Impax Asset Management Group Plc · LSE:IPX
Impax Asset Management — Shareholder Meeting (March 2026)
96 slides from Impax Asset Management's shareholder meeting presentation, Mar 5, 2026
Slide 1: Annual General Meeting
Annual General Meeting 5 March 2026 FOR AGM INFORMATION ONLY. THIS IS NOT A MARKETING COMMUNICATION. NOT FOR FURTHER DISTRIBUTION.
Slide 2: Proxy votes received (resolutions 1-8)
For your information, proxy votes were received by the Company as follows: FOR DISCRETION AGAINST WITHHELD 1 65,037,593 8,078 44,808 407,706 2 65,165,326 8,078 277,169 47,612 3 65,137,423 8,078 307,930 44,754 4 65,097,879 8,078 231,184 161,044 5 65,058,017 8,078 240,653 191,437 6 65,244,128 8,078 17
Slide 3: Proxy votes received (resolutions 9-16)
For your information, proxy votes were received by the Company as follows: FOR DISCRETION AGAINST WITHHELD 9 65,113,333 8,078 213,862 162,912 10 64,853,724 8,078 594,321 42,062 11 65,382,657 8,078 72,041 35,409 12 65,423,434 8,078 40,243 26,430 13 65,244,054 8,078 199,141 46,912 14 65,262,616 8,078
Slide 4: Business Update
Business Update 5 March 2026 Specialist approach: positioned for growth FOR AGM INFORMATION ONLY. THIS IS NOT A MARKETING COMMUNICATION. NOT FOR FURTHER DISTRIBUTION.
Slide 5: Agenda
Agenda 1 FY25 highlights 2 Our strategy 3 FY26 trading update 4 Outlook 5
Slide 6: Why Impax?
Why Impax? Compelling Global player with Scalable investment weakening business opportunity competition model Established client bases in the EU, Scale in listed equities Economic transition: North America & Asia mispricing of growth & risk Strong foundations in fixed income Politics deterring many
Slide 7: FY25 highlights
FY25 highlights Positive Reduced cost Financial strength Challenging Improving Equity strategies momentum base without maintained, market for active flows trend in offer compelling towards strategic impacting updated dividend investment second half of fundamentals priorities: closed capabilities or
Slide 8: FY25: Key Performance Indicators
FY25: Key Performance Indicators1 Revenue Adjusted operating Dividend per share4 £141.9m profit1,2 12.0p FY 2024: £170.1m £33.6m FY 2024: 27.6p FY2024: £52.7m Adjusted operating Adjusted diluted Cash reserves margin2 earnings per share3 £64.7m 23.7% 21.3p FY 2024: £90.8m FY 2024: 31:0% FY 2024: 32.2
Slide 9: FY25: well-diversified AUM and revenue
FY25: well-diversified AUM and revenue AUM by range AUM by region1 Revenue by product type2 64% 34% 52% Thematic North Own label Equities America funds 61% 27% 47% 24% 58% 25% Core BNPP mutual EMEA Equities funds 34% 46% 25% 9% 7% Sub-advised 13% Fixed and advisory UK Income funds 3% 23% 17% 2% 1% 1
Slide 10: FY25: breakdown of AUM movement
FY25: breakdown of AUM movement (£bn) 37.2 1.8 2.4 (6.2) 25.3 26.1 2.4 1.1 (5.8) (1.8) (5.1) 1 30/09/2024 SJP Other Inflows Market 31/03/2025 Outflows Inflows Acquired Market 30/09/2025 outflows outflows movement assets movement 10 As at 30 September 2025, assets under advice represent ~4% of total
Slide 11: FY25 financial performance
FY25 financial performance Financial highlights Adjusted 33.6 • Adjusted operating profit of £33.6m (FY24 £52.7m) operating 52.7 profit (£m)¹ 58.1 Adjusted 21.3 diluted earnings • Adjusted diluted EPS 21.3p (FY24 32.2p) per share 32.2 (pence) 35.2 141.9 • Revenue £141.9m (FY24 £170.1m) with improved
Slide 12: Our strategy
Our strategy 12
Slide 13: Four market trends that are shaping clients' needs
Four market trends that are shaping clients’ needs 1 3 Active management remains a growing Asset owners value sustainability factors market, despite rise of passive investing • 70% integrate these factors into • Active equity strategies’ AUM forecast to investment process1 grow by 30% by 20292 • Pol
Slide 14: Strategic drivers: A sustainable model that responds to clients' needs
Strategic drivers: A sustainable model that responds to clients’ needs Organically Build scale in Grow grow listed fixed income private equity equities Deepen client Refine our Enhance partnerships and efficient, agile distribution strengthen brand and scalable channels differentiation operating mod
Slide 15: Organically growing listed equities
Organically growing listed equities Process enhancements • Better use of technology • Structured research team Core Thematic LE LE Product development Total AUM £6.2bn • First ETF product (in the U.S.) (25%) £24.2bn • Systematic equities £15.1bn (62%) Source: AUM data, Impax as of 31 December 2025.
Slide 16: Building scale in fixed income
Building scale in fixed income Fixed £2.4bn • SKY Harbor acquisition closed income (10%) • Global institutional-quality team £1.6bn High Yield (23 team members) • Well-diversified client base £0.7bn Investment Grade Total AUM £24.2bn • Established investment products £0.1bn Emerging Mkts Corp. • New
Slide 17: Growing private equity
Growing private equity • LP investors are increasing allocations to private markets1 • ‘Renewables’ & ‘energy transition’ popular among major allocators1 • Impax’s 20 years’ experience underpins considerable credibility • Fund III: 51% exited to date; encouraging investment performance • Fund IV: 60
Slide 18: Enhancing distribution channels & client partnerships
Enhancing distribution channels & client partnerships Growing direct distribution capabilities • Largest ever segregated mandate win (new European institutional client) • Impax staff now also covering DACH, Scandinavia, Benelux, France, Canada Cultivating targeted third-party relationships • Relativ
Slide 19: Impax Sustainability Centre
Impax Sustainability Centre • Key knowledge centre to enhance investment processes & product innovation Climate Nature • Provides an edge in establishing & growing client relationships • Team members in Impax offices in the UK, United States & Hong Kong • Accelerating use of technology to support Pe
Slide 20: Towards an efficient, agile & scalable operating model
Towards an efficient, agile & scalable operating model Talent Efficiency and technology • Strong colleague alignment with • In FY25 we removed ca. 45 roles company’s mission and values (ca. 15% of total) from across the firm • Successful focus on staff retention: • No reduction in capabilities or gr
Slide 21: FY26 trading update
FY26 trading update 21
Slide 22: FY26: challenging backdrop, but opportunities emerging
FY26: challenging backdrop, but opportunities emerging • Global economy in transition, despite the political noise • CY26: signs of further broadening in equity markets • Geopolitical tensions and tariff uncertainty continue • Middle East: energy price shocks can accelerate investment in efficiency
Slide 23: Equity markets: signs of further broadening since January 2026
Equity markets: signs of further broadening since January 2026 Rotating out of US, Mega-caps, and Technology towards “HALO” stocks1 MSCI ACWI vs ‘Magnificent 7' (rebased to 100) MSCI ACWI Sector Returns (rebased to 100) 110 115 105 110 105 100 100 95 95 30/09/2025 31/10/2025 30/11/2025 31/12/2025 31
Slide 24: Equity markets remain concentrated by historical standards
Equity markets remain concentrated by historical standards Recent reversal only takes levels back to 2024 Weights of Top 5 and Top 10 stocks in the MSCI ACWI Index 30 25 20 15 10 5 0 Weight of Top 10 Weight of Top 5 24 Figures refer to the past and that past performance is not a reliable indicator o
Slide 25: Listed equities: thematic strategies benefitting from recent rotation
Listed equities: thematic strategies benefitting from recent rotation Select strategy performance versus benchmark (GBP, annualised, %)1 Past performance does not predict future returns Water AUM £5.2bn2 Leaders AUM £4.8bn2,3 19.6 19.6 16.3 15.3 13.9 15.3 13.9 12.0 11.0 7.1 7.5 7.2 7.9 4.3 4.3 2.4 (
Slide 26: Fixed income: stronger relative performance in recent years
Fixed income: stronger relative performance in recent years Select strategy performance versus benchmark (GBP, annualised, %)1 Past performance does not predict future returns Core Bond High Yield AUM £0.6bn3 AUM £0.4bn2 9.0 8.7 3.9 6.2 3.1 5.8 1.8 2.2 0.6 1.2 0.7 0.1 (0.3) (0.2) (0.1) (0.4) (1.2) 4
Slide 27: FY26: AUM movement
FY26: AUM movement Q1 (Oct to Dec 2025) • AUM: £24.2bn on 31 December 2025 • Improvement in net outflows driven by small number of institutional clients Q2 (Jan 2026 onwards) • Supportive markets/performance: 65% of AUM outperforming generic benchmarks in Q21 • Flows: pick up as performance improves
Slide 28: Outlook
Outlook 28
Slide 29: Outlook
Outlook • Investment thesis remains intact • Our specialist positioning sets us apart from peers • Notable turnaround in performance in CY26 • Focus on multi-dimensional client partnerships to cement long-term relationships • Good progress to diversify the business, along with a focus on efficiency
Slide 30: Annual General Meeting
Annual General Meeting FOR AGM INFORMATION ONLY. THIS IS NOT A MARKETING COMMUNICATION. NOT FOR FURTHER DISTRIBUTION.
Slide 31: Appendices
Appendices 31
Slide 32: FY24: movement in net flows - by channel (£m)
FY24: movement in net flows - by channel (£m) Funds sub-managed for St. James’s Place BNP Paribas Asset Management North America (1,044) Own label¹ (6,201) (2,105) (859) BNP 2 (68) Sub-advised & advisory (719) (3,073) (277) Segregated (481) accounts (5) Other UK/Ireland Other EMEA distributors/funds
Slide 33: Revenue performance
Revenue performance Revenue (£m) Average fee margin (bps) Avg. 46.9 AUM £bn 37.8 29.9 45.2 178.4 44.3 170.1 (37.4) 2.5 (0.6) 141.9 7.3 *SJP: (10.1) FY 2023 FY 2024 Net flows Market Fixed income Other FY 2025 movement acquisitions 2023 2024 2025 Sept-25 Sept-25 run-rate run rate: margin: £126.1m 48.4
Slide 34: Active cost management
Active cost management Adjusted operating expenses (£m) Total staff (Period end)1 FY 2025 23 59 82 112 275 FY 2024 18 68 99 130 315 FY 2023 10 60 105 125 300 Fixed income investment Listed equity investment Client group Other staff Operating margin FY 2025 23.7% FY 2024 31.0% £m Run Rates FY 2023 32
Slide 35: Healthy cash balance, dividend reset at a sustainable level
Healthy cash balance, dividend reset at a sustainable level Cash movements (£m)1 Dividend (pence per share) 21.2 2025 4.0 8.0 12.0 87.7 90.8 2024 4.7 22.9 27.6 64.7 (35.3) 2023 4.7 22.9 27.6 (6.9) (4.4) (0.7) 27.6 2022 4.7 22.9 2021 3.6 17.0 20.6 2020 1.8 6.8 8.6 FY 2023 FY 2024 Cash Dividends Acqui
Slide 36: Strong capital position maintained with no debt
Strong capital position maintained with no debt Shareholder equity (£m) Capital update • Healthy capital surplus 134.0 131.1 115.2 • Share buyback 89%1 complete 50.6 51.5 • £16.8m seed capital supporting growth 54.5 opportunities 30.1 30.1 10.0 Capital allocation priorities 22.6 22.2 22.6 • Financia
Slide 37: Continued revenue diversification
Continued revenue diversification Revenue by range Revenue by strategy1 ■ Leaders 23% ■ Intl Sust Economy 3% ■ Water 14% ■ US Small Cap 3% Thematic Equities FY25:62% ■ Specialists 13% FY24: 61% ■ US Sustainable 1% FY25: 24% ■ Climate 6% Economy Core Equities FY24: 27% ■ Sustainable 2% ■ Core Bond 2%
Slide 38: Share management
Share management Buyback programme Employee Benefit Trust (EBT) IPX shares in issue (m) • Share purchases into EBT continue – 1.7m (£3.4m) shares As at the beginning of the buyback programme purchased in FY25. (22 May 2025) 132.6 • Total shares held in EBT of 5.9m as at Period End. Acquisition of ow
Slide 39: Adjusted IFRS performance measures
Adjusted IFRS performance measures As a result of the acquisitions, certain financial IFRS PBT to adjusted PBT (£m) performance measures have been prepared on an adjusted basis. ‘Adjusted’ financial metrics Adjusted PBT 34.3 are shown after removing the effects of primarily: Foreign Exchange 0.2 • F
Slide 40: Share awards and seed investments
Share awards and seed investments Share awards outstanding1 Awards Number outstanding Vesting date End of exercise period RSS (Purchased in EBT) 2,852,060 2025–2029 RSP (New scheme – not purchased) 925,809 2028 - 2030 LTOP 3,250,911 2028–2035 Total 7,028,780 Seed investments Theme Sep 2024 (£m) Sep
Slide 41: Background to the Company
Background to the Company 41
Slide 42: Impax Asset Management
Impax Asset Management Overview £24.2bn AUM Listed equities, fixed income & private markets Specialist asset manager, over 25 years’ experience Approx. 100 investment team members1 Offices in UK, US, Hong Kong, Ireland, Japan, Denmark and Germany Global distribution & partnership approach with clien
Slide 43: A global economy in transition, despite the political noise
A global economy in transition, despite the political noise • Resource/environmental constraints • Impacting all sectors • Regulation • Varying pace and scale of • Technology change transformation • Evolving consumer/social • Focused research can factors expose inefficiency 43
Slide 44: Impax capabilities
Impax capabilities Investment platform aligned with the transition to a more sustainable economy £19.1bn £2.1bn £2.4bn £1.8bn £633m Source: Impax as of 31 December 2025. Dates noted above reflect inception of GIPS Composite for each strategy. Please note that some vehicles may have longer track reco
Slide 45: Assets under management growth since inception
Assets under management growth since inception Assets under management (£m) 1998 15 1999 20 2000 39 2001 38 2002 55 2003 66 2004 69 2005 214 2006 429 2007 982 AUM 2008 1,099 2009 1,265 £24.2bn 2010 1,823 2011 1,896 At 31 December 2025 2012 1,828 2013 2,197 2014 2,755 2015 2,823 2016 4,502 2017 7,261
Slide 46: Investment performance
Investment performance 46
Slide 47: Thematic equities
Thematic equities Performance versus benchmark (cumulative, %)1 Past performance does not predict future returns Water AUM £5.5bn Leaders AUM £5.4bn2 Specialists AUM £2.1bn Water MSCI ACWI³ Leaders MSCI ACWI³ 81.2 81.2 Specialists MSCI ACWI³ 81.2 66.1 54.8 54.8 53.4 54.8 36.2 39.2 36.4 16.8 16.8 16.
Slide 48: Core equities
Core equities Performance versus benchmark (cumulative, %)1 Past performance does not predict future returns Global Opportunities AUM £2.7bn US Large Cap AUM £0.8bn Global Opportunities US Large Cap MSCI ACWI² 81.2 Figures refer to the past and that past performance is not S&P 500³ 105.8 54.8 53.7 8
Slide 49: Fixed income
Fixed income Performance versus benchmark (cumulative, %)1 Past performance does not predict future returns US Short Duration High Yield AUM £0.9bn Core Bond AUM £0.6bn High Yield AUM £0.4bn US Short Duration High Yield High Yield Core Bond Bloomberg US Aggregate² 3 ICE 1-5 Year BB-B US HY Constrain
Slide 50: Asian Environmental strategy: GIPS report
Asian Environmental strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description MSCI AC AP 3yr The Asian Environmental Composite contains long only Total Firm Composite Number of Annual Gross Annual Net MSCI AC AP Asset Weighted 3yr Annualized Annualized Std ac
Slide 51: Asian Environmental strategy: GIPS report cont.
Asian Environmental strategy: GIPS report– US$ cont. Firm Information under management, including those accounts no longer with the firm. Composite performance portrayed reflect the reinvestment of dividends, capital gains, and other earnings when Impax Asset Management is defined as Impax Asset Man
Slide 52: Core Bond strategy: GIPS report
Core Bond strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description Bloomberg US Total Firm Bloomberg US Aggregate 3yr The Core Bond Composite seeks to generate income consistent Assets Composite Number of Annual Gross Annual Net Aggregate Asset Weighted 3yr
Slide 53: Core Bond strategy: GIPS report cont.
Core Bond strategy: GIPS report– US$ cont. Firm Information Impax Asset Management uses a model fee, which is the maximum applicable fee, for the computation of composite net-of-fee returns. Since March 2015 net of fee performance was Impax Asset Management is defined as Impax Asset Management Ltd,
Slide 54: Climate strategy: GIPS report
Climate strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description Annual Benchmark 3yr The Climate Composite contains long only accounts, which Total Firm Composite Number of Annual Gross Annual Net Benchmark Asset Weighted 3yr Annualized Annualized Std inves
Slide 55: Climate strategy: GIPS report cont.
Climate strategy: GIPS report– US$ cont. Firm Information amendment was applied retroactively to more accurately reflect the composite performance. Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Fees and Expenses (AIFM) Ltd., Impax Asset Management Ireland Lt
Slide 56: Core Plus Bond strategy: GIPS report
Core Plus Bond strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description Bloomberg US Bloomberg US Aggregate 3yr The Core Plus Bond Composite primarily invests in impact bonds, Total Firm Composite Number of Annual Gross Annual Net Aggregate Asset Weighted 3y
Slide 57: Core Plus Bond strategy: GIPS report cont.
Core Plus Bond strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Management Ireland
Slide 58: EM Corporate Bond strategy: GIPS report
EM Corporate Bond strategy: GIPS report– US$ Past performance does not predict future returns. JP Morgan Composite Description CEMBI Broad Diversified The Emerging Markets Corporate Bond Strategy seeks to Total Firm Annual Gross Annual Net Index (USD MSCI EAFE 3yr generate long term capital growth a
Slide 59: EM Corporate Bond strategy: GIPS report cont.
EM Corporate Bond strategy: GIPS report– US$ cont. Firm Information This performance report should not be construed as a recommendation to purchase or sell any particular securities held in composite accounts. Market conditions can vary widely over time Impax Asset Management is defined as Impax Ass
Slide 60: Sustainable Food strategy: GIPS report
Sustainable Food strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description Annual Benchmark 3yr The Sustainable Food Composite contains long only Total Firm Composite Number of Annual Gross Annual Net Benchmark Asset Weighted 3yr Annualized Annualized Std acc
Slide 61: Sustainable Food strategy: GIPS report cont.
Sustainable Food strategy: GIPS report– US$ cont. Firm Information net of foreign withholding taxes on dividends, interest income and capital gains. Starting March 2015, the benchmark performance presented was changed from gross of withholding taxes to Impax Asset Management is defined as Impax Asse
Slide 62: Global Emerging Markets Opportunities strategy: GIPS report
Global Emerging Markets Opportunities strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description MSCI EM 3yr The Global Emerging Markets Opportunities Strategy Total Firm Composite Number of Annual Gross Annual Net MSCI EM Asset Weighted 3yr Annualized Annuali
Slide 63: Global Emerging Markets Opportunities strategy: GIPS report cont.
Global Emerging Markets Opportunities strategy: GIPS report– US$ cont. Firm Information presented net of foreign withholding taxes on dividends, interest income and capital gains. Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Fees and Expenses (AIFM) Ltd., I
Slide 64: Global High Yield Bond strategy: GIPS report
Global High Yield Bond strategy: GIPS report– US$ Past performance does not predict future returns. ICE BofA Global Composite Description ICE BofA Global High Yield Index Total Firm Annual Gross Annual Net High Yield Index (USD Hedged) The Global High Yield Bond Strategy seeks to generate Assets Com
Slide 65: Global High Yield Bond strategy: GIPS report cont.
Global High Yield Bond strategy: GIPS report– US$ cont. Firm Information Impax Asset Management uses a model fee, which is the maximum applicable fee, for the computation of composite net-of-fee returns. Since January 2019 net of fee performance was Impax Asset Management is defined as Impax Asset M
Slide 66: Global Opportunities strategy: GIPS report
Global Opportunities strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description Annual Benchmark 3yr The Global Opportunities Composite contains long only Total Firm Composite Number of Annual Gross Annual Net Benchmark Asset Weighted 3yr Annualized Annualized
Slide 67: Global Opportunities strategy: GIPS report cont.
Global Opportunities strategy: GIPS report– US$ cont. Firm Information capital gains. Previously, the performance was presented gross of withholding taxes. The amendment was applied retroactively to more accurately reflect the composite performance. Impax Asset Management is defined as Impax Asset M
Slide 68: Global Social Leaders strategy: GIPS report
Global Social Leaders strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description MSCI AC World The Global Social Leaders Composite contains long only Total Firm Composite Number of Annual Gross Annual Net MSCI AC World Asset Weighted 3yr Annualized 3yr Annuali
Slide 69: Global Social Leaders strategy: GIPS report cont.
Global Social Leaders strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Management
Slide 70: Global Women's Leadership strategy: GIPS report
Global Women's Leadership strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description MSCI World 3yr The Global Women’s Leadership Strategy invests in Total Firm Composite Number of Annual Gross Annual Net MSCI World Asset Weighted 3yr Annualized Annualized Std
Slide 71: Global Women's Leadership strategy: GIPS report cont.
Global Women's Leadership strategy: GIPS report– US$ cont. Firm Information and can result in a loss of portfolio value. The MSCI World Index performance is presented net of foreign withholding taxes on dividends, interest income and capital gains. Impax Asset Management is defined as Impax Asset Ma
Slide 72: US High Yield Bond strategy: GIPS report
US High Yield Bond strategy: GIPS report– US$ Past performance does not predict future returns. ICE BofA US Composite Description ICE BofA US Cash Pay High Cash Pay High Yield The US High Yield Bond Composite seeks to deliver high current Yield Constrained income and competitive risk-adjusted total
Slide 73: US High Yield Bond strategy: GIPS report cont.
US High Yield Bond strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Management Ire
Slide 74: International Sustainable Economy strategy: GIPS report
International Sustainable Economy strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description Total Firm MSCI EAFE 3yr The International Sustainable Economy Composite follows Assets Composite Number of Annual Gross Annual Net MSCI EAFE Asset Weighted 3yr Annual
Slide 75: International Sustainable Economy strategy: GIPS report cont.
International Sustainable Economy strategy: GIPS report– US$ cont. Firm Information to purchase or sell any particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss of portfolio value. Impax Asset Management is defined as Impax Asset Mana
Slide 76: Leaders strategy: GIPS report
Leaders strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description The Leaders Composite contains long only accounts, which MSCI AC invest globally in companies that are developing innovative Total Firm Composite Asset 3yr World 3yr Assets Assets Number of Ann
Slide 77: Leaders strategy: GIPS report cont.
Leaders strategy: GIPS report– US$ cont. Firm Information particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss of portfolio value. MSCI All Country World performance is presented net Impax Asset Management is defined as Impax Asset Ma
Slide 78: Specialists strategy: GIPS report
Specialists strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description The Specialists Composite contains long only accounts, MSCI AC which invest globally in companies that are developing Total Firm Composite Asset 3yr World 3yr Assets Assets Number of Annual
Slide 79: Specialists strategy: GIPS report cont.
Specialists strategy: GIPS report– US$ cont. Firm Information and can result in a loss of portfolio value. MSCI All Country World is presented net of foreign withholding taxes on dividends, interest income and capital gains. Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asse
Slide 80: Sustainable Infrastructure strategy: GIPS report
Sustainable Infrastructure strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description The Sustainable Infrastructure Composite contains long only accounts, aiming to deliver long term capital growth Total Firm Composite Asset 3yr FTSE GIO 3yr FTSE GIO 3yr Asse
Slide 81: Sustainable Infrastructure strategy: GIPS report cont.
Sustainable Infrastructure strategy: GIPS report– US$ cont. Firm Information particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss of portfolio value. MSCI All Country World performance is presented net Impax Asset Management is define
Slide 82: US Large Cap strategy: GIPS report
US Large Cap strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description S&P 500 3yr The US Large Cap Composite is a core equities strategy Total Firm Composite Number of Annual Gross Annual Net S&P 500 Asset Weighted 3yr Annualized Annualized Std that fully in
Slide 83: US Large Cap strategy: GIPS report cont.
US Large Cap strategy: GIPS report– US$ cont. Firm Information Impax Asset Management uses a model fee, which is the maximum applicable fee, for the computation of composite net-of-fee returns. Since December 2016 net of fee performance was Impax Asset Management is defined as Impax Asset Management
Slide 84: US Environmental Leaders strategy: GIPS report
US Environmental Leaders strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description MSCI USA 3yr The US Environmental Leaders Composite contains long Total Firm Composite Number of Annual Gross Annual Net MSCI USA Asset Weighted 3yr Annualized Annualized Std o
Slide 85: US Environmental Leaders strategy: GIPS report cont.
US Environmental Leaders strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Manageme
Slide 86: US Sustainable Economy strategy: GIPS report
US Sustainable Economy strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description Russell 1000 The US Sustainable Economy Composite follows a Total Firm Composite Number of Annual Gross Annual Net Russell 1000 Asset Weighted 3yr Annualized 3yr Annualized susta
Slide 87: US Sustainable Economy strategy: GIPS report cont.
US Sustainable Economy strategy: GIPS report– US$ cont. Firm Information Fees and Expenses Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Impax Asset Management uses a model fee, which is the maximum applicable fee, for the (AIFM) Ltd., Impax Asset Management
Slide 88: US Small Cap strategy: GIPS report
US Small Cap strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description Total Firm Russell 2000 The US Small Cap Composite a core equities strategy that Assets Composite Number of Annual Gross Annual Net Russell 2000 Asset Weighted 3yr Annualized 3yr Annualize
Slide 89: US Small Cap strategy: GIPS report cont.
US Small Cap strategy: GIPS report– US$ cont. Firm Information vary widely over time and can result in a loss of portfolio value. Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management Fees and Expenses (AIFM) Ltd., Impax Asset Management Ireland Ltd, Impax Asset Man
Slide 90: Water strategy: GIPS report
Water strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description MSCI AC World The Water Composite contains long only accounts, which Total Firm Composite Number of Annual Gross Annual Net MSCI AC World Asset Weighted 3yr Annualized 3yr Annualized invest globa
Slide 91: Water strategy: GIPS report cont.
Water strategy: GIPS report– US$ cont. Firm Information particular securities held in composite accounts. Market conditions can vary widely over time and can result in a loss of portfolio value. MSCI All Country World performance is presented net Impax Asset Management is defined as Impax Asset Mana
Slide 92: US Short Duration strategy: GIPS report
US Short Duration strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description Total Firm Composite Asset 3yr Assets Assets Number of Annual Annual Net Weighted Annualized The US Short Duration High Yield Strategy seeks to generate current Year (Millions)* (Mill
Slide 93: US Short Duration strategy: GIPS report cont.
US Short Duration strategy: GIPS report– US$ cont. Firm Information The USD is the currency used to express performance, results are affected by currency translation. Returns are presented hedged gross and hedged net of management fees and Impax Asset Management is defined as Impax Asset Management
Slide 94: Global Short Maturity strategy: GIPS report
Global Short Maturity strategy: GIPS report– US$ Past performance does not predict future returns. Composite Description Total Firm Composite Asset 3yr Assets Assets Number of Annual Annual Net Weighted Annualized The Global Short Maturity High Yield Strategy seeks to generate current Year (Millions
Slide 95: Global Short Maturity strategy: GIPS report cont.
Global Short Maturity strategy: GIPS report– US$ cont. Firm Information Other Disclosures Impax Asset Management is defined as Impax Asset Management Ltd, Impax Asset Management The USD is the currency used to express performance, results are affected by currency (AIFM) Ltd., Impax Asset Management
Slide 96: Important information
Important information Not for release, publication or distribution, directly or indirectly, in or into, any jurisdiction where to do so might constitute a violation of the relevant laws or regulations of such jurisdiction The information contained in this confidential document (the “Presentation”) a
Impax Asset Management Group — Shareholder Meeting (March 2026) on 6ix