Germany has won. A great empire has been conquered at the expense of Eastern Europe. In the Mediterranean, Italy reigns supreme with her own empire. Law and order has fallen by the wayside to genocide, chaos, and a new age of empire.
Norway, Denmark, the Netherlands, France, and Great Britain are free from German occupation. All nations have maintained their colonial domains (with the exception of France). France, is continued to be rule by the Vichy regime now relocated to Paris. It maintains its colonies in Africa but lost those in the Pacific, Middle East, and Caribbean.
The East is completely dominated by Germany. The General Government was absorbed into the Reich in 1943. The former Soviet territories are administered in five districts: Reichskommissariate Ukraine, Reichskommissariate Baltik, Reichskommissariate South, and Reichskommissariate North. Millions of inhabitants have died of disease, starvation, slave labor, or outright executions. It is a genocide unprecedented in the human history.
Italy is the master here. Carving her own empire, she has taken parts of Yugoslavia, Albania, and Greece.
Hungary, Bulgaria, and Romania are staunch German allies and each power has joined the war against both former Yugoslavia and the former Soviet Union.
The entire continent is still divided among their European owners. France and Spain still keep their possessions in North and West Africa. Italy has forged its own empire in East Africa. Libya, Sudan, and Ethiopia are now Italian colonies. Egypt, while technically a client-state, is a colony in everything but name.