This year’s Top 50 ranking of the largest companies in the Baltics, compiled by the international risk management company Coface, includes 28 companies from Lithuania, 15 from Estonia and seven from Latvia, Coface informed LETA.
Compared with 2024, the number of Latvian companies in the ranking has decreased from eight to seven, Coface noted.
In total, the 50 largest Baltic companies generated EUR 69.7 billion in turnover last year and earned more than EUR 1.7 billion in profit.
Lithuanian companies top the ranking: retail group Vilniaus prekyba, holding company Maxima Grupe, energy companies Orlen Lietuva and Ignitis Grupe, as well as retailer Maxima LT.
Two Estonian companies also made it into the top ten – transport services provider Bolt Technology and energy company Eesti Energia, ranked sixth and seventh respectively.
The only Latvian company in the top ten is power utility Latvenergo, placed eighth.
Latvia is also represented in the ranking by retailer Rimi Latvia (19th place), retailer Maxima Latvija (21st), information technology and consumer electronics distributor Elko Grupa (22nd), airline Air Baltic Corporation (36th), fuel wholesaler Orlen Latvija (40th) and building materials trader Depo DIY (48th).
According to Coface, these seven Latvian companies together generated EUR 7.04 billion in turnover and EUR 282 million in profit last year – accounting for 10.1 percent of the total turnover and 16.3 percent of the total profit of the Baltic Top 50 companies. Altogether, they employed almost 17,700 people.
Coface notes that the recovery of the Baltic economies after the Russian invasion of Ukraine and the energy crisis has been uneven in recent years. Lithuania’s gross domestic product grew by 2.8 percent in 2024, making it one of the fastest-growing economies in the European Union, while Estonia and Latvia’s GDPs declined by 0.1 percent and 0.4 percent respectively.
Coface expects GDP growth to reach 2.1 percent in Latvia, 3.3 percent in Lithuania and 2.6 percent in Estonia in 2026, though growth will largely depend on domestic demand and supportive fiscal and monetary policies.
Source: BNS
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