A&M Activist Alert for Europe | Interim 2026 Report
European shareholder activism is showing renewed momentum in 2026. While market uncertainty and geopolitical volatility continue to shape the business environment, activists are increasingly focused on companies where operational underperformance, strategic complexity and capital allocation decisions create opportunities for value creation.
There are many forces are heightening the risk of activist campaigns, including:
- Pressure on portfolio performance is increasing, with investors challenging businesses to simplify structures, sharpen strategic focus and unlock value from underperforming assets.
- Capital allocation is under greater scrutiny, as shareholders demand stronger returns, disciplined investment decisions and a clearer path to value creation.
- A growing gap between leaders and laggards is attracting attention, with activists targeting companies that fail to keep pace with peers on margins, growth or operational execution.
In the latest European A&M Activist Alert (AAA), our European Corporate Transformation Services team examines the trends shaping shareholder activism across the region and explores what boards and management teams should be doing now to stay ahead of investor expectations.
ANALYSIS, OBSERVATIONS AND PREDICTIONS FOR THE REMAINDER OF 2026 AND INTO 2027
THE RISE OF “QUIET” SHAREHOLDER ACTIVISM – PRESSURE WITHOUT PUBLIC CAMPAIGNS
As European corporates navigate economic uncertainty, shifting capital allocation priorities, rapid advances in artificial intelligence and increasing scrutiny of strategic decision-making, shareholder activism continues to evolve. While public campaigns remain an important tool, activist investors are increasingly seeking to influence boards behind closed doors, applying pressure privately while remaining ready to wield the “big stick” of acting publicly when necessary.
Against this backdrop, European shareholder activism continues to gain momentum. Campaign activity increased by 11% in the first five months of 2026, with the UK emerging as the primary focus for activists and growing demands centred on capital allocation, M&A activity and operational performance. At the same time, our analysis suggests that the growing trend of "quiet" activism is associated with stronger shareholder returns, higher returns on invested capital and a greater focus on portfolio optimisation through disposals.
This latest edition of the Alvarez & Marsal Activist Alert (AAA) examines the rise of private shareholder activism in Europe, analyses the evolving profile of activist campaigns across sectors and geographies, and highlights five key themes that we believe will shape investor activism and corporate responses in Europe over the next 12 months.
Whilst we do not publicly release individual company predictions, we would be delighted to discuss specific AAA modelling and analysis for any particular corporate with a senior member of the company.
Arrange a personalised de-brief with the A&M team by contacting a member of our team in your local region.
| Get in touch with the team today | Access previous European AAA reports | View the inaugural US AAA Report |
