Impax Asset Management Group (IPX) AGM 2026 presentation summary

FY25 highlights and financial performance

• Revenue declined to £141.9m (FY24: £170.1m), with adjusted operating profit at £33.6m and margin at 23.7% (FY24: 31.0%).

• Assets under management (AUM) fell to £26.1bn (FY24: £37.2bn), with AUM at 31 Dec 2025 at £24.2bn.

• Cost base reduced by about £9m, supporting margin and efficiency, with no impact on growth plans.

• Dividend reset to 12.0p per share (55.7% payout), and a £10m share buyback completed.

• Financial strength maintained with cash reserves at £64.7m (FY24: £90.8m) and no debt.

Business strategy and market positioning

• Focus on specialist, sustainable investment strategies across listed equities, fixed income, and private markets.

• Enhanced technology use, structured research, and new product launches, including first ETF in the US.

• Closed SKY Harbor acquisition, expanding fixed income capabilities and client base.

• Private equity growth driven by strong LP demand for renewables and energy transition themes.

• Distribution expanded with new mandates and broader staff coverage in key regions.

Market trends and outlook

• Asset owners increasingly integrate sustainability, with 70% doing so in investment processes.

• Active equity AUM forecast to grow 30% by 2029, with opportunities from market broadening and AI adoption.

• FY26 outlook highlights a challenging macro backdrop but notes performance turnaround and business diversification.

• Equity markets show rotation from mega-caps to "HALO" stocks, with thematic strategies benefitting.

• Fixed income strategies face tight spreads, but performance remains stable; private markets may see increased interest in liquid strategies.