Impax Environmental Markets PLC (IEM) reported its final results for the year ended 31 December 2025, highlighting key financial metrics and strategic developments. The companys net asset value (NAV) per ordinary share was 426.4p, with a NAV total return increase of 0.9%. Net assets stood at £812 million, and the ordinary share price was 396.5p. IEM paid a total dividend of 5.1p per share, a 2.0% increase from the previous year. The company bought back 49.45 million shares, representing 20.6% of the issued share capital, spending £189 million.
The year was marked by significant shareholder developments, particularly the increased holding of Saba Capital to 22.1%, which posed challenges to the companys stability and mandate. The Board launched a Continuation Tender Offer and later an Exit Tender Offer to address these issues, aiming to protect shareholder interests and maintain the companys strategy. Despite these challenges, IEM continued to focus on its environmental investment strategy, benefiting from an expanding opportunity set in environmental markets and maintaining its commitment to delivering financial returns while generating positive environmental outcomes.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Net Asset Value (NAV) per ordinary share (debt at fair value) | 427.6p | 426.4p | -0.3% |
| NAV total return | -0.4% | 0.9% | +1.3% |
| Net assets | £1,026m | £812m | -20.9% |
| Ordinary share price | 385.5p | 396.5p | +2.9% |
| Total dividend paid per ordinary share | 5.0p | 5.1p | +2.0% |
| Loan Notes (book cost) | £49.4m | £52.1m | +5.5% |
| Revolving Credit Facility (RCF) | £33.7m | £34.9m | +3.6% |
| Total debt (book cost) | £83.1m | £87.0m | +4.7% |
| Gearing (net) | 7.6% | 10.0% | +31.6% |