2025 on Nasdaq Baltic: €2 Billion Capital Raised and 60 New Bond Listings

15.01.2026 RIG, TLN, VLN

Tallinn/Riga/Vilnius – January 15, 2026 – Nasdaq Baltic Stock Exchanges closed 2025 with strong issuer and investor activity, marked by significant capital raising, active bond issuance, and solid equity performance. These results reflect growing investor confidence and confirm the Baltic exchanges as a key source of financing in the region.

Kaarel Ots, the Head of Nasdaq Baltic Exchanges, comments: “The level of bond market activity we saw in 2025 is unlike anything the Baltic markets have experienced before. 60 new bond listings and €2 billion in capital raised clearly show that the capital market is becoming an increasingly vital source of financing for Baltic companies. This trend reflects growing confidence among issuers and investors alike.”

Historic Capital Raising

• €2.1 billion raised through Nasdaq Baltic in 2025, representing:
  • +160% growth compared to 2024 (€2.1B vs €815M)
  • +200% growth compared to 2023 (€2.1B vs €700M)
• The figure includes equities and fixed income across IPOs, SPOs, public offers, and private placements.

Bond Market at an All-Time High

• 60 new bond listings in 2025 – the strongest year since records began in 2012.
• Total capital attracted through initial bond listings reached €1.95 billion, driven by:
  • Financials: €740M (18 listings)
  • Real Estate: €544M (18 listings)
  • Utilities: €485M (5 listings)
  • Other sectors included Industrials, Energy, Consumer Goods, and Healthcare.

Equity Market Performance

• Out of 33 companies on the Main List, 30 saw share price increases.
• Top performers:
  • KN Energies (+71%)
  • Akola Group (+58%)
  • Hepsor (+53%)
  • Merko Ehitus (+50%)
  • Other notable gains: Vilkyskiu pienine (+44%), Ekspress Grupp (+36%), PST Group (+33%), SAF Tehnika (32%), Rokiškio sūris (27%), Port of Tallinn (23%), Silvano Fashion Group (23%), Telia Lietuva (20%).

Trading Activity and Index Growth

• 968,000 transactions executed on Baltic exchanges in 2025.
• Total equity trading turnover reached €556M, up 41% year-over-year; total bond trading turnover reached €152M, up 52% year-over-year.
• Index performance:
  • Tallinn: +18.4%
  • Vilnius: +25.6%
  • Riga: +6.5%
  • Baltic Benchmark: +19%

Nasdaq Baltic represents the common offering of the Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius securities exchanges as well as Nasdaq CSD. Read more: nasdaqbaltic.com

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Media Contacts:

Ott Raidla
Nasdaq Tallinn / Nasdaq Baltic Market
Marketing and Communications Manager
ott.raidla@nasdaq.com
+372 5552 4824