Impax Asset Management Group PLC

Latest Results (08.07.2026):

Impax Asset Management Group plc — results for the year ended 30 September 2025 (Q4 / FY2025). The Group reported a marked reduction in AUM to £26.1bn and significant net outflows of £13.0bn during the year, with stabilisation and a modest recovery in the second half. Revenue and profits fell materially, driven by the lower AUM, but management has cut costs, completed a strategic fixed‑income acquisition (SKY Harbor European assets), continued a £10m buyback and proposed a reduced final dividend while retaining a strong, debt‑free balance sheet.

AUM and net flows

AUM at £26.1bn (30 Sep 2024: £37.2bn). Net flows were negative £13.0bn (2024: negative £5.8bn). Outflows were larger in H1 (£10.2bn) than H2 (£2.8bn), with AUM recovering from £25.3bn at 31 Mar 2025 to £26.1bn at 30 Sep 2025.

Revenue and operating profit

Revenue fell 16.6% to £141.9m (2024: £170.1m). Adjusted operating profit decreased 36.2% to £33.6m (2024: £52.7m) and adjusted operating margin declined to 23.7% (2024: 31.0%). IFRS profit before tax was £27.8m (down 43.1%).

Earnings per share

Adjusted diluted EPS 21.3p (2024: 32.2p). IFRS diluted EPS 15.8p (2024: 28.2p), reflecting lower profits and fewer shares after buybacks.

Dividend and buyback

Board proposes a final dividend of 8.0p, taking total dividend to 12.0p for FY2025 (2024: 27.6p). The payout represents 55.7% of adjusted profit after tax (in policy). A £10m share buyback was announced and was ~89% completed at the time of the report (1.9m shares repurchased for £3.5m by 30 Sep; a further 2.9m for £5.3m purchased after signing), expected to complete by 31 Dec 2025.

Balance sheet and cash

Group remains debt‑free with net assets of £115.2m. Reported cash reserves (including money market funds) were £64.7m (2024: £90.8m); cash fell partly due to buybacks and the SKY Harbor acquisition.

Strategic developments

Completed acquisition of SKY Harbor’s European assets (1 Apr 2025), adding ~£1.1bn AUM and short‑duration high‑yield capability. Fixed income AUM increased to c. £2.4bn and the fixed income team expanded to ~23 investment professionals.

Cost actions and headcount

Adjusted operating costs reduced to £108.2m (2024: £117.4m) after a programme removing ~45 roles (~15% headcount). Headcount at period end was 275 (down from 315), with management saying capabilities were preserved.

Market backdrop and outlook

Company cites a challenging market for active managers, driven by concentration in AI/momentum stocks and policy uncertainty, but reports improving momentum in H2 and reiterates confidence in the long‑term sustainable‑transition investment thesis. Board affirms going concern and a cautious, capital‑preserving approach to growth.