The latest TOP101 ranking of Estonia’s most valuable companies, compiled by Prudentia Advisory – a firm specialising in M&A advisory services – and the Nasdaq Tallinn Stock Exchange, in collaboration with the law firm TRINITI and the asset management company INVL Family Office, saw Eesti Energia take the top spot with a value of 3.6 billion euros, followed by Luminor Bank at 2.5 billion euros and Swedbank at 2.2 billion euros.
Eesti Energia (EE) has also topped the TOP101 ranking in 2020–2021 and last year. Over the course of 2025, the value of the state-owned energy company has increased by an estimated 263 million euros, or 7.8 per cent.
According to Andrus Durejko, Chairman of the Management Board of Eesti Energia, the title of Estonia’s most valuable company is a recognition of both the group’s employees and the chosen strategy. “This assessment reflects confidence in Eesti Energia’s ability to continue growing profitably and developing its business in the future. Our task is to maintain and increase this value through our work and decisions. The Group’s strength today lies in its integrated electricity business, which combines generation, the electricity grid, energy trading and the customer business into a single entity. To maintain this, we must manage our existing assets effectively, make the company even more efficient and invest very judiciously. The decisions we make must support both the company’s competitiveness and Estonia’s secure energy supply five and ten years from now,” said Durejko.
According to Illar Kaasik, managing partner at Prudentia Advisory – a firm specialising in M&A advisory services and the driving force behind the TOP101 ranking – the total value of Estonia’s 101 most valuable companies (TOP101) grew, based on this year’s ranking, (data based on companies’ 2025 annual reports) to 39.5 billion euros. Over the year, the value of these companies increased by 10.6 per cent, which, according to Kaasik, 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 threshold and currently stands at approximately 41.9 billion euros. In the longer term, the gap is even clearer: 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,” he commented on the trend.
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. The threshold for entry into 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 (compared with 89 million euros last year). Compared with 2019 (67 million euros), this threshold has risen by over 52 per cent. This year, 12 newcomers made it onto the list, with Mainor Ülemiste achieving the highest position (27th place, valued at €332 million).
According to Illar Kaasik, the TOP 101 and TopTech rankings of the most valuable technology companies are like an X-ray of the Estonian economy, enabling an in-depth examination of the largest and most dynamically developing segments. “These rankings are a tribute to Estonian entrepreneurs, recognising their work and value creation. Analysing the data in the rankings makes it possible to identify general trends across different sectors of the Estonian economy, which in turn allows us to assess whether changes within a single company are more of an exception or reflect deeper processes taking place across the entire sector,” he noted.
According to Kaarel Ots, Head of the Nasdaq Tallinn Stock Exchange and Nasdaq Baltic Exchanges, the TOP101 ranking and the changes it has undergone have, for eight years now, served as a valuable learning resource for all entrepreneurs and managers, helping them to identify the trends that most influence how a company’s value is perceived by both Estonian and international investors and financiers. However, according to Ots, the TOP101 of Estonia’s most valuable companies stands out from many other business rankings compiled in Estonia in that the selection of the best companies takes into account more than just turnover, profit and growth figures. “Companies are also given clear feedback on how they are viewed and assessed by society, the environment and financiers. When compiling the ranking, the Nasdaq Tallinn Stock Exchange assesses a company’s transparency through a corporate governance score, which accounts for up to 20 per cent of the company’s final value,” he noted.
Wishing to highlight the importance of high-quality governance in Estonian companies, the law firm TRINITI decided, as part of the TOP101 competition, to present a special award to the company with the best corporate governance; this year, the winner was Luminor Pank AS. “With regard to Luminor’s corporate governance, it is worth noting that for three years running, its supervisory board has included at least two members independent of the shareholders, and there have been years when independent members have accounted for well over half of the bank’s supervisory board. This is an achievement that not many Estonian companies, including our other major commercial banks, can boast of,” commented Tõnis Tamme, Partner and Attorney-at-Lawat the law firm TRINITI.
As part of the TOP101 rankings, INVL Family Office decided to award the title of ‘Best Investment’ to Lemeks Group, whose subsidiary Estonian Plywood (ESTPLY) has made a 25 million euro investment to expand its existing plywood mill in Jõgeva County, alongside the modernisation and upgrading of its equipment. This will enable Estonian Plywood to increase its plywood production capacity by 50 per cent, raising the plant’s output from 60,000 cubic metres to 90,000 cubic metres. “It is extremely positive that Estonian businesses are confident enough to make major investments in Estonia, despite the uncertain geopolitical situation; secondly, the investment is in a manufacturing sector that utilises raw materials sourced from Estonia; and thirdly, this is a step that will have a positive impact on regional policy,” explained Rait Kondor, Investment Strategist at INVL Family Office.
The methodology used to compile the TOP101 assesses the value of a company’s business operations; that is, how much value the company creates for both its owners and creditors through its business activities. It should be borne in mind that the value of a company’s business operations is not always equal to the value of the company as a whole. This method does not take into account all of the company’s assets, which may often generate financial rather than operational income. Financial income, however, is not included in the EBITDA calculation.
Prudentia Tallinn, in collaboration with the Nasdaq Tallinn Stock Exchange, the law firm TRINITI and the asset management company INVL Family Office, has compiled the TOP101 ranking of Estonia’s most valuable companies for the eighth consecutive year, with the aim of promoting the Estonian capital market and the contribution of Estonian businesses to the sustainability of the Estonian economy. Estonian businesses create jobs and generate the tax revenue necessary for the country to function. The composition of the list of the 101 most valuable companies and changes in their total value illustrate the direction in which we are moving and what lies ahead.
The full list of Estonia’s TOP101 most valuable companies for 2026 is available on the website www.top101.ee. A more detailed overview of the ranking, together with supplementary material and interviews, will also be published in the TOP101 section of Delfi Ärileht and in the newspaper Eesti Ekspress.
