Alvarez & Marsal Report Finds Silent Activist Investors Boost European Shareholder Returns

A new analysis by consulting firm Alvarez & Marsal shows that the share of public activist campaigns in Europe rose 11 % in 2026, while a growing number of investors are opting for discreet, “silent” activism. The study examined 1,589 listed European companies, of which 413 had known silent activist investors on record. Over the following two years those firms delivered 7.3 % higher shareholder returns than peers, posted higher capital returns, completed 21 % fewer acquisitions and carried out 31 % more disposals, with disposal values 56 % above comparable firms. The findings suggest that silent activism pressures companies to tighten capital allocation and portfolio discipline. “The real influential conversations are increasingly taking place behind the scenes, with activists engaging directly with management teams,” said Patrick Siebert, Managing Director and Co‑Head Germany at Alvarez & Marsal.