This year's TOP101 most valuable company in Estonia is Eesti Energia, with a price tag of €3.35 billion

According to the latest TOP101 ranking of Estonia's most valuable companies compiled by Prudentia, a corporate finance advisory firm, Nasdaq Tallinn Stock Exchange and Triniti Law, the top three companies based on the data from the end of 2024 were Eesti Energia with a value of €3.35 billion, Swedbank with €2.36 billion and Luminor Bank with €2.23 billion.  

Eesti Energia (EE) was also the winner of the TOP101 ranking in 2020-2021. Following the IPO of EE's subsidiary Enefit Green, the new listed company was included in the TOP101 ranking independently, in accordance with the ranking methodology, which reduced Eesti Energia's value in the ranking and cost the company its top position. As Enefit Green left the stock exchange this year, its value has been consolidated with its parent company again in the 2025 ranking. When the values of Eesti Energia and Enefit Green in last year's ranking are combined, their total value at that time was EUR 3.019 billion, which compared to this year's EUR 3.352 billion represents an 11% increase in the company's value.

According to Andrus Durejko, Chairman of the Management Board of Eesti Energia, the 11% increase in the company's value is directly related to the group's strategic direction to develop Eesti Energia into an integrated energy group. "The title of most valuable company is a great recognition. In today's market situation, competitive electricity prices are the basis for Estonia's economic growth. Eesti Energia can contribute most effectively to ensuring this as a competitive integrated energy company with a strong and balanced production portfolio and a large customer portfolio," said Durejko.

According to Illar Kaasik, managing partner at Prudentia Advisory, the company behind the TOP101 ranking and a provider of corporate M&A advisory services, the good news in this year's ranking of Estonia's most valuable companies is the 13 new entrants out of 101 companies. Also noteworthy is the 13% increase in the total value of the companies – compared to last year's €31.6 billion, the total value of this year's 101 most valuable Estonian companies is €35.6 billion. Compared to last year, last year's winner Swedbank AS (+€400 million or +20.5% increase in value) and last year's runner-up Luminor Bank (+€496 million or +28.6% increase in value) have increased significantly in value. The lower limit for inclusion in the ranking also rose from €82 million to €89 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, allowing for in-depth analysis of the largest and most dynamically developing segments. "These rankings are a statement of attention and respect for Estonian entrepreneurs for their work and value creation. Analysis of the data in the rankings allows us to identify general trends in different sectors of the Estonian economy, which in turn allows us to assess whether changes in one company are an exception or reflect deeper processes taking place across the entire sector," he noted. 

According to Kaarel Ots, head of Nasdaq Tallinn and Nasdaq Baltic exchanges, both this year's TOP101 ranking and the TopTech ranking of Estonia's most valuable technology companies show that in the eyes of both investors and analysts, companies that are growing rapidly and massively in value are primarily those that are proactively keeping up with developments in both business models and technology, are open to expanding their field of activity, and are able to raise capital on the stock exchange if necessary. "A good example is AS Infortar, which ranked fourth in this year's TOP101, with its value growing by 64% or €692 million over the year. This rapid growth was ensured by acquisitions such as the takeover of Estonia Farmid OÜ, the purchase of a Polish gas company and an increase in the shareholding in Tallink," said Ots.

According to Kaarel Ots, the TOP101 list of Estonia's most valuable companies differs from many other business rankings compiled in Estonia in that it does not only take into account turnover, profit and growth figures when determining the best companies: "Companies are also given clear feedback on how they are viewed and evaluated by society, the environment and financiers. When compiling the ranking, Nasdaq Tallinn Stock Exchange assesses the transparency of the company through a corporate governance score, which affects the final value of the company by up to 20%," he noted.

According to Tõnis Tamme, partner at law firm Triniti, which contributed to the compilation of the ranking, this year's TOP101 shows shows that despite the complexity of the external environment and the domestic uncertainty plaguing entrepreneurs, the economic situation of leading Estonian companies and, consequently, their value are on the rise again. "I believe that the more active and stronger players are not waiting for the promised reduction in bureaucracy or improvement in the regulatory environment, but are already taking advantage of lower interest rates and improved credit opportunities for M&A transactions," said the barrister specialising in transaction advice. "The older generation of Estonian entrepreneurs continue to face the challenges associated with generational change, the 'winning' generation must turn the opportunities offered by the digitalisation of production and service processes to their advantage, while new entrants will find growth and challenges in the defence industry and the application of artificial intelligence in real business," added Tamme.

Successful value creators in the 2025 TOP101 ranking included Swedbank, Luminor Bank, Infortar,  Go Grupp, Tavid, If Insurance, ERGO and Merko. All banks in the ranking showed growth figures, confirming that the overall quality of the Estonian economy is good. The share of the financial services sector in the ranking has grown from 19.7% in 2022 to 24.7% in 2025. The highest-ranking newcomers in the 2025 ranking include Stiltsoft Europe, an IT development company with Belarusian owners, the Estonian food production group AS Maag Grupp, OÜ Aktiva Finance, OÜ Alarmo Kapital, AS Konesko and AS My Fitness.

The TOP101 methodology assesses the value of a company's business activities, i.e. how much value the company creates for both its owners and creditors through its business activities. It should be noted that the value of a company's business activities is not always equal to the value of the entire company. This method does not take into account all of the company's assets, which can often generate financial rather than operating income. However, financial income is not included in the EBITDA calculation. 

Prudentia Tallinn, in cooperation with the Nasdaq Tallinn Stock Exchange and the law firm Triniti, has compiled the TOP101 list of Estonia's most valuable companies for the seventh year in a row, with the aim of promoting the Estonian capital market and the contribution of Estonian entrepreneurs to the sustainability of the Estonian economy. Estonian entrepreneurs create jobs and generate the tax revenue necessary for the functioning of the state. The composition of the list of the 101 most valuable companies and the change in their total value characterise where we are heading and what lies ahead. 

The complete list of Estonia's 101 most valuable companies in 2025 is available on the website  www.top101.ee . A detailed introduction to the ranking, along with additional materials and interviews, will also be published in the TOP101 section of Delfi Ärileht and in the newspaper Eesti Ekspress.