Companies targeted by activist investors through private engagement are outperforming their peers, according to new research from Alvarez & Marsal (A&M), highlighting the growing influence of so-called “quiet activism” across European markets.
The firm’s latest A&M Activist Alert Outlook analysed 1,589 European listed companies, including 413 with recognised activist shareholders that had not faced public campaigns. Over the following two years, those companies delivered shareholder returns 7.3% higher than peers while also generating stronger returns on invested capital.
The study found that companies subject to quiet activism completed 21% fewer acquisitions but undertook 31% more disposals, with disposal values 56% higher. According to A&M, the findings suggest activist investors are increasingly influencing capital allocation and portfolio optimisation through private engagement rather than public campaigns.
“The image many people have of activism is still shaped by public campaigns and messy boardroom battles,” said André Medeiros, Managing Director and Co-Head of Consumer and Retail, EMEA at A&M. “Increasingly, however, that is not where the most influential conversations are taking place.”
Public activism also continued to increase, with 78 campaigns launched across Europe during the first five months of 2026, up 11% year-on-year. The UK accounted for 42% of all campaigns, while consumer companies remained the most targeted sector.
Governance remained the most common activist demand, but M&A-related campaigns rose sharply, increasing from 8% of campaigns in 2025 to 20% this year as investors pushed for disposals, spin-offs and other value-unlocking transactions.
Looking ahead, A&M expects activist attention to remain focused on the UK, alongside the consumer, industrial and technology sectors. The firm also expects investors to place increasing scrutiny on whether companies’ AI investments are translating into stronger productivity, returns on capital and shareholder value.
