AUM increased 3% over Q3 of FY25 (year-end 30 Sep 25) to £26.1bn on 30 Jun 25. Investment performance boosted AUM by +£1.0bn, or 4% of opening AUM. The Sky Harbor acquisition in the fixed income space closed on 1 Apr 25, adding £1.1bn. Net flows were negative at -£1.3bn, but positive in the month of June - a material improvement on recent quarters. Impax said the improving net flow situation “reflected strong institutional client commitments and fresh momentum in our wholesale channels in Europe.” It also noted that most of its AUM follows investment strategies that have outperformed their generic benchmarks this year, which bodes well for future flows. Our previous forecast for end-FY25 AUM was £25bn,i.e. lower than current AUM. But markets are volatile with much uncertainty, especially around US trade/tariff policy. So for now we take a conservative approach and leave our FY forecast unchanged. However, we would again highlight Impax’s deeply discounted PER in comparison to sector peers and believe it to be a robust business with a huge opportunity. Our DCF valuation remains at 400p / share, more than twice the share price.