Top 3 for 2026 - Helsinki Stock Exchange gainers

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Not the top 3 strongest, but the surest:

  1. Optomed
  2. Aiforia
  3. Robit (wildcard, the most certain tax-loss selling rebound).
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I’m copy-pasting my list from last year for 2026, faith in their world conquest is strong (hopium + solid expertise in the pipeline) :slight_smile:

  • Faron
  • Optomed
  • Nokia.

Shadow list of beaten-down stocks, mainly if/when the construction industry recovers in 2026: Robit, Norrhydro, Excel.

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Here are my own predictions. Of course, I have to choose ones that are in my own portfolio.

  1. Toivo. We see a turn for the better in the housing market, causing prices to turn into a moderate rise. Real estate companies are no longer considered comparable to nuclear waste by investors. The company’s projects proceed profitably, sales are gaining momentum, and new projects are being launched in increasing numbers. The valuation rises to around 1.2 P/B levels as investor interest increases.
  2. Taaleri. Garantia’s operations proceed well in a picking-up housing market. The company’s funds succeed in their fundraising. Finland sees a cold late winter and data centers pop up in Finland like mushrooms after rain. These raise the electricity price outlook and increase interest in the energy segment. As a result, investors accept higher multiples for Taaleri.
  3. Ilkka. Alma Media continues its strong performance and exceeds expectations, which raises Alma’s share price. Ilkka unexpectedly decides to distribute its Alma shares to shareholders, which unlocks the value. At the same time, the company’s own business progresses in a good direction, leading investors to give it more value.

They are unlikely to be the stock market’s top gainers, but something like +50% could very well be possible. Regarding Ilkka, I don’t really believe in that; it’s more of a pipe dream.

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126
  1. Witted
  2. Vincit
  3. Finnair

Finnair, with the caveat that Russian airspace opens.

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127

2026 will be the year of small-cap companies. Early in the year, earnings will show a turnaround for the better in places, which will be reflected in future expectations and valuations by the end of the year.

  1. Lapwall’s machine is tuned and ready for growth.
  2. Aiforia secures larger customer accounts and orders. Broader interest in the company awakens.
  3. Eagle Filters’ expected turnaround occurs, and the “cigar butt” becomes a serious investment prospect.
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128

I’ll also share my own picks.

My first choice is completely clear, and unsurprisingly for me, it is Nokia. Nokia is riding the wave of AI infra as a top player, and in 2026, this will only start to become more widely apparent. For this, Nokia primarily has the Infinera acquisition to thank, as a result of which the pluggables business for data centers is running really hot. During the year, the CPO (Co-Packaged Optics) expertise of Nokia, or Infinera, will also be revealed, which will be difficult for competitors to match. Everyone is seeking to collaborate with Nokia on this, and Nokia gets to choose who it wants.

The second choice is Exel Composites, even though the stock is already leaning forward a bit towards the end of this year. However, the strong order backlog will translate into revenue, and the company will experience a strong turnaround story, through which adjusted operating profit will reach double-digit millions. Even US investors will take an interest in the company.

The third one is a bit challenging in the sense of finding something that will rise significantly, not just a little bit. I debated between Tecnotree and Gofore, and without further explanation, I choose Gofore.

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129

The Finnish economy will likely take off strongly next year.
My predictions:

  1. Tokmanni: Good morning Finland, things are going great. I expect the €15 level to be breached once the market starts pricing the stock with a €1 dividend per share.
  2. Kamux: The tightness in the used car market eases a bit and people realize Kamux Finland is still making an EPS of €0.4–0.5, so shouldn’t the share be €4–5?
  3. KH Group: The Finnish machinery trade will take off with a massive run, and I bet this will be a one-euro stock by the end of next year.
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Endomines

Verkkokauppa

Aktia

From my own portfolio, ones that I don’t think I’ve seen predicted here very much.

I was going to include Optomed, but based on this thread, everyone else also thinks it’s about to take off, so it probably won’t. And it was already one of the most voted ones in the 2025 prediction contest. By the way, the most voted ones for 2025 were fairly poor choices on average: Neste was good, a couple of others were okay, and the rest were in the red. As a whole, a portfolio compiled from that list would have been really bad.

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  1. Biohit
    • Good momentum continues in terms of both the stock chart and the news flow. The goal is to enjoy some cognac spiked with Acetium at Osmo’s table during the AGM. Tsaijaijaija!
  2. Lindex
    • The year-end dip came at a good time, considering the strongest gainers for 2026. Surely we’ll get “Stokka” divested and the valuation to a level that reflects this.
  3. Keskisuomalainen
    • Advertising investments will start to rise, or at least Keskisuomalainen’s share price will start to anticipate this aggressively. An easy double.
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132
  • Viafin Service
  • Nexstim
  • Optomed

They passed a very complex and technical screening and were selected on that basis.

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Aiforia

Optomed

Faron

One / some of these will “explode” next year.

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Terveystalo

Kesko

Harvia

The first two are in my portfolio; I should buy Harvia too, as soon as I can free up some cash from elsewhere.

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Sotkamo Silver

SSH

Faron

All of these will start to show their true potential in the coming year.

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I won’t bother listing any lottery tickets here, but rather my favorites among the most solid candidates for a rise

UPM
Exel
Teleste

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I suppose I have to try again, even though last year went south big time.

1.) Optomed - year of commercial breakthrough.

2.) Aiforia - year of commercial breakthrough.

3.) Revenio - back on the growth track.

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138

One can always hope that the contents of one’s own portfolio would be in the top 3
 So, Optomed, Ssh, and Qt :crossed_fingers:t2:

This year is somewhere around the -30 mark :laughing:, if only it would go up even a few percent during the year :rofl:

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  1. Qt
    I also included this in the 2025 competition. It didn’t quite hit the mark. History has shown that I catch falling knives too early, and the share price rally only happens a year later. Working against a rise is the fact that I haven’t sold my holdings at the bottom yet, but then again, there is almost a year left. The thesis is the same as for others who bet on Qt (“Kuutti”). Developer licenses will return to a growth path as market uncertainty subsides. Customers will invest more in new products again, and growth in distribution licenses will continue alongside recovering consumer demand.

  2. Talenom
    Same story as above. It was also on the 2025 list. Based on the company thread, investors seem to have thrown in the towel at the end of the year, so the expectations baked into the share price appear low. Next year, the positive development in Spain and Finland’s strong performance will continue. The latter will get a boost from the nascent economic recovery. And then there’s the Swedish business. It has performed poorly and perhaps will continue to do so, but what if signs of a turnaround were to appear there during 2026?

  3. Harvia
    Doesn’t seem cheap, but I had to choose one of my own stock holdings as the third pick. A quality company. The US market is still going strong. Japan is growing nicely. Europe has already turned back onto a growth path. Could 2026 be Finland’s turn?

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My list:

  1. Lindex
  2. QT
  3. Vincit

Target return for the picks + 50 percent

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  1. Sotkamo Silver
  2. Optomed
  3. Faron

I sold my Sotkamo shares today from my portfolio with a profit equivalent to a couple of years’ worth of mortgage payments, meaning that by 2026, none of these will be in my portfolio anymore.

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  1. MetsÀ Board - Cost-saving program takes effect, wood prices decrease/stay at lower levels (end of the war)

  2. Neste - Renewable prices develop better than expected

  3. Aspo - Demerger releases hidden value

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