In the new Top50 ranking of the largest companies in the Baltics, prepared by the international company Coface, this year 28 companies from Lithuania, 15 from Estonia, and only seven from Latvia are represented.
Latvenergo Made It to the Top Ten
Compared to the previous year, the number of Latvian companies in the ranking decreased from eight to seven. In total, the 50 largest companies in the Baltics in 2024 generated a turnover of €69.7 billion and a profit of over €1.7 billion. At the top of the list are Lithuanian companies — the retail group Vilniaus prekyba, the holding Maxima Grupe, the energy companies ORLEN Lietuva and Ignitis grupe, as well as the retail chain Maxima LT.
Two Estonian companies also made the top ten: the transport and logistics platform Bolt Technology and the energy company Eesti Energia, which took sixth and seventh places, respectively. The only representative from Latvia in the top ten is the energy company Latvenergo, which ranks 8th.
Ten Percent of Total Turnover
Latvia is also represented in the ranking by: the retail chain RIMI Latvia (19th place), Maxima Latvija (21st), the distributor of IT products and household electronics ELKO Grupa (22nd), the airline Air Baltic Corporation (36th), the distributor of petroleum products ORLEN Latvija (40th), and the retail chain for construction, gardening, and household goods Depo DIY (48th).
These seven Latvian companies collectively reached a turnover of €7.04 billion and a profit of €282 million last year — accounting for 10.1% of the total turnover of the TOP50 companies in the Baltics and 16.3% of the total profit. In total, the largest Latvian companies provided employment for nearly 17,700 workers in 2023.
Taking Off
Last year, several companies stood out as the fastest growing in the region. The Estonian financial company Tavid increased its revenues by more than 49%, reaching a consolidated turnover of €805.4 million. Two Lithuanian technology companies demonstrated impressive growth of 31%: Vinted increased its turnover to €739.9 million, while Tesonet Global reached €714.7 million.
The Estonian investment company Infortar increased its revenues by 26% (to €1.37 billion), while the Lithuanian energy infrastructure company Energijos skirstymo operatorius grew by 18% (to €701.5 million). The list of the fastest-growing companies also includes well-known Estonian technology companies: Bolt Technology, which increased its consolidated revenues by 17% to €1.99 billion, and Bolt Operations, whose revenues grew by 15% to €1.12 billion.
Most Profitable
Last year, eight of the largest companies in the Baltics reported profits of over €100 million. The most profitable was Thermo Fisher Scientific Baltics — €450.98 million (+29%). This was followed by Ignitis Grupe — €276.2 million (-14%), Latvenergo — €273.7 million (-22%).
Estonian Infortar earned €193.67 million (-34%). Next are:
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Vilniaus Prekyba — €179.33 million (-37%),
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Maxima Grupe — €135.74 million (-26%),
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Bolt Operations — €124.96 million (+5%),
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Maxima LT — €123.93 million (+6%).
Some Find, Some Lose
"In recent years, the recovery of the Baltic economies after Russia's invasion of Ukraine and the energy crisis has been uneven," noted Mindaugas Valskis, head of the credit risk department at Coface Baltics.
Lithuania's economic growth — GDP in 2024 is expected to reach 2.8%, making it one of the fastest-growing countries in the EU, while Estonia and Latvia showed negative dynamics: -0.1% and -0.4%, respectively. Although a recovery is expected in all countries in the region in 2025, it is assessed as insufficient in Latvia and Estonia. According to Coface forecasts, GDP growth in 2026 may be:
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Latvia — 2.1%,
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Lithuania — 3.3%,
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Estonia — 2.6%.
Changes will depend on domestic demand and support from fiscal and monetary policy. In Estonia, consumer prices in August 2025 were 6.1% higher than a year earlier. Annual inflation may exceed 5%. In Latvia, inflation is projected at 3.7% (mainly due to rising food prices), and in Lithuania — 4%.
"The weakness of private consumption is characteristic of all Baltic countries. It is influenced by high inflation and tax burden, reducing purchasing power. Rising prices combined with declining employment in Estonia and stagnation in retail trade in Latvia limit consumer activity," Valskis explained.
Loans and Taxes
Among the key stabilizing factors, experts cite investments in infrastructure, defense, and EU projects. In Latvia, the activation of lending may contribute to growth:
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the household loan portfolio grew by 8%,
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a decrease in interest rates improved housing affordability and increased demand for mortgages and construction. Given the low debt levels of households and companies (15% and 14% of GDP), lending has potential for further growth.
Tax changes in 2026 in all Baltic countries will be a significant growth factor, but their effect may be temporary.
In Lithuania, pension system reform may lead to long-term sustainability risks for savings.
In Latvia, the economy will be supported by changes in labor taxes and wage growth, but challenges of fiscal consolidation remain.
The Magnificent Seven
Latvian Companies in the TOP50 Ranking:
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Latvenergo (8th place) — turnover exceeded €1.7 billion, profit decreased by 22% compared to 2023 and amounted to €273.7 million.
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Rimi Latvia (19th place) — turnover exceeded €1.1 billion, profit increased to €38 million (+31%).
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Maxima Latvija (21st place) — turnover over €1.1 billion, profit nearly €51 million (-10%).
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ELKO Grupa (22nd place) — rose one position in the ranking.
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Air Baltic Corporation (36th place) — turnover nearly €746 million, losses amounted to €118 million.
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Orlen Latvija (40th place) — turnover nearly €706 million, profit around €3.2 million.
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Depo DIY (48th place) — entered the ranking for the first time.
About the Coface TOP50 Ranking
The study includes the largest companies in Lithuania, Latvia, and Estonia with a turnover of at least €300 million. Financial companies (banks, insurers, leasing companies) are not included. The ranking is based on revenues, profits, and the number of employees.
