Eesti Energia, Estonia’s energy company and the largest oil shale to energy firm in the world, is, according to a recent index, the most valuable company in Estonia, valued at €3.6 billion.
The latest TOP101 ranking of Estonia’s most valuable companies, compiled by Prudentia Advisory – a company specialising in mergers and acquisitions 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, followed by Luminor Bank at €2.5 billion and Swedbank at €2.2 billion.
Eesti Energia 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, or 7.8 per cent.
According to Illar Kaasik, a managing partner at Prudentia, the total value of Estonia’s 101 most valuable companies grew, based on this year’s ranking, to €39.5 billion. 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. In the longer term, the gap is even clearer: since 2019, the total value of the TOP101 has grown by nearly 88 per cent, while 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 said.
A dozen newcomers
The ten largest companies account for a total of €17.1 billion, or nearly 43 per cent of the total value of the TOP101. The threshold for entry into the TOP101 exceeded the €100 million mark for the first time this year: a value of at least €102 million was required to make the list (compared with €89 million last year).
Compared with 2019 (€67 million), 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).
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. The value of a company’s business operations is not always equal to the value of the company as a whole.
Prudentia, 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.
