AUM fell 7% over Q1-26 (1 Oct 25 - 31 Dec 25) from £26.1bn to £24.2bn. Investment performance was marginally negative at -£0.2bn with net outflows of £1.6bn. This was largely as expected and in line with Impax’s FY25 results commentary in late-Nov 25, which said that net outflows were likely to persist in the first part of FY26, with net flows improving over the year. Being so early in the financial year, and with positive markets in Jan 26, our forecasts remain unchanged, as does our fundamental valuation of 380p, >2x the share price. This valuation disconnect is further reflected in a lowest-in-sector PER of 9.3x. The discount seems excessive considering Impax’s strategic positioning, profit levels, and strong balance sheet (net cash and investments on 30 Sep 25 make up 45% of current market cap)