Investors Probe AI Plans Amid Activist Surge

Activist investors are expected to ramp up pressure on European companies this year, with artificial intelligence strategies emerging as a key battleground for scrutiny. After a relatively quiet 2025, when tariff uncertainty kept many funds on the sidelines, the consultancy Alvarez & Marsal (A&M) predicts a notable rebound in campaign activity across the region.

UK Remains the Hotspot for Activist Campaigns

The UK is set to remain the primary target for shareholder activism in Europe.

According to the latest Activist Alert Outlook from the firm, 31% of all European campaigns launched last year targeted British companies. The model predicts this will rise to more than one‑third in 2026, with an estimated 55 campaigns aimed at UK businesses, up from 39 in 2025. In total, 143 European companies are deemed at risk of shareholder activism over the next 18 months.

US funds are a significant driver of this activity. They launched 41% of the campaigns targeting UK companies in 2025, and their share of the European market has grown for five consecutive years. The consultancy says the transatlantic push will accelerate.

Last year’s relative calm wasn’t uniform. Activists chose not to interfere too much with company management teams during a volatile macro context, according to Medeiros, which led to a drop in M&A‑related campaigns. Instead, the focus shifted to operational improvements and capital allocation. Activity peaked in the first and fourth quarters, with a marked drop off in the middle of the year tied directly to tariff uncertainty.

That pause appears to be over.

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Even in volatile times, investors expect companies to adapt and outperform after the initial shock subsides, said Medeiros, who also serves as a managing director at A&M. Boards now face tighter scrutiny.

AI Strategies Take Center Stage in 2026

This year, the spotlight will be on how executives plan to use AI strategies. A&M notes that investors are increasingly looking past headline numbers to assess whether companies have credible plans for turning the technology into efficiency gains and growth. It is a shift that puts boardroom tech plans under the same microscope as financial performance.

The pressure isn’t evenly distributed across sectors. In 2025, the proportion of campaigns targeting energy companies rose to 10% of the total, up from 6% the previous year. More than a third of those campaigns—37%—centered on environmental demands, a notable shift for an industry often preoccupied with capital returns.

The consumer sector is predicted to face the most heat in 2026. It already accounted for a significant chunk of activity, representing 21% of all campaigns launched in Europe last year. For an industry grappling with shifting consumer habits and supply chain costs, activist attention is likely to force uncomfortable questions about long‑term strategy.

After a relative reprieve from activist attention in 2025, this year will see scrutiny return, said Malcolm McKenzie, a managing director at A&M and chair of the consultancy’s European corporate transformation services practice. He argues that activists will dig deeper than just the financial statements.

McKenzie highlighted the growing importance of tech investment as a core governance issue. In this AI world, investors are often scrutinising companies’ investment strategies as closely as their financials. Corporates need to be creative, imaginative and, above all, action oriented.