Estonia's most valuable enterprises

TOP 2025	TOP 2024	Company name	Value 2025	Value 2024	Change	Turnover 2024	EBITDA 2024	CorpGov Score	Industry
1	3	EESTI ENERGIA, AS ^(K)	3352.00	1623.00	107%	1785.0	335.0	61	Utility services
2	1	SWEDBANK, AS ^(K)	2363.00	1961.00	20%	16734.0	1821.0	79	Financial services
3	2	LUMINOR BANK, AS ^(K)	2232.00	1736.00	29%	15724.0	1686.0	89	Financial services
4	7	INFORTAR, AS ^(K)	1774.00	1083.00	64%	1372.0	145.0	89	Utility services
5	5	SEB PANK, AS ^(K)	1377.00	1138.00	21%	9136.0	1048.0	85	Financial services
6	6	LHV GROUP, AS ^(K)	1229.00	1101.00	12%	8736.0	670.0	70	Financial services
7	8	RIIGI KINNISVARA, AS	1095.00	1067.00	3%	186.0	83.0	68	Real estate operations
8	10	VIRU KEEMIA GRUPP, AS ^{(K) 1}	958.00	795.00	20%	337.0	176.0	41	Manufacturing: energy carriers
9	9	TALLINK GRUPP, AS ^(K)	957.00	1025.00	-7%	786.0	175.0	79	Transport, transit, logistics
10	11	TELIA EESTI, AS	865.00	753.00	15%	379.0	125.0	50	IT ja telekommunikatsiooniteenused
11	13	TKM GRUPP, AS ^(K)	685.00	684.00	0%	945.0	91.0	77	Trade: consumer goods
12	19	BIGBANK, AS ^(K)	658.00	435.00	51%	2778.0	270.0	69	Financial services
13	12	UTILITAS, OÜ ^(K)	640.00	738.00	-13%	210.0	72.0	54	Utility services
14	16	GRAANUL INVEST, AS ^(K)	588.00	479.00	23%	506.0	103.0	32	Manufacturing: energy carriers
15	14	RIIGIMETSA MAJANDAMISE KESKUS, SA	569.00	634.00	-10%	253.0	90.0	26	Extraction of natural resources
16	28	MERKO EHITUS, AS ^(K)	554.00	280.00	98%	539.0	76.0	64	Construction
17	20	BLRT GRUPP, AS ^(K)	518.00	383.00	35%	440.0	66.0	18	Manufacturing: industrial goods
18	18	ELERING, AS	478.00	450.00	6%	214.0	62.0	74	Utility services
19	15	BALTIC MARITIME LOGISTICS GROUP, AS ^(K)	474.00	570.00	-17%	362.0	100.0	18	Transport, transit, logistics
20	17	TALLINNA SADAM, AS ^(K)	458.00	451.00	2%	120.0	53.0	80	Transport, transit, logistics
21	24	ELISA EESTI, AS	438.00	314.00	39%	224.0	71.0	46	IT ja telekommunikatsiooniteenused
22	21	KAPITEL, AS ^(K)	378.00	383.00	-1%	73.0	41.0	16	Real estate operations
23	23	EFTEN REAL ESTATE FUND, AS ^(K)	361.00	343.00	5%	32.0	26.0	43	Real estate operations
24	25	TALLINNA VESI, AS ^(K)	347.00	301.00	16%	64.0	28.0	92	Utility services
25	22	EFTEN REAL ESTATE FUND 4, OÜ	339.00	380.00	-11%	32.0	27.0	38	Real estate operations
26	27	SUMMUS CAPITAL, OÜ ^(K)	336.00	295.00	14%	41.0	27.0	60	Real estate operations
27	26	ERICSSON EESTI, AS	299.00	296.00	1%	415.0	37.0	22	Manufacturing: industrial goods
28	30	ELME MESSER GAAS, AS ^(K)	295.00	235.00	25%	63.0	19.0	37	Manufacturing: energy carriers
29	52	GO GROUP, AS ^(K)	290.00	164.00	77%	139.0	36.0	27	Transport, transit, logistics
30	-	STILTSOFT EUROPE, OÜ	261.00	-	-	25.0	23.0	11	IT ja telekommunikatsiooniteenused
31	-	INBANK, AS	249.00	-	-	1436.0	148.0	59	Financial services
32	29	NORTAL GROUP HOLDING, AS ^(K)	235.00	262.00	-10%	220.0	21.0	23	IT ja telekommunikatsiooniteenused
33	38	KASPERWIKI LAEVAOMANIKUD, OÜ ^(K)	232.00	210.00	10%	651.0	19.0	6	Trade: energy carriers
34	55	CIRCLE K EESTI, AS	231.00	158.00	46%	396.0	22.0	37	Trade: energy carriers
35	41	TIIGI KESKUS, AS ^(K)	231.00	198.00	17%	301.0	37.0	16	Manufacturing: consumer goods
36	36	RAMIRENT BALTIC, AS ^(K)	227.00	214.00	6%	77.0	25.0	42	Consumer services
37	32	EFTEN KINNISVARAFOND II, AS ^(K)	226.00	222.00	2%	24.0	18.0	43	Real estate operations
38	37	LEMISTE CENTER, OÜ	216.00	213.00	1%	19.0	17.0	25	Real estate operations
39	44	MOOTOR GRUPP, AS ^(K)	216.00	189.00	14%	83.0	18.0	8	Transport, transit, logistics
40	35	COOP PANK, AS ^(K)	212.00	217.00	-2%	2189.0	212.0	90	Financial services
41	63	IF P&C INSURANCE, AS	210.00	139.00	51%	403.0	156.0	50	Financial services
42	-	MAINOR, AS ^(K)	208.00	-	%	61.0	26.0	34	Real estate operations
43	45	LEMEKS, AS ^(K)	199.00	185.00	7%	200.0	29.0	22	Manufacturing: industrial goods
44	59	AQUA MARINA, AS ^(K)	197.00	148.00	33%	633.0	19.0	6	Trade: energy carriers
45	54	BREAKWATER TECHNOLOGY, OÜ	195.00	162.00	20%	31.0	17.0	10	IT ja telekommunikatsiooniteenused
46	31	COMBIWOOD GRUPP, OÜ ^(K)	187.00	228.00	-18%	221.0	32.0	30	Manufacturing: industrial goods
47	42	SKINEST GRUPP, AS ^(K)	187.00	197.00	-5%	91.0	22.0	13	Trade: industrial goods
48	39	GREN TARTU, AS ^(K)	186.00	205.00	-9%	52.0	17.0	51	Utility services
49	46	SPORTLAND INTERNATIONAL GROUP, AS ^(K)	173.00	182.00	-5%	176.0	18.0	24	Trade: consumer goods
50	51	A. LE COQ, AS	173.00	170.00	2%	108.0	19.0	32	Manufacturing: consumer goods
51	53	MAXIMA EESTI, OÜ	171.00	163.00	4%	599.0	20.0	33	Trade: consumer goods
52	80	TAVID, AS ^(K)	167.00	108.00	54%	805.0	20.0	27	Trade: other
53	92	ERGO INSURANCE, SE	166.00	87.00	90%	397.0	119.0	66	Financial services
54	49	ROCCA AL MARE KAUBANDUSKESKUSE, AS	165.00	172.00	-4%	19.0	13.0	28	Real estate operations
55	48	KAAMOS HOLDING, OÜ ^(K)	156.00	175.00	-11%	69.0	15.0	30	Real estate operations
56	61	ADOLE INVEST, AS ^(K)	153.00	142.00	8%	421.0	27.0	10	Trade: consumer goods
57	40	CAPFIELD, OÜ ^(K)	153.00	200.00	-23%	21.0	12.0	10	Real estate operations
58	34	SYNLAB EESTI, OÜ	152.00	218.00	-30%	42.0	13.0	21	Consumer services
59	58	RIMI EESTI FOOD, AS	151.00	150.00	1%	483.0	17.0	34	Trade: consumer goods
60	-	MAAG GRUPP, AS ^(K)	151.00	-	-	495.0	27.0	24	Manufacturing: consumer goods
61	-	ITM TRADE, OÜ ^(K)	148.00	-	-	26.0	15.0	18	IT ja telekommunikatsiooniteenused
62	57	EKE, AS ^(K)	145.00	152.00	-5%	21.0	11.0	15	Real estate operations
63	56	OG ELEKTRA, AS	144.00	154.00	-6%	253.0	15.0	25	Trade: consumer goods
64	72	TALLINNA LENNUJAAM, AS ^(K)	143.00	118.00	21%	64.0	19.0	78	Transport, transit, logistics
65	33	MULTIMODALHD EESTI, OÜ	141.00	219.00	-36%	346.0	11.0	12	Trade: energy carriers
66	62	KAWE, AS ^(K)	139.00	140.00	-1%	18.0	11.0	25	Real estate operations
67	-	AKTIVA FINANTS, OÜ ^(K)	135.00	-	-	39.0	17.0	20	Consumer services
68	-	ALARMO KAPITAL, OÜ ^(K)	135.00	-	-	450.0	89.0	10	Financial services
69	-	KONESKO, AS	129.00	-	-	95.0	8.0	27	Manufacturing: industrial goods
70	60	GLAMOX, AS	129.00	148.00	-13%	73.0	16.0	47	Manufacturing: industrial goods
71	-	PANAMIR, OÜ	128.00	-	-	170.0	17.0	21	Trade: consumer goods
72	71	HELMES, AS ^(K)	127.00	124.00	2%	108.0	14.0	20	IT ja telekommunikatsiooniteenused
73	77	TELE2 EESTI, AS	125.00	114.00	9%	85.0	18.0	41	IT ja telekommunikatsiooniteenused
74	-	LEAB EESTI, OÜ	125.00	-	-	109.0	22.0	23	Manufacturing: industrial goods
75	65	ESTIKO GRUPP, AS ^(K)	125.00	136.00	-8%	57.0	12.0	19	Real estate operations
76	50	GREN EESTI, AS	123.00	171.00	-28%	34.0	13.0	51	Utility services
77	67	EESTI LOTO, AS	122.00	133.00	-9%	94.0	12.0	57	Consumer services
78	70	CITYCON BALTICS HOLDING, OÜ	120.00	126.00	-5%	15.0	9.0	29	Real estate operations
79	69	HARJU ELEKTER, AS ^(K)	116.00	127.00	-9%	174.0	10.0	55	Manufacturing: industrial goods
80	90	PRO KAPITAL GRUPP, AS ^(K)	115.00	91.00	26%	18.0	2.0	70	Real estate operations
81	76	ESRAVEN, AS ^(K)	115.00	115.00	-1%	31.0	12.0	10	Real estate operations
82	-	ABB, AS	115.00	-	%	83.0	7.0	50	Manufacturing: industrial goods
83	89	ORKLA EESTI, AS	114.00	91.00	25%	96.0	13.0	46	Manufacturing: consumer goods
84	-	OB HOLDING 1, OÜ	114.00	-	-	46.0	14.0	13	Consumer services
85	64	VEHO BALTICS, OÜ	114.00	136.00	-16%	368.0	14.0	35	Trade: consumer goods
86	73	PERFORCE SOFTWARE, AS	112.00	117.00	-4%	19.0	8.0	31	IT ja telekommunikatsiooniteenused
87	78	ASTRI, AS ^(K)	111.00	113.00	-2%	13.0	9.0	27	Real estate operations
88	-	MY FITNESS, AS ^(K)	110.00	-	-	59.0	15.0	24	Consumer services
89	95	CRAMO ESTONIA, AS	104.00	86.00	21%	33.0	13.0	46	Consumer services
90	-	B2G GRUPP, OÜ ^(K)	104.00	-	%	55.0	12.0	18	Trade: energy carriers
91	74	AQUAPHOR INTERNATIONAL, OÜ ^(K)	102.00	117.00	-13%	104.0	13.0	18	Manufacturing: industrial goods
92	66	EESTI POST, AS ^(K)	102.00	133.00	-24%	141.0	8.0	85	Transport, transit, logistics
93	85	KAARSILLA KINNISVARA, OÜ	102.00	100.00	2%	13.0	8.0	14	Real estate operations
94	81	TOGGL, OÜ ^(K)	100.00	107.00	-6%	17.0	7.0	15	IT ja telekommunikatsiooniteenused
95	-	UPM-KYMMENE OTEPÄÄ, OÜ	98.00	-	%	77.0	18.0	18	Manufacturing: industrial goods
96	79	VIK KINNISVARA, AS ^(K)	94.00	113.00	-17%	14.0	8.0	6	Real estate operations
97	86	METAPRINT, AS	94.00	98.00	-4%	93.0	13.0	22	Manufacturing: industrial goods
98	87	HOTELL VIRU, AS	93.00	95.00	-1%	8.0	8.0	6	Real estate operations
99	-	MBR METALS, OÜ	90.00	-	-	393.0	14.0	12	Trade: industrial goods
100	84	SAKU ÕLLETEHASE AS	90.00	100.00	-11%	79.0	9.0	41	Manufacturing: consumer goods
101	-	NOBE, OÜ ^(K)	89.00	-	-	136.0	16.0	27	Manufacturing: industrial goods

The value of companies listed in TOP 101 2024 is based on company’s 2021-2023 financial reports and the valuation is determined using the comparable trading multiples method. Publicly traded companies' valuation is based on the share price and balance sheet snapshot on June 30th, 2024

^K Behind the company name indicates that a consolidated report has been used.

* TOP 101 presents enterprise value, except for banks, other credit institutions and insurance companies for which the respective column presents equity value.

** For banks, other credit institutions and insurance companies, the column "Turnover 2024" presents book value of total assets as at the end of 2024.

*** For banks, other credit institutions and insurance companies, the column "EBITDA 2024" presents book value of shareholders' equity as at the end of 2024.

¹ The value of VIRU KEEMIA GRUPP, AS reflects the combined values of Viru Keemia Grupp and Kirde Investeeringud, treating them as a single entity.

TOP 101 - 2025
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