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TOP 101 - 2025
Estonia's most valuable enterprises
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TOP 101 - 2025
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Latvia's TOP 101 Latvia's TOP 101 most valuable enterprises - TOP101

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

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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