European growth stocks to watch: 10 companies where insiders have significant ownership

European equity markets are producing a group of companies where two characteristics increasingly watched by investors are converging: strong projected earnings growth and significant ownership by executives, founders or other corporate insiders.

A screening published by Simply Wall St on August 21 identified more than 200 European companies matching its criteria for fast-growing businesses with high insider ownership. The study comes against a mixed market backdrop, with resilient economic data and corporate earnings competing with geopolitical uncertainty, changing energy prices and shifting sector leadership across Europe.

Among the ten companies at the top of the screening, projected annual earnings growth ranges from around 30.9% to more than 105%, while direct insider ownership extends from just above 10% to almost 36%. The list spans sectors including defence technology, biotechnology, cybersecurity, medical technology and financial services, illustrating how growth opportunities are emerging well beyond Europe's largest listed corporations.

Sweden has a particularly strong presence. MilDef Group, a supplier of rugged technology and IT solutions, appears with insider ownership of 10.3% and forecast earnings growth of 30.9%. KebNi stands out with the highest growth estimate on the list at 105.2%, combined with insider ownership of 11.8%.

Other Swedish names include CTT Systems, with 17.4% insider ownership and expected earnings growth of 55.3%; cybersecurity company Clavister Holding, at 20.5% and 62.4%, respectively; Bonesupport Holding, with 10.6% insider ownership and 32.2% expected earnings growth; and biotechnology company BioArctic, where insiders directly hold 32.2% and earnings are projected to grow 62.3%.

Outside Sweden, Swiss biotechnology company Kuros Biosciences combines 25.9% insider ownership with a 58.6% earnings growth forecast. Norway-listed Gold Road International records one of the highest insider stakes, at 35.9%, alongside projected earnings growth of 86%, while Bergen Carbon Solutions has figures of 11.9% and 52%, respectively.

Polish video game developer CD Projekt, the company behind franchises including The Witcher and Cyberpunk, also features prominently, with 35.2% insider ownership and projected earnings growth of 39.6%.

The significance of insider ownership is not that it guarantees superior stock-market performance. Rather, substantial ownership by people closely connected to a business can indicate that management and shareholder interests are more closely aligned. At the same time, growth forecasts remain estimates and can change considerably as operating conditions evolve.

Three additional companies highlighted by the analysis demonstrate both the opportunities and risks behind those numbers.

Ambu, BTS Group and Morrow Bank show different sides of European growth

Denmark's Ambu provides one of the clearest examples. The medical technology company develops, manufactures and sells healthcare products across Europe, North America and other international markets and has approximately 20.2% insider ownership.

Simply Wall St forecasts Ambu's earnings to grow 23.4% annually, considerably faster than the 6.5% growth rate projected for the broader Danish market. Revenue is expected to increase by 10.4% per year, compared with 3.9% for the market. The analysis also estimates that the company is trading 48.5% below its calculated fair value.

That potential comes with qualifications. Ambu's return on equity is projected at only 13.5%, leaving a less compelling picture for investors placing greater emphasis on capital efficiency.

Swedish professional services company BTS Group presents another case. The company operates across North America, Europe, Latin America, Africa and the Middle East and has a market capitalisation of approximately SEK3.55 billion.

Insiders directly own 32.6% of BTS, while earnings are forecast to increase by 39.5% annually, substantially above the 7.3% rate projected for the Swedish market. Revenue is expected to grow at a more moderate 7.8% per year.

But BTS also illustrates why headline growth estimates need context. The company reported a SEK1.14 million net loss in the second quarter of 2026, while margins have declined from their previous levels and its dividend record has been unstable.

The third highlighted company, Morrow Bank, combines some of the strongest growth forecasts with some of the clearest risks.

The bank provides unsecured consumer financing in Norway, Sweden and Finland and has a market capitalisation of around SEK4.50 billion. Direct insider ownership stands at 23.6%, while earnings are forecast to grow 39.2% annually and revenue by 34.7%. The company generated SEK78.3 million in earnings during the second quarter.

However, the lender's bad-loan ratio remains high at 15.3%, while Simply Wall St also points to significant insider selling during the past three months. Recent equity and fixed-income offerings could further alter its ownership structure.

Those contrasts are important because high insider ownership and rapid earnings growth are indicators rather than guarantees.

The screening itself covers 212 European stocks, suggesting that the phenomenon extends well beyond the companies at the top of the ranking. It also reflects a European equity landscape where smaller and mid-sized businesses in specialised industries can offer significantly different growth profiles from the continent's mature large-cap companies.

For investors tracking European equities in the second half of 2026, the combination provides an interesting filter: companies where insiders retain meaningful financial exposure while analysts expect earnings to expand substantially.

Yet the individual cases also demonstrate the limits of relying on any single metric. Morrow Bank combines high projected growth with elevated bad loans; BTS has significant insider ownership but recently slipped into a quarterly loss; and Ambu's earnings outlook contrasts with relatively modest projected return on equity.

Europe's next generation of growth companies may therefore be emerging across a diverse range of industries, but the numbers behind each business remain as important as the growth headline itself.

This article is for informational purposes only and does not constitute investment advice.