Latvia’s TOP101 Most Valuable Companies: Stable Leaders, Strong Value Growth and Standout Growth Stories

15.10.2026 RIG, TLN, VLN

Today, October 15, Nasdaq Riga and Prudentia announced the twenty-first edition of Latvia’s TOP101 Most Valuable Companies. For the fifth consecutive year, AS Swedbank Baltics has been named Latvia’s most valuable company. AS Latvenergo ranked second, followed by AS Latvijas valsts meži in third place.

Several hundred Latvian companies were evaluated for the 2026 TOP101. The results show that Latvian companies continue to recover from the shocks of recent years, while lower interest rates are gradually improving the business environment and investment activity.

The value of Latvia’s largest companies continued to rise this year. The combined value of the TOP101 increased by 7,7% year on year, reaching €33.62 billion.

AS Swedbank Baltics retained the top position in the ranking for the fifth consecutive year. Its value increased by 3% compared with the previous year, reaching a record of €6.18 billion.

AS Latvenergo retained second place in the TOP101, reaching a record valuation of €4.99 billion, nearly 10% higher than last year.

Another state-owned company, AS Latvijas valsts meži, completed the top three. It recorded the strongest value of growth among the three leaders, rising by 52% to €2.14 billion.

SIA Mikrotīkls also retained its place in the TOP101 top five, with a valuation of €1.17 billion, followed by SIA Maxima Latvija at €892.5 million.

This year’s TOP101 includes one newcomer and 10 companies returning to the ranking after an absence. The highest-ranked newcomer is SIA ITissible, which placed 48th with a valuation of €137.8 million.

On receiving the award for Latvia’s most valuable company, Lauris Mencis, Chairman of the Board of Swedbank Latvia and a representative of AS Swedbank Baltics, said: “Being ranked first in Latvia’s TOP101 Most Valuable Companies for the fifth consecutive year is a recognition for which we are grateful, and we are also fully aware of what is expected of us as a market leader. More important than the ranking itself, however, is what this value means for our customers and society. A bank’s long-term value is closely linked to the ability of its customers and the wider economy to grow and develop. Our role is therefore not only to be a stable and trusted financial partner, but also to help companies achieve their business goals, support people in building a more financially secure future, and encourage investment that strengthens Latvia’s competitiveness. We want to see an increasing number of strong, growing companies across different sectors of Latvia’s economy. The greater the combined value of Latvian companies, the stronger our economy will be.”

“A company’s value is built by a strong business, while transparency helps earn the trust of investors and society. This year’s results show that the 12 listed companies included in the TOP101 score almost four times higher for transparency than the other companies in the ranking. Transparency is not a formality or a box-ticking exercise to meet regulatory requirements. Investors want to understand how a company earns its revenue, how it makes decisions and how it sees its future development. The more transparent and understandable a company is, the easier it is to build trust, attract investors and strengthen long-term value,” said Liene Dubava, CEO of Nasdaq Riga.