The twentieth TOP101 of Latvia’s most valuable companies, compiled by Nasdaq Riga and Prudentia, has now been published. For the fourth year in a row, AS Swedbank Baltics has obtained the status of Latvia’s most valuable company – over the year the bank’s value has grown by 40%.
The first TOP101 of Latvia’s most valuable companies was created twenty years ago. Since 2006, the value of the companies included in the ranking has grown more than fourfold. More about TOP101 indicators in a 20‑year perspective – https://top101.lv/20th-anniversary
This year as well, in compiling the 2025 TOP101, several hundred Latvian companies were evaluated. The results show a positive trend – the challenges of the COVID pandemic years are behind us, companies have recovered, and the European Central Bank is cautiously but purposefully reducing interest rates.
The total value of TOP101 has increased by almost 12% compared with last year.
At the top of the ranking of Latvia’s most valuable companies, for the fourth year in a row, is AS Swedbank Baltics. Compared to the previous year, the company has managed to increase its value by EUR 1.69 billion, or almost 40%, reaching its highest value so far of EUR 6.03 billion.
AS Latvenergo retains its place in the TOP101 list, posting its highest-ever company value of EUR 4.57 billion, which is just under 14% higher than last year.
The trio of the most valuable companies is completed by another state‑owned company, Latvijas Valsts meži, with an assessed value of EUR 1.41 billion.
There are 14 newcomers in the TOP101, of which 6 companies have returned to the list of the most valuable by improving their performance. The total value of all these companies is EUR 1.38 million. The most valuable newcomer is the listed company Eleving Group, which has reached a value of EUR 194.7 million and ranks 28th in the list.
Receiving the award for Latvia’s most valuable company, AS Swedbank Baltics representative and Swedbank Latvija Chairman of the Management Board Lauris Mencis emphasizes: “On behalf of Swedbank Baltics, I am grateful to receive this important award which, it must be said, is not the first in the history of the Swedbank group; however, every year it is a special acknowledgment of perseverance and the ability to achieve goals while supporting economic growth and promoting people’s financial health! And as we have said before, we would only be pleased if others overtook us and the top of the ranking featured more representatives from other sectors as well as companies with a higher share of private capital. This would only testify to a more powerful and competitive Latvian economy. A strong financial sector benefits both society and the economy as a whole, as it can finance growth, support companies and households in various economic cycles, and foster innovation and a better experience for customers.”
“As one of the creators of the Top 101, the exchange focuses within the study on assessing corporate transparency and corporate governance. In the early days of the ranking, we based the assessment on companies’ annual financial statements. Today, 20 years later, we have reached an entirely new level of transparency and corporate governance, and here again the listed companies deserve praise – in the criteria of transparency and corporate governance they show results at least twice as high as, on average, all the other companies. We are also expecting other bold and ambitious companies to come to the exchange, thereby promoting transparency and good governance in the corporate environment,” says Nasdaq Riga CEO Liene Dubava.
“Together with Nasdaq Riga, Prudentia has done a good job and summarized what has been achieved over 20 years. We have studied the impact of inflation and interest rates on TOP101 values, changes in value by sector, as well as changes in value among different shareholder groups, namely between Latvian private, state and foreign owners. The first TOP101 was compiled in 2006, when Latvia’s economy was growing by 12% per year, there was strong optimism, followed by the global economic crisis in 2008/2009. In 2014 Latvia introduced the euro, then came the COVID‑19 crisis, and in 2022 Russia’s full‑scale war in Ukraine took place – all these events have had a significant impact on Latvia’s economy and the value of TOP101 companies,” concludes Kārlis Krastiņš, managing partner of AS Prudentia, one of the creators of TOP101.
Originally published at https://inc-baltics.com/par-latvijas-vertigako-uznemumu-jau-atkal-atzita-swedbank-baltics/
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