Ashmore Group

Ashmore Group Dividend Analysis and Summary

• Interim ordinary dividend: 4.8 pence per share (unchanged YoY).
• Ex-dividend date: 26/02/2026 (derived from the record date; UK practice is ex-div one business day before record date).
• Record date: 27/02/2026.
• Payment date: 30/03/2026.
• Payout ratio: ~47% of diluted EPS for the half year (4.8p vs 10.1p).

• Coverage: On statutory earnings, the interim dividend is comfortably covered (4.8p vs 10.1p diluted EPS). On an adjusted basis it is not (4.8p vs 3.1p adjusted diluted EPS), highlighting reliance on non-core items this half.
• Earnings quality mix: The sharp uplift in PBT (+64% YoY to £81.9m) and EPS was materially aided by £55.4m seed capital gains. Underlying performance softened with adjusted net revenue £67.5m (-16% YoY) and adjusted EBITDA £20.9m (-38% YoY; 31% margin).
• Balance sheet support: Strong liquidity and capital underpin the payout — cash and deposits of £277m (c. £261m excluding consolidated funds), excess financial resources of £480m, and total capital resources of £574m. The interim dividend cash cost c. £33.9m appears readily affordable.
• Growth trajectory: The interim DPS is flat at 4.8p. With management fees/margins lower and performance fees minimal, Ashmore is prudently holding the interim rather than increasing. Dividend progression will depend on sustaining net inflows and fee growth while reducing reliance on seed gains.