TOP101 2026: Estonia’s and Latvia’s Most Valuable Companies Revealed

The 2026 TOP101 rankings of the most valuable companies in Estonia and Latvia are now live. Prepared by Prudentia Advisory together with Nasdaq Tallinn and Nasdaq Riga, the rankings show how the value of the largest Baltic businesses is developing. In both countries, the biggest companies are growing in value faster than the economy.

Estonia: TOP101 value reaches €39.5bn

This is the eighth year Prudentia has compiled the Estonian ranking. Based on 2025 annual reports, the combined value of the TOP101 grew 10.6% to €39.5bn, more than twice as fast as Estonia’s nominal GDP (5.1%). Since 2019, TOP101 value has increased by almost 88%, while nominal GDP has grown by about 61%.

Eesti Energia is again the most valuable company in Estonia at €3.6bn, after its value grew by an estimated €263m (7.8%) over the year. Luminor Group climbed to second place (€2.5bn), overtaking Swedbank Estonia (€2.2bn).

Other highlights:

• Top 10 concentration: the ten largest companies are worth €17.1bn, about 43% of the total TOP101 value.

• Higher entry threshold: for the first time, entering the ranking required more than €100m (€102m, up from €89m last year and €67m in 2019).

• Biggest movers: RMK rose ten places to fifth, and Graanul Invest moved up four places into the top 10.

• New entrants: 12 companies joined the ranking, the highest of them Mainor Ülemiste in 27th place (€332m).

Two special awards were given this year. Law firm TRINITI named Luminor the company with the best corporate governance. INVL Family Office awarded Lemeks Group the Best Investment title for the €25m expansion of Estonian Plywood’s plant in Jõgevamaa, which increases production capacity by 50%.

Latvia: 21st edition, value up nearly 8%

The Latvian TOP101 has been published since 2005 and this is its 21st edition. Several hundred companies were assessed. The combined value of the TOP101 grew by almost 8% to €33.62bn, a sign that Latvian companies continue to recover and that falling interest rates are gradually improving the business environment.

• Swedbank Baltics is the most valuable company in Latvia for the fifth year in a row, at a record €6.18bn (+3%).

• Latvenergo is second at €4.99bn, also a record and almost 10% higher than last year.

• Latvijas valsts meži is third at €2.14bn, with the fastest growth among the top three (+52%).

• Mikrotīkls (€1.17bn) and Maxima Latvija (€892.5m) complete the top five.

• Latvijas Finieris grew in value by 24% to a historic high and took 6th place.

Value grew for 8 of the 10 most valuable companies. This year’s ranking includes one newcomer, the most valuable being ITissible in 48th place (€137.8m), and ten companies returning after a break.

Transparency was another clear finding. The twelve exchange-listed companies in the Latvian TOP101 scored nearly four times higher on transparency than the others.

Why the TOP101 matters

The TOP101 is more than a list. It gives business owners, investors and sector experts a view of how value is created in the Baltic economy, which sectors are growing fastest and how companies are perceived by investors. Unlike many business rankings, it considers more than turnover, profit and growth: Nasdaq’s corporate governance score affects the final value by up to 20%.

Valuations in the TOP101 reflect the value of a company’s operating business, based on EBITDA. They do not capture all of a company’s assets, such as those generating purely financial income.

Explore the full rankings

The full lists, analysis and expert comments are available at top101.ee and top101.lv. The Estonian ranking is also covered by Delfi Ärileht and Eesti Ekspress.

Thank you to our partners: Nasdaq Tallinn, Nasdaq Riga, TRINITI, INVL Family Office and Firmas.lv, and to Delfi for bringing the Estonian results to readers.