The annual Coface Baltic TOP 50 ranking shows that Lithuania has even further strengthened its position in the map of the major Baltic companies. This year, 28 Lithuanian firms made the list – two more than last year. In the meantime, the number of Estonian and Latvian businesses decreased, from 16 to 15 and from 8 to 7 respectively. While Lithuania was the only Baltic country to record GDP growth last year, this year and the next, Coface forecasts growth across all three economies: according to the latest estimates, GDP in 2026 is expected to grow by 3.3% in Lithuania, 2.1% in Latvia, and 2.6% in Estonia.
According to the data of 2024, the top 50 Baltic companies generated a joint turnover of Eur 69.68 billion and earned a profit of Eur 1.74 billion. The 28 Lithuanian businesses included in the list accounted together for 69% of the total turnover of the Baltic TOP 50 companies, followed by the 15 Estonian companies with 21% and 7 Latvian companies with 10%. Profits distributed as follows: Lithuanian companies earned approximately 60% of the total profits, Estonian companies – 24% and Latvian – 16%.
Mindaugas Valskys, Director of Risk Manager Department at Coface Baltics, noted that despite the multitude of challenges recently faced by the Baltic businesses – geopolitical instability, trade wars, uncertainty, and stagnation of the largest European trade markets – Lithuanian, Latvian and Estonian companies demonstrate high resilience and ability to adapt to volatile conditions. Based on tentative data of 2025 and forecasts for 2026, next year, both economies and businesses are expected to grow.
Top ten: 7 from Lithuania, 2 from Estonia and 1 from Latvia
The leading ten Baltic companies differ significantly by their revenues and profitability results. Vilniaus Prekyba, at the top of the ranking, achieved a consolidated turnover of Eur 8.02 billion last year (+5%) and a consolidated profit of Eur 179.3 million (-37% compared to last year). Maxima Grupė in the second rank earned Eur 6.1 billion of consolidated income (+4%) and Eur 135.7 million of consolidated profits (-26%). In the meantime, Orlen Lietuva that descended to the third rank recorded a turnover of Eur 5.87 billion (-9%) and a massive 333% drop in profit that translated into a loss of Eur 686.7 million. Ignitis Grupė, retaining its fourth rank, reached a consolidated turnover of Eur 2.3 billion (-10%) and earned Eur 276 million of consolidated profits (-14%). Maxima LT preserved its fifth place in the ranking and recorded income of Eur 2.2 billion (+3%) and profit of Eur 123 million (+6%).
Estonian tech company Bolt Technology rose to the sixth place with a consolidated turnover of Eur 1.99 billion (+17%) and a consolidated loss of Eur 102.6 million, up 12%. Eesti Energia in the seventh place generated Eur 1.79 billion in turnover (-6%) and Eur 12 million in profit. Latvian Latvenergo in the eighth posted consolidated income of Eur 1.70 billion (-16%) and earned Eur 273 million of consolidated profit (-22%). The ninth place went to Euroapotheca with a consolidated turnover of Eur 1.66 billion (+4%) and a consolidated loss of Eur 20.8 million. The top ten ends with Sanitex whose consolidated income rose to Eur 1.65 billion (+10%) while consolidated profit decreased to Eur 42.1 million (-14%).
‘Last year, within the top ten, Lithuanian retail companies, wholesaler Sanitex, and Estonia’s Bolt Technology stood out for their turnover growth. Such results were mostly driven by active domestic consumption in Lithuania, supported by rising wages and pensions as well as expansion decisions of tech companies. As prices of energy resources adjusted, the turnover of energy sector operators declined in 2024’,
Mr. Valskys observed.
Companies with the fastest turnover growth – one of them reaching as much as 49%
Among the fastest-growing Baltic companies in 2024, several posted income increases of more than 15%. Estonia’s financial services company Tavid stood out the most, recording an outstanding 49% rise in income and achieving EUR 805.4 million in consolidated turnover. Two Lithuanian tech companies reported impressive 31% growth: Vinted, which raised its turnover to Eur 739.9 million and Tesonet Global, which increased its consolidated turnover to Eur 714.7 million. In the meantime, Estonian investment management company Infortar saw its consolidated income grow by 26% to Eur 1.37 billion and the Lithuanian energy infrastructure company Energijos Skirstymo Operatorius recorded a turnover of Eur 701.5 million (+18%). Two well-known Estonian tech companies also made the list of the fastest-growing businesses: Bolt Technology with a consolidated growth of 17% to Eur 1.99 billion and Bolt Operations, whose income rose by 15% to Eur 1.12 billion.
‘Results of the most rapidly growing companies suggest that tech and financial services sectors are becoming strong leaders in the Baltic region’, Coface expert said. ‘There are several businesses from this sector that improved their standing considerably within the ranking: Vinted climbed 9 positions, Bolt Operations rose by 5, while Bolt Technology moved up 4 positions. Such leaps reflect successful business expansion and prove that innovation-based companies are becoming important drivers of regional economic growth.’
Thermo Fisher Scientific Baltics tops the list of the most profitable companies with Eur 450.98 million
In 2024, eight largest companies of the region earned substantial profits in excess of Eur 100 million in the Baltics. Thermo Fisher Scientific Baltics leads the list generating Eur 450.98 million (+29% compared to 2023). Ignitis Grupė ranked second with consolidated profits of Eur 276.2 million, down 14% compared to last year. Latvia’s leader of energy sector, Latvenergo, demonstrated similar performance, reporting a consolidated profit of Eur 273.7 million, albeit 34% lower than the previous year. Next in terms of profits earned are Vilniaus Prekyba with Eur 179.33 million of consolidated profits (-37%), Maxima Grupė – Eur 135.74 million (-26%) and a rapidly growing Estonian tech company Bolt Operations with Eur 124.96 million (+5%). The list ends with Maxima LT with profits up 6% to Eur 123.93 million compared to last year.
Other Lithuanian companies in the TOP 50 ranking
Many other major Lithuanian businesses also appeared in the Coface Baltic TOP 50 ranking holding the positions from 11 to 47: Darius Zubas Holding (11), Akola Group (12), Willgrow (13), Ignitis (15), Viada LT (16), Kesko Senukai Lithuania (17), Koncernas Achemos Grupė (24), IKI Lietuva (26), Circle K Lietuva (27), Lidl Lietuva (28), MG Grupė (29), Norfos Mažmena (30), ACME Grupė (31), Thermo Fisher Scientific Baltics (33), Rivona (35), Linas Agro (37), Vinted (38), Tesonet Global (39), and Energijos Skirstymo Operatorius (41). The last ones making the ranking from Lithuania are Girteka Logistics (42) and Baltic Petroleum (47).
‘Last year’s results showed that the retail sector maintained steady income growth, while tech companies were the fastest-growing. On the other hand, a number of sectors experienced contraction, including energy companies and businesses whose exports were oriented in the recent years to the countries experiencing economic stagnation, e.g. Germany, France or United Kingdom‘,
Mr. Valskys said.
Estonian and Latvian leaders
This year, 15 Estonian companies made the Baltic TOP 50 ranking. Bolt Technology and Eesti Energia holding the sixth and seventh positions respectively are followed by Infortar (14), NG Investeeringud (18), Bolt Operations (20), Elenger Grupp (23), TKM Grupp (25), Tavid (32), Tallink Grupp (34), Kasperwiki Laevaomanikud (43), Aqua Marina (44), Selver (45), AVH Grupp (46), Maxima Eesti (49), and Alexela (50).
Seven largest Latvian companies were included in the ranking, with Latvenergo securing the top position among them at eight. Retail sales sector is represented by Rimi Latvia (19) and Maxima Latvija (21). Following them are the electronics wholesaler ELKO Grupa (22), national carrier airBaltic (36), Orlen Latvija (40), and Depo DIY (48).
Economic recovery of forecasted in the Baltic countries
Mr. Valskys noted that economies of the Baltic countries were heading towards recovery in 2025, although at different rates. Last year, Lithuania was the only Baltic country to record GDP growth (2.8%), while Latvia and Estonia saw declines of 0.4% and 0.1% respectively.
This year, real GDP is forecasted to grow in Lithuania by 2.7%. Latvia and Estonia should experience a 1.4% and 0.8% growth respectively. Looking at 2026, a more rapid recovery is projected for all three countries: GDP is expected to rise by 3.3% in Lithuania followed by 2.1% in Latvia and 2.6% in Estonia.
The Coface expert attributes Lithuania’s growth mainly to strengthening domestic consumption driven by significant increases in minimum wages, rising pensions, and public investments. Growth is expected to accelerate further in 2026 due to a more intense absorption of the EU funds. In Latvia, economic dynamics remains slower for now, as weakening external demand is limiting exports; however, a breakthrough is expected by the end of the year due to rising investments. In Estonia, the recovery is held back by diminished exports and tax policy (VAT and residents’ income tax raised to 22%), yet the recovering labour market and falling interest rates create the preconditions for increase in domestic consumption and business growth.
