Impact Report 2026

At Impax, we invest in the opportunities created by the transition to a more sustainable economy.

Since 1998, we have sought to identify companies whose products and services address critical environmental and, more recently, social challenges. We believe that companies providing solutions to sustainability challenges are often exposed to powerful structural growth trends and, over time, may be well positioned to deliver attractive financial returns.

This belief continues to guide our investment philosophy and underpins the way we seek to create long-term value for our clients. Impact reporting is an important extension of that philosophy.

While financial performance remains our primary objective, we recognise that investors increasingly want to understand the broader outcomes associated with the capital they allocate. By combining company-reported data with proprietary analysis and frameworks developed over more than two decades, we seek to assess how portfolio companies contribute to addressing some of the world’s most pressing sustainability challenges.

Evolution of our impact reporting

This year’s report reflects the continued evolution of our approach to impact measurement and reporting.

A significant development is new analytical work exploring whether avoided emissions, a metric we have reported for more than a decade, may provide insights relevant to future financial performance. By exploring the relationship between real-world environmental outcomes and investment returns, we aim to deepen understanding of how sustainability and financial value creation intersect.

We have also expanded our work on evaluating nature-related impact by mapping the revenues of companies within our investable universe to five main drivers of biodiversity loss.¹ The result is a new proprietary “nature opportunities” metric, designed to provide a clearer picture of how companies’ products and services contribute to addressing the underlying causes of biodiversity loss.

Finally, we have broadened the scope of our reporting in two areas. First, we have expanded our social impact reporting to include our Focused Equities strategies. Second, we have introduced Sustainable Development Goal (SDG) alignment assessments for our systematic listed equities strategies.²

An additional lens on portfolios

No single metric can fully capture the complex relationship between investment, sustainability and real-world outcomes.

However, we believe that measuring impact matters. It helps us better understand the businesses in which we invest, strengthens accountability and transparency, and provides an additional lens through which to assess how portfolios are positioned to benefit from long-term structural change.

¹ The five drivers of biodiversity loss defined by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) are: changing use of land and sea; direct exploitation of organisms; climate change; pollution; and invasive non-native species.

² Impax’s investment process does not identify the alignment with SDGs as a specific objective. Instead, the nature of Impax’s investment philosophy results in some meaningful revenue exposure across the breadth of strategies, especially among Thematic Equities and Sustainable Infrastructure strategies.