Riga, 15 Octboer 2025

Press release

Foto: Delfi

Nasdaq Riga and Prudentia have announced the twentieth edition of the TOP101 Most Valuable Latvian Companies, celebrating two decades of recognizing excellence in corporate value creation. 

For the fourth year in a row, AS Swedbank Baltics has earned the title of Latvia’s most valuable company, reaching a record valuation of €6.03 billion, a nearly 40% increase from the previous year. AS Latvenergo secured second place with a valuation of €4.57 billion, while AS Latvijas valsts meži ranked third at €1.41 billion.

Since its inception in 2006, the TOP101 list has seen the combined value of its companies grow more than fourfold. For further information regarding TOP101 indicators over the past 20 years, please visit this link. 

This year’s edition reflects a strong rebound from the challenges of the COVID pandemic, with Latvian companies showing resilience and growth amid a cautiously optimistic economic outlook shaped by the European Central Bank’s interest rate adjustments.

The total value of TOP101 has increased by nearly 12% compared to last year. In the 2025 edition, we valued several hundred Latvian companies, with 14 newcomers joining the list, 6 out of which have re-entered the list after improving their enterprise value. Among them, Eleving Group, a listed company, stands out as the most valuable newcomer, ranked 28th with a valuation of €194.7 million.

Lauris Mencis, Chairman of the Board of Swedbank Latvia, on receiving the TOP101 award:

“I am grateful to receive this important award on behalf of Swedbank Baltics. Whilst admittedly not the first in the history of Swedbank Holding, each award remains a special confirmation of our perseverance and ability to achieve goals by supporting economic growth and promoting the financial health of citizens. As we have said before, we would welcome being overtaken by more representatives from other industries and companies with a higher proportion of private equity participation at the top of the rankings. This would only indicate a more powerful and competitive Latvian economy. A strong financial sector benefits both society and the economy by financing growth, supporting businesses and households throughout different economic cycles, and promoting innovation and enhanced customer experience.”

Liene Dubava, CEO of Nasdaq Riga, on the evolution of transparency and governance in Latvian companies:

“As one of the founding partners of the TOP101 initiative, Nasdaq Riga has always placed a strong emphasis on evaluating corporate transparency and governance. In the early years, our assessments relied primarily on companies’ annual financial statements. Today, two decades later, we’ve reached an entirely new level of insight and accountability. Listed companies deserve recognition—they consistently outperform others, achieving more than double the results in transparency and governance compared to the broader market. We're excited to see even more bold and ambitious businesses join the exchange and help build an open, trustworthy, and strong corporate culture throughout Latvia.”

Kārlis Krastiņš, Managing Partner of AS Prudentia, on the 20-year journey of TOP101:

“Together with Nasdaq Riga, Prudentia has done thorough work compiling and analysing what has been done over the past 20 years. We have examined the impact of inflation and interest rates on TOP101 enterprise values, changes in value by industry, as well as differences in value dynamics among various shareholder groups, namely, Latvian privately owned, state-owned, and foreign-owned companies. The first TOP101 was created in 2006, when Latvia’s economy was growing by 12% per year and optimism was high, followed by the Global Financial Crisis of 2008-2009. In 2014, Latvia adopted the euro, later came the COVID-19 crisis, and in 2022, Russia’s full-scale invasion of Ukraine began. Each of these events has had a significant impact on Latvia’s economy and the value of TOP101 companies.”

Explore the full story and data behind TOP101’s evolution at https://top101.lv.

 *The reported increase in TOP101 company valuations represents a nominal growth figure. This calculation does not account for effects of inflation and therefore excludes adjustments for changes in the general price level over time.