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Baltic TOP - 2023
Baltic's most valuable enterprises
Discover your company’s value

TOP 2023 TOP 2022 Company name Value 2023 Value 2022 Change Turnover 2022 EBITDA 2022 CorpGov Score Country Industry
4 3 SWEDBANK BALTICS, AS 2 3397.58 3167.59 7% 41337.0 4185.0 42 LV Financial services
8 6 SEB BANK GROUP 4 2313.79 2177.26 6% 27070.2 2596.1 88 LV LT EE Financial services
12 12 LUMINOR BANK, AS 1352.26 1301.15 4% 14756.7 1583.4 67 EE Financial services
2 - REVOLUT HOLDINGS EUROPE, UAB 1 5924.88 - % 8784.6 401.2 35 LT Financial services
3 2 VILNIAUS PREKYBA, UAB 4816.94 4744.12 2% 6502.8 531.6 44 LT Trade: consumer goods
16 15 LHV GROUP, AS 1154.60 1173.38 -2% 6135.0 420.8 - EE Financial services
7 5 IGNITIS GRUPĖ, AB 2463.52 2243.35 10% 4381.3 536.7 100 LT Utility services
13 16 EESTI ENERGIA, AS 7 1204.37 1129.26 7% 2218.2 185.9 63 EE Utility services
29 21 KONCERNAS ACHEMOS GRUPĖ, UAB 730.62 909.45 -20% 2154.3 123.1 34 LT Manufacturing: industrial products
6 8 WILLGROW, UAB 3 2549.69 1643.44 55% 1936.0 338.5 27 LT Trasport, transit, logistics
28 26 RIMI GROUP 15 732.25 810.23 -10% 1894.5 70.5 36 LV LT EE Trade: consumer goods
5 4 LATVENERGO, AS 2912.41 2452.29 19% 1841.8 341.5 90 LV Utility services
1 1 THERMO FISHER SCIENTIFIC BALTICS, UAB 6180.66 6067.21 2% 1476.9 650.9 8 LT Manufacturing: consumer goods
26 - INFORTAR, AS 799.78 - % 1053.7 119.8 37 EE Utility services
10 7 TELIA GROUP 6 1897.75 1966.02 -3% 809.2 255.3 78 LT EE IT and telecommuncation services
18 18 TALLINK GRUPP, AS 1106.55 1038.12 7% 771.4 136.0 - EE Trasport, transit, logistics
30 28 EPSO-G, UAB 702.58 703.65 0% 589.9 -11.5 100 LT Transmission and storage
22 13 GRAANUL INVEST, AS 1020.68 1299.79 -21% 589.9 142.2 32 EE Manufacturing: energy carriers
14 14 TELE 2 GROUP 8 1202.37 1199.97 0% 578.5 205.6 24 LV LT EE IT and telecommuncation services
9 10 LATVIJAS VALSTS MEŽI, AS 5 2206.14 1341.52 64% 566.7 299.0 98 LV Extraction of natural resources
19 20 BITĖ LIETUVA, UAB 1082.82 973.50 11% 529.7 173.2 62 LT IT and telecommuncation services
20 9 LIETUVOS GELEŽINKELIAI, AB 10 1049.81 1451.50 -28% 434.1 144.1 100 LT Trasport, transit, logistics
15 11 MIKROTĪKLS, SIA 1182.28 1308.28 -10% 334.3 89.3 10 LV Manufacturing: industrial products
27 - VALSTYBINIŲ MIŠKŲ URĖDIJA, VĮ 14 791.39 - % 319.9 135.2 84 LT Extraction of natural resources
23 25 RIIGIMETSA MAJANDAMISE KESKUS, SA 12 1012.22 811.13 25% 302.3 159.2 41 EE Extraction of natural resources
11 17 ENEFIT GREEN, AS 1458.10 1104.58 32% 256.0 155.0 - EE Manufacturing: energy carriers
25 27 UTILITAS, OÜ 844.73 805.38 5% 255.8 70.6 44 EE Utility services
24 23 GREN GROUP 13 1010.86 839.85 20% 223.9 92.0 14 LV LT EE Utility services
21 19 RIIGI KINNISVARA, AS 11 1030.25 1012.99 2% 156.0 64.9 63 EE Real estate operations
17 24 BALTIC CLASSIFIEDS GROUP 9 1115.84 818.60 36% 60.8 46.0 81 LV LT EE IT and telecommuncation services

* TOP 101 reflects company's enterprise value. With the exception of banks and insurance companies - for these companies equity value is reflected. In case of the listed companies, the value is based on the company’s value on the stock exchange as of 30.06.2023.                            

** For banks and insurance companies the columns "revenue" and "adjusted EBITDA" present the value of total assets and equity respectively.                            

¹ REVOLUT HOLDINGS EUROPE, UAB valuation represents only a part of total "Revolut" company value.                            

² SWEDBANK BALTICS, AS is a financial holding company for subsidiary banks in Estonia, Latvia and Lithuania.                            

³ Company changed name during the year 2023. Formerly, in the TOP of 2022, company was listed under the previous name ME INVESTICIJA, UAB.                            

⁴ The equity value of SEB BANK Group is derived by combining the equity values of SEB Bank Latvia, SEB Bank Estonia and SEB Bank Lithuania.                            

⁵ Latvian state forests.                            

⁶ The enterprise value of TELIA Group is derived by combining the enterprise values of Telia Estonia and Telia Lithuania.                            

⁷ The value of Enefit Green is not included in the value of Eesti Energia.                            

⁸ The enterprise value of TELE 2 Group is derived by combining the enterprise values of Tele 2 Latvia, Tele 2 Estonia and Tele 2 Lithuania.                            

⁹ BALTIC CLASSIFIEDS GROUP holds all business operations in the Baltic States, and the groups' enterprise value is derived from the equity listed on London Stock Exchange.

¹⁰ Lithuanian Railroad.                            

¹¹ Estonian state-owned real estate.                            

¹² Estonian state forests.                            

¹³ The enterprise value of Gren Group is derived by combining the enterprise values of Gren Latvia, Gren Riga, Gren Jelgava, Gren Daugapils, Gren Gulbene, Gren Estonia, Gren Tartu and Gren Lithuania.                            

¹⁴ Lithuanian state forests.                            

¹⁵ The enterprise value of RIMI Group is derived by combining the enterprise values of Rimi Latvia, Rimi Estonia and Rimi Lithuania.                            


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