Latvia's most valuable enterprises

TOP 2026	TOP 2025	Company name	Value 2026	Value 2025	Change	Turnover 2025	EBITDA 2025	CorpGov Score		Industry

1	1	SWEDBANK BALTICS, AS ^{(K), 1}	6183.4	6031.5	3%	50606.0	5386.0	48	Financial services
2	2	LATVENERGO, AS ^(K)	4985	4564.4	9%	1566.1	423.6	91	Utility services
3	3	LATVIJAS VALSTS MEŽI, AS ^(K)	2139.2	1407.8	52%	604.8	269.1	80	Extraction of natural resources
4	4	MIKROTĪKLS, SIA	908.5	1184.2	-23%	344.6	44.4	10	Manufacturing: industrial products
5	5	MAXIMA LATVIJA, SIA	892.5	820.3	9%	1136.1	104.2	8	Trade: consumer goods
6	11	LATVIJAS FINIERIS, AS ^(K)	768.6	622.1	24%	413.8	78.0	42	Manufacturing: industrial products
7	7	CITADELE BANKA, AS ^(K)	747.3	649.3	15%	5424.7	597.3	92	Financial services
8	6	SEB BANKA, AS ^(K)	735.8	749.1	-2%	6565.3	606.8	75	Financial services
9	8	LATVIJAS MOBILAIS TELEFONS, SIA ^(K)	709	610.8	16%	333.8	99.7	52	IT and telecommunication services
10	9	AUGSTSPRIEGUMA TĪKLS, AS ^(K)	682.1	607.7	12%	355.8	36.6	80	Transmission and storage
11	13	TELE2, SIA	580.1	475.7	22%	186.1	87.4	27	IT and telecommunication services
12	12	RIMI LATVIA, SIA	533.4	488.3	9%	1204.3	60.6	27	Trade: consumer goods
13	15	BITE LATVIJA, SIA	467	399.6	17%	209.8	68.8	23	IT and telecommunication services
14	17	TET, SIA ^(K)	423.8	362.6	17%	302.9	63.1	58	IT and telecommunication services
15	16	DEPO DIY, SIA ^(K)	396.3	385.6	3%	680.8	49.7	13	Trade: consumer goods
16	14	RIETUMU BANKA, AS ^(K)	382.5	407.5	-6%	13798.8	327.7	56	Financial services
17	32	BALTICOVO, AS	290.4	170.3	71%	161.6	48.6	28	Manufacturing: consumer goods
18	23	SCHWENK LATVIJA, SIA	284.5	219.2	30%	167.0	50.0	39	Manufacturing: industrial products
19	21	KREISS, SIA	282	266.4	6%	259.7	34.0	21	Transportation, transit, logistics
20	20	ECO BALTIA, AS ^(K)	275.4	269.9	2%	282.3	39.9	66	Utility services
21	18	VALSTS NEKUSTAMIE ĪPAŠUMI, VAS	268.5	307	-13%	47.9	16.6	100	Real estate operations
22	36	GASO, AS ²	254.4	163.1	56%	68.0	34.2	89	Utility services
23	30	RĪGAS SILTUMS, AS ^(K)	253.3	180.2	41%	239.6	41.7	86	Utility services
24	19	ELKO GRUPA, AS ^(K)	235.3	292.5	-20%	1114.1	31.4	32	Trade: consumer goods
25	27	LIGHT GUIDE OPTICS INTERNATIONAL, SIA ^(K)	229.5	197.8	16%	62.9	22.6	6	Manufacturing: industrial products
26	24	DOBELES DZIRNAVNIEKS, AS ^(K)	227.8	211	8%	291.2	30.1	24	Manufacturing: consumer goods
27	22	M257, SIA ³	224	226.5	-1%	25.7	18.2	15	Real estate operations
28	26	DELTA PROPERTY, SIA ⁴	216.5	201	8%	25.7	18.4	15	Real estate operations
29	45	STIGA RM PĀRVALDĪBA, AS ^{(K), 5}	215.2	171	26%	114.7	24.4	15	Manufacturing: industrial products
30	40	RĪGAS ŪDENS, SIA	207.2	154.5	34%	80.3	29.2	100	Utility services
31	31	CIRCLE K LATVIA, SIA	205.9	178.1	16%	546.5	21.3	18	Trade: energy carriers
32	44	BALTA, AAS	205.7	145.7	41%	235.0	100.3	47	Financial services
33	28	ELEVING GROUP ^{(K), 6}	197.1	194.7	1%	577.7	105.8	56	Financial services
34	43	CLEANR GRUPA, AS ^(K)	193.9	153	27%	144.5	29.9	92	Utility services
35	50	BTA BALTIC INSURANCE COMPANY, AAS	192.7	127.1	52%	493.5	93.2	51	Financial services
36	34	REDWIRE DEFENSE TECH RIGA, SIA ⁷	188.1	166.2	13%	63.1	19.2	10	Manufacturing: industrial products
37	29	DROGAS, AS	183.3	185.3	-1%	117.7	22.1	23	Trade: consumer goods
38	35	SANITEX, SIA ^(K)	178.6	164.8	8%	549.6	23.4	11	Trade: consumer goods
39	39	GRINDEKS, AS ^(K)	177.7	155.4	14%	177.8	18.0	44	Manufacturing: consumer goods
40	38	KNAUF, SIA	175.6	161.5	9%	110.0	28.4	16	Manufacturing: industrial products
41	42	KRONOSPAN RIGA, SIA	175.6	206.1	-15%	222.2	18.5	19	Manufacturing: industrial products
42	37	SEB LIFE AND PENSION BALTIC SE ⁸	157.3	163	-4%	732.3	101.0	50	Financial services
43	67	STORENT EUROPE, AS ^{(K), 9}	153.5	100.4	53%	52.6	17.4	81	Other commercial services
44	75	BALCIA INSURANCE, SE	144.9	91.7	58%	207.2	70.6	47	Financial services
45	54	CERAM OPTEC, SIA	143.8	123.8	16%	58.0	14.6	10	Manufacturing: industrial products
46	56	PICHE, SIA ^(K)	139	118	18%	44.0	16.3	4	Construction
47	-	ITISSIBLE, SIA	137.8	-	-	18.0	15.4	10	IT and telecommunication services
48	51	PAUL MASON PROPERTIES, SIA	134.5	143.5	-6%	94.9	11.2	15	Trade: consumer goods
49	99	UPB, AS ^(K)	134.4	69.3	94%	258.1	19.4	48	Construction
50	57	MOLLER BALTIC IMPORT, SE	132.9	114.5	16%	523.0	15.7	15	Trade: consumer goods
51	86	DO IT, SIA	132	82.4	60%	100.8	22.0	13	Trade: consumer goods
52	49	FIRMA MADARA 89, SIA	129.4	128.7	1%	233.1	13.7	12	Trade: consumer goods
53	72	TCK, SIA ¹⁰	127.8	93.4	37%	15.9	13.7	8	Other commercial services
54	62	STARPTAUTISKĀ LIDOSTA RĪGA, VAS	125.8	112.2	12%	80.7	13.3	90	Transportation, transit, logistics
55	46	PEPCO LATVIA, SIA	124.5	135.7	-8%	66.9	14.1	23	Trade: consumer goods
56	-	BINDERS, CEĻU BŪVES FIRMA SIA ^(K)	123.1	-	-	175.3	22.2	24	Construction
57	69	BLUOR BANK, AS ^(K)	120.4	98.5	22%	1126.3	100.5	69	Financial services
58	33	LATVIJAS LOTO, VAS ^(K)	119.9	167.1	-28%	106.5	15.1	95	Consumer services
59	79	FORTIS VM, SIA ^(K)	117.9	90.1	31%	171.1	14.6	13	Trade: consumer goods
60	58	EVOLUTION LATVIA, SIA	115.6	114.3	1%	134.7	15.1	10	Other commercial services
61	60	BR GROUP, SIA ^(K)	114.6	113.6	1%	89.0	11.4	4	Consumer services
62	53	LATGRAN, SIA	112.7	124.9	-10%	221.2	30.5	26	Manufacturing: energy carriers
63	64	CHEMISPEC, SIA	111.7	107.3	4%	66.2	12.3	10	Trade: industrial goods
64	73	AKZ, SIA	110.9	121.1	-8%	90.6	9.2	16	Manufacturing: industrial products
65	90	LAU INFRA GRUPA, AS ¹¹	110.2	80.6	37%	97.1	12.8	90	Construction
66	47	ZABBIX, SIA ^(K)	108.5	135.1	-20%	25.0	4.0	10	IT and telecommunication services
67	48	NESTE LATVIJA, SIA	107.8	129.3	-17%	447.8	9.5	26	Trade: energy carriers
68	78	TAMRO, SIA	106.9	90.1	19%	218.7	10.3	15	Trade: consumer goods
69	96	TIRDZNIECĪBAS CENTRS PLESKODĀLE, SIA ¹²	106.6	71.8	48%	16.2	11.0	10	Real estate operations
70	82	GREN LATVIJA, SIA	104.5	84.5	24%	27.5	12.2	41	Utility services
71	84	EUROAPTIEKA FARMĀCIJA, SIA	103.5	83.9	23%	72.7	5.9	20	Trade: consumer goods
72	66	SAMSUNG ELECTRONICS BALTICS, SIA	99.5	101.8	-2%	483.7	12.2	23	Trade: consumer goods
73	87	VIESNĪCA LATVIJA, AS	99.1	81.9	21%	27.5	10.6	8	Consumer services
74	-	LATVIJAS DZELZCEĻŠ, VAS ^(K)	96.7	-	-	201.2	13.3	84	Transportation, transit, logistics
75	-	CALJAN LSEZ, SIA	96.2	-	-	53.3	6.4	10	Manufacturing: industrial products
76	59	EMTEKO, SIA	96	114.3	-16%	61.4	6.2	5	Trade: consumer goods
77	68	KESKO SENUKAI LATVIA, AS	95.8	100.4	-5%	216.7	11.7	10	Trade: consumer goods
78	77	E. GULBJA LABORATORIJA, SIA	94.9	90.7	5%	49.5	10.5	18	Health care
79	70	VIRŠI-A, AS ^{(K), 6}	94.3	97.5	-3%	398.1	15.0	83	Trade: energy carriers
80	91	ORKLA LATVIJA, SIA ^(K)	93.8	77.6	21%	114.6	13.4	37	Manufacturing: consumer goods
81	80	LSREF3 RIGA PLAZA, SIA	92.5	87.4	6%	13.3	7.9	8	Real estate operations
82	97	BALTIC CONTAINER TERMINAL, SIA	92	71.8	28%	20.8	10.8	6	Transportation, transit, logistics
83	-	INDEXO, IPAS ^{(K), 6}	91.9	-	-	283.8	73.0	95	Financial services
84	71	LINSTOW, SIA	89.6	95.9	-7%	10.8	6.8	13	Real estate operations
85	81	EFTEN DOMINA, SIA	87	86.7	0%	13.0	7.2	8	Real estate operations
86	98	LATVIJAS MAIZNIEKS, AS	85.6	71.4	20%	79.0	12.2	13	Manufacturing: consumer goods
87	83	PREMIER RESTAURANTS LATVIA, SIA	85.2	84.2	1%	88.5	9.8	25	Consumer services
88	-	GAUJAS KOKS, SIA	85	-	-	99.8	10.5	10	Manufacturing: industrial products
89	41	OPTIBET, SIA	84.4	153.6	-45%	40.3	9.9	13	Consumer services
90	-	BSW LATVIA, SIA	83.1	-	-	90.0	7.4	18	Manufacturing: industrial products
91	93	PINDSTRUP LATVIA, SIA ^(K)	80.7	75.7	7%	93.4	12.5	8	Extraction of natural resources
92	94	ALHOLD, SIA ^(K)	79.9	75.3	6%	13.4	8.2	11	Trade: consumer goods
93	-	CEĻU SATIKSMES DROŠĪBAS DIREKCIJA, VAS	78.2	-	-	68.2	9.8	69	Other commercial services
94	-	REĢIONĀLĀ INVESTĪCIJU BANKA, AS	77.4	-	-	461.0	65.3	64	Financial services
95	74	C.T.CO, SIA	77.1	91.7	-16%	55.7	8.8	10	IT and telecommunication services
96	85	CIDO GRUPA, SIA	75.8	82.7	-8%	93.4	8.8	23	Manufacturing: consumer goods
97	-	RĪGAS PIENA KOMBINĀTS, AS ^(K)	75.4	-	-	155.4	8.9	39	Manufacturing: consumer goods
98	61	PULSAR OPTICS, SIA	75	112.9	-34%	58.8	2.1	15	Manufacturing: industrial products
99	65	PRINTFUL LATVIA, AS ^{(K), 13}	74.6	103.9	-28%	85.3	6.2	10	Other commercial services
100	-	LATVIJAS PASTS, VAS	74.4	-	-	82.7	9.5	90	Transportation, transit, logistics
101	-	ENAMINE, SIA	74	-	-	31.0	8.9	8	Manufacturing: industrial products

(K) placed after company names indicates that consolidated annual reports were used in preparation for the TOP.

* TOP 101 presents enterprise value, except for banks, other credit institutions and insurance companies for which the respective column presents equity value.

** For banks, other credit institutions and insurance companies, the column presents book value of total assets as at the end of 2025.

*** For banks, other credit institutions and insurance companies, the column presents book value of shareholders' equity as at the end of 2025.

¹ SWEDBANK BALTICS, AS is a financial holding company for subsidiary banks in Estonia, Latvia and Lithuania. The company is not comparable to SWEDBANK, AS in previous TOPs.

² Was spun off from LATVIJAS GĀZE, AS in 2023.

³ Real estate of the shopping center "Akropole Rīga".

⁴ Real estate of the shopping center "Akropole Alfa".

⁵ Due to restructuring, STIGA RM PĀRVALDĪBA, AS has been valued this year. The company is not directly comparable to STIGA RM, SIA in previous TOPs.

⁶ Publicly traded companies' valuation is based on the share price and balance sheet snapshot on June 30th, 2026.

⁷ Comparable to EDGE AUTONOMY RIGA, SIA. Following the acquisition of the Edge Autonomy Group by Redwire Corporation in 2025, the company was renamed REDWIRE DEFENSE TECH RIGA, SIA in 2026.

⁸ SEB LIFE AND PENSION BALTIC SE is not consolidated under SEB BANKA, AS and is valued separately.

⁹ Comparable to STORENT HOLDING, AS, which was renamed STORENT EUROPE, AS in 2026 following a group restructuring and the establishment of a new parent company in the US.

¹⁰ Tārgale wind park.

¹¹ Comparable to LATVIJAS AUTOCEĻU UZTURĒTĀJS, AS, which was renamed LAU INFRA GRUPA, AS in 2026.

¹² Real estate of the shopping center "Spice".

¹³ The valuation of PRINTFUL LATVIA, AS and its consolidated subsidiaries represents only part of the total value of Printful.

TOP 101 - 2026
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