diff --git a/http-server-netty/src/main/java/io/micronaut/http/server/netty/NettyServerCustomizer.java b/http-server-netty/src/main/java/io/micronaut/http/server/netty/NettyServerCustomizer.java
index a377e5a0a2f..d8646c0ccdd 100644
--- a/http-server-netty/src/main/java/io/micronaut/http/server/netty/NettyServerCustomizer.java
+++ b/http-server-netty/src/main/java/io/micronaut/http/server/netty/NettyServerCustomizer.java
@@ -115,11 +115,18 @@ enum ChannelRole {
         CONNECTION,
         /**
          * The channel is a channel representing an individual HTTP2 stream.
+         * <p>
+         * Note: As of 4.5.0, there is no separate channel for each request anymore for performance
+         * reasons. You can revert to the old behavior using the
+         * {@code micronaut.server.netty.legacy-multiplex-handlers=true} configuration property.
          */
-        // todo: deprecate
         REQUEST_STREAM,
         /**
          * The channel is a channel representing an individual HTTP2 stream, created for a push promise.
+         * <p>
+         * Note: As of 4.5.0, there is no separate channel for each request anymore for performance
+         * reasons. You can revert to the old behavior using the
+         * {@code micronaut.server.netty.legacy-multiplex-handlers=true} configuration property.
          */
         PUSH_PROMISE_STREAM,
     }
diff --git a/http-server-netty/src/main/java/io/micronaut/http/server/netty/configuration/NettyHttpServerConfiguration.java b/http-server-netty/src/main/java/io/micronaut/http/server/netty/configuration/NettyHttpServerConfiguration.java
index e41a2992e71..f372ac6306c 100644
--- a/http-server-netty/src/main/java/io/micronaut/http/server/netty/configuration/NettyHttpServerConfiguration.java
+++ b/http-server-netty/src/main/java/io/micronaut/http/server/netty/configuration/NettyHttpServerConfiguration.java
@@ -196,7 +196,7 @@ public class NettyHttpServerConfiguration extends HttpServerConfiguration {
     private List<NettyListenerConfiguration> listeners = null;
     private boolean eagerParsing = DEFAULT_EAGER_PARSING;
     private int jsonBufferMaxComponents = DEFAULT_JSON_BUFFER_MAX_COMPONENTS;
-    private boolean legacyMultiplexHandlers = true; // TODO
+    private boolean legacyMultiplexHandlers = false;
 
     /**
      * Default empty constructor.
diff --git a/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/Http2ServerHandler.java b/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/Http2ServerHandler.java
index 99e9e25c166..c1ecf1dce28 100644
--- a/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/Http2ServerHandler.java
+++ b/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/Http2ServerHandler.java
@@ -61,6 +61,7 @@ public final class Http2ServerHandler extends MultiplexedServerHandler implement
     private Http2ConnectionHandler connectionHandler;
     private Http2Connection.PropertyKey streamKey;
     private boolean reading = false;
+    private boolean upgradedFromHttp1 = false;
 
     static {
         for (Http2Error value : Http2Error.values()) {
@@ -192,10 +193,13 @@ public void onUnknownFrame(ChannelHandlerContext ctx, byte frameType, int stream
      */
     public static final class ConnectionHandler extends Http2ConnectionHandler {
         private final Http2ServerHandler handler;
+        @Nullable
+        private final Http2AccessLogManager accessLogManager;
 
-        private ConnectionHandler(Http2ConnectionDecoder decoder, Http2ConnectionEncoder encoder, Http2Settings initialSettings, boolean decoupleCloseAndGoAway, boolean flushPreface, Http2ServerHandler handler) {
+        private ConnectionHandler(Http2ConnectionDecoder decoder, Http2ConnectionEncoder encoder, Http2Settings initialSettings, boolean decoupleCloseAndGoAway, boolean flushPreface, Http2ServerHandler handler, Http2AccessLogManager accessLogManager) {
             super(decoder, encoder, initialSettings, decoupleCloseAndGoAway, flushPreface);
             this.handler = handler;
+            this.accessLogManager = accessLogManager;
         }
 
         @Override
@@ -238,7 +242,11 @@ protected void handlerRemoved0(ChannelHandlerContext ctx) throws Exception {
         @Override
         public void userEventTriggered(ChannelHandlerContext ctx, Object evt) throws Exception {
             if (evt instanceof HttpServerUpgradeHandler.UpgradeEvent upgrade) {
+                handler.upgradedFromHttp1 = true;
                 FullHttpRequest fhr = upgrade.upgradeRequest();
+                if (accessLogManager != null) {
+                    accessLogManager.logHeaders(ctx, 1, fhr);
+                }
                 io.netty.handler.codec.http2.Http2Stream cs = connection().stream(1);
                 handleFakeRequest(cs, fhr);
             }
@@ -320,7 +328,7 @@ protected ConnectionHandler build(Http2ConnectionDecoder decoder, Http2Connectio
             if (accessLogManager != null) {
                 encoder = new Http2AccessLogConnectionEncoder(encoder, accessLogManager);
             }
-            ConnectionHandler ch = new ConnectionHandler(decoder, encoder, initialSettings, decoupleCloseAndGoAway(), flushPreface(), frameListener);
+            ConnectionHandler ch = new ConnectionHandler(decoder, encoder, initialSettings, decoupleCloseAndGoAway(), flushPreface(), frameListener, accessLogManager);
             frameListener.init(ch);
             return ch;
         }
@@ -336,7 +344,7 @@ private final class Http2Stream extends MultiplexedStream {
 
         @Override
         void notifyDataConsumed(int n) {
-            if (stream.id() == 1) {
+            if (stream.id() == 1 && upgradedFromHttp1) {
                 // ignore for upgrade stream
                 return;
             }
diff --git a/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/MultiplexedServerHandler.java b/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/MultiplexedServerHandler.java
index f4fc659c934..7c925c8dc08 100644
--- a/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/MultiplexedServerHandler.java
+++ b/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/MultiplexedServerHandler.java
@@ -197,7 +197,9 @@ final void devolveToStreaming() {
             streamer = new InputStreamer();
             if (bufferedContent != null) {
                 for (ByteBuf buf : bufferedContent) {
-                    streamer.sink.tryEmitNext(new DefaultHttpContent(buf));
+                    if (streamer.sink.tryEmitNext(new DefaultHttpContent(buf)) != Sinks.EmitResult.OK) {
+                        buf.release();
+                    }
                 }
                 bufferedContent = null;
             }
diff --git a/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/accesslog/Http2AccessLogFrameListener.java b/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/accesslog/Http2AccessLogFrameListener.java
index 3a5fe84038a..aa58b10e0da 100644
--- a/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/accesslog/Http2AccessLogFrameListener.java
+++ b/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/accesslog/Http2AccessLogFrameListener.java
@@ -16,9 +16,7 @@
 package io.micronaut.http.server.netty.handler.accesslog;
 
 import io.micronaut.core.annotation.Internal;
-import io.micronaut.http.server.netty.handler.accesslog.element.AccessLog;
 import io.netty.channel.ChannelHandlerContext;
-import io.netty.channel.socket.SocketChannel;
 import io.netty.handler.codec.http.HttpRequest;
 import io.netty.handler.codec.http2.Http2Exception;
 import io.netty.handler.codec.http2.Http2FrameListener;
@@ -42,23 +40,8 @@ public Http2AccessLogFrameListener(Http2FrameListener listener, Http2AccessLogMa
     }
 
     private void logHeaders(ChannelHandlerContext ctx, int streamId, Http2Headers headers) throws Http2Exception {
-        if (!manager.logger.isInfoEnabled()) {
-            return;
-        }
         HttpRequest request = HttpConversionUtil.toHttpRequest(streamId, headers, false);
-        if (manager.uriInclusion != null && !manager.uriInclusion.test(request.uri())) {
-            return;
-        }
-
-        AccessLog accessLog;
-        if (manager.logForReuse != null) {
-            accessLog = manager.logForReuse;
-            manager.logForReuse = null;
-        } else {
-            accessLog = manager.formatParser.newAccessLogger();
-        }
-        manager.connection.stream(streamId).setProperty(manager.accessLogKey, accessLog);
-        accessLog.onRequestHeaders((SocketChannel) ctx.channel(), request.method().name(), request.headers(), request.uri(), HttpAccessLogHandler.H2_PROTOCOL_NAME);
+        manager.logHeaders(ctx, streamId, request);
     }
 
     @Override
diff --git a/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/accesslog/Http2AccessLogManager.java b/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/accesslog/Http2AccessLogManager.java
index a882014513e..6a9fbeca502 100644
--- a/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/accesslog/Http2AccessLogManager.java
+++ b/http-server-netty/src/main/java/io/micronaut/http/server/netty/handler/accesslog/Http2AccessLogManager.java
@@ -18,6 +18,9 @@
 import io.micronaut.core.annotation.Internal;
 import io.micronaut.http.server.netty.handler.accesslog.element.AccessLog;
 import io.micronaut.http.server.netty.handler.accesslog.element.AccessLogFormatParser;
+import io.netty.channel.ChannelHandlerContext;
+import io.netty.channel.socket.SocketChannel;
+import io.netty.handler.codec.http.HttpRequest;
 import io.netty.handler.codec.http2.Http2Connection;
 import org.slf4j.Logger;
 import org.slf4j.LoggerFactory;
@@ -49,6 +52,25 @@ public Http2AccessLogManager(Factory factory, Http2Connection connection) {
         this.uriInclusion = factory.uriInclusion;
     }
 
+    public void logHeaders(ChannelHandlerContext ctx, int streamId, HttpRequest request) {
+        if (!logger.isInfoEnabled()) {
+            return;
+        }
+        if (uriInclusion != null && !uriInclusion.test(request.uri())) {
+            return;
+        }
+
+        AccessLog accessLog;
+        if (logForReuse != null) {
+            accessLog = logForReuse;
+            logForReuse = null;
+        } else {
+            accessLog = formatParser.newAccessLogger();
+        }
+        connection.stream(streamId).setProperty(accessLogKey, accessLog);
+        accessLog.onRequestHeaders((SocketChannel) ctx.channel(), request.method().name(), request.headers(), request.uri(), HttpAccessLogHandler.H2_PROTOCOL_NAME);
+    }
+
     public record Factory(Logger logger, String spec, Predicate<String> uriInclusion) {
     }
 }
diff --git a/src/main/docs/guide/httpServer/serverConfiguration/nettyServerPipeline.adoc b/src/main/docs/guide/httpServer/serverConfiguration/nettyServerPipeline.adoc
index 8e4a43ab6ac..dd482e1ce23 100644
--- a/src/main/docs/guide/httpServer/serverConfiguration/nettyServerPipeline.adoc
+++ b/src/main/docs/guide/httpServer/serverConfiguration/nettyServerPipeline.adoc
@@ -12,4 +12,4 @@ snippet::io.micronaut.docs.netty.LogbookNettyServerCustomizer[tags="imports,clas
 <4> When a new channel is created, a new, specialized customizer is created for that channel
 <5> When the server signals that the stream pipeline has been fully constructed, the logbook handler is registered
 
-WARNING: Logbook has a https://github.com/zalando/logbook/issues/1216[major bug] that limits its usefulness with netty.
+WARNING: As of version 4.5.0, the Micronaut netty HTTP server does not use per-request channels for HTTP/2 anymore. This makes many pipeline modifications (including logbook) difficult or impossible to implement. To revert to the old behavior, use the `micronaut.server.netty.legacy-multiplex-handlers=true` property.
diff --git a/test-suite/src/test/groovy/io/micronaut/http/HttpAccessLogger.groovy b/test-suite/src/test/groovy/io/micronaut/http/HttpAccessLogger.groovy
index 2ba0eae399d..91c10c58aa0 100644
--- a/test-suite/src/test/groovy/io/micronaut/http/HttpAccessLogger.groovy
+++ b/test-suite/src/test/groovy/io/micronaut/http/HttpAccessLogger.groovy
@@ -29,7 +29,7 @@ import io.micronaut.test.extensions.spock.annotation.MicronautTest
 import jakarta.inject.Inject
 import org.slf4j.LoggerFactory
 import reactor.core.publisher.Flux
-import spock.lang.IgnoreIf
+import spock.lang.PendingFeatureIf
 import spock.lang.Specification
 
 /**
@@ -108,8 +108,9 @@ class HttpAccessLoggerSpec extends Specification {
 
     }
 
-    @IgnoreIf({ instance instanceof Http2AccessLoggerSpec }) // micronaut-session uses channel attributes to get the request, which is broken
-     void "test simple session - access logger"() {
+    @PendingFeatureIf({ instance instanceof Http2AccessLoggerSpec })
+    // micronaut-session uses channel attributes to get the request, which is broken
+    void "test simple session - access logger"() {
         when:
         appender.events.clear()
         Flux<HttpResponse<String>> flowable = Flux.from(client.exchange(