Activists target firms over AI plans
Activist activity is expected to rebound in 2026 after a “relative reprieve” for European companies in 2025 amid tariff uncertainty. The UK remained the hotspot for this kind of activity, with 31% of all campaigns launched in Europe targeting UK companies, according to the latest Activist Alert Outlook from Alvarez & Marsal (A&M).
This proportion is expected to increase to more than one-third this year, with the consultancy’s model predicting 55 campaigns targeting UK businesses – up from 39 in 2025. Meanwhile, 143 European companies overall are deemed at risk of shareholder activism in the next 18 months.
US Funds’ Growing Presence
Last year, 41% of the campaigns targeting UK companies were launched by US funds. The proportion of campaigns in Europe as a whole launched by these funds grew for the fifth consecutive year. “Market disruption did not stop US funds coming to European shores in 2025,” said A&M co-head of consumer and retail, EMEA, André Medeiros.
According to Medeiros, activists “chose not to interfere too much with company management teams” amid the volatile macro context that prevailed in 2025. Instead, the focus was on operational improvements and capital allocation, with activist activity highest in Q1 and Q4.
AI Strategies Under Scrutiny
This year, AI strategies will be in the spotlight, according to A&M, as investors scrutinise executives’ plans for realising efficiency gains and growth through the technology. The consumer sector is predicted to face the most activist pressure in 2026, after accounting for a significant proportion – 21% – of all campaigns in 2025.
Related: Cisco chief tackles digital skills shortfall
Malcolm McKenzie, a managing director at A&M and chair of the consultancy’s European corporate transformation services practice, said, “After a relative reprieve from activist attention in 2025, this year will see their scrutiny return.” They expect a particular focus on how companies can adapt to a changing world and come out stronger.
As they adapt to this new environment, companies must be aware that activists will look behind the numbers to understand how corporates are responding to the multiple opportunities and challenges to fuel long-term value accretion. In this AI world, investors are often scrutinising companies’ investment strategies as closely as their financials, seeking a business reality check on their plans.
According to the report, 37% of campaigns targeting energy companies centred on environmental demands. The energy sector is expected to continue facing significant activist pressure in 2026, as investors increasingly focus on sustainability and environmental issues.
It will be important to watch the developments.
