Baltic TOP - 2023
Baltic's most valuable enterprises
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TOP 2023 TOP 2022 Company name Value 2023 Value 2022 Change Turnover 2022 EBITDA 2022 CorpGov Score Country Industry
9 10 LATVIJAS VALSTS MEŽI, AS 5 2206.14 1341.52 64% 566.7 299.0 98 LV Extraction of natural resources
6 8 WILLGROW, UAB 3 2549.69 1643.44 55% 1936.0 338.5 27 LT Transport, transit, logistics
17 24 BALTIC CLASSIFIEDS GROUP 9 1115.84 818.60 36% 60.8 46.0 81 LV LT EE IT and telecommunication services
11 17 ENEFIT GREEN, AS 1458.10 1104.58 32% 256.0 155.0 - EE Manufacturing: energy carriers
23 25 RIIGIMETSA MAJANDAMISE KESKUS, SA 12 1012.22 811.13 25% 302.3 159.2 41 EE Extraction of natural resources
24 23 GREN GROUP 13 1010.86 839.85 20% 223.9 92.0 14 LV LT EE Utility services
5 4 LATVENERGO, AS 2912.41 2452.29 19% 1841.8 341.5 90 LV Utility services
19 20 BITĖ LIETUVA, UAB 1082.82 973.50 11% 529.7 173.2 62 LT IT and telecommunication services
7 5 IGNITIS GRUPĖ, AB 2463.52 2243.35 10% 4381.3 536.7 100 LT Utility services
4 3 SWEDBANK BALTICS, AS 2 3397.58 3167.59 7% 41337.0 4185.0 42 LV Financial services
13 16 EESTI ENERGIA, AS 7 1204.37 1129.26 7% 2218.2 185.9 63 EE Utility services
18 18 TALLINK GRUPP, AS 1106.55 1038.12 7% 771.4 136.0 - EE Transport, transit, logistics
8 6 SEB BANK GROUP 4 2313.79 2177.26 6% 27070.2 2596.1 88 LV LT EE Financial services
25 27 UTILITAS, OÜ 844.73 805.38 5% 255.8 70.6 44 EE Utility services
12 12 LUMINOR BANK, AS 1352.26 1301.15 4% 14756.7 1583.4 67 EE Financial services
21 19 RIIGI KINNISVARA, AS 11 1030.25 1012.99 2% 156.0 64.9 63 EE Real estate operations
1 1 THERMO FISHER SCIENTIFIC BALTICS, UAB 6180.66 6067.21 2% 1476.9 650.9 8 LT Manufacturing: consumer goods
3 2 VILNIAUS PREKYBA, UAB 4816.94 4744.12 2% 6502.8 531.6 44 LT Trade: consumer goods
14 14 TELE 2 GROUP 8 1202.37 1199.97 0% 578.5 205.6 24 LV LT EE IT and telecommunication services
30 28 EPSO-G, UAB 702.58 703.65 0% 589.9 -11.5 100 LT Transmission and storage
16 15 LHV GROUP, AS 1154.60 1173.38 -2% 6135.0 420.8 - EE Financial services
10 7 TELIA GROUP 6 1897.75 1966.02 -3% 809.2 255.3 78 LT EE IT and telecommunication services
15 11 MIKROTĪKLS, SIA 1182.28 1308.28 -10% 334.3 89.3 10 LV Manufacturing: industrial goods
28 26 RIMI GROUP 15 732.25 810.23 -10% 1894.5 70.5 36 LV LT EE Trade: consumer goods
29 21 KONCERNAS ACHEMOS GRUPĖ, UAB 730.62 909.45 -20% 2154.3 123.1 34 LT Manufacturing: industrial goods
22 13 GRAANUL INVEST, AS 1020.68 1299.79 -21% 589.9 142.2 32 EE Manufacturing: energy carriers
20 9 LIETUVOS GELEŽINKELIAI, AB 10 1049.81 1451.50 -28% 434.1 144.1 100 LT Transport, transit, logistics
26 - INFORTAR, AS 799.78 - % 1053.7 119.8 37 EE Utility services
27 - VALSTYBINIŲ MIŠKŲ URĖDIJA, VĮ 14 791.39 - % 319.9 135.2 84 LT Extraction of natural resources
2 - REVOLUT HOLDINGS EUROPE, UAB 1 5924.88 - % 8784.6 401.2 35 LT Financial services

* TOP 101 reflects company's enterprise value. With the exception of banks and insurance companies - for these companies equity value is reflected. In case of the listed companies, the value is based on the company’s value on the stock exchange as of 30.06.2023.                            

** For banks and insurance companies the columns "revenue" and "adjusted EBITDA" present the value of total assets and equity respectively.                           

¹ REVOLUT HOLDINGS EUROPE, UAB valuation represents only a part of total "Revolut" company value.                            

² SWEDBANK BALTICS, AS is a financial holding company for subsidiary banks in Estonia, Latvia and Lithuania.                            

³ Company changed name during the year 2023. Formerly, in the TOP of 2022, company was listed under the previous name ME INVESTICIJA, UAB.

⁴ The equity value of SEB BANK Group is derived by combining the equity values of SEB Bank Latvia, SEB Bank Estonia and SEB Bank Lithuania.  

⁵ Latvian state forests.                            

⁶ The enterprise value of TELIA Group is derived by combining the enterprise values of Telia Estonia and Telia Lithuania.                            

⁷ The value of Enefit Green is not included in the value of Eesti Energia.                            

⁸ The enterprise value of TELE 2 Group is derived by combining the enterprise values of Tele 2 Latvia, Tele 2 Estonia and Tele 2 Lithuania.                            

⁹ BALTIC CLASSIFIEDS GROUP holds all business operations in the Baltic States, and the groups' enterprise value is derived from the equity listed on London Stock Exchange.

¹⁰ Lithuanian Railroad.                            

¹¹ Estonian state-owned real estate.                            

¹² Estonian state forests.                            

¹³ The enterprise value of Gren Group is derived by combining the enterprise values of Gren Latvia, Gren Riga, Gren Jelgava, Gren Daugapils, Gren Gulbene, Gren Estonia, Gren Tartu and Gren Lithuania.                            

¹⁴ Lithuanian state forests.                            

¹⁵ The enterprise value of RIMI Group is derived by combining the enterprise values of Rimi Latvia, Rimi Estonia and Rimi Lithuania.


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