Signs of improvement are evident in both the TOP101 ranking of Estonia's most valuable companies and the Estonian economy

Illar Kaasik

Managing Partner, Prudentia Tallinn

The good news in the 2025 TOP101 ranking of Estonia's most valuable companies is that there are 13 new entrants out of 101 companies, and the 13% increase in the total value of the companies is also noteworthy. Compared to last year's €31.6 billion, this year's 101 most valuable Estonian companies are worth a total of €35.6 billion, which is a significant increase in value. The lower limit for inclusion in the ranking also rose from €82 million to €89 million.

Prudentia Advisory and Nasdaq Tallinn have been compiling the TOP101 ranking of Estonia's most valuable companies since 2019. The ranking assesses the value of a company's business activities, not the value of its equity. The methodology used for the ranking is based on the market capitalisation of listed companies, the equity capital of banks and the comparable multiples method for other companies. In addition, Nasdaq assesses the transparency of the company. The table, and especially the comparison of different years, is a good indicator for assessing the economic situation, as looking at a longer period of data allows the ranking to assess trends in the Estonian business landscape.

The successful value creators in the 2025 ranking (based on 2024 reports) were definitely Swedbank, Infortar, Go Grupp, Tavid, If Insurance, ERGO and Merko. All banks in the ranking showed growth figures, confirming that the Estonian economy is in good shape. AS Infortar deserves a special mention, as its value grew by 64% or €692 million over the year. Rapid growth was ensured by acquisitions, such as the acquisition of Estonia Farmid OÜ, which is a major step for Infortar in the agricultural sector.  Infortar also continued to increase its stake in Tallink, which is a long-term investment for them in the maritime transport sector. In the energy sector, the year was marked by the acquisition of a Polish gas company – Infortar's subsidiary Elenger Group concluded a €120 million deal with German energy group EWE AG, acquiring all of EWE's business activities in Poland. Maag Group, a newcomer to the rankings, has also actively increased its value through acquisitions.

The highest climbers in the 2025 rankings include Stiltsoft Europe, an IT development company with Belarusian owners, Estonian food production group AS Maag Grupp, OÜ Aktiva Finance, OÜ Alarmo Kapital, AS Konesko and AS My Fitness.

No. 1 – AS Eesti Energia with a price tag of 3.35 billion

The 2025 ranking was won by AS Eesti Energia (EE) with a value of 3.35 billion. Estonia's largest energy company has been in the TOP101 winner's position before, but lost it a few years ago due to the IPO of its subsidiary Enefit Green. In accordance with the ranking methodology, the value of Enefit Green, which had become an independent listed company, was separated from the value of the Eesti Energia Group, and both were ranked high in the table separately. In 2025, EE is once again the leader of the table, along with changes in energy policy. Over the past year, the energy sector has reduced its targets for a 100% transition to renewable energy, as energy policy is now more focused on energy security and competitiveness. The government's decision to include nuclear energy as a component of the country's energy policy and to initiate special planning for a nuclear power plant is clear confirmation of this. Due to the threat from Russia and the knowledge that 100% renewable energy is not realistic in Estonia's circumstances, the energy group was forced to delist Enefit Green from the stock exchange in order to improve its efficiency. The previous rhetoric, which focused on the Fukushima and Chernobyl disasters, has been replaced by a pragmatic approach. Nuclear energy is now seen as a stable and controllable form of energy that helps to avoid dependence on volatile gas and oil prices. In addition, nuclear energy is supported by climate goals, as its production process does not generate CO2 emissions. Until other sources of production are available, Eesti Energia will continue to invest in renewable energy, while also developing the Enefit-280-2 production unit in order to convert oil shale into products with higher added value.  An important focus is on improving the electricity distribution network. The aim is to reduce the risk of failures and make the network more resistant to various weather conditions. After all, from the perspective of the state as the owner, it is necessary to ensure the stability of the system: the constantly growing production of renewable energy requires a stronger and smarter electricity network and the development of storage systems.

To understand the potential of companies, let's compare the situation on the southern and northern shores of the Gulf of Finland

When attempting to analyse the potential for growth in the value of Estonian companies, the first thing to do is to compare the situation here with that in Finland. Of course, it must be acknowledged that the combined value of Finland's 100 most valuable companies and the value of most of the country's flagship companies individually is significantly higher than in the Estonian table. The Finnish ranking is dominated by global giants such as Neste, Nokia and Nordea, whose market value reaches tens of billions of euros. The market value of just one such company can be greater than or close to the combined value of Estonia's 100 most valuable companies. Estonia's most valuable companies are predominantly local or regional players, with a value of hundreds of millions of euros, reaching a billion in some cases. The ranking of top companies in Finland is dominated by traditional industries and global corporations with a long history and a large international reach, such as Neste UPM-Kymmene, Stora Enso, Nokia, Kone Nordea. In Estonia, the leaders are the utilities and energy sector, banking and real estate. Companies with a more global reach include Infortar and BLRT, as well as Gren and Utilitas in the energy sector.

In summary, it can be said that the Estonian TOP101 2025 ranking indicates an improvement in the economic situation, despite the continuing complex environment resulting from the war in Ukraine- Russia war, the global trade war, tax increases and the rapid development of AI and other IT technologies. However, the latter variable is more of an opportunity than a risk for Estonia, given the significant share of the technology sector in our economy.