TOP 101 - 2025
Estonia's most valuable enterprises
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TOP 2025 TOP 2024 Company name Value 2025 Value 2024 Change Turnover 2024 EBITDA 2024 CorpGov Score   Industry
8 10 VIRU KEEMIA GRUPP, AS (K) 1 958.00 795.00 20% 337.0 176.0 41 ee Manufacturing: energy carriers
96 79 VIK KINNISVARA, AS (K) 94.00 113.00 -17% 14.0 8.0 6 ee Real estate operations
85 64 VEHO BALTICS, OÜ 114.00 136.00 -16% 368.0 14.0 35 Trade: consumer goods
13 12 UTILITAS, OÜ (K) 640.00 738.00 -13% 210.0 72.0 54 Utility services
95 - UPM-KYMMENE OTEPÄÄ, OÜ 98.00 - % 77.0 18.0 18 Manufacturing: industrial goods
94 81 TOGGL, OÜ (K) 100.00 107.00 -6% 17.0 7.0 15 ee IT ja telekommunikatsiooniteenused
11 13 TKM GRUPP, AS (K) 685.00 684.00 0% 945.0 91.0 77 ee Trade: consumer goods
35 41 TIIGI KESKUS, AS (K) 231.00 198.00 17% 301.0 37.0 16 ee Manufacturing: consumer goods
10 11 TELIA EESTI, AS 865.00 753.00 15% 379.0 125.0 50 IT ja telekommunikatsiooniteenused
73 77 TELE2 EESTI, AS 125.00 114.00 9% 85.0 18.0 41 IT ja telekommunikatsiooniteenused
52 80 TAVID, AS (K) 167.00 108.00 54% 805.0 20.0 27 ee Trade: other
24 25 TALLINNA VESI, AS (K) 347.00 301.00 16% 64.0 28.0 92 ee Utility services
20 17 TALLINNA SADAM, AS (K) 458.00 451.00 2% 120.0 53.0 80 ee Transport, transit, logistics
64 72 TALLINNA LENNUJAAM, AS (K) 143.00 118.00 21% 64.0 19.0 78 ee Transport, transit, logistics
9 9 TALLINK GRUPP, AS (K) 957.00 1025.00 -7% 786.0 175.0 79 ee Transport, transit, logistics
58 34 SYNLAB EESTI, OÜ 152.00 218.00 -30% 42.0 13.0 21 Consumer services
2 1 SWEDBANK, AS (K) 2363.00 1961.00 20% 16734.0 1821.0 79 Financial services
26 27 SUMMUS CAPITAL, OÜ (K) 336.00 295.00 14% 41.0 27.0 60 ee Real estate operations
30 - STILTSOFT EUROPE, OÜ 261.00 - - 25.0 23.0 11 ee IT ja telekommunikatsiooniteenused
49 46 SPORTLAND INTERNATIONAL GROUP, AS (K) 173.00 182.00 -5% 176.0 18.0 24 Trade: consumer goods
47 42 SKINEST GRUPP, AS (K) 187.00 197.00 -5% 91.0 22.0 13 ee Trade: industrial goods
5 5 SEB PANK, AS (K) 1377.00 1138.00 21% 9136.0 1048.0 85 Financial services
100 84 SAKU ÕLLETEHASE AS 90.00 100.00 -11% 79.0 9.0 41 Manufacturing: consumer goods
54 49 ROCCA AL MARE KAUBANDUSKESKUSE, AS 165.00 172.00 -4% 19.0 13.0 28 Real estate operations
59 58 RIMI EESTI FOOD, AS 151.00 150.00 1% 483.0 17.0 34 Trade: consumer goods
15 14 RIIGIMETSA MAJANDAMISE KESKUS, SA 569.00 634.00 -10% 253.0 90.0 26 ee Extraction of natural resources
7 8 RIIGI KINNISVARA, AS 1095.00 1067.00 3% 186.0 83.0 68 ee Real estate operations
36 36 RAMIRENT BALTIC, AS (K) 227.00 214.00 6% 77.0 25.0 42 Consumer services
80 90 PRO KAPITAL GRUPP, AS (K) 115.00 91.00 26% 18.0 2.0 70 Real estate operations
86 73 PERFORCE SOFTWARE, AS 112.00 117.00 -4% 19.0 8.0 31 IT ja telekommunikatsiooniteenused
71 - PANAMIR, OÜ 128.00 - - 170.0 17.0 21 ee Trade: consumer goods
83 89 ORKLA EESTI, AS 114.00 91.00 25% 96.0 13.0 46 Manufacturing: consumer goods
63 56 OG ELEKTRA, AS 144.00 154.00 -6% 253.0 15.0 25 ee Trade: consumer goods
84 - OB HOLDING 1, OÜ 114.00 - - 46.0 14.0 13 Consumer services
32 29 NORTAL GROUP HOLDING, AS (K) 235.00 262.00 -10% 220.0 21.0 23 ee IT ja telekommunikatsiooniteenused
101 - NOBE, OÜ (K) 89.00 - - 136.0 16.0 27 ee Manufacturing: industrial goods
88 - MY FITNESS, AS (K) 110.00 - - 59.0 15.0 24 ee Consumer services
65 33 MULTIMODALHD EESTI, OÜ 141.00 219.00 -36% 346.0 11.0 12 Trade: energy carriers
39 44 MOOTOR GRUPP, AS (K) 216.00 189.00 14% 83.0 18.0 8 ee Transport, transit, logistics
97 86 METAPRINT, AS 94.00 98.00 -4% 93.0 13.0 22 ee Manufacturing: industrial goods
16 28 MERKO EHITUS, AS (K) 554.00 280.00 98% 539.0 76.0 64 ee Construction
99 - MBR METALS, OÜ 90.00 - - 393.0 14.0 12 ee Trade: industrial goods
51 53 MAXIMA EESTI, OÜ 171.00 163.00 4% 599.0 20.0 33 Trade: consumer goods
42 - MAINOR, AS (K) 208.00 - % 61.0 26.0 34 ee Real estate operations
60 - MAAG GRUPP, AS (K) 151.00 - - 495.0 27.0 24 ee Manufacturing: consumer goods
3 2 LUMINOR BANK, AS (K) 2232.00 1736.00 29% 15724.0 1686.0 89 Financial services
6 6 LHV GROUP, AS (K) 1229.00 1101.00 12% 8736.0 670.0 70 ee Financial services
43 45 LEMEKS, AS (K) 199.00 185.00 7% 200.0 29.0 22 ee Manufacturing: industrial goods
74 - LEAB EESTI, OÜ 125.00 - - 109.0 22.0 23 Manufacturing: industrial goods
69 - KONESKO, AS 129.00 - - 95.0 8.0 27 Manufacturing: industrial goods
66 62 KAWE, AS (K) 139.00 140.00 -1% 18.0 11.0 25 Real estate operations
33 38 KASPERWIKI LAEVAOMANIKUD, OÜ (K) 232.00 210.00 10% 651.0 19.0 6 ee Trade: energy carriers
22 21 KAPITEL, AS (K) 378.00 383.00 -1% 73.0 41.0 16 ee Real estate operations
93 85 KAARSILLA KINNISVARA, OÜ 102.00 100.00 2% 13.0 8.0 14 ee Real estate operations
55 48 KAAMOS HOLDING, OÜ (K) 156.00 175.00 -11% 69.0 15.0 30 ee Real estate operations
61 - ITM TRADE, OÜ (K) 148.00 - - 26.0 15.0 18 ee IT ja telekommunikatsiooniteenused
4 7 INFORTAR, AS (K) 1774.00 1083.00 64% 1372.0 145.0 89 ee Utility services
31 - INBANK, AS 249.00 - - 1436.0 148.0 59 ee Financial services
41 63 IF P&C INSURANCE, AS 210.00 139.00 51% 403.0 156.0 50 Financial services
98 87 HOTELL VIRU, AS 93.00 95.00 -1% 8.0 8.0 6 Real estate operations
72 71 HELMES, AS (K) 127.00 124.00 2% 108.0 14.0 20 ee IT ja telekommunikatsiooniteenused
79 69 HARJU ELEKTER, AS (K) 116.00 127.00 -9% 174.0 10.0 55 ee Manufacturing: industrial goods
48 39 GREN TARTU, AS (K) 186.00 205.00 -9% 52.0 17.0 51 Utility services
76 50 GREN EESTI, AS 123.00 171.00 -28% 34.0 13.0 51 Utility services
14 16 GRAANUL INVEST, AS (K) 588.00 479.00 23% 506.0 103.0 32 Manufacturing: energy carriers
29 52 GO GROUP, AS (K) 290.00 164.00 77% 139.0 36.0 27 ee Transport, transit, logistics
70 60 GLAMOX, AS 129.00 148.00 -13% 73.0 16.0 47 Manufacturing: industrial goods
75 65 ESTIKO GRUPP, AS (K) 125.00 136.00 -8% 57.0 12.0 19 ee Real estate operations
81 76 ESRAVEN, AS (K) 115.00 115.00 -1% 31.0 12.0 10 ee Real estate operations
27 26 ERICSSON EESTI, AS 299.00 296.00 1% 415.0 37.0 22 Manufacturing: industrial goods
53 92 ERGO INSURANCE, SE 166.00 87.00 90% 397.0 119.0 66 Financial services
28 30 ELME MESSER GAAS, AS (K) 295.00 235.00 25% 63.0 19.0 37 ee Manufacturing: energy carriers
21 24 ELISA EESTI, AS 438.00 314.00 39% 224.0 71.0 46 IT ja telekommunikatsiooniteenused
18 18 ELERING, AS 478.00 450.00 6% 214.0 62.0 74 ee Utility services
62 57 EKE, AS (K) 145.00 152.00 -5% 21.0 11.0 15 ee Real estate operations
23 23 EFTEN REAL ESTATE FUND, AS (K) 361.00 343.00 5% 32.0 26.0 43 ee Real estate operations
25 22 EFTEN REAL ESTATE FUND 4, OÜ 339.00 380.00 -11% 32.0 27.0 38 ee Real estate operations
37 32 EFTEN KINNISVARAFOND II, AS (K) 226.00 222.00 2% 24.0 18.0 43 ee Real estate operations
92 66 EESTI POST, AS (K) 102.00 133.00 -24% 141.0 8.0 85 ee Transport, transit, logistics
77 67 EESTI LOTO, AS 122.00 133.00 -9% 94.0 12.0 57 ee Consumer services
1 3 EESTI ENERGIA, AS (K) 3352.00 1623.00 107% 1785.0 335.0 61 ee Utility services
89 95 CRAMO ESTONIA, AS 104.00 86.00 21% 33.0 13.0 46 Consumer services
40 35 COOP PANK, AS (K) 212.00 217.00 -2% 2189.0 212.0 90 ee Financial services
46 31 COMBIWOOD GRUPP, OÜ (K) 187.00 228.00 -18% 221.0 32.0 30 ee Manufacturing: industrial goods
78 70 CITYCON BALTICS HOLDING, OÜ 120.00 126.00 -5% 15.0 9.0 29 Real estate operations
34 55 CIRCLE K EESTI, AS 231.00 158.00 46% 396.0 22.0 37 Trade: energy carriers
57 40 CAPFIELD, OÜ (K) 153.00 200.00 -23% 21.0 12.0 10 Real estate operations
45 54 BREAKWATER TECHNOLOGY, OÜ 195.00 162.00 20% 31.0 17.0 10 IT ja telekommunikatsiooniteenused
17 20 BLRT GRUPP, AS (K) 518.00 383.00 35% 440.0 66.0 18 ee Manufacturing: industrial goods
12 19 BIGBANK, AS (K) 658.00 435.00 51% 2778.0 270.0 69 ee Financial services
19 15 BALTIC MARITIME LOGISTICS GROUP, AS (K) 474.00 570.00 -17% 362.0 100.0 18 ee Transport, transit, logistics
90 - B2G GRUPP, OÜ (K) 104.00 - % 55.0 12.0 18 ee Trade: energy carriers
87 78 ASTRI, AS (K) 111.00 113.00 -2% 13.0 9.0 27 ee Real estate operations
91 74 AQUAPHOR INTERNATIONAL, OÜ (K) 102.00 117.00 -13% 104.0 13.0 18 ee Manufacturing: industrial goods
44 59 AQUA MARINA, AS (K) 197.00 148.00 33% 633.0 19.0 6 ee Trade: energy carriers
68 - ALARMO KAPITAL, OÜ (K) 135.00 - - 450.0 89.0 10 ee Financial services
67 - AKTIVA FINANTS, OÜ (K) 135.00 - - 39.0 17.0 20 ee Consumer services
56 61 ADOLE INVEST, AS (K) 153.00 142.00 8% 421.0 27.0 10 Trade: consumer goods
82 - ABB, AS 115.00 - % 83.0 7.0 50 Manufacturing: industrial goods
50 51 A. LE COQ, AS 173.00 170.00 2% 108.0 19.0 32 Manufacturing: consumer goods
38 37 LEMISTE CENTER, OÜ 216.00 213.00 1% 19.0 17.0 25 Real estate operations

The value of companies listed in TOP 101 2024 is based on company’s 2021-2023 financial reports and the valuation is determined using the comparable trading multiples method. Publicly traded companies' valuation is based on the share price and balance sheet snapshot on June 30th, 2024

K Behind the company name indicates that a consolidated report has been used.

*  TOP 101 presents enterprise value, except for banks, other credit institutions and insurance companies for which the respective column presents equity value.

** For banks, other credit institutions and insurance companies, the column "Turnover 2024" presents book value of total assets as at the end of 2024.

*** For banks, other credit institutions and insurance companies, the column "EBITDA 2024" presents book value of shareholders' equity as at the end of 2024.

1 The value of VIRU KEEMIA GRUPP, AS reflects the combined values of Viru Keemia Grupp and Kirde Investeeringud, treating them as a single entity.


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