Impax Asset Management Group PLC

Latest Results (19.08.2026):

Impax Asset Management Group PLC — results for the year ended 30 September 2025 (covering Q4 2025). The Group reported AUM of £26.1bn (down from £37.2bn a year earlier) after net outflows of £13.0bn, revenue of £141.9m (–16.6%), adjusted operating profit of £33.6m (–36.2%) and adjusted diluted EPS of 21.3p. Management emphasised stabilising outflows in H2, cost reductions and strategic progress including the April 2025 SKY Harbor acquisition; the Board proposes a final dividend of 8.0p (total 12.0p) and is completing a £10m buyback. The Group remains debt-free with cash reserves of £64.7m and net assets of £115.2m.

AUM and net flows

AUM ended the year at £26.1bn (30 Sep 2024: £37.2bn). Net outflows were £13.0bn for FY2025 (H1: £10.2bn; H2: £2.8bn) with the company reporting a stabilising trend in the second half. Thematic strategies represented 64% of AUM, core equities 24%.

Revenue and profitability

Revenue fell to £141.9m (2024: £170.1m). Adjusted operating profit was £33.6m (2024: £52.7m) with an adjusted operating margin of 23.7% (2024: 31.0%). IFRS profit before tax was £27.8m (down 43.1%) and IFRS diluted EPS was 15.8p (2024: 28.2p).

Cost action and headcount

Adjusted operating costs were reduced to £108.2m (2024: £117.4m) following a programme that removed ~45 roles (≈15% reduction), leaving headcount at 275 (from 315). Redundancy and acquisition-related items are treated as one-offs in adjusted results.

Capital returns: dividend and buyback

The Board proposes a final dividend of 8.0p, taking total FY2025 dividend to 12.0p (2024: 27.6p), consistent with the stated policy to pay at least 55% of adjusted profit after tax (FY2025: 55.7%). A £10m share buyback was launched; the company notes c.89% completed to date with completion expected by end-December 2025.

Balance sheet and cash

The Group is debt-free with reported cash reserves of £64.7m (including money market funds) versus £90.8m a year earlier. IFRS net assets were reported at £115.2m. Cash fell due to lower operating cash generation, buybacks and the SKY Harbor acquisition (£4.4m paid).

Strategic progress and M&A

Impax completed the acquisition of SKY Harbor’s European assets in April 2025, adding ~£1.1bn AUM and short‑duration high‑yield capability to the fixed income platform. Management highlights diversification across listed equities, fixed income and private markets as a strategic priority.

Investment performance and outlook

Listed equity performance was mixed (benefit in parts of H2 but challenged late in the year by market narrowing). Fixed income performed well (5 of 7 principal strategies outperformed; 62% of fixed income AUM outperformed over three years). Private markets showing progress (51% of third fund exited). Management remains confident in the long‑term sustainable transition investment thesis.

Key client and distribution notes

St James’s Place redemptions (£6.2bn) materially affected flows earlier in the year. BNP Paribas AM is the largest distribution partner (c.25% of revenue) and remains a significant shareholder (~14% of issued share capital).