Ashmore Group

Ashmore Group Dividend Analysis and Summary

• Declared: Final ordinary dividend of 12.1p per share (unchanged YoY)
• Total FY2025 dividend per share: 16.9p (interim 4.8p + final 12.1p), unchanged for a fifth consecutive year
• Record date: 07/11/2025
• Ex-dividend date: 06/11/2025
• Payment date: 08/12/2025 (subject to shareholder approval)
• Indicative cost of the final dividend: ~£86.0m (company estimate based on eligible shares)
• Indicative trailing yield: ~10.8% based on a £1.57 share price at 30/06/2025; actual yield will vary with the current share price

• Coverage: FY2025 diluted EPS 11.8p vs DPS 16.9p implies dividend cover of ~0.7x (on adjusted diluted EPS of 7.1p, cover is ~0.4x). Cash dividends paid in the year were £120.1m vs operating cash generated of £66.0m, so the dividend relies on balance sheet strength this year.
• Balance sheet support: Strong liquidity with ~£350m cash/deposits and total capital resources of £604.2m (excess over internal requirement: £510.9m), and no debt. This underpins the maintained dividend despite softer earnings.
• Earnings trend: Adjusted net revenue down 22% to £146.5m; adjusted EBITDA down 33% to £52.5m (36% margin). Profit before tax £108.6m benefited from £40.1m seed capital gains; underlying fee income remains pressured by lower average AuM and fee margin compression (net fee margin 35bps, down from 39bps).
• Growth trajectory: Total DPS at 16.9p has been flat for five consecutive years, indicating a “maintain and wait” stance pending recovery in AuM/fees. Flow dynamics improved (net outflows reduced to $5.8bn, with net inflows in equities/IG/local offices) and investment performance was positive, but sustained inflows are needed to rebuild dividend cover.