This morning, Impax Asset Management Group published 1H26 results with adjusted operating profit down 45% YoY to £11.3m (lighter than our expectations, covering c.68% of FY26E consensus) and EPS down 41% YoY to 7.4p (lighter than our expectations, covering c.66% of FY26E consensus). This was driven by revenues down 23% YoY to £58.8m (in-line with CAVe and covering c.53% of FY26E consensus) and operating expenses down 15% YoY to £47.5m (7% heavier than our expectations, and c.51% vs. FY26E consen ....
