Q2 AUM update

In brief · summary, not quotable

Impax Asset Management Group plc reported that its assets under management (AUM) decreased by 8.0% to £22.3 billion as of March 31, 2026, following a challenging period for thematic strategies. Despite market turbulence, 63.4% of AUM outperformed during the quarter, though net outflows continued, primarily from institutional investors. The company anticipates further AUM reduction due to an "Exit Tender" process for Impax Environmental Markets plc, but aims to retain assets by offering a switch to a UCITS fund. Consequently, Impax expects its full-year revenue to be between £109 million and £113 million and is implementing measures to improve operating efficiency.

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Impax, the AIM-listed specialist investor focused on the transition to a more sustainable economy, today provides an update on the development of its assets under discretionary and advisory management ("AUM") for the second quarter of its financial year.

On 31 March 2026, the Company's AUM totalled £22.3 billion, representing a decrease of 8.0% over the three-month period.

Ian Simm, Chief Executive, said:

"Since January, after a difficult three-year period for investment managers like Impax that focus on actively managed thematic strategies, markets have been considerably more favourable. During the second quarter, 63.4% of our AUM outperformed, notwithstanding the more recent market turbulence.

"As many asset owners base their investment decisions on historical numbers over at least one year, we were not surprised to see a continuation in net outflows, driven principally by redemptions from a small number of institutional investors. By contrast, net outflows in our wholesale channel were lower and we continue to see an improving trend in flows via our largest distribution partner.

"Looking ahead, in the near term we expect that the 'Exit Tender' process by Impax Environmental Markets plc ('IEM') will lead to the loss of most of the assets that we currently manage in this investment trust; however, we aim to retain a meaningful percentage of those assets by offering a switch to the equivalent Impax UCITS fund, managed by the same team.

"Following the recent net outflows and these uncertain external tail risk factors, we expect that our revenue for the financial year will be in the region of £109m - £113m. Against this backdrop we are taking further steps to improve our operating efficiency.

"Longer term, the fundamentals that underpin our investment thesis continue to strengthen, particularly in the areas of renewable energy and energy efficiency, key components of energy security, which is already a priority globally in light of the currently elevated geopolitical tension."

Movements in the Company's AUM for the quarter ended 31 March 2026

	Listed equities	Fixed income	Private markets	Total firm
	£m	£m	£m	£m
Total AUM at 31 December 2025	21,222	2,385	633	24,240
Net flows	(1,964)	(53)	7	(2,011)
Performance, market movement, and FX	84	(3)	1	83
Total AUM at 31 March 2026	19,342	2,329	641	22,312

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