TOP101's Total Value Approaches the €40 Billion Mark

In 2026, the combined value of Estonia's 101 most valuable companies reached €39.5 billion, approaching the symbolic €40 billion threshold. Estonia's gross domestic product (GDP) had already surpassed this milestone, reaching approximately €41.9 billion. What is particularly noteworthy, however, is that since 2019, the total value of TOP101 companies has increased by nearly 88%, while Estonia's nominal GDP has grown by approximately 61%. This trend continued in 2026, with the combined value of TOP101 companies rising by 10.6% year-on-year, significantly outpacing nominal GDP growth of 5.1%.

Positive momentum also continued in international stock markets, although growth rates varied considerably across regions. Between the end of June 2025 and the end of June 2026, the US S&P 500 index rose by 20.9%, while Europe's STOXX Europe 600 index gained 18.3%. The 10.6% increase in the total value of Estonia's TOP101 companies therefore lagged behind the performance of these broad US and European equity indices.

By contrast, the Tallinn Stock Exchange recorded considerably more modest growth. During the period under review, the OMX Tallinn index rose by just 1.7%, while the share prices of most listed companies underperformed the overall growth in TOP101's combined value. Ekspress Grupp recorded the strongest performance, with its share price increasing by 23.04%, followed by Harju Elekter at 13.33% and Coop Pank at 10.44%. Particularly striking was the performance of the previous year's leading gainers: Merko Ehitus shares declined by 14.1%, while Pro Kapital Grupp shares fell by as much as 47.01%. The latter was also no longer included in this year's TOP101 ranking. Overall, the performance of the local stock market differed significantly from the growth in the combined value of Estonia's largest companies.

Several notable changes also occurred in the sectoral composition of TOP101's total value. The share of the industrial products manufacturing sector increased from 6.16% to 8.08%, making a significant contribution to the overall increase in value. By contrast, the utilities sector's share remained virtually unchanged at 19.30%. Financial services retained the largest share of total value at 22.41%, although its relative weight declined by 2.31 percentage points compared with the previous year. Similarly, the share of the information technology and telecommunications sector decreased from 7.29% to 6.23%. These developments indicate that growth in TOP101's combined value was unevenly distributed across sectors.

When interpreting changes in sectoral shares, it is important to consider changes in the composition of the ranking itself. Some companies were excluded from this year's TOP101 because their annual financial reports had not yet been published by the data cut-off date. Consequently, changes in sectoral shares do not necessarily reflect only changes in company valuations or the underlying economic performance of the respective sectors.

For the first time, the minimum company valuation required to enter the TOP101 ranking exceeded the €100 million threshold. While a valuation of €89 million was sufficient to secure a place in last year's ranking, this year's entry threshold rose to €102 million, representing an increase of 14.6%. Compared with 2019, when the threshold stood at €67 million, it has increased by more than 52%. Notably, the entry threshold grew faster this year than the combined value of TOP101 companies as a whole.