Eesti Energia is Estonia's most valuable company in the latest TOP101 ranking, with a value of EUR 3.6 billion, Estonian World reports. Luminor Bank follows at EUR 2.5 billion and Swedbank at EUR 2.2 billion. The ranking is compiled by the mergers and acquisitions adviser Prudentia Advisory and the Nasdaq Tallinn stock exchange, together with the law firm Triniti and the asset manager INVL Family Office.
According to the report, Eesti Energia's value grew by an estimated EUR 263 million, or 7.8 per cent, during 2025. Taken together, the 101 companies are now valued at EUR 39.5 billion, an increase of 10.6 per cent over the year, while Estonia's nominal GDP grew by 5.1 per cent. Prudentia managing partner Illar Kaasik said: Estonia’s largest companies have therefore increased their value faster than the economy as a whole.
The ten largest companies account for EUR 17.1 billion, close to 43 per cent of the total. A company needed a value of at least EUR 102 million to enter the list, compared with EUR 89 million a year earlier. Twelve companies are new to the ranking, the highest of them Mainor Ülemiste in 27th place with a value of EUR 332 million.
Estonian World notes that the method measures the value of a company's business operations — what it creates for both owners and creditors — which is not always the same as the value of the company as a whole.
Source: Estonian World, . The text above is our own summary; the words in quotation marks are the source's.
What this means for an Estonian entrepreneur
The ranking values companies by the business they run, for owners and creditors alike, not only by their equity. An Estonian entrepreneur preparing to sell or buy a company can apply the same idea: the price agreed for the shares should rest on the business and its debts, and the share purchase agreement should say which liabilities stay with the company after the sale.
We prepare the share purchase agreement and register filings when an Estonian company is sold or bought. Documents for the sale or purchase of an Estonian company