Illar Kaasik

Managing Partner at Prudentia Tallinn

The combined value of Estonia’s 101 most valuable companies is approaching the 40 billion euro mark, growing faster than the economy as a whole

The combined value of Estonia’s 101 most valuable companies (TOP101) rose to 39.5 billion euros, according to the 2026 ranking (based on the companies’ 2025 annual reports). Over the year, the value of these companies increased by 10.6 per cent, which is more than twice as fast as Estonia’s nominal GDP growth (5.1 per cent).

The symbolic €40 billion mark is within reach for the TOP101. Estonia’s GDP had already surpassed this mark and currently stands at approximately €41.9 billion. In the longer term, the gap is even more pronounced: since 2019, the total value of the TOP101 has grown by nearly 88 per cent, whilst nominal GDP has risen by around 61 per cent. Estonia’s largest companies have therefore increased their value faster than the economy as a whole.

First place goes to Eesti Energia: focus on networks, restructuring and investments

Eesti Energia was once again crowned Estonia’s most valuable company, with a value estimated at 3.6 billion euros. The company made a significant contribution to the utilities sector, which accounts for nearly 19.3 per cent of the total value of the ranking. It is also worth taking a closer look at Eesti Energia’s main activities and achievements in 2025–2026.

Desynchronisation and new revenue streams: The Baltic states left the Russian electricity grid and joined the continental European system. The exceptional situation in the frequency services market that arose as a result brought the group nearly €57 million in additional EBITDA in 2025. The reserve capacity agreement concluded with Elering will generate an additional ~€60 million per year from 2026 onwards.

Consolidation and structural changes: In August 2025, Eesti Energia completed the takeover of Enefit Green, becoming its 100 per cent owner, and the company was delisted from the stock exchange.

From 2026, business operations will be divided into three pillars: Enefit OÜ (electricity generation, including renewable energy, and retail), Enefit Industry (oil shale and reserve power stations) and Elektrilevi. To restore profitability and investment capacity, the management team was also renewed (Chairman of the Management Board Andrus Durejko, Chief Financial Officer Marlen Tamm, and Head of Enefit Industry Lauri Karp).

Financial position and capital: in May 2025, the state approved a €100 million capital injection to support the group’s investment plan. Due to the write-down of oil shale assets, the year 2025 ended with a net loss of €83 million. In April 2026, Moody’s changed the outlook on the rating (Baa3) from negative to stable, and in May, a €300 million green bond was successfully issued, which was oversubscribed by more than 6.3 times.

Investments in 2026: in April, the new Enefit 280-2 oil plant produced its first oil; it was officially opened in August. In August, the Strzałkowo solar park (45 MW) was opened in Poland, and at the end of September, the Kelmė wind farms (167 MW) were opened in Lithuania. Elektrilevi plans to invest approximately €500 million in the electricity grid between 2026 and 2028.

Changes at the top of the banking rankings

Whilst Eesti Energia held firmly onto first place, there were shifts at the top of the rankings within the financial sector. Luminor Bank (€2.5 billion) rose to second place, leaving Swedbank (€2.2 billion) behind. It is important to bear in mind the methodology used for the ranking: the valuation of banks is based on their equity capital. In 2025, Swedbank paid dividends of €393 million and Luminor €101 million. If these sums were added back to the banks’ equity for the purposes of calculation, their estimated value would have been almost equal. It should also be borne in mind that Luminor consolidates its Baltic operations in Estonia, whilst Swedbank does so in Latvia.

This year’s top five also includes Infortar and the State Forest Management Centre (RMK). The ten largest companies account for a total of 17.1 billion euros, or nearly 43 per cent of the total value of the TOP101.

Looking ahead, the 2028 ranking – based on 2027 financial results – may bring further changes. From 1 January 2027, SEB will merge all three of its Baltic banks into a single legal entity, with its head office in Estonia. This could propel SEB into the top five most valuable companies and raises the question of whether the bank might even challenge for the top spot in future.

Global equity markets continued to rise; in Tallinn, the outcome depended on the comparison period

International stock markets showed strong growth during the period June 2025 – June 2026 (US S&P 500 +20.9%, European STOXX Europe 600 +18.3%), outperforming the 10.6% growth in the total value of the TOP101 companies. 2025 was also a successful year for the Tallinn Stock Exchange – the OMX Tallinn index rose by 18.4% over the calendar year. As the TOP101 assessment uses market data from the end of June for listed companies, a comparison of the same period yields a different result: from June 2025 to June 2026, the OMX Tallinn index rose by 1.7 per cent. The difference stems mainly from the fact that the majority of the Tallinn Stock Exchange’s 2025 rise took place in the first half of the year.

The biggest gainers among Estonian listed companies were: Ekspress Grupp (+23.04%), Harju Elekter (+13.33%) and Coop Pank (+10.44%).

The biggest fallers among Estonian listed companies were: Merko Ehitus (−14.1%) and Pro Kapital Grupp (−47.01%), which also dropped out of the TOP101.

Industry rose, whilst the financial sector lost ground

The share of industrial goods manufacturers in the TOP101 ranking rose from 6.16% to 8.08%. Financial services remain the largest sector, but lost 2.31 percentage points in market share.

Risers, fallers and new entrants

Biggest changes in the rankings

2026 new entrants to the TOP101 ranking (12 companies in total, worth €2.3 billion)

Twelve new companies were added to the ranking. Mainor Ülemiste climbed the highest (27th place, €332 million). The growing role of the defence industry is illustrated by Rabatti (211 million euros), which came in 49th place; the group includes Threod Systems, a manufacturer of unmanned aerial vehicles.

Changes were also evident in the dairy sector. Falber (89th place, €114 million) entered the ranking; Agrone, part of its group, is in the process of acquiring Latvia’s largest dairy, Rīgas piena kombināts. Meanwhile, E-Piim Tootmine went into administration in March 2026.

The threshold for entry into the rankings exceeded the 100 million mark this year

The threshold for the TOP101 exceeded the 100 million euro mark for the first time this year: a value of at least 102 million euros was required to make the list (89 million euros last year). Compared with 2019 (67 million euros), the threshold has risen by over 52 per cent. As the threshold rose faster than the total value of the TOP101, this indicates intensifying competition even at the lower end of the ranking.