Baltic TOP - 2022
Baltic's most valuable enterprises
Discover your company’s value

TOP 2022 TOP 2021 Company name Value 2022 Value 2021 Change Turnover 2021 EBITDA 2021 CorpGov Score Country Industry
30 - AUGSTSPRIEGUMA TĪKLS, AS 604.56 - % 182.2 66.3 89 LV Transmission and storage
24 - BALTIC CLASSIFIEDS GROUP 11 818.60 - % 51.0 39.2 40 LV LT EE IT and telecommunication services
22 - KRONOSPAN GROUP 9 850.82 - % 340.5 124.0 11 LV LT Manufacturing: industrial products
17 - ENEFIT GREEN, AS 1104.58 - % 183.1 121.5 75 EE Manufacturing: energy carriers
27 28 UTILITAS, OÜ 805.38 597.37 35% 159.9 60.9 33 EE Utility services
23 27 GREN GROUP 10 839.85 608.22 38% 152.2 72.5 19 LV LT EE Utility services
29 25 TALLINNA KAUBAMAJA GRUPP, AS 687.54 661.49 4% 821.6 58.1 81 EE Trade: consumer goods
15 23 LHV GROUP, AS 1173.38 707.36 66% 6844.9 316.4 75 EE Financial services
25 22 RIIGIMETSA MAJANDAMISE KESKUS, SA 12 811.13 735.02 10% 221.3 94.7 60 EE Extraction of natural resources
20 21 BITĖ LIETUVA, UAB 973.50 759.30 28% 479.5 157.2 28 LT IT and telecommunication services
26 20 RIMI GROUP 13 810.23 791.96 2% 1819.1 89.1 38 LV LT EE Trade: consumer goods
28 19 EPSO-G, UAB 703.65 828.79 -15% 362.6 79.5 83 LT Utility services
19 18 RIIGI KINNISVARA, AS 8 1012.99 922.39 10% 147.5 66.4 61 EE Real estate operations
14 17 TELE 2 GROUP 6 1199.97 953.58 26% 538.2 185.9 29 LV LT EE IT and telecommunication services
21 16 ACHEMOS GRUPĖ, UAB 909.45 980.62 -7% 1177.7 151.2 27 LT Manufacturing: industrial products
18 15 TALLINK GRUPP, AS 1038.12 1200.84 -14% 476.9 27.4 77 EE Transportation, transit, logistics
11 14 MIKROTĪKLS, SIA 1308.28 1241.27 5% 378.8 108.8 8 LV Manufacturing: industrial products
13 13 GRAANUL INVEST, AS 1299.79 1293.60 0% 456.9 111.8 52 EE Manufacturing: energy carriers
9 12 LIETUVOS GELEŽINKELIAI, AB 4 1451.50 1438.53 1% 465.1 140.0 82 LT Transportation, transit, logistics
10 11 LATVIJAS VALSTS MEŽI, AS 5 1341.52 1460.07 -8% 405.4 169.5 88 LV Extraction of natural resources
8 10 ME INVESTICIJA, UAB 1643.44 1704.08 -4% 1447.7 234.2 11 LT Transportation, transit, logistics
12 9 LUMINOR BANK, AS 1301.15 1707.32 -24% 13316.8 1548.8 67 EE Financial services
7 8 TELIA GROUP 3 1966.02 1981.01 -1% 775.4 239.0 76 LT EE IT and telecommunication services
4 7 LATVENERGO, AS 2452.29 2062.15 19% 1065.2 149.2 90 LV Utility services
16 6 EESTI ENERGIA, AS 7 1129.26 2092.57 -46% 1313.0 142.5 58 EE Utility services
5 5 IGNITIS GRUPĖ, AB 2243.35 2236.46 0% 1890.4 342.7 100 LT Utility services
6 4 SEB BANK GROUP 2 2177.26 2520.91 -14% 23548.3 2493.3 87 LV LT EE Financial services
3 3 SWEDBANK BALTICS, AS 1 3167.59 3880.25 -18% 40936.0 3969.0 42 LV Financial services
1 2 THERMO FISHER SCIENTIFIC BALTICS, UAB 6067.21 4371.83 39% 1941.5 734.9 8 LT Manufacturing: consumer goods
2 1 VILNIAUS PREKYBA, UAB 4744.12 4698.20 1% 5575.0 489.6 44 LT Trade: consumer goods

*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 30.06.2022.

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

¹The equity value of SWEDBANK BALTICS, AS is comparable to SWEDBANK Group, which was in the TOP of 2021, and was derived by combining the equity values of SWEDBANK Latvia, SWEDBANK Estonia and SWEDBANK Lithuania.

²The equity value of SEB BANK Group is derived by combining the equity values of SEB Bank Latvia, SEB Bank Estonia and SEB Bank Lithuania.

³The enterprise value of TELIA Group is derived by combining the enterprise values of Telia Estonia and Telia Lithuania.

⁴Lithuanian Railroad.

⁵Latvian state forests.

⁶The enterprise value of TELE 2 Group is derived by combining the enterprise values of Tele 2 Latvia, Tele 2 Estonia and Tele 2 Lithuania.

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

⁸Estonian state-owned real estate.

⁹The enterprise value of KRONOSPAN Group is derived by combining the enterprise values of KRONOSPAN RIGA, SIA and KRONOSPAN TRADING, UAB.

¹⁰The enterprise value of Gren Group is derived by combining the enterprise values of Gren Latvia, Gren Riga, Gren Jelgava, Gren Daugapils, Gren Estonia, Gren Tartu and Gren Lithuania.

¹¹BALTIC 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.

¹²Estonian state forests.

¹³The enterprise value of RIMI Group is derived by combining the enterprise values of Rimi Latvia, Rimi Estonia and Rimi Lithuania.


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