TOP101 2026: Eesti Energia Is Estonia’s Most Valuable Company at €3.6 Billion

From left: Andrus Durejko, Chairman of the Management Board of Eesti Energia, and Illar Kaasik, Managing Partner of Prudentia Tallinn (photo: Andras Kralla).

Press release, 3 November 2026

The top three of the new TOP101 ranking of Estonia’s most valuable companies, compiled by M&A advisory firm Prudentia Advisory and Nasdaq Tallinn together with law firm TRINITI and asset manager INVL Family Office, are Eesti Energia at €3.6 billion, Luminor Bank at €2.5 billion and Swedbank at €2.2 billion.

Eesti Energia (EE) also won the TOP101 ranking in 2020–2021 and last year. During 2025, the value of the state-owned energy company grew by an estimated €263 million, or 7.8%.

According to Andrus Durejko, Chairman of the Management Board of Eesti Energia, the title of Estonia’s most valuable company is recognition of both the group’s employees and its chosen strategy. “The valuation reflects confidence in Eesti Energia’s ability to keep growing and developing its business profitably. Our task is to preserve and grow this value through our work and decisions. The group’s strength today is an integrated electricity business that brings together generation, the electricity grid, energy trading and the customer business. To keep it that way, we must manage our existing assets efficiently, make the company even more effective and invest very carefully. Our decisions must support both the company’s competitiveness and Estonia’s secure energy supply five and ten years from now,” Durejko said.

According to Illar Kaasik, Managing Partner of Prudentia Advisory, the lead organiser of the TOP101 ranking, the total value of Estonia’s 101 most valuable companies (TOP101) grew to €39.5 billion in this year’s ranking (the data is based on the companies’ 2025 annual reports). Over the year, the value of the companies increased by 10.6%, which Kaasik says is more than twice as fast as Estonia’s nominal GDP growth (5.1%). “The symbolic €40 billion mark is within reach for the TOP101. Estonia’s GDP passed that mark earlier and is currently around €41.9 billion. Over the longer term the gap is even clearer: since 2019, the total value of the TOP101 has grown by almost 88%, while nominal GDP has grown by about 61%. Estonia’s largest companies have therefore grown their value faster than the economy as a whole,” he commented on the trend.

The ten largest companies together are worth €17.1 billion, or almost 43% of the total value of the TOP101. This year, the entry threshold passed €100 million for the first time: a value of at least €102 million was needed to get into the ranking (€89 million last year). Compared with 2019 (€67 million), the threshold has risen by more than 52%. This year, 12 newcomers entered the ranking, the highest of them Mainor Ülemiste (27th place, value €332 million).

According to Illar Kaasik, the TOP101 and the TopTech ranking of the most valuable technology companies are like an X-ray of the Estonian economy, allowing a deeper look at the largest and most dynamically developing segments. “These rankings are a mark of attention and respect for Estonian entrepreneurs for their work and value creation. Analysing the data allows us to identify general trends in different sectors of the Estonian economy, and in turn to judge whether a change in one company is more of an exception or reflects deeper processes taking place across the whole sector,” he noted.

According to Kaarel Ots, Head of Nasdaq Tallinn and the Nasdaq Baltic exchanges, the TOP101 ranking and the changes in it have for eight years been a good learning resource for all entrepreneurs and managers, helping them notice the trends that most affect how a company’s value is formed in the eyes of Estonian and international investors and financiers. Ots says the TOP101 differs from several other business rankings compiled in Estonia in that the best are not selected on turnover, profit and growth figures alone. “Companies also get clear feedback on how society, the environment and financiers see and assess them. When compiling the ranking, Nasdaq Tallinn assesses a company’s transparency through a corporate governance score, which affects the company’s final value by up to 20%,” he noted.

To underline the importance of high-quality management in Estonian companies, the law firm TRINITI decided to present, as part of the TOP101 competition, a special award for the company with the best corporate governance. This year it went to Luminor Pank AS. “In Luminor’s corporate governance, it is worth noting that for three years in a row its supervisory board has included at least two members independent of the shareholders, and there have been years when independent members made up more than half of the bank’s supervisory board. Not many Estonian companies can boast this, including our other large commercial banks,” commented Tõnis Tamme, partner and attorney-at-law at TRINITI.

As part of the TOP101 ranking, INVL Family Office decided to give the Best Investment title to Lemeks Group, whose subsidiary Estonian Plywood (ESTPLY) has made a €25 million investment to expand its existing plywood mill in Jõgevamaa, together with upgrading and adding equipment. With this, Estonian Plywood is increasing its plywood production by 50%, raising the mills’ output from 60,000 cubic metres to 90,000 cubic metres. “It is extremely positive that Estonian entrepreneurs dare to make large investments in Estonia despite the geopolitically murky situation. Second, the investment is in manufacturing that uses raw material from Estonia. And third, it is a step that has a positive effect on regional policy,” explained Rait Kondor, investment strategist at INVL Family Office.

The TOP101 methodology assesses the value of a company’s business operations, that is, how much value the company creates for both owners and creditors through its business activities. Note that the value of a company’s business operations is not always equal to the value of the whole company. The method does not take into account all of a company’s assets, which can often bring not operating but financial income. Financial income, however, is not part of the EBITDA calculation.

For the eighth year, Prudentia Tallinn, together with Nasdaq Tallinn, the law firm TRINITI and the asset manager INVL Family Office, has compiled the TOP101 ranking of Estonia’s most valuable companies, with the aim of promoting the Estonian capital market and the contribution of Estonian entrepreneurs to the sustainability of the Estonian economy. Estonian entrepreneurs create jobs and the tax revenue the state needs to function. The changes in the composition and total value of the list of the 101 most valuable companies show where we are heading and what lies ahead.

The full 2026 TOP101 list of Estonia’s most valuable companies is available at www.top101.ee. A more detailed presentation of the ranking, with additional material and interviews, will also appear in the TOP101 section of Delfi Ärileht and in the newspaper Eesti Ekspress.

Original press release: top101.ee/en/press-center (English) and top101.ee/press-center (Estonian)