Impax Asset Management Group (IPX) Trading update summary

AUM and quarterly movements

• AUM was £20.048bn at 30 September 2026, down from £23.291bn at 30 June.

• Q4 net outflows were £2.393bn: listed equities £2.173bn, fixed income £188m and private markets £32m.

• Performance, market movements and FX reduced Q4 AUM by £850m: listed equities £779m, fixed income £66m and private markets £5m.

Flows and investment performance

• Net outflows were concentrated in actively managed listed equities, which represented ~75% of AUM; management attributed them principally to a lagged client response to weaker prior performance in some strategies.

• For FY2026, net outflows were £7.781bn, partly offset by £1.774bn from performance, market movements and FX; AUM moved from £26.055bn to £20.048bn.

• Since the start of 2026, environmental themes have performed more strongly; many strategies in the area have outperformed broad benchmarks and particularly peers, according to management.

• Management cited improved sustainability-sector flows over the past year and stronger performance records in fixed income and systematic equities.

Outlook

• Management expectations for FY2026 remained unchanged.

• Marketing will focus on a more diversified product range; the private markets team is seeking additional capital as it identifies opportunities across Europe.