Read more about Ashmore online

DOHA – QATAR

Strategic report

Understanding Ashmore 2

Business model 4

CEO review 10

Market review 12

Key performance indicators 14

Business review 16

Risk management 22

Section 172 statement 28

People and culture 34

Sustainability 38

TCFD report 42

Governance

Board of Directors 48

Chair’s statement 50

Corporate governance report 53

Audit and Risk Committee report 59

Nominations Committee report 63

Remuneration report 65

Statement of Directors’ responsibilities 94

Directors’ report 95

Financial statements

Independent auditor’s report 100

Consolidated financial statements 110

Company financial statements 114

Notes to the financial statements 117

Five-year summary 157

Alternative performancemeasures 158

Mandatory GHG reporting and SECRrequirements 161

Information for shareholders 164

Glossary 166

Contents

Ashmore’s 2026 highlights

AuM

US$54.0bn

2025: US$47.6bn

Profit before tax

£126.9m

2025: £108.6m

Diluted EPS

15.0p

2025: 11.8p

AuM outperforming benchmarks (3 years)

68%

2025: 70%

Adjusted EBITDA margin

26%

2025: 36%

Dividends per share

16.9p

2025: 16.9p

Ashmore’s strength lies in the diversity of its people, perspectives and global expertise.

Combined with a disciplined active investment management approach, this breadth of insight

enables Ashmore to identify opportunities across emerging markets, navigate changing market

conditions and deliver long-term value for clients and shareholders.

Ashmore Annual Report and Accounts 2026 1

Financial statementsGovernanceStrategic report

Active management,

global presence

Ashmore is a specialist emerging markets investment manager that has successfully managed its

clients’ capital for more than 30 years. Ashmore’s purpose is to deliver long-term investment

outperformance for clients, and to generate value for shareholders across market cycles.

New York - USA

London - UK

Dublin - Ireland

Key

Global offices

Local offices

Worldwide perspective

Emerging markets offer a broad range of investment opportunities, underpinned by strong macroeconomic and

structural factors.

Bogotá -

Colombia

Est 2010

Mexico City

- Mexico

Est 2025

Lima - Peru

Est 2016

Riyadh - Saudi

Arabia

Est 2014

Dubai - UAE

Understanding Ashmore

2 Ashmore Annual Report and Accounts 2026

Jakarta - Indonesia

Est 2012

Tokyo - Japan

Doha - Qatar

Est 2025

Mumbai -

India

Est 2016

Three-phase growth strategy

To increase investor allocations to EM, diversify revenue

streams and broaden access to capital in EM.

A strong, well-capitalised and liquid

balancesheet

That supports the business across market cycles

and enables investment in strategic growth and

diversification opportunities.

Emerging markets specialist

Broad range of investment opportunities, underpinned by

strong macroeconomic and structural factors.

Active management

Through investment committees, with a ’no star’ culture

to mitigate key person risk.

Diversified AuM

By investment theme, client type and client domicile.

A consistent and effective remuneration

philosophy

That underpins a team-based culture, rewards

performance and aligns employees’ interests with those of

clients and shareholders.

Global operating hubs and a network of local

asset management platforms

To provide services to a broad range of institutional and

retail clients around the world.

Differentiated business model

To execute Ashmore’s consistent three-phase strategy

across market cycles, facilitating investment for future

growth and underpinning value delivery for shareholders.

Key features of Ashmore’s business

Singapore

JAKARTA – INDONESIA

Ashmore Annual Report and Accounts 2026 3

Financial statementsGovernanceStrategic report

Three-phase strategy

Ashmore’s strategy is designed to unlock the long-term growth opportunities

available in emerging markets.

1. Established

Emerging markets

asset classes

• Developed world

investors hold more

than US$100 trillion

of assets and yet

are significantly

underweight emerging

markets: target

allocations are less

than 10% compared

with average global

benchmark weights in

excess of 20%

• The emerging markets

investment universe

continues to grow and

diversify, and Ashmore

strives to be at the

forefront of accessing

new market

opportunities as

theyarise

• Diversifying revenue

streams provides

Ashmore with greater

stability through

thecycle

• Investment

management industries

in many emerging

markets are at an early

stage of development

and experiencing rapid

AuM growth

• This presents a

significant growth

opportunity in local

asset management

platforms, as well as

cross-border emerging

markets opportunities,

over the longer term

• Net inflow of US$1.3bn

to equity strategies

• 25% increase in

alternatives AuM

• Intermediary retail AuM

increased to 5% of

Group AuM

• Local office AuM

increased by 13% to

US$8.9bn and

represents 16% of

Group AuM

• 38% of Group AuM

sourced from clients

domiciled in emerging

markets

• Constraints on

longer-term growth,

such as competition

• Downturn in Ashmore’s

long-term investment

performance

• Product development

misaligned with

investor demand

• Inadequate oversight of

local asset

management platforms

• Lack of understanding

of, and compliance

with, local regulations

• Ability to attract and

retain local talent

• Net inflows of

US$2.7bn delivered

• The long-term

opportunity to

increase allocations

to emerging markets

remains substantial,

notwithstanding the

progress made during

the year

• Weak sentiment

towards, and

fundamental

performance of,

emerging markets

• Downturn in Ashmore’s

long-term investment

performance

2. Diversified

Capital sources and

investment themes

3. Local

Mobilise emerging

markets capital

Opportunities

FY2026 progress

Potential risk

sources

Business model

4 Ashmore Annual Report and Accounts 2026

Principal characteristics

Delivering alignment and long-term value

Emerging

markets focus

Specialist

expertise in

managing

emerging markets

investments.

Collaborative

approach

Investment

committees

oversee collective

decision-making

and a ‘no star’

culture.

Diversified

client base

Broad and

diversified client

relationships

across regions and

segments.

Cost

discipline

Operating

discipline and

flexible

remuneration

philosophy.

Financial

strength

Liquid, well-

capitalised balance

sheet, with

nodebt.

Clients

68%

AuM outperforming over

three years

Consistent

implementation of active

investment philosophy to

take advantage of market

inefficiencies.

Employees

~38%

employee equity

ownership

Alignment of interests

delivered through

remuneration with equity

awards deferred for

fiveyears.

Communities

>80

projects supported by

TheAshmore Foundation

Ashmore donates 0.5%

of PBT to charities,

including theFoundation.

Shareholders

15.0p

of diluted EPS

28% growth driven by

seed capital programme

following investment in

new initiatives to support

returns to shareholders.

Specialist active

investment management

Proprietary emerging markets expertise, active management and strong

governance drive consistent long-term outperformance.

Disciplined and scalable

business model

Ashmore’s business model supports its growth strategy and has

distinctive characteristics that enable the creation of value for the

Group’s clients and shareholders over market cycles.

MUMBAI – INDIA

Ashmore Annual Report and Accounts 2026 5

Financial statementsGovernanceStrategic report

Dedicated to emergingmarkets

Ashmore is a specialist emerging markets investment manager with over 30 years’ experience in

these markets. Today the Group continues to innovate, offering new strategies that provide an

opportunity for investors to participate in emerging markets.

Active management matters

Specialist active management is critical to deliver alpha

over time from highly diversified asset classes.

In increasingly complex global markets, there are plentiful

opportunities for active managers to deliver outperformance

through accessing non-benchmark investments across

market cycles for investors.

• Benchmark indices typically comprise a substantial number

of issuers and securities, which means the spread of returns

around the index can be high. For example, the EMBI GD

comprises 151 issuers in 69 countries, and, on average,

compared with the annual index return of 8% over the past

25 years, the best-performing country has delivered a return

of 57% and the worst-performing is down 33%.

• Conversely, some indices are more concentrated, an

important feature that can be mitigated by an actively

managed strategy. For example, the top three countries in

the MSCI EM index are Taiwan, China and South Korea

with a combined weight of approximately 70%.

• Index composition and credit rating changes over time

enable active managers to exploit the impact of passive

fund flows as the new weights and ratings come

intoeffect.

• Elections and geopolitical events can drive short-term

market volatility, as illustrated by the GBI-EM Index: none of

the five best-performing countries in the six months to

December 2025 remained in the top five in the six months

to June 2026. Active managers can analyse probable

scenarios and position portfolios accordingly to deliver alpha.

• Off-benchmark instruments can be an important source of

investment return and are unavailable to passive investors.

• Importantly, both active and passive funds charge fees and

incur costs. The latter will therefore, by definition,

underperform its reference index on a net basis, whereas

an active manager has the potential to outperform.

Ashmore’s active investment processes have delivered

consistently strong investment performance, with 77% of

AuM outperforming over one year, 68% over three years

and 67% over five years as at 30 June 2026 (30 June

2025: 57%, 70% and 81%, respectively).

Understanding Ashmore

Active management

-100

-25

125

200

EMBI GD Country returns (high/low)

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

Source: Ashmore, JP Morgan

Returns over six-months to Dec 2025

Returns over six-months to Jun 2026

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Colombia

Index

South

Africa

GBI-EM index returns by country H1 vs H2

Active management can unlock returns in excess of

theindex.

Active management can navigate the impact of

multiple factors to adjust exposures to deliver above

index returns.

6 Ashmore Annual Report and Accounts 2026

MEXICO CITY - MEXICO

Investment theme (% of Group total) Investment theme (US$ billion)

There is diversification across a range of headline fixed

income investment themes and a growing proportion of

AuM in equities.

The breadth and depth of Ashmore’s investment teams,

itsscalable operating platform and the size of the

underlying investment universe mean there is significant

AuM growth available in each theme.

External debt 14%

Local currency 32%

Corporate debt 10%

Blended debt 21%

Equities 19%

Alternatives 4%

External debt 7.8

Local currency 17.4

Corporate debt 5.4

Blended debt 11.4

Equities 10.0

Alternatives 2.0

Client domicile (% of Group total)Client type (% of Group total)

Broad-based distribution, and 38% of AuM is sourced from

clients in emerging markets, a notable increase from 26%

five years ago.

Diversified institutional client base and potential to

increaseproportion of AuM sourced from retail investors

viaintermediaries such as private banks, wealth advisers

and platforms.

Central banks 23%

Sovereign wealth funds 27%

Governments 1%

Pension plans 13%

Corporates / financial

institutions 18%

Funds / sub-advisers 12%

Intermediary retail 5%

Foundations /

endowments 1%

Americas 12%

Europe 26%

UK 5%

Middle East & Africa 22%

Asia Pacific 35%

Diversified growth platform

Emerging markets are highly diverse: specialist

understanding and active asset management are required to

capitalise on price dislocations in periods when broad

investor sentiment affects the asset class indiscriminately.

There can be a perception that the emerging markets

comprise only a single asset class, with valuations uniformly

influenced in a ‘risk on’/‘risk off’ fashion by external factors

such as US monetary policy. However, the reality is that the

individual countries and their capital markets have many

different drivers of performance, including domestic

economic and political factors, as well as global macro

events. Therefore, while shifts in investor sentiment can

affect asset prices in the short term, the creation of

longer-term value derives from fundamental analysis and a

rigorous assessment of value.

Additionally, corporate issuers represent a broad range of

industry sectors and countries, a wide spectrum of market

capitalisation, and include both IG- and HY-rated bonds.

There are also significant investment opportunities in

privatemarkets, and Ashmore has developed experience in

several important emerging markets themes, including

infrastructure financing (private equity and private debt),

healthcare and education.

Ashmore’s AuM is diversified by investment theme, client

type and client domicile. This diversity helps to ensure the

Group participates in the growth of different themes which

may experience uncorrelated market cycles and positively

impacts the Group’s financial performance.

Ashmore manages capital across a range of diversified

investment themes. Dedicated strategies within each

theme focus on either global emerging markets or specific

regional or country exposure. The Group continues to

develop strategies to provide clients with access to a broad

range of risk and return profiles.

During the year, the Group has grown its AuM in the

equities and alternatives themes, the level of capital

sourced locally in emerging markets, and from the

intermediary retail business.

Ashmore Annual Report and Accounts 2026 7

Financial statementsGovernanceStrategic report

Seed capital £323.5m

Cash and deposits £355.9m

Liquid balance sheet

Substantial financial resources

Seed capital: supporting

growth and generating

returns for shareholders

Ashmore maintains a well capitalised and liquid balance sheet, which enables investment in strategic growth and diversification

opportunities and supports the Group’s dividend policy. The Group has no debt and has substantial liquidity in the form of cash,

deposits and liquid seed capital positions. 73% of the seed capital portfolio is in liquid positions and contributes to the Group’s

substantial financial resources. The Group maintains total financial resources of over £600 million, well in excess of its capital

requirement of £88 million.

Understanding Ashmore continued

Ashmore’s well established seed capital programme develops

investment track records for new products and strategic

initiatives, provides funds with initial scale and facilitates

third-party distribution channel access and scale. At 30 June

2026, the market value of the investments in the seed capital

programme was £324 million (30 June 2025: £339 million)

The Board has established seed capital thresholds to manage

seed capital exposures by investment theme and foreign

currency, which are implemented to manage market, credit

and liquidity risks and are reported on monthly. Day-to-day

management of the programme is delegated to the Group

CEO and GFD. Seed capital positions are monitored on a daily

basis and the Group’s aim is to recycle profitably when

sufficient initial scale has been achieved through raising

third-party capital.

During the year, positive market performance and alpha

delivered by Ashmore’s active investment processes resulted

in a 28% increase in the market value of the seed capital

portfolio. This generated a meaningful profit contribution for

shareholders, with reported seed capital gains of £82.5 million.

Client subscriptions and strong investment performance

facilitated the profitable recycling of a number of seed capital

investments, with the majority of realisations coming from

equity funds as these vehicles scaled up following third-party

inflows. This recycling realised life-to-date gains of

£61.8 million (FY2025: £5.2 million), more than half of which

was generated in FY2026. Since inception, the seed capital

programme has realised gains of approximately £225 million.

Notwithstanding the meaningful recycling in the year,

unrealised life-to-date gains increased to £69.8 million at

30 June 2026 from £42.6 million at 30 June 2025.

Investments in the year were made to establish track records

in new strategies such as Latin American equities, to provide

seed capital to local office funds and as part of capital

committed to the expansion of the Group’s thematic private

equity strategy. As at 30 June 2026, the Group had undrawn

seed capital commitments of £82.5 million, predominantly to

support the development of thematic private equity vehicles

such as healthcare.

100

200

300

400

500

600

700

Total ﬁnancial

resources

Excess

capital

Group capital

requirement

£m

Seed capital by investment theme

External debt 28%

Local currency 2%

Corporate debt 4%

Blended Debt 8%

Equities 28%

Alternatives 30%

8 Ashmore Annual Report and Accounts 2026

CARTAGENA – COLOMBIA

(£m)

100

150

200

250

300

350

400

450

30 June 2026Investment performanceRealisationsAdditions30 June 2025

339

324

(173)

(£m)

100

150

200

250

FY2010

FY2011

FY2012

FY2013

FY2014

FY2015

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026

Cumulative realised seed gains

Recycling resources for future growth following strong performance

Ashmore Annual Report and Accounts 2026 9

Financial statementsGovernanceStrategic report

Active management delivering

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.

CEO review

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

10 Ashmore Annual Report and Accounts 2026

SINGAPORE

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.

Ashmore Annual Report and Accounts 2026 11

Financial statementsGovernanceStrategic report

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.

Market review

DOHA – QATAR

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.

Quarterly EM benchmark index returns in

FY2026

Benchmark index returns in FY2026

Year to June 2026

Q4Q3Q2Q1

Corporate debtLocal currency

Frontier equitiesEquities

External debt

-5%

10%

15%

20%

25%

10%

15%

20%

25%

30%

35%

40%

45%

Equities 1yr to June 2026Fixed income 1yr to June 2026

MSCI

World

small cap

Frontier

equities

Bloomberg

Global

Aggregate

Corporate

debt

EM Local

currency

External

debt

12 Ashmore Annual Report and Accounts 2026

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.

Ashmore Annual Report and Accounts 2026 13

Financial statementsGovernanceStrategic report

Performance

measure

Relevance to

strategy and

remuneration

Five-year trend

Assets under management

The movement between opening and closing

AuM provides an indication of the overall

success of the business during the period,

in terms of subscriptions, redemptions and

investment performance.

The average AuM level during the period,

combined with the average feemargins

achieved, determines the Group’s

management fee revenues.

Investment performance

The proportion of relevant AuM that is

outperforming benchmarks on a gross basis

over one year, three years and five years.

The gross basis reflects the largely

institutional nature of the client base,

typically with the ability to agree bespoke fee

arrangements. Funds without a performance

benchmark, for example overlay strategies,

are excluded.

Ashmore’s strategy seeks to capitalise on

the growth trends across emerging markets

to deliver AuM growth overtime.

Growth in AuM is a vesting performance

condition for ExecutiveDirectors.

Ashmore’s success is dependent on

delivering investment performance

consistent with its clients’ objectives,

who typically look at performance over

the medium to long term. Investment

performance is a vesting performance

condition for Executive Directors.

Assets under management Investment performance

(AuM outperforming over three years)

US$54.0bn

2025: US$47.6bn

68%

2025: 70%

Measuring Ashmore’s

performance

Key performance indicators

2022

2023

2024

2025

2026

64.0

55.9

49.3

47.6

54.0

2022

2023

2024

2025

2026

1 year 3 years 5 years

14 Ashmore Annual Report and Accounts 2026

Adjusted EBITDA margin

This measure provides a meaningful

assessment of the Group’s operating

performance, excluding the mark-to-

market volatility of FX translation and

seed capital-related items.

Diluted EPS

Profit attributable to the equity holders

of the parent company divided by the

weighted average number of all dilutive

potential ordinary shares.

Balance sheet strength

Ashmore maintains a strong balance

sheet. This is measured by the financial

resources available to the Group, which

are then compared with the Group’s

capital requirement to provide an

excess capital ratio.

Delivering a high profit margin

demonstrates the benefits of

Ashmore’s global operating platform,

enables investment in future growth

opportunities, supports cash generation

to sustain a strong balance sheet,

andprovides attractive returns

toshareholders.

EPS reflects the overall financial

performance of the Group during the

period and represents an aspect of

value creation for shareholders.

Growth in diluted EPS compared

with benchmark indices is a vesting

performance condition for

ExecutiveDirectors.

A strong balance sheet provides

opportunities for investment to grow

the business, including the seeding of

funds. It also enables Ashmore to build

a diversified client base, and supports

the Group’s dividend policy.

Adjusted EBITDA margin Excess capitalDiluted EPS

26%

2025: 36%

£521m

2025: £511m

15.0p

2025: 11.8p

SINGAPORE

2022

2023

2024

2025

2026

789

125

664

609

521

604

511

696

599

705

624

Capital requirement (£m)

Financial resources (£m)

Excess capital (£m)

2022

2023

2024

2025

2026

2022

2023

2024

2025

2026

12.6

12.2

13.6

11.8

15.0

Ashmore Annual Report and Accounts 2026 15

Financial statementsGovernanceStrategic report

Business review

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.

Diversified platform for growth

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.

16 Ashmore Annual Report and Accounts 2026

MUMBAI – INDIA

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.

Ashmore Annual Report and Accounts 2026 17

Financial statementsGovernanceStrategic report

Business review continued

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

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).

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.

18 Ashmore Annual Report and Accounts 2026

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.

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.

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

Ashmore Annual Report and Accounts 2026 19

Financial statementsGovernanceStrategic report

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%.

Business review continued

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.

20 Ashmore Annual Report and Accounts 2026

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

Tom Shippey

Group Finance Director

4 September 2026

Ashmore Annual Report and Accounts 2026 21

Financial statementsGovernanceStrategic report

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.

Read about

Ashmore’s strategy

on page 4

Read about

Ashmore’s business

model on page 5

Read Ashmore’s

Corporate governance

report on page 53

Read about

Ashmore’s principal

risks on page 26

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 risks

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 on the following pages.

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.

22 Ashmore Annual Report and Accounts 2026

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 the 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

1. Policies

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.

2. Governance bodies

Ashmore Annual Report and Accounts 2026 23

Financial statementsGovernanceStrategic report

3. Processes

Risk management continued

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.

24 Ashmore Annual Report and Accounts 2026

5. Confirmation

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.

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 on pages 26 and 27 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.

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.

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

planandprogramme.

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.

4. Verification

Ashmore Annual Report and Accounts 2026 25

Financial statementsGovernanceStrategic report

Risk management continued

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, as

presented in more detail below. 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

26 Ashmore Annual Report and Accounts 2026

Description of principal risks Examples of associated controls and mitigants

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

Ashmore Annual Report and Accounts 2026 27

Financial statementsGovernanceStrategic report

Section 172 statement

Delivering for

Ashmore’s stakeholders

In accordance with the Companies Act, the Directors consider that during the financial year ended 30 June 2026, they

have acted in a way that they consider, in good faith, would most likely promote the success of the Company for the

benefit of its shareholders as a whole, having regard to the likely consequences of any decision in the long term and the

broader interests of other stakeholders, as required by the Companies Act. Constructive engagement with stakeholders

remains central to how Ashmore delivers on its purpose and strategy. As a specialist emerging markets investment

management company, the Board is mindful that the Group’s actions have broad social, environmental and economic

reach, and that Ashmore’s stakeholders’ perspectives are vital to long-term success.

Further details on key actions in this regard are also contained within the Corporate governance report on pages 53 to 58 and

the Directors’ report on pages 95 to 99.

DOHA – QATAR

Section 172 factor Relevant disclosures Page

The likely consequences ofanydecision

inthelongterm

• Company purpose

• Three‑phase strategy

• Business model

The interests of theCompany’s employees

• People and culture

• Sustainability

• Remuneration report

The need to fosterrelationships with clients,

suppliersandothers

• Business model

• Business review

• Sustainability

• Directors’ report

The impact of theCompany’s operations on

communities and theenvironment

• Sustainability

• TCFD report

• Mandatory GHG reporting and SECR

requirements

161

The Company’s desire to maintain a reputation for

highstandards ofbusiness conduct

• Risk management

• Sustainability

• Audit and Risk Committee report

The need to act fairly as between shareholders of

theCompany

• Relations with shareholders

• Annual General Meeting

28 Ashmore Annual Report and Accounts 2026

Shareholders

The support of Ashmore’s shareholders, with an appropriately

long-term investment horizon, is important to enable Ashmore

to fulfil its strategic growth ambitions.

c.38%

Equity owned by

employees, giving strong

alignment ofinterests

Why Ashmore engages

Shareholders require clear, consistent communication of

Ashmore’s purpose, strategy and business model, along

with insight into emerging markets, to understand the

Group’s development.

Shareholders value the Company’s strong alignment of

interests with employees through long‑term equity ownership.

Ashmore’s growth strategy and resilient business model

underpin the delivery of long‑term shareholder value over

market cycles.

How Ashmore engages

Through its in‑house investor relations programme, Ashmore

maintains direct and constructive relationships with shareholders

and potential investors, including through regular roadshows and

ongoing engagement. The Executive Directors meet frequently

with shareholders, and the Board remains focused on

accountability and responsiveness to shareholder engagement

requests. During the year, the Executive Directors and senior

management held approximately 100 shareholder meetings.

TheCompany also wrote to over 90% of its shareholders and

proxy agencies, in addition to holding meetings with its largest

shareholders, to seek feedback on remuneration ahead of the

draft FY2026 Policy being tabled at the 2026 AGM.

Key outcomes of engagement

• Shareholder feedback informed clearer reporting on

strategy, business performance and emerging market

conditions, strengthening alignment between Ashmore and

its shareholders.

• Insights from shareholder meetings shaped the content of

communications on the Group’s long‑term growth strategy,

capital management approach, and alignment of shareholder

and employee interests.

• Engagement gave the Board and Committees the opportunity to

discuss governance and remuneration matters ahead of key

decisions, supporting informed and transparent decision‑making.

• The Board sought views from major shareholders on the

draft Policy ahead of its submission for approval at the 2026

AGM, ensuring shareholder perspectives were considered

in the final remuneration proposal.

Why Ashmore engages

Clients are central to Ashmore’s business, and a primary

focus is understanding clients’ needs, tailoring investment

strategies to suit their objectives, and reporting on outcomes

in a transparent manner.

Clients’ needs can change over time, and understanding and

responding to these is integral to Ashmore’s success. Liability

profile, applicable regulations, and additional targets and

objectives in relation to climate change are just a few examples

of matters that impact on clients’ investment objectives.

Ashmore seeks to partner with clients to guide them through

these changes, and to evolve its services to meet these changing

requirements. For instance, Ashmore has been engaging with

clients in raising the profile of an Impact Debt strategy to satisfy

the demand from certain clients for their investments to make a

measurable positive impact on social and environmental metrics,

next to attractive financial returns.

How Ashmore engages

Ashmore’s global distribution team works closely with

portfolio managers to service clients and understand their

evolving needs. This engagement informs product design,

supports the development of domestic markets, and helps

ensure investment solutions remain outcome‑focused.

Engagement with current and prospective clients informs

product design, supports the development of domestic

markets where appropriate, and helps ensure investment

solutions remain relevant and outcome focused.

Clients receive a comprehensive and continually evolving

suite of reports that reflect regulatory requirements and

industry standards. Along with managing dedicated ESG

Equity and Impact Debt strategies, utilising feedback from

clients, Ashmore has developed enhanced impact and

engagement reporting. For UK retail clients, Ashmore has

continued to apply UK Consumer Duty, and equivalent EU fair

value assessments which are now embedded in product

design and approval processes.

Ashmore publishes details of its issuer engagements

and proxy voting activity for equity and debt portfolios

in its Engagement Report which is available on the

Group’swebsite.

Key outcomes of engagement

• Ashmore’s engagement with clients directly shapes the

evolution of its investment solutions and reporting, with

ongoing dialogue informing the development of the Impact

Debt strategy, enhancements to impact and engagement

reporting, and the integration of UK Consumer Duty and EU

fair value assessments into product design to ensure

offerings remain relevant, transparent and aligned with

clients’ changingobjectives.

• Ashmore remains a signatory to the UK Stewardship Code.

The Group is focused on continually strengthening its

stewardship practices and client confidence in its approach

to responsible investment.

Ashmore is a specialist emerging markets investment manager

and manages US$54.0 billion of assets as at 30 June 2026.

Ashmore manages a wide range of investment strategies and

products, organised under a number of broad emerging markets

investment themes, for a diversified institutional and

intermediary retail client base.

Clients

95%

AuM from institutional

clients

Ashmore Annual Report and Accounts 2026 29

Financial statementsGovernanceStrategic report

Section 172 statement continued

Employees

Ashmore’s professional, diverse and committed employees are

pivotal to the Company’s culture and successful business

model.

282

employees across

13offices

Why Ashmore engages

Ashmore’s employees are a key asset and central to

delivering long‑term value for clients and shareholders.

Employees’ strong work ethic, commitment, expertise and

tenure are key factors enabling Ashmore to meet the needs

of other stakeholders.

Ashmore’s diverse employee population seeks opportunities

for career development and training, and are motivated and

rewarded with competitive pay and benefits. Embracing

diversity and inclusion is key to Ashmore’sculture as

employees come from a wide range of cultures and

nationalities.

How Ashmore engages

Ashmore engages with employees through multiple

channels, feeding directly into Board decision‑making. The

Board reviews a semi‑annual Culture and Conduct report and

monthly HR updates, discussed at scheduled Board

meetings throughout the year. Jennifer Bingham, the

Non‑executive Director responsible for workforce

engagement, chairs regular “meet the teams” sessions,

gathering employee feedback and encouraging open

dialogue between the Board and the wider workforce.

Jennifer also chairs the Diversity Committee, which monitors

progress against diversity and inclusion objectives and

ensures related policies and reporting remain aligned with

governance requirements and best practice.

Ashmore invests in employees at every career stage,

including a graduate programme spanning investment,

legal, compliance and distribution, and sponsoring

professional training and qualifications. Employees receive

regular updates on business developments and strategy, and

take part in off‑site team‑building activities and charity events

supporting The Ashmore Foundation and other social‑

mobility organisations. In response to feedback, the Board

approved enhanced maternity provisions and well‑being

support, improving the overall employee experience.

Key outcomes of engagement

• Workforce engagement and employee feedback enabled

the Board to monitor culture, conduct and the effectiveness

of people practices, informing actions on career

development, training, diversity and inclusion and

internalcommunications.

• The engagement supported continued oversight of

initiatives to improve recruitment, retention and future

talent development, including early careers programmes

and social mobility participation.

• The Board’s meeting in Colombia provided in‑person

engagement with local teams and a deeper understanding

of investment activity and regional operations (see below).

• Aligned with the London office move and in response to

feedback from employees, Ashmore reviewed its employee

benefits offering in the year. This resulted in new health and

well‑being focused benefits, improved maternity provisions

and an electric vehicle leasing scheme. In addition, a revised

flexible working model and complementary catering have

been introduced to increase use of office facilities and

support in‑person collaboration.

Engagement in action

Colombia Office Visit

In April, the Board held a scheduled meeting at the Group’s Colombia office. The visit gave the Board

the chance to spend time with the local team, visit portfolio investments, and gain first-hand insight

into the region’s operating environment and investment capabilities.

During the visit, the Board met with senior members of

the investment and support teams to discuss current

portfolio activity, pipeline development, and the broader

market backdrop. These discussions gave the Board

visibility of the opportunities and challenges facing the

region, and a clearer picture of how the team’s specialist

expertise across private and public markets in Colombia

feeds into the Group’s wider investment decision‑making.

The visit was a valuable way for the Board to deepen its

understanding of the Colombia business and reinforced the

importance of ongoing engagement with teams across all

geographies in which the Group operates. It reflects the

Board’s continued commitment to ensuring strategic

decisions are shaped by insight from those delivering

long‑term value for clients and shareholders — supporting

its Section 172 duty to have regard to the interests of

employees and other stakeholders.

30 Ashmore Annual Report and Accounts 2026

Society

Ashmore engages with its corporate and sovereign issuers to understand social and economic

issues relevant to them and the societies in which they operate. The Ashmore Foundation

focuses on partnering with non-profit organisations to promote positive social, environmental

and economic impacts in communities in which the Group operates, and to mitigate the

impact of the Group’s operational GHG emissions.

LUSAIL – QATAR

Why Ashmore engages

Ashmore invests across emerging markets, where ESG‑

related issues are relevant to its issuers. Ashmore uses its

ESG scorecard to identify which considerations are material

to each issuer and engages with issuers accordingly.

The Ashmore Foundation works with stakeholders to make a

positive, sustainable difference to social and economic

issues affecting women, young people and disadvantaged

communities in emerging markets. Underpinning the work of

the Foundation is a focus on environmental sustainability as

well as partnering with stakeholders to create long‑term

impact, build gender equity and encourage systemic change.

How Ashmore engages

Ashmore remains a signatory to several responsible‑investment

industry initiatives. During FY2026, most issuer‑engagement

activity focused on climate‑related matters, including

encouraging enhanced GHG‑emissions disclosure and gaining

a clearer understanding of issuers’ climate‑action plans.

The Ashmore Foundation awarded nearly US$0.9 million in

grants supporting social and economic opportunities for

women and young people in emerging markets.

Key outcomes of engagement

• Engagement with issuers strengthened Ashmore’s

evaluation of financially material ESG risks and

opportunities, including climate‑related disclosures and

transition planning.

• The Ashmore Foundation partnerships delivered grants

supporting social and economic opportunity for women and

young people in emerging markets.

• The Board’s approval of the new London head office

improved energy efficiency, reducing the environmental

impact of office operations. The modernised environment

has also supported a more collaborative workplace.

Ashmore Annual Report and Accounts 2026 31

Financial statementsGovernanceStrategic report

Section 172 statement continued

Regulators

Regulatory oversight of Ashmore’s investment management

operations and funds and adherence to global regulatory

standards is a critical part of Ashmore’s governance

framework.

25+

regulators overseeing

Ashmore’sactivities and

funds globally

Why Ashmore engages

As a global business, Ashmore works to build positive,

collaborative relationships with regulators across the

jurisdictions in which it operates. Constructive regulatory

relationships help Ashmore meet growing regulatory

requirements worldwide, adhere to the rules and standards

of each jurisdiction to protect clients and shareholders,

and gain insight into future regulatory developments

whereappropriate.

Ashmore manages its business to comply with relevant

international and local requirements, and to meet the needs

of its clients and shareholders.

How Ashmore engages

The Board and its Committees regularly consider Ashmore’s

regulatory engagement and its understanding of evolving

requirements. Senior management and the global Compliance

function meet with regulators to maintain strong relationships

and discuss specific projects, regulatory developments and

business evolution.

Throughout the year, Ashmore monitored and assessed

regulatory expectations and industry feedback, including

consultation papers, policy statements, guidance, enforcement

actions, rule changes, thematic reviews and ‘Dear CEO’

communications. Engagement activities included responding

to regulatory questionnaires and surveys, participating in

engagement meetings, and undergoing cyclical reviews and

examinations by regulators including the United States

Securities and Exchange Commission, Securities and

Exchange Board of India, Qatar Financial Centre Regulatory

Authority, Japan Financial Services Agency, Financial Sector

Conduct Authority (South Africa), FCA, and other authorities

across the Group’s global footprint.

Ashmore also corresponded with the FRC following its

limited‑scope review of the 2025 Annual Report. The FRC’s

role is to consider compliance with the reporting requirements,

rather than to verify the information provided. The FRC

highlighted opportunities to enhance disclosures in the 2026

Annual Report which have been taken into account.

Key outcomes of engagement

• Regulatory engagement enabled Ashmore to incorporate

evolving expectations into its governance, compliance and

risk management frameworks, and to give regulators

greater insight into its regulatory activities, governance and

control arrangements and business strategy.

• Engagement supported prompt, effective responses to

regulatory questionnaires, reviews and information requests.

• Dialogue with regulators helped the Board and management

evaluate the implications of new rules, guidance and

thematic findings for the Group, funds and clients.

• The Audit and Risk Committee discussed the FRC’s

suggestions for improved disclosure, and Ashmore has

taken these suggestions into account in preparing the 2026

Annual Report.

32 Ashmore Annual Report and Accounts 2026

Third-party providers

Ashmore’s operating platform relies in part

on high-quality service providers.

Why Ashmore engages

Ashmore knows that its clients rely on the services it offers

and has invested over the long term in systems, people and

processes to ensure operational resilience, using a global

network of external providers to complement its own

resources and skills.

In addition to complying with its operational resilience

obligations, Ashmore focuses on the sourcing, selection,

on‑boarding, management, oversight and reporting

ofsuppliers.

How Ashmore engages

Ashmore conducts an annual business‑impact analysis in line

with FCA operational‑resilience requirements. This process

identifies the Group’s important business services, maps the

supporting processes and dependencies, and stress‑tests

them to determine impact tolerances. All self‑assessments

undertaken to date have confirmed that Ashmore Investment

Management Limited and Ashmore Investment Advisors

Limited can continue operating within these tolerances, even

under severe but plausible scenarios.

Ashmore also undertakes regular business‑continuity testing

and maintains detailed incident‑response documentation.

355+

suppliers to the Group

RIYADH – SAUDI ARABIA

The Group remains committed to the fair treatment of

service providers, through ongoing supplier engagement and

annual Board review of related policies, supporting the

continued application of standards on ethics, labour and

human rights, health and safety, environmental compliance

and sustainability.

Key outcomes of engagement

• Engagement with key service providers supported the

continued resilience of Ashmore’s operating platform

and effective oversight of outsourced activities, including

the review of third party System and Organization

Controlsreports.

• Annual business impact analysis and resilience testing

confirmed that critical services could operate within agreed

impact tolerances under severe but plausible scenarios.

• During the year the Board approved the updated modern

slavery and human trafficking statement and reviewed the

supplier code of conduct, which sets clear expectations for

the Group and third‑party service providers on ethics, labour

and human rights, health and safety, environmental

compliance and sustainability.

Ashmore Annual Report and Accounts 2026 33

Financial statementsGovernanceStrategic report

Defining and maintaining culture

Culture is ultimately a reflection of common beliefs and

behaviours, and therefore is of utmost importance in a

business whose employees are one of its key assets and

wherethere is an unrelenting focus on delivering performance

for clients.

Ashmore’s culture is appropriate for a specialist, highly-

regulated asset management company operating in distinctive

markets with significant long-term growth potential.

Importantly, the culture aligns the interests of employees,

clients, shareholders and other stakeholders over the longer

term; supports and reinforces the principal features of the

business model; and underpins the achievement of the

Group’s strategic objectives.

Ashmore’s consistent culture has persisted through multiple

market cycles and significant growth over time inthe

Company’s operations, including the global operating hubs and

distribution offices in New York, Dublin, Singapore and Tokyo,

and the development oflocal asset management operations in

Colombia, Peru, Mexico, Qatar, Saudi Arabia, the United Arab

Emirates, Indiaand Indonesia.

Importantly, while the local asset management businesses

operate independently, for example in terms of investment

decisions, they share a common team-based culture with the

Group’s global operations. The same remuneration philosophy

is followed by Ashmore’s local offices.

Efficient, team-based operations

Ashmore’s management structure is efficient, with a relatively

flat hierarchy that minimises bureaucracy and supports

effective decision-making with clear accountability.

The Group’s ICs oversee the management of client portfolios

by investment teams, which operate with collective

responsibility. There is a ’no star’ fund manager culture, with

no individual responsible for a discrete strategy. This approach

fosters appropriate behaviour withcommittee oversight.

c.38%

of Ashmore’s shares are owned

by current employees

The team-based approach is echoed across Ashmore’s

operations, including distribution and support functions, and

covers all offices globally. This results in a collaborative,

client-focused and mutually supportive culture across the

Group. The shared equity ownership for all Group employees

means that Ashmore’s employees have suitable incentives to

collaborate in order to achieve appropriate outcomes for

thebusiness as awhole.

High standards

Ashmore’s long-term strategic success is ultimately dependent

on its employees and it aims to attract, develop and retain

high-calibre people.

Recognising the diverse nature of its operations across

13countries, Ashmore’s policies and procedures reflect best

practice within each of these countries and the Group requires

its employees to act ethically and to uphold the standards

expected by the Group’s stakeholders including its clients,

regulators, shareholders and broader society. By way of

oversight, the Board receives periodic culture and conduct

reports as well as other culture and conduct metrics through

regular reporting to the Board and its committees.

Long-term employee loyalty

The effectiveness of Ashmore’s commitment to, and ongoing

investment in, its employees is demonstrated by their loyalty

tothe Group. As a consequence of the team-based culture

andperformance-based and equity-focused remuneration

philosophy, Ashmore enjoys relatively low levels of unplanned

staff turnover (FY2026: 8%, FY2025: 9%). Consequently, 64%

of Ashmore’s staff have been with the Group for four or more

years, and more than one-third of employees have worked for

Ashmore for 10 years or more.

Distinctive culture

People and culture

Ashmore’s team-based culture is evident across the Group and is instilled and maintained by factors

such as the Group’s performance-based remuneration philosophy with its emphasis on long-term

equity ownership, a robust compliance and risk management framework, and a clear ‘tone from the

top’ imparted by the Board and senior management.

34 Ashmore Annual Report and Accounts 2026

Length of service (% Group employees) Employee age range (% Group employees)

< 4 years 36

4-9 years 26

10-15 years 26

>15 years 12

18-24 6

25-34 21

35-44 32

45-54 28

55+ 13

Diversity, equality and inclusion

Diversity means many things to Ashmore, but the unifying

thread is that the diverse characteristics of markets, clients,

investment strategies and employees are all positive factors

thathelp to underpin the Group’s long-term success.

Employee diversity can be considered through various lenses,

notjust gender and ethnicity, but also characteristics such

asexperience, skills, tenure, age, geographical expertise,

professional and socio-economic background, disability,

neuro-diversity and sexual orientation. Diversity canhelp to

reduce the risks of ‘groupthink’ and promote an appropriate

culture that supports the achievement of strategicobjectives.

With Ashmore’s focus on emerging markets and its network of

13offices with local employees, it is diverse from ethnicity,

gender and nationality perspectives: 70% of Ashmore’s

employees come from diverse backgrounds (defined as being

female or non-white male). In addition, more than a third (36%)

of the Group’s employees and 50% of the Board are female.

Recognising that the financial services sector has historically

been a male-dominated industry, Ashmorecontinues to

promote gender diversity.

However, Ashmore is a relatively small organisation with fewer

than 300 employees, and a long-standing remuneration

philosophy that rewards performance and engenders long-term

employee loyalty. It does not have large-scale recruitment

programmes. Therefore, any significant desired changes in

theprofile of the employee base must occur over time as

succession takes place, new roles arise, and replacements

arerecruited based on merit and objective criteria without any

quotas set. The Group’s Diversity Committee, which is chaired

by the Non-executive Director responsible for workforce

engagement, supports initiatives to create a diverse pipeline

of employees at all levels, acknowledging that improving

employee diversity in financial services drives better decision-

making, deepens client trust and supports sustainable growth

in a global market.

Within this context, Ashmore seeks to ensure that candidate

pools are assembled wherever possible to include candidates

ofdifferent genders, ethnicity and social backgrounds.

Ashmore’s graduate recruitment programme and sponsoring

of professional training and qualifications supports the

development of a diverse workforce over the longer term.

Thegraduate programme’s focus was expanded in the year to

include distribution, legal and compliance, in addition to front

office roles. There are now graduates from the programme in

permanent roles across the equity, fixed income andglobal

macro researchteams.

To ensure diversity characteristics are understood and, where

necessary, acted upon, Ashmore maintains a comprehensive

view of the profile of its employees, based on self-identified

factual data. This ’diversity dashboard’ is reported periodically

to the Board, its Nominations and Remuneration Committees

and the RCC. In addition, all employees receive comprehensive

annual equality and diversity in the workplace training.

BOGOTÁ – COLOMBIA

Ashmore Annual Report and Accounts 2026 35

Financial statementsGovernanceStrategic report

People and culture continued

Listing Rules disclosures

As shown in the tables below, Ashmore complies with the Listing Rules requirements for at least 40% of the Board to be

women; for at least one senior Board position to be held by a woman; and for at least one Director to come from a minority

ethnicbackground.

Gender

Number

of Board

members

Percentage

of the Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage of

executive

management

Men 3 50% 3 12 93%

Women 3 50% 1 1 7%

Not specified/prefer not to say 0 0% 0 0 0%

Ethnic background

Number

of Board

members

Percentage

of the Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

executive

management

Percentage of

executive

management

White British or other white

(including minority-white groups) 5 83% 4 8 62%

Mixed/multiple ethnic groups 0 0% 0 0 0%

Asian/Asian British 1 17% 0 3 23%

Black/African/Caribbean/Black British 0 0% 0 0 0%

Other ethnic group, including Arab 0 0% 0 2 15%

Not specified/prefer not to say 0 0% 0 0 0%

All data as at 30 June 2026. The diversity data is based on the ‘diversity dashboard’ described above, and the tables are based on

membership regardless of location.

FTSE Women Leaders Review

The Review set three targets to be met by the end of 2025. Ashmore has made good progress, by meeting or exceeding two of

the targets with 50% of the Board, including the Senior Independent Director, being female. The third, and more challenging,

target is for women to represent 40% of the senior management team. Ashmore currently has 22% female membership of the

senior management team, being the executive management team and their direct reports, regardless of location, who are

managers or department heads. The Diversity Committee continues to review this so that steps can be taken to bridge this gap

when attracting and retaining female employees.

Parker Review

Ashmore complies with the recommendations of this Review. It has an ethnic minority Board member and, as described in the

Nominations Committee report, it has a target for 15% of the UK senior management team (being the UK-based members of the

executive management and their UK-based direct reports who are managers or department heads) to be from an ethnic minority

background by 2027. Currently, 38% of Ashmore’s UK senior management team is from an ethnic minority background.

36 Ashmore Annual Report and Accounts 2026

Year end headcount

2026: 282

BOGOTÁ – COLOMBIA

Nationality and ethnicity

Ashmore is proud to have a diverse workforce with employees from 34 different countries.

countries represented

56%

outside Europe

Nationality (%) Ethnicity (%)

180

102

174108

17795

170102

18499

182101

194122

210106

197113

2026

2025

2024

2023

2022

21199

Global Support

Investment professionalsLocal

7. 1

14.5

44.0

27.7

5.3

1. 4

North America

South America

Europe

Asia Paciﬁc

Middle East

Africa

Asian

Black

Middle Eastern/

North African

Hispanic

Mixed race

Other

White

No response

Ashmore Annual Report and Accounts 2026 37

Financial statementsGovernanceStrategic report

Sustainability

Sustainability at Ashmore

Ashmore’s long-term success is dependent on understanding sustainability issues in the markets in

which it operates and invests.

Ashmore’s sustainability and responsible investment

framework, spanning both its operations and investment

activities, is overseen by the Group’s specialist ESGC, which is

accountable to the Board.

Areas that are particularly relevant to emerging

markets include:

• Energy security: in emerging markets this is a complex issue,

influenced by economic and population growth, and increasing

demand more broadly. While emerging markets are investing

in renewable energy and diversifying their energy sources,

challenges remain, including meeting growing demand, the

need for substantial investment, and the impact on supply and

prices following geopolitical events. Energy security for these

economies is crucial for sustainable economic development

and climate goals.

• Deforestation: forests represent one of the world’s most

important carbon sinks and are also a major asset for several

emerging markets. Tropical forests are home to some of the

most biodiverse areas in the world. The need for land for

agriculture, mining and even housing should be balanced

against the preservation of natural ecosystems, particularly

forests, which are integral to the long-term success of many

emerging markets.

• Inequality and wealth disparity: this can present significant

challenges in developing markets, and the social investments

made by The Ashmore Foundation aim to empower

communities at the extreme end of these disparities.

Corporate responsibility

The Board ensures the Group is managed to the

appropriate social and environmental standards

The Ashmore Foundation

Philanthropic efforts to make a social and environmental

difference in the communities in which Ashmore invests

Responsible investment

Ensure investment activities meet the expectations

of a responsible investor, with particular attention to

ESG-related risks, the sustainability impacts of investment

decisions and the disclosures set out in the Group’s

TCFDreport

Ashmore’s commitment to act as a responsible investor

extends to support for and membership of global international

and industry-specific initiatives, including the UN PRI and being

a signatory to the UK Stewardship Code. Ashmore continues to

refine its approach in line with regulatory requirements and in

so doing contributes to evolving industry practice.

Ashmore’s broad and encompassing approach to sustainability

is centred on three pillars covering the breadth of its corporate

operations, investment activities and The Ashmore Foundation.

These pillars provide a framework enabling Ashmore to

define and pursue its sustainability objectives.

MEXICO CITY – MEXICO

38 Ashmore Annual Report and Accounts 2026

In recognition of its approach to corporate responsibility, Ashmore is a constituent of the FTSE4Good equity index. It has a

AA ESG rating from MSCI, and Sustainalytics places it in the ‘low exposure to ESG risk’ category.

Policy documents

Ashmore has policies and related documents that underpin its approach to corporate responsibility. These include documents

that are for employee use, that are made available to the Group’s clients, and that are publicly available on the Group’s

website, such as those listed below:

• ESG policy

• Supplier code of conduct

• Slavery and human trafficking statement

• Conflicts of interest statement

• Complaints handling procedure

• UK tax strategy statement

Corporate responsibility

Ashmore’s approach to corporate responsibility recognises the role the Group plays in wider society and is underpinned by

values of integrity, fairness, transparency and accountability across its worldwide operations.

The nature of Ashmore’s business as an investment manager and its consistent single operating platform mean that

corporate responsibility can be considered and understood with reference to a relatively small number of areas, listed in the

table below.

Social

As a traditional asset management business, employees are a

critical asset to Ashmore. The Group’s responsibilities to its

employees are well understood and reflected in its commitments

to diversity, career development, health and safety including

workplace benefits, and a remuneration philosophy that delivers a

long-term alignment of interests between employees, clients

andshareholders.

References

People and culture

Section 172 statement

(employees/society)

The Ashmore

Foundation

Governance

The Board maintains a Group culture with a strong ‘tone from the

top’ that outlines clear expectations, standards and the importance

of accountability to employees. In addition to the corporate

governance arrangements described in the Governance section and

the Section 172 statement, corporate responsibility is also

underpinned by the following factors:

• The Board has ultimate responsibility for risk management and

control. This encompasses a wide range of principal and emerging

risks, as described in the Risk management section.

• A commitment to upholding high ethical standards across the

Group’s operations and to minimising the risks associated with

financial crime.

• Ashmore has operations in multiple regulatory and tax jurisdictions

and manages its business in a responsible and transparent manner.

References

Risk management

People and culture

(diversity/ethics)

Business review

(taxation)

Environment

Ashmore’s business is primarily based on intellectual capital

so its direct impact on the environment is limited. However, the

Group manages the environmental risks it faces responsibly,

and described on page 40 are specific developments in the areas of

GHG emissions and related efforts to mitigate its emissions.

References

Climate-related

financial disclosures

MEXICO CITY – MEXICO

Ashmore Annual Report and Accounts 2026 39

Financial statementsGovernanceStrategic report

Sustainability continued

JAKARTA– INDONESIA

Environment

Ashmore’s business is based fundamentally on intellectual

capital, and it does not own its business premises. Therefore

its direct impact on the environment is limited and there are

few environmental risks associated with the Group’s activities.

Nevertheless, Ashmore has a responsibility to manage these

risks as effectively as possible.

The Group continues to promote energy efficiency, the

avoidance of waste and the use of recycling programmes

throughout its operations. Ashmore’s largest occupancy is at

its headquarters in London, which relocated in the year to 16

Palace Street, London. The new office marks a significant

improvement in the environmental credentials of the Group’s

headquarters, with 100% of the energy provided from

renewable sources and an overall Energy Performance

Certificate rating of ‘B’.

Mitigating the impact of GHG emissions

Ashmore donates 0.5% of its PBT to charities each year, a

proportion of which goes to The Ashmore Foundation. Within

the Foundation’s donation is a specific amount to support the

Group’s objective to mitigate the impact of its operational GHG

emissions, calculated by reference to the amount of emissions

and the Group’s internal carbon price. In this way, the initiative

not only has the desired environmental outcome but also

delivers social benefits in the EMs in which Ashmore invests

and operates.

Ashmore sets its internal carbon price annually using the past

three months’ rolling average market price of the first carbon

futures contract traded on the European Energy Exchange.

For FY2026, the internal carbon price is €75.5 per tonne CO

(FY2025: €69.1). Ashmore will continue to review its internal

carbon price methodology as industry best practice evolves.

40 Ashmore Annual Report and Accounts 2026

The Ashmore Foundation

Since its establishment in 2008, The Ashmore Foundation

has partnered with over 80 local organisations across a vast

number of EMs countries to equip women and young people

with the skills and resources they need to generate income,

drive system change and have a positive environmental impact

on their local communities and beyond.

The Ashmore Foundation functions independently of Ashmore

and is registered in the United Kingdom as a charity and

company limited by guarantee. It is staffed by an Executive

Director who is responsible for managing the Foundation’s

affairs. The Ashmore Foundation’s board of trustees consists

of nine Group employees, one Ashmore Non-executive

Director and one independent trustee. In addition to the board

of trustees, Group employees are encouraged to engage

directly in the governance of the Foundation through

involvement in sub-committees.

During the year, The Ashmore Foundation worked alongside

13grantee organisations, including six new grant partners,

supporting locally led initiatives that address inequality

and create sustainable opportunities for disadvantaged

communities. During the year the Foundation’s grant making

activity was focused on its priority countries of Peru, Indonesia,

Colombia and India. Grants totalling US$884,080 were awarded

during FY2026, continuing the Foundation’s commitment to

building long-term partnerships with high-impact organisations

and delivering meaningful social and economic outcomes

in the EMs in which Ashmore has an operational and

investment footprint.

Group employees actively support the Foundation through an

annual giving programme as well as participating in a range

of fundraising and engagement events. In September 2025,

15employees from across the Group’s offices trekked 70km

through the Sahara Desert, raising over £25k to support the

Foundation and its charity partners.

In addition to a financial donation, Ashmore supports the

Foundation’s philanthropic activities through the provision of

pro-bono office space and administrative support.

Worked alongside

13 grantees

in the year

Brought on

six

new grant partners

Worked across

four countries

(Peru, Indonesia, Colombia & India)

Awarded

US$884,080

in grants

IQUITOS – PERU

Ashmore Annual Report and Accounts 2026 41

Financial statementsGovernanceStrategic report

TCFD report

Climate-

risks and

opportunities

Ashmore recognises the responsibilities it has

as a steward of clients’ capital. It considers

climate-related risks and opportunities in its

corporate operations and investment processes,

as recommended by the TCFD framework.

‘Comply or explain’ framework

In accordance with the Listing Rules, specifically

LR6.6.6R(8) and LR 6.6.8G to LR 6.6.11G, Ashmore

has made disclosures consistent with the TCFD

recommendations, including Sections C and D of the

TCFD 2021 Annex. The Group is compliant with 10

of the 11 recommendations, the exception being

recommendation five (scenario modelling), where the

Group continues to adopt a qualitative approach, but will

incorporate quantitative analysis to scenario modelling

over the next two years.

Investment management activities

The disclosures on the following pages are in respect

of Ashmore’s corporate operations. The disclosures

required in respect of its investment management

activities are included in the separate TCFD investment

management report, available on the Group’s website.

While the Group’s disclosures are based on the financial

year to 30 June, the TCFD investment management

report is on a calendar year basis to 31 December, which

is consistent with the financial year end of funds under

management and clients’ expected reporting period.

Introduction

As an emerging markets focused investment manager,

Ashmore understands the importance of considering climate-

related risks and opportunities in its investment processes.

These markets have not historically contributed to human-

made climate change to the same extent as developed

markets, and consequently do not bear as much of the

responsibility of global warming. Yet, as developed markets

have outsourced production to the developing world, emerging

markets now produce the majority of global emissions, and

many developing economies face some of the most serious

physical consequences of a changing climate.

Consequently, this lack of climate equity makes it important

to ensure that these markets receive the investment and

technology transfers necessary to continue to raise living

standards and to support their populations, adapting to a

changing climate without adding to the mitigation challenge.

It is worth noting that several developing countries have stated

in their NDCs that they will need to rely on international climate

finance if they are to reach their climate targets.

Ashmore supports action to mitigate and adapt to climate

change. Transitioning to a lower-carbon economy will give rise

to challenges, such as ensuring a just transition, but Ashmore

believes that it will also be a source of opportunities. Nowhere

is this more the case than in emerging markets where the

potential for sustainable economic growth, to support growing

populations, and to develop renewable sources of energy,

issignificant.

Ashmore supports efforts and ‘fair share’ frameworks that

consider the complexity and varying needs of countries to take

action on climate change. For some countries their current

focus might be on energy security and energy affordability,

whilst for others it may be on energy diversification and

sustainability, including strengthening governance or protecting

natural resources. For example, emerging markets countries

are often the guardians of some of the world’s most vulnerable

ecosystems and carbon sinks. It is therefore important that the

world economy provides such markets with the incentives to

protect and restore these valuable natural resources.

Ashmore looks forward to continuing to work with its clients to

ensure capital is channelled to the emerging markets in a way

that supports this transition.

SINGAPORE

42 Ashmore Annual Report and Accounts 2026

Governance

ESG in the context of Ashmore’s governance structure

1. Describe the Board’s oversight of climate-related risks and opportunities. (Compliant)

2. Describe management’s role in assessing and managing climate-related risks and

opportunities. (Compliant]

Ashmore is listed on the London Stock Exchange. The Board

has ultimate responsibility for the Group’s strategy and

maintains full and effective control over appropriate strategic,

financial, operational and compliance matters, including

material climate-related matters, through its corporate

governance framework. This framework provides for regular

reporting and other updates to the Board, through which it

can oversee progress against the Group’s targets, including

those relating to climate.

While overall responsibility for climate-related risks and

opportunities lies with the Board, on a day-to-day basis the

authority is delegated to the Executive Directors and the

Group’s governance bodies, including the ESGC. The Board’s

annual review and challenge of Ashmore’s strategy includes

areas of focus relating to ESG and responsible investment,

and the Board receives a specific ESG update annually. The

Board has a broad set of skills, experience and knowledge

and there is a programme of ongoing training for all Board

members, including on climate-related risks.

It is important to note that from an operational perspective,

physical climate risk has so far had limited impact on

Ashmore’s business. Instead, climate risks are

predominantly transitional and may impact the Group’s

products, and costs of business travel and office use.

The Board has delegated certain authorities to the Executive

Directors who in turn have formed governance bodies to

carry out the functions delegated to them. One such body is

the ESGC, which is chaired by the CEO and has members

drawn from across Ashmore’s investment, distribution, risk,

legal, operations and other support functions. This ensures

that responsible investment topics are appropriately

understood by, assigned to and discussed across all relevant

areas of the Group.

The ESGC has oversight of relevant climate-related issues

and the Group’s Head of Responsible Investment and ESG

Policy, or a delegate, provides updates to the Board. The

Board is informed about relevant climate-related goals and

targets, and these are subsequently reported on in the

periods that follow.

Additionally, ESGC members provide the Board, its Audit and

Risk Committee and the RCC with multiple formal points of

contact throughout the year. Furthermore, Ashmore’s Local

Office Responsible Investment Forum ensures the sharing of

knowledge, expertise, processes and initiatives between the

ESGC and the Group’s local offices.

The consideration of climate-related topics as they relate to

guiding strategy, business plans, operating model, annual

budgets and risk management policies is guided by the ESG

and responsible investment updates presented to the CEO,

the ESGC and the Board.

From an investment management perspective, Ashmore’s

ICs are ultimately responsible for the management of client

portfolios. Through oversight by these committees, the

investment teams have integrated the assessment and

management of ESG risks and opportunities into investment

processes across the global and local investment platforms

and all investment themes. Reports presented at both the

ESGC and the relevant ICs ensure the effective monitoring

of ESG-related risks and opportunities.

The consideration of climate-related topics by Ashmore’s

investment teams is also a component of their performance

objectives. The oversight, monitoring and implementation of

a range of responsible investment activities also form part of

the performance objectives of senior management, with

ESG matters being one of the areas of performance

considered by the Remuneration Committee when

determining the annual variable remuneration for the

Executive Directors.

The processes described in the Risk management section on

pages 22 to 27 incorporate how senior management is kept

informed about climate-related topics and their assessment

and management of such risks faced by theGroup.

LOCAL OFFICE RESPONSIBLE INVESTMENT FORUM

ESG COMMITTEE

PLC EXECUTIVE

DIRECTORS

PLC BOARD OF

DIRECTORS

Ashmore Annual Report and Accounts 2026 43

Financial statementsGovernanceStrategic report

TCFD report continued

Strategy

3. Describe the climate-related risks and opportunities the organisation has identified over the

short, medium and long term. (Compliant)

Ashmore considers material climate-related risks and

opportunities over the short term (up to three years, which is

consistent with the Group’s short-term financial planning

horizon), the medium term (up to 10 years, being an

appropriate timeframe for a reasonable long-term investor),

and the long term (beyond 10 years). The process to

determine the risks and opportunities that could have a

material financial impact on the Group is embedded in

Ashmore’s day-to-day operations and includes consideration

of climate-related risks and opportunities through the

Group’s internal control and risk management framework,

the activities of the ESGC including the Local Office

Responsible Investment Forum, the ICs, and the Group’s

strategic and financial planning.

Over each of the three timeframes, and to the extent

possible, Ashmore has identified limited direct exposure to

material operational climate-related risks.

Over the short term, a prominent climate-related risk

that could have a material financial impact on Ashmore

is the evolving climate-related regulation and industry

developments. Ashmore remains focused on actions that

support its purpose to deliver long-term investment

performance for clients and to generate value for

shareholders through market cycles. While evolving

regulation poses implementation risks, it also creates

opportunities for an active manager to develop new products

and strategies to fulfil clients’ investment objectives. In line

with client preferences, and through its Product Committee,

Ashmore continues to seek opportunities to manage capital

to deliver appropriate investment outcomes, including those

related to climate. Since Ashmore invests across fixed

income, equity and alternatives asset classes, and its

investment universe encompasses the full range of

diversified emerging markets, these opportunities are

assessed on a broad basis.

The International Energy Agency estimates show that

roughly US$4.5 trillion will be needed annually by 2030 to

achieve net zero emissions by 2050. Ashmore’s emerging

markets specialism means it is well-placed to facilitate and to

benefit from these potential capital flows.

Over the medium term, developing countries will require

investment capital to achieve domestic and international

ambitions related to climate change. The first phase of

Ashmore’s corporate strategy, which explicitly targets higher

allocations to emerging markets, and therefore a greater

focus by some investors on the impact of, and action required

to mitigate, climate-related risks, means that more capital

should continue to flow to emerging markets over time.

Over the long term, the most prominent climate-related risk

that could have a material financial impact on Ashmore is a

failure to balance the physical and transition risks and

opportunities associated with climate change.

In FY2023, Ashmore conducted a review of the physical

climate-related risks faced by seven offices and concluded

that the impact in the short term was limited given its

office-based asset management model and mitigating

factors. The current expectation is to conduct a similar

review in FY2027.

Ashmore’s office network spans both developed and

emerging markets and therefore the Group faces a range of

climate-related physical risks against a backdrop of differing

national adaptation capabilities. For example, while the UK

may experience changing weather patterns, it has a high

GDP per capita and is relatively well-prepared. In contrast,

India is already experiencing the consequences of severe

weather events on its population, including large-scale

migration to urban areas, that are putting pressure on

commuting infrastructure, as well as extreme heat. In

Colombia, reliance on services such as access to drinking

water is expected to be affected. However, Ashmore’s

offices are located in large cities and benefit from the

associated infrastructure; additionally, the offices are leased,

which provides medium-term operationalflexibility.

Identified climate-related risks and opportunities for Ashmore

Risks Opportunities

Transition to

lower-carbon world

• Evolving regulatory landscape and reporting requirements (S, M)

• Changes in consumer preferences (M)

• Market-wide climate-related shocks (S)

• Net zero delivery (L)

• Product development (S)

• Increased capital allocations to emerging

markets(M)

Physical impacts of

climatechange

• Weather events (M, L)

• Higher temperatures (M, L)

Timeframes considered: S = short term; M = medium term; L = long term

44 Ashmore Annual Report and Accounts 2026

4. Describe the impact of climate-related risks and opportunities on the organisation’s

businesses, strategy and financial planning. (Compliant)

5. Describe the resilience of the organisation’s strategy, taking into consideration different

climate-related scenarios including a 2°C or lower scenario. (Partially compliant)

The identified climate-related topics described above have

not significantly affected Ashmore’s business, strategy and

financial planning. Persistently higher energy prices could

pose a financial risk related to operational running costs, but

this is not considered a material risk at this time. The main

area of impact relates to the Group’s products and services,

with opportunities for its investment management activities.

Ashmore’s investment processes assess the impact of

climate-related risks and opportunities, with these factors

typically evaluated through the proprietary ESG scorecard for

each investment. Ashmore works closely with its clients to

develop investment solutions reflecting their ESG and

climate-related requirements. In 2024 it launched an Impact

Debt strategy focused on addressing Sustainable

Development Goals in emerging markets while targeting

market rate risk-adjusted financial returns.

Qualitative and quantitative scenario analysis, subject to

appropriate data being available to support quantitative

models, can help to highlight the transformations required to

meet certain climate targets, warn about policy changes,

challenge conventional wisdom about the future and

question business-as-usual assumptions.

As in previous years when assessing its corporate activities,

Ashmore’s approach to scenario analysis has been largely

qualitative with the aim of exploring the range of potential

climate change implications for its business. Ashmore is also

assessing the range of scenario analysis techniques currently

available in relation to its corporate operations and intends to

incorporate quantitative analysis within the next two years.

Transition risks are considered as part of the Group’s risk

management and internal control framework, and do not

currently pose an immediate threat to Ashmore’s overall

strategy. From a Group perspective the FY2023 review of

physical risks to offices concluded that the risks are unlikely

Further information on how Ashmore integrates climate-

related issues in its investment strategies can be found in

the TCFD investment management report available on

itswebsite.

Ashmore will assess and act upon climate-related issues that

might affect its planning as appropriate, through the Group’s

established processes including the Operating Committee,

ICs, the ESGC, the Product Committee, and via the Board’s

regular strategy reviews. Thus far, no direct and material

impact of climate-related issues on Ashmore’s financial

performance has been identified. Furthermore, over the

medium to longer term, Ashmore’s business model provides

for significant mitigating factors, such as flexibility afforded

through being a leasehold tenant rather than landlord,

together with regional or national government commitments

to address climate-related challenges.

to have a material impact in the short term. A similar review

will be undertaken in FY2027.

Overthemedium to longer term, there are mitigating

factors, such as the flexibility afforded through being a

leasehold tenant rather than a landlord, and regional or

national government commitments to address climate-

related challenges.

Therefore, Ashmore concludes that its strategy will prove

to be resilient if faced with more severe effects of climate

change. However, the Group will keep its position under

review and will incorporate additional quantitative scenario

analysis to complement its reviews including, as appropriate

data and models permit, the consideration of a transition

to a lower-carbon economy consistent with a 2°C or

lowerscenario.

Major categories of potential financial impact

Financial performance Financial position

Revenues: The need for private capital to contribute to

addressing climate mitigation and adaptation can potentially

act as an opportunity for Ashmore.

Assets and liabilities: Ashmore is conscious of how

climate-related risks may impact its assets and liabilities and

includes this consideration in its assessments.

Expenditures: Ashmore’s flexible cost structure is

well-placed to accommodate its required response to

climate-related issues.

Capital and financing: Ashmore has no debt, and climate-

related risks are considered unlikely to affect Ashmore’s

capital materially.

Ashmore Annual Report and Accounts 2026 45

Financial statementsGovernanceStrategic report

TCFD report continued

Risks and opportunities

6. Describe the organisation’s processes for identifying and assessing climate-related risks.

(Compliant)

8. Describe how processes for identifying, assessing and managing climate-related risks are

integrated into the organisation’s overall risk management. (Compliant)

7. Describe the organisation’s processes for managing climate-related risks. (Compliant)

Ashmore’s internal control framework, described in detail in

the Risk management section, provides a set of processes

for identifying, evaluating and managing the Group’s

emerging and principal risks, and identifies associated

controls and mitigants. The Board’s Audit and Risk

Committee regularly reviews the framework. Ashmore’s

principal risk matrix identifies climate-related risks and

ensures senior management is made aware of, and acts on,

such risks. For example, the relevant principal risk includes

the failure to adequately assess, plan for and consider

sustainability in the strategy, operating model and products,

which could lead to misalignment with investor objectives.

Climate-related risks are considered in a similar manner to

other emerging or principal risks, since they may affect

various aspects of the Group’s strategy, business model,

clients and operational and financial performance. In this

context, the identification, assessment and management of

such risks are integrated into Ashmore’s robust risk

management culture and its internal control framework.

For example, within Ashmore’s principal risk matrix, the

different aspects of climate risks would impact distribution

and client oversight activities, integration within investment

management processes, regulatory requirements and the

Group’s overall reputation. These are considered both on a

As described in the Risk management section, Ashmore

reviews and prioritises climate-related risks and associated

controls and mitigants as part of its principal risk matrix and,

where appropriate, on a quarterly basis feedback is provided

by the RCC and the Audit and Risk Committee.

Climate-related risks and the possible failure to understand

and plan for the potential impact to the business that

investor sentiment, climate change and sustainability

regulations may have on product preferences and on

In addition, consideration of the regulatory requirements for

asset managers, including those relating to climate change

(and ESG more generally), is covered in the Group’s principal

risks. This is monitored through the ESGC’s standing agenda

item covering regulatory updates.

Further information relating to Ashmore’s investment

processes, including sovereign and corporate engagements,

is available in the Group’s UKStewardship Code and TCFD

investment management reports, available on its website.

standalone basis and in combination to ensure related risks

are assessed, managed and, where appropriate, mitigated

through the development of internal controls and processes.

The main climate-related metric used by Ashmore is its

operational GHG emissions, which are disclosed in

accordance with the Companies Act and SECR

requirements.The latest disclosures are referenced in

theMandatory GHG reporting and SECR requirements

section on pages 161 to 163.

underlying asset prices are mitigated by a combination of

policy setting and governance by the ESGC. At the Group

level, this risk is managed in relation to Ashmore’s operational

GHG emissions, the impact of which is mitigated by projects

sourced and managed by The Ashmore Foundation.

46 Ashmore Annual Report and Accounts 2026

Metrics and targets

9. Disclose the metrics used by the organisation to assess climate-related risks and opportunities

in line with its strategy and risk management process. (Compliant)

10. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 GHG emissions and the related risks.

(Compliant)

11. Describe the targets used by the organisation to manage climate-related risks and

opportunities and performance against targets. (Compliant)

As part of the process to mitigate the impact of its

operational GHG emissions, described on page 40, Ashmore

sets an internal carbon price based on the three-month

rolling average market price of the first carbon futures

contract traded on the European Energy Exchange.

This methodology is unchanged from the previous year and

for FY2026 resulted in a price of €75.5 per tonne CO

(30 June 2025: €69.1).

Ashmore reports its operational GHG emissions annually,

as required by the Companies Act. Please refer to the

Mandatory GHG reporting and SECR requirements section

on pages 161 to 163 for specific details on emissions.

Additionally, Ashmore discloses its financed emissions. The

calculation of a meaningful financed emissions figure is a

complex exercise and the Group will continue to consider

how to resolve the inherent challenges, which include the

Operationally, Ashmore leases its offices, typically alongside

other tenants, meaning that in many cases it is allocated a

share of total building emissions based on leased footprint.

Therefore the ability to measure, and hence to directly

influence, changes in the Group’s gross operational GHG

emissions is severely limited. As a result, the Group does

not have a specific climate-related target.

Ashmore’s Remuneration Committee takes into consideration

qualitative and quantitative ESG factors, including those

relating to climate issues, when determining Executive

Directors’ performance-related variable remuneration,

as described in the Remuneration report.

availability and quality of consistent and reliable third-party

data from emerging markets issuers; the treatment of

different data from corporate and sovereign issuers; and the

choice of appropriate intensity measures.

Ashmore’s operational GHG emissions (tCO

Nonetheless, Ashmore seeks to mitigate the impact of its

emissions via The Ashmore Foundation, as described in the

Sustainability section.

Summary of climate-related metrics

Ashmore Group plc metric Investment management metric

GHG emissions

Scope 1, 2 & 3 emissions WACI (tCO

e/US$ million revenue)

Total/absolute carbon emissions (tCO

Carbon footprint (tCO

e/US$ million invested)

Transition risks

Qualitative assessment Implied temperature rise, qualitative assessment

Physical risks

Qualitative review Climate value at risk, qualitative assessment

Climate-related

opportunities

Industry demand for dedicated

ESG-labelled products

Climate value at risk, qualitative assessment

Internal carbon price

Carbon price calculated using average

price over three months

1. Refer to Ashmore’s TCFD investment management report as at 31 December 2025 for further information.

FY2026

FY2025

1,452

1,690

Ashmore Annual Report and Accounts 2026 47

Financial statementsGovernanceStrategic report

Board of Directors

Ashmore Group plc’s Board

Key to membership of committees:

Audit & Risk

Remuneration

Nominations (A circle denotes the Chair)

Mark Coombs

Chief Executive

Officer

Appointed to the Board:

December 1998

Skills, experience and

contribution:

Mark Coombs founded the business

which became Ashmore in 1992 and

has overseen its successful growth

for over 30 years.

Other roles past and present:

Mark was appointed a Director on the

incorporation of the Company and

has served as its Chief Executive

Officer since then. He held a number

of positions at ANZ and led

Ashmore’s buyout from ANZ in early

1999. He is Co-Chair of EMTA, the

trade association for emerging

markets, having been on the Board

since 1993. He is also Chair of

Ashmore Healthcare International

Limited and its subsidiary, AHI

Management (DIFC) Limited, since

2025. Mark has an MA in Law from

Cambridge University.

Clive Adamson

Non-executive Chair

of the Board

Appointed to the Board:

October 2015 and as Chair of the

Board: April 2022 (independent

on appointment)

Skills, experience and

contribution:

Clive Adamson has enjoyed a career

in financial services for over 40

years, spanning executive roles in

banking and regulation and Non-

executive Director roles, including

Board and Committee Chair

positions, across wholesale and

retail banking, insurance and asset

management.

Other roles past and present:

Clive spent 20 years in wholesale

banking, holding senior positions

with Citigroup and Bank of America.

He moved into regulation as an

adviser at the Bank of England

before joining the newly formed

Financial Services Authority and

then the FCA upon formation, where

he was Director of Supervision and

an Executive Member of the Board.

Clive was previously a Non-

executive Director of Virgin Money

plc, a Senior Adviser at McKinsey &

Company and a Non-executive

Director and Chair of the Risk

Committee of Prudential Assurance

Company Limited. He is currently

Chair of J.P. Morgan Europe Ltd and

its Nominations Committee and

Audit Committee (the Chase UK

digital consumer bank), a Non-

executive Director and Chair of the

UK Audit Committee of J.P. Morgan

Securities plc, and Chair of J.P.

Morgan Personal Investing Ltd and

its Nominations Committee. He is a

Non-executive Director and Chair of

the Risk Committee of M&G plc. He

is also a director of Ashmore

Healthcare International Limited.

Clive holds an MA in Economics

from Cambridge University.

Tom Shippey

Group Finance

Director

Appointed to the Board

November 2013

Skills, experience and

contribution:

Tom Shippey is a chartered

accountant with extensive

experience in investment

management, mergers and

acquisitions, capital raising and

financial and regulatory reporting.

Other roles past and present:

Tom was appointed to the Board as

GFD in November 2013. Prior to

joining Ashmore in 2007, he worked

at UBS Investment Bank, including

advising on the Ashmore IPO in

2006. He is currently a Trustee of

the Resurgo Trust and a Governor of

Oundle School. Tom qualified as a

Chartered Accountant with

PricewaterhouseCoopers and is a

Fellow of the ICAEW. Tom holds a

BSc in International Business and

German from AstonUniversity.

Board and committee attendance

The table below sets out members’ attendance at scheduled and additional

meetings of the Board and its committees.

Meeting attendance between

1 July 2025 and 30 June 2026

Board

Attended

N: Nominations

Committee

Attended

A: Audit and

Risk Committee

Attended

R: Remuneration

Committee

Attended

Mark Coombs

6/7 – – –

Tom Shippey 7/7 – – –

Clive Adamson 7/7 4/4 – 5/5

Jennifer Bingham 7/7 4/4 4/4 5/5

Thuy Dam

7/7 4/4 4/4 4/5

Anna Sweeney

6/7 4/4 4/4 5/5

Shirley Garrood

1/7 0/4 0/4 1/5

Members of executive management are invited to attend scheduled Board and committee

meetings as required but do not attend as members of those committees.

1. Mark Coombs sent his apologies for one Board meeting.

2. Apologies were received from Thuy Dam who was unable to attend one Remuneration

Committee meeting due to a prior commitment.

3. Anna Sweeney was not in post for the July 2025 Board meeting because her appointment

commenced on 1 August 2025.

4. Shirley Garrood resigned from the Board at the end of her term of appointment on 31 July 2025

so she was only in post for meetings held in July 2025. She stood down as Chair of the Audit and

Risk Committee on the same date.

48 Ashmore Annual Report and Accounts 2026

Jennifer Bingham

Senior Independent

Director

Appointed to the Board:

June 2018

Skills, experience and

contribution:

Jennifer Bingham has in-depth

experience in investment oversight

of the investment portfolios of

family offices and charitable

foundations and, in her previous

executive role in the emerging

markets fund management

business.

Other roles past and present:

Jennifer is an accountant and

between 1992 and 2003 she was a

senior executive of Brunswick

Capital Management Limited, an

investment manager specialising in

the Russian equity market. During

this period she variously held the

offices of Chief Executive, Chief

Operating and Chief Financial

Officer. Since 2003 Jennifer has

held finance, administration and

investment oversight roles with

investment company PCHB Limited

(part of the Cundill group of

companies). She is currently the

Executive Director and Treasurer of

FPC Philanthropies Ltd, Trustee of

the Peter Cundill Foundation, and

sits on the investment committee of

PCHB Limited, the investment

subsidiary of its Foundation. Jennifer

is also an Executive Director of

Valley Management (UK) Limited, a

multi family office with investment

oversight of client portfolios, and

sits on the Board of Stichting

Pamina, a Dutch Charitable

Foundation.

Thuy Dam

A N R

Independent Non-executive

Director

Appointed to the Board:

June 2023

Skills, experience and

contribution:

Thuy Dam has extensive investment

and banking knowledge and has a

thorough understanding of the

complexity of emerging markets,

particularly in Asia.

Other roles past and present:

Thuy began her career as an

entrepreneur, co-founding Vietnam’s

first private foreign investment

consultancy firm. She then joined

ANZ, helping to set up ANZ’s banking

business in Asia and becoming the

first Vietnamese citizen to lead an

international bank in Vietnam. Thuy

was ANZ’s Vice Chair for the Greater

Mekong region prior to joining

National Australia Bank as its Chief

Representative in Vietnam. She has

previously served as a Non-executive

Director and Chair of the

Remuneration Committee of

VinaCapital Vietnam Opportunity Fund

Ltd, a Non-executive Director of Thien

Minh Group Limited and as the

President of the Fulbright University

Vietnam. Thuy is a Non-executive

Director of TASCO JSC, EQuest

Education Group, Levanta Holding

Pte. Ltd, NAB Innovation Centre

Vietnam and FWD Insurance. She is

also an advisor on the S.E.A. Advisory

Committee for British International

Investment and is a Trustee of The

Ashmore Foundation. Thuy holds a

BA in English from the University of

Hanoi and an MBA in Finance from

the Wharton School of Business at

the University of Pennsylvania.

Anna Sweeney

A N R

Independent Non-executive

Director

Appointed to the Board:

August 2025

Skills, experience and

contribution:

Anna Sweeney brings a wealth of

experience to the Board with her

deep understanding of risk

management, governance and

business models across financial

services.

Other roles past and present:

Anna spent over 25 years working in

banking and insurance regulation, and

has a deep understanding of risk

management, governance and

business models across financial

services. From 1996 to 2022 Anna

worked at the Bank of England and

Financial Services Authority, holding

various roles across the banking and

insurance sectors. Most recently until

2022 Anna was Executive Director of

Risk, Operations and General

Insurance at the Bank of England,

where she had responsibility for the

Risk and Operations function of the

PRA, which included the Chief

Operating Officer, ownership of the

PRA’s supervisory approach and risk

model, and support for the PRA’s

senior committees. During this time,

she led a strategic review of the

PRA’s approach. Anna is currently a

Non-executive Director, Senior

Independent Director and Chair of the

Risk Committee at Convex Insurance

Limited. She is also Non-executive

Director and Chair of the Audit

Committee at Convex Europe SA.

Anna holds a degree in Modern

Languages and European Studies

from the University of Bath.

Member of the Board for FY2026

Shirley Garrood

Independent Non-executive Director

Term: 1 August 2022 to 31 July 2025

Ashmore Annual Report and Accounts 2026 49

Financial statementsGovernanceStrategic report

Governing a diverse and

effective Board

Dear shareholder,

As I complete my fourth full year as Chair, I remain reassured

by the Board’s effectiveness and the collaborative way in

which it operates. The Board’s breadth and depth of skills and

experience continue to ensure that each Director makes a

valuable contribution to the Board’s deliberations and to the

Company’s long-term sustainable success. Throughout the

year, the Board has continued to support the senior

management team through oversight and constructive

challenge. The Board and management remain focused on

delivering the Group’s long-term strategy, and the Board is

confident that the Company’s efficient operating model,

together with its strong and liquid balance sheet, positions it

well for long-term success.

Ashmore benefited from a constructive backdrop for emerging

markets over the past year, with both fixed income and equity

asset classes delivering positive performance. In this

environment, the Group returned to net inflows of $2.7 billion,

and AuM increased by 13% to $54.0 billion. The favourable

market conditions drove strong gains on seed capital

investments, which more than offset a compression in

operating margin, resulting in an increase in overall profitability

for the year. Reflecting on this performance, the Board

has recommended an unchanged final ordinary dividend

toshareholders.

Ashmore continues to benefit from a knowledgeable, engaged

and effective Board, supported by the work of its Audit and

Risk, Nominations and Remuneration Committees. I would like

to thank my fellow Directors for their continued commitment

and contribution to Ashmore.

I would also like to recognise Ashmore’s experienced

workforce, whose strong work ethic remains central to the

Company’s success, and to thank them for their continued

dedication, engagement and collegiality.

Governance and Company purpose

Ashmore’s governance framework continues to be appropriate

for the scale and complexity of the Group. It provides a clear

structure through which the Board exercises effective

oversight over the execution of Ashmore’s purpose as a

specialist emerging markets investment manager, focused on

delivering long-term investment outperformance for clients and

sustainable value for shareholders across market cycles.

During FY2026, the Board has remained guided by the Group’s

purpose in its stewardship of the business, shaping strategic

decisions, reinforcing the desired culture and upholding

Ashmore’s core values. The Board is committed to maintaining

the highest standards of ethical and professional conduct,

supported by a strong culture. These expectations are

embedded across the organisation through the Group’s

compliance, risk management and people-related policies and

practices, ensuring that governance remains robust and aligned

with Ashmore’s long-term objectives.

In line with the Code, the Board’s work during the year is set

out on page 57 including details of key decisions and the

outcomes achieved. Our consistent three-phase strategy

remains focused on unlocking growth across emerging

markets to deliver sustainable value for clients and

shareholders. Further strategic detail is set out on page 4.

UK Corporate Governance Code

The Company has applied the principles of the Code and

complied with its provisions throughout the year ended

30 June 2026, except for Provision 19 (tenure of the Chair).

The Board implemented the Code changes applicable to the

Company from 1 July 2025. The amendment to Provision 29

– extending the Audit and Risk Committee’s and the Board’s

oversight of material controls – applies to financial years

commencing on or after 1 July 2026, and the Board has already

completed its review and implementation ahead of that

effective date.

Board changes and time commitments

The changes to the Board during the year have continued to

support the Company’s strong governance and strategic

oversight. Anna Sweeney joined the Board as a Non-Executive

Director on 1 August 2025 and succeeded Shirley Garrood as

Chair of the Audit and Risk Committee. Anna’s extensive

financial services expertise has strengthened the Board and

the Audit and Risk Committee’s work.

Each Director discloses all external appointments for

consideration by the Board, and the Nominations Committee

reviews these in the context of each Director’s overall time

commitments and whether such commitments impinge on

their duties to Ashmore. Whilst there have been some minor

changes to the Board’s external commitments during the year,

we remain satisfied that each Director has sufficient time to

ensure their duties to Ashmore are carried out comprehensively.

At the 2025 AGM all Directors were re-appointed.

Details of the Directors’ external commitments are provided in

their biographies on pages 48 to 49. The Nominations Committee

report on page 64 gives details of how it considered

applications by Non-executive Directors to take on new

external appointments.

Details of each Director’s profile can be found on pages 48 to

49 and the Board is recommending the re-election of all

Directors at this year’s AGM.

Chair’s statement and introduction to Corporate governance report

50 Ashmore Annual Report and Accounts 2026

Board performance review

During the year, I led an internal performance review of the

Board, its committees and the individual Directors, which

included conducting one-to-one meetings with each Director.

The Senior Independent Director also undertook a review of

my performance. The findings were summarised in writing and

discussed by the Board at its August meeting. The review

identified no significant issues or concerns and confirmed that

Ashmore continues to benefit from a Board that is committed

to the Company’s success and long-term strategy, and which

remains effective in discharging its responsibilities. Further

details of the review and its findings are set out in the

Nominations Committee report on page 64.

Our people

Throughout the reporting period, the Directors have continued

to engage directly with Ashmore’s workforce, primarily through

regular meetings with employees from across different

departments and offices. These ‘meet the teams’ sessions

are chaired by Jennifer Bingham, the Non-executive Director

with responsibility for workforce engagement and provide a

forum for open dialogue on employee views, culture and

engagement. This interaction supports the Board in assessing

and monitoring workforce sentiment and helps to inform its

discussions and decision-making, together with the more

formal reporting it receives on culture and conduct. A summary

of the Board’s engagement with employees and other

stakeholders is included in the Section 172 statement on

pages 28 to 33 and the Directors’ report on pages 95 to 99.

The Board has responsibility for oversight of the Group’s

whistleblowing arrangements, and the Chair of the Audit and

Risk Committee is the nominated Director with responsibility

for whistleblowing. An independent agency provides a

confidential whistleblowing reporting line through which

employees can raise concerns, if they do not wish to bring

these to the attention of management or to the whistleblowing

champion. All employees are made aware of and have access

to these arrangements.

The Remuneration report on pages 80 to 93 describes how

Ashmore invests in and rewards its people. The Board

continues to believe that the current remuneration structure

aligns the interests of Ashmore’s clients, shareholders

andemployees.

LIMA – PERU

Financial statementsGovernanceStrategic report

Ashmore Annual Report and Accounts 2026 51

Chair’s statement and introduction to Corporate governance report continued

Diversity

The Group recognises that attracting, developing and retaining

a diverse and highly skilled workforce is fundamental to the

effective delivery of its strategy. Operating across multiple

geographies, cultures and markets, the Board and the

Nominations Committee remain focused on the continued

development of gender and ethnic diversity across Ashmore.

The Diversity Committee, chaired by Jennifer Bingham, meets

periodically to review progress against agreed objectives, and

reports at least annually to the Nominations Committee, and

diversity policies of both the Board and the Group are reviewed

at least annually. Further detail on Ashmore’s approach to

diversity, and progress made during the year, is set out in the

Nominations Committee report on page 63 and the Directors’

report on page 96.

I am pleased to confirm that the Board continues to meet the

requirement for at least 40% of Board positions to be held by

women and that it has a female Senior Independent Director,

meaning that the Board remained compliant with the FTSE

Women Leaders Review and the Listing Rules throughout the

year. The Board also continues to have at least one Director

from an ethnic minority background, in line with the Parker

Review and the Listing Rules. Further information on the

gender and ethnic diversity of the Board and senior

management is provided on page 36.

Our shareholders

Understanding and responding to the views of shareholders is

integral to the Group’s long-term success. The Board considers

shareholder feedback throughout the year and takes these

perspectives into account in its decision-making. Shareholders

are kept informed of the Company’s performance and

developments through annual and half-year results and

quarterly AuM statements issued via the Regulatory News

Service, as well as ad hoc meetings and engagement.

Ahead of the forthcoming presentation of the remuneration

policy for shareholder approval at the 2026 AGM, Jennifer

Bingham, the Chair of the Remuneration Committee, has

written to shareholders as well as holding meetings to seek

shareholder views and engage on any comments on the

proposed Policy. Feedback received through this engagement

has been considered by the Board in finalising the Policy.

The AGM also provides an opportunity for shareholders to

meet the Board and raise matters of interest, and the Directors

remain available to engage with shareholders as appropriate.

The Executive Directors hold regular meetings with a range of

shareholders, proxy advisers and potential investors, and report

to the Board on these discussions.

Wider society

Ashmore continues to engage with investors, governments

and NGOs across a range of issues that are important to the

business and the wider world. Employees share insights and

feedback from these engagements with the Board where

relevant, helping us to understand how Ashmore’s products

and services can better serve its stakeholders.

Our Section 172 statement on pages 28 to 33 sets out how

Ashmore has taken account of its stakeholders, and the

Sustainability section on pages 38 to 41 describes the activities

of The Ashmore Foundation, including to mitigate the impact of

the Group’s GHG emissions. ESG is integrated into Ashmore’s

investment processes and we are committed to providing

transparent reporting to stakeholders on ESG outcomes.

Amore extensive review of Ashmore’s ESG activities can

be found in the standalone Sustainability report, which is

available on the Group’s website.

Clive Adamson

Chair

4 September 2026

2024 UK Corporate Governance Code Compliance Statement:

Ashmore has complied with the 2024 Code during the year ended 30 June 2026, save for Provision 19 (tenure of the Chair).

Please refer to pages 53 to 54 for further information on how each of the principles of the 2024 Code has been applied and

why there was a departure from Provision 19.

LIMA – PERU

52 Ashmore Annual Report and Accounts 2026

Corporate governance report

Complying with the 2024 Code

The 2024 UK Corporate Governance Code applied to the Company for the year ended 30 June 2026.

The Company confirms that it applied the principles and complied with all the provisions of the

2024 Code except for Provision 19 (tenure of the Chair). Using the alphabetical references to the

principles of the 2024 Code, the Company explains below how it has applied them.

Board Leadership and Company Purpose

A. Board’s role. A formal schedule of matters reserved for the

Board is reviewed and approved by the Board on an annual

basis. It sets out the framework under which the Board

manages its responsibilities, discharges its authority and

plans its own activities. An annual calendar ensures that key

recurring topics and relevant presentations are addressed

throughout the year. A summary of the Board’s principal

activities during FY2026 is provided on pages 57 and 58.

B. Purpose and culture. The Company’s purpose, as a

specialist emerging markets investment manager, is to

deliver long-term investment outperformance for clients,

and to generate value for shareholders, over market

cycles. Its strategy for doing so is set out in the Strategic

report on pages 2 to 9, and includes how Ashmore

ensures its culture and working practices align with its

purpose and the interests of its broader set of

stakeholders through effective and entrepreneurial

leadership. The Board receives regular reports on how

Ashmore’s desired culture and conduct is being

embedded, including compliance with regulatory and risk

management requirements, as well as semi-annual culture

and conduct presentations. It also receives presentations

and updates from different departments and offices, and

meets employees on an informal basis to coincide with

each Board meeting. These elements underpin Ashmore’s

assessment of its culture, which is also considered

through monthly metrics and internal audits.

C. Resources and controls. The Board is responsible for

ensuring that the Group has adequate resources to

support its long-term strategy. The use of these resources

is governed by a delegated authority framework, designed

to ensure that decisions are made at appropriate levels,

with accountability to the Board. The Risk management

section on pages 22 to 27 outlines Ashmore’s internal

control systems and risk oversight.

D. Stakeholder engagement. The Section 172 statement on

pages 28 to 33 sets out engagement with shareholders

and other stakeholders, including examples of matters

considered by the Board during the year. The Board’s

monitoring and response to any Director’s potential

conflict of interest is carried out by the Nominations

Committee as described in the Nominations Committee

report on page 64. Any Director with concerns about the

Board or management of the Company may have these

recorded in the minutes.

E. Workforce engagement. Jennifer Bingham, the

Senior Independent Director, serves as the designated

Non-executive Director responsible for workforce

engagement as well as Chair of the Diversity Committee.

An explanation as to how she undertook this function

during the year is set out on page 96. During the reporting

period, the Chair of the Audit and Risk Committee

wasthewhistleblowing champion for the Group.

Aconfidential whistleblowing reporting line is available for

any employees who wish to raise concerns of wrongdoing

in the workplace on an anonymous basis. The Board

receives regular updates on the operation of these

independent arrangements.

Division of Responsibilities

F. Role of the Chair. Clive Adamson was independent upon

appointment as Chair of the Board, and continues to

exercise objective judgement in his role as Chair. He is

responsible for the effectiveness of the Board, setting

meeting agendas and fostering an open and constructive

dialogue. He ensures that Board members receive

accurate, timely and clear information, including through

his regular interactions with Executive Directors and the

Group Company Secretary. Clive became Chair in April

2022 and, given his prior service as a Non-executive

Director from 2015, this means his overall tenure falls

outside Provision 19 of the Code, which ordinarily expects

a Chair’s total service from first joining the Board to be no

longer than nine years. The Nominations Committee report

on page 64 sets out the reasons for this departure, and

describes the succession planning under way to support

strong and diverse future leadership. The report also

confirms that the Board continues to regard Clive as

independent, in line with Provision 10 of the Code.

G. Composition of the Board. The Board consists of two

Executive Directors and three independent Non-executive

Directors, along with an independent Non-executive Chair.

Theresponsibilities of the Board and its Committees are

clearly defined, formally agreed and available on the Group’s

website. Further detail on the division of responsibilities

between the Board and the executive leadership team is

provided on page 56. These roles and responsibilities are

reviewed each year. Jennifer Bingham serves as the Senior

Independent Director. Her current term is due to conclude in

June 2027, at which point she will have served nine years on

the Board, and succession plans are underway.

H. Role of the Non-executive Directors. The performance

of Non-executive Directors, including how they engage

with management and how they provide constructive

challenge and input during Board discussions, is reviewed

each year as part of the Board performance review. Their

expected minimum time commitment is set out in their

appointment letters, as amended for additional

responsibilities, and any new external appointments are

approved in advance, as described in the Nominations

Committee report on page 64. Details of all Directors’

other appointments are provided on pages 48 to 49, and

their attendance at Board and Committee meetings is

shown on page 48.

Ashmore Annual Report and Accounts 2026 53

Financial statementsGovernanceStrategic report

I. Role of the Company Secretary. All Directors have

access to the advice and support of the Group Company

Secretary. Directors can request additional briefings on

the business, or external developments, and may take

professional advice independent of the Company, at the

Company’s expense. The appointment or removal of the

Company Secretary is a matter reserved for the Board.

Composition, Succession and Evaluation

J. Appointments to the Board and succession planning.

The Nominations Committee report on pages 63 to 64

sets out its activities and areas of focus during the year,

including succession planning, Board and committee

composition, and progress on diversity and inclusion.

Allindependent Non-executive Directors are members of

the Nominations Committee, and the Chair of the Board is

also Chair of the Committee, save where it considers the

role of Chair of the Board. All Directors are subject to

shareholder election or re-election at each AGM, unless

retiring at the conclusion of the meeting.

K. Skills, experience and knowledge of the Board. In

reviewing the composition and tenure of the Board, the

Nominations Committee considers the skills, experience

and knowledge of any candidate by comparison to those

of the existing Board members, taking into account the

need to replace the skills of any Director leaving the Board.

In addition, there is a programme of ongoing training for all

Board members, as well as the regular programme of

presentations at each Board meeting.

L. Board evaluation. The internal performance review of the

Board and its committees, which took place during the

year, is described in the Nominations Committee report on

page 64, together with its outcomes.

Audit, Risk and Internal Control

M. Internal and external audit. The Audit and Risk Committee

currently comprises three independent Non-executive

Directors. The Chair of the Board is not a Committee

member but is invited to attend to observe its workings,

including presentations to the Audit and Risk Committee

from external parties. The Board delegates a number of

responsibilities to the Audit and Risk Committee, including

oversight of the Group’s financial reporting processes, as

well as its internal control and risk management systems,

and the work undertaken by the external and internal

auditors. The Committee also supports the Board’s

consideration of the Company’s viability statement, which

is on page 26, and its ability to operate as a going concern.

The Audit and Risk Committee report on pages 59 to 62

describes the work of the Committee during the year and

how it discharged its duties and responsibilities.

N. Fair, balanced and understandable assessment. The

Directors confirm that the FY2026 Annual Report, taken as

a whole, is fair, balanced and understandable, and that it

provides shareholders with clear and relevant information

on the Group’s performance, business model and strategy.

The Audit and Risk Committee has overseen the

processes supporting this assessment, and further detail

on its work is set out on page 60.

O. Risk management and internal control framework.

The Board is responsible for setting the Company’s risk

appetite in line with its long-term strategic objectives, and

reviews the effectiveness of the Company’s risk

management and internal control systems described on

pages 22 to 27 annually. In accordance with the 2024 Code,

the Board is ultimately responsible for the Group’s risk

management and internal control systems and for reviewing

their effectiveness. The Group’s over-arching corporate

governance framework is used by the Board to maintain

comprehensive and effective control over appropriate

strategic, financial, operational and compliance issues. The

Group’s system of internal control is integrated into the

Group’s strategy and business model and embedded within

its routine business processes and operations, and covers all

identified principal risks. The Audit and Risk Committee has

oversight of the effectiveness of internal control, and is

responsible for developing proposals in respect of overall risk

appetite and tolerance, as well as metrics to monitor the

Group’s risk management performance. Further details are

set out in the Audit and Risk Committee report on pages 61

to 62, and a description of the principal risks facing the

Company is set out on pages 26 to 27. The Company has

followed the 2018 Corporate Governance Code for Provision

29 for this financial year which it is fully compliant with, and

the updated Provision 29 comes into force for the financial

year beginning on 1 July 2026, preparations for which are

discussed on page 22. This description of the Company’s risk

management and internal control systems, together with the

information set out under DTR 7.2.6 in the Directors’ Report,

satisfies the requirements of DTR 7.2.5 and DTR 7.2.6.

Remuneration

P. Remuneration policies and practices. The Remuneration

Committee is chaired by Jennifer Bingham, who had served

as a member of the Remuneration Committee for more than

12 months prior to her appointment as Chair, and comprises

all the independent Non-executive Directors. The Chair of the

Board, who was independent on appointment, is also a

member of the Committee. The Committee oversees the

Group’s remuneration framework, including the remuneration

policy, which will be presented to shareholders for approval

at the 2026 AGM, the scheduled policy year. Further

information on the Group’s remuneration approach is set out

in the Remuneration report on pages 71 to 79.

Q. Executive remuneration. The Remuneration Committee has

responsibility for determining the policy for executive

remuneration and for setting the remuneration for the Chair of

the Board, Executive Directors and senior management. It also

reviews workforce remuneration and related policies and their

alignment with Ashmore’s culture. No Director is involved in

deciding their own remuneration. The remuneration of the

Chair of the Board and the Non-executive Directors is designed

to reflect their time commitment and responsibilities and is

limited by the Company’s Articles. Further details are set out in

the Remuneration report on pages 80 to 93.

R. Remuneration outcomes and independent judgement.

Details of the remuneration outcomes for the year and the

work of the Remuneration Committee are set out in the

Remuneration report on pages 65 to 67.

Corporate governance report continued

54 Ashmore Annual Report and Accounts 2026

Auditors

External:

Independent assurance via audit of Group

financial statements and audit of internal

control procedures under ISAE 3402 and

SSAE 18

Senior management

Responsible for day-to-day management

Internally resourced:

Independent assurance via audit directed

at specific departmental control

procedures

Corporate governance

framework

Remuneration Committee

Determines compensation for Executive

Directors and Code Staff, and reviews

compensation for Control Staff

Audit and Risk Committee

Oversees the Group’s financial reporting

processes, internal control and risk

management systems, and auditors, in line

with corporate governance best practice

Nominations Committee

Makes recommendations on Board

membership, diversity and governance

structure in line with corporate governance

best practice

Ashmore Group plc Board of

Directors

Responsible for overall strategy,

management and control

Schedule of matters reserved solely for

its decision

Governance bodies

Responsible for overseeing business, investments and internal control

• Awards Committee

• Best Execution and Research

Oversight Committee

• Business Continuity

Committee

• Disclosure Committee

• Diversity Committee

• ESG Committee

• Investment Committees

• IT Steering Group

• Operating Committee

• Pricing Methodology and

Valuation Committee

• Product Committee

• Regulatory Developments

Steering Group

• Risk and Compliance

Committee

Executive Directors

Responsible for a schedule of matters delegated by the Board

Ashmore Annual Report and Accounts 2026 55

Financial statementsGovernanceStrategic report

Corporate governance report continued

Roles on the Board

Executive roles Non-executive roles

Chief Executive Officer

Responsible for managing and leading the

business and its employees.

• Developing an effective relationship with the

Chair and the Board

• Leading the business towards achievement of

thestrategy

• Maintaining an effective dialogue with shareholders

andstakeholders

• Making business decisions (within the framework of

the Board’s delegated authorities)

• Chair of the fixed income, equities, healthcare and special

situations ICs

Chair of the Board

Responsible for leading the Board and its

overall effectiveness.

• Building an effective and diverse Board, with

complementary skills, which is progressively refreshed

• Demonstrating objective judgement and promoting a

culture of openness and debate

• Facilitating and encouraging effective contributions from

all Board members

• Ensuring the Board has clear, accurate and

timelyinformation

• Fostering a constructive relationship between the

Non-executive Directors and the Executive Directors

• Facilitating an annual evaluation of the Board,

its committees and individual Directors

• Seeking engagement with shareholders and ensuring that

the Board is kept appraised of shareholders’ views

The Group Company Secretary is responsible for advising the Board on all governance matters.

Group Finance Director

Managing the Group’s capital, cash flow

and liquidity.

• Responsible for the Group’s financial reporting and for

leading the annual budget process

• Maintaining an effective dialogue with shareholders and

analysts on the performance of the Company

• Responsible for investor relations and corporate

development, including strategic opportunities

• Governance of the Group’s subsidiaries

Independent Non-executive Directors

Providing constructive challenge and strategic

guidance, offering specialist advice and holding

management to account.

• Providing constructive feedback on, and contributing to

the development of, the Group’s strategy

• Scrutinising the performance of executive management

• Monitoring the Group’s performance

• Satisfying themselves on the integrity of

financialinformation

• Satisfying themselves that the relevant entities’

financial controls and systems of risk management and

control are robust and defensible

• Applying sound judgement to the business of the Board

56 Ashmore Annual Report and Accounts 2026

Board activities

Board focus and reporting

At each scheduled meeting, the Board receives and

discusses comprehensive reports on business performance

and investment updates from the GFD on financial results

and capital position, and the Group Company Secretary on

governance and regulatory developments. In addition,

following each committee meeting, the respective

committee Chairs present their reports and highlight key

matters for the Board’s attention.

Activity Overview Key decisions and outcomes

Strategy

Link to stakeholder

Reviewed, challenged and steered

strategic direction and monitored

progress against strategic

initiatives.

• Completed the annual strategy review and semi-annual update.

• Endorsed the strategic priorities for clients and wider stakeholders,

including new offices such as Qatar and Mexico, as well as

developments in the alternatives investment strategy.

Performance

Link to stakeholder

Set the annual budget and

monitored progress against the

three-phase growth strategy.

• Approved the 2027 budget.

• Approved strategic priorities for FY2026.

Oversaw appropriate capital

reserves and liquidity for the

business and insurance

arrangements for the Group

andfunds.

• Declared an ordinary interim dividend of 4.8 pence per share.

• Recommended to the shareholders a final dividend of 12.1 pence

per share.

• Reviewed and approved FX and liquidity risk management policy.

• Approved and oversaw the seed capital programme.

• Reviewed Group and funds insurance renewals and approved the

renewal of Directors’ and officers’ liability insurance.

People and

culture

Link to stakeholder

Monitored the Group’s purpose,

values, culture (including employee

engagement), attrition and conduct

matters, and satisfied itself that

these matters are aligned with its

purpose and strategy.

• Approved new London office move.

• Approved the slavery and human trafficking statement.

• Reviewed the supplier code of conduct and confirmed its

alignment with the Company’s values and expectations as

responsible business conduct.

• Received semi-annual culture and conduct presentations.

Monitored the Group’s diversity

and inclusion strategy and

reviewed progress against

diversity targets.

• Received reports from the Diversity Committee as to progress

against targets.

• Engaged with various teams as part of ‘meet the teams’ session,

including the Colombian team as part of the Board visit to Colombia.

Risk

management

and internal

control

Link to stakeholder

Reviewed and monitored the risk

management framework and

internal control environment.

• Approved the revised risk management and internal control

framework as part of the enhanced reporting to be declared

under Provision 29 of the 2024 Code (which will be required for

the 2027 Annual Report).

• Approved the RAS and risk management policy.

Reviewed the ICARA process and

wind-down plans.

• Approved the ICARA and wind-down plans.

Governance

Link to stakeholder

Monitored and reviewed Board

composition and succession plans

for Board and senior management.

• Reviewed and approved succession plans for the Board and senior

management and potential Board appointments.

• See Nominations Committee report on page 63 for information on

appointments and Committee role changes through the year.

• Approved appropriate terms of reference for Committees.

• Carried out an internally facilitated Board performance review.

Link to Stakeholder(s):

Clients Shareholders

Employees Society/environment

Regulators

Third-party service

providers

Ashmore Annual Report and Accounts 2026 57

Financial statementsGovernanceStrategic report

Corporate governance report continued

Key decisions and outcomes

The governance framework and processes described in this

report are in place to support effective Board discussions and

decision-making, and, ultimately, the delivery of the Company’s

strategic objectives.

The table on page 57 highlights some of the Board’s main

activities throughout the year, and Board decisions that were

made during FY2026 in the context of the Company’s strategic

objectives and taking into account the Company’s stakeholders.

Section 172 considerations and outcomes

In fulfilling their duties under Section 172 of the Companies Act 2006, the Directors had regard to the matters set out in

Section 172(1)(a) to (f), together with the interests and views of Ashmore’s key stakeholders. Stakeholder considerations

formed an integral part of Board discussions and decision‑making during the year. Further detail on key stakeholders, the

Board’s engagement activities and the outcome of that engagement is provided on pages 28 to 33.

The Directors believe that by grounding decisions in the Company’s purpose, vision, values and strategic priorities, and

by applying a structured decision‑making process, the Board seeks to ensure that its decisions are balanced, fair and

aligned with stakeholder interests. The Board remains committed to promoting the long‑term success of the Company

for the benefit of its stakeholders as a whole, and to acting fairly between shareholders.

Board focus and reporting (continued)

Throughout FY2026, the Board considered a broad range of

matters central to Ashmore’s long-term success, including:

• the Group’s growth strategy and new subsidiaries such as

Qatar and Mexico and strategic business initiatives;

• capital and liquidity position;

• business performance;

• client outcomes;

• the external market environment;

• organisational culture;

• people-related priorities including related to the London office

move and employee benefits; and

• engagement with shareholders, regulators and other

keystakeholders.

MEDINA – SAUDI ARABIA

58 Ashmore Annual Report and Accounts 2026

Audit and Risk Committee report

Risk oversight and assurance

This report outlines the activities

of the Audit and Risk Committee

for the year ended 30 June 2026.

The Committee remains central to

the oversight of the Group’s financial

reporting, risk management, control

and assurance processes, and internal

and external audit.”

Anna Sweeney

Chair

Committee membership

The following Directors served on the Committee during

the year and up to the date of this report:

• Anna Sweeney (Chair) (from 1 August 2025)

• Shirley Garrood (Chair) (until 31 July 2025)

• Jennifer Bingham

• Thuy Dam

The members of the Committee at the date of this report

are all independent Non-executive Directors.

The Code states that the Chair of the Board should not be

a member of the Audit and Risk Committee. Accordingly,

Clive Adamson is not a member of the Committee;

however, he is invited to attend meetings.

The attendance record of Committee members for the

year under review is set out in the table on page 48.

The Board confirms that, for the year under review, Anna

Sweeney, as Chair of the Audit and Risk Committee from

1 August 2025, brought recent and relevant financial

experience to the Committee. Forthe short period prior to

her resignation, Shirley Garrood also met the requirements

of the Code. TheBoard is satisfied that the Committee as

a whole continues to possess the financial and

sector-specific competence necessary to effectively

oversee the Company’s activities.

The terms of reference for the Committee can be found

on Ashmore’s website and are reviewed annually.

Meetings

During the year ended 30 June 2026, the Committee held four

scheduled meetings. Each meeting followed the Committee’s

established two-session structure: the first focused on risk

management and compliance reporting, and the second on

financial and audit matters. The Group Head of Compliance, the

Head of Internal Audit and the Group Head of Finance attend the

relevant sessions of each meeting. The GFD, the Head of Risk

Management and Control and the external auditor attend the

whole meeting. The Chair of the Committee holds one-to-one

meetings prior to the Committee meetings with the key reporting

functions, including the external auditor. At the end of each

meeting, the Committee members hold a private meeting with

the external auditor and the Head of Internal Audit.

The Committee continued to apply an integrated assurance

approach to assess the key matters within its remit, and to

ensure that the information and assurances it relied upon were

objective, comprehensive and robust. The Committee receives

assurance from multiple independent and management

sources to support its oversight responsibilities. These include

reports from the external auditor on financial statements,

internal controls relevant to the audit and key accounting

judgements; updates from the GFD and the Group Head of

Finance on the integrity of financial reporting, accounting

policies and the effectiveness of financial controls; reports

from the Risk Management and Control and Compliance

functions on the operation of the Group’s risk management

framework, principal risks and regulatory compliance; and

independent assurance from Internal Audit on the design and

operating effectiveness of the Group’s internal control

environment. The Committee considers the outcomes from

these three lines of assurance, together with external

assurance, in developing an integrated view of the

effectiveness of the Group’s financial reporting processes,

risk management and internal control framework, and

governance arrangements.

Throughout the year, the Committee considered a range of

standing topics, including product governance, balance sheet

risks and risk appetite metrics and updates in line with the IFPR

requirements on capital and liquidity. The Committee also

received reports on the annual review of risk management and

internal control systems and reporting, as well as recurring topics

such as cyber security and data protection. Following each

meeting, the Chair of the Committee reports to the Board on the

key matters discussed and the Committee’s conclusions.

Ashmore Annual Report and Accounts 2026 59

Financial statementsGovernanceStrategic report

Financial statements

For each of the half-year and annual financial statements, a

review is undertaken by a panel comprising the GFD, the Head

of Investor Relations, the Group Company Secretary and the

Group Head of Finance to ensure that the reporting is ‘fair,

balanced and understandable’, and other members of senior

management attend as appropriate. This review is taken into

account by the Committee in advising the Board as to whether

these criteria have been met.

The Committee reviewed the 2026 Annual Report and

Accounts, the interim results, and reports from the external

auditor, EY, on the outcome of its reviews and audit in FY2026.

Significant accounting matters

The Committee reviewed key accounting policies and

disclosures in relation to the Group’s financial statements

during the year, including those relating to the principal areas of

estimation and judgements disclosed in note 2 to the financial

statements. The independent auditor’s report discloses three

key audit matters in its report on pages 103 to 106, which

relate to revenue recognition, the valuation of level 3

investments and consolidation of seed capital investments.

The Committee’s actions in relation to both are outlined below.

Revenue recognition

The primary revenue source for the Group is fee income

received or receivable for the provision of investment

management services. The Group’s policies in relation to

revenue recognition are summarised in note 4 to the financial

statements. Through frequent and regular management

reports, the Committee reviewed the Group’s revenues and

associated trends. EY’s audit report was considered which

supported the conclusion that revenue has been appropriately

recognised in the financial statements.

Valuation of level 3 investments

Ashmore holds seed capital investment positions at fair value

in the form of investments in its own funds, with a portion

classified as level 3 in accordance with the IFRS 13 valuation

hierarchy. The Committee reviewed the conclusions of the

PMVC, considered the methods applied, available supporting

evidence and specific risk factors identified. The Committee is

satisfied with the process in place and its outputs in respect of

the recorded valuations of level 3 investments and related

disclosures included in the financial statements. Further details

are in note 19 to the financial statements.

Consolidation of seed capital investments

The Committee also noted the restatement of prior year

comparative balance sheet information arising from the

Group’s reassessment of consolidation requirements. The

Committee reviewed management’s analysis and is satisfied

that the restatement has no impact on previously reported

revenue, profit or the Group’s underlying performance.

Other accounting matters

During the year, the Committee received communications

from management and from the external auditor on audit and

accounting matters as part of their regular audit planning and

results reporting. The Committee also reviewed the adoption

of the going concern basis in preparing the interim and year

end consolidated accounts, and has considered the longer-term

viability statement for the Group, which is described in more

detail on page 26.

The FRC also completed its review of Ashmore’s 2025

Annual Report, which was prepared on the basis of the

FY2025 financial statements. The FRC provided a small

number of suggestions for enhanced disclosures that could

further support users of the accounts. The Committee

considered these suggested enhancements, and they have

been incorporated into the preparation of the FY2026

financialstatements.

External auditor

EY was re-appointed as external auditor at the 2025 AGM

for the audit of the financial statements for the year ended

30 June 2026. There are no plans to undertake a tender for

the external audit as EY were first appointed at the 2023 AGM,

and the lead audit partner will rotate every five years to

ensureindependence.

The external auditor provides reports at each Committee

meeting on topics such as the control environment, key

accounting matters and mandatory communications. An annual

audit plan for the full year and a review plan for the interim

statement are presented for the Committee’s approval each

year, covering key audit matters and scope. The Committee

has complied with the FRC’s Minimum Standard for Audit

Committees and the External Audit, published in May 2023,

forthe year ended 30 June 2026.

There were no new or amended Standards issued by the IASB

that became effective during FY2026 which had a material

impact on the Group’s consolidated financial statements. The

Committee will assess the impact of IFRS 18 Presentation and

Disclosures in Financial Statements, which will apply to it from

FY2028. The Group expects IFRS 18 to impact the presentation

and disclosure of its financial statements but does not

anticipate a material effect on recognition or measurement.

External auditor independence

It is the responsibility of the Committee to monitor the

performance, objectivity and independence of the external

auditor. A policy is in place for permitted non-audit services,

toensure that these do not impede these requirements.

Incompliance with the FRC’s Ethical Standard, all such

services provided to the Group by EY are closely related to

providing assurance to the Group’s operations and regulatory

compliance obligations. All contracts for non-audit services are

notified to and approved by the Chair of the Committee.

Audit and Risk Committee report continued

60 Ashmore Annual Report and Accounts 2026

In FY2026 the value of non-audit services provided by EY

amounted to £0.2 million (FY2025: £0.2 million). Non-audit

services as a proportion of total fees paid to EY were

approximately 21% (FY2025: 22%). The Committee considers

this proportion acceptable. The non-audit services provided

related to: supplying mandatory assurance reports in relation to

client assets to the FCA (as the regulator of Ashmore

Investment Management Limited and Ashmore Investment

Advisors Limited); a review of Ashmore’s half-year financial

statements; assurance work on the regulatory reporting

requirements for local offices in the US, Japan, Indonesia and

Singapore; assurance opinions on the Group’s annual GIPS

compliance; and control reporting in accordance with ISAE

3402. ISAE 3402 covers internal control systems and is

applicable to Ashmore’s offices in London and Dublin.

The services provided by EY on the items listed above are

considered by the Committee to be assurance related and

consistent with EY’s role as Group auditor and, by their nature,

these services could not be provided by a separate professional

auditing firm as efficiently. EY does not supply tax compliance

or advisory services to the Group.

At the end of each meeting, Committee members meet

with the external and internal auditors without the Executive

Directors and management present to allow them to raise any

matters of concern in confidence.

The Committee is responsible for assessing the quality and

effectiveness of the external audit, as well as the controls

and procedures that safeguard auditor independence and

objectivity. As part of this assessment, the Committee posed

detailed questions to both management and the external

auditor, and reviewed published audit quality statistics to

benchmark performance.

Following its review, the Committee agreed with management

that the external auditor had applied appropriate focus and

challenge to the key areas of audit risk. The Committee

concluded that the overall quality of the audit was satisfactory

and that EY continued to demonstrate both independence and

objectivity in the execution of its work.

Internal control and risk management systems

The Head of Risk Management and Control attends each

scheduled meeting of the Committee and provides reports

which cover a range of risk-related matters. These reports

continue to demonstrate the effectiveness of discussions at

the IC, RCC and PMVC in identifying, tracking and managing

key market, liquidity, credit, counterparty and operational risks.

During the year, the Committee received updates on the

effects of macroeconomic developments, including the effects

of the Middle East conflict, US interest rates and sanctions,

as well as detailed information on funds’ exposure to specific

issuers, and valuation updates for relevant assets. In relation

to operational risk, the Committee continued to review and

discuss the Group’s principal risk matrix and associated

metrics, which remains an effective tool to highlight and

monitor the principal risks facing the Group.

RIYADH – SAUDI ARABIA

Ashmore Annual Report and Accounts 2026 61

Financial statementsGovernanceStrategic report

Internal Audit provides annual confirmations to the Committee

on the areas of internal audit independence and conflicts of

interest management, ongoing conformance with relevant

professional standards and ongoing suitability of, and

conformance with, the Internal Audit Mandate and Strategy.

The Committee oversees Internal Audit’s QAIP, including

ongoing monitoring activities and periodic external quality

assessments conducted in accordance with professional

standards. The most recent external assessment was

completed during the year ended 30 June 2023.

After due consideration, and in accordance with the Internal

Audit Code of Practice, the Committee remains satisfied that

the quality, experience and expertise of the Internal Audit

function is appropriate, that it is operating effectively and has

adequate and appropriate resources to fulfil its mandate. In

reaching this conclusion, the Committee considered Internal

Audit’s delivery against the approved plan, the quality and

timeliness of reporting, the implementation status of agreed

management actions, and updates received during the year in

respect of Internal Audit’s QAIP. Based on the activities and

oversight described above, the Committee concluded that the

Internal Audit function was impactful and effective during

theyear.

Compliance

The Group Head of Compliance is invited to attend and present

to the Committee at its regularly scheduled meetings. The

Committee reviews and approves the annual compliance plan

and the compliance monitoring programme, ensuring they

remain appropriate, risk-aligned and responsive to the evolving

regulatory environment. Compliance reports include details of

the Group’s interactions with regulators, updates on the

compliance plan and compliance monitoring programme, any

material breaches, errors and complaints, potential conflicts of

interest, financial crime prevention including anti-bribery and

corruption, anti-money laundering, counter-terrorist and

counter-proliferation financing and financial sanctions.

Additionally, the reports cover material regulatory and

legislative changes such as the ‘failure to prevent fraud’

offence under the Economic Crime and Corporate

Transparency Act 2023.

Information security

Information security, including cyber security, is recognised as

a principal risk to the business and is subject to Ashmore’s

governance, policies and procedures and risk assessment. The

Committee receives an annual presentation from the Group’s

IT department on the Group’s cyber security posture,

recognising changes to the threat landscape, evolving best

practice and regulatory environment. In addition, the

Committee received updates on ethical testing conducted

during FY2026, and noted that no material issues had resulted

from the various tests performed. The Board also receives

monthly updates on this topic as part of the management

reports and quarterly cyber security metrics.

Anna Sweeney

Chair of the Audit and Risk Committee

4 September 2026

Audit and Risk Committee report continued

The Committee also received updates on the Group’s review

of its internal control framework, and on enhancements

designed to position the Group to attest to the effectiveness

of its material controls in accordance with the new Provision 29

of the Code prior to final consideration by the Board for the

financial year commencing 1 July 2026. Management had

established a structured implementation programme to prepare

for Provision 29, issuing Board-level guidance, a clear

implementation timeline and independent pre-implementation

review by Internal Audit. The Committee has reviewed the

revised control framework and the updated matrix of principal

risks, which is maintained and updated to reflect business and

risk changes. This revised framework included consolidating

the number of principal risks, assigning ownership of principal

risks and developing additional risk appetite statements and

thresholds. In so doing, management’s implementation has

emphasised governance clarity, defined control ownership and

evidential rigour, and the Committee will continue to monitor

progress and report to the Board.

Throughout the year, the Committee received regular updates

on the Group’s consolidated capital and liquidity positions in

line with the IFPR requirements. The Committee also received

a more detailed report on the ICARA for Ashmore Investment

Management Limited prior to its publication in December 2025.

A detailed description of the risk management framework and

the manner in which risks are identified and managed is set out

on pages 22 to 27.

Internal Audit

The Internal Audit function derives its authority from the Board

and operates under an agreed mandate, which is reviewed

annually. The Board has delegated oversight of the function to

the Committee, which is responsible for ensuring that Internal

Audit is appropriately resourced and remains free from

management or other restrictions.

The function has an organisation-wide remit. Its purpose is to

assist the Board in enhancing and protecting organisational value,

assets, reputation and sustainability by providing independent

risk-based, objective, relevant and timely assurance, advice and

insight, delivered in accordance with the principles of The Global

Internal Auditor Standards and Internal Audit Code of Practice.

The principal activities of the Group’s Internal Audit function

are conducting internal audits and delivering audit services in

accordance with the function’s core objectives and approved

Internal Audit Mandate and Strategy.

The Head of Internal Audit has regular meetings with the Chair

of the Committee and attends all scheduled meetings of the

Committee. The Committee monitors the Internal Audit plan to

ensure that it remains effective and relevant to the needs of

the business and can be adapted where required.

During the year, the Committee received presentations from

Internal Audit on the Internal Audit plan, the outcomes of

internal audits conducted during the period under review and

progress in implementing agreed management actions. In

accordance with the Internal Audit Code of Practice, Internal

Audit also provided the Committee with its overall opinion on

the effectiveness of Ashmore’s governance and risk and

control framework, and its overall opinion with regard to

Ashmore’s adherence to its risk appetite.

62 Ashmore Annual Report and Accounts 2026

Nominations Committee report

Continuing to ensure an

effective and balanced Board

Meetings

During the year ended 30 June 2026, the Committee met four

times and was fully compliant with the Code in respect of its

own proceedings.

Only Committee members have the right to attend its

meetings. Other individuals such as the CEO, the Group Head

of Human Resources, senior management and external

advisers may be invited to attend meetings when appropriate.

Board changes

The Committee oversaw the successful Board transition when

Anna Sweeney joined the Board as a Non-executive Director

and succeeded Shirley Garrood as Chair of the Audit and Risk

Committee on 1 August 2025. The Committee is satisfied that

the transition went smoothly and Anna Sweeney has

supported the continued effectiveness of the Board and its

committees during FY2026.

Board independence

The independence, effectiveness and commitment of each of

the Non-executive Directors and the Chair have been reviewed,

and the Committee and Board were satisfied with the

independence, effectiveness and commitment of all the

Non-executive Directors and the Chair during the year.

Diversity

During the year, the Committee reviewed the composition of

the Board in the context of the Listing Rules, and the

recommendations of the Parker Review and the FTSE Women

Leaders Review. As at 30 June 2026, women comprised 50%

of the Board, the Senior Independent Director is a female and

there is one ethnic minority director. The Committee has set a

Parker Review target of 15% ethnic minority representation in

the UK senior management team to be achieved by the end of

2027, and the Group currently meets this target for its UK

senior management as at 30 June 2026. The Committee also

monitored progress towards the FTSE Women Leaders

Review target of 40% women in senior management by the

end of 2026. Further detail on the gender and ethnicity balance

of the Board, senior management and the wider workforce is

set out in the People and culture section on pages 34 to 37.

To ensure that the Group’s diversity policies remain aligned

with best practice and are effectively implemented, the

Diversity Committee continued to meet regularly throughout

the year. Chaired by Jennifer Bingham, the Diversity

Committee reports to the Nominations Committee at

leastannually.

This report outlines the role of the

Nominations Committee and the work

undertaken during the year ended

30 June 2026. The Committee remained

focused on sustaining an effective,

value-adding Board with a broad range

of professional backgrounds, skills and

perspectives. During the period, the

Committee oversaw the transition

associated with Anna Sweeney’s

appointment, effective 1 August 2025,

and continued to review Board

composition, succession planning

and overall effectiveness to support

stronggovernance.”

Clive Adamson

Chair

Committee membership

The following Directors served on the Committee during

the year and to the date of this report:

• Clive Adamson (Chair)

• Anna Sweeney (from 1 August 2025)

• Jennifer Bingham

• Shirley Garrood (to 31 July 2025)

• Thuy Dam

The Committee’s membership was fully compliant with

the Code. Clive Adamson was an independent Non-

executive Director prior to taking up his appointment as

Committee Chair. The other Committee members are

independent Non-executive Directors.

The attendance record of the Committee members for the

year under review is set out in the table on page 48.

The terms of reference for the Committee can be found

on Ashmore’s website and are reviewed annually.

Ashmore Annual Report and Accounts 2026 63

Financial statementsGovernanceStrategic report

Succession planning

The Committee’s terms of reference require it to keep under

review changes to Ashmore’s leadership to ensure the Group

can continue to compete effectively. During the year, the

Committee noted relevant changes to senior management

roles and reviewed succession plans for the leadership team,

which it concluded remain satisfactory.

Anna Sweeney joined the Board as a Non-executive Director

on 1 August 2025. During the year she has made a positive

contribution to Board discussions, bringing relevant sector

experience and strengthening the Board’s collective skills and

challenge. The Committee was satisfied that Anna’s skills,

experience, time commitments and any potential conflicts

were appropriately considered during the appointment process,

and that her induction and handover arrangements supported

an orderly transition, including her succession as Chair of the

Audit and Risk Committee.

The Committee remains focused on ensuring that the Board

retains the right balance of skills, experience, independence

and diversity to support Ashmore’s long-term strategy.

Succession planning for the Chair, the Senior Independent

Director, Committee Chairs and other key roles is a standing

agenda item. The Committee recognises that the Chair has

served beyond the nine-year limit recommended by the Code;

shareholders approved the re-election of the Chair as a Director

at the 2025 AGM to support an orderly succession. The

Committee is therefore leading a targeted search for the next

Chair, led by Jennifer Bingham as Senior Independent Director,

and the Committee has also begun succession planning for

Jennifer’s role, given her nine-year tenure ends in June 2027.

The ongoing searches are considering candidates with senior

financial services leadership experience, strong regulatory and

financial acumen and the ability to contribute to the Board’s

diversity of thought and experience. The Committee also

continues to review the Board skills matrix, identify priority

capability gaps and keep succession arrangements under

active consideration. Progress on these matters will be

reported to the Board and shareholders in due course.

External appointments held by members of

theBoard

The Committee is tasked with considering new appointments

for Non-executive Directors to ensure that any additional time

commitment does not compromise their commitment to their

roles at Ashmore and, as part of this, the Committee also

notes when existing external roles come to an end. During the

year, the Committee considered proposals for Non-executive

Directors to take on other roles and noted where Non-executive

Directors were relinquishing existing roles. Taking into account

the proposed time commitments of each of these new roles

and the time already committed to existing roles, it was

decided that in each case they would not impair the relevant

Directors’ commitment to Ashmore. Having also considered

any potential conflicts of interest, these proposed

appointments were reviewed and approved.

Board performance review

During the year, the Chair led an internal review of the Board’s

performance, including the effectiveness of individual Directors

and each Board committee. The Senior Independent Director

conducted a separate review of the Chair’s performance. The

results from these reviews were considered and discussed at

the Board meeting held in August.

The review was conducted through one-to-one meetings with

each Director, supported by an aide-memoire provided by the

Group Company Secretary to guide discussion. The Chair

subsequently documented the key themes before presenting

them to the full Board for discussion in August, together

with the Chair’s review by the Senior Independent Director.

The review covered a range of areas such as long-term

succession planning for the Chair, Chair of the Remuneration

Committee and Non-executive Directors, meeting cadence

and effectiveness, the Board’s engagement with and

understanding of Ashmore’s local offices and investment

teams, and the Group’s revised risk management and internal

control framework. The review identified no major issues

or concerns, though several opportunities for further

enhancement were noted. It concluded that the Board remains

committed to the long-term success of the Company,

continues to discharge its responsibilities to a high standard,

and, together with its committees, operates effectively

andconstructively.

Looking ahead, the Committee will consider potential providers

for the next externally facilitated Board evaluation, which is

scheduled to take place during FY2027, in line with

governanceexpectations.

Clive Adamson

Chair of the Nominations Committee

4 September 2026

Nominations Committee report continued

64 Ashmore Annual Report and Accounts 2026

Remuneration Committee report

Ensuring alignment between

employees and shareholders

Directors’ remuneration policy

In line with Ashmore’s normal three-year cycle, we will be

seeking shareholder approval for the Directors’ Remuneration

Policy at the AGM in November 2026. In preparation for this,

the Remuneration Committee has taken this opportunity to

review the Policy to ensure that it continues to be appropriate

in the context of Ashmore’s strategic and commercial

priorities and is consistent with market, regulatory and

governance developments.

The Committee has concluded that the overall approach to

remuneration, which is aligned with that for employees,

continues to be appropriate. This approach has supported the

Group’s strategy well, providing cost flexibility in a cyclical

business and creating an equity ownership culture that retains

highly motivated staff, delivers investment performance for

clients and incentivises value creation for shareholders across

marketcycles.

The overarching structure of the remuneration framework

will therefore remain unchanged. The Committee is proposing

to make modest changes in respect of the base salary cap, and

focused changes in respect of bonus deferral, and the bonus to

LTIP mix to ensure that the remuneration package remains

competitive, and to provide sufficient flexibility to be able to

respond to the strategic needs of the business over the life of

the policy. Further detail is set out on pages 70 to 79.

In developing these proposals, the Committee consulted

with major shareholders, by writing to over 90% of the

total shareholder register, in addition to proxy agencies.

Themajority of shareholders who responded were supportive

of the proposals.

The Committee looks forward to the support of shareholders in

adopting the new Policy at the 2026 AGM.

Activities

During the year ended 30 June 2026, the Committee met five

times and was fully compliant with the Code in respect of its

own proceedings. Details of the key areas of focus for the

Committee are shown on page 89.

In addition to the development of the new Remuneration

Policy, during the year the Committee has focused on reward

levels for employees who are categorised as material risk

takers, which it is responsible for overseeing in addition to the

Executive Directors. The Committee also reviewed employee

benefits ahead of their launch to employees.

This report outlines the activities

of the Remuneration Committee

for the year ended 30 June 2026. The

Committee is responsible for setting

and overseeing the operation of the

remuneration policy for both Executive

Directors and the wider workforce.

Jennifer Bingham

Chair

Committee membership

The following Directors served on the Committee during

the year and up to the date of this report:

• Jennifer Bingham (Chair)

• Anna Sweeney (from 1 August 2025)

• Clive Adamson

• Shirley Garrood (until 31 July 2025)

• Thuy Dam

Clive Adamson was an independent Non-executive

Director within the meaning of the Code prior to taking up

his appointment as Chair of the Board. Theother members

of the Committee are all independent Non-executive

Directors. Only Committee members have the right to

attend its meetings. Other executives may be invited to

attend as the Committee requests.

The attendance record of the Committee members for the

year under review is set out in the table on page 48.

The terms of reference for the Committee can be found

on Ashmore’s website and are reviewed annually.

Ashmore Annual Report and Accounts 2026 65

Financial statementsGovernanceStrategic Report

Remuneration Committee report continued

Performance during FY2026

Emerging markets outperformed developed markets over the

12 months and Ashmore delivered alpha for clients, with 77%

of AuM outperforming benchmarks over one year and

approximately 70% outperforming over three and five years.

The Group delivered net inflows of $2.7bn, representing an

important inflection point, with positive net flows across fixed

income, equities and alternatives, a third of which flowed into

local asset management businesses which grew 13% in AuM.

Ashmore’s PBT increased by 17%, driven by notable returns

generated from the seed capital programme following a period

of strong performance, enabling the realisation of £173 million

of seed capital positions, realising gains and providing capital

for redeployment into future strategic growth opportunities.

The Committee has provided transparency in its disclosures as

to how the performance delivered during FY2026 and over the

five year period to date has been taken into account in

remuneration outcomes.

Executive Directors’ performance assessment

and reward forFY2026

As detailed in the assessment of annual performance

measures on pages 80 to 82, given the Group’s investment,

operational and financial performance, together with progress

against strategic objectives and other non-financial factors, the

Committee has determined that the CEO should be awarded

an annual bonus of £5,250,000 and that the GFD should be

awarded an annual bonus of £1,657,500.

In accordance with the Policy, a significant proportion of these

awards will be delivered in Ashmore Group plc restricted

shares that vest after five years, subject to continued service,

and in accordance with the AIP.

Long-term incentive plan

After consideration of its assessment of performance over the

year, the Committee has determined that the CEO will be

made an LTIP award with a value at grant of £1,750,000 and

that the GFD will be made an LTIP award with a value at grant

of £292,500 for FY2026.

This year, the Committee has determined that it is appropriate

to award a greater proportion of variable pay in the form of an

LTIP to the CEO than to the GFD, reflecting the different

nature of the two roles. In accordance with the Policy, this

award will be delivered in Ashmore Group plc restricted shares

that vest after five years, subject to the application of the

stretching performance conditions detailed on page 83.

LTIP awards made to the CEO and GFD in FY2021 are due to

vest in September 2026, based on the application of

performance conditions to the end of FY2026. The application

of performance conditions will result in 25.8% of the LTIP

award vesting, as shown on page 84. The Committee does not

intend to apply its discretion to vary this outcome.

Aggregate variable remuneration cap

The Policy caps the aggregate maximum variable remuneration

available for the Executive Directors annually, currently at

£20 million.

The total awards determined by the Committee for FY2026

reflect 45% of this cap, with 11% of the cap delivered in cash

and 34% being subject either to continued service or

performance conditions. The Committee believes this level of

aggregate award is appropriate for the performance of the

Executive Directors in FY2026.

66 Ashmore Annual Report and Accounts 2026

Executive Directors’ salaries FY2027

The CEO and GFD’s base salaries will remain unchanged

at£150,000.

All employee remuneration

The Committee has spent time this year considering the

remuneration levels for employees categorised as material

risk takers under the FCA’s remuneration codes, for whom the

Committee has responsibility for determining remuneration

levels, and also for employees in control functions whose

remuneration is overseen by the Committee. Additionally,

ithas reviewed the Group’s approach to remuneration and

benefits for all other employees, to ensure that, whilst

maintaining Ashmore’s flexible remuneration structure,

consideration is given to salary and variable pay levels to reflect

individual and business performance.

VC for all employees including Executive Directors has been

accrued at 30% of EBVCT resulting in a charge of £45.6 million.

The Committee looks forward to the support of shareholders in

approving the updated Policy and in our application of the

Policy during the year.

Jennifer Bingham

Chair of the Remuneration Committee

4 September 2026

SANTA MARTA – COLOMBIA

Ashmore Annual Report and Accounts 2026 67

Financial statementsGovernanceStrategic Report

Remuneration at a glance

Ashmore’s fundamental

remuneration principles

Discretion and flexibility

Variable remuneration for Executive Directors is not formulaic or capped at an individual level, an important element of

Ashmore’s culture that is cascaded throughout the Company. This allows the Remuneration Committee to apply discretion

to ensure that awards reflect business and personal performance, as evidenced in previous years where there has been a

strong link between pay and performance; thus, the behavioural risk arising from target-based incentives is absent. For

Executive Directors an aggregate variable remuneration cap applies. The LTIP outcome is formulaic against performance

measures and targets are set at the start of the performance period for fiveyears.

Alignment with stakeholders

A significant portion of remuneration is delivered in Ashmore shares deferred over five years. This provides alignment

between employees, executives and shareholders.

Base salaries are capped at the lower end of market levels to ensure that fixed costs are tightly controlled.

Alignment with the Group’s financial performance is critical, with the Remuneration Committee balancing the total spend

on remuneration with Ashmore’s financial performance, which determines a significant proportion of the variable

remuneration outcomes.

There is compulsory deferral of variable pay, at a minimum in line with regulatory requirements, into Ashmore shares for a

period of five years, creating clear alignment with shareholders.

The proportion of Executive Directors’ variable remuneration delivered in the form of the LTIP will only vest subject to the

achievement of stretching performance targets, closely aligned with the Group’s KPIs.

Consistency across the Group

The clear and simple policy has applied to all Ashmore Group employees, a material factor in defining and shaping the

Ashmore culture.

The Policy retains a high level of consistency of remuneration across all Group employees, with low base salary caps for

employees and Executive Directors who also have the same pension and benefits as UK employees. The time horizon for

deferrals and performance based awards for employees and Executive Directors is aligned at five years. Key to the

entrepreneurial culture of Ashmore is having no individual caps to remuneration. The aggregate variable remuneration cap

for Executive Directors retains this crucial element of Ashmore’s culture, having taken into account the views of some of

Ashmore’s shareholders.

Pay for long-term performance

The Remuneration Committee considers the performance of the Executive Directors over the long term, reviewing

progress over a multi-year period and annual performance in the context of the business progress made towards its

strategic objectives and KPIs.

Awards are deferred over five years into Ashmore shares, and the LTIP for Executive Directors has a five-year performance

period, significantly longer than the usual FTSE reward structure.

PUERTO VALLARTA – MEXICO

68 Ashmore Annual Report and Accounts 2026

The Chief Executive Officer’s

remuneration outcomes

Alignment with financial and

non-financial annual performance

measures

The Chief Executive Officer’s remuneration

outcomes

The CEO’s annual bonus comprising cash and restricted

shares at grant value for FY2026 is £5,250,000

(FY2025: £0).

The CEO received an LTIP award with a grant value of

£1,750,000 (FY2025: £0), which will vest after five years,

subject to the application of performance conditions.

The Group Finance Director’s remuneration

outcomes

The GFD’s annual bonus comprising cash and restricted

shares at grant value for FY2026 is £1,657,500

(FY2025: £1,248,750).

The GFD received an LTIP award with a grant value of

£292,500 (FY2025: £416,250), which will vest after five

years, subject to the application of performance

conditions.

FY2021 LTIP vesting outcome in FY2026

25.8% of LTIP awards made to the CEO and GFD in

2021 are due to vest in September 2026, after the

application of performance conditions.

Financial measures

AuM

+13%

Adjusted EBITDA margin

26%

AuM outperforming benchmarks (3 years)

68%

Profit before tax

+17%

Net revenue

-2%

Diluted EPS

+28%

Management of non-VC operating costs

+2%

Non-financial measures

Further details in relation to performance against financial and non-financial measures are on pages 80 to 81.

Strategic objectives (phases 1, 2, 3)

Sustainability

Employees

Compliance, culture and risk management

Salary 2%

Pensions 0%

Taxable beneﬁts 0%

Annual cash bonus 22%

Annual bonus deferred

into equity 52%

Long-term incentive plan 24%

Vesting 33%

Lapsing 67%

Salary 7%

Pensions 1%

Taxable beneﬁts 0%

Annual cash bonus 32%

Annual bonus deferred

into equity 46%

Long-term incentive plan 14%

Ashmore Annual Report and Accounts 2026 69

Financial statementsGovernanceStrategic Report

Remuneration Policy summary

As set out earlier on, the Committee is proposing to make a small number of changes to the new

Policy to ensure that the remuneration package remains competitive and to provide sufficient

flexibility to respond to the strategic needs of the business over the life of the Policy.

Policy changes

Increase in the current base salary cap

to£250,000

Consistent with the approach taken throughout the Company,

base salaries for all employees, including Executive Directors,

are capped at or below the lower end of the market to ensure

that fixed costs are tightly controlled and that a more significant

proportion of total remuneration is determined by Company

and individual performance than at peer organisations. This

approach has applied since the inception of the Company.

In recognition of broader market movements and the

higher inflationary environment since the last Policy, the

Remuneration Committee reviewed the cap (which applies to

all employees) during the year and agreed to increase this from

£150,000 per annum to £250,000 per annum, to provide

sufficient flexibility over the life of the Policy. Noting that this

salary level continues to be significantly below market levels

for comparable roles (being below lower decile for CEO and

GFD roles in the FTSE 250) but is in line with the reward

philosophy throughout the Company.

The Committee does not intend to increase the CEO or GFD’s

base salaries for FY2027.

Reduction in bonus deferral if shareholding

guidelines are met

The current Policy provides for a minimum deferral of 70%

of the bonus into shares, which are then held for five years.

This level and duration of deferral is significantly above current

market practice and regulatory requirements. Following a

review during the year, the Committee has concluded that,

ifan Executive Director is already compliant with the individual

shareholding requirements, there should be flexibility in the

Policy to reduce the level of compulsory annual bonus deferral

into shares, whilst ensuring that any regulatory deferral

requirements applying to total variable remuneration are met.

As currently, the deferral horizon for the bonus will continue to

be five years, which is significantly longer than most of the

FTSE market, Ashmore’s peers, and regulatory requirements.

Ifapproved, this change will apply to the awards made in

respect of FY2026.

Flexibility to vary the balance of bonus and LTIP

Under the current Policy, at least 25% of the total variable

pay award for the year is delivered as an LTIP. Ashmore is

proposing to introduce additional flexibility to the Policy to

allow the Committee to determine the appropriate proportion

of the total variable pay award which is delivered under the

LTIP each year. For FY2026, 25% of the total variable

remuneration will be in the form of an LTIP for the CEO, and

15% will be in the form of an LTIP for the GFD. The Committee

is comfortable that there will still be an appropriate long-term

focus for the CEO and GFD through their personal shareholding

and the 5year deferral period on the bonus.

RIYADH – SAUDI ARABIA

70 Ashmore Annual Report and Accounts 2026

Director’s Remuneration Policy

Director’s Remuneration

Policy

Policy process

In determining the new Policy, the Committee followed a

robust process that included discussions on the content of the

Policy at several Remuneration Committee meetings. The

Committee considered input from management and Deloitte

LLP and sought the views of Ashmore’s shareholders and

proxy agencies, further details of which is set out below. The

Committee also assessed the Policy against the principles of

clarity, simplicity, risk management, predictability,

proportionality and cultural alignment.

The key aims underpinning the review were:

• the need to encourage and promote the long-term success of

the Company;

• the need to attract, retain and motivate talented Executive

Directors and senior management;

• consistency with the remuneration principles applied to

Ashmore employees as a whole;

• external comparisons to examine current market trends and

practices and equivalent roles in similar companies taking into

account their size, business complexity, international scope

and relative performance; and

• the requirements of the Remuneration Codes of the FCA.

How the views of shareholders are taken

intoaccount

In developing this Policy, the Committee Chair engaged with

shareholders representing over 90% of its shareholder base

and the proxy voting agencies.

A comprehensive explanatory letter was sent seeking feedback

and comments, and the Committee is grateful for the

thoughtful and detailed responses provided.

Feedback was provided to all shareholders who responded to

the letter, with answers to queries provided either in writing,

through telephone calls or in person meetings.

The Committee was pleased that the majority of shareholders

are supportive of the proposed changes and, for the positive

and constructive feedback and thanks shareholders for

theirtime and input.

Key changes to the Policy

The key changes to the Policy are:

1. An increase of the base salary cap from £150,000 to £250,000;

2. The introduction of flexibility for the Committee to reduce the level of deferral on the annual bonus where an Executive

Director has met their minimum shareholding guidelines, to a level not less than that which is required to meet minimum

regulatory requirements, taking into account any LTIP award made in respect of the year; and

3. Additional flexibility for the Committee to determine the proportion of total variable pay delivered under the LTIP (currently a

minimum of 25% of variable pay for theyear).

The changes set out in (2) and (3) above will apply to awards made in respect of the FY2026 (subject to shareholder

approval). There is no current intention to increase the CEO or GFD’s base salaries in FY2027.

Other minor changes have been made to aid operation and increase clarity.

This section of the Remuneration report has been prepared in accordance with Part 4 of The Large

and Medium-sized Companies and Groups (Accounts and Reports) (Amendment) Regulations 2013

and sets out the Remuneration Policy for the Directors of the Company (the ‘Policy’). The Policy has

been developed taking into account the principles of the Code and shareholders’ executive

remuneration guidelines. It is intended that the Policy will be put before shareholders for approval

by way of a binding vote at the Company’s AGM on 4 November 2026.

Ashmore Annual Report and Accounts 2026 71

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Director’s Remuneration Policy continued

Figure 1

Remuneration Policy for Executive Directors

Policy table

The table below summarises the key aspects of the Company’s Policy.

Base salary

Purpose and link to short

and long-term strategy

Provide a sufficient level of fixed remuneration. The cap on base salary helps to contain

fixedcosts.

Operation

Base salaries are paid monthly in cash. This reflects practice below the Board for all UK

based employees.

Maximum opportunity

Consistent with the approach taken throughout the Company, base salaries for all

employees, including Executive Directors, are currently capped at £250,000.

The cap is reviewed periodically; the Policy permits the cap to be changed if this is deemed

necessary to meet business, legislative or regulatory requirements.

Benefits

Purpose and link to short

and long-term strategy

Provide cost-effective benefits to support health andwellbeing.

Operation

Executive Directors are eligible to receive benefits in line with other UK employees. Benefits

currently include (but are not limited to) medical insurance and life insurance. The Company

may reimburse any reasonable business related expenses (including tax thereon) incurred in

connection with their role.

Additional benefits may be provided if required (e.g. appropriate relocation assistance).

Maximum opportunity

Benefits are not subject to a specific cap, but represent only a small percentage of

totalremuneration.

Pension

Purpose and link to short

and long-term strategy

Provide a level of Company contribution, which individuals can supplement with their

owncontribution.

Operation

Company contributions are made on a defined contribution basis, either to a pension plan or

in the form of an equivalent cash allowance.

Maximum opportunity

The current level of Company contribution is 9% of base salary, with a further matching

contribution of up to 1% of base salary, should the Executive Directors make a personal

contribution of an equivalent amount. The contribution level for Executive Directors is

currently aligned with UK employees.

Whilst no changes are currently anticipated, it is intended that any changes to the pension

policy for UK employees, or to participants in the pension plan in the relevant country, will

also apply to the Executive Directors.

72 Ashmore Annual Report and Accounts 2026

Aggregate variable remuneration cap

Purpose and link to short

and long-term strategy

Provide shareholders with clarity on the maximum variable remuneration that may be

awarded to Executive Directors each year.

Operation

The Policy caps the aggregate variable remuneration for Executive Directors rather than cap

individual awards. The cap is based on the grant value or award value made in that year.

Variable remuneration will be delivered as a combination of annual bonus andLTIP.

Maximum opportunity

The aggregate maximum variable remuneration for Executive Directors is capped, currently,

at £20 million. The Policy permits the Remuneration Committee to vary this cap if necessary

or in the event of a change in the number of Executive Directors on theBoard.

Annual bonus

Purpose and link to short

and long-term strategy

Incentivise and reward performance in the year.

Bonus deferral enhances alignment of interests with those of shareholders over the

longerterm.

Operation

Executive Directors are considered for discretionary variable remuneration based on

performance.

The assessment of performance will be based on both Company and personal performance

and will take into account a range of indicators such as (but not limited to) financial

performance including profitability, growth in AuM, investment performance relative to

benchmarks, strategic and operational achievements and personal objectives.

Bonus awards will normally be delivered as a combination of cash and deferred shares.

Initially, 70% of the award will be delivered as deferred shares which will normally vest after

a period of five years.

Once an Executive Director has met their minimum shareholding requirement (as

determined by the Committee) the Committee has discretion to set a lower bonus deferral

percentage to such level as is required to meet minimum regulatory requirements, taking

into account any LTIP award made in respect of the year. This flexibility will apply to bonus

awards made in respect of FY2026 and to future years.

Deferred shares will normally be delivered as restricted shares, although awards may be

granted in such other form that the Committee determines has the same economic effect.

Deferred shares may include the right to receive dividends or dividend equivalents in respect

of dividends paid, calculated on such basis as the Committee determines.

Malus and clawback provisions will apply to awards, as set out in the notes to this table.

Maximum opportunity

Awards will be made within the aggregate variable remuneration cap above.

Ashmore Annual Report and Accounts 2026 73

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Director’s Remuneration Policy continued

Long-Term Incentive Plan

Purpose and link to short

and long-term strategy

Rewards long-term performance and ensures the interests of Executive Directors are closely

aligned with other shareholders.

Operation

LTIP awards are share-based awards typically granted to Executive Directors following the

end of the financial year.

The Committee retains the discretion to determine the appropriate split of total variable

remuneration between the bonus and the LTIP subject to overall performance and affordability.

LTIP awards will normally have a five-year performance period.

The Committee will determine the performance conditions for each award which aim to

closely align the Executive Directors’ remuneration outcomes with the performance of the

business relative to its KPIs, e.g. investment performance relative to benchmarks,

profitability and growth in AuM. Targets will be set that are appropriately challenging relative

to relevant internal and external benchmarks.

The maximum level of vesting for achieving threshold performance is 25%, with 100%

vesting for maximum performance.

The LTIP may be granted in the form of restricted shares or in such other form that the

Committee determines has the same economic effect.

LTIP awards may include the right to receive dividend equivalents in respect of dividends

paid, calculated on such basis as the Committee determines.

The Committee has discretion to vary LTIP payments downwards or upwards in

appropriate circumstances, including if it considers the outcome would not be a fair

reflection of performance.

Malus and clawback provisions will apply to awards, as set out in the notes to this table.

Maximum opportunity

Awards will be made within the aggregate variable remuneration capabove.

Shareholding requirements

Purpose and link to short

and long-term strategy

Ensures greater alignment with the interests of shareholders and focus on long-termstrategy.

Operation

Levels are set in relation to annual base salary, and are normally required to be built up over a

five-year period.

Any shares held as part of the variable remuneration schemes that are not subject to any

further performance conditions will count towards meeting the guideline on a net of tax

basis where appropriate.

The Committee retains discretion to waive or extend the period required to meet these

guidelines if it is considered appropriate in the specific circumstances (e.g. in compassionate

circumstances or to reflect an increase in salary).

Post-cessation of employment, Executive Directors are usually required to maintain their

in-employment shareholding guideline (or their actual shareholding if lower) for two years

post termination of their employment.

Maximum opportunity

Executive Directors are usually required to build up and then maintain a shareholding

equivalent to 300% ofbase salary.

74 Ashmore Annual Report and Accounts 2026

Malus and clawback

In addition to the performance conditions described above, the

Remuneration Committee has the discretion to apply malus

and clawback provisions to all elements of variable

remuneration, including to unvested equity awards made in

prior periods in the period up to six years from the date of

grant, or such longer period as the Remuneration Committee

determines is required by any applicable law or regulation.

TheRemuneration Committee considers this period to be

appropriate given that it takes into account the length of the

business cycle and allows sufficient time for any potential risks

to crystallise. The Remuneration Committee may choose to

exercise this discretion for a number of reasons, for example:

• a material misstatement of the financial results;

• an error in the calculation of the performance condition or the

size of the award;

• a material failure of risk management;

• serious reputational damage;

• material corporate failure;

• misconduct, misbehaviour and material error on the part of the

participant, or failure of the participant to meet appropriate

standards of fitness and propriety;

• a material downturn in financial performance;

• the participant committed an act of fraud or other conduct

with intent or severe negligence which led to significant

losses; or

• any other circumstances which the Remuneration Committee

in its discretion considers to be similar in their nature or effect.

Where malus or clawback applies, the Remuneration

Committee may, in its discretion, take a number of actions

including (but not limited to) reducing the number of shares to

which an award relates, imposing further conditions on an

award or requiring a participant to make a cash payment to the

Company in respect of some or all of the shares or cash

delivered to the Executive Director.

Performance measures

• When determining discretionary variable remuneration,

the Remuneration Committee considers a range of financial

and non-financial measures. These may include (but are not

limited to) profitability, investment performance relative to

benchmarks and growth in AuM. Non-financial factors may

include strategic and operational achievements, ESG factors

and employees’ culture and conduct. The Committee

considers both quantitative and qualitative measures of

performance in determining the discretionary variable

remuneration outcomes, including longer-term indicators.

Forthe LTIP awards to be made in FY2026, the performance

conditions will be based on investment outperformance

relative to benchmarks over three and five years; growth in

AuM, demonstrated through a compound increase in AuM

over the five-year performance period; and profitability,

demonstrated through Ashmore’s diluted EPS performance

relative to a comparator index over the five-year

performanceperiod.

• The Committee undertakes a comprehensive review of

different financial and non-financial measures in determining

variable remuneration to ensure that any awards are linked to

wider Company performance, the shareholder experience,

and the wider stakeholder experience. There are detailed

disclosures in the Directors’ Remuneration Report on how

Ashmore has performed against these different measures.

• The expected levels of performance are set at appropriately

stretching levels taking into account the business plan, analyst

forecasts, the sector that Ashmore operates in, and the wider

economic environment.

External Non-executive Director positions

Executive Directors are permitted to serve as Non-executive

Directors of other companies, institutions or organisations

where there is no competition with the Company’s business

activities and where these duties do not interfere with the

individual’s ability to perform his or her duties for the Company.

Approach to remuneration for new Executive

Directorappointments

The remuneration package for a new Executive Director would

normally be set in accordance with the terms and maximum

levels of the Company’s approved Policy in force at the time

ofappointment.

In the case of an externally recruited Executive Director, the

Remuneration Committee may offer additional cash and/or

share-based elements to take account of any remuneration

relinquished as a result of leaving the former employer (a

‘buy-out’ award), when it considers these to be in the best

interests of the Company (and therefore shareholders). In

considering any such payments, the Committee would take

account of the nature, vesting dates and any performance

requirements attached to the relinquished remuneration.

TheCommittee may determine to make any such buy-out

related awards outside the limits set out in the Policy table.

Foran internal appointment, any variable remuneration element

awarded in respect of the prior role may be allowed to be paid

out according to its terms, adjusted, if necessary, to take into

account the appointment.

Ashmore Annual Report and Accounts 2026 75

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Director’s Remuneration Policy continued

For external and internal appointments, the Company may

meet certain incidental and/or relocation expenses (including

any tax thereon) as appropriate, including but not limited to

assistance with housing, immigration, taxes and travel.

Thismay take the form of a cash payment.

Other elements may be included in the following circumstances:

(i) an interim appointment being made to fill an Executive

Director role on a short-term basis; and (ii) if exceptional

circumstances require that the Chair or a Non-Executive

Director takes on an executive function.

Service contracts and loss of office paymentPolicy

Service contracts normally continue until the Executive

Director’s agreed retirement date or such other date as the

parties agree.

The service contracts contain provisions for early termination.

Notice periods are limited to 12 months by either party. Service

agreements contain no contractual entitlement to receive

variable remuneration; participation in these arrangements is at

the Remuneration Committee’s discretion. The Executive

Directors’ service contracts are available for inspection at the

Company’s registered office during normal business hours.

If the employment of an Executive Director is terminated

without giving the period of notice required under the contract,

the Executive Director would be entitled to receive a payment

in lieu of notice of up to one year’s remuneration subject to

consideration of the obligation to mitigate the loss. Such

payment is expected to be limited to base salary due for any

unexpired notice period, and any amount assessed by the

Remuneration Committee as representing the value of other

contractual benefits and pension which would have been

received during the period. In the event of a change of control

of the Company, there is no enhancement to these terms.

In summary, the contractual provisions are as follows:

Provision Detailed terms

Notice period 12 months

Termination payment in

the event of termination

by the Company without

due notice

Base salary plus value of

benefits (including pension)

paid monthly and subject

tomitigation

Change of control Same terms as above

ontermination

An annual variable remuneration award may be payable in the

year of leaving in the case of ‘good leavers’. This will be

subject to performance and will normally be pro-rated for time

in role during the year and subject to deferral. In respect of the

year within which an individual steps down from the Board, the

Committee may decide to only award an annual bonus and not

grant an LTIP.

Any outstanding share-based entitlements held by an

Executive Director under the Company’s share plans will be

determined based on the relevant plan rules.

For FY2022 onwards, any unvested shares normally lapse

following cessation of employment during the relevant

performance or deferral period. However, in certain prescribed

circumstances, or any other circumstances at the discretion of

the Committee, ‘good leaver’ status may apply. For good

leavers, awards will normally vest on their normal vesting date,

and, where relevant, will be subject to the satisfaction of the

relevant performance conditions at that time and reduced

pro-rata to reflect the proportion of the period worked between

the grant date and original vesting date (except in the case of

death where the default is that pro-rating will not apply), unless

the Committee determines otherwise.

An Executive Director’s service contract may be terminated

without notice and without any further payment or

compensation, except for sums accrued up to the date of

termination, on the occurrence of certain events such as

grossmisconduct.

The Committee reserves the right to make any other payments

in connection with a Director’s cessation of office or

employment where the payments are made in good faith in

discharge of an existing legal obligation (or by way of damages

for breach of such an obligation) or by way of a compromise

or settlement of any claim arising in connection with the

cessation of a Director’s office or employment. Any such

payments may include but are not limited to paying any fees

for outplacement assistance and/or the Director’s legal and/or

professional advice fees in connection with cessation of office

or employment and/or retirement gifts.

76 Ashmore Annual Report and Accounts 2026

Incentive plan discretions

The Remuneration Committee will operate the current share

plans in accordance with their respective rules and the Policy

set out above, and in accordance with the Listing Rules and

relevant legislation or regulation. As is consistent with market

practice, the Remuneration Committee retains discretion over

a number of areas relating to operating and administering

theplan.

These include (but are not limited to) the following:

• who participates in the plan;

• the timing of the grant of an award and/or payment;

• the size of an award and/or a payment within the plan limits

approved by shareholders;

• the choice of (and adjustment of) performance measures and

targets in accordance with the Policy set out above and the

rules of each plan;

• discretion relating to the measurement of performance in the

event of a change of control or reconstruction;

• determination of a good leaver (in addition to any specified

categories) for incentive plan purposes, based on the rules of

the plan and the appropriate treatment under the plan rules;

• the percentage split of award between cash and share awards

to meet business, legislative or regulatory requirements;

• adjustments required in order to comply with any new

regulatory requirements which the Company is compelled to

adhere to; and

• adjustments required in certain circumstances (e.g. rights

issues, corporate restructuring, special dividends and on a

change of control).

Any use of the above discretions would, where relevant, be

explained in the Annual Report on Remuneration. As appropriate,

it might also be the subject of consultation with the Company’s

major shareholders.

The Committee may make minor amendments to this Policy

(for regulatory, exchange control, tax or administrative

purposes or to take account of a change in legislation) without

obtaining shareholder approval for that amendment.

Legacy arrangements

For the avoidance of doubt, this Policy includes authority for

the Company to honour any commitments entered into with

current or former Directors prior to the approval of the Policy,

provided that such commitments were consistent with the

applicable remuneration policy in force at the time they were

agreed. Any commitments made prior to an individual becoming

a Director and not in anticipation of their appointment to the

Board may also be honoured, even where it is not consistent

with the Policy at the time the payment is made. Details of any

payments to former Directors will be set out in the Annual

Report on Remuneration as they arise, other than where such

payments have previously been disclosed or are below a

deminimis amount of £10,000.

Non-executive Directors

Non-executive Directors are engaged under letters of

appointment and do not have contracts of service. They are

normally appointed for an initial three-year period, subject to

annual shareholder re-election. Their continued engagement is

subject to the requirements of the Company relating to the

retirement and re-appointment of Directors. The letters of

appointment are available for inspection at the Company’s

registered office during normal business hours.

Compliance with the Remuneration Codes

The Remuneration Committee regularly reviews the Policy’s

compliance with the principles of the FCA’s Remuneration

Codes, as applicable to Ashmore.

The Committee retains discretion to amend the structure

and terms of remuneration to reflect changes in regulatory

requirements whilst ensuring that any changes will align with

the key principles of the Policy.

The Policy is designed to be consistent with the prudent

management of risk, and the sustained, long-term performance

of the Company.

Consistent Company-wide approach to

remuneration for all employees

The Company aims to apply a consistent remuneration

philosophy for employees at all levels and the Policy is broadly

consistent with that for employees across the Company

as a whole. However, there are some differences that the

Remuneration Committee believes are necessary to reflect the

different responsibilities of employees across the Company.

The cap on base salary means that Executive Directors’ base

salaries are set at a similar level to other senior investment and

professional employees in the Company, and the base salary

range from lowest to highest in the Company is considerably

narrower than the market norm.

Rates of pension contribution and fringe benefit provisions are

consistent between executives and other employees within

their country of employment. The Executive Directors are

aligned with UK employees.

All employees may be eligible for a performance-related annual

bonus, and the principle of bonus deferral into Company shares

or equivalent applies to annual bonuses for all Company

employees. Employees receive their variable remuneration in a

mixture of cash and shares and are eligible to receive share

matching where appropriate. Individuals identified as material

risk takers under the regulations applicable to Ashmore are

subject to deferral in line with those requirements.

The Committee discusses key remuneration topics relating to

employees throughout the year, including salary levels,

regulatory compensation matters and benefit trends.

Ashmore Annual Report and Accounts 2026 77

Financial statementsGovernanceStrategic Report

Director’s Remuneration Policy continued

The Remuneration Committee monitors the effectiveness of

the Company’s Remuneration Policy in recruiting, retaining,

developing, engaging and motivating employees and receives

reports from the CEO and the Group Head of Human

Resources on how the Company’s remuneration policies

are viewed by employees and whether they are meeting

businessneeds.

The Company does not operate formal employee consultation

on remuneration. However, employees are able to provide

direct feedback on the Company’s remuneration policy to their

line managers, the Human Resources team, and the Board

directly through Ashmore’s regular ‘meet the teams’ or

individually to the Company’s nominated Non-executive

Director for workforce engagement.

Reward scenarios

The Policy results in the majority of the remuneration received

by the Executive Directors being dependent on performance,

with compulsory deferral of a portion of the bonus into shares

for five years and a five-year performance period under the

LTIP providing long-term shareholder alignment.

As noted earlier, the Policy is not to cap individual awards, but

rather the aggregate award that may be made to all Executive

Directors. As such, it is not possible to demonstrate maximum

remuneration levels. In lieu of this, an indication of the potential

range of total remuneration is illustrated in Figure 2 using the

highest and lowest variable remuneration awards in a five-year

period. The variable remuneration awards are shown assuming

full vesting five years later of the long-term incentive

component based on achievement relative to the performance

conditions, both at the grant price and also with 50% share

price growth.

Figure 2

£0

£2,000

£4,000

£6,000

£8,000

£10,000

Salary Beneﬁts Pension Cash bonus

Deferred bonus shares LTIP 50% increase in value of LTIP

Fixed/

Minimum

Lowest pay

received in

ﬁve-year

period

Additional

value created

should LTIP

increase in

value by 50%

Highest pay

received in

ﬁve-year

period

Fixed/

Minimum

Lowest pay

received in

ﬁve-year

period

Additional

value created

should LTIP

increase in

value by 50%

Highest pay

received in

ﬁve-year

period

CEO GFD

£163,500 £163,500

£7,163,500

£8,038,500

£166,180

£886,180

£2,116,180

£2,262,430

1. Additional value created should LTIP share value increase by 50%.

Executive Director total remuneration at different levels of performance (£’000)

78 Ashmore Annual Report and Accounts 2026

Figure 3

Fee Policy for Non-executive Directors

Board Chair and Non-executive Director fees

Purpose and link to short

and long-term strategy

Ensure that the Group is able to attract and retain experienced and skilled individuals.

Operation

The Board Chair is paid a single fee for all responsibilities, inclusive of Chairing the

Nominations Committee.

The Non-executive Directors are paid a basic fee with additional fees paid for additional

responsibilities (currently Senior Independent Director, Chair of the Audit and Risk

Committee and Chair of the Remuneration Committee).

The level of the fees for the Board Chair and Non-executive Directors is reviewed periodically

with reference to market levels in comparably sized FTSE companies.

Fees may also be increased on an ongoing or temporary or ad hoc basis, to take into account

changes in the working of the Board and/or changes in responsibilities or time commitments.

The Board Chair and Non-executive Directors may be paid expenses (including any tax

thereon) in relation to the performance of their role.

Maximum opportunity

The overall fees payable to Non-executive Directors will remain within the limit set out in the

Policy, currently £750,000.

The current level of fees is disclosed in the Annual Report on Remuneration.

JAKARTA – INDONESIA

Ashmore Annual Report and Accounts 2026 79

Financial statementsGovernanceStrategic Report

Assessment of

annual performance measures

Executive Director bonuses are funded from the Group bonus

pool and determined by the Committee using a balanced

scorecard of financial and non-financial measures, which

includes measures relating to personal performance. In the

2025 Annual Report, the Committee confirmed that it would

apply broadly similar weightings and metrics for annual variable

remuneration in FY2026 as in prior periods, chosen to align

with the Group’s KPIs and strategy.

Through assessment of the Executive Directors’ annual

short-term performance measures, the Committee evaluated

the level of performance achieved against key financial and

non-financial measures.

As described below, in FY2026 the Executive Directors

continued to manage the business to create long-term value

for clients and shareholders.

Ashmore’s investment teams are delivering alpha for clients

across most investment themes, 77% of AuM is outperforming

over one year, with approximately 70% outperforming over

three and five years.

The Group delivered net inflows of $2.7bn, representing an

important inflection point, with positive net flows across fixed

income, equities and alternatives, a third of which flowed into

local asset management businesses which grew 13% in AuM.

In addition, Ashmore entered into a strategic partnership with

Japan Post Insurance, reflecting Ashmore’s commitment to

Japan and which will deliver incremental AuM.

Ashmore’s PBT increased by 17%, driven by notable returns

generated from the seed capital programme following a period

of strong performance, enabling the realisation of £173 million

of seed capital positions, realising gains and providing capital

for redeployment into future strategic growth opportunities.

Non-VC operating costs increased by 2%, partly related to the

full year impact of new offices in Qatar and Mexico, resulting in

an adjusted EBITDA margin of 26%.

The Committee discussed the performance of the Executive

Directors and the appropriate variable remuneration outcomes

for each of them in the context of performance delivered.

Asummary of performance against key financial and

non-financial measures is set out below and on the

followingpages.

Achieved

Not achieved

Remuneration report

Assessment of the financial measures for the Executive Directors

Performance measure Year Performance relative to the prior period Outcome

Committee

assessment

AuM FY2026 $54.0bn

FY2025 $47.6bn

(see page 16 for more information)

Adjusted EBITDA margin FY2026

26%

FY2025 36%

(see page 20 for more information)

AuM outperforming

benchmarks (1, 3 & 5 years)

FY2026

1yr 77%, 3yr 68%, 5yr 67%

FY2025 1yr 57%, 3yr 70%, 5yr 81%

(see page 18 for more information)

Net revenue FY2026

£140.5m

FY2025 £144.1m

(see page 18 for more information)

Management of non-VC

operatingcosts

FY2026

£58.2m

FY2025 £56.8m

(see page 19 for more information)

Profit before tax FY2026

£126.9m

FY2025 £108.6m

(see page 20 for more information)

Diluted EPS FY2026

15.0p

FY2025 11.8p

(see page 21 for more information)

80 Ashmore Annual Report and Accounts 2026

Assessment of the non-financial measures for the Executive Directors

Non-financial measures Performance in FY2026

Committee

assessment

Strategic objectives (see page 4 for more information)

Phase 1 Positive net inflows of $2.7bn delivered in the year across fixed income, equities and

alternatives, including $12.5bn of subscriptions.

Phase 2 Diversification continues. In FY2026, $1.3bn inflows to equity strategies which now stand

at $10bn or 19% of total AuM, 25% increase in alternatives AuM, intermediary retail AuM

increased slightly to 5% of Group AuM.

Phase 3 Local asset management AuM increased by 13% to US$8.9 billion representing 16% of

Group AuM. 38% of Group AuM is sourced from clients domiciled in emerging markets.

Sustainability (see pages 38 to 41 for more information)

During the year Ashmore made a payment of £0.4 million (FY2025: £0.4 million) to The Ashmore Foundation and

other charitable activities. The Ashmore Foundation, amongst other activities, continues to work with Minga Peru on

reforestation in the Peruvian Amazon contributing to ecosystem restoration and climate change mitigation, whilst

supporting local farming communities.

Ashmore’s diversified product range includes ESG Equity and Impact Debt strategies to satisfy demand from

certain clients for their investments to have a measurable positive impact on social and environmental metrics,

next to attractive financial returns.

Ashmore remains a signatory to the UK Stewardship Code and UN PRI, continues to satisfactorily meet its TCFD

and SECR requirements, has maintained its ‘low’ ESG risk category with Sustainalytics and has maintained its

AA ESG rating from MSCI.

Employees (see pages 34 to 37 for more information)

The Group’s average headcount increased during FY2026 to 278 employees (FY2025: 275) primarily as a result of

limited growth in local asset management businesses as they continue to scale up. Headcount in the UK and other

Group locations remained broadly flat, demonstrating disciplined cost control in the period.

Unplanned employee turnover remained low during FY2026 at 8% for the Group as a whole (FY2025: 9%). This

reflects positively on the Group’s distinctive remuneration philosophy, which has a significant bias to long-dated

equity awards, encouraging retention through market cycles. As a consequence 64% of Ashmore’s employees

have at least 4 years service and more than one third have over ten years service, providing clients and investors

with continuity of employees and demonstrating retained institutional knowledge through market cycles.

During the period a succession plan was implemented for one senior management role, with a smooth transition

between individuals taking place.

The Diversity Committee, established in FY2023 to oversee Ashmore’s diversity and inclusion strategies and

chaired by the Non-executive Director responsible for workforce engagement, continued to engage with

employees. Based on feedback provided the committee recommended areas for review, including benefits

relating to maternity provisions. Ashmore also continued to support the development of the pipeline of under-

represented groups in the workplace through collaboration with dedicated charitable organisations supporting

entry to the workforce for such groups.

Compliance, culture and risk management (see pages 22 to 27 for more information)

The CEO and GFD have ensured that through the Group’s over-arching corporate governance and internal

control frameworks, a strong control culture has been maintained across the Group, with clear management

responsibility and accountability for individual controls.

During the period the CEO and GFD ensured that culture, purpose and direction were maintained and embedded

through the delivery of in-depth and timely townhall meetings, strategy events and presentations to employees

to inform and direct them on the Company’s strategy, objectives and performance.

The Board reviews a dashboard of indicators in a monthly management report which seek to measure and

monitor aspects of organisational culture as well as receiving detailed reports on culture semi-annually. During

FY2026 the reports included a review of the Company’s purpose, governance including individual accountability,

teamwork and people and remuneration.

The Remuneration Committee is satisfied that all relevant regulatory and corporate governance requirements

have been met appropriately. There were no matters of concern arising during FY2026 that would warrant the

Remuneration Committee questioning the management of the Group, or which indicated poor organisational

culture or conduct risks.

Ashmore Annual Report and Accounts 2026 81

Financial statementsGovernanceStrategic Report

Remuneration report continued

Overall performance assessment

The Remuneration Committee considered the qualitative and quantitative inputs provided across the range of financial and

non-financial measures detailed above and, to assist shareholders in understanding its decision-making, summarises its

assessment of performance during FY2026 as follows:

Chief Executive Officer Group Finance Director

The CEO’s short-term performance is assessed:

• 75% on financial performance measures including: effectively

managing investment performance to deliver consistent

growth in each investment theme; maintaining and increasing

AuM; and maintaining and increasing EBIT; and

• 25% on non-financial management performance, including:

management of matters relating to ESG; strategy development

and implementation; recruitment; staff turnover and succession

planning; and regulatory and compliance adherence.

The GFD’s short-term performance is assessed:

• 85% on his management of the Finance, Middle Office

Operations, IT, Corporate Development and Investor

Relations departments and on his management of subsidiary

business activities outside the UK; and

• 15% on contribution to the development and implementation

of strategic goals and increasing value for shareholders,

investor relations and communication, broadening the

shareholder base, and communicating effectively with all

relevant stakeholders.

Personal performance Personal performance

The financial measures represent the greater proportion of

the areas considered by the Remuneration Committee in

determining annual remuneration for the CEO, in order that

there is a clear alignment of annual incentives with the Group’s

KPIs and the delivery, over time, of value for shareholders.

As detailed elsewhere in this report, FY2026 has seen

continued strong investment performance. Driven by this,

notable returns have been generated through the seed capital

programme enabling the realisation of £173 million of seed

capital positions, and net inflows of $2.7bn have been

delivered including through $12.5bn of subscriptions. As a

result PBT has increased by 17% and diluted EPS by 28%.

The Committee also recognises positive developments in

respect of the strategic partnership concluded with Japan

Post Insurance and a number of key non-financial measures

this year, including those relating to employees and culture

where a number of positive changes have been implemented,

as detailed above.

The GFD’s short-term performance is assessed, in the main,

in relation to his management and oversight of the business

areas he is responsible for, which have continued to be run

effectively through the review period.

The local asset management businesses have continued to

perform well, increasing AuM by 13% to $8.9bn which is

collectively 16% of Group AuM.

Effective treasury and FX management of the Group’s balance

sheet capital, including in relation to the management of seed

capital, has been a material contributor to profitability in

theperiod.

The Committee has concluded that during the period operating

costs have remained well managed by the GFD and his

ongoing contribution to business strategy, investor relations

and shareholder and third-party relationship management has

remainedeffective.

Executive Director annual bonus awards for the year ended 30 June 2026

The Remuneration Committee has considered these inputs and has determined that the Group’s operational and financial

performance in the period, together with progress against strategic objectives, should be recognised in this year’s award levels.

The Committee determined that the CEO should be awarded an annual bonus of £5,250,000 (FY2025: £0) and that the GFD

should be awarded an annual bonus of £1,657,500 (FY2025: £1,248,750). The Committee also determined to make LTIP awards

to the CEO and the GFD, which are detailed in figure 4 on page 85.

Annual bonus award

Mark Coombs £5,250,000

Tom Shippey £1,657,500

82 Ashmore Annual Report and Accounts 2026

Performance conditions,

vesting outcomes and grants

The table below sets out the measures and targets for LTIP awards.

Figure 1

Performance conditions vesting scale for LTIP awards

Performance condition Performance % of award vesting

Investment outperformance Below 50% of assets outperforming the benchmarks

over three and five years

Zero

50% of assets outperforming the benchmarks over

three and five years

25% – Threshold

performance

Between 50% and 75% of assets outperforming the

benchmarks over three and five years

Straight-line

proportionate vesting

75% or above of assets outperforming the

benchmarks over three and five years

100%

Growth in AuM Below 5% compound increase in AuM over the

five-year performance period

Zero

5% compound increase in AuM over the five-year

performance period

25% – Threshold

performance

Between 5% and 10% compound increase in AuM

over the five-year performance period

Straight-line

proportionate vesting

10% or above compound increase in AuM over the

five-year performance period

100%

Profitability – Ashmore’s diluted EPS

performance relative to a combination of

emerging markets indices representative of

the markets in which Ashmore invests,

determined by the Remuneration Committee

and based on the underlying structure of

thebusiness

Below the benchmark return Zero

At the benchmark return 25% – Threshold

performance

Between the benchmark return and 10%

outperformance

Straight-line

proportionate vesting

At or above 10% outperformance relative to the

benchmark return

100%

Performance and vesting outcome for the CEO and GFD’s FY2021 LTIP awards

The FY2021 awards had performance conditions ending on 30 June 2026 and are due to vest on 15 September 2026. For these

awards the three performance conditions shown above were equally weighted at 33.3%. The performance outcomes, relative to

the performance conditions vesting scale shown in figure 1, are shown in figure 2.

For awards made in relation to years prior to FY2024, in lieu of a discrete LTIP, performance conditions were applied to half

of the restricted and half of the matching shares awarded. For ease of comparability the shares with performance conditions

applied are referred to as an LTIP. From FY2024 a separate LTIP has been established with performance conditions applied to

the entire award.

Ashmore Annual Report and Accounts 2026 83

Financial statementsGovernanceStrategic Report

Remuneration report continued

Figure 2

Vesting outcome for CEO’s 2021 LTIP awards subject to performance conditions

Performance measure assessment

Vesting

percentage Type of share award

CEO

Restricted and

matching shares

awarded subject to

performance conditions

vesting

lapsing

Investment

performance

68% of assets were outperforming the benchmarks

over three and five years

77.5% Restricted shares 26,659 20,661 5,997

Matching shares 19,994 15,496 4,498

Increasing

AuM

AuM reduced over the five-year period from

US$94.4bn in 2021 to US$54.0bn in 2026

0% Restricted shares 26,658 0 26,658

Matching shares 19,994 0 19,994

Profitability On a compound basis, Ashmore’s diluted EPS growth

was below the benchmark return: actual was -55%

compared to the benchmark index at2.8%

0% Restricted shares 26,658 0 26,658

Matching shares 19,993 0 19,994

Totals 25.8% 139,956 36,157 103,799

Vesting outcome for GFD’s 2021 LTIP awards subject to performance conditions

Performance measure assessment

Vesting

percentage Type of share award

GFD

Restricted and

matching shares

awarded subject to

performance conditions

vesting

lapsing

Investment

performance

68% of assets were outperforming the benchmarks

over three and five years

77.5% Restricted shares 15,107 11,708 3,398

Matching shares 11,330 8,781 2,549

Increasing

AuM

AuM reduced over the five-year period from

US$94.4bn in 2021 to US$54.0bn in 2026

0% Restricted shares 15,106 0 15,106

Matching shares 11,330 0 11,330

Profitability On a compound basis, Ashmore’s diluted EPS growth

was below the benchmark return: actual was -55%

compared to the benchmark index at2.8%

0% Restricted shares 15,106 0 15,106

Matching shares 11,330 0 11,330

Totals 25.8% 79,309 20,489 58,820

The Remuneration Committee has discretion to adjust the vesting level of the awards if it considers that the vesting level does

not reflect the underlying financial or non-financial performance over the vesting period; or if it deems the vesting level is not

appropriate in the context of circumstances that were unexpected or unforeseen; or there exists any other reason why an

adjustment is appropriate, taking into account such factors as the Remuneration Committee considers relevant. The

Remuneration Committee has not applied its discretion to alter the number of awards due to vest on 15 September 2026.

Figure 3

LTIP awards made during the year ended 30 June 2026 – audited information

Figure 3 provides details of the LTIP awards that were made during FY2026 under the current Policy, and will vest on the fifth

anniversary of the award date, to the extent that the performance conditions are met.

The performance conditions for the most recent awards were a combination of:

• 33.3% investment outperformance, relative to the relevant benchmarks over three and five years;

• 33.3% growth in AuM, demonstrated through a compound increase in AuM over the five-year performance period; and

• 33.3% profitability, demonstrated through Ashmore’s diluted EPS performance relative to a comparator index over the five-year

performance period.

The performance conditions’ vesting scale remains unchanged in respect of these measures and is shown in figure 1.

Name Type of award

No. of shares Date of award

Share award price

(£)

Face value

(£)

Face value

(% of salary)

Performance

period end date

Tom Shippey LTIP 254,339 19 September 2025 £1.6366 £416,251 297% 18 September 2030

1. Executive Directors are required under the AIFMD rules to defer a portion of their cash bonus for six months. These awards are not subject to any

performance conditions and so are not included in figure 3; full details can be found in figure 6.

2. Based on the average Ashmore Group plc closing share price for the five business days prior to the grant date.

84 Ashmore Annual Report and Accounts 2026

Figure 4

LTIP awards to be made during the year ended 30 June 2027

In line with the Policy due to be approved by shareholders at the 2026 AGM, figure 4 shows the grant value of LTIP awards

relating to FY2026, which will be made during FY2027.

The performance conditions used for these awards are those detailed in figure 1.

Name Type of award No. of shares

Date of award

Share award price

(£)

Face value

(£)

Face value

(% of salary)

Performance

periodenddate

Mark Coombs LTIP 23 September 2026 £1,750,000 1,167% 22 September 2031

Tom Shippey LTIP 5 November 2026 £292,500 195% 22 September 2031

1. The number of shares awarded will be reported in the 2027 Annual Report.

2. Based on the average Ashmore Group plc closing share price for the five business days prior to the grant date; this will be reported in the 2027 AnnualReport.

Payments to past Directors – audited information

No payments were made to past Directors during FY2026.

Payments for loss of office – audited information

No payments were made for loss of office during FY2026.

Figure 5

Non-executive Director fees at 30 June 2026

Figure 5 shows Non-executive Director fees paid at 30 June 2026. Anna Sweeney was appointed to the Board effective 1 August

2025. The levels of remuneration for the Chair and Non-executive Directors reflect the time commitment and responsibilities of

their roles.

£ Fee

Clive Adamson 150,000

Jennifer Bingham 90,000

Thuy Dam 60,000

Shirley Garrood 6,250

Anna Sweeney 68,750

DOHA – QATAR

Ashmore Annual Report and Accounts 2026 85

Financial statementsGovernanceStrategic Report

Remuneration report continued

Annual Report on

Remuneration

Figure 6

Remuneration for the year ended 30 June 2026 – audited information

The table below sets out the remuneration received by the Directors in the year ended 30 June 2026.

Executive Directors

Clive Adamson Jennifer Bingham Thuy Dam

Shirley Garrood Anna Sweeney

Mark Coombs

1, 5, 6, 7.

Tom Shippey

1, 5, 6, 7,

Fixed remuneration elements

Salary and fees

2026 133,333 146,667 150,000 90,000 60,000 6,250 68,750

2025 100,000 140,000 150,000 90,000 60,000 75,000 –

Taxable benefits 2026 – 1,180 – – 5,300 – –

2025 1,149 3,764 – – 7,378 – –

Pensions 2026 12,000 14,667 – – – – –

2025 9,000 14,000 – – – – –

Variable remuneration elements

Cash bonus 2026 1,543,500 683,550 – – – – –

2025 – 374,625 – – – – –

Mandatorily deferred share

bonus

2026 3,706,500 973,950 – – – – –

2025 – 874,125 – – – – –

Total bonus 2026 5,250,000 1,657,500 – – – – –

2025 – 1,248,750 – – – – –

LTIP vesting

2, 3

2026 – 72,958 – – – – –

2025 119,006 39,670 – – – – –

Total remuneration

Total for year 2026 5,395,333 1,892,972 150,000 90,000 65,300 6,250 68,750

2025 229,155 1,446,184 150,000 90,000 67,378 75,000 –

Total fixed remuneration 2026 145,333 162,514 150,000 90,000 65,300 6,250 68,750

2025 110,149 157,764 150,000 90,000 67,378 75,000 –

Total variable remuneration 2026 5,250,000 1,730,458 – – – – –

2025 119,006 1,288,420 – – – – –

1. Benefits for Tom Shippey includes membership of the Company medical scheme for part of the period, Mark Coombs is no longer a member of the

medicalscheme.

2. LTIP vesting relates to share awards with performance conditions which vested during FY2026 plus the value of any dividend equivalents.

3. The figure of £72,958 shown as the value of Tom Shippey’s FY2020 LTIP award vesting during FY2026 reflects £56,684 of share price depreciation over the

period between grant and vest. No discretion has been exercised as a result of share price appreciation or depreciation.

4. The amounts shown in the row labelled Mandatorily deferred share bonus do not have additional performance conditions attached, and also include the

amounts detailed in note 5 below relating to compliance with the AIFMD. These amounts represent the cash value of shares awarded at grant, which will

vest after five years subject to continued employment and, in the case of shares related to AIFMD, after a retention period.

5. In order to comply with the AIFMD, Mark Coombs and Tom Shippey received a proportion of their bonus, which would have otherwise been delivered in

cash, as an additional award of restricted shares, which will vest after a retention period. In FY2026, the value of this award for Mark Coombs was £31,500

(FY2025: £0), and for Tom Shippey it was £13,950 (FY2025: £9,366).

6. Dividends or dividend equivalents were paid relating to mandatorily deferred share awards in the period.

7. Mark Coombs receives cash in lieu of a pension contribution. Tom Shippey’s pension contribution includes an employee contribution via salary sacrifice;

inFY2026 this was £733 (FY2025: £700).

8. Total short-term benefits for key management personnel, including salary and fees, taxable benefits and cash bonuses, as reported in note 28 to the financial

statements, is £2,888,531 in FY2026 (FY2025 £994,538). In addition, the total cost of equity-settled awards for the Executive Directors charged to the

statement of comprehensive income, as reported in note 28 to the financial statements, is £2,054,307 in FY2026 (FY2025: £2,194,701).

9. Non-executive Directors are paid fees rather than salaries.

10. Taxable benefits for Thuy Dam relate to travel and expenses associated with attending meetings. The figure included for 2025 is a restatement, as some

taxable expenses had previously been classified as business expenses and so not included in remuneration table.

86 Ashmore Annual Report and Accounts 2026

Figure 7

Outstanding share awards

The tables below set out details of Executive Directors’ outstanding share awards.

Executive

Type of

award Date of award

award

price

Number of

shares at

30 June

2025

Granted

during year

Vested

during

year

Lapsed

during

year

Number of

shares at

30 June 2026

Performance

period Vesting/release date

Mark

Coombs

16 September 2021 £3.75 144,915 – – – 144,915 5 years 15 September 2026

RBS

16 September 2021 £3.75 108,686 – – – 108,686 5 years 15 September 2026

RMS

16 September 2021 £3.75 108,686 – – – 108,686 5 years 15 September 2026

RS 20 September 2024 £1.75 749,401 – – – 749,401 5 years 19 September 2029

LTIP 20 September 2024 £1.75 356,858 – – – 356,858 5 years 19 September 2029

Total 1,468,546 – – – 1,468,546

Executive

Type of

award Date of award

award

price

Number of

shares at

30 June

2025

Granted

during year

Vested

during

year

Lapsed

during

year

Number of

shares at

30 June 2026

Performance

period Vesting/release date

Tom

Shippey

RS 18 September 2020 £3.60 99,976 – 66,651 33,325 – 5 years 17 September 2025

RBS 18 September 2020 £3.60 74,982 – 74,982 – – 5 years 17 September 2025

RMS 18 September 2020 £3.60 74,982 – 49,988 24,994 – 5 years 17 September 2025

RS 16 September 2021 £3.75 90,638 – – – 90,638 5 years 15 September 2026

RBS 16 September 2021 £3.75 67,979 – – – 67,979 5 years 15 September 2026

RMS 16 September 2021 £3.75 67,979 – – – 67,979 5 years 15 September 2026

RS 21 September 2022 £2.14 149,254 – – – 149,254 5 years 20 September 2027

RBS 21 September 2022 £2.14 111,941 – – – 111,941 5 years 20 September 2027

RMS 21 September 2022 £2.14 111,941 – – – 111,941 5 years 20 September 2027

RS 19 September 2023 £1.91 263,626 – – – 263,626 5 years 18 September 2028

RS 20 September 2024 £1.75 616,507 – – – 616,507 5 years 19 September 2029

LTIP 20 September 2024 £1.75 281,442 – – – 281,442 5 years 19 September 2029

19 September 2025 £1.64 – 5,723 5,723 – – 6 months 16 March 2026

RS 19 September 2025 £1.64 – 534,111 – – 534,111 5 years 18 September 2030

LTIP 19 September 2025 £1.64 – 254,339 – – 254,339 5 years 18 September 2030

Total 2,011,247 794,173 197,344 58,319 2,549,757

1. In respect of the year ended 30 June 2021 Mark Coombs chose to donate 10% of his potential non-AIFMD-related variable remuneration award in return for

the Remuneration Committee considering and approving a contribution to a charity or charities nominated by him. The ‘Number of shares at 30 June 2025’,

‘Granted during year’ and ‘Number of shares at 30 June 2026’ figures are shown excluding the amounts to be donated on vesting. On the vesting/release

date, the value of any shares donated to charity will pass to them to the extent that any relevant performance conditions have beensatisfied.

2. In order to comply with the AIFMD remuneration principles in regard to the delivery of remuneration in retained instruments, a proportion of Tom Shippey’s

cash bonus relating to the year ended 30 June 2025 was delivered in the form of restricted shares, subject to a six-month retention period, rather than being

delivered in cash. These shares vested in full on the date shown and were not subject to any additional performance conditions.

Key

RS – Restricted shares RBS – Restricted bonus shares RMS – Restricted matching shares

The Company’s obligations under its employee share plans can be met by newly issued shares in the Company, or shares

purchased in the market by the trustees of the EBT.

The overall limits on new issuance operated under the existing share plans were established on the listing of the Company in

2006. Under these agreed limits, the number of shares which may be issued in aggregate under employee share plans of the

Company over any 10-year period following the date of the Company’s admission in 2006 is limited to 15% of the Company’s

issued share capital. It is expected that all of the awards made to date will be satisfied by the acquisition of shares in the market

and thus none of the Company’s obligations under its employee share plans have been met by newly issued shares. As at

30 June 2026, the EBT had 8.7% of the Company’s issued share capital outstanding under employee share plans to its staff.

Defined benefit pension entitlements

None of the Directors has any entitlements under Company defined benefit pension plans.

Ashmore Annual Report and Accounts 2026 87

Financial statementsGovernanceStrategic Report

Remuneration report continued

Figure 8

Share interests of Directors and connected persons at 30 June 2026 – audited information

Details of the Directors’ interests in shares are shown in the table below. The Policy includes a formal requirement for Executive

Directors to build a shareholding equivalent to 300% of salary. New Executive Directors would normally be expected to achieve

this within five years from appointment.

Both Mark Coombs and Tom Shippey have met the shareholding requirement.

Under the Policy, Executive Directors are usually required to maintain a shareholding of 300% of salary, or the actual shareholding

if lower, for two years post termination of their employment. The Committee retains discretion to waive this guideline if it is not

considered appropriate in the specific circumstances, e.g. for compassionate reasons.

Shares owned

Unvested shares

held that are not

subject to further

performance

conditions

Unvested shares held

that are subject to

further performance

conditions

Total interest in

Shareholding as a

percentage of salary

Executive Directors

Mark Coombs 209,870,585 971,732 496,814 211,339,131 282,197%

Tom Shippey 18,462 1,672,256 877,501 2,568,219 1,214%

Non-executive Directors

Clive Adamson 3,014 – – 3,014

Jennifer Bingham – – – –

Shirley Garrood – – – –

Anna Sweeney – – – –

Thuy Dam – – – –

1. Save as described above, there have been no changes in the shareholdings of the Directors between 30 June and 4 September 2026. The Directors are

permitted to hold their shares as collateral for loans with the express permission of the Board.

2. Shareholding as a percentage of salary is calculated as the value of the Directors’ interests in shares which are either beneficially owned or not subject to

future performance conditions; and, where currently unvested, on a net-of-tax basis.

Statement on implementation of the Policy in the year commencing 1 July 2026

The Remuneration Committee intends to continue to apply broadly similar metrics and weightings to determine annual variable

remuneration for the CEO in FY2027 as have been applied in the current period. The Committee has reviewed the metrics and

weightings for the measures which determine annual variable remuneration for the GFD to reflect changes to his responsibilities

for FY2027. The Committee also intends to apply the same three performance conditions and targets to the LTIP awards detailed

in Figure 4 above, with the same weightings as used in FY2026, i.e. those relating to investment outperformance relative to

benchmarks, growth in AuM and profitability set out in figure 1.

Salaries for the CEO, GFD and other executives will be kept under review during FY2027 in order to ensure that they remain set

at appropriate levels.

Membership of the Remuneration Committee

The members of the Remuneration Committee during the period are listed in the table below. All of these are independent

Non-executive Directors, as defined under the Code, with the exception of the Chair of the Board who was independent

onappointment.

Remuneration Committee attendance

During the year, the Remuneration Committee comprised the following Non-executive Directors:

Number of meetings attended out of potential maximum

Clive Adamson 5/5

Jennifer Bingham 5/5

Anna Sweeney

4/4

Shirley Garrood

1/1

Thuy Dam 4/5

The members of the Remuneration Committee have the appropriate balance of skills, experience, independence and knowledge

of the Company to enable them to discharge their respective duties and responsibilities effectively, and met five times during the

year on 23 July 2025, 4 September 2025, 9 December 2025, 11 February 2026 and 26 June 2026. The Directors’ attendance at

the Remuneration Committee meetings is set out in the table above.

The CEO attends the meetings by invitation and assists the Remuneration Committee in its decision-making, except when his

personal remuneration is discussed. No Directors are involved in deciding their own remuneration. The Company Secretary acts as

Secretary to the Remuneration Committee. Other executives may be invited to attend as the Remuneration Committee requests.

1. Anna Sweeney was appointed to the Board effective 1 August 2025.

2. Shirley Garrood resigned from the Board effective 31 July 2025.

88 Ashmore Annual Report and Accounts 2026

Terms of reference

The terms of reference for the Remuneration Committee include:

• reviewing the ongoing appropriateness and relevance of the policy for the remuneration of the Company’s Chair, the Executive

Directors and employees categorised as material risk takers under the FCA’s remuneration codes;

• reviewing the design of all incentive and share incentive plans for approval by the Board and shareholders, and, on an annual basis,

approving the total annual payments made under any such schemes;

• reviewing workforce remuneration and related policies and ensuring the alignment of incentives and rewards with culture;

• responsibility for setting remuneration for executive management of the Company, including material risk takers, and ensuring that

executives are encouraged to deliver enhanced performance and that remuneration is compatible with the Company’s risk policies

and systems;

• making recommendations to the Board as to the Company’s framework or policy for the remuneration of the Chair, the Executive

Directors and the Company Secretary and to determine their total individual remuneration packages including bonuses, incentive

payments and share awards;

• ensuring that a significant proportion of Executive Directors’ remuneration is structured so as to link rewards to corporate and

individual performance, and that performance conditions are stretching and designed to promote the long-term success of the

Company; and

• ensuring that contractual terms on termination, and any payments made, are fair to the individual and the Company, that failure is

not rewarded and that the duty to mitigate loss is fully recognised.

External advisers

Deloitte LLP was appointed as an independent advisor to the Remuneration Committee in 2020 following a thorough selection

process. The Committee has maintained the ability to receive independent advice from Deloitte LLP throughout the period from

1 July 2025 to 30 June 2026. Deloitte LLP abides by the Remuneration Consultants’ code of conduct, which requires it to provide

objective and impartial advice. Deloitte LLP also provides other tax, employee mobility and share plan administration-related

services to the Company. Deloitte LLP’s fees for the year ended 30 June 2026 were £33,200 and were charged on a time and

materials basis.

The key areas of focus during the year for the Remuneration Committee

The key focus of the Remuneration Committee in the first part of FY2026 was the application of the Policy in relation to FY2025.

The Remuneration Committee reviewed the performance assessments of the CEO, the GFD and the material risk takers and

determined or reviewed the incentive allocations as appropriate. Feedback from employees on variable compensation for the

FY2025 performance year was also reviewed.

The previous share plan, the Ashmore Group plc Executive Omnibus Incentive Plan 2015, expired in October 2025, and therefore

a new plan was required to be put to shareholders at the 2025 AGM. The Ashmore Group plc Incentive Plan 2025 was drafted to

enable awards to be granted on the same terms as under the Omnibus Plan, and for Executive Directors in accordance with the

Policy, but updated to reflect current market practice. The AIP was approved by Shareholders.

Following the completion of the FY2025 variable remuneration processes and the 2025 AGM, the focus of the Committee

turned to the review of the Policy. Following extensive work on the Policy, the Committee Chair wrote to over 90% of

shareholders and proxy agencies, in addition to holding meetings with the largest shareholders, to seek feedback ahead of the

draft FY2026 Policy being tabled at the 2026 AGM, to ensure that shareholder perspectives were considered in the final proposal.

Regulatory considerations during FY2026

For remuneration relating to FY2026, the Remuneration Committee again ensured that remuneration will be delivered to

Executive Directors and other employees categorised by the FCA as material risk takers or Code Staff consistent with the

requirements of the MIFIDPRU remuneration regime and AIFMD. This means that Executive Directors and other relevant

employees will receive a proportion of their cash bonus delivered as an award of restricted shares, which are retained and

restricted from sale for a six-month period, rather than as cash. Further details of this in relation to the Executive Directors can be

found on page 86. Throughout the period, regular regulatory updates were provided to the Committee.

Ashmore’s UK employee headcount remains significantly under 250, and as a result of this, Ashmore is not required to include a

CEO pay ratio calculation as part of the Remuneration report.

Ashmore Annual Report and Accounts 2026 89

Financial statementsGovernanceStrategic Report

Remuneration report continued

Consideration of malus and clawback for FY2026

In addition to the performance conditions described above, a malus and clawback principle applies to variable remuneration

awarded to senior staff, including Executive Directors and material risk takers, enabling the Remuneration Committee to recoup

variable remuneration under certain circumstances. The Remuneration Committee has the discretion to apply malus and clawback

provisions to all elements of variable remuneration, including to unvested equity awards made in prior periods in the period up to

six years from the date of grant or such longer period as the Remuneration Committee determines is required by any applicable

law or regulation. The Remuneration Committee may choose to exercise this discretion for a number of reasons, for example:

• a material misstatement of the financial results;

• an error in a calculation;

• a material failure of risk management;

• serious reputational damage;

• misconduct, misbehaviour or material error on the part of the participant, or failure of the participant to meet appropriate standards

of fitness and propriety;

• a material downturn in financial performance;

• the participant having committed an act of fraud or other conduct with intent or severe negligence which led to significant

losses;or

• any other circumstances which the Remuneration Committee in its discretion considers to be similar in their nature or effect.

Where malus or clawback applies, the Remuneration Committee may, in its discretion, take a number of actions including

(but not limited to) reducing the number of shares to which an award relates, imposing further conditions on an award, or

requiring a participant to make a cash payment to the Company in respect of some or all of the shares or cash delivered to the

ExecutiveDirector.

The Remuneration Committee considered there were no events or circumstances that would have made it appropriate to recoup

remuneration from the Executive Directors or material risk takers during FY2026.

90 Ashmore Annual Report and Accounts 2026

Compliance with the Code

The Code requires a description of how the Remuneration Committee has addressed the following factors during FY2026:

Code requirements How the Committee has addressed the requirement

Clarity – remuneration arrangements

should be transparent and promote

effective engagement with shareholders

and theworkforce

Remuneration arrangements for Executive Directors and the workforce are

substantially the same, and are described in detail within the Policy, which is set out

on pages 71 to 79. A significant proportion of variable remuneration is deferred for

five years into Company shares, creating a direct alignment with the interests of

external shareholders.

Simplicity – remuneration structures

should avoid complexity and their

rationale and operation should be easy

tounderstand

Remuneration is simple for Executive Directors and the workforce, comprising a

capped basic salary and an annual bonus, delivered partly in cash and partly in

Company shares which are deferred for five years. Executive Directors may

also receive an LTIP award delivered in Company shares, subject to

performanceconditions.

Risk – remuneration arrangements should

ensure reputational and other risks from

excessive rewards, and behavioural risks

that can arise from target-based incentive

plans, are identified and mitigated

The Remuneration Committee has discretion to vary the bonus pool, to vary

individual annual award levels and to apply malus or clawback to existing awards.

There is no formulaic or target-based incentive plan which could risk driving

negative behaviours, and awards to Executive Directors are subject to an aggregate

cap. The Remuneration Committee determines the appropriate outcomes based

solely on individual and Company performance.

Predictability – the range of possible

values of rewards to individual directors

and any other limits or discretions should

be identified and explained at the time of

approving the policy

Aggregate annual awards for Executive Directors are capped at £20 million and

the Committee does not apply its discretion to deliver excessive rewards, as

evidenced by outcomes over previous performance years which are fully aligned

with performance.

Proportionality – the link between

individual awards, the delivery of strategy

and the long-term performance of the

company should be clear. Outcomes

should not reward poor performance

The Remuneration Committee strictly applies its discretion to reward performance,

and to recognise periods of underperformance, as has been demonstrated on more

than one occasion where senior management and risk takers have had very material

reductions in annual variable remuneration and the CEO has not been awarded an

annual bonus, reflecting business performance at the time.

Alignment to culture – incentive schemes

should drive behaviours consistent with

company purpose, values and strategy

Ashmore’s purpose is to deliver long-term investment growth for clients and

generate value for shareholders through market cycles. The Committee has

ensured the remuneration policies of the Company support this, building employee

retention through cycles and delivering significant equity alignment between

employee shareholders and external shareholders.

Ashmore Annual Report and Accounts 2026 91

Financial statementsGovernanceStrategic Report

Remuneration report continued

Figure 9

TSR performance chart

The chart shows the Company’s TSR performance (with dividends reinvested) against the performance of the FTSE 250 for

the period since 30 June 2016 based on the value of a hypothetical £100 holding. This index has been chosen as it represents

companies of a broadly similar market capitalisation to Ashmore. Each point at a financial year end is calculated using an average

TSR value over the month of June (i.e. 1 June to 30 June inclusive). As the chart indicates, £100 invested in Ashmore on

30 June2016 was worth £126 10 years later, compared with £189 for the same investment in the FTSE 250 Index.

100

150

200

30 June 16 30 June 17 30 June 18 30 June 19 30 June 20 30 June 21 30 June 22 30 June 23 30 June 24 30 June 2630 June 25

£189

£126

This graph shows the value, by 30 June 2026, of £100 invested in Ashmore Group on 30 June 2016, compared with the value of £100 invested in the FTSE 250 index on the same date.

Ashmore Group FTSE 250 Index

Value (£) (rebased)

Figure 10

Chief Executive Officer total remuneration

The table shows the total remuneration figure for the CEO during each of the financial years shown in the TSR chart. The total

remuneration figure includes the annual bonus and share awards, which vested based on performance in those years. As there is

no cap on the maximum individual bonus award, a percentage of maximum annual bonus is not shown.

Year ended 30 June Salary Benefits Pension Annual bonus

Performance-

related restricted

and matching or

phantom shares

vested

Percentage of

restricted and

matching phantom

shares vested Total

2026 £133,333 – £12,000 £5,250,000 – – £5,395,333

2025 £100,000 £1,149 £9,000 – £119,006 19% £229,155

2024 £100,000 £2,330 £9,000 £1,875,001 £100,524 17% £2,086,855

2023 £100,000 £1,653 £9,000 – – – £110,653

2022 £100,000 £1,123 £9,000 – £542,619 80% £652,742

2021 £100,000 £901 £9,000 £1,241,700 £1,108,587 57% £2,460,188

2020 £100,000 £7,203 £9,000 – – – £116,203

2019 £100,000 £7,627 £9,000 £2,491,200 £997,173 30% £3,605,000

2018 £100,000 £8,293 £9,000 £1,261,277 – – £1,378,570

2017 £100,000 £8,404 £9,000 £3,071,748 £95,574 – £3,284,726

1. Performance-related restricted and matching or phantom share equivalent awards vested during the years ending 30 June 2019, 2021, 2022 and 2024, plus

the value of any dividend equivalents.

92 Ashmore Annual Report and Accounts 2026

Figure 11

Relative importance of spend on pay

Metric 2026 2025

2025 to 2026

% change

Remuneration paid to or receivable by all employees of the Group (i.e. accounting cost) £77.9m £71.0m 10%

Average headcount 278 275 1%

Distributions to shareholders (dividends and/or share buybacks) £118.8m £120.1m (1%)

Figure 12

Statement of shareholder voting

At the 2023 AGM, the Policy for the years ending 30 June 2024, 2025 and 2026 received the following votes from shareholders:

Remuneration Policy % of votes cast

Votes cast in favour 477,407,150 87.83%

Votes cast against 66,158,484 12.17%

Total votes cast 543,565,634 100.00%

Abstentions 37,289,667 N/A

At the 2025 AGM, the Directors’ remuneration report for the year ended 30 June 2025 received the following votes from

shareholders:

Remuneration report % of votes cast

Votes cast in favour 532,782,850 97.16%

Votes cast against 15,598,497 2.84%

Total votes cast 548,381,595 100.00%

Abstentions 50,362,497 N/A

Approval

This Directors’ Remuneration report including the Annual Report on Remuneration has been approved by the Board of Directors.

Signed on behalf of the Board of Directors.

Jennifer Bingham

Chair of the Remuneration Committee

4 September 2026

Ashmore Annual Report and Accounts 2026 93

Financial statementsGovernanceStrategic Report

Statement of Directors’ responsibilities

Statement of Directors’

responsibilities

The Directors are responsible for preparing the Annual Report

and the Group and parent Company financial statements in

accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and

parent Company financial statements for each financial year.

Under that law they are required to prepare the Group financial

statements inaccordance with UK-adopted international

accounting standards and applicable law and have elected to

prepare the parent Company financial statements on the

samebasis.

Under company law the Directors must not approve the

financial statements unless they are satisfied that they give a

true and fair view of the state of affairs of the Group and parent

Company andof the Group’s profit or loss for that period. In

preparing eachof theGroup and parent Company financial

statements, theDirectorsare required to:

• select suitable accounting policies and then apply

themconsistently;

• make judgements and estimates that are reasonable,

relevantand reliable;

• state whether they have been prepared in accordance with

UK-adopted international accounting standards;

• assess the Group and parent Company’s ability to continue as

agoing concern, disclosing, as applicable, matters related to

going concern; and

• use the going concern basis of accounting unless they either

intend to liquidate the Group or the parent Company or to

cease operations, or have no realistic alternative but to do so.

The Directors are responsible for keeping adequate accounting

records that are sufficient to show and explain the parent

Company’s transactions and disclose with reasonable accuracy

at any time the financial position of the parent Company and

enable them to ensure that its financial statements comply

with the Companies Act. They are responsible for such internal

controls as they determine is necessary to enable the

preparation of financial statements that are free from material

misstatement, whether due to fraud or error, and have general

responsibility for taking such steps as are reasonably open to

them to safeguard the assets of the Group and to prevent and

detect fraud and otherirregularities.

Under applicable law and regulations, the Directors are also

responsible for preparing a Strategic report, Directors’ report,

Remuneration report and Corporate governance statement

thatcomply with that law and those regulations.

The Directors are responsible for the maintenance and

integrityofthe corporate and financial information included

onthe Company’s website at https://www.ashmoregroup.com/

en-gb. Legislation in the UK governing the preparation and

dissemination of financial statements may differfrom

legislationin other jurisdictions.

Responsibility statement of the Directors in

respect of the annual financial report

The Directors confirm that to the best of their

knowledge:

• the financial statements, prepared in accordance with

the applicable set of accounting standards, give a true

and fair view of the assets, liabilities, financial position

and profit or loss of theCompany and the undertakings

included in the consolidation taken as a whole; and

• the Strategic report and Directors’ report include a fair

review ofthe development and performance of the

business and the position of the issuer and the

undertakings included in the consolidation taken as a

whole, together with a description oftheprincipal risks

and uncertainties that they face.

The Directors consider the Annual Report and Accounts,

taken as awhole, is fair, balanced and understandable

and provides the information necessary for shareholders

to assess the Group’s position and performance,

business model and strategy.

Clive Adamson

Chair

4 September 2026

94 Ashmore Annual Report and Accounts 2026

Directors’ report

The Directors present their Annual Report and

Accounts for the year ended 30 June 2026

The financial statements have been prepared in accordance

with UK-adopted international accounting standards.

Principal activity and business review

The principal activity of the Group is the provision of

investment management services. The Company is required to

set out in this report a fair review of the business of the Group

during the financial year ended 30 June 2026 and of the

position of the Group at the end of that financial year and a

description of the principal risks and uncertainties facing the

Group (referred to as the Business review). The information

that fulfils the requirements of the Business review, along with

an indication of the likely future developments in the business,

can be found in the financial highlights on the inside front

cover, the CEO review on pages 10 to 11, the Business review

on pages 16 to 21 and the Corporate governance report on

pages 53 to 58.

The Group’s approach to financial risk management and the

principal operating risks facing the business, including price

risk, credit risk, liquidity risk and cash flow risk, are detailed on

pages22 to 27.

Results and dividends

The results of the Group for the year are set out in the CSCI on

page 110.

The Directors are recommending a final dividend of 12.1 pence

per share (FY2025: 12.1 pence) which, together with the

interim dividend of 4.8 pence per share (FY2025: 4.8 pence)

already declared, makes a total for the year ended 30 June

2026 of 16.9 pence per share (FY2025: 16.9 pence). Further

details relating to dividends are set out in note 14 to the

financial statements.

Subject to approval at the 2026 AGM, the final dividend will be

paidon7 December 2026 to shareholders on the register on

6 November 2026 (the ex-dividend date being 5 November 2026).

Related party transactions

Details of related party transactions are set out in note 28 to

the financial statements.

Post-balance-sheet events

Details of post-balance sheet events are set out in note 33 to

the financial statements.

Going concern

The Company and Group have considerable financial resources

and the Directors believe that both are well placed to manage

their business risks successfully.

The Board 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, as set out in note 2 to the financial

statements. The Directors are satisfied that the Company and

the Group have adequate resources to continue to operate for

aperiod of at least 12 months from the date of this report and

confirm that the Company and Group are going concerns. For

this reason they continue to adopt the going concern basis in

preparing these financial statements. Further information on

the Group’s longer-term prospects is set out in the viability

statement on page 26.

Further information regarding the Group’s business activities,

together with the factors likely to affect its future development,

performance and position, are set out on pages 2 to 9.

Auditors and the disclosure of information

toauditors

The Directors who held office at the date of approval of this

Directors’ report confirm that, so far as they are each aware,

there is no relevant audit information of which the Group’s

auditors are unaware, and each Director has taken all the steps

that they ought to have taken as Directors to make himself or

herself aware of any relevant audit information and to establish

that the Group’s auditors are aware of that information.

Resolutions will be proposed at the 2026 AGM to re-appoint

EYas auditor and to authorise the Audit and Risk Committee to

agree their remuneration. Note 11 to the financial statements

sets out details of the auditor’s remuneration.

Directors

The members of the Board, together with their biographical

details, are shown on pages 48 to 49.

Details of the service contracts of the current Directors are

described on page 99.

Under the Articles, the minimum number of Directors is two

andthe maximum is nine. Directors may be appointed by the

Company by ordinary resolution or by the Board. A Director

appointed by the Board must offer himself/herself for election

atthe next AGM following their appointment. That Director is

not taken into account in determining the Directors or the

number of Directors who are to retire by rotation at that

meeting. Notwithstanding these provisions, the Board has

adopted Provision 18 of the Code and all Directors will retire

andseek re-election at each AGM.

Ashmore Annual Report and Accounts 2026 95

Financial statementsGovernanceStrategic report

Insurance and indemnification ofDirectors

The Company maintains Directors’ and officers’ liability

insurance for all Directors. To the extent permissible by law,

the Articles also permit the Company to indemnify Directors

and former Directors against any liability incurred whilst serving

in suchcapacity.

Directors’ conflicts of interest

The Companies Act imposes upon Directors a statutory duty

toavoid unauthorised conflicts of interest with the Company.

The Company’s Articles enable Directors to approve conflicts

ofinterest and also include other conflict of interest provisions.

Such conflicts are then, where appropriate, considered for

approval by the Board.

Save as disclosed on pages 48 to 49, the Executive Directors

donot presently hold any external directorships with any

non-Ashmore-related companies.

Directors’ share interests

The interests of Directors in the Company’s shares are shown

on page 88 within the Remuneration report.

Diversity

The Nominations Committee and the Board recognise the

importance of diversity, which is integral to the culture of

the Group, and of ensuring that candidates for Board

appointments, whilst being assembled on merit and objective

criteria, whereverpossible reflect different genders, ethnic and

social backgrounds. The Board’s diversity policy applies to

appointments to the Board as well as to the Audit and Risk,

Nominations and Remuneration Committees, and reflects the

Board’s belief that diversity is integral to the Group’s long-term

success and will enable Ashmore to respond better to diverse

customer and stakeholder needs. The Board’s diversity policy

recognises that diversity encompasses, amongst other things,

experience, skills, tenure, age, geographical expertise,

professional and socio-economic background, gender,

ethnicity, disability, neuro-diversity and sexual orientation.

Inaddition, theNominations Committee, in assessing the

suitability of a prospective Non-Executive Director, will

consider whether the candidate is ‘over-boarded’ and has

sufficient time available to discharge their duties, as well as

the overall balance of skills, experience and knowledge on

theBoard.

It is Group policy to attract and retain a diverse workforce.

Whilst there are no quotas set in respect of gender, age,

ethnicity, disability, neuro-diversity, educational or professional

background for its employees, the Group is committed to

providing equal opportunities and seeks to ensure that its

workforce reflects, asfar as is practicable, the diversity of the

many communities in which it operates, and this is set out in

the Group’s diversity policy. Details of the gender and ethnicity

balance across the Group and in relation to the Board and

senior management are provided on pages 36 to 37.

It is the Group’s policy to give appropriate consideration to

applications from persons with disabilities, having regard to

their particular aptitudes and abilities. For the purposes of

training, career development and progression (including those

who become disabled during the course of their employment),

all aretreated on equal terms with other employees.

Employees

Details of the Company’s employment practices can be found

in the People and culture section on pages 34 to 35.

Zedra Trust Company (Guernsey) Limited, as trustee of the

EBT, has discretion as to the exercise of voting rights over

shares which it holds in respect of unallocated shares, namely

those shares in which no employee beneficial interests exist,

and also votes in favour of all resolutions at each AGM for all

unvested shares unless advised otherwise.

Engagement with employees and wider

stakeholders

The Board, at a series of ‘meet the teams’ sessions chaired by

Jennifer Bingham as the Non-executive Director responsible

for workforce engagement, listened to employees’ views on

the Group. These interactive sessions help shape the Group’s

culture, alongside other forms of employee engagement such

asregular employee newsletters and off-site team building

exercises across the Group’s offices. Ashmore’s engagement

with other stakeholders and its outcomes are detailed in the

Section 172 statement on pages 28 to 33.

Charitable and political contributions

During the year, the Group made charitable donations of

£0.4 million (FY2025: £0.4 million). The work of The Ashmore

Foundation is described in the Sustainability section of this

report on pages 38 to 41. It is the Group’s policy not to make

contributions for political purposes.

Directors’ report continued

MEXICO CITY – MEXICO

96 Ashmore Annual Report and Accounts 2026

Creditor payment policy

The Group’s policy and practice in the UK are to follow its

suppliers’ terms of payment and to make payment in

accordance with those terms subject to receipt of satisfactory

invoicing. Unless otherwise agreed, payments to creditors are

made within 30 days of receipt of an invoice. At 30 June 2026,

the amount owed to the Group’s trade creditors in the UK

represented approximately 20 days’ average purchases from

suppliers (FY2025: 19 days).

Relations with shareholders

The Company places great importance on communication with

its investors and has regular communication with institutional

and retail shareholders, and sell-side analysts, throughout

theyear.

Annual and interim reports and quarterly AuM updates are

distributed to other parties who may have an interest in the

Group’s performance. These documents are also made

available on the Company’s website where formal regulatory

information service announcements are posted. The CEO and

GFD report to the Board on investor relations and on specific

discussions with major shareholders.

The Company will be issuing a separate circular and Notice of

Meeting in respect of the 2026 AGM. The Company will

announce the number of votes cast on resolutions at the AGM

via a regulatory information service.

The Senior Independent Director is available to shareholders if

they have a concern where contact through the normal

channels of Chair of the Board, CEO or GFD has failed to

resolve it, or for which such contact is inappropriate.

Significant agreements with provisions

applicable to a change in control of the Company

There are no agreements in place applicable to achange in

control of the Company.

Share capital

The Company has a single class of share capital, ordinary

shares of 0.01 pence, each of which rank pari passu in

respect of participation and voting rights. The shares are in

registered form. The issued share capital of the Company at

30 June 2026 was 712,740,804 shares. There were no shares

held inTreasury.

Details of the structure of and changes in share capital are set

out in note 22 to the financial statements.

Restrictions on voting rights

A shareholder shall not be entitled to vote at any general

meeting or class meeting in respect of any share held by him

or her if any call or other sum then payable by him or her in

respect of that share remains unpaid or if a shareholder has

been served with a restriction notice (asdefined in the Articles)

after failure to provide the Company with information

concerning interests in those shares required to be provided

under the Companies Act. Votes may be exercised in person or

by proxy. The Company’s Articles currently provide a deadline

for submission of proxy forms of 48hours before themeeting.

Purchase of own shares

In the year under review, the Company did not purchase any of

its own shares for Treasury and the EBT purchased 8,311,080

shares worth £13.9 million. Until the date of the next AGM, the

Company is generally and unconditionally authorised to buy

backup to 35,637,040 of its own issued shares. The Company

isseeking a renewal of the share buyback authority at the

2026AGM.

Power to issue and allot shares

The Directors are generally and unconditionally authorised to

allot unissued shares in the Company up to a maximum

nominal amount of £23,758.03 (and £47,516.05 in connection

with an offer by way of a rights issue).

A further authority has been granted to the Directors to allot

the Company’s shares for cash, up to a maximum nominal

amount of £7,127.40, without regard to the pre-emption

provisions of the Companies Act. No such shares have been

issued or allotted under these authorities, nor is there any

current intention to do so, other than to satisfy outstanding

obligations under the employee share schemes

wherenecessary.

These authorities are valid until the date of the 2026 AGM

when a resolution for such renewal will be proposed.

Amendment of the Articles of Association

The Company’s Articles of Association may only be amended

by special resolution of the shareholders, in accordance with

the Companies Act 2006.

2026 Annual General Meeting

Details of the AGM will be given in the separate circular and

Notice of Meeting.

Ashmore Annual Report and Accounts 2026 97

Financial statementsGovernanceStrategic report

Directors’ report continued

Corporate governance

The Company is governed according to the applicable

provisions of company law and by the Company’s Articles.

As a listed company, the Company must also comply with the

Listing Rules and the DTRs. Listed companies are expected to

comply as far as possible with the provisions of the Code, and

to state how its principles have been applied. There is a report

from the Chair on Corporate governance on page 50 and a

description of how the Company has applied each of the

principles of the Code on pages 53 to 54. The Company

complied with the relevant provisions of the Code throughout

the financial period with the exception of Provision 19, which

relates to the length of tenure of the Chair. The Chair has

served on the Board for more than nine years from the date of

his first appointment as a director. Further details, including the

Board’s rationale and succession planning considerations, are

set out in the Nominations Committee report.

Mandatory GHG reporting and SECR

requirements

In line with the Companies Act (Strategic Report and Directors’

Report) Regulations 2013, all companies listed on the main

market of the London Stock Exchange are required to report

their GHG emissions within their annual report. In addition, as

of 1 April 2019, the Group is required to meet the mandatory

SECR requirements. The disclosures in relation to these

requirements are set out on pages 161 to 163.

Companies Act

This Directors’ report on pages 95 to 99 inclusive has been

drawn up and presented in accordance with and in reliance on

English company law, and the liabilities of the Directors in

connection with that report shall be subject to the limitations

and restrictions provided by such law.

References in this Directors’ report to the Financial highlights,

the Business review, the Corporate governance report and the

Remuneration report are deemed to be included by reference

in this Directors’ report. The information required by DTR 7.2.5

and DTR 7.2.6 is set out in the Corporate governance report

and in this Directors’ report respectively.

Approved by the Board and signed on its behalf by:

Alexandra Autrey

Group Company Secretary

4 September 2026

TOKYO – JAPAN

98 Ashmore Annual Report and Accounts 2026

MUMBAI – INDIA

Directors’ service contracts

The summary below provides details of the Directors’ service agreements/letters of appointment:

Directors’ service contracts Date appointed Director Contract commencement date Notice period Expiry/review date

Executive Directors

Mark Coombs 3 December 1998 21 September 2006 1 year Rolling

Tom Shippey 25 November 2013 25 November 2013 1 year Rolling

Non-executive Directors

Clive Adamson 22 October 2015 22 October 2015 1 month 21 October 2027

Jennifer Bingham 29 June 2018 29 June 2018 1 month 28 June 2027

Thuy Dam 1 June 2023 1 June 2026 1 month 31 May 2029

Shirley Garrood 1 August 2022 1 August 2022 1 month 31 July 2025

Anna Sweeney 1 August 2025 1 August 2025 1 month 31 July 2028

Substantial shareholdings

The Company has been notified of the following significant interests in accordance with DTR 5 (other than those of the Directors

which are disclosed separately on page 88) in the Company’s ordinary shares of 0.01pence each.

Number of

voting rights

disclosed as at

30 June 2026

Percentage

interests

Number of

voting rights

disclosed as at

4 September 2026

Percentage

interests

Ashmore Group plc 2024 Employee Benefit Trust

61,933,539 8.69 63,252,731 8.88

BlackRock, Inc. 42,304,925 5.94 42,909,265 6.02

UBS Group AG 40,574,417 5.69 40,675,534 5.71

azValor Asset Management 31,677,428 4.44 31,702,428 4.45

The Vanguard Group, Inc 25,304,650 3.55 25,344,754 3.56

Aberforth Partners 23,033,578 3.23 23,033,578] 3.23

1. The shareholding of Mark Coombs, a Director and substantial shareholder, is disclosed separately on page 88.

2. In addition to the interests in the Company’s ordinary shares referred to above, each Executive Director and employee of the Group has an interest in the

Company’s ordinary shares held by Zedra Trust Company (Guernsey) Limited as trustee under the terms of the EBT. The voting rights disclosed for the EBT in

this table reflect the last notification made to the Company in accordance with DTR 5. The actual number of shares held by the EBT as at 30 June 2026 is

disclosed in note 23 to the financialstatements.

3. Percentage interests are based on 712,740,804 shares in issue (2025: 712,740,804).

Ashmore Annual Report and Accounts 2026 99

Financial statementsGovernanceStrategic report

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF

ASHMORE GROUP PLC ONLY

Year ended 30 June 2026

Opinion

In our opinion, which is unmodified:

• Ashmore Group plc’s Group financial statements and

Parent Company financial statements (the financial

statements) give a true and fair view of the state of the

Group’s and of the Parent Company’s affairs as at 30 June

2026 and of the Group’s profit for the year then ended;

• the Group financial statements have been properly

prepared in accordance with UK-adopted international

accounting standards;

• the Parent Company financial statements have been properly

prepared in accordance with UK-adopted international

accounting standards as applied in accordance with section

408 of the Companies Act 2006; and

• the financial statements have been prepared in accordance

with the requirements of the Companies Act 2006.

We have audited the financial statements of Ashmore Group

plc (the Parent Company) and its subsidiaries (together the

Group) for the year ended 30 June 2026 which comprise:

Group

Parent Company

Consolidated statement of

comprehensive income for the

year ended 30 June

2026

Company balance sheet

as at

30 June

2026

Consolidated balance sheet

as at 30

June 2026

Company statement of changes

in equity for the year ended

30 June

2026

Consolidated statement of

changes in equity for the year

ended 30

June 2026

Company cash flow statement for

the year ended 30 June

2026

Consolidated cash flow statement

for the year ended 30 June

2026

notes 1 to 34 to the

Company financial

statements,

including material accounting

policy information

notes 1 to 34 to the

consolidated financial statements,

including material accounting

policy

information

The financial reporting framework that has been applied in their

preparation is applicable law and UK-adopted international

accounting standards and as regards the Parent Company

financial statements, as applied in accordance with section 408

of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International

Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further

described in the Auditor’s responsibilities for the audit of the

financial statements section of our report. We believe that the

audit evidence we have obtained is sufficient and appropriate

to provide a basis for our opinion.

Independence

We are independent of the Group and Parent Company in

accordance with the ethical requirements that are relevant to

our audit of the financial statements in the UK, including the

Financial Reporting Council’s (FRC) Ethical Standard as applied

to listed public interest entities, and we have fulfilled our other

ethical responsibilities in accordance with these requirements.

The non-audit services prohibited by the FRC’s Ethical Standard

were not provided to the Group or the Parent Company and we

remain independent of the Group and the Parent Company in

conducting the audit.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that

the Directors’ use of the going concern basis of accounting in

the preparation of the Financial Statements is appropriate.

To evaluate the Directors’ assessment of the Group and Parent

Company’s ability to continue to adopt the going concern basis

of accounting, we have:

• Assessed the assumptions used in management’s three-

year forecast by comparing to internal management

information and external market sources. We determined

that the assumptions are appropriate to enable management

to assess the going concern of the Group and Parent

Company for a period of at least twelve months from the

date the Annual Report and Accounts are approved;

• Assessed the appropriateness of the stress test scenarios

determined by management by considering the key risks

identified by management, our understanding of the business

and the external market environment. We evaluated the

assumptions used in the scenarios by comparing them to

internal management information and external market

sources, tested the clerical accuracy and assessed the

conclusions reached in the stress and reverse stress

test scenarios;

• Evaluated the capital and liquidity position of the Group in

base case and in stressed scenarios, by reviewing the

Group’s Internal Capital Adequacy and Risk Assessment;

• Performed enquiries of management and those charged with

governance to identify risks or events that may impact the

Group and Parent Company’s ability to continue as a going

concern. We also reviewed management’s assessment of

going concern approved by the Audit and Risk Committee

and minutes of meetings of the Board; and

• Assessed the appropriateness of the going concern

disclosures in the financial statements by comparing them

to management’s assessment for consistency and for

compliance with the relevant reporting requirements.

Based on the work we have performed, we have not identified

any material uncertainties relating to events or conditions that,

individually or collectively, may cast significant doubt on the

Group and Parent Company’s ability to continue as a going

concern for a period of twelve months from the date the

Annual Report and Accounts are approved.

100 Ashmore Annual Report and Accounts 2026

In relation to the Group and Parent Company’s reporting on

how they have applied the UK Corporate Governance Code,

we have nothing material to add or draw attention to in relation

to the Directors’ statement in the financial statements about

whether the Directors considered it appropriate to adopt the

going concern basis of accounting.

Our responsibilities and the responsibilities of the Directors

with respect to going concern are described in the relevant

sections of this report. However, because not all future events

or conditions can be predicted, this statement is not a

guarantee as to the Group and Parent Company’s ability to

continue as a going concern.

Overview of our audit approach

Audit scope

•

The Group comprises 29 legal entities

domiciled in 16 countries.

•

We performed an audit of the complete

financial information of 3 legal entities (“full

scope components”) and audit procedures

on specific significant accounts for a further 3

legal entities (“specific scope components”).

•

We performed centralised audit procedures on

specific balances related to a further 7 legal

entities domiciled in overseas locations

(“centralised procedures”).

Key audit

matters

•

Improper recognition of revenue from

management and performance fees.

•

Incorrect valuation of investments classified

as level 3.

•

Incorrect classification assessment of seed

capital investments under IFRS 10.

Materiality

•

Overall Group materiality of £4.2 million, which

represents 5% of the average over three years

of Group profit before tax adjusted for

investment gains and losses attributable to

seed capital investments.

An overview of the scope of the Parent Company and

Group audit

Tailoring the scope

We have followed a risk-based approach when developing our

audit approach to obtain sufficient and appropriate audit

evidence on which to base our audit opinion. We performed

risk assessment procedures, with input from our component

auditors, to identify and assess risks of material misstatement

of the Group financial statements and identified significant

accounts and disclosures.

When identifying entities where audit work needed to be

performed to respond to the identified risks of material

misstatement of the Group financial statements, we

considered our understanding of the Group and its business

environment, the potential impact of climate change, the

applicable financial reporting framework, the Group’s system

of internal control at the entity level, the existence of

centralised processes, IT applications and any relevant internal

audit results.

We determined that centralised procedures could be

performed for 7 legal entities, for one or more of the

following significant accounts: management fees, performance

fees, cash balances, seed capital investments and

variable compensation.

We identified 13 legal entities as individually relevant to the

Group. This determination was based on one or more of the

following factors applying to each of the entities identified:

relevant events and conditions underlying the identified risks

of material misstatement of the Group financial statements;

pervasive risks of material misstatement of the Group financial

statements; significant risk or an area of higher assessed risk

of material misstatement of the Group financial statements;

or materiality or financial size of the component relative to

the Group.

For those individually relevant legal entities, we identified the

significant accounts where audit work needed to be performed

at these components by applying professional judgement,

having considered the Group significant accounts on which

centralised procedures will be performed, the reasons for

identifying the financial reporting component as an individually

relevant component and the size of the component’s account

balance relative to the Group’s significant financial statement

account balances.

We then considered whether the remaining Group significant

account balances not yet subject to audit procedures, in

aggregate, could give rise to a risk of material misstatement

of the Group financial statements. We did not identify any

additional components to be included in our audit scope.

Having identified the components for which work will be

performed, we determined the scope to assign to

each component.

Of the 13 legal entities selected, we designed and performed

audit procedures on the entire financial information of 3 full

scope components in the UK. For 3 specific scope components

representing Ashmore’s operations based in Colombia,

Indonesia and the Kingdom of Saudi Arabia, audit procedures

on specific significant financial statement account balances

were performed. For the remaining 7 components, we

designed and performed centralised procedures for one or

more relevant accounts.

Our scoping to address the risk of material misstatement for

each key audit matter is set out in the Key audit matters

section of our report.

Ashmore Annual Report and Accounts 2026 101

Strategic report Financial statementsGovernance

Independent auditor’s report to the members of Ashmore Group plc only continued

Year ended 30 June 2026

Together with the procedures performed centrally at a Group

level, this gave us appropriate testing coverage and evidence

for our opinion on the Group Financial Statements:

Involvement with component locations

The Group audit team has maintained oversight of EY global

network firms in overseas locations performing statutory audits

of Ashmore Group controlled legal entities through use of

remote collaboration platforms, virtual meetings and in-person

site visits by the Group team to the Ashmore Saudi Arabia

office in FY2026, the Ashmore Colombia office in FY2025 and

Indonesia Ashmore offices during FY2024. This allowed the

Group audit team to gain a greater understanding of the

business in these locations through in-person meetings with

both the overseas Ashmore management and local EY audit

teams, as well as understanding any issues arising from

their work.

Climate change

The Group has determined that substantially all of its climate-

related risk lies in the assets it manages on behalf of its clients.

This is primarily explained on pages 42 to 47 in the Task Force

for Climate related Financial Disclosures and on pages 22 to 27

in the Risk Management section of the Annual Report and

Accounts. They have also explained their climate commitments

on page 40. All of these disclosures form part of the ‘Other

information’. Our procedures on these unaudited disclosures

therefore consisted solely of considering whether they are

materially inconsistent with the financial statements, or our

knowledge obtained in the course of the audit, or otherwise

appear to be materially misstated, in line with our

responsibilities on ‘Other information’.

In planning and performing our audit we assessed the potential

impacts of climate change on the Group’s business and any

consequential material impact on its financial statements.

As explained in the disclosure in note 2 on page 117, climate

risks have been considered in the preparation of the

consolidated financial statements, principally through the

valuation of financial assets and investments. The principal

areas of consideration by management included the fair value

measurement of financial assets and investments.

Our audit effort in considering the impact of climate change on

the financial statements was focused on assessing whether

the effects of potential climate risks have been appropriately

reflected by management in reaching their judgements. As part

of this evaluation, we performed our own risk assessment to

determine the risks of material misstatement in the financial

statements from climate change, which needed to be

considered in our audit.

We also challenged the Directors’ considerations of climate

change risks in their assessment of going concern and

associated disclosures.

Based on our work, we have not identified the impact of

climate change on the financial statements to be a key audit

matter or as a factor that impacts a key audit matter.

Total Revenue

Profit before tax

Total assets

Full scope components 70%

Speciﬁc scope components 12%

Centralised and other procedures 18%

Full scope components 16%

Speciﬁc scope components 10%

Centralised and other procedures 74%

Full scope components 12%

Speciﬁc scope components 4%

Centralised and other procedures 84%

102 Ashmore Annual Report and Accounts 2026

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial

statements of the current period and include the most significant assessed risks of material misstatement (whether or not due

to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy; the

allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the

context of our audit of the financial statements as a whole, and in our opinion thereon, and we do not provide a separate opinion

on these matters.

Risk

Our response to risk

mproper recognition of revenue from management and

performance

fees (£134.6 million; 2025: £141.9 million)

Refer to the Audit and Risk Committee report (

page 60) and

ote 4 of the Consolidated financial statements (page 123).

The Group manages a range of pooled funds and segregated

mandates in a number of

domiciles. The inputs and calculation

methodologies that drive the fees vary across this population.

The revenue process has both manual and automated

elements. Revenue is an area of focus for the users of the

financial statements and influences certain K

PIs for the Group.

There is a potential incentive for management to misstate

revenue in order to meet market expectations. We therefore

deem there to be a higher likelihood of misstatement due to

fraud or error.

We deem the following to be the key risks in relation to

revenue recognition across each revenue stream:

Management fees (segregated mandates)

Management fees from segregated accounts are internally

administered by Ashmore. This poses the risks of incorrect

input of fee rates and static data into the fee calculation

system, incorrect

AuM used in fee calculations, incorrect

calculation and billing of management fees, and incorrect

posting of revenue to the general ledger.

We have:

•

Confirmed and updated our understanding of the processes,

controls and systems in place throughout the revenue

process, both at Ashmore and Northern Trust, including IT

processes and supporting IT applications, through

walkthrough meetings and enquiries of management;

•

Tested key controls covering the processes over the

calculation, valuation and recording of AuM for segregated

mandates, as well as controls over the calculation of

segregated management fees and rebates. Our testing

included controls over new and amended fee agreements

and covered relevant IT-dependent controls over internally

calculated fees;

•

For Northern Trust-

calculated pooled fund management fees,

we reviewed their SOC1 internal controls report for the

twelve months period to 31 March 2026 to evaluate the

design and operating effectiveness of the controls over AuM

production and fee calculation during the year. In addition,

we obtained bridging letters from Northern Trust for the

period from 1 April 2026 to 30 June 2026 which confirmed

that there were no changes to the design and operation of

the relevant systems and controls at Northern Trust during

that period;

•

Agreed a selection of management fee rates used in the

calculation of segregated mandate and pooled fund fees to

the original investment management agreements, fee letters

or fund prospectuses and agreed the AuM to third-party

administrator and custodian reports;

•

Independently recalculated a sample of pooled and

segregated management fees and rebates, agreeing the

recalculated amounts to supporting invoices and

bank statements.

Ashmore Annual Report and Accounts 2026 103

Strategic report Financial statementsGovernance

Independent auditor’s report to the members of Ashmore Group plc only continued

Year ended 30 June 2026

Risk

Our response to risk

Management fees (pooled funds)

Management fees for pooled funds are calculated by a third

party administrator, Northern Trust. The fees are calculated for

each fund by applying an agreed fee rate to the fund’s AuM

The fees are then manually posted to the general ledger by

Ashmore. This poses the risks of incorrect use of fee rates and

static data by Northern Trust, incorrect A

uM used in fee

calculations, incorrect calculation and billing of management

fees, and incorrect posting

of revenue to the general ledger.

The risk of fraud is partially mitigated as management fees

from pooled funds are calculated by Northern Trust.

Rebates

Ashmore pays rebates to individual and institutional clients

who invest in pooled funds and has agreed rebate

arrangements in place. Where rebate agreements exist,

management and performance fees are presented on a net

basis in the consolidated statement of comprehensive income.

There is a risk that not all agreements in place have been

identified and accounted for, and that rebate terms have not

been correctly interpreted or applied in the rebate calculations.

There is also the risk that management may influence the

timing or recognition of revenue in order to meet market

expectations or revenue

-based targets.

erformance fees

Performance fees are calculated as a percentage of the

appreciation in the net asset value of a fund or of the realised

investment value above a defined hurdle. The performance fee

calculations are bespoke and calculated manually, which poses

a higher risk

of errors occurring. There is a risk that

performance fees are not calculated appropriately as per the

terms in the agreements, as well as the incorrect billing of fees

and posting

of journals.

•

Independently recalculated 95% of performance fees,

comparing the calculation method to relevant agreements

and comparing input and static data to third-party sources,

underlying systems and agreements; as well as agreeing

the recalculated amounts to supporting invoices and

bank statements;

•

For a sample of rebates, reviewed the relevant fee

agreements to verify that the management fees and

performance fees have been correctly calculated and

appropriately presented net of rebates;

•

Performed journal entry testing with a focus on revenue

transactions to cover the risk of incorrect postings into

Ashmore’s general ledger, as well as the risk of

management override;

•

Addressed the residual risk of management override by

making enquiries of management, reading minutes of board

and board governance committee meetings

up to the date of

the issuance of the Group Financial Statements; and

•

Inspected the complaints register and operational incident

logs to identify errors in revenue or rebates or other

indications of control deficiencies.

Key observations communicated to the Audit and Risk Committee

Based on the procedures performed, we concluded that management fees, performance fees and rebates had been correctly

calculated in accordance with their agreements and revenue had been recorded in accordance with IFRS 15

– Revenue from

Contracts with Cust

omers.

We had no matters to report to the Audit and Risk Committee in respect of improper recognition of revenue from management

and performance fees

How we scoped our audit to respond to the risk

We performed audit procedures over this risk area in 6 components, and for a further component the Group audit team

performed centralised procedures. The total coverage gained by the group audit team

represents 96% of the

total Group revenue

from management and performance fees.

104 Ashmore Annual Report and Accounts 2026

Risk

Our response to risk

Incorrect valuation of investments classified as level 3

(£

63.2 million, 2025: £53.8 million)

Refer to the Audit and Risk Committee report (

page 60) and

ote 19 of the Consolidated financial statements (pages 137

139).

Ashmore holds seed capital investment positions at fair value

in the form of investments in securities and its own funds.

A number of these fair valued

seed capital investments are

unquoted and are

classified as level 3 in accordance with the

IFRS 13 valuation

hierarchy.

These

level 3 fair value measurements are derived from

valuation techniques that involve estimation and include inputs

not based on observable market data. As such, there is use of

judg

ement and estimation when determining the fair value of

such investments. These techniques include a number of

assumptions relating to variables such as discount rates and

the

composition of peer group average price earnings

multiples. Due

to the sensitivity of certain assumptions, small

changes can

result in material movements in the fair valuations

of these

investments.

Ashmore has

an established Pricing Methodology and

Valuation Committee (PMVC) to review and approve the fair

valuations of investments classified as

level 3, that are

prepared and updated by the business on a regular basis. For

certain investments classified as

level 3 carried at fair value at

30 June

2026, external specialists are used to provide

valuations where a higher degree of estimation risk is

considered to be present

We have:

•

Confirmed and updated our understanding of the Group’s

procedures and controls in place throughout the unquoted

investments fair valuation process by performing

walkthrough procedures and reviewing the minutes and

reporting packs of the PMVC;

•

Inspected evidence of ownership and the associated rights

and obligations for a sample of unquoted investments

classified as level 3;

•

Confirmed and updated our understanding of the work of

Ashmore’s external specialists, used in the valuation of the

Group’s largest level 3 investments, and evaluating their

competence, capabilities, and objectivity;

•

Developed an independent reasonable range of valuation for

a sample of the Group’s largest level 3 investments including

testing inputs to the valuation model and reviewing the

methodology and assumptions applied by Ashmore and their

external specialists;

•

For a sample of the internally valued level 3

investments, we

inspected Ashmore’s internal appraisal of the fair value as at

30 June 2026, including evidence of review and approval by

the PMVC. We then corroborated key inputs of these

valuations to relevant internal and external supporting

documentation, compared their valuation methodologies for

consistency with fair value guidance under IFRS and, where

available, inspected the latest audited financial statements

pertaining to the investments as further supporting evidence

of their fair valuation;

•

Reviewed the relevant disclosures in the Group Financial

Statements in relation to level 3 investments and concluded

that all applicable disclosures were made in accordance

with IFRS 13.

Key observations communicated to the Audit and Risk Committee

Investments classified as level 3 have been recorded at fair value and disclosed in accordance with IFRS 13

– Fair Value Measurement.

Based on the procedures performed, we have no matters to report in respect of the incorrect valuation of investments classifi

level 3.

How we scoped our audit to respond to the risk

The Group audit team performed centralised procedures in this area across 3 components, which

covered 99% of the total

level

3 investments.

Ashmore Annual Report and Accounts 2026 105

Strategic report Financial statementsGovernance

Independent auditor’s report to the members of Ashmore Group plc only continued

Year ended 30 June 2026

Risk

Our response to risk

Incorrect classification assessment of seed capital

investments

under IFRS 10

Refer to the Audit and Risk Committee report (

page 60) and

ote 20 of the Consolidated financial statements (page 140).

The Group holds seed capital investments either directly or

indirectly through its own funds. In line with the requirements

of IFRS 10, Ashmore needs to assess whether it controls its

investees by considering its power over relevant activities and

exposure

to variable returns.

As IFRS 10 does not provide specific ownership thresholds of

control, each investment must be assessed on its specific fact

pattern. Consequent

ly, management must utilise their

professional judgement on whether the investment is a

controlled subsidiary of the Group.

Where the Group controls the investee, it must consolidate the

underlying subsidiary and the entities it controls.

In the current year, the Group has made a greater number of

commitments into equity investments aligned with their

Alternatives strategy, which are typically more complex and

concentrated than previous seed capital investments. This has

increased the likel

ihood of material misstatements and

reclassification differences arising on consolidation judgements

and accordingly, we have designated the classification

assessment of seed capital investments a significant risk.

We have:

•

Assessed the design and implementation of controls over

management's IFRS 10 control assessment process.

•

Evaluated the appropriateness of management's accounting

policy and methodology for determining whether seeded

funds should be consolidated.

•

Tested a risk-based sample of seed capital investments and

independently assessing whether the criteria for control

under IFRS 10 had been met.

•

Inspected fund constitutional documents and investment

management agreements to understand governance

arrangements and identify substantive rights held by

investors.

•

Assessed the nature and extent of the Group’s exposure to

variable returns, including management fees, performance

fees and direct seed capital interests.

•

Recalculated management's aggregate economic interest in

sampled funds and compared our results to management's

assessments.

•

Challenged management's evaluation of principal versus

agent considerations, including the significance of investor

kick-out rights and their interaction with Ashmore's

economic interests.

•

Tested the completeness and accuracy of data used in

management's control assessments.

•

Evaluated the appropriateness of disclosures relating to

significant judgements and consolidated seed capital

investments in the financial statements.

Key observations communicated to the Audit and Risk Committee

During the year, we identified that management did not apply the IFRS 10 control assessment framework correctly in relation t

three of its more recent seed capital investments in Alternatives, all of which had fallen within a range of effective econom

nterest requiring further judgement.

This resulted in two new seed capital investments being reclassified

in the year from investments to assets and liabilities H

eld for

ale, and one seed capital investment being consolidated as a portfolio company in both the current and prior year. This did not

have a material impact on prior year reported profit or equity but resulted in material reclassification adjustments to the p

rior year

balance sheet and cash flow statement, as further explained in note 32.

In relation to all other material seed capital investments falling within the range requiring further judgement, we had no matters to

report in respect of their control assessments

How we scoped our audit to respond to the risk

We have obtained the population of seed capital investments, independently recalculat

ed aggregate economic interests for a

sample of investments, review

ed constitutional documents and agreements to assess substantive rights held by third parties,

and challenged management

’s principal-versus-agent conclusions. We also considered whether there were any other

investments with similar fact patterns that could give rise to a risk of misstatement and determined it was limited only to t

hose

identified above

106 Ashmore Annual Report and Accounts 2026

Our application of materiality

We apply the concept of materiality in planning and performing

the audit, in evaluating the effect of identified misstatements

on the audit and in forming our audit opinion.

Materiality

The magnitude of an omission or misstatement that,

individually or in the aggregate, could reasonably be expected

to influence the economic decisions of the users of the

financial statements. Materiality provides a basis for

determining the nature and extent of our audit procedures.

We determined materiality for the Group to be £4.2 million

(30 June 2025: £5.3 million), which is 5% (30 June 2025: 5%)

of the average over three years of Group profit before tax

adjusted for gains and losses attributable to seed capital

investments.

We determined materiality for the Parent Company to be

£4.8 million (30 June 2025: £5.0 million), which is 1%

(30 June 2025: 1%) of net assets. The Parent Company

primarily holds investments in Group entities and, therefore,

net assets is considered to be the key focus for users of the

financial statements.

During the course of our audit, we reassessed initial materiality

based on 30 June 2026 financial statement amounts and

adjusted our audit procedures accordingly.

Performance materiality

The application of materiality at the individual account or

balance level. It is set at an amount to reduce to an appropriately

low level the probability that the aggregate of uncorrected and

undetected misstatements exceeds materiality.

On the basis of our risk assessments, together with our

assessment of the Group’s overall control environment,

our judgement was that performance materiality was 75%

(30 June 2025: 75%) of our planning materiality, with a value

of £3.2 million (30 June 2025: £3.9 million). We have used a

threshold consistent with 2025 due to our prior experience as

to the low occurrence of material misstatements and our

conclusions as to the effectiveness of the control environment

and accounting processes.

Audit work at component locations for the purpose of obtaining

audit coverage over significant financial statement accounts is

undertaken based on a percentage of total performance

materiality. The performance materiality set for each component

is based on the relative scale and risk of the component

to the Group as a whole and our assessment of the risk of

misstatement at that component. In the current year, the

range of performance materiality allocated to components

was £0.6 million to £3.3 million (30 June 2025: £0.3 million

to £3.3 million).

Reporting threshold

An amount below which identified misstatements are

considered as being clearly trivial.

We agreed with the Audit and Risk Committee that we would

report to them all uncorrected audit differences in excess of

£0.21 million (30 June 2025: £0.26 million), which is set at 5%

of planning materiality, as well as differences below that

threshold that, in our view, warranted reporting on

qualitative grounds.

We evaluate any uncorrected misstatements against both

the quantitative measures of materiality discussed above and

in light of other relevant qualitative considerations in forming

our opinion.

Other information

The other information comprises the information included in

the Annual Report set out on pages 1 to 99, including the

Strategic Report and Governance sections, other than the

financial statements and our auditor’s report thereon. The

Directors are responsible for the other information in the

Annual Report.

Our opinion on the financial statements does not cover the

other information and, except to the extent otherwise explicitly

stated in this report, we do not express any form of assurance

conclusion thereon.

Our responsibility is to read the other information and, in

doing so, consider whether the other information is materially

inconsistent with the financial statements or our knowledge

obtained in the course of the audit, or otherwise appears

to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are

required to determine whether this gives rise to a material

misstatement in the financial statements themselves. If, based

on the work we have performed, we conclude that there is a

material misstatement of the other information, we are

required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the

Companies Act 2006

In our opinion, the part of the Directors’ Remuneration Report

to be audited has been properly prepared in accordance with

the Companies Act 2006.

In our opinion, based on the work undertaken in the course

of the audit:

• the information given in the Strategic Report and the

Directors’ Report for the financial year for which the financial

statements are prepared is consistent with the financial

statements; and

• the Strategic Report and the Directors’ Report have been

prepared in accordance with applicable legal requirements.

Ashmore Annual Report and Accounts 2026 107

Strategic report Financial statementsGovernance

Independent auditor’s report to the members of Ashmore Group plc only continued

Year ended 30 June 2026

Matters on which we are required to report

by exception

In light of the knowledge and understanding of the Group

and the Parent Company and its environment obtained

in the course of the audit, we have not identified material

misstatements in the Strategic Report or the Directors’ Report.

We have nothing to report in respect of the following matters

in relation to which the Companies Act 2006 requires us to

report to you if, in our opinion:

• adequate accounting records have not been kept by the

parent company, or returns adequate for our audit have not

been received from branches not visited by us; or

• the parent company financial statements and the part of the

Directors’ Remuneration Report to be audited are not in

agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by

law are not made; or

• we have not received all the information and explanations

we require for our audit; or

• a Corporate Governance Statement has not been prepared

by the Parent Company.

Corporate Governance Statement

We have reviewed the Directors’ statement in relation to going

concern, longer-term viability and that part of the Corporate

Governance Statement relating to the Group and Parent

Company’s compliance with the provisions of the UK

Corporate Governance Code specified for our review by the

UK Listing Rules.

Based on the work undertaken as part of our audit, we have

concluded that each of the following elements of the Corporate

Governance Statement is materially consistent with the

Financial Statements, or our knowledge obtained during

the audit:

• Directors’ statement with regards to the appropriateness of

adopting the going concern basis of accounting and any

material uncertainties identified, set out on page 117;

• Directors’ explanation as to its assessment of the Group and

Parent Company’s prospects, the period this assessment

covers and why the period is appropriate, set out on

page 117;

• Directors’ statement on whether it has a reasonable

expectation that the Group will be able to continue in

operation and meet its liabilities set out on page 117;

• Directors’ statement on fair, balanced and understandable,

set out on page 54;

• Board’s confirmation that it has carried out a robust

assessment of the emerging and principal risks, set out on

pages 25 to 27;

• The section of the annual report that describes the review of

effectiveness of risk management and internal control

systems, set out on page 61, and;

• The section describing the work of the Audit and Risk

Committee, set out on pages 59 to 62.

Responsibilities of Directors

As explained more fully in the Directors’ responsibilities

statement set out on page 94, the Directors are responsible for

the preparation of the Financial Statements and for being

satisfied that they give a true and fair view, and for such

internal control as the directors determine is necessary to

enable the preparation of Financial Statements that are free

from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, the directors are

responsible for assessing the Group and Parent Company’s

ability to continue as a going concern, disclosing, as applicable,

matters related to going concern and using the going concern

basis of accounting unless the directors either intend to

liquidate the Group or the Parent Company or to cease

operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the

financial statements

Our objectives are to obtain reasonable assurance about

whether the Financial Statements as a whole are free from

material misstatement, whether due to fraud or error, and to

issue an auditor’s report that includes our opinion. Reasonable

assurance is a high level of assurance, but is not a guarantee

that an audit conducted in accordance with ISAs (UK) will

always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered

material if, individually or in the aggregate, they could

reasonably be expected to influence the economic decisions of

users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered

capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance

with laws and regulations. We design procedures in line with

our responsibilities, outlined above, to detect irregularities,

including fraud. The risk of not detecting a material

misstatement due to fraud is higher than the risk of not

detecting one resulting from error, as fraud may involve

deliberate concealment by, for example, forgery or intentional

misrepresentations, or through collusion. The extent to which

our procedures are capable of detecting irregularities, including

fraud is detailed below.

However, the primary responsibility for the prevention and

detection of fraud rests with both those charged with

governance of the Group and Parent Company and management.

• We obtained an understanding of the legal and regulatory

frameworks that are applicable to the Group and determined

that the most significant are those that relate to the reporting

framework (UK-adopted international accounting standards,

the Companies Act 2006 and UK Corporate Governance

Code) and relevant tax compliance regulations. In addition,

we concluded that there are certain significant laws and

regulations which may have an effect on the determination

of the amounts and disclosures in the financial statements

being the UK Listing Rules, relevant rules and regulations

of the FCA and those of other applicable regulators around

the world.

108 Ashmore Annual Report and Accounts 2026

• We understood how the Group is complying with those

frameworks through the operations of its subsidiaries by

making enquiries of senior management, including the Group

Finance Director, General Counsel and Group Company

Secretary, Head of Risk, Head of Compliance, Head of

Internal Audit and the Chair of the Audit and Risk

Committee. We corroborated our understanding through our

review of Board minutes, papers provided to the Audit and

Risk Committee, and correspondence received from the FCA

and from other applicable regulators around the world.

• We assessed the susceptibility of the Group and Parent

Company’s financial statements to material misstatement,

including how fraud might occur, by meeting with

management to understand where they considered there

was susceptibility to fraud. We also considered performance

targets and their potential influence on efforts made by

management to manage or influence the perceptions of

analysts. We considered the controls that the Group has

established to address risks identified, or that otherwise

prevent, deter and detect fraud; and how senior management

monitors these controls. Where the risk was considered to

be higher, we performed audit procedures to address each

identified fraud risk.

• Based on this understanding we designed our audit procedures

to identify non-compliance with such laws and regulations

identified in the paragraphs above. Our procedures involved:

journal entry testing, with a focus on manual journals and

journals indicating large or unusual transactions based

on our understanding of the business; enquiries of senior

management, and focused testing, as referred to in the key

audit matters section above.

A further description of our responsibilities for the audit of the

financial statements is located on the Financial Reporting Council’s

website at https://www.frc.org.uk/auditorsresponsibilities. This

description forms part of our auditor’s report.

Other matters we are required to address

• Following the recommendation from the Audit and Risk

Committee, we were appointed by the Parent Company

on 17 November 2023 to audit the Financial Statements for

the year ended 30 June 2024 and subsequent financial

periods. Our appointment as auditor was approved by

the shareholders at the Annual General Meeting on

18 October 2023.

• The period of total uninterrupted engagement including

previous renewals and reappointments is three years,

covering the years ended 30 June 2024 to 30 June 2026.

• The audit opinion is consistent with our Audit Results Report

to the Audit and Risk Committee.

Use of our report

This report is made solely to the Parent Company’s members,

as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so

that we might state to the Parent Company’s members those

matters we are required to state to them in an auditor’s report

and for no other purpose. To the fullest extent permitted by

law, we do not accept or assume responsibility to anyone other

than the Parent Company and the Parent Company’s members

as a body, for our audit work, for this report, or for the opinions

we have formed.

Matthew Price (Senior statutory auditor)

for and on behalf of Ernst & Young LLP, Statutory Auditor

London

4 September 2026

Ashmore Annual Report and Accounts 2026 109

Strategic report Financial statementsGovernance

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the year ended 30 June 2026

		2026	2025
	Notes	£m	£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	3 7.9
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

The notes on pages 117 to 156 form an integral part of these financial statements.

110 Ashmore Annual Report and Accounts 2026

CONSOLIDATED BALANCE SHEET

As at 30 June 2026

		2026	2025
	Notes	£m	£m
Assets
Non -current assets
Goodwill	15	83.0	80.5
Property, plant and equipment 1	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 receivables 1	17	4.3	3.0
Deferred tax assets	18	21.7	16. 2
		239.0	202.7
Current assets
Investment securities 1	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 receivables 1	17	55.3	50. 2
Current tax		8.3	3.2
Cash and deposits 1	21	36 4.7	348.8
		742.7	730. 5
A ssets 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 reserve 1		(23.6 )	(43.5 )
Cash flow hedging reserve		–	0. 6
		794.3	782. 3
Non -controlling interests 1	31	15.4	11.9
Total equity		80 9.7	794.2
Liabilities
Non -current liabilities
Lease liabilities	16	16.2	2.6
Deferred tax liabilities	18	12.9	9.5
Other financial liabilities 1	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 funds 1	19, 20	104.1	72.9
Trade and other payables 1	24	34.9	31. 3
		142.9	108.9
L iabilities 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.

The notes on pages 117 to 156 form an integral part of these financial statements. Approved by the Board on 4 September 2026

and signed on its behalf by:

Mark Coombs Tom Shippey

Chief Executive Officer Group Finance Director

Ashmore Annual Report and Accounts 2026 111

Strategic report Financial statementsGovernance

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2026

				Attributable to equity holders of the parent
				Foreign	Cash flow		Non-
	Issued	Share	Retained	exchange	hedging		controlling	Total
	capital	premium	earnings	reserve	reserve	Total	interests	equity
	£m	£m	£m	£m	£m	£m	£m	£m
Balance at 30 June 20 24	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 operations 1	–	–	–	(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 interests 1	–	–	–	–	–	–	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 20 25 1	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 20 26	0.1	15.6	802.2	(23.6)	–	794.3	15.4	809.7

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

The notes on pages 117 to 156 form an integral part of these financial statements.

112 Ashmore Annual Report and Accounts 2026

CONSOLIDATED CASH FLOW STATEMENT

For the year ended 30 June 2026

	2026	2025
	£m	£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 receivables 1	(3.9)	(1.6)
Decrease/(increase) in derivative financial instruments	1. 1	(0.7)
Decrease in trade and other payables 1	(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	2 3.1
Investment income received	20.7	29.7
Proceeds from term deposits 1	146.6	342.8
Placement of term deposits 1	(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 securities 1	(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 equipment 1	(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 liabilities 1	11.4	19.0
Increase in non -controlling interests 1	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 equivalents 1	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.

The notes on pages 117 to 156 form an integral part of these financial statements.

Ashmore Annual Report and Accounts 2026 113

Strategic report Financial statementsGovernance

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 notes on pages 117 to 156 form an integral part of these financial statements.

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 Tom Shippey

Chief Executive Officer Group Finance Director

114 Ashmore Annual Report and Accounts 2026

COMPANY STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2026

Issued

capital

£m

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)

-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)

Purchase of own shares

(see note 23) – – (13.9)

– (13.9)

-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

The notes on pages 117 to 156 form an integral part of these financial statements.

Ashmore Annual Report and Accounts 2026 115

Strategic report Financial statementsGovernance

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

used in operating activities (3.8)

(4.4)

Investing activities

Interest received

6.0 11.7

Proceeds from term deposits

146.5 341.0

Placement of term deposits

(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

ash 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.

The notes on pages 117 to 156 form an integral part of these financial statements.

116 Ashmore Annual Report and Accounts 2026

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 on page 95.

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.

Ashmore Annual Report and Accounts 2026 117

Strategic report Financial statementsGovernance

Notes to the financial statements continued

4) Material accounting policy information

continued

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.

118 Ashmore Annual Report and Accounts 2026

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.

Ashmore Annual Report and Accounts 2026 119

Strategic report Financial statementsGovernance

Notes to the financial statements continued

4) Material accounting policy information

continued

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.

120 Ashmore Annual Report and Accounts 2026

(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.

Ashmore Annual Report and Accounts 2026 121

Strategic report Financial statementsGovernance

Notes to the financial statements continued

4) Material accounting policy information

continued

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.

122 Ashmore Annual Report and Accounts 2026

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.

Ashmore Annual Report and Accounts 2026 123

Strategic report Financial statementsGovernance

Notes to the financial statements continued

4) Material accounting policy information

continued

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.

124 Ashmore Annual Report and Accounts 2026

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 on page 159 (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	2025
	£m	£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	2025
	£m	£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.

			Average rate	Average rate
	Closing rate	Closing rate	year ended	year ended
	as at 30 June	as at 30 June	30 June	30 June
£1	2026	2025	2026	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	2025
	£m	£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

Ashmore Annual Report and Accounts 2026 125

Strategic report Financial statementsGovernance

Notes to the financial statements continued

8) Finance income and expense

	2026	2025
	£m	£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	2025
	£m	£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	Average for
	the year	the year
	ended	ended	At	At
	30 June 2026	30 June 2025	30 June 2026	30 June 2025
	Number	Number	Number	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 on pages 80 to 93. 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:

	2026	2025
Group	£m	£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.

126 Ashmore Annual Report and Accounts 2026

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	2026	2025
Year of grant	£m	£m
20 20	–	3.9
202 1	2.8	3.1
202 2	2.8	2.9
202 3	4.6	4.9
202 4	2.5	3.3
202 5	2.4	2.4
202 6	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

	2026	2026	2025	2025
	Number of	Weighted	Number of	Weighted
	shares subject	average	shares subject	average
Group and Company	to awards	share price	to awards	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

Ashmore Annual Report and Accounts 2026 127

Strategic report Financial statementsGovernance

Notes to the financial statements continued

10) Share-based payments continued

ii) Cash-settled awards

	2026	2026	2025	2025
	Number of	Weighted	Number of	Weighted
	shares subject	average	shares subject	average
Group and Company	to awards	share price	to awards	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

128 Ashmore Annual Report and Accounts 2026

iii) Total awards

	2026	2026	2025	2025
	Number of	Weighted	Number of	Weighted
	shares subject	average	shares subject	average
Group and Company	to awards	share price	to awards	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.

Ashmore Annual Report and Accounts 2026 129

Strategic report Financial statementsGovernance

Notes to the financial statements continued

11) Other expenses

Other expenses consist of the following:

	2026	2025
	£m	£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 c onsolidated funds (see note 20d)	2.4	2.1
Operating expenses in consolidated portfolio compan y (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	2025
		£m	£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	0.6	0.6
	subsidiaries pursuant to legislation
Fees for non -audit services:	Other assurance non-audit services 1	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.

130 Ashmore Annual Report and Accounts 2026

12) Taxation

Analysis of tax charge for the year:

	2026	2025
	£m	£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	2025
	£m	£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 rate s of tax on overseas profits	(1.6 )	(3.5 )
Non -taxable investment returns 1	(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	2025
	£m	£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)

Ashmore Annual Report and Accounts 2026 131

Strategic report Financial statementsGovernance

Notes to the financial statements continued

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	2025
	Number of	Number of
	ordinary	ordinary
	shares	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

	2026	2025
Company	£m	£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

	2026	2025
Company	pence	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.

132 Ashmore Annual Report and Accounts 2026

15) Goodwill

	2026	2025
Group	£m	£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 reserves 1	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.

	2026	2025
Company	£m	£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, as described on page 122. 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.

Ashmore Annual Report and Accounts 2026 133

Strategic report Financial statementsGovernance

Notes to the financial statements continued

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	30 June	30 June	30 June
	2026	2025	2026	2025
	£m	£m	£m	£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:

	2026	2026	2026	2025	2025	2025
	Owned	Right-of-use	Total	Owned	Right-of-use	Total
Group	£m	£m	£m	£m	£m	£m
Cost
At the beginning of the year	10.2	13.7	23.9	10.2	13.4	23.6
Additions 1	5.2	14.6	19.8	0.3	0.6	0.9
Write -off on termination of lease 1	(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 lease 1	(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

	2026	2026	2026	2025	2025	2025
	Owned	Right-of-use	Total	Owned	Right-of-use	Total
Company	£m	£m	£m	£m	£m	£m
Cost
At the beginning of the year	6.7	7.8	14.5	6.6	7.8	14.4
Additions 1	5.0	14.0	19.0	0.1	–	0.1
Write -off on termination of lease 1	(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 lease 1	(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.

134 Ashmore Annual Report and Accounts 2026

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	Lease	Right-of-use	Lease
	assets	liabilities	assets	liabilities
	£m	£m	£m	£m
At 30 June 202 4	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 202 5	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 202 6	15.8	16.8	13.1	13.8

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

	Group		Company
	30 June	30 June	30 June	30 June
	2026	2025	2026	2025
Maturity analysis – contractual undiscounted cash flows	£m	£m	£m	£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

Ashmore Annual Report and Accounts 2026 135

Strategic report Financial statementsGovernance

Notes to the financial statements continued

17) Trade and other receivables

	Group		Company
	2026	2025	2026	2025
	£m	£m	£m	£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
	Other
	temporary	Share-based		Other temporary	Share-based
	differences	payments	Total	differences	payments	Total
Group	£m	£m	£m	£m	£m	£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
	Other
	temporary	Share-based		Other temporary	Share-based
	differences	payments	Total	differences	payments	Total
Company	£m	£m	£m	£m	£m	£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.

136 Ashmore Annual Report and Accounts 2026

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:

	Other
	temporary	Share-based
	differences	payments	Total
Group	£m	£m	£m
At 30 June 20 24	(2.6)	12.6	10.0
C harged to profit or loss	(1.5)	(1.4)	(2.9 )
Foreign exchange revaluation	(0.4)	–	(0.4)
At 30 June 20 25	(4.5)	11.2	6.7
C redited/(charged) to profit or loss	(3.2 )	4.4	1.2
Credited to equity	–	0.9	0.9
At 30 June 20 26	(7.7 )	16.5	8.8

	Other
	temporary	Share-based
	differences	payments	Total
Company	£m	£m	£m
At 30 June 20 24	–	11.4	11.4
Charged to profit or loss	–	(1.1)	(1.1 )
At 30 June 20 25	–	10.3	10.3
Credited/(charged) to profit or loss	(0.6)	3.2	2.6
C redited to equity	–	0.9	0.9
At 30 June 20 26	(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 on

page 23.

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.

Ashmore Annual Report and Accounts 2026 137

Strategic report Financial statementsGovernance

Notes to the financial statements continued

19) Fair value of financial instruments continued

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

		2026				2025
	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
	£m	£m	£m	£m	£m	£m	£m	£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:

			Third-party
		Financial assets at	interests in
	Investment	FVTPL – non-	consolidated
	securities	current	funds
	£m	£m	£m
At 30 June 20 24	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 20 25	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

138 Ashmore Annual Report and Accounts 2026

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.

	2026				Change in
	Fair value	Significant	Range of	Sensitivity	fair value
Asset c lass and valuation technique	£m	unobservable input s	estimates	factor	£m
Financial assets
Unquoted securities
Market approach	0.2	EBITDA multiple	1 0x	+/ - 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 approach 1	42.0	NAV	1x	+/ - 5%	+/- 2.1
Total financial assets within level 3	63.2
Financial liabilities
Unquoted funds
Net assets approach 1	17.3	NAV	1x	+/ - 5%	-/+ 0.9
Total financial liabilities within level 3	17.3
	2025				Change in
	Fair value	Significant	Range of	Sensitivity	fair value
Asset c lass and valuation technique	£m	unobservable input s	estimates	factor	£m
Financial assets
Unquoted securities
Market approach	4.1	EBITDA multiple	1 2x	+/ - 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 approach 1	32.4	NAV	1x	+/ - 5%	+/- 1.6
Total financial assets within level 3	53.8
Financial liabilities
Unquoted funds
Net assets approach 1	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.

Ashmore Annual Report and Accounts 2026 139

Strategic report Financial statementsGovernance

Notes to the financial statements continued

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:

			Investment
		Financial	securities	Other	Third-party	Financial
	Net	assets	(relating to	(relating to	interests in	assets at
	assets	at FVTPL –	consolidated	consolidated	consolidated	FVTPL –
	held for sale	current	funds)	funds) 1	funds	non-current	Total
Group	£m	£m	£m	£m	£m	£m	£m
Carrying amount at 30 June 20 24	–	32.8	200.9	6.0	(39.4)	57.3	257.6
Transfers from FVTPL to c onsolidated 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)
Fa ir value movement	–	2.2	20.7	–	(8.5)	1.0	15.4
Carrying amount at 30 June 20 25	–	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)
Fa ir value movement	1.4	25.2	63.7	1.2	(7.0)	6.9	91.4
Carrying amount at 30 June 20 26	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
A ssets held for sale	89.2
L iabilities 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	2025
	£m	£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.

140 Ashmore Annual Report and Accounts 2026

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	2025
	£m	£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	2025
	£m	£m
Investment securities 1	297.5	310.4
Cash and cash equivalents	7.5	8.0
Other 2	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	2025
	£m	£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
In vestment income	16.0	20.5
Audit fees	(0.2)	(0.3 )
O perating 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.

Ashmore Annual Report and Accounts 2026 141

Strategic report Financial statementsGovernance

Notes to the financial statements continued

20) Seed capital investments continued

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:

	2026	2025
Contribution to profit or loss	£m	£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	–

	2026	2025
Contribution to the balance sheet	£m	£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

	2026	2025
Contribution to cash flows	£m	£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

142 Ashmore Annual Report and Accounts 2026

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:

	2026	2025
Property, plant and equipment	£m	£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.

Ashmore Annual Report and Accounts 2026 143

Strategic report Financial statementsGovernance

Notes to the financial statements continued

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 on pages 22 to 27.

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.

		2026	2025
	Notes	£m	£m
C ash and deposits		364.7	348.8
Non -current trade and other receivables	17	4.3	3.0
Current t rade 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.

144 Ashmore Annual Report and Accounts 2026

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. As explained on page 160, 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

			More than
	Within 1 year	1-5 years	5 years	Total
	£m	£m	£m	£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

			More than
	Within 1 year	1-5 years	5 years	Total
	£m	£m	£m	£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.

Ashmore Annual Report and Accounts 2026 145

Strategic report Financial statementsGovernance

Notes to the financial statements continued

21) Financial instrument risk management continued

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		Impact on
	profit	Impact on	profit	Impact on
	before tax	equity	before tax	equity
	£m	£m	£m	£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 cha nges.

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).

146 Ashmore Annual Report and Accounts 2026

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

	2026		2025
	Notional	Fair value	Notional	Fair value
	amount assets /(liabilities)		amount	assets/(liabilities)
	US$m	£m	US$m	£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.

	2026	2025
Notional amount of option collars maturing:	US$m	US$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.

		2026	2025
	Notes	£m	£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.

Ashmore Annual Report and Accounts 2026 147

Strategic report Financial statementsGovernance

Notes to the financial statements continued

21) Financial instrument risk management continued

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

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

Issued share capital – allotted and fully paid

	2026	2026	2025	2025
	Number of	Nominal value	Number of	Nominal value
Group and Company	shares	£’000	shares	£’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:

	2026		2025
	Number of	2026	Number of	2025
Group and Company	shares	£m	shares	£m
At the beginning of the yea r	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).

148 Ashmore Annual Report and Accounts 2026

24) Trade and other payables

	Group	Group	Company	Company
	2026	2025	2026	2025
	£m	£m	£m	£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 compan y (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.

	2026	2025
Company	£m	£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.

	Country of
	incorporation/
	formation and	% of equity
	principal place of	shares held
Name	operation	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

Ashmore Annual Report and Accounts 2026 149

Strategic report Financial statementsGovernance

Notes to the financial statements continued

25) Interests in subsidiaries continued

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:

		Country of
		incorporation/	Proportion of
		principal place of	ownership
Name	Type of fund	operation	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:

			Country of incorporation/	% of equity
			formation and principal	shares held by
Name	Type	Nature of business	place of operation	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:

	2026	2025
Associate	£m	£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

150 Ashmore Annual Report and Accounts 2026

The summarised financial information for the associate is shown below.

	2026	2025
Associate	£m	£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.

		Less:	AuM within
		AuM within	unconsolidated
		consolidated	structured
	Total AuM	funds	entities
	US$bn	US$bn	US$bn
30 June 20 25	47.6	0.5	47.1
30 June 20 26	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	2025
	£m	£m
Management fees receivable	33.8	26.8
Trade and other receivables	1.4	1.4
Seed capital investments 1	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.

Ashmore Annual Report and Accounts 2026 151

Strategic report Financial statementsGovernance

Notes to the financial statements continued

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	2025
	£m	£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 on pages 80 to 93.

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	2025
	£m	£m
Transactions during the year
Management fees	61.4	46.4
Net dividends received	100.5	79.9
Net l oans 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).

152 Ashmore Annual Report and Accounts 2026

29) Commitments

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

	2026	2025
Group	£m	£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
	2026	2025
Summarised balance sheet	£m	£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 r evenue	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).

Ashmore Annual Report and Accounts 2026 153

Strategic report Financial statementsGovernance

Notes to the financial statements continued

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:

	As previously
	reported	Restatement	As restated
Consolidated balance sheet	£m	£m	£m
Non -current assets
Property, plant and equipment	5.1	28.7	33.8
Trade and other receivables	–	3.0	3.0
C urrent 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

	As previously
	reported	Restatement	As restated
Consolidated statement of changes in equity	£m	£m	£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

	As previously
	reported	Restatement	As restated
Consolidated cash flow statement	£m	£m	£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)

154 Ashmore Annual Report and Accounts 2026

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.

		% voting
Name	Classification	interest		Registered address and place of incorporation
Ashmore Investments (UK) Limited 1	Subsidiary	100.00		16 Palace Street, London, SW1E 5JD
Ashmore Investment Management Limited	Subsidiary	100.00		United Kingdom
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,
Ashmore India Equities Fund	Consolidated fund	62.63	Dr. Annie Besant Road, Worli, Mumbai 400 018, India
Ashmore Investment Management (US) Corporation	Subsidiary	100.00	437	Madison Avenue, Suite 1904, New York, NY
Ashmore Investment Advisors (US) Corp oration	Subsidiary	100.00		10022,	United States
Ashmore EM Blended Debt Fund GP, LLC	Subsidiary	100.00		The Corporation Trust Center, 1209 Orange Street,
Ashmore EM Active Equity Fund GP, LLC	Subsidiary	100.00		Wilmington, DE 19801, USA
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.	Subsidiary	100.00		Paseo de las Palmas 405-1701, Lomas de
de C.V.				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, 18 th Floor,
Ashmore Dana Pasar Uang Syariah	Consolidated fund	91.15		SCBD Lot 10, Jl. Jenderal. Sudirman Kav.
				52–53	Jakarta 12190, Indonesia
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,
Ashmore CAF-AM Management Company SAS	Subsidiary	52.58			Office 701 & 702,
					Bogotá, Colombia
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

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.

Ashmore Annual Report and Accounts 2026 155

Strategic report Financial statementsGovernance

Notes to the financial statements continued

34) Subsidiaries and related undertakings continued

		% voting		Registered address and place of
Name	Classification	interest		incorporation
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,
Ashmore Saudi Education Fund	Held for sale	47.22	Olaya Main Street, Riyadh,
				Saudi Arabia
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,
Ashmore Global Special Situations Fund 3 (GP) Limited (in liquidation)	Subsidiary	100.00		Les Banques,
Ashmore Global Special Situations Fund 4 (GP) Limited (in liquidation)	Subsidiary	100.00		St Peter Port,
Ashmore Global Special Situations Fund 5 (GP) Limited (in liquidation)	Subsidiary	100.00		GY1 3QL,
				Guernsey
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 E merging Markets Middle East Equity Fund	Consolidated fund	86.84	10, rue du Chateau d’Eau,
Ashmore SICAV E merging Markets India Equity Fund	Consolidated fund	66.38	L–3364	Leudelange,
				Grand–Duchy of Luxembourg
Ashmore SICAV Emerging Markets Global Small-Cap Equity Fund	Consolidated fund	46.67
Ashmore SICAV E merging 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 E merging Markets Equity Ex China Fund	Consolidated fund	100.00		50 South LaSalle Street,
Ashmore E merging Markets Debt Fund	Consolidated fund	100.00		Chicago, Illinois 60603, USA
Ashmore E merging 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 De bt 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.

156 Ashmore Annual Report and Accounts 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)

(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 g

ains/(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

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

Ashmore Annual Report and Accounts 2026 157

Strategic report Financial statementsGovernance

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

158 Ashmore Annual Report and Accounts 2026

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

Ashmore Annual Report and Accounts 2026 159

Strategic report Financial statementsGovernance

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 12.10 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 – –

Alternative performance measures continued

160 Ashmore Annual Report and Accounts 2026

Mandatory GHG reporting and

SECR requirements

In accordance with the Companies Act 2006 (Strategic Report

and Directors’ Report) Regulations 2013, companies listed on

the main market of the London Stock Exchange are required to

report their GHG emissions. As of 1 April 2019, under SECR

requirements, these companies must report energy use and

carbon emissions information within their annual report.

The following disclosures present the Group’s operational

energy consumption and associated GHG emissions, referred

to as Total Operational Emissions

, for the year ended 30June

2026. The disclosures also provide information on emissions

intensity, energy efficiency measures, and the methodologies

applied in preparing the reported data.

The disclosures cover the Group’s global operations within the

reporting boundary adopted for SECR purposes and include

comparative information for FY2025.

Methodology

Operational Control

The organisational boundary for emissions reporting has been

defined using the operational control approach. The Group’s

Total Operational Emissions reported below relate to 11 offices

around the world where the Group exercised direct operational

control in FY2026.

Emission scopes

In accordance with the SECR requirements the Group reports

scope 1 and scope 2 GHG emissions, together with associated

energy consumption and an intensity metric. Scope 2 emissions

are reported using both a location-based and market-based

approach, with the location-based approach used for SECR.

In addition, selected scope 3 emission categories are

voluntarily reported where they are relevant to the Group’s

operations and appropriate activity data is available. These

categories include emissions associated with business travel

and other operational activities considered material to the

Group’s GHG inventory, as well as scope 3, Category 15

(investment emissions), also known as financed emissions.

Data estimations and exclusions

While every effort was made to obtain complete activity data,

estimates were required for certain emission sources where

primary data was unavailable. Consequently, 6% (109 tCO

e) of

the Group’s total operational emissions were derived from

estimated data.

Estimates were calculated using the most appropriate available

information, including:

• For certain offices located within shared and leased buildings,

consumption was estimated based on an apportioned share of

the building’s total usage, as sub-metered data was not available.

• Extrapolation of available consumption data to cover periods

where complete data was not available.

• Where consumption data was not available for a specific period,

estimates were reported during data collection. Thisincludes:

• Waste volumes for five offices

• Third-party vehicles for two offices

• Electricity consumption for five offices

• Water consumption for four offices

• Natural gas consumption data was unavailable for two

offices and estimated values were therefore used.

For offices where refrigerant gas leakages, water consumption

or waste volumes were unavailable, no estimates were applied

due to the substantial variability in global warming potential of

refrigerant gases, water usage between office locations, and

GHG emissions intensity of waste disposal methods. Given the

immaterial impact on overall emissions, and because these

emissions sources are not mandatory under SECR for the

Group, data for these offices were excluded fromreporting.

Exclusions from the operational emissions inventory were

determined with reference to the materiality of emission

sources to the Group’s operations and the availability of

suitable activity data. Scope 3 category 15 (investment

emissions) is reported separately from operational emissions in

recognition of its relevance to the Group’s business model.

Certain scope 3 categories have not been included within the

operational emissions inventory where they are not considered

within the scope of the Group’s operational emissions

reporting methodology or where sufficient activity data is not

available to support robust quantification.

Quantification and reporting methodology

The GHG emissions inventory has been prepared in accordance

with the principles and requirements of the GHG Protocol

Corporate Accounting and Reporting Standard

. Developed by

the World Resources Institute and the World Business Council

for Sustainable Development, the standard provides a globally

recognised framework for GHG accounting and reporting and

promotes a consistent and transparent approach to emissions

quantification and disclosure.

In most instances emission sources have been quantified using

the 2025 UK Government GHG Conversion Factors for

Company Reporting. Overseas electricity consumption,

together with associated WTT and T&D emissions, has been

calculated using country-specific emission factors published by

the International Energy Agency. Emissions associated with

waste generated in the United States have been quantified

using emission factors published by the United States

Environmental Protection Agency.

Scope 2 emissions are reported using both the location-based

and market-based approaches. The location-based approach

reflects average grid emissions, while the market-based

approach reflects the emissions associated with the electricity

products purchased by the Group. Total Operational Emissions

are calculated using location-based Scope 2 emissions only.

1. Unless otherwise specified, Total Operational Emissions should be taken to mean scope 1, 2 and selected scope 3 emissions, excluding scope 3, category 15

(investment emissions), calculated using the location-based approach for electricity consumption.

2. http://www.ghgprotocol.org/

Ashmore Annual Report and Accounts 2026 161

Strategic report Financial statementsGovernance

Market-based Scope 2 emissions are disclosed separately and

are not included in Total Operational Emissions.

Market-based scope 2 emissions have been calculated using

supplier-specific factors where available and residual mix

factors where appropriate. Residual mix factors published by

the Association of Issuing Bodies have been applied for

relevant European countries, while eGRID emission factors

have been used for the United States. Where a suitable

market-based factor was not available, the corresponding

location-based factor has been applied.

Data inputs relating to the Total Operational Emissions have

been reviewed and processed by WSP. In addition, Ashmore

uses the Partnership for Carbon Accounting Financials

framework and TCFD recommendations to guide its approach

to disclosing scope 3, category 15 (investment emissions) and

has calculated these emissions using MSCI data available for

securities held in client portfolios, together with issuer data

available for selected investments held in funds within the

alternatives theme.

Results

Consumption and operational emissions

The Group reported Total Operational Emissions of 1,690 tCO

across its 11 global offices. Scope 3 operational emissions

represented the largest component of the Group’s operational

GHG inventory, accounting for 88% of Total Operational

Emissions, reflecting the international nature of the Group’s

business activities. Scope 2 location-based emissions

accounted for 9% and scope 1 emissions accounted for 3%.

Flights represented the largest source of Total Operational

Emissions at 1,373 tCO

e (81% of Total Operational Emissions),

followed by electricity (150 tCO

e, 9%), fuel and electricity WTT

emissions (52 tCO

e, 3%), hotel stays (47 tCO

e, 3%), stationary

fuel combustion (40 tCO

e, 2%) and electricity T&D losses (14

tCO

e, 1%). All other emission sources contributed less than

1% of Total Operational Emissions.

UK emissions as a proportion of Total Operational Emissions

were 48%.

Table 1.1 Consumption of operational GHG emittingsources

Scope emissions by source

FY2026 FY2025

YoY % changeUK Global Total UK Global Total

Scope 1

Natural gas (kWh) 184,825 35,507 220,332 159,950 12,396 172,346 +28%

Mobile fuels (kWh) – 18,048 18,048 – – – New

Refrigerants (kg) – – – – 1 1 -100%

Scope 2

Electricity (kWh) 187,023 257,113 444,136 212,000 291,026 503,026 -12%

Scope 3

Air travel (passenger km) 5,437,968 5,859,923 -7%

Rail (passenger km) 11,013 – New

Hotel stay (room nights) 1,401 1,166 +20%

Third-party vehicles

(kWh) 13,031 21,762 -40%

Water (m³) 3,070 2,888 +6%

Waste (kg) 40,122 43,410 -8%

Greenhouse gas emissions table

Table 1.2 Operational GHG emissions by scope (tCO

Scope

FY2026 FY2025

Change in

tCO

e % changeUK Global Total UK Global Total

1 34 11 45 29 4 33 12 +36%

2 (location- based)* 33 117 150 44 110 154 -4 -3%

2 (market- based) 52 120 172 – – – – New

3 (operational)** – – 1,495 – – 1,264 230 +18%

Operational total (location based)

exc. Business Travel WTT – – 1,690 – – 1,452 238 +16%

**Operational total including

Business Travel WTT – – 1,948 – – – – New

Notes:

Operational emissions are those associated with running the business. Theydo not include financed emissions.

* Scope 2 emissions are reported using both the location-based and market-based approaches. Total Operational Emissions are calculated using location-

based Scope 2 emissions only. Market-based Scope 2 emissions are disclosed separately and are not included within Total Operational Emissions.

** Scope 3 emissions include business travel, hotel stays, T&D losses, WTT emissions associated with fuel and electricity consumption, as well as waste and

water usage. WTT emissions from business travel have been quantified for the first time in the current reporting period; therefore, they have been

excluded from the like-for-like comparison with previous years and are disclosed separately.

Mandatory GHG reporting and SECR requirements continued

162 Ashmore Annual Report and Accounts 2026

Explanation of YoY operational emissions variance

Overall, Total Operational Emissions increased by 16% (238

tCO

e). This was primarily driven by an 18% increase in air

travel emissions, along with smaller increases in emissions

associated with natural gas consumption and WTT emissions.

While air travel activity, measured in passenger kilometres,

decreased by 7%, emissions increased due to changes in the

profile of flights undertaken. Aviation emissions are influenced

not only by distance travelled but also by factors such as haul

length, cabin class and aircraft type. In addition, the increase in

flight emissions may partly reflect refinements to the

emissions calculation methodology and the transition to a new

travel provider, which may have improved the quality and

granularity of travel data available for reporting.

Table 1.3 YoY change in emissions (UK and Global)

UK/global

FY2026

(tCO

FY2025

(tCO

Change in

tCO

e % change

Operational UK 809 654 155 +24%

Operational global 881 798 83 +10%

Operational total

(locationbased) 1,690 1,452 238 +16%

Financed GHG emissions

As of 30 June 2026, Ashmore’s total Scope 3, Category 15

emissions were 3.2 million tonnes (30 June 2025: 3.9 million

tonnes) of CO

equivalent across the equities, corporate debt

and alternatives themes. These themes represent 35% of

Group AuM with data available for 84% of the assets in these

themes. The Group expects its financed emissions disclosures

to evolve in line with developments in regulation, data availability

and quality, industry guidance and stakeholder views.

Energy efficiency measures and mitigating the impact

of operational GHG emissions

The Group continues to promote energy efficiency and the

avoidance of waste throughout its operations. The Group seeks

to mitigate its operational GHG emissions via The Ashmore

Foundation (see Sustainability section on page 40). It uses a

carbon price methodology to establish a donation amount and

then The Ashmore Foundation identifies projects to target

mitigating efforts in the EMs in which the Group invests and

operates. The activities relating to the FY2026 operational GHG

emissions will be reported in the Group’s 2027 Annual Report.

Operational emissions intensity metrics

Ashmore has calculated an intensity metric based on the

Group’s Total Operational Emissions and FTE employees.

Intensity metrics provide a useful measure of emissions

performance over time and facilitate comparison with peers.

The table below shows the operational emissions per FTE for

FY2026 and FY2025. Intensity metrics are provided for both

Total Operational Emissions (scopes 1, 2 and 3) and for scope

1 and scope 2 emissions only. While SECR requires the

disclosure of an intensity metric based on reported emissions,

the scope 1 and scope 2 metric is also presented to support

comparison with organisations that disclose only scope 1 and

scope 2 emissions.

Intensity metrics relating to Scope 1 and Scope 2 emissions

remained unchanged at 0.7 tCO

e per FTE in FY2026.

Operational Scope 1, 2 and 3 emissions intensity increased by

13%, from 5.3 tCO

e per FTE in FY2025 to 6.0 tCO

e per FTE

in FY2026. This increase was primarily driven by higher Scope

3 emissions, while Scope 1 and 2 emissions remained stable

on a per-employee basis.

Table 1.4: Intensity metrics

FY2026 FY2025

Operational Scope 1 & 2 tCO

e/FTE 0.7 0.7

Operational Scope 1, 2 & 3 tCO

e/FTE 6.0 5.3

Ashmore Annual Report and Accounts 2026 163

Strategic report Financial statementsGovernance

Information for shareholders

Ashmore Group plc

Registered in England and Wales.

Company No. 03675683

Registered office

16 Palace Street

London SW1E 5JD

Tel: +44 (0) 20 3077 6000

Fax: +44 (0) 20 3077 6001

Principal UK trading subsidiary

Ashmore Investment Management Limited

Registered in England and Wales, Company No. 3344281.

Business address and registered office as above.

Further information on Ashmore can be found

on the Company’s website: www.ashmoregroup.com.

Financial calendar

First quarter AuM statement 14 October 2026

Annual General Meeting 5 November 2026

Ex-dividend date 5 November 2026

Record date 6 November 2026

Final dividend payment date 7 December 2026

Second quarter AuM statement January 2027

Announcement of unaudited interim results

for the six months ended 31December 2025

February 2027

Interim dividend payment date March 2027

Third quarter AuM statement April 2027

Fourth quarter AuM statement July 2027

Announcement of results for the year ended

30 June 2027

September 2027

Registrar

Equiniti Registrars

Yeoman Way

Worthing

West Sussex

BN99 6DA

UK shareholder helpline: +44 (0) 371 384 2812. Lines are open

8.30am to 5.30pm, Monday to Friday. If calling from overseas,

please ensure the country code is used.

Further information about the Registrar is available on its

website www.shareview.co.uk.

Up-to-date information about current holdings on the register

isalso available at www.shareview.co.uk.

Shareholders will need their reference number (account number)

and postcode to view information on their ownholding.

Share price information

Share price information can be found at

www.ashmoregroup.com or through your broker.

Share dealing

Shares may be sold through a stockbroker or share dealing

service. There are a variety of services available. The Registrar

offers an internet-based share dealing service known as

Shareview Dealing.

You can log on at www.shareview.co.uk/dealing to access this

service, or contact the helpline on +44 (0) 345 603 7037 to deal

bytelephone.

You may also use the Shareview service to access and manage

your share investments and view balance movements,

indicative share prices, information on recent dividends,

portfolio valuations and general information for shareholders.

Shareholders must register at www.shareview.co.uk,

enteringthe shareholder reference on the share certificate

andother personal details.

Having selected a personal PIN, shareholders will be issued

with a user ID bytheRegistrar.

Electronic copies of the 2026 Annual Report and

Accounts and other publications

Copies of the 2026 Annual Report and Accounts, the Notice

ofAnnual General Meeting, other corporate publications, press

releases and announcements are available on the Company’s

website at www.ashmoregroup.com.

164 Ashmore Annual Report and Accounts 2026

Sharegift

Shareholders with only a small number of shares whose value

makes them uneconomic to sell may wish to consider donating

to charity through Sharegift, an independent charity share

donationscheme.

For further information, please contact either Equiniti Registrars

or seethe Sharegift website at www.sharegift.org.

Frequent shareholder enquiries

Enquiries and notifications concerning dividends, share

certificates or transfers, and address changes should be sent

to the Registrar; the Company’s governance reports, corporate

governance guidelines and the terms of reference of the

Board committees can be found on the Company’s website at

www.ashmoregroup.com.

Notifying the Company of a change of address

You should notify Equiniti Registrars in writing.

If you hold shares in joint names, the notification to change

address must be signed by the first-named shareholder.

You may choose to do this online, by logging on to

www.shareview.co.uk. You will need your shareholder

reference number to access this service – this can be found

on your share certificate or from a dividend counterfoil.

Notifying the Company of a change of name

You should notify Equiniti Registrars in writing of your new

name and previous name. You should attach a copy of your

marriage certificate or your change of name deed, together

with your share certificates and any un-cashed dividend

cheques in your old name, so that Equiniti Registrars can

reissue them.

Dividend payments directly into bank or building

societyaccounts

Ashmore recommends that all dividend payments are made

directly into a bank or building society account. Dividends are

paid via BACS, providing tighter security and access to funds

more quickly. Toapply for a dividend mandate form, contact

Equiniti Registrars, oryou can find one by logging on to

www.shareview.co.uk (under Frequently Asked Questions) or

by calling the helpline on +44 (0) 371 384 2812 (lines are open

8.30am to 5.30pm, Monday to Friday). If calling from overseas,

please ensure the country code is used.

Transferring Ashmore Group plc shares

Transferring some or all of your shares to someone else (for

example your partner or a member of your family) requires

completion of a share transfer form, which is available from

Equiniti Registrars. The form should be fully completed and

returned with your share certificate representing at least the

number of shares being transferred. Equiniti Registrars will

then process the transfer and issue abalance share certificate

to you if applicable. Equiniti Registrars will beable to help you

with any questions you may have.

Lost share certificate(s)

Shareholders who lose their share certificate(s) or have their

certificate(s) stolen should inform Equiniti Registrars immediately

by calling the shareholder helpline on +44 (0) 371 384 2812

(linesare open 8.30am to 5.30pm, Monday to Friday). If calling

from overseas, please ensure the country code is used.

Disability helpline

For deaf and speech-impaired customers, Equiniti Registrars

welcomes calls via Relay UK. Please see www.relayuk.bt.com

for more information.

Ashmore Annual Report and Accounts 2026 165

Strategic report Financial statementsGovernance

Glossary

AGM Annual General Meeting

AI artificial intelligence

AIFMD Alternative Investment Fund Managers Directive

AIP Ashmore Incentive Plan 2025

Annual Report Annual Report and Accounts

ANZ The Australia and New Zealand Banking Group Limited

APM Non-GAAP financial alternative performance measures

Articles Articles of Association

Ashmore Ashmore Group plc

AuM assets under management

bps basis points

Board the board of directors of Ashmore

CASS Client Assets Sourcebook

CEMBI BD J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Core Index

CEMBI HY J. P. Morgan USD Emerging Markets High Yield Bond Index

CEO Chief Executive Officer

e carbon dioxide equivalent

The Code or 2024 Code 2024 UK Corporate Governance Code

Companies Act UK Companies Act 2006

Company Ashmore Group plc

CSCI consolidated statement of comprehensive income

DTR FCA’s Disclosure Guidance and Transparency Rules

EBIT earnings before interest and tax

EBITDA earnings before interest, tax, depreciation and amortisation

EBT Ashmore Group plc 2024 Employee Benefit Trust

EBVCT earnings before variable compensation and tax

EM emerging markets

EMBI GD J.P. Morgan Emerging Market Bond Index Global Diversified

EPS earnings per share

ESG environmental, social and governance

ESGC ESG Committee

EU European Union

EY Ernst & Young LLP

Foundation The Ashmore Foundation

FCA Financial Conduct Authority of the United Kingdom

FRC Financial Reporting Council

FTE full-time equivalent

FX foreign exchange

GBI-EM GD J.P. Morgan Government Bond Index – Emerging Markets Global Diversified

166 Ashmore Annual Report and Accounts 2026

GBP British pound sterling, the official currency of the United Kingdom and its territories

GFD Group Finance Director

GHG greenhouse gas

GIPS Global Investment Performance Standards

Group Ashmore Group plc and its subsidiaries

Guidance FRC’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting

HY high-yield

IASB International Accounting Standards Board

IC Investment Committee

ICARA Internal Capital Adequacy and Risk Assessment

IFPR Investment Firms Prudential Regime

IFRS International Financial Reporting Standards

IG investment grade

ISAE 3402 International Standards on Assurance Engagements 3402

IT information technology

JPI Japan Post Insurance

KPIs key performance indicators

Listing Rules FCA’s Listing Rules

LTIP long-term incentive plan

NDCs Nationally Determined Contributions

NGOs non-governmental organisations

Omnibus Plan Ashmore Group plc Executive Omnibus Incentive Plan 2015

PBT profit before tax

PMVC Pricing Methodology and Valuation Committee

Policy the Company’s Directors’ Remuneration Policy

PRA Prudential Regulation Authority

QAIP Quality Assurance and Improvement Programme

RAS Risk Appetite Statement

RCC The Group’s Risk and Compliance Committee

Scope 1 direct emissions from owned or controlled sources, including fuel consumption, fugitive emissions and vehicleusage

Scope 2 indirect GHG emissions from the generation of purchased electricity

Scope 3 indirect GHG emissions including air travel, hotels, water and waste

SECR Streamlined Energy and Carbon Reporting

SICAV Société d’Investissement à Capital Variable

SSAE 18 Statement on Standards for Attestation Engagements no. 18

TCFD Task Force on Climate-related Financial Disclosures

TSR total shareholder return

T&D transmission and distribution

UN PRI United Nations Principles for Responsible Investment

US$ US dollar, the official currency of the United States of America

VC variable compensation

WACI Weighted Average Carbon Intensity

WTT well-to-tank

YoY year-on-year

Ashmore Annual Report and Accounts 2026 167

Strategic report Financial statementsGovernance

168 Ashmore Annual Report and Accounts 2026

This report is printed on Essential Velvet, and manufactured

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Ashmore Group plc

16 Palace Street

London SW1E 5JD

United Kingdom