The OMX Helsinki 25 index returned 35.2 percent in 2025, outpacing Europe’s 25.8 percent and far exceeding the 3 percent achieved by US equities in euro terms, Heikkilä wrote in a column for Arvo today.
The strength is striking because it runs counter to the domestic backdrop. Finland’s economy has struggled for four consecutive years, with unemployment among the highest in Europe. Yet equity markets, as Heikkilä reminds readers, rarely move in lockstep with the real economy.
Part of the explanation lies in timing. Helsinki’s stock market endured a prolonged decline beginning in late 2021, creating a low base from which the recent rally could build. “When you rebound from the bottom, percentage returns look strong,” Heikkilä writes. In relative terms, Finnish equities had also lagged global peers for years, making a period of catch-up almost inevitable.
Another factor is the forward-looking nature of markets. Stock indexes tend to anticipate economic turning points six to 12 months ahead. Finland’s economy showed early signs of recovery in 2025, with expectations of stronger growth in 2026. The rally in equities may reflect that shift rather than current conditions.
Crucially, the composition of the OMX Helsinki 25 reduces its dependence on the domestic economy. Many of its largest companies generate most of their earnings abroad. Companies such as Nokia, Kone, and UPM are tied more closely to global demand than to Finnish GDP, allowing them to perform even as the local economy falters.
Looking ahead, Heikkilä sees supportive conditions continuing into 2026, though geopolitical risks remain.
