This study report on the outcomes and transformational potential of the European Universities initiative presents the progress, achievements, and transformational potential of the European Universities initiative, and gives insights on remaining challenges. It provides recommendations to continue making the European Universities initiative a success in the long run. The report is a comprehensive attempt to assess what the alliances have achieved since their inception in 2019 and how they have transformed European higher education and transnational cooperation models. The report builds on a rich body of information obtained through extensive desk research, stakeholder consultation activities, and the piloting exercise of a monitoring framework of the European Universities initiative, allowing to assess the progress and transformational potential of the European Universities initiative as a whole. Data for the monitoring framework was collected in the second half of 2023, offering a snapshot of the alliances' achievements at a certain moment in their development, without prejudice of the consideration of their progress achieved since then. The report's findings are also rooted in an extensive review of position papers of higher education stakeholder organisations, a growing body of academic literature on the European Universities initiative and the assessments of some Member States on the impact of the initiative in their country.