IMPAX Asset Management Group

Website: IMPAX Asset Management Group
Index: AIM
EPIC: IPX
Supersector: Financial Services
Sector: Financial Services
Subsector: Investment Services
Market Cap: £123.05M
Payout Frequency: Semi-Annual

Next IMPAX Asset Management Group Dividend

IMPAX Asset Management Group next goes ex-dividend on 11/06/2026. This will be the Interim dividend for 2026.

The dividend per share amount is 2.0000p (GBP) and the payment date is 17/07/2026.

Declared Dividend

Interim dividend: 2.0 pence per share (vs 4.0p in H1 2025)
Policy: Unchanged – target payout of at least 55% of adjusted profit after tax (annually)
FY25 total dividend was 12.0p (final 8.0p paid March 2026)

Key Dates

Context and Coverage

Adjusted diluted EPS (H1 2026): 7.4p; IFRS diluted EPS: 4.4p
Dividend cover (H1, adjusted basis): c.3.7x (2.0p/7.4p); indicative payout ratio c.27% for the interim
Cash reserves: £46.0m; capital surplus: £49.1m; no debt
AUM: £22.3bn (down from £26.1bn at FY25); net outflows: £3.6bn in H1

Short Analysis: Sustainability, Growth Trajectory, Support

Sustainability: The reduced interim (2.0p) is prudently covered by H1 earnings (c.3.7x on adjusted EPS) and backed by £46m cash and an unlevered balance sheet. Cost actions (c.11% headcount reduction; restructuring provision £2.4m) should support margins from H2 onward.
Growth trajectory: The dividend trend is negative short term (interim halved vs prior year; FY25 final cut to 8.0p). Future growth hinges on stabilising flows and sustaining recent investment outperformance (70% of AUM outperforming YTD to 30/04/2026). With policy at “=55% of adjusted PAT” annually, the final dividend will likely act as the top-up lever based on H2 results.
Support from performance/capital allocation: H1 revenue and margins compressed (adjusted operating margin 19.2%). However, the completed £10m buyback (Dec 2025) reduced shares in issue to c.127.0m, modestly lowering the cash cost of dividends. Liquidity and regulatory capital remain strong, providing cushion to maintain the interim and potentially calibrate the final.

Structural and Policy Developments (Dividend-Relevant)

Share buyback: First programme completed in Dec 2025 (£10m; ~5.6m shares repurchased), reducing dividend outlay on a per-pence basis going forward.
Product diversification: Launch of first US ETF; continued build-out in systematic equities and fixed income may support broader fee resilience over time.
Cost actions: Targeted reductions (~30 roles) and simplification should improve dividend capacity if revenues stabilise.
No demergers/M&A announced in the Period that change dividend policy; policy explicitly unchanged at =55% of adjusted PAT.

Risks / Flags to Dividend Stability

Persistent net outflows (£3.6bn in H1) and lower AUM (£22.3bn) pressure fee revenue and dividend headroom if not reversed.
Margin compression (19.2% adjusted operating margin) and higher effective tax rate (25%) dampen earnings leverage.
Market/geo risk: Equity market turbulence and energy/geopolitical shocks could stall the recent performance improvement and delay flow recovery.
Client behaviour: Institutional redemptions and the post-period IEM plc Exit Tender may weigh on near-term flows, though mitigation efforts are in place.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
19/02/2026	20/03/2026	Final	8.0000p	GBX
11/06/2026	17/07/2026	Interim	2.0000p	GBX

Total (Annual Dividends Per Share): 10.00p

Dividend Yield = Annual Dividends Per Share (10.00p) ÷ Share Price (99.7p) = 10.03%

Ex Dividend Date	Payment Date	Type	Amount	Currency
11/06/2026	17/07/2026	Interim	2.0000p	GBX
19/02/2026	20/03/2026	Final	8.0000p	GBX
12/06/2025	18/07/2025	Interim	4.00p	GBX
20/02/2025	21/03/2025	Final	22.90p	GBX
13/06/2024	19/07/2024	Interim	4.70p	GBX
08/02/2024	22/03/2024	Final	22.90p	GBX
15/06/2023	21/07/2023	Interim	4.70p	GBX
09/02/2023	21/03/2023	Final	22.90p	GBX
16/06/2022	22/07/2022	Interim	4.70p	GBX
10/02/2022	31/03/2022	Final	17.00p	GBX
10/06/2021	16/07/2021	Interim	3.60p	GBX
18/02/2021	26/03/2021	Final	6.80p	GBX
11/06/2020	17/07/2020	Interim	1.80p	GBX
20/02/2020	27/03/2020	Final	4.00p	GBX
13/06/2019	19/07/2019	Interim	1.50p	GBX
07/02/2019	15/03/2019	Final	3.00p	GBX
14/06/2018	20/07/2018	Interim	1.10p	GBX
14/06/2018	20/07/2018	Special	2.60p	GBX
08/02/2018	16/03/2018	Final	2.20p	GBX
25/05/2017	23/06/2017	Interim	0.70p	GBX
16/02/2017	17/03/2017	Final	1.60p	GBX
26/05/2016	23/06/2016	Interim	0.50p	GBX
11/02/2016	11/03/2016	Special	0.50p	GBX
11/02/2016	11/03/2016	Final	1.20p	GBX
28/05/2015	26/06/2015	Interim	0.40p	GBX
22/01/2015	20/02/2015	Final	1.10p	GBX
21/05/2014	20/06/2014	Interim	0.30p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024	4.700	22.900		GBX	27.600	0.000
2023	4.700	22.900		GBX	27.600	0.000
2022	4.700	22.900		GBX	27.600	33.980
2021	3.600	17.000		GBX	20.600	139.530
2020	1.800	6.800		GBX	8.600	56.360
2019	1.500	4.000		GBX	5.500	-17.910
2018	1.100	3.000	2.600	GBX	6.700	131.030
2017	0.700	2.200		GBX	2.900	11.530
2016	0.500	1.600	0.500	GBX	2.600	62.500
2015	0.400	1.200		GBX	1.600	14.280
2014	0.300	1.100		GBX	1.400

Number of Shares:

Payment	Paid	Amount
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