Impax Asset Management Group PLC

First-pass take

Impax faces secular headwinds in active management: AUM declined 30% (£37.2bn→£26.1bn) with £13bn net outflows; margin compression (31%→23.7%) despite cost discipline; dividend cut 56% (27.6p→12.0p). AI exposure is indirect (renewable energy for datacenters) not strategic. No direct AI revenue. Strong net cash (£64.7m, debt-free) and profitability provide limited downside protection against client concentration (BNP Paribas 25% of revenue) and underperformance of 'high-quality' strategies vs AI/momentum stocks.