This year’s top three remains steadily unchanged – Swedbank Baltics named the best.

Today, on October 15, the twentieth edition of Latvia’s TOP101 Most Valuable Companies, created by Nasdaq Riga and Prudentia, was published. For the fourth year in a row, AS Swedbank Baltics has been recognized as Latvia’s most valuable company. AS Latvenergo ranked second, while AS Latvijas valsts meži took third place.

This year as well, in compiling the TOP101 for 2025, several hundred Latvian companies were evaluated. The results show a positive trend – the challenges of the COVID pandemic years are behind us, companies have recovered, and the European Central Bank is cautiously but consistently reducing interest rates.

The total value of TOP101 has increased by nearly 12% compared to last year.

At the top of Latvia’s most valuable companies ranking for the fourth consecutive year is AS Swedbank Baltics. Compared to the previous year, the company has managed to increase its value by EUR 1.69 billion, or nearly 40%, reaching its highest value to date of EUR 6.03 billion.

Second place in the TOP101 ranking is retained by AS Latvenergo, which has reached its highest-ever company value of EUR 4.57 billion, almost 14% higher than last year.

The top three of the most valuable companies is completed by another state-owned enterprise, Latvijas valsts meži, with a valuation of EUR 1.41 billion.

There are 14 new entrants in TOP101, six of which have returned to the list after improving their performance indicators. The combined value of all these companies is EUR 1.38 billion. The most valuable newcomer is the publicly listed company Eleving Group, valued at EUR 194.7 million, ranking 28th overall.

Upon receiving the award for Latvia’s most valuable company, a representative of AS Swedbank Baltics and Chairman of the Management Board of Swedbank Latvia, Lauris Mencis, emphasized:

“On behalf of Swedbank Baltics, I am grateful to receive this significant award, which admittedly is not the first in the history of the Swedbank holding, yet each year it is a special confirmation of perseverance and the ability to achieve goals by supporting economic growth and improving the financial health of residents. And, as we have stated before, we would only be pleased if others overtook us and if the top of the ranking included more representatives from other industries and companies with a higher share of private capital. This would only indicate a stronger and more competitive Latvian economy. A strong financial sector benefits both society and the economy as a whole, as it can finance growth, support businesses and households through various economic cycles, foster innovation, and provide a better customer experience.”

Nasdaq Riga CEO Liene Dubava notes:

“As one of the creators of TOP101, the stock exchange focuses within the study on evaluating company transparency and corporate governance. In the early days of the ranking, assessments were based on companies’ annual financial statements. Today, 20 years later, we have reached an entirely new level of transparency and corporate governance, and here once again listed companies deserve praise – they demonstrate results at least twice as high in transparency and corporate governance criteria compared to the average of all other companies. We also look forward to other bold and ambitious companies joining the stock exchange, promoting transparency and good governance in the corporate environment.”

Kārlis Krastiņš, Leading Partner at AS Prudentia and one of the creators of TOP101, concludes:

“Together with Nasdaq Riga, Prudentia has done substantial work in compiling the achievements of the past 20 years. We have studied the impact of inflation and interest rates on TOP101 values, changes in value by industry, as well as value changes among different shareholder groups – namely Latvian private, state, and foreign owners. The first TOP101 was created in 2006, when Latvia’s economy was growing by 12% per year and optimism was high, followed by the global financial crisis of 2008/2009. In 2014 Latvia adopted the euro, followed by the COVID-19 crisis, and in 2022 Russia launched a full-scale war in Ukraine – all of these events have had a significant impact on Latvia’s economy and the value of TOP101 companies.”

He also invites readers to visit top101.lv.

* The so-called nominal increase in TOP101 value has been calculated. The calculation does not include the impact of price increases or inflation.

Since 2005, the TOP101 list of Latvia’s most valuable companies has been compiled by Prudentia and Nasdaq Riga with informational support from Firmas.lv. Starting in 2020, Prudentia, in cooperation with Nasdaq Tallinn, has also offered the public TOP101 of Estonia’s most valuable companies. The ranking provides entrepreneurs, industry experts, and the general public with a comprehensive insight into the growth, corporate governance practices, development, and competitiveness of Latvian and Estonian companies. To learn more, visit top101.lv.