The 2025 interim outlook focuses on the relationship between market volatility and shareholder activism. While campaign volumes have temporarily declined, A&M's analysis finds a clear historical connection between periods of market disruption and subsequent increases in activist activity. The report shows that activism typically rebounds several months after volatility peaks, suggesting that the current slowdown is only a short-term pause.

The outlook predicts a resurgence of campaigns during late 2025 and into 2026, with the UK, Germany and Switzerland expected to remain key activist hunting grounds. In the meantime, companies have a limited window to improve operational performance, optimise capital allocation and strengthen their equity narratives. The report concludes that organisations able to generate sustainable earnings growth and communicate a compelling strategic vision will be best positioned to avoid activist intervention when campaign activity returns.