TOP101 Companies Reach Record Values Amid Modest Economic Growth
According to Eesti Pank’s forecast, the Estonian economy will grow modestly by 0.6% in 2025, but from 2026 onwards the growth rate will already exceed 3%. The acceleration of inflation is mainly driven by rising production costs and tax increases, which together have pushed the overall price level higher. Inflation in Estonia is expected to reach 5.3% in 2025, but will decline to around 2% the following year and remain at that level also in 2027.
The total value of the TOP101 companies showed significant growth this year, reaching a new record of €35.7 billion. Over the year, this indicator increased by 12.9%. For comparison, Estonia’s GDP at current prices grew by nearly 4% during the same period, reaching €39.85 billion. The increase in the TOP101 total value was driven by both improved EBITDA of several companies and the general rise of stock indices and multiples on global markets. For instance, in late June 2025, the S&P 500 reached a record high, surpassing 6,200 points, while the STOXX Europe 600 index closed several times at levels never seen before. The DAX also set a new record in May, crossing the 24,000-point threshold and showing more than 30% growth.
The positive trend in equity markets was also reflected on the Tallinn Stock Exchange. Between June 2024 and June 2025, the best performer was Merko Ehitus, whose share price surged by 90.69%. It was followed by Pro Kapital Grupp with 32.67% growth, and in third place Infortar, with an increase of more than 23%.
The share of the financial sector in the total value of the TOP101 has increased sharply in recent years: in 2022, financial services accounted for 19.7% of the total value, in 2024 already 21.9%, and by 2025 a record-high 24.7%. This means that almost a quarter of the entire ranking’s value now comes from financial companies. A similar trend was also observed across Europe – in 2024–2025, European banks and financial institutions rallied strongly. For example, the Euro Stoxx Banks index rose by more than 40% from mid-2024 to June 2025.
The significant increase in the share of the utilities sector in the TOP101 ranking is mainly due to the fact that the value of Eesti Energia and Enefit Green is now assessed jointly as part of Eesti Energia.
The minimum value required for a company to enter the ranking was €81.4 million in 2024. By 2025, the threshold had risen to €89.1 million – an increase of €7.7 million. In addition, 2025 marks the first time that the total value of one of the largest companies in the ranking exceeded €3 billion.