Impax Asset Management Group PLC

Latest Results (17.04.2026):

Impax Asset Management Group plc — results for the year ended 30 September 2025 (full-year/FY2025, covering Oct 2024–Sep 2025). The Group reported a sharp fall in AUM to £26.1bn (2024: £37.2bn) driven by net outflows of £13.0bn, with revenue down 16.6% to £141.9m and adjusted operating profit down 36.2% to £33.6m. Management emphasises stabilising flows in H2, cost reductions, completion of the SKY Harbor acquisition and a preserved, debt‑free balance sheet supporting a proposed final dividend and a £10m share buyback programme.

Key financials

AUM £26.1bn (30 Sep 2024: £37.2bn). Revenue £141.9m (2024: £170.1m). Adjusted operating profit £33.6m (2024: £52.7m); adjusted operating margin 23.7% (2024: 31.0%). IFRS profit before tax £27.8m (2024: £49.0m). Adjusted diluted EPS 21.3p (2024: 32.2p); IFRS diluted EPS 15.8p (2024: 28.2p).

AUM, flows and performance

Net outflows totalled £13.0bn (2024: £5.8bn). Outflows were concentrated early in the year: H1 outflows c.£10.2bn and H2 c.£2.8bn, with AUM recovering from £25.3bn at 31 Mar 2025 to £26.1bn at 30 Sep 2025. Thematic strategies remained 64% of AUM; fixed income AUM increased to ~£2.4bn partly via the SKY Harbor acquisition.

Cost, headcount and efficiency

Adjusted operating costs fell to £108.2m (2024: £117.4m) after a resizing that reduced headcount to 275 (from 315), including c.45 role reductions. IFRS operating costs were £114.5m. Management emphasises cost discipline while continuing strategic investment in fixed income and operational resilience.

Capital management & shareholder returns

Cash reserves (including money market funds) £64.7m (2024: £90.8m). The Board proposed a final dividend of 8.0p, taking total dividend to 12.0p (2024: 27.6p) — ~55.7% of adjusted profit after tax in line with policy. A £10m buyback was launched (89% completed at announcement).

Strategic progress

Completed acquisition (1 Apr 2025) of SKY Harbor European assets, adding ~£1.1bn AUM and short-duration high-yield capability. Continued expansion across listed equities, fixed income and private markets and the post‑period appointment of a new CIO for listed investments.

Balance sheet, liquidity & outlook

Group remains debt-free with net assets £115.2m. Management reports profitability and a going‑concern assessment supports runway of at least 12 months under downside scenarios. Management highlights stabilising flows, positive H2 market performance, and longer‑term confidence in the sustainable-transition investment theme.