TOP 101 - 2026
Estonia's most valuable enterprises
Discover your company’s value
| TOP 2026 | TOP 2025 | Company name | Value 2026 | Value 2025 | Change | Turnover 2025 | EBITDA 2025 | CorpGov Score | Industry |
|---|
| 2 | 3 | LUMINOR BANK, AS (K) | 2510.00 | 2232.00 | 12% | 15902.0 | 1885.0 | 92 | Financial services | |
| 3 | 2 | SWEDBANK, AS (K) | 2202.00 | 2363.00 | -7% | 16931.0 | 1728.0 | 70 | Financial services | |
| 6 | 5 | SEB PANK, AS (K) | 1367.00 | 1377.00 | -1% | 9500.4 | 1041.2 | 85 | Financial services | |
| 7 | 6 | LHV GROUP, AS (K) | 1102.00 | 1229.00 | -10% | 10233.0 | 767.2 | 89 |
|
Financial services |
| 1 | 1 | EESTI ENERGIA, AS (K) | 3615.00 | 3352.00 | 8% | 1646.9 | 308.3 | 70 |
|
Utility services |
| 22 | 12 | BIGBANK, AS (K) | 425.00 | 658.00 | -35% | 3316.7 | 299.4 | 70 |
|
Financial services |
| 39 | 40 | COOP PANK, AS (K) | 237.00 | 212.00 | 12% | 2703.0 | 234.5 | 80 |
|
Financial services |
| 4 | 4 | INFORTAR, AS (K) | 1897.00 | 1774.00 | 7% | 1837.0 | 232.6 | 89 |
|
Utility services |
| 13 | 8 | VIRU KEEMIA GRUPP, AS (K) 1 | 818.00 | 958.00 | -15% | 291.2 | 192.4 | 35 |
|
Manufacturing: energy carriers |
| 29 | 31 | INBANK, AS | 302.00 | 249.00 | 21% | 1.6 | 171.0 | 81 |
|
Financial services |
| 44 | 41 | IF P&C INSURANCE, AS | 227.00 | 210.00 | 8% | 427.8 | 167.3 | 53 | Financial services | |
| 9 | 10 | TELIA EESTI, AS | 960.00 | 865.00 | 11% | 363.2 | 136.1 | 50 | IT ja telekommunikatsiooniteenused | |
| 55 | 53 | ERGO INSURANCE, SE | 186.00 | 166.00 | 12% | 420.0 | 135.4 | 58 | Financial services | |
| 11 | 9 | TALLINK GRUPP, AS (K) | 866.00 | 957.00 | -9% | 765.3 | 130.1 | 80 |
|
Transport, transit, logistics |
| 10 | 14 | GRAANUL INVEST, AS (K) | 937.00 | 588.00 | 59% | 526.9 | 104.8 | 32 | Manufacturing: energy carriers | |
| 68 | 68 | ALARMO KAPITAL, OÜ (K) | 159.00 | 135.00 | 18% | 0.6 | 104.8 | 10 |
|
Financial services |
| 5 | 15 | RIIGIMETSA MAJANDAMISE KESKUS, SA | 1378.00 | 569.00 | 142% | 254.2 | 99.2 | 35 |
|
Extraction of natural resources |
| 12 | 13 | UTILITAS, OÜ (K) | 850.00 | 640.00 | 33% | 223.1 | 96.9 | 63 | Utility services | |
| 82 | - | CREDITSTAR GROUP, AS (K) | 134.00 | - | - | 545.2 | 85.1 | 29 |
|
Financial services |
| 16 | 19 | BALTIC MARITIME LOGISTICS GROUP, AS (K) | 564.00 | 474.00 | 19% | 366.1 | 81.8 | 13 |
|
Transport, transit, logistics |
| 8 | 7 | RIIGI KINNISVARA, AS | 1097.00 | 1095.00 | 0% | 177.2 | 77.9 | 73 |
|
Real estate operations |
| 18 | 21 | ELISA EESTI, AS | 530.00 | 438.00 | 21% | 223.6 | 77.5 | 44 | IT ja telekommunikatsiooniteenused | |
| 14 | 11 | TKM GRUPP, AS (K) | 702.00 | 685.00 | 3% | 920.0 | 77.0 | 75 |
|
Trade: consumer goods |
| 15 | 17 | BLRT GRUPP, AS (K) | 591.00 | 518.00 | 14% | 488.1 | 67.8 | 36 |
|
Manufacturing: industrial goods |
| 32 | - | PAWATECH, OÜ | 291.00 | - | - | 100.6 | 57.9 | 12 | Consumer services | |
| 21 | 20 | TALLINNA SADAM, AS (K) | 481.00 | 458.00 | 5% | 118.7 | 57.7 | 85 |
|
Transport, transit, logistics |
| 17 | 18 | ELERING, AS | 533.00 | 478.00 | 11% | 300.5 | 56.6 | 74 |
|
Utility services |
| 36 | - | LTH-BAAS, AS | 271.00 | - | - | 171.5 | 52.6 | 7 |
|
Manufacturing: industrial goods |
| 19 | 22 | KAPITEL, AS (K) | 529.00 | 378.00 | 40% | 87.5 | 52.3 | 30 |
|
Real estate operations |
| 38 | 52 | TAVID, AS (K) | 241.00 | 167.00 | 44% | 1556.2 | 40.1 | 29 |
|
Trade: other |
| 20 | 16 | MERKO EHITUS, AS (K) | 504.00 | 554.00 | -9% | 310.9 | 37.5 | 90 |
|
Construction |
| 28 | 46 | COMBIWOOD GRUPP, OÜ (K) | 302.00 | 187.00 | 62% | 288.0 | 35.7 | 29 |
|
Manufacturing: industrial goods |
| 23 | 26 | SUMMUS CAPITAL, OÜ (K) | 403.00 | 336.00 | 20% | 55.5 | 33.5 | 62 |
|
Real estate operations |
| 42 | 35 | TIIGI KESKUS, AS (K) | 231.00 | 231.00 | 0% | 347.7 | 32.9 | 16 |
|
Manufacturing: consumer goods |
| 35 | 43 | LEMEKS, AS (K) | 282.00 | 199.00 | 42% | 204.7 | 31.3 | 19 |
|
Manufacturing: industrial goods |
| 24 | 24 | TALLINNA VESI, AS (K) | 394.00 | 347.00 | 14% | 72.5 | 31.0 | 87 |
|
Utility services |
| 37 | 51 | MAXIMA EESTI, OÜ | 247.00 | 171.00 | 45% | 600.9 | 31.0 | 38 | Trade: consumer goods | |
| 51 | - | MARAL INVEST, OÜ | 204.00 | - | - | 209.1 | 29.6 | 8 |
|
Manufacturing: consumer goods |
| 31 | 29 | GO GROUP, AS (K) | 295.00 | 290.00 | 2% | 137.4 | 27.0 | 28 |
|
Transport, transit, logistics |
| 25 | 23 | EFTEN REAL ESTATE FUND, AS (K) | 372.00 | 361.00 | 3% | 33.1 | 26.8 | 67 |
|
Real estate operations |
| 52 | 64 | TALLINNA LENNUJAAM, AS (K) | 198.00 | 143.00 | 39% | 73.2 | 26.8 | 76 |
|
Transport, transit, logistics |
| 54 | - | MOBIRE GROUP, OÜ | 195.00 | - | - | 51.4 | 26.2 | 34 |
|
Consumer services |
| 43 | 34 | CIRCLE K EESTI, AS | 227.00 | 231.00 | -2% | 358.3 | 25.9 | 32 | Trade: energy carriers | |
| 48 | 36 | RAMIRENT BALTIC, AS (K) | 214.00 | 227.00 | -6% | 74.2 | 25.4 | 30 | Consumer services | |
| 34 | 42 | MAINOR, AS (K) | 285.00 | 208.00 | 37% | 50.7 | 25.2 | 36 |
|
Real estate operations |
| 46 | 74 | LEAB EESTI, OÜ | 221.00 | 125.00 | 76% | 169.1 | 25.2 | 30 | Manufacturing: industrial goods | |
| 27 | - | MAINOR ÜLEMISTE, AS (K) | 332.00 | - | - | 43.9 | 24.6 | 58 |
|
Real estate operations |
| 41 | 48 | GREN TARTU, AS (K) | 231.00 | 186.00 | 24% | 48.7 | 24.1 | 59 | Utility services | |
| 60 | 60 | MAAG GRUPP, AS (K) | 171.00 | 151.00 | 14% | 483.4 | 24.1 | 23 |
|
Manufacturing: consumer goods |
| 65 | 71 | PANAMIR, OÜ | 164.00 | 128.00 | 28% | 175.3 | 23.8 | 15 |
|
Trade: consumer goods |
| 50 | 56 | ADOLE INVEST, AS (K) | 204.00 | 153.00 | 34% | 419.0 | 22.7 | 11 | Trade: consumer goods | |
| 77 | 73 | TELE2 EESTI, AS | 146.00 | 125.00 | 17% | 88.4 | 22.7 | 35 | IT ja telekommunikatsiooniteenused | |
| 30 | 25 | EFTEN REAL ESTATE FUND 4, UÜ (K) | 300.00 | 339.00 | -12% | 26.3 | 22.3 | 43 |
|
Real estate operations |
| 40 | 30 | STILTSOFT EUROPE, OÜ | 235.00 | 261.00 | -10% | 25.2 | 21.9 | 14 |
|
IT ja telekommunikatsiooniteenused |
| 75 | 67 | AKTIVA FINANTS, OÜ (K) | 148.00 | 135.00 | 9% | 48.5 | 20.8 | 19 |
|
Consumer services |
| 63 | - | CONNECTO VARAD, OÜ (K) | 165.00 | - | - | 146.0 | 20.7 | 12 |
|
Construction |
| 93 | 75 | ESTIKO GRUPP, AS (K) | 110.00 | 125.00 | -12% | 154.9 | 20.6 | 21 |
|
Real estate operations |
| 49 | - | RABATTI, OÜ (K) | 211.00 | - | - | 50.9 | 19.8 | 6 |
|
Manufacturing: industrial goods |
| 56 | 32 | NORTAL GROUP HOLDING, AS (K) | 184.00 | 235.00 | -22% | 254.2 | 19.4 | 35 |
|
IT ja telekommunikatsiooniteenused |
| 26 | 27 | ERICSSON EESTI, AS | 360.00 | 299.00 | 21% | 416.6 | 19.3 | 72 | Manufacturing: industrial goods | |
| 61 | 50 | A. LE COQ, AS | 171.00 | 173.00 | -1% | 103.9 | 19.0 | 34 | Manufacturing: consumer goods | |
| 53 | 33 | KASPERWIKI LAEVAOMANIKUD, OÜ (K) | 196.00 | 232.00 | -15% | 684.7 | 18.7 | 14 |
|
Trade: energy carriers |
| 88 | 81 | ESRAVEN, AS (K) | 117.00 | 115.00 | 2% | 47.8 | 18.4 | 9 |
|
Real estate operations |
| 85 | 88 | MY FITNESS, AS (K) | 130.00 | 110.00 | 18% | 71.6 | 18.3 | 21 |
|
Consumer services |
| 33 | 28 | ELME MESSER GAAS, AS (K) | 290.00 | 295.00 | -2% | 29.4 | 17.8 | 40 |
|
Manufacturing: energy carriers |
| 100 | - | KOHILA VINEER, OÜ | 104.00 | - | - | 48.3 | 17.8 | 33 | Manufacturing: industrial goods | |
| 66 | 95 | WISA PLYWOOD, OÜ 2 | 163.00 | 98.00 | 67% | 79.9 | 17.3 | 26 | Manufacturing: industrial goods | |
| 69 | 49 | SPORTLAND INTERNATIONAL GROUP, AS (K) | 156.00 | 173.00 | -10% | 177.6 | 17.3 | 13 | Trade: consumer goods | |
| 90 | 92 | EESTI POST, AS (K) | 113.00 | 102.00 | 11% | 122.4 | 17.3 | 79 |
|
Transport, transit, logistics |
| 57 | 55 | KAAMOS HOLDING, OÜ (K) | 177.00 | 156.00 | 13% | 68.9 | 17.1 | 51 |
|
Real estate operations |
| 47 | 38 | ÜLEMISTE CENTER, OÜ | 214.00 | 216.00 | -1% | 18.7 | 17.0 | 25 | Real estate operations | |
| 67 | 44 | AQUA MARINA, AS (K) | 162.00 | 197.00 | -18% | 655.3 | 16.6 | 8 |
|
Trade: energy carriers |
| 83 | 79 | HARJU ELEKTER, AS (K) | 134.00 | 116.00 | 15% | 174.0 | 16.4 | 71 |
|
Manufacturing: industrial goods |
| 45 | 37 | EFTEN KINNISVARAFOND II, AS (K) | 225.00 | 226.00 | 0% | 22.9 | 16.1 | 53 |
|
Real estate operations |
| 84 | 61 | DATASHIFT, OÜ (K) 3 | 132.00 | 148.00 | -11% | 22.9 | 15.6 | 14 |
|
IT ja telekommunikatsiooniteenused |
| 73 | 85 | VEHO BALTICS, OÜ | 149.00 | 114.00 | 31% | 419.3 | 15.5 | 34 | Trade: consumer goods | |
| 72 | 58 | SYNLAB EESTI, OÜ | 150.00 | 152.00 | -1% | 43.9 | 15.2 | 30 | Consumer services | |
| 59 | 39 | MOOTOR GRUPP, AS (K) | 172.00 | 216.00 | -20% | 83.6 | 14.7 | 16 |
|
Transport, transit, logistics |
| 79 | 63 | OG ELEKTRA, AS | 144.00 | 144.00 | 0% | 288.2 | 14.7 | 28 |
|
Trade: consumer goods |
| 62 | 54 | ROCCA AL MARE KAUBANDUSKESKUSE, AS | 171.00 | 165.00 | 4% | 19.6 | 14.1 | 26 | Real estate operations | |
| 89 | - | FALBER, OÜ | 114.00 | - | - | 154.7 | 13.5 | 17 |
|
Manufacturing: consumer goods |
| 91 | - | ORIEN TRADE, OÜ | 112.00 | - | - | 117.9 | 13.3 | 25 |
|
Trade: consumer goods |
| 70 | 70 | GLAMOX, AS | 155.00 | 129.00 | 20% | 66.4 | 13.2 | 62 | Manufacturing: industrial goods | |
| 87 | 87 | ASTRI, AS (K) | 118.00 | 111.00 | 6% | 33.1 | 13.0 | 30 |
|
Real estate operations |
| 71 | 66 | KAWE, AS (K) | 154.00 | 139.00 | 10% | 22.9 | 12.9 | 25 | Real estate operations | |
| 92 | 72 | HELMES, AS (K) | 112.00 | 127.00 | -12% | 65.9 | 12.7 | 28 |
|
IT ja telekommunikatsiooniteenused |
| 78 | 59 | RIMI EESTI FOOD, AS | 145.00 | 151.00 | -4% | 485.0 | 12.3 | 52 | Trade: consumer goods | |
| 58 | 47 | SKINEST GRUPP, AS (K) | 176.00 | 187.00 | -6% | 80.2 | 12.1 | 14 |
|
Trade: industrial goods |
| 74 | 57 | CAPFIELD, OÜ (K) | 149.00 | 153.00 | -3% | 19.8 | 11.9 | 15 | Real estate operations | |
| 101 | 84 | OB HOLDING 1, OÜ | 102.00 | 114.00 | -10% | 32.0 | 11.8 | 14 | Consumer services | |
| 81 | 62 | EKE, AS (K) | 139.00 | 145.00 | -4% | 21.3 | 11.5 | 7 |
|
Real estate operations |
| 94 | 65 | MULTIMODALHD EESTI, OÜ | 108.00 | 141.00 | -23% | 17.1 | 11.1 | 21 | Trade: energy carriers | |
| 99 | - | GPV ESTONIA, AS | 105.00 | - | - | 49.2 | 10.1 | 46 | Manufacturing: industrial goods | |
| 86 | - | RAADIKU ARENDUS, OÜ | 126.00 | - | - | 14.2 | 9.9 | 8 |
|
Real estate operations |
| 98 | - | RUNIKON RETAIL, OÜ | 105.00 | - | - | 177.0 | 9.5 | 26 | Trade: consumer goods | |
| 96 | 76 | GREN EESTI, AS | 106.00 | 123.00 | -14% | 13.4 | 8.8 | 62 | Utility services | |
| 76 | 82 | ABB, AS | 147.00 | 115.00 | 28% | 98.0 | 8.6 | 57 | Manufacturing: industrial goods | |
| 97 | 93 | KAARSILLA KINNISVARA, OÜ | 106.00 | 102.00 | 3% | 97.0 | 8.4 | 20 |
|
Real estate operations |
| 95 | - | VIRU KESKUS, AS | 107.00 | - | - | 28.4 | 7.5 | 13 |
|
Real estate operations |
| 80 | 69 | KONESKO, AS | 144.00 | 129.00 | 12% | 96.9 | 6.7 | 25 | Manufacturing: industrial goods | |
| 64 | - | SPRIBE, OÜ | 164.00 | - | - | 42.2 | 4.1 | 17 | IT ja telekommunikatsiooniteenused |
The value of companies listed in TOP 101 2026 is based on company’s 2023-2025 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, 2026.
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 2025" presents book value of total assets as at the end of 2025.
*** For banks, other credit institutions and insurance companies, the column "EBITDA 2025" presents book value of shareholders' equity as at the end of 2025.
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.
2 Company has changed its name. Formerly UPM-Kymmene Otepää OÜ
3 Company has changed its name. Formerly ITM TRADE OÜ