Activist investor campaigns in Europe have seen a notable increase in activity this year, with Britain emerging as a leading focal point for these efforts. According to a recent report by professional services firm Alvarez & Marsal (A&M), 78 campaigns were initiated during the first five months of 2026, marking an 11 percent rise compared to the same period last year. The United Kingdom accounted for 42 percent of these campaigns, a significant jump from 30 percent in the previous year.

Targets of these campaigns have included prominent firms such as Workspace, Intertek, and CVS. The A&M analysis examined 1,589 European-listed companies with market capitalisations exceeding €500 million, revealing a broader trend beyond public disputes. The study identified 413 companies with registered activist shareholders that had not been subjected to public campaigns. These entities outperformed their peers by delivering shareholder returns 7.3 percent higher and exhibiting stronger returns on invested capital.

This form of “quiet” activism involves private engagements with company boards and management teams. Such approaches may range from collaborative discussions aimed at gradual change to more assertive, persistent efforts that exert pressure without resorting to public confrontation. André Medeiros, managing director and co-head of consumer and retail at A&M, highlighted the growing prominence of this tactic, noting that while its short-term effects appear evident, the durability of these impacts over time remains uncertain.

Despite the rise of discreet activism, public campaigns continue to play a critical role, especially when investors perceive corporate boards as unwilling to engage in dialogue. A&M first observed the shift toward avoiding public scrutiny in their 2024 report and expects the trend to persist. Data indicates that Europe’s share of global activist campaigns was 15 percent in the first five months of 2026, up from 12 percent in the previous year and 11 percent in early 2024.

Paul Kinrade, senior adviser at A&M, remarked on evolving activist priorities, noting a pivot from traditional governance challenges toward increased scrutiny of portfolio composition and mergers and acquisitions activity. Activists are now more frequently questioning whether each business unit or asset justifies the capital allocated to it and whether management is effectively unlocking value to maximise shareholder returns. This strategic reevaluation reflects a broader effort to optimize corporate structures in response to shifting market conditions.