Activist Investing in Europe 2026 is published in association with Skadden. The report gives an in-depth overview of the key trends and challenges UK and European corporates are facing in the year ahead.

Key findings include:

• Corporates were approached, over the last 12 months, about as often by local activists (40%) as by non-local activists (43%). Non-local activists have returned to the European arena – in our previous annual study, more than half of corporates said they were predominantly approached by local activists, just a quarter spoke about non-local pressure.
• First-time activists have been out in force. Almost all corporates surveyed say first-time activists have become more active over the last 12 months, including 46% who say they became much more vocal over that time. In last year’s study, barely a third of respondents said first-time activists had taken up more of their attention.
• The activists surveyed in this study believe the best opportunities for campaigns over the next 12 months will be found in France, which accrues 33% of first-choice votes and 27% of secondary ballots. In our previous study, France was a distant four choice. This year, France is followed by Germany (27% of first-choice votes), the UK (also 27%), Italy (7%) and Switzerland (6%).
• Almost all activists (94%) agree they are likely to adopt a more visible, public form of activism (incorporating public letters, media and campaigns) over the next 12 months, rather than take a more private approach. Almost half of activists (47%) strongly agree with taking a more assertive approach in their campaigns.
• The landscape of shareholder activism in Europe is rapidly evolving, with certain sectors emerging as particular hotspots for activist attention. Over the next 12 months, the industrials & chemicals (I&C) sector (34% of first-choice vote) and telecoms, media & technology (TMT) sector (30% of first-choice vote) are expected to be at the forefront of activist campaigns.
• Almost three-quarters of corporates (74%), over the last 12 months, considered adopting ‘poison pill’-type provisions or other defence mechanisms to thwart activist campaigns. This is a major change from our previous study, when 60% of corporates said outright that they had not considered adopting such provisions or mechanisms.
• ESG considerations in Europe are having a pronounced impact on the activist landscape. All activists agree they will increasingly prioritise ESG issues in their campaigns. However, some believe this approach could backfire. Overall, 70% of respondents think activists, in taking an increasingly prescriptive approach to ESG, risk alienating other shareholders when seeking support for their demands.
• While around half of respondents (52%) believe engagement by corporate boards with institutional investors can greatly diminish the role of activist investors, this figure is down from 66% in our previous study; a large minority (34%) outright disagree with that line of thought.

The report is also available at skadden.com