Impax has delivered flat qoq AuM, in line with our estimate. That said, outflows were higher than expected but similarly so was performance with a net neutral impact. Net outflows have continued as quality remains out of favour as a style, but more recently performance has been strong given overall asset price performance. We are encouraged to note that there have been mandate wins underneath headline numbers as clients look to partner with a specialist to capture longer term trends towards Sustainability. We make no change to our forecasts and reiterate our BUY/270p 12m TP (14x FY26e PER).
