Condensed Consolidated Statement of
Comprehensive Income

For the six months ended 31 March 2026

All amounts in other comprehensive income may be reclassified to income in the future. The statement has been prepared on the basis that all operations are continuing operations.

Condensed Consolidated Statement of Financial Position

For the six months ended 31 March 2026

1      See note 12 for further details on the prior Period restatement.

2      See Note 10 for further details on a goodwill remeasurement relating to the SKY acquisition.

Condensed Consolidated Statement of Changes in Equity

For the six months ended 31 March 2026

Condensed Consolidated Statement of Cash Flows

For the six months ended 31 March 2026

Notes to the Condensed Consolidated Interim
Financial Statements

For the six months ended 31 March 2026

1 Basis of preparation

This interim report is unaudited and does not constitute statutory accounts within the meaning of Section 435 of the Companies Act 2006. These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 'Interim Financial Reporting' and the AIM rules. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 September 2025.

The comparative figures for the financial year ended 30 September 2025 are not the Company's statutory accounts for that financial year. Those accounts, prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 ("IFRS") and applicable law, have been reported on by the Company's auditors and delivered to Companies House. The report of the auditors was (i) unqualified, (ii) did not include a reference to matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006. Copies of these accounts are available upon request from the Company's registered office at 7th floor, 30 Panton St, London, SW1Y 4AJ or at the Company's website: www.impaxam.com.

Going concern
The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons. Cash flow forecasts covering a period of 12 months from the date of approval of these financial statements indicate that, taking account of reasonably possible downside assumptions in relation to asset flows, market performance and costs, the Group will have sufficient funds to meet its liabilities as they fall due and regulatory capital requirements for that period. The Group has sufficient cash balances and no debt and, based on Period-end market levels, is profitable. A significant part of the Group's cost basis is variable as bonuses are linked to profitability. The Group can also preserve cash through dividend reduction and through issuance of shares to cover share option exercises/restricted share awards (rather than purchasing shares). Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

Accounting policies
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements for the year ended 30 September 2025.

New and forthcoming accounting standards applicable to the Group
There were no Standards or Interpretations that were in issue and required to be adopted by the Group as at the date of authorisation of these consolidated financial statements. The forthcoming requirements surrounding IFRS 18 (Presentation and Disclosure in Financial Statements) are expected to have a material impact on the Group's financial statements issued after the effective date on 1 January 2027. No other Standards or Interpretations have been issued that are expected to have a material impact on the Group's financial statements.

2 Estimates & judgements

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The Group has not identified any significant judgements and estimates at the end of the reporting Period. However the key areas that include judgement and/or estimates are set out in note 10.

3 Adjusted profits and earnings

The reported operating earnings, profit before tax and earnings per share are substantially affected by business combination effects and other items. The Directors have therefore decided to report adjusted operating profit, adjusted profit before tax and adjusted earnings per share which exclude these items in order to enable comparison with peers and provide consistent measures of performance over time. A reconciliation of the adjusted amounts to the IFRS reported amounts is shown below.

The adjusted diluted earnings per share is calculated using the adjusted profit after taxation shown above. The diluted number of shares is the same as used for the IFRS calculation of earnings per share (see note 8).

Similar adjustments have been made, where relevant, for the year ended 30 September 2025 to give adjusted operating profit of £33,642,000, adjusted profit before tax of £34,271,000 and adjusted diluted earnings per share of 21.3 pence.

Amortisation of intangibles

Intangible assets include management contracts acquired as part of the acquisitions of Pax World Management LLC ("Impax NH"), Absalon Corporate Credit Fondsmæglerselskab A/Sis ("Impax Denmark") and SKY Harbor Capital Management GmbH ("SKY") (together the "Acquisitions") and are amortised over their 11-year for Impax NH (determined to be such by considering the average life of mutual funds in the US at the time of acquisition) and 10-year lives for Impax Denmark and SKY (determined to be such by considering Impax funds track record). This charge is not linked to the operating performance of these businesses and so is excluded from adjusted profit.

Acquisition equity incentive scheme charges

Certain employees joining the Group as a result of the Acquisitions have been awarded share-based payments. Charges in respect of these relate to the Acquisitions rather than the operating performance of the Group and are therefore excluded from adjusted profit.

Restructuring and redundancy costs

The Group has incurred restructuring and redundancy costs during the current and prior Period resulting from efficiency programmes. These costs have been excluded from adjusted operating profit measures on the basis that they are one-off in nature and not linked to the operating performance of the Group.

Acquisition costs

Acquisition costs relate to costs incurred on completed and planned business acquisitions. These charges do not relate to the operating performance of the Group and are therefore excluded from the adjusted profit.

Mark to market charge on equity incentive awards

The Group has in prior Periods and the current Period awarded employees options some of which are either unvested or unexercised at the balance sheet date. The Group has also made awards of restricted shares ("RSS and RSP awards") which have not vested at the balance sheet date. Employers national insurance contributions ("NIC") are payable on the options when they are exercised and on the RSS and RSP awards when they vest, based on the valuation of the underlying shares at that point. A charge is accrued for the NIC within the IFRS operating profit based on the share price at the balance sheet date. The Group also receives a corporation tax deduction equal to the value of the awards at the date they are exercised (for options) or vest (for RSS and RSP awards).

The tax deduction credit in excess of the cumulative share-based payment expense is recognised directly in equity. These two charges/credits vary based on the Group's share price (together referred to as "mark to market credit/charge on equity incentive schemes") and are not linked to the operating performance of the Group. A mark-to-market tax adjustment is recognised in the current Period arising from a sharp fall in share price in the period to 31 March 2026 (a 36% decrease). The share price is positively regarded by analysts with predominantly a buy rating and therefore this adjustment is considered to be necessary due to it being exceptional in nature. Both effects are therefore eliminated when reporting adjusted profit.

Finance income and expense

Finance expense for the Period has been adjusted for foreign exchange gains and losses on monetary assets that are not linked to the operating performance of the Group.

4 Segment Information

Segment information is presented on the same basis as that provided for internal reporting purposes to the Group's chief operating decision maker ("CODM"), the Chief Executive. The CODM reviews segment performance based on AUM and revenue for the 3 operating segments. Following strategic acquisitions in prior Periods, the Group now operates through three distinct business units:

•     Listed Equities - focusing on actively traded thematic and core equities strategies operating across the US, UK, Europe and Asia.

•     Fixed Income - focusing on core bond and short duration high-yield strategies operating across the US, Europe and Asia.

•     Private Markets - focusing on targeting development and construction assets to deliver value-add returns to new energy infrastructure, operating across UK and Europe.

Revenue by reportable segment is shown in the table below:

AUM  by reportable segment is shown in the table below:

5 Finance income

Foreign exchange gains in the current Period mainly arose on the retranslation of monetary assets held in US Dollars and Euros.

6 Finance expense

In the current Period, fair value losses represent those arising on the revaluation of listed and unlisted investments held by the Group (see note 12) and any gains or losses arising on related hedge instruments held by the Group.

7 Taxation

The UK tax rate for the half-year is 25%. The tax assessment for the Period is higher than this rate. The differences are explained below:

8 Earnings per share

Basic earnings per share ("EPS") is calculated by dividing the profit for the year attributable to ordinary equity holders of the Parent Company (the "Earnings") by the weighted average number of ordinary shares outstanding during the year, less the weighted average number of own shares held. Own shares are held in the Group's Employee Benefit Trust ("EBT"). Diluted EPS includes an adjustment to reflect the dilutive impact of share awards.

The weighted average number of shares is calculated as shown in the table below.

1    This is the impact of dilutive RSP. RSS and LTOP share awards vesting in the future, including only LTOP awards which are in the money.

2    This adjustment includes the anti-dilutive effects of future charges of existing dilutive share awards at the weighted average share price of HY26 as well as the options proceeds received from dilutive LTOP awards.

9 Dividends

On 5 March 2026, at the Company's Annual General Meeting, the payment of a 8.0 pence per share final dividend for the year ended 30 September 2025 (2024: 22.9 pence per share) was approved. Combined with an interim payment of 4.0 pence this gave total dividends for the year ended 30 September 2025 of 12.0 pence. The Trustee of the Impax Employee Benefit Trusts waived the Trusts' rights to part of the final dividend, leading to a total dividend payment of £9,938,207 which was paid on 20 March 2026.

The Board has declared an interim dividend for the Period of [2.0] pence per ordinary share (2025: 4.0 pence). This dividend will be paid on 17 July 2026 to ordinary shareholders on the register at close of business on 12 June 2026.

10 Goodwill and Intangible assets

The goodwill balance within the Group at 31 March 2026 arose from the acquisition of Impax Capital Limited on 18 June 2001, the acquisition of Impax NH in January 2018 and the acquisition of SKY on 1 April 2025. Following management's assessment of the annualised Run-Rate Management Fee Revenue (RMR) as at 31 March 2026, it was deemed that no contingent consideration was payable in relation to the acquisition of SKY as the RMR was below the required 75%.

Goodwill

During the Period, a subsidy liability amounting to £496,000 has been identified in relation to the acquisition of SKY within the 12 month measurement period since the acquisition, 1 April 2025. This adjustment has been recognised as an addition to the goodwill pertaining to the SKY acquisition in the period to 30 September 2025.

There were no brought forward impairment losses at 1 October 2025 or impairment charges during the Period.

The table below sets out the goodwill allocation by CGU (Impax NH, Fixed Income and Listed Equity) as at 31 March 2026.

Impairment Testing Methodology

The recoverable amount of each CGU was determined using value-in-use calculations based on discounted cash flow models over a five-year forecast period, including a terminal value (2025: five-year forecast period, including a terminal value). Cash flow projections reflect the Board-approved budget for the year ending 30 September 2026 and management's long-term growth assumptions, adjusted for historical performance to ensure neutrality. The discount rate applied was derived from the Group's weighted average cost of capital, adjusted for market-specific risks.

The impairment test for the Impax NH CGU showed no impairment (2025: no impairment) and the following key assumptions were used - Revenue growth 1.5% (2025: 5.0% revenue growth), cost growth of 3% (2025: cost growth of 3%) and a discount rate of 13.2% (2025: 12.5%).

The impairment test for the Fixed Income business CGU showed no impairment (2025: no impairment) and the following key assumptions were used - Revenue growth based on a 5% market performance growth, 0.33% average bps and average fund inflows of US$0.9bn (2025: average fund inflows of US$1.4bn, fund performance of 5%, an average bp rate of 0.35%), cost growth of 3% (2025: cost growth of 3%) and a discount rate of 13.5% (2025: 12.5%).

The goodwill on the legacy listed equity and private equity CGU arose over 20 years ago and the business has grown organically and significantly in size and profitability since that date. There is accordingly substantial headroom before an impairment is required. The main assumptions used to calculate the cash flows in the impairment test for these CGU were that assets under management and margins would continue at current levels, that revenue growth for the listed equity and private equity business would be 2% per year (2025: 5%) and a discount rate of 12.5% (2025: 12.5%). There has been no impairment of goodwill related to this CGU to date, and significant sustained asset outflows would be required before any impairment becomes necessary.

Sensitivity analyses were performed across all CGUs to assess the impact of plausible downside scenarios on discount rates, cost growth, terminal value assumptions, and revenue growth which would result in breakeven for the CGUs. Management considers none of these scenarios to be reasonably plausible.

Intangible assets

Reclassifications in the software relate to assets that had been reclassed to Property, Plant & Equipment in the year-ended 30 September 2025 and subsequently reclassed back to software assets in the Period.

With regards to Impax NH, the management contracts were acquired with the acquisition in January 2018 and are amortised over an 11-year life. The investment management agreements acquired as part of the Absalon and SKY acquisitions are amortised over a 10-year life.

Management have assessed the recoverable amount of the management contracts, relating to Impax NH, SKY and Absalon, in light of reduced AUM. It was deemed that no impairment was necessary as recoverable amount still exceeds carrying value. Details relating to assumptions made on the recoverable amount are provided below.

The recoverable amount of each group of intangibles has been determined based on value-in-use calculations using discounted cash flow models over the remaining useful life of the management contracts (2025: remaining useful life). Cash flow projections are based on the Board-approved budget for the year ending 30 September 2026 and management's long-term growth assumptions while also considering historical performance to ensure neutral, unbiased cashflows. The discount rate was derived from the Group's weighted average cost of capital, adjusted for market specific risks associated with the estimated cash flows.

The impairment test for the Impax NH Intangible assets showed no impairment (2025: no impairment) and the following key assumptions were used - Revenue growth 1.5% (2025: revenue growth of 5%), cost growth of 3% (2025: cost growth of 3%) and a discount rate of 13.2% (2025: 12.5%).

The impairment test for the SKY Intangible assets showed no impairment (2025: no impairment) and the following key assumptions were used - Revenue growth based on a 5% market performance growth, 0.31% average bps and average fund inflows of US$22.7m (2025: revenue growth of 5%), cost growth of 3% (2025: cost growth of 3%) and a discount rate of 13.5% (2025: 13.3%).

The impairment test for the Absalon Intangible assets showed no impairment (2025: no impairment) and the following key assumptions were used - average fund inflows of £431m, fund performance of 3%, an average bps rate of 0.29% (2025 average fund inflows of £243m, fund performance of 3%, an average bps rate of 0.41%), an average cost growth of 3% (2025: 3%) and a discount rate of 12.5% (2025: 12.5%).

Sensitivity analyses were performed across the intangible assets to assess the impact of plausible downside scenarios on discount rates, cost growth and revenue growth which would result in breakeven for the management contracts. Management considers none of these scenarios to be reasonably plausible.

11 Property, plant & equipment

Property, plant and equipment

The carrying value of the Group's right of use assets, associated lease liabilities and the movements during the Period are set out below.

Lease arrangements

12 SEED investments

The Group makes seed investments into its own Listed Equities funds and also invests in its Private Equity funds.

£4.7m of investments (2025: £4.6m) relate to Level 3 investments, which represent the Group's investments in private equity funds. Following a review by management made as part of the FY25 Annual Report, the directors have determined that these investments should have been classified as non-current, given their nature and the intention to realise them over the longer term. Although the directors do not consider the impact of this reclassification to be material, the comparative information has nevertheless been restated to enhance comparability. As a result, current asset investments have decreased by the same amount correspondingly. The breakdown of the above seed investments into current and non-current is provided below.

An analysis of the investment by valuation technique hierarchy is disclosed below:

Level 1 means that valuation is made by reference to quoted prices in active markets for the relevant securities.

Level 2 assets do not have regular market pricing but can be given a fair value based on quoted prices in active markets.

Level 3 assets are those where there is no readily available market information to value them and the asset value are based on models. They represent investments in our private equity funds.

There were no movements between any of the levels in the Period.

The Level 3 investments are in the Group's private equity funds. The net asset value of these funds as reported in the NAV statements represents the fair value at the end of the reporting period and as such a range of unobservable inputs is not reported. The underlying investment in the fund is based on valuation methodologies depending on the nature of the investment. If the NAV of those funds changed by +/- 10% then the valuation of those investments would change by +/- £466,000.

13 INVESTMENTS

The Group operates a deferred remuneration plan under which certain employees, whose cash bonus entitlement exceeds a threshold determined by the Remuneration Committee, are required to participate. Under this plan, a portion of the cash bonus is mandatorily deferred over a specified vesting period and invested into share units of designated Group funds. An investment asset is recognised once the deferred cash bonus is allocated to fund units. Changes in the value of  the investment are reflected in the Consolidated Income Statement with movements in the investment recognised within  Finance Income or Finance Expense (see Notes 5 and 6). The investment as at 31 March 2026 is £1,328,000 (as at 31 March 2025 and 30 September 2025: £nil).

14 Cash reserves

Cash and cash equivalents under IFRS does not include cash invested in money market funds which is exposed to market variability. However the Group considers its total cash reserves to include these amounts. Cash held in research payment accounts ("RPAs") is collected from funds managed by the Group and can only be used towards the cost of researching stocks. A liability of an equal amount is included in trade and other payables. This cash is excluded from cash reserves. A reconciliation is shown below:

15 RESTRUCTURING PROVISION

A restructuring provision is included within current trade and other payables in the Consolidated Statement of Financial Position. This restructuring provision relates to the efficiency programme discussed in further detail in the Chief Executive's Report. The impact of the programme is to remove ca. 30 roles throughout the business. The programme is expected to be complete within 12 months.

This provision meets the relevant recognition requirements and represents the estimated cash outflows required to settle the obligations under contractual and statutory entitlements for those affected roles. The provision amounts to £2.4 million and has been fully charged to the Consolidated Income Statement in the Period. It is expected to be fully utilised within 12 months of the reporting date.

16 Share capital and own shares

Ordinary shares have a par value of £0.01 per share. Each ordinary share carries the right to attend and vote at general meetings of the Company. Holders of these shares are entitled to dividends as declared from time to time. Following the commencement of the share buyback programme on 22 May 2025, a total of 5,555,658 shares were purchased at a value of £10,025,000 (including transaction costs of £8,917) and subsequently cancelled.

Own shares represents those held by the Impax Asset Management Group plc Employee Benefit Trust 2012 (the "EBT") which are typically used to fund exercise of options or awards of restricted shares. 55,000 shares were purchased by the EBT in the six months ended 31 March 2026. The EBT transferred 441,000 shares to option/restricted share holders on exercise of options or to holders of restricted shares when the restrictions lapsed.

As at 31 March 2026, there were a total of 4.4 million options outstanding over the Group's shares, of which 645,000 were exercisable. As at 31 March 2026, employees also held 5.6 million unvested Restricted Shares, including both Restricted Share Scheme awards and Restricted Share Plan awards, over which the restrictions lapse from June 2026 through to December 2030. Of these unvested Restricted Shares, 2.3 million are held in the EBT and included in the own shares numbers shown above. Own shares also includes 289,915 shares held in a nominee account for exercised options which are subject to a five-year holding period.

17 Related party transactions

Private equity funds managed by the Group, entities controlled by these funds and the Global Resource Optimization Fund LP and Impax Global Opportunities Fund LP, which has since wound up in October 2025, are related parties of the Group by virtue of subsidiaries being the General Partners to these funds.

The Group earns management fees from these entities.

BNP Paribas Asset Management Holdings ("BNP") is a related party of the Group by virtue of owning a 14.4% equity holding as well as having a representative on the Board of Directors. The Group sub-manages certain funds for BNP for which it earns fees.

Other funds managed by subsidiaries of the Group are also related parties by virtue of its management contracts. During the year two loan facilities were provided to an executive director for the sole purpose of investment in funds managed by the Group. The loans are provided at interest rates of 2.25% and 3.0% per annum on amounts drawn, calculated on a daily basis. Total interest of €3,374 (2025: €8,333) was accrued during the year and the total balance of the two loans at the Period end was €274,408 (2025: €213,393).

Revenue earned from and operating costs for related parties of the Group are as shown in the table below.

Investments in related parties of the Group and trade and other receivables due from related parties are as shown in the table below.

18 Reconciliation of net cashflow from operating activities

This note should be read in conjunction with the Condensed Consolidated Statement of Cash Flows. It provides a reconciliation of how profit before tax, which is based on accounting rules, translates to cashflows.

19 Group risks

The Group's principal risks remain as detailed within the Directors' report of the Group's 2025 Strategic Report.

Alternative Performance Measures

The Group uses the following Alternative Performance Measures ("APMs").

ADJUSTED OPERATING PROFIT, ADJUSTED PROFIT BEFORE TAX AND ADJUSTED PROFIT AFTER TAX

These APMs exclude the impact of the following items:

·        acquisition related costs;

·        amortisation of intangible assets arising on acquisitions;

·        charges in respect of equity incentive schemes relating to acquisitions;

·        restructuring and redundancy costs from efficiency programmes;

·        mark-to-market credits and charges in respect of national insurance payable and corporation tax charges and credits with respect to deferred tax on share awards; and

·        foreign exchange gains and losses on the retranslation of monetary assets that are not linked to the operating performance of the Group.

These performance measures are reported as they facilitate comparison with prior periods and provide an appropriate comparison with our peers. Excluding amortisation of intangible assets arising from acquisitions is consistent with  peers and therefore aids comparability. It also aids comparison to businesses which have grown organically, and do not have such charges. Other one-off costs relating to restructuring and redundancy programmes have been excluded as these are not linked to the operating performance of the Group. Mark-tomarket credits and charges in respect of national insurance and corporation tax charges and credits with respect to deferred tax on share awards are excluded as they arise due only to changes in the share price and therefore do not reflect the operating performance of the Group. Foreign exchange gains and losses on the retranslation of monetary assets are excluded as they are not linked to the operating performance of the Group.

A reconciliation to the relevant IFRS terms is provided in Note 3 of the financial statements.

ADJUSTED OPERATING MARGIN

This is calculated as the ratio of adjusted operating profit to revenue. This number is reported as it gives a good indication of the underlying profitability of the Company and how this has changed year-on-year.

ADJUSTED DILUTED EARNINGS PER SHARE

This is calculated as the adjusted profit after tax divided by the diluted number of shares used in the calculation of IFRS diluted earnings per share.

This is used to present a measure of profitability per share in line with adjusted profits.

A reconciliation to IFRS diluted earnings per share is shown in Note 3 of the financial statements.

CASH RESERVES

Cash reserves is the sum of cash and cash equivalents and cash held in money market accounts less cash held in research payment accounts and cash held by consolidated funds. The calculation of cash reserves is shown in Note 14 to the financial statements.

Cash reserves are reported as they give a good indication of the total cash resources available to the Group.