The FTSE 250 rose a respectable 8% in 2025. Combined with a dividend yield above 3%, investors in a tracker fund would have enjoyed a pretty tasty return.
But some UK mid-cap shares smashed the returns delivered by the broader index. Take Atalaya Mining (LSE:ATYM), Lion Finance (LSE:BGEO) and Applied Nutrition (LSE:APN). They delivered share price gains of 80% and beyond over the course of last year.
However, can they repeat the stunning returns of last year? Can they provide even greater gains? Let’s take a look.
Copper boom
A bumper year for copper prices helped Atalaya Mining shares rise 124% last year. The red metal struck new peaks above $12,000 a tonne towards the end of December, and further gains look likely as supply issues linger.
Looking longer term, I’m expecting metal values to keep rising as demand from the tech sector increases. The US’s decision to categorise copper as a ‘critical mineral’ underlines its growing importance.
Yet Atalaya’s recent success isn’t just down to a strong copper price. It’s also performed heroically in pulling the valuable metal out of the ground. Between January and September 2025, production from its Spanish projects rose 16%, while all-in sustaining costs (AISCs) dropped 13%, lighting a fire under profits.
The miner looks well set up for further gains in the New Year. Remember though that unexpected production setbacks could scupper any share price progress.
Another strong year
Lion Finance’s share price almost doubled in 2025, rising 95% over the year. Political uncertainty, which remains a threat in the country, hasn’t so far derailed its impressive profits story.
Low product penetration and rapid economic growth are supercharging earnings here. The stock — which until last year was known as Bank of Georgia — recorded loan book and deposit growth of 21.7% and 18% between January and September 2025.
Don’t think that Lion Finance has been sitting on its hands though. Significant investment in digital banking has helped it capitalise on the favourable trading environment, and it’s investing in other emerging markets like Armenia to drive future growth.
The World Bank expects Georgia’s economy to grow 5.5% in 2026. This suggests another strong year of profits growth for Lion Finance.
Stunning first year
Applied Nutrition’s share price exploded during its first full year on the London stock market. They leapt 82% in 2025, driven by the company’s habit of beating market expectations.
The business — which manufactures protein shakes and other nutritional products — was at it again in December, which bodes well moving into the New Year. Last month it said results for the full year “are likely to exceed current market consensus estimates by approximately 10%.“
The nutritional products market is huge and rapidly growing. And Applied Nutrition’s strong brand recognition and deals with major supermarkets is helping it seize this opportunity. In December, it inked a deal with Morrisons to let the supermarket produce and sell Applied Nutrition-branded meals and other products.
Sales could slow when economic conditions worsen and consumers feel the pinch. But the FTSE 250 company’s presence in 85 countries helps spread this risk.
