Introduction

This year marks the 21st consecutive publication of Latvia’s Most Valuable Companies TOP101, compiled annually by Prudentia in cooperation with Nasdaq Riga. In 2026, the combined value of the TOP101 companies reached 33.4 billion euros, representing a 7.7% increase compared to the previous year and setting a new record in the ranking’s history.

Latvia’s GDP at current prices increased to 43.7 billion euros, representing growth of approximately 6.2%. The value of companies and the overall economy grew at a similar pace this year, although the total value of the TOP 101 companies increased slightly faster than GDP. As a result, the ratio of the TOP 101 companies’ total value to GDP rose slightly to 76.5%, compared to 75.4% last year.

Over the longer term, the combined value of the TOP101 companies has now increased for six consecutive years. Since 2020, it has doubled from 16.4 billion to 33.4 billion euros, growing at an average annual rate of approximately 12–13%. This is nearly twice the pace of GDP growth, which averaged approximately 7% annually over the same period.

The combined value of the TOP101 companies remains concentrated among the largest market players, particularly in the "Financial services", "Utility services" and "Trade: consumer goods" industries.

TOP101 Industries

This year, "Trade: consumer goods" remains the most represented industry in the TOP101 ranking, with 18 companies. The industry's combined value remained stable, although the performance of individual companies varied significantly. The largest grocery retailers, Maxima Latvija, SIA and Rimi Latvia, SIA, continued to increase in value. Do It, SIA recorded the strongest growth, climbing from 86th to 51st place in the ranking. Pharmaceutical distributors Fortis VM, SIA, Euroaptieka Farmācija, SIA and Tamro, SIA also performed well. Meanwhile, the value of electronics and general merchandise retailers declined, causing them to fall in the ranking. This reflects intense competition, the shift towards online sales channels and uneven demand across certain non-food product categories.

"Manufacturing: industrial products" ranks second by number of companies, with 15 representatives. In contrast to last year, it is now one of the fastest-growing industries, with its combined value increasing by approximately 15% to reach 3.6 billion euros. This increase coincides with a recovery in manufacturing activity in Latvia. In 2025, industrial output grew by 4.0%, driven particularly by strong growth in the production of machinery and equipment, electronic and optical products, and fabricated metal products. Rising defence spending is also creating additional growth opportunities for high-tech and defence companies.

Latvijas Finieris, AS continued its upward trajectory, climbing to 6th place in the overall ranking. Building materials manufacturers Schwenk Latvija, SIA and Knauf, SIA also delivered positive results, alongside high-tech and defence companies Light Guide Optics International, SIA, Ceram Optec, SIA and Redwire Defense Tech Riga, SIA.

The "Financial services" industry once again ranks third by number of companies, with 12 representatives. In terms of combined value, it remains the most valuable industry in the TOP101 ranking. Swedbank Baltics, AS retained its 1st-place position, while the value of Citadele banka, AS increased significantly. Insurance companies Balcia Insurance, SE, BTA Baltic Insurance Company, AAS and Balta, AAS stood out this year, further strengthening the insurance segment's position within the TOP101. Indexo, IPAS also returned to the ranking, with its valuation more than doubling over the year, alongside Reģionālā investīciju banka, AS, broadening the range of financial services companies represented in the TOP101.

Although declining interest rates in 2025 put pressure on banks' interest income, the increase in the "Financial services" industry's value was also supported by strong performance in other segments. In insurance, premium volumes continued to grow and profitability improved, while assets under management in the pension fund management segment continued to increase.

This year, the combined value of the TOP101 companies increased by 7.7%, with 10 out of 17 industries recording growth in value.

The "Construction" industry recorded the strongest growth, with its combined value nearly doubling over the year. In 2025, construction output in Latvia increased by 9.0%, while civil engineering output grew by 25.7%. Road and railway construction contributed the most to this growth. In the TOP101 ranking, this trend is most clearly reflected in the significant increases in value recorded by Binders, ceļu būves firma, SIA and UPB, AS. The value of LAU Infra Grupa, AS and Piche, SIA also increased substantially.

The "Extraction of natural resources" industry ranked second, with its combined value increasing by 50%. This growth was driven almost entirely by Latvijas valsts meži, AS, which retained its 3rd-place position in the overall ranking with a valuation of 2.1 billion euros. The company's performance benefited from higher roundwood selling prices, as well as the optimisation of production processes and cost reductions.

The value of the "Manufacturing: consumer goods" industry increased by approximately 20%, while "Manufacturing: industrial products" recorded growth of around 15%. In the "Utility services" industry, all companies increased in value, with particularly notable gains recorded by Gaso, AS, Rīgas siltums, AS and Rīgas ūdens, SIA.

The largest declines in value were recorded in "Trade: industrial goods", "Transport, transit, logistics" and "Consumer services". However, the decline in the "Transport, transit, logistics" industry does not reflect the performance of the individual companies, as all companies remaining in the ranking increased in value, including Baltic Container Terminal, SIA and Starptautiskā lidosta "Rīga", VAS. The decline in the total value of the transport and logistics sector was primarily driven by changes in the composition of the TOP101 ranking, as two companies that previously accounted for a significant share of the sector’s total value are no longer included: SmartLynx Airlines, SIA and Air Baltic Corporation, AS. The latter was excluded from this year’s TOP101 ranking following the initiation of financial restructuring proceedings under Chapter 11 of the U.S. Bankruptcy Code.

In the "Consumer services" industry, the decline in value was primarily driven by the gambling segment, while hospitality and food service companies maintained stable or even improved performance.

TOP101 companies by ownership structure

In 2026, the TOP101 ranking includes 57 foreign-owned companies, representing 56.4% of all companies on the list. Foreign-controlled companies therefore continue to account for more than half of Latvia's most valuable companies. The share of state-owned companies increased to 12.9% (13 companies), with Latvijas Dzelzceļš, VAS, Latvijas Pasts, VAS and Ceļu satiksmes drošības direkcija, VAS returning to the ranking. The position of the state-owned sector was further strengthened by a sharp increase in the value of Latvijas valsts meži, AS and continued growth at Latvenergo, AS, as well as increases in the value of municipal utility companies, including Rīgas siltums, AS and Rīgas ūdens, SIA.

Domestically owned private companies account for 30.7% of the TOP101 ranking (31 companies). Mikrotīkls, SIA remains the largest domestically owned private company, although its value declined this year. The position of domestically owned companies was strengthened by the growth of Latvijas Finieris, AS, as well as several rapidly growing companies in the manufacturing and construction industries.

TOP101 new entrants and entry threshold

The TOP101 ranking has once again seen changes in its composition, although the turnover was more moderate than last year, with a total of 12 companies entering the ranking. The only entirely new entrant is ITissible, SIA, which debuted in 47th place. The remaining 11 companies have returned to the ranking, with Binders, ceļu būves firma, SIA being the most valuable among them. Several state-owned companies also returned to the list, including Latvijas Dzelzceļš, VAS, Ceļu satiksmes drošības direkcija, VAS and Latvijas Pasts, VAS.

The entry threshold for the TOP101 reached a new all-time high this year. The company ranked 101st is valued at 74.0 million euros, an increase of 5.4 million euros, or 7.9%, compared to last year. For the first time, the entry threshold surpassed the previous record of 72.9 million euros set in 2021. This indicates that, as the valuations of Latvia's most valuable companies continue to rise, the minimum value required to enter the TOP101 ranking is also increasing.

Analysis and commentary by Luīze Marta Ustupa.