Introduction

This year marks the 20th anniversary of the first publication of Top 101 Latvia’s most valuable companies compiled by Prudentia in cooperation with Nasdaq Riga. In 2025, the total value of the TOP101 companies has reached 31.0 billion Euro, representing a 12.3% increase compared to the previous year. At the same time, Latvia’s GDP in current prices has grown to 40.4 billion Euro, an increase of around 3% year-on-year. This difference between GDP and enterprise value growth rates indicates that value creation is concentrated within specific sectors and companies, rather than reflecting a broader economic expansion.

This year’s TOP101 highlights the concentration of value around the largest market players even more clearly, particularly in the financial services, utilities, and consumer goods sectors.

TOP101 Industries

This year, the most represented sector in Latvia’s TOP101 most valuable companies ranking remains Retail: Consumer Goods, comprised by 20 companies. Despite the fluctuations in household purchasing power and increased cost of living in recent years, the sector has managed to maintain stable performance, successfully adapting to changing consumer habits and price levels.

Companies such as Depo DIY, SIA, Kesko Senukai Latvia, AS and Tamro, SIA have shown particularly strong growth in enterprise value. At the same time, new entrants and returning companies - including Do It, SIA and Euroaptieka Farmācija, SIA - signal that the market for consumer goods remains one of the most dynamic in the Latvian economy and is characterized by high competition and strong adaptability.

The second place by number of companies is taken by Manufacturing: Industrial Goods whose total value has declined by 4.2% this year. Nonetheless, several companies within the sector have achieved good results, for example Latvijas Finieris, AS, which has grown significantly since 2021 and maintained consistently strong financial performance over the past two years. Still, the industry faces challenges - in 2024, manufacturing output in Latvia fell by 2.6%, driven by a slowdown in the EU economy and weaker demand for Latvia’s exports.

The financial services sector ranks third, with 11 companies included in the list. This year’s newcomers include SEB Life and Pension Baltic SE, which is assessed separately from SEB Banka, AS, as well as the Luxembourg-registered and publicly listed Eleving Group. The sector’s strong position has been supported by high profitability among commercial banks, driven by elevated interest rates and a gradual recovery in corporate lending activity.

This year, the total value of TOP101 companies increased by 12.4%, with more than half of the represented sectors showing growth.

Despite a 4.3% decline in construction activity in 2024, this sector has nevertheless recorded the strongest value growth in the 2025 ranking. This increase was mainly driven by the acceleration of public investment and EU-funded projects, which stimulated the development of infrastructure, industrial, and commercial properties. Notably, UPB, SIA re-entered the TOP101 ranking, while Piche, SIA also recorded a significant increase in value.

The financial services sector, which grew by 36.4%, takes the second place, largely supported by Swedbank Baltics, AS, whose value increased by nearly 40%.

The largest declines in value were observed in the transport and logistics, as well as manufacturing of consumer goods sectors. However, this does not indicate an overall downturn in these industries but rather reflects the absence of several major players caused by failure to submit annual reports until the regulatory deadline.

Distribution of TOP101 companies based on capital structure

In 2025, foreign-owned companies make up 56.4% of the TOP101 list - an increase of roughly five percentage points compared to the previous year. The share of state-owned companies stands at 11.9%, marking a slight decline year-on-year.

Meanwhile, locally owned private companies account for 31.7% of the list, which is a modest decrease from the previous year. This indicates that foreign private enterprises are gradually replacing local capital players, thereby strengthening the dominance of foreign investors among Latvia’s largest companies.

TOP101 Newcomers and Inclusion threshold

There has been a smaller yet notable rotation within the TOP101 ranking, mostly in its lower section. In total, 14 companies have changed, of which 8 are new entrants and 6 have returned to the list.

The list of most valuable newcomers is led by Eleving Group and Stiga RM Pārvaldība, AS, which has been assessed as a separate entity because of group restructuring. The most valuable returnee is Latgran, SIA.

The entry threshold for the TOP101 has risen - the company ranked last this year is valued at 68.6 million Euro, up by 5.6 million Euro or 8.9% compared to the previous year. This demonstrates that companies now need to achieve higher valuations to enter the ranking, underscoring the continued concentration of capital among Latvia’s largest enterprises.