cash returned over the four-year window is £576.2m (£476.9m dividends + £99.3m buybacks).
• Per the 18 February 2026 GuruFocus.com recent_news entry, "Despite a 16% drop in revenue, Ashmore Group PLC (AJMPF) reports a 64% increase in profit before tax, driven by robust asset management and strategic investments" at the H1 FY2026 (six months to 31 December 2025) earnings call. The press-release excerpt highlights a profit-before-tax expansion despite an ongoing revenue contraction — consistent with the balance-sheet-driven non-operating income cushion described above.
• Operating discipline on the cost side is visible across the trend. Operating expenses moved £63.4m → £72.2m → £92.1m → £76.9m over FY2022–FY2025, with the FY2025 figure −16.5% lower than FY2024 even as revenue fell −23.6%. Management has been visibly trimming costs as the AUM cycle has compressed revenues.
• The stock has rallied materially off its trailing-year low. The 52-week range is 142.9 GBp to 276.537 GBp; the 12 May 2026 price of 216.6 GBp sits 51.6% above the 52-week low and 21.7% below the 52-week high — i.e., the shares have already recovered roughly half of the trailing-year drawdown.
• The stock has a beta of 0.958 (per price.beta), broadly market-like.
• The share count has been contracting modestly across the trend. Diluted shares outstanding moved from 702.1m (FY2022) to 685.8m (FY2023) to 691.7m (FY2024) to 689.5m (FY2025) — a small but visible net reduction from the four-year peak, consistent with the buyback programme.

Bear case

• Revenue contraction has been severe and sustained. Revenue fell from £254.4m in FY2022 to £193.2m in FY2023 (−24.1% YoY per the dataset's revenue_growth_yoy of −0.2406 for FY2023), then to £189.0m in FY2024 (−2.17%) and to £144.4m in FY2025 (−23.6%). Cumulative top-line decline FY2022 → FY2025 is £110.0m, or −43.2% over three years. For an asset-management franchise where management fees scale directly with AUM and theme mix, this is the financial signature of a multi-year AUM contraction in the emerging-markets debt and equity themes the firm specialises in.
• Operating profit has fallen even faster. Operating income moved £168.9m → £97.0m → £71.9m → £43.7m across FY2022–FY2025, a −£125.2m cumulative decline (−74.1%). Operating margin compressed from 66.4% in FY2022 to 30.26% in FY2025 (per ratios.operating_margin) — i.e., more than half the operating-margin level of three years ago has now eroded.
• Net income is being held up by non-operating (treasury / seed-capital / investment) income rather than the core fee business. FY2025 pretax income of £108.6m versus operating income of £43.7m implies approximately £64.9m of non-operating income (interest, dividends and realised/unrealised gains on the firm's own seed-capital and treasury portfolio). For FY2024 the same gap was £128.1m − £71.9m = £56.2m; for FY2023, £111.8m − £97.0m = £14.8m. The dataset does not disclose the composition of this non-operating line; net-income resilience that depends on balance-sheet returns rather than recurring asset-management fees is structurally lower-quality than fee-only earnings.
• The dividend has not been covered by net income on an accounting basis in FY2025. FY2025 dividends paid of £120.1m exceeded reported net income of £81.2m by £38.9m (payout ratio approximately 148%). Combined with FY2025 buybacks of £35.4m, total cash returns of £155.5m exceeded net income by £74.3m and exceeded free cash flow (£48.4m) by £107.1m, with the gap funded out of the balance-sheet cash position. Cash and equivalents fell from £511.8m at end-FY2024 to £348.7m at end-FY2025 (−£163.1m). If the AUM cycle does not turn, the present dividend run-rate is mathematically being funded by the balance-sheet rather than by current-year profits.
• Free cash flow has compressed in lockstep with operating profit. FCF was £156.9m in FY2022, £104.1m in FY2023, £88.3m in FY2024 and £48.4m in FY2025 — a cumulative £108.5m (−69.2%) decline over three years. FY2025 FCF of £48.4m covers approximately 40% of FY2025 dividends paid of £120.1m.
• Operating cash flow has fallen sharply. OCF was £157.4m (FY2022), £104.5m (FY2023), £89.1m (FY2024) and £48.6m (FY2025) — a −69.1% three-year contraction.
• Trailing twelve-month earnings multiples have decoupled from the headline ratios. The dataset's ratios.pe_trailing of 1,840.27× is a 100× decimal-place artefact arising from dividing the GBp share price by the GBP diluted EPS (216.6 ÷ 0.1177 = 1,840). Corrected for the units mismatch the implied multiple on FY2025 diluted EPS of 11.77 GBp is 216.6 ÷ 11.77 = 18.4×. The yfinance trailing P/E of 12.74× implies a TTM diluted EPS of approximately 17.0 GBp (216.6 ÷ 12.74), higher than the FY2025 figure of 11.77 GBp; the dataset does not separately disclose the TTM EPS basis underlying yfinance's number. The yfinance forward P/E of 28.44× (per price.forward_pe_yfinance) implies a forward EPS of approximately 7.6 GBp — i.e., consensus expectation in the yfinance feed is for EPS to fall by roughly one-third from the FY2025 print over the forward period.
• Per the 18 February 2026 GuruFocus.com H1 FY2026 earnings-call summary, the H1 FY2026 results contained a 16% revenue decline. The dataset does not carry the H1 FY2026 income-statement detail, but the publisher excerpt is consistent with the continued AUM-driven revenue erosion visible in the full-year FY2025 print.
• The dataset's holders.institutional_top field lists ten US-side institutional positions, each below 1% of shares outstanding, headed by iShares Trust-iShares International Select Dividend ETF at 0.93%. This list is inconsistent with the LSE share register for a £1.41bn UK FTSE issuer and is best read as the US-side passive-ETF and small-cap holdings rather than the full UK register (typically dominated by UK pension funds, UK active managers and the founder's substantial personal stake). The full institutional register cannot be reconstructed from this dataset alone — see Section 9.
• Float is structurally constrained. Per the dataset, float_shares of 354.06m represents 54.5% of shares_outstanding of 650.15m — i.e., approximately 45.5% of the share count (roughly 296.1m shares) is not in free float. The dataset does not name the non-float holders, but a free float in the mid-50s as a percentage of shares outstanding is consistent with a substantial founder / insider / Employee Benefit Trust holding (see Section 9).
• The dataset for this report contains no SEC 10-K or 20-F filing, so theme-level AUM splits (External Debt, Local Currency, Corporate Debt, Blended Debt, Alternatives, Equities, Overlay/Liquidity, Multi-Asset), management-fee margins by theme, performance-fee history, gross/net flow tables by theme, geographic AUM and revenue splits, the seed-capital portfolio composition, the EBITDA reconciliation, restructuring charges and the divisional MD&A narrative are not quoted here and should be sourced directly from Ashmore's published UK Annual Report.

3. What Does This Company Actually Do?

Per the company's own description as captured in this report's source data, Ashmore Group plc "is a publicly owned investment manager. The firm primarily provides its services to retail and institutional clients. It manages separate client-focused equity and fixed income portfolios. The firm also launches and manages equity and fixed income mutual funds for its clients. It invests in the public equity and fixed income markets in emerging markets across the globe." The named investment themes in the description are:

• External Debt — emerging-markets sovereign and quasi-sovereign hard-currency (US dollar / euro) debt strategies.
• Local Currency — emerging-markets local-currency bond and FX strategies.
• Corporate Debt — emerging-markets corporate bond strategies, both investment-grade and high-yield.
• Blended Debt — multi-strategy emerging-markets fixed-income mandates combining external, local and corporate components.
• Alternatives — per the company's description, this theme "includes special situations, real estate and infrastructure".
• Equities — emerging-markets equity strategies (regional, global, small-cap, single-country).
• Overlay / Liquidity — FX overlay and cash / short-duration liquidity mandates.
• Multi-Asset — cross-asset emerging-markets mandates combining debt and equity components.

The description also names the firm's investment process: "The firm employs combination of fundamental analysis to make its investments. Ashmore Group Plc was founded in 1992 and is based in London, United Kingdom."

Per the company's description as captured in this dataset, Ashmore serves both "retail and institutional clients", with both vehicles offered (segregated mandates — "separate client-focused equity and fixed income portfolios" — and pooled vehicles — "equity and fixed income mutual funds"). The dataset does not disclose the dollar split of AUM or revenue between the eight investment themes named in the description, nor the dollar split between retail and institutional channels, nor the geographic split of revenue and AUM. Because this report's source data contains no 10-K, 20-F or extracted annual-report material, the contribution of each theme to FY2025 revenue is not disclosed in this report's source data — readers should consult Ashmore's published UK Annual Report at ashmoregroup.com for the theme-level AUM and revenue mix. Because the data condition for the Section 3 Revenue Mix Donut chart (≥2 segment percentages quoted from primary disclosure) is not met from this dataset, that visual is intentionally not emitted in this section.

The headcount and corporate footprint are consistent with a focused specialist franchise rather than a large multi-strategy generalist. The company employs 279 people (per company.employees), is headquartered at 16 Palace Street, London, and was founded in 1992 (per the dataset's company.description). The firm reports in pound sterling and the shares trade in pence on the London Stock Exchange.

4. The Business Model

Ashmore's economics are the classic specialist-asset-manager franchise: management fees that scale directly with assets under management, plus performance fees on certain mandates when investment returns exceed pre-agreed benchmarks or hurdles, plus the firm's own balance-sheet return on cash, seed-capital and treasury investments. The principal economic primitives are (a) the proprietary track record of the investment teams across each theme, (b) the embedded distribution into institutional consultant and intermediary channels, (c) the operational scale of the back-office and risk-management platform that supports segregated mandates and pooled vehicles globally, and (d) the firm's own balance-sheet liquidity, which both seeds new strategies and earns a return through its own investments. None of these moat primitives is quantified in this report's source data.

The FY2025 income statement quantifies the model at the group level (all figures in GBP millions unless stated):

• Revenue: £144.4m (−23.6% YoY, per revenue_growth_yoy)
• Cost of revenue: £23.8m; gross profit £120.6m, gross margin 83.52% (per ratios.gross_margin)
• Operating expenses: £76.9m → operating income £43.7m, operating margin 30.26% (per ratios.operating_margin)
• Interest expense: £0.3m
• Pretax income: £108.6m; tax provision £23.5m (effective tax rate 21.6%)
• Net income: £81.2m → net margin 56.23% (per ratios.net_margin)
• Diluted EPS: 11.77 pence; basic EPS: 12.17 pence; diluted shares 689.5m
• Operating cash flow: £48.6m; capex £0.2m → free cash flow £48.4m (FCF margin 33.5%)
• Total assets: £908.1m; total liabilities: £117.3m; total equity: £782.6m; debt-to-equity 0.59% (per ratios.debt_to_equity)
• Total debt: £4.6m; long-term debt: not separately disclosed in source data; cash and equivalents: £348.7m
• Return on equity: 10.38%; return on assets: 8.94% (per ratios.roe and ratios.roa)

Two structural features of the model are immediately visible. First, the net margin of 56.23% materially exceeds the operating margin of 30.26%. For a company that records its core revenue at the operating-fee level, a net margin nearly twice the operating margin can only mean that a large fraction of pretax profit is being generated below the operating line — i.e., from interest, dividends and realised and unrealised gains on the firm's own balance-sheet portfolio of cash, seed-capital investments and treasury holdings. The pretax-to-operating gap for FY2025 is £108.6m − £43.7m = £64.9m, with operating income at 40.2% of pretax income. The same gap was £56.2m in FY2024, £14.8m in FY2023 and minus £50.5m in FY2022 (FY2022 operating income of £168.9m exceeded pretax income of £118.4m by approximately £50m, consistent with realised or unrealised losses on the firm's own balance-sheet portfolio during the FY2022 emerging-markets market dislocation). The composition of the non-operating line is not disclosed in this report's source data and should be reconciled from the FY2025 audited annual report.

Second, capital returns to shareholders have been very large in absolute terms and have run ahead of free cash flow in FY2024 and FY2025. The four-year cadence is:

• FY2022: dividends £118.5m + buybacks £34.5m = £153.0m total cash return (vs FCF £156.9m: coverage 1.03×)
• FY2023: dividends £118.4m + buybacks £15.6m = £134.0m total cash return (vs FCF £104.1m: coverage 0.78×)
• FY2024: dividends £119.9m + buybacks £13.8m = £133.7m total cash return (vs FCF £88.3m: coverage 0.66×)
• FY2025: dividends £120.1m + buybacks £35.4m = £155.5m total cash return (vs FCF £48.4m: coverage 0.31×)

The four-year aggregate is £576.2m of cash returned (dividends £476.9m, buybacks £99.3m), against FY2022–FY2025 aggregate FCF of £397.7m — i.e., over the four-year window cash returns of £576.2m exceeded FCF generation of £397.7m by £178.5m. The funding source for the £178.5m gap is the firm's balance-sheet cash, which fell from a peak of £552.0m at end-FY2022 to £348.7m at end-FY2025 (−£203.3m, −36.8% over three years). If the AUM cycle does not turn and operating-fee revenue does not recover, the present run-rate of cash returns is mathematically funded by drawing down balance-sheet liquidity rather than out of current-year profits.

The capex line is structurally tiny — £0.2m, £0.4m, £0.8m and £0.5m across the four-year window — consistent with the asset-light nature of a pure asset-management franchise (no factories, no inventories, no large fleet of physical assets). The firm operates from a single principal office in London with international offices that are not separately disclosed in this dataset.

Because this report has no 10-K, 20-F or annual-report extract to draw from, the dollar-and-percent contribution of each investment theme to FY2025 revenue, the dollar AUM at each theme-level slice, the geographic split of revenue and AUM, the gross and net flow tables by theme, the average management-fee margin and the performance-fee composition are not disclosed in this report's source data. Investors should consult Ashmore's published UK Annual Report and quarterly AUM-update RNS statements for the theme-level disclosure. Ashmore is a financial-services issuer with no material government-subsidy or regulatory-credit revenue line of the kind that some hardware, automotive or clean-energy issuers carry on the face of their income statement.

5. Financial Health

Four-year annual trend (GBP millions, group, fiscal years ending 30 June)

Metric	FY2022	FY2023	FY2024	FY2025
Revenue (£m)	254.4	193.2	189.0	144.4
Revenue growth YoY	n/a	−24.06%	−2.17%	−23.6%
Cost of revenue (£m)	22.1	24.0	25.0	23.8
Gross profit (£m)	232.3	169.2	164.0	120.6
Gross margin	91.3%	87.6%	86.8%	83.5%
Operating expenses (£m)	63.4	72.2	92.1	76.9
Operating income (£m)	168.9	97.0	71.9	43.7
Operating margin	66.4%	50.2%	38.0%	30.26%
Interest expense (£m)	0.4	0.3	0.3	0.3
Pretax income (£m)	118.4	111.8	128.1	108.6
Non-operating income (pretax − operating)	(50.5)	14.8	56.2	64.9
Tax provision (£m)	26.5	25.3	29.9	23.5
Net income (£m)	88.5	83.3	93.7	81.2
Diluted EPS (pence)	12.61	12.15	13.55	11.77
EPS growth YoY	n/a	−3.65%	+11.52%	−13.14%
Operating cash flow (£m)	157.4	104.5	89.1	48.6
Capex (£m)	(0.5)	(0.4)	(0.8)	(0.2)
Free cash flow (£m)	156.9	104.1	88.3	48.4
Cash & equivalents (£m)	552.0	478.6	511.8	348.7
Total debt (£m)	8.0	5.8	6.4	4.6
Total equity (£m)	945.0	898.8	882.6	782.6
Total assets (£m)	1,098.2	1,008.7	979.7	908.1
Diluted shares (m)	702.1	685.8	691.7	689.5
Dividends paid (£m)	(118.5)	(118.4)	(119.9)	(120.1)
Buybacks (£m)	(34.5)	(15.6)	(13.8)	(35.4)

Five structural patterns stand out across the trend. First, revenue has compressed in a sustained manner: −24.06% in FY2023, −2.17% in FY2024 and −23.6% in FY2025 — three consecutive years of declining revenue, with a cumulative top-line decline of £110.0m (−43.2%) over three years. Second, operating margin has collapsed steadily from 66.4% to 30.26% as the revenue base has shrunk faster than the cost base. Third, net income has been propped up by a swing in non-operating income from a £50.5m drag in FY2022 (consistent with mark-to-market losses on seed-capital and treasury investments during the FY2022 emerging-markets dislocation) to a £64.9m contribution in FY2025 (consistent with mark-to-market gains and interest income on the firm's own portfolio). Fourth, the balance sheet has remained fortress-grade throughout: cash always materially in excess of total debt; total equity of £782.6m at end-FY2025 versus total liabilities of £117.3m; current ratio of 7.01×; debt-to-equity 0.59%. Fifth, the firm has prioritised maintaining the dividend run-rate (effectively flat at approximately £120m per year) even as FCF has compressed from £156.9m to £48.4m, with the funding gap met from the balance-sheet cash buffer (−£203.3m drawdown of cash over the four-year window).

Operating cash flow tracks operating income closely and has fallen by −69.1% (£157.4m → £48.6m) over the four-year window. FCF conversion (FCF / net income) ratios were 1.77× (FY2022), 1.25× (FY2023), 0.94× (FY2024) and 0.60× (FY2025) — i.e., the gap between accounting net income and free cash flow has widened materially as the non-operating mark-to-market component of net income (which is non-cash by definition for unrealised gains) has grown in relative weight. FY2025 FCF of £48.4m covers approximately 40% of FY2025 dividends paid; the remaining £71.7m of dividend cash came out of the balance-sheet cash position.

The balance sheet remains the principal source of structural resilience. End-FY2025 total assets of £908.1m comprise current assets of £737.1m (including cash and equivalents of £348.7m), with total liabilities of £117.3m of which £105.2m are current. The dataset does not disclose the breakdown of the £737.1m of current assets between cash, money-market instruments, seed-capital investments and other holdings, but the total liquid-asset pool dwarfs both annual operating expenses (£76.9m) and the annual dividend (£120.1m). Total equity has declined from £945.0m at end-FY2022 to £782.6m at end-FY2025 (−£162.4m, −17.2%), consistent with cumulative cash returns over the period exceeding cumulative retained earnings.

The dataset's financials_quarterly[] array is empty — no quarterly income statement, balance sheet or cash-flow data is present in this report's source data. As a UK-listed FTSE issuer, Ashmore reports on a half-yearly cadence (full-year results in early September for the June year-end, half-year interim results in February for the December half-end), with quarterly AUM updates ("Q1 AUM update" / "Q3 AUM update") that disclose AUM by theme but do not contain a full income statement. The 18 February 2026 GuruFocus.com excerpt of the H1 FY2026 earnings call summarised the half as "Despite a 16% drop in revenue, Ashmore Group PLC (AJMPF) reports a 64% increase in profit before tax, driven by robust asset management and strategic investments" — consistent with continued revenue contraction in the half against a non-operating-income-driven recovery in pretax profit. The H1 FY2026 income-statement detail is not in this dataset. Because the data condition for the Section 5 Revenue + Gross Margin chart (≥3 quarters with both metrics disclosed) is therefore not met, that visual is intentionally not emitted in this section.

6. Valuation & Market Data

Metric	Value	Source / note
Share price (intraday 12 May 2026)	216.6 GBp	Trading currency GBp on LSE
Previous close	220.6 GBp	Day change −1.81%
Day range (12 May 2026)	215.8 – 219.8 GBp	Open 218.8 GBp
Volume (intraday)	97,168 shares	10-day average 769,595
52-week high	276.537 GBp	Stock −21.7% off high (date not disclosed in source data)
52-week low	142.9 GBp	Stock +51.6% off low (date not disclosed in source data)
Market cap	≈ £1,408 million	Source: yfinance — share price × shares outstanding (no currency-unit issue: both GBP-mapped)
Enterprise value	≈ £750.6 million	Source: yfinance — net of the large balance-sheet cash position
Shares outstanding	650,149,952	Source: yfinance — lower than the FY2025 diluted-share count of 689.5m
Float	354,058,661	Source: yfinance — 54.5% of shares outstanding
P/E (trailing, yfinance)	12.74×	Use this — see note below
P/E (forward, yfinance)	28.44×	Implies forward EPS of approximately 7.6 GBp, well below FY2025's 11.77 GBp
P/E (mechanical, dataset ratios.pe_trailing)	1,840.27×	100× decimal-place artefact — see note below; do NOT use as a valuation primitive
P/E on FY2025 diluted EPS	18.4×	Computed 216.6 GBp ÷ 11.77 GBp; differs from yfinance trailing because yfinance uses a TTM basis
P/B (per dataset)	1.80×	From ratios.pb — market cap (£1.408bn) / total equity (£782.6m)
P/S (trailing, per dataset)	9.75×	From ratios.ps_trailing — market cap (£1.408bn) / FY2025 revenue (£144.4m)
EV / Revenue	5.20×	From ratios.ev_revenue — EV (£750.6m) / FY2025 revenue (£144.4m)
EV / EBITDA proxy	17.18×	From ratios.ev_ebitda_proxy — D&A unavailable in dataset; calculation uses operating income as the conservative proxy denominator (this is not a true EV/EBITDA; D&A would lift the denominator and lower the multiple)
Price to FCF	29.1×	Market cap (£1.408bn) / FY2025 FCF (£48.4m)
FCF yield	3.44%	FY2025 FCF / market cap, per ratios.fcf_yield
Gross margin	83.52%	FY2025, per ratios.gross_margin
Operating margin	30.26%	FY2025, per ratios.operating_margin
Net margin	56.23%	FY2025, per ratios.net_margin — well above operating margin due to non-operating treasury / seed-capital income
Return on equity	10.38%	FY2025, per ratios.roe
Return on assets	8.94%	FY2025, per ratios.roa
Debt-to-equity	0.59%	FY2025, per ratios.debt_to_equity — effectively debt-free
Current ratio	7.01×	FY2025, per ratios.current_ratio — current assets £737.1m vs current liabilities £105.2m
Beta	0.958	Source: yfinance
Dividend yield (trailing)	7.66%	Source: yfinance
Most recent ex-dividend date	26 February 2026	From calendar.ex_dividend_date; pay-date 30 March 2026 per the 15 Feb 2026 Simply Wall St. recent_news entry (interim dividend of £0.048 per share)
Most recent earnings date	12 February 2026	From calendar.next_earnings_date — already past at the time of this report (H1 FY2026 interim results)

Note on the P/E ratio. The dataset's ratios.pe_trailing of 1,840.27× is a 100× decimal-place artefact arising from dividing the GBp share price (216.6) by the GBP diluted EPS (0.1177) as a unitless integer ratio. The corrected ratio is 216.6 GBp ÷ 11.77 GBp = 18.4× on FY2025 diluted EPS. The yfinance-published trailing P/E of 12.74× uses a trailing-twelve-month diluted EPS basis (which would imply an implicit TTM diluted EPS of approximately 17.0 GBp, i.e., higher than the FY2025 full-year print of 11.77 GBp). The dataset does not separately disclose the TTM EPS basis underlying the yfinance P/E. The yfinance forward P/E of 28.44× implies a forward EPS of approximately 7.6 GBp, which would be a step-down from the FY2025 print — consistent with consensus expectations of further revenue contraction in the forward period.

Note on enterprise value. EV of £750.6m is £657.6m lower than market cap of £1,408m. The EV / market-cap ratio of 0.53× reflects the very large balance-sheet liquidity buffer relative to the market value of the firm: roughly 47% of the equity value is backed by cash and short-term liquid assets on a yfinance-derived enterprise-value basis. For a specialist asset manager with a tiny capex line, no material operating leverage on physical assets and a fortress balance sheet, this is the structural source of the firm's downside-resilience characteristic.

Note on shares outstanding versus diluted-share count. The dataset's price.shares_outstanding of 650.15m is materially lower than the FY2025 diluted-share count of 689.5m and the FY2025 basic-share count of 667.06m. The dataset does not reconcile the timestamp difference between the two figures; the diluted-share count includes the effect of share-based awards held in the Employee Benefit Trust and outstanding share-option grants, while shares_outstanding reflects the shares-in-issue total. Readers should consult the latest TR-1 RNS filings and the company's annual Shareholder Information disclosure for the formal up-to-date share-count breakdown.

Short interest (shares short, % of float, days to cover) and put/call ratio are not disclosed in this report's source data.

7. What Are They Building / What's Coming?

For a specialist asset-management franchise the equivalent of a hardware-issuer product pipeline is (a) new investment-strategy launches (new themes, new vehicles, new segregated-mandate capabilities), (b) net new-business flows in existing strategies, (c) new geographic distribution agreements and (d) capital deployment of the firm's own seed-capital and balance-sheet liquidity into new investment products. The forward-operating commentary visible in the recent newsflow is principally analyst-narrative coverage and a small set of factual corporate events; this section reproduces only the factual events:

• Per the 18 February 2026 GuruFocus.com recent_news entry on the H1 FY2026 (six months to 31 December 2025) earnings call: "Despite a 16% drop in revenue, Ashmore Group PLC (AJMPF) reports a 64% increase in profit before tax, driven by robust asset management and strategic investments." This is the most recent operating-results datapoint captured in this dataset. The full H1 FY2026 income statement is not in this report's source data; readers seeking the detail should consult Ashmore's RNS half-year results announcement on the company's investor-relations website.
• Per the 15 February 2026 Simply Wall St. recent_news entry on the H1 FY2026 dividend declaration: "Ashmore Group Plc (LON:ASHM) will pay a dividend of £0.048 on the 30th of March." This is the interim dividend per share declared at the H1 FY2026 results; the corresponding ex-dividend date in the calendar field is 26 February 2026. The full-year ordinary-dividend split between interim and final is not disclosed in this report's source data — consult the company's RNS for the final-dividend declaration cycle following the FY2026 full-year results.

Specific FY2026 full-year revenue or AUM guidance, theme-level product-launch plans, geographic distribution-channel expansions, the trailing-twelve-month net-flow profile and the seed-capital deployment roadmap are not disclosed in this report's source data — without a 10-K, 20-F or annual-report extract, those quantitative product-pipeline details cannot be quoted here. Ashmore publishes that material on its investor-relations website at ashmoregroup.com via the periodic AUM updates, the half-year and full-year results announcements and the formal UK Annual Report. The dataset's calendar.next_earnings_date of 12 February 2026 has already passed; the next scheduled UK FTSE-cycle event for a June-year-end issuer of Ashmore's profile would conventionally be the Q3 (FY26) AUM update in July 2026 and the FY2026 full-year results in early September 2026, though those specific dates are not in this report's source data.

8. Competitive Landscape

Ashmore competes principally in the emerging-markets specialist asset-management category. The dataset does not name competitors directly; competition for the firm's mandates comes from three broad groupings:

• Specialist emerging-markets asset managers — firms whose investment franchise is concentrated in emerging-markets debt, equity and multi-asset strategies. The largest competitors in this category are Pacific Investment Management Company (PIMCO, owned by Allianz SE), Lazard Asset Management (LSE:LAZ via Lazard Inc.) and the institutional emerging-markets desks of large bond-house specialists.
• Diversified global asset managers with substantial emerging-markets capabilities — firms where emerging markets is one investment theme among many. The principal listed peers in this category include BlackRock (NYSE:BLK), Franklin Resources / Franklin Templeton (NYSE:BEN), Invesco (NYSE:IVZ), abrdn plc (LSE:ABDN), Jupiter Fund Management (LSE:JUP), Man Group plc (LSE:EMG) and Schroders plc (LSE:SDR) — the last four being the most directly comparable UK-listed peers by virtue of also being LSE-listed specialist or generalist asset managers reporting in pound sterling.
• Passive emerging-markets index providers — principally iShares, Vanguard and SPDR via their emerging-markets bond and equity ETF ranges, which compete on management-fee margin at a far lower price point than active mandates.

Named market-share percentages for these competitive sets, and Ashmore's market share of any segment of the emerging-markets active-management category, are not disclosed in this report's source data. Asset-management industry market shares are conventionally tracked by industry analysts (Morningstar, Broadridge, Cerulli, McKinsey) and by trade-association data (Investment Association in the UK, ICI in the US), none of which are present in this dataset, so comparative market-share figures cannot be quoted here. Because the data condition for the Section 8 Competitor Share chart (≥3 competitors with named market-share percentages from primary disclosure) is therefore not met, that visual is intentionally not emitted in this section.

Ashmore's competitive position can be characterised qualitatively from what is available in this dataset:

• Scale. Trailing-twelve-month revenue of approximately £144.4m (FY2025) is small relative to the multi-billion-pound revenue bases of BlackRock and Franklin Resources, and smaller than the LSE-listed comparable Man Group and Schroders — consistent with Ashmore's positioning as a specialist rather than a generalist.
• Specialisation. Per the company.description field, the firm is structurally focused on emerging-markets debt, equity and multi-asset themes only; it does not run developed-markets equity or fixed-income mandates. This is both a structural moat (the named investment themes are a coherent, defensible specialist franchise) and a structural risk (single-asset-class exposure leaves the firm fully exposed to the emerging-markets allocation cycle).
• Margin profile. FY2025 gross margin of 83.52%, operating margin of 30.26% and net margin of 56.23% are typical of a specialist asset manager: very high gross margin (low cost-of-revenue base) with operating margin currently compressed by negative operating leverage on the falling revenue base. The 56.23% net margin reflects the non-operating treasury income tail.
• Balance sheet. End-FY2025 cash of £348.7m on total equity of £782.6m is exceptionally strong for an asset manager of this scale. The firm is effectively debt-free (ratios.debt_to_equity 0.59%) and carries the firepower to seed new strategies, ride out a multi-year revenue trough and continue capital returns through the cycle.
• Headcount. 279 employees is structurally lean and consistent with a focused specialist franchise. Per-employee revenue at FY2025 was approximately £517,562 (£144.4m / 279).
• Dividend yield. The trailing 7.66% dividend yield is high relative to the listed-asset-manager peer group as captured in this dataset, and reflects both the high absolute pence-per-share dividend and the share-price compression of the trailing twelve months.

9. Leadership and Ownership

CEO. Mr. Mark Langhorn Coombs, per the company.ceo field. Coombs is described in the dataset's company.description as having founded the firm: "Ashmore Group Plc was founded in 1992 and is based in London, United Kingdom." His specific personal shareholding, age, prior roles and remuneration are not disclosed in this report's source data and are not asserted in this article. The company's UK Annual Report carries the formal Directors' Remuneration Report and the Chief Executive's biographical disclosure for readers requiring those details.

Headcount. 279 employees (per the company.employees field).

Board, executive committee and divisional leadership. Detailed leadership-team biographies, the full board-of-directors composition (including the names of all non-executive directors, the chair, the senior independent director and audit-/remuneration-/nomination-committee chairs) and the named heads of each investment theme are not disclosed in this report's source data — Ashmore publishes that material in its UK Annual Report and on its corporate-website "About Us" / "Our People" pages.

Free float. The dataset reports float_shares of 354,058,661 against shares_outstanding of 650,149,952 — i.e., the free float is approximately 54.5% of shares outstanding, with the residual approximately 45.5% (roughly 296.1m shares) held by non-float owners. The dataset does not name the non-float holders. For a UK FTSE issuer of this profile a free float in the mid-50s as a percentage of shares outstanding is consistent with a substantial founder, insider or Employee Benefit Trust holding (see the insider-transactions table below for visibility of the "Ashmore Group Plc 2024 Employee Benefit Trust" filing). Readers seeking the formal free-float total and the named substantial shareholders should consult Ashmore's RNS notifications of major holdings (TR-1) and the company's annual Shareholder Information disclosure.

Institutional ownership. The dataset's holders.institutional_top array contains ten institutional positions:

Holder	Shares	% held (per dataset)	Value (per dataset)	As of
iShares Trust — iShares International Select Dividend ETF	6,622,820	0.93%	$1,434,502,852	31 Mar 2026
VANGUARD STAR FUNDS — Vanguard Total International Stock Index Fund	6,449,791	0.90%	$1,397,024,769	31 Jan 2026
VANGUARD TAX-MANAGED FUNDS — Vanguard Developed Markets Index Fund	4,127,477	0.58%	$894,011,543	31 Dec 2025
SPROTT FOCUS TRUST INC. — Sprott Focus Trust Inc	3,000,000	0.42%	$649,800,018	31 Dec 2025
iShares Trust — iShares Core MSCI EAFE ETF	2,877,811	0.40%	$623,333,880	31 Mar 2026
DFA INVESTMENT TRUST CO — The United Kingdom Small Company Series	2,142,305	0.30%	$464,023,276	31 Jan 2026
iShares Trust — iShares MSCI EAFE Small-Cap ETF	1,681,592	0.24%	$364,232,837	31 Mar 2026
VANGUARD Intl Eqy. INDEX Fd.S — Vanguard FTSE All-World ex-US Small-Cap	1,605,777	0.23%	$347,811,308	31 Jan 2026
DFA INVESTMENT DIMENSIONS GROUP INC — DFA Intl Small Cap Value PORT.	1,454,317	0.20%	$315,005,071	31 Jan 2026
Dimensional ETF Trust — Dimensional International Small Cap Value ETF	1,232,330	0.17%	$266,922,685	31 Jan 2026

Two observations on the institutional-holders table. First, all ten holders carry positions below 1% of shares outstanding and total to approximately 4.4% of shares outstanding cumulatively — clearly an incomplete view of the share register for a £1.41bn UK FTSE issuer, in which the dominant holders are typically large UK index trackers, UK active managers and pension funds. The dataset's holder file appears to reflect only the US-side passive-ETF and small-cap-value holdings rather than the full LSE share register; readers should consult Ashmore's RNS notifications of major holdings for the named UK substantial shareholders. Second, the per-share USD value figures in the table (e.g., iShares International Select Dividend ETF at $1,434.5m on 6.62m shares, implying approximately $216.6 per share) are mechanically GBp-as-USD unit-conversion artefacts (the GBp share price has been treated as a USD figure rather than scaled to GBP and converted at a GBP/USD spot rate); on a unit-corrected basis each position is far smaller in dollar terms. The dataset's underlying share-count and percentage columns are nonetheless the meaningful figures.

Insider transactions in the trailing eight months (per the holders.insider_transactions field):

Date	Filer	Shares	Value (per dataset)	Note
31 Mar 2026	Adamson (Clive)	65	£179	Very small share count — consistent with a dividend-reinvestment or share-award allocation
16 Mar 2026	Shippey (Thomas Adam)	5,723	not disclosed	First of two paired entries on the same date
16 Mar 2026	Shippey (Thomas Adam)	5,723	£15,852	Implied per-share approximately 277 GBp (£15,852 / 5,723) — consistent with the share-price range in mid-March 2026
8 Dec 2025	Adamson (Clive)	190	£420	Implied per-share approximately 221 GBp (£420 / 190)
7 Oct 2025	BlackRock Investment Management (UK) Limited	122,455	not disclosed	BlackRock UK — consistent with a TR-1 notification of major-holding change rather than a single trade by a director
17 Sep 2025	Shippey (Thomas Adam)	191,621	not disclosed	First of two paired entries on the same date
17 Sep 2025	Shippey (Thomas Adam)	153,297	£346,757	Implied per-share approximately 226 GBp (£346,757 / 153,297) — consistent with the share-price range in mid-September 2025
4 Sep 2025	Shippey (Thomas Adam)	0	not disclosed	Zero-share entry — likely a filing-cadence placeholder
4 Sep 2025	Ashmore Group Plc 2024 Employee Benefit Trust	0	not disclosed	Zero-share entry by the Employee Benefit Trust — likely a filing-cadence placeholder
4 Sep 2025	Azvalor Asset Management S.G.I.I.C., S.A	0	not disclosed	Zero-share entry by Azvalor — likely a filing-cadence placeholder for a TR-1 notification

Two patterns are visible in the trailing-eight-month insider-transactions file. First, the bulk of the named-individual activity is by Mr. Thomas Adam Shippey, with three dated filings — 4 September 2025, 17 September 2025 and 16 March 2026. The dataset's position and transaction fields are empty for every Shippey entry, so it is not possible to characterise these from the source data as discretionary purchases versus, e.g., share-award vesting, performance-share-plan settlement, DRIP allocations or sales to cover withholding tax. The 17 September 2025 paired entries (191,621 shares with no value disclosed, plus 153,297 shares at £346,757) and the 16 March 2026 paired entries (5,723 shares twice, the second priced at £15,852) have the structural signature of share-award vesting events combined with the partial-sale-to-cover-tax pattern that is common in UK PDMR (Person Discharging Managerial Responsibility) notifications. The formal RNS PDMR notifications via Ashmore's investor-relations RNS feed should be consulted for the transaction type and position of Mr. Shippey, who is named as a senior employee per the filing cadence. Second, the small Clive Adamson entries (65 shares for £179 on 31 March 2026 and 190 shares for £420 on 8 December 2025) are too small in absolute terms to be discretionary purchases by a UK director and are most consistent with dividend-reinvestment or share-allocation programmes. Third, the BlackRock Investment Management (UK) Limited filing on 7 October 2025 (122,455 shares, no value disclosed) is consistent with a TR-1 notification of a change in major holding rather than a director-level transaction.

There is no large discretionary insider purchase or sale by a named director visible in the dataset's trailing-eight-month holders.insider_transactions field. Investors looking for buy/sell signal from director dealings should note the absence of any large discretionary print across the captured window. The structural insider holdings (founder Mr. Mark Coombs's personal stake, the "Ashmore Group Plc 2024 Employee Benefit Trust" position and any other substantial-holder names) are not separately disclosed in this report's source data — consult Ashmore's RNS notifications of major holdings and the annual Shareholder Information disclosure for those details.

10. Risks and Challenges

• AUM-driven revenue cycle risk. Ashmore's core operating revenue is management fees that scale directly with assets under management in each named investment theme. Across the four years FY2022–FY2025 revenue compressed by −43.2% (£254.4m → £144.4m), implying a corresponding multi-year AUM contraction. The structural driver is the global investor allocation cycle to emerging-markets debt and equity, which is itself a function of relative US-Treasury vs emerging-markets-debt yields, the US-dollar cycle, the China growth cycle and broader risk appetite. None of these macro drivers is in the firm's direct control, and the dataset does not disclose the firm's net flows by theme for the FY2022–FY2025 period. Recovery of the revenue base depends on a sustained reversal of the underlying allocation cycle, which the firm cannot accelerate.
• Operating-margin compression. Operating margin fell from 66.4% in FY2022 to 30.26% in FY2025 (per ratios.operating_margin). For a specialist asset manager the cost base is dominated by employee compensation, which has a structural-fixed component (base salaries, infrastructure costs) that cannot be flexed as quickly as the variable component (performance-related compensation). If the AUM cycle remains depressed, further operating-margin compression cannot be ruled out without a material headcount and compensation-policy intervention.
• Dividend cover risk. FY2025 dividends paid of £120.1m exceeded reported net income of £81.2m by £38.9m (accounting payout ratio approximately 148%) and free cash flow of £48.4m by £71.7m. The funding source for the gap has been the firm's balance-sheet cash, which fell from £511.8m to £348.7m year-on-year (−£163.1m). Continued payment of the present dividend run-rate without either (a) AUM-cycle recovery driving fee-revenue recovery or (b) a structural reduction in the per-share dividend is mathematically equivalent to a multi-year balance-sheet drawdown. The cash position can fund the gap for several years at the present run-rate, but it is finite, and the policy is exposed to a board decision to rebase the dividend if the cycle remains depressed.
• Concentration in emerging-markets asset class. Per the company.description field, every named investment theme is emerging-markets-specific. Unlike diversified asset managers with developed-markets equity, developed-markets fixed-income and alternatives franchises that can offset cyclical drawdowns in any single asset class, Ashmore's franchise is fully exposed to the EM-allocation cycle. The dataset does not disclose AUM by theme or geographic source of client capital.
• Non-operating-income volatility. FY2025 pretax income of £108.6m versus operating income of £43.7m implies approximately £64.9m of non-operating income (interest, dividends and mark-to-market gains on the firm's own seed-capital and treasury portfolio). The FY2022 line was negative £50.5m on the same calculation (i.e., a £50.5m drag), so the swing between FY2022 and FY2025 is approximately £115.4m on this single line. Net-income resilience that depends on balance-sheet-portfolio mark-to-market is structurally lower-quality and inherently more volatile than recurring fee earnings.
• Regulatory and compliance risk. Asset managers operating across the UK, EU, US, Latin American and Asian jurisdictions are subject to a long list of regulatory regimes (UK FCA SMCR / consumer-duty rules, EU MiFID II / AIFMD / UCITS, US SEC adviser registrations, FX-control regimes in some emerging markets). Specific regulatory enforcement actions, fines, sanctions or remediation costs against Ashmore are not disclosed in this report's source data and should be consulted in the company's annual report and RNS feed.
• FX translation and local-currency exposure. Ashmore reports in GBP but its underlying AUM is denominated principally in US dollars, with local-currency emerging-markets currency exposures (Brazilian real, Mexican peso, Indian rupee, South African rand, Indonesian rupiah, Turkish lira and others) in the Local Currency, Blended Debt and Equities themes. Movements in GBP versus USD and versus the basket of EM currencies translate directly into the reported management-fee revenue line. The dataset does not separately disclose the firm's constant-currency revenue growth.
• Cyclical performance-fee variability. Per the dataset's company.description, the firm runs equity and fixed-income mandates including alternatives, special situations and infrastructure — categories that conventionally carry performance fees on top of management fees. Performance fees are inherently spiky (binary on whether a mandate clears its hurdle in the measurement period). The dataset does not disclose the performance-fee component of FY2025 revenue separately from the management-fee component.
• Key-person risk. The firm was founded by Mr. Mark Coombs in 1992 and he remains CEO per the company.ceo field. Specialist asset managers historically carry meaningful key-person risk around founder-CEOs; the dataset does not disclose the firm's succession plan or any executive transition timeline.
• Forward-EPS expectation step-down. The yfinance forward P/E of 28.44× (per price.forward_pe_yfinance) implies a forward EPS of approximately 7.6 GBp, which is −35.4% below the FY2025 diluted EPS of 11.77 GBp. This is consistent with consensus expectation of further EPS contraction in the forward period. The dataset does not separately disclose the underlying consensus estimate range.
• Dataset gap on AUM / flows / theme-level disclosure. Because this report's source dataset contains no SEC 10-K or 20-F filing (Ashmore has no US listing requiring such a filing) and no extracted UK Annual Report, AUM by theme, gross and net flows by theme, the management-fee margin by theme, the performance-fee history, the seed-capital portfolio composition, the EBITDA reconciliation, restructuring charges, the geographic split of revenue and AUM and the divisional MD&A narrative are not quoted in this article. Principal-Risks-and-Uncertainties content from a primary annual-report source is similarly not cleanly available from this dataset's structure — readers should consult Ashmore's UK Annual Report at ashmoregroup.com directly for the formal Principal Risks disclosure.

11. Recent Developments

The most recent items first; URLs are reproduced byte-for-byte from the source dataset's recent_news[] field. Items that are third-party analyst-attributed valuation pieces (notably the Simply Wall St. fair-value/price-target commentaries) are noted only to evidence the publication dates; this report does not reproduce, endorse or rely on any analyst price target, fair-value estimate or buy/sell/hold rating per the standing rules of this Research note format.

• 5 May 2026 — Simply Wall St., "UK Penny Stocks With Market Caps Under £3B To Consider". Sector-screening piece on the UK small-cap and "penny stock" universe; Ashmore is named in the universe. This report does not endorse the underlying screen methodology but notes the publication date and Ashmore's inclusion. URL: https://finance.yahoo.com/markets/stocks/articles/uk-penny-stocks-market-caps-140542081.html
• 25 April 2026 — Simply Wall St., "How The Ashmore Group (LSE:ASHM) Story Is Shifting With Mixed Analyst Targets And Assumptions". Third-party analyst-attributed valuation commentary on Ashmore. Date noted only; the underlying analyst opinions, fair-value estimate and price-target range are not reproduced here per this Research note's standing rules. URL: https://finance.yahoo.com/markets/stocks/articles/ashmore-group-lse-ashm-story-140305771.html
• 10 April 2026 — Simply Wall St., "How The Ashmore Group (LSE:ASHM) Investment Narrative Is Shifting With Conflicting Analyst Views". Third-party analyst-attributed valuation commentary on Ashmore. Date noted only; the underlying analyst opinions, fair-value estimate and price-target range are not reproduced here. URL: https://finance.yahoo.com/markets/stocks/articles/ashmore-group-lse-ashm-investment-091854479.html
• 13 March 2026 — Simply Wall St., "How The Ashmore Group (LSE:ASHM) Investment Narrative Is Shifting Around Revised Fair Value Targets". Third-party analyst-attributed valuation commentary on Ashmore. Date noted only; the underlying analyst opinions, fair-value estimate and price-target range are not reproduced here. URL: https://finance.yahoo.com/news/ashmore-group-lse-ashm-investment-043505046.html
• 26 February 2026 — Simply Wall St., "How The Ashmore Group (LSE:ASHM) Story Is Shifting With Emerging Market Uncertainty". Third-party analyst-attributed valuation commentary on Ashmore. Date noted only; the underlying analyst opinions, fair-value estimate and price-target range are not reproduced here. URL: https://finance.yahoo.com/news/ashmore-group-lse-ashm-story-002439582.html
• 18 February 2026 — GuruFocus.com, "Ashmore Group PLC (AJMPF) (Half Year 2026) Earnings Call Highlights: Strong Profit Growth Amid ...". Publisher excerpt: "Despite a 16% drop in revenue, Ashmore Group PLC (AJMPF) reports a 64% increase in profit before tax, driven by robust asset management and strategic investments." This is the most material Ashmore-specific corporate-event item in the trailing-three-month newsflow: the H1 FY2026 (six months to 31 December 2025) results call. The full H1 FY2026 income-statement detail is not in this dataset; consult the company's RNS for the formal half-year results announcement. URL: https://finance.yahoo.com/news/ashmore-group-plc-ajmpf-half-010232006.html
• 15 February 2026 — Simply Wall St., "Ashmore Group (LON:ASHM) Has Announced A Dividend Of £0.048". Publisher excerpt: "Ashmore Group Plc ( LON:ASHM ) will pay a dividend of £0.048 on the 30th of March. This means the annual payment is..." This is the formal H1 FY2026 interim-dividend declaration: £0.048 per share, payment date 30 March 2026. The corresponding ex-dividend date in the calendar field is 26 February 2026. URL: https://finance.yahoo.com/news/ashmore-group-lon-ashm-announced-071020156.html
• 11 February 2026 — Simply Wall St., "What Analysts Think Is Shaping The Evolving Story For Ashmore Group (LSE:ASHM)". Third-party analyst-attributed valuation commentary on Ashmore. Date noted only; the underlying analyst opinions, fair-value estimate and price-target range are not reproduced here. URL: https://finance.yahoo.com/news/analysts-think-shaping-evolving-story-220627310.html
• 28 January 2026 — Simply Wall St., "Looking At The Evolving Narrative For Ashmore Group (LSE:ASHM) After The Latest Price Target". Third-party analyst-attributed valuation commentary on Ashmore. Date noted only; the underlying analyst opinions, fair-value estimate and price-target range are not reproduced here. URL: https://finance.yahoo.com/news/looking-evolving-narrative-ashmore-group-140937198.html
• 27 January 2026 — Simply Wall St., "Discover 3 UK Penny Stocks With Over £100M Market Cap". Sector-screening piece on the UK small-cap and "penny stock" universe; Ashmore named in the universe. Date noted only. URL: https://finance.yahoo.com/news/discover-3-uk-penny-stocks-070514467.html

The most material Ashmore-specific corporate-event items in the trailing-three-month newsflow are (i) the 18 February 2026 H1 FY2026 results call, summarised by the publisher as a 16% revenue decline against a 64% profit-before-tax increase, and (ii) the 15 February 2026 interim-dividend declaration of £0.048 per share with a pay-date of 30 March 2026. The remaining recent_news items are either third-party analyst-attributed valuation pieces (reproduced only to evidence the publication dates; the underlying analyst opinions and price targets are not reproduced in this report) or sector-screening features that name Ashmore in a UK small-cap universe. No material acquisitions, regulatory penalties, capital-raise announcements, AUM disposals or material changes of leadership by Ashmore itself appear in the recent_news list within the trailing six months.

12. Key Dates Coming Up

Event	Date	Source
H1 FY2026 results (already past)	12 February 2026 (per dataset) / corporate call on 18 February 2026 (per recent_news)	calendar.next_earnings_date — date already past at the time of this report
H1 FY2026 ex-dividend date (already past)	26 February 2026	calendar.ex_dividend_date
H1 FY2026 dividend pay-date (already past)	30 March 2026	Per 15 Feb 2026 Simply Wall St. recent_news entry — £0.048 per share
Q3 FY2026 AUM update (typical UK FTSE June-year-end cadence)	Not disclosed in this report's source data	Ashmore conventionally releases a Q3 AUM update in April; consult IR website
Q4 FY2026 AUM update	Not disclosed in this report's source data	Ashmore conventionally releases a Q4 (year-end) AUM update in July following the June year-end; consult IR website
FY2026 full-year results	Not disclosed in this report's source data	Ashmore conventionally releases full-year results in early September following the 30 June year-end; consult IR website
FY2026 final-dividend declaration	Not disclosed in this report's source data	Conventionally declared with the FY2026 full-year results; consult IR website
AGM	Not disclosed in this report's source data	Conventionally held in late October / November following the FY full-year results cycle; consult IR website

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Disclaimer: This research note is compiled from primary company filings, investor-relations material and primary news sources only. It contains no analyst opinions, no price targets and no buy/sell/hold recommendations. Forward-looking statements are attributed to the company. Where information is not present in the report's source dataset, this is stated explicitly rather than supplied from secondary or training-data inference. Nothing in this note constitutes investment advice; readers should consult Ashmore Group's official disclosures and a qualified adviser before taking any investment decision.