Canadian shares can look somewhat sleepy in late December, after which January exhibits up prefer it drank three coffees. That’s why “able to surge” issues. It often means a enterprise has a transparent progress engine, a catalyst traders can truly level to in 2026, and sufficient monetary power to maintain shifting even when the financial system wobbles. It additionally means the valuation nonetheless leaves room for excellent news. If all of the optimism already sits within the share worth, the surge turns right into a shrug. And proper now, it seems prepared to start out up once more with these two Canadian shares.
TOI
Topicus.com (TSXV:TOI) sits within the quiet-compounder camp. It buys and runs vertical market software program companies, largely throughout Europe, and it retains the playbook easy. That’s to personal area of interest merchandise, hold clients sticky, and reinvest money into extra offers. The market loves this mannequin when it feels assured, and it will get impatient when progress shares fall out of style. Proper now, Topicus seems like a basic “sturdy enterprise, uneven chart” setup.
That chart has been a little bit of a curler coaster. Over the past 12 months, shares have risen about 3%, and but are down fairly considerably by 28% within the final six months. That type of transfer often displays sentiment greater than fundamentals, and it might create alternative if the enterprise retains executing.
On the earnings facet, Topicus put up the type of progress that’s laborious to disregard. In its third-quarter 2025 launch, it reported income of €387.9 million, up 24% 12 months over 12 months, and it additionally reported working money circulation of €48.4 million. The headline web consequence appeared messy because it recorded a big web loss tied to an affiliate accounting line. This will confuse traders who solely look at earnings per share (EPS). The extra helpful takeaway is that the engine nonetheless runs, and administration nonetheless has loads of levers to drag by way of acquisitions and disciplined reinvestment.
WSP
WSP International (TSX:WSP) looks like the opposite facet of the 2026 surge story: much less “hidden gem,” extra “machine with momentum.” It sells engineering {and professional} providers throughout infrastructure, surroundings, buildings, and vitality. It tends to learn when governments and firms spend on large, unavoidable initiatives. And it has constructed scale by way of acquisitions, which is superb as massive purchasers need one agency that may deal with advanced work throughout areas.
Within the third quarter of 2025, WSP reported income of $4.53 billion and web revenues of $3.46 billion, whereas adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) hit $700.4 million for a 20.2% margin. Adjusted earnings got here in at $2.82 per share, free money circulation reached $314.9 million, and backlog stood at $16.4 billion. That blend of margin enlargement, money era, and a chunky backlog often alerts a enterprise that may hold compounding even when components of the financial system decelerate.
The 2026 catalyst seems easy: deal-driven progress in areas the place demand retains rising. In mid-December 2025, WSP agreed to purchase TRC Corporations in a US$3.3 billion all-cash deal, with closing focused for the primary quarter of 2026. The rationale was tied to rising energy demand from information centres and associated load progress. On valuation, it doesn’t look “low-cost” because it trades at 38 instances earnings. The chance is execution threat, as integration, debt self-discipline, and any shock might decelerate consumer spending, particularly if financing circumstances tighten.
Backside line
Put these two shares collectively, and the “surge into 2026” thought will get actual stability. Topicus provides the basic rebound setup of a powerful enterprise mannequin, strong progress, and a share worth that has already cooled off from its peak. WSP provides the momentum setup with sturdy outcomes, a deep backlog, and a really clear 2026 catalyst by way of sector demand and acquisitions. Neither inventory comes with a assure, however each have a plausible path to outperform if 2026 rewards execution over hype.
