The Baltic TOP-50 ranking of the largest companies by turnover in 2024 has once again confirmed Lithuania's business leadership. 26 out of the 50 largest companies are Lithuanian - that is over half of the list. Lithuanian companies not only occupy the top five positions in the ranking, but also generate a significant share of turnover (67.5%) and profits (75%). Estonia has 16 companies in the ranking, Latvia 8. The performance of the TOP-50 largest companies is a good reflection of the general business environment in the Baltic States. According to Coface economists, a recovery is forecast for 2025: GDP growth of 2.8% in Lithuania, 2.0% in Estonia and 1.8% in Latvia.
TOP-50 as an indicator of growth in the Baltic region
Coface economists estimate that the Baltic countries have suffered a significant economic downturn following Russia's invasion of Ukraine In 2023, Estonia's GDP fell by 3%, Lithuania's growth was 0.3% and Latvia's by 1.7%. Inflation remained in double digits, although declining, and household consumption was constrained by insufficient growth in real incomes. Exports in Lithuania fell by 11% and Estonia experienced its deepest recession.
The Baltic TOP-50 ranking of the largest companies is an important indicator of the region's economic growth and business development. The current ranking shows that Lithuanian companies are not only maintaining their leadership in the region, but are also setting an example for others. Their ability to adapt to challenges, grow turnover and profits, as well as create employment is proof that strategic investments and long-term planning can ensure sustainable growth. Baltic businesses have every opportunity to unlock their potential and continue to develop innovations that will contribute to strengthening the region's economy and competitiveness in the global market. This ranking not only assesses the achievements of the past, but also points the way to the future, where the Baltics can become an even stronger and more integrated economic hub in Europe.
Lithuanian companies lead the way with confidence
Out of the 26 Lithuanian companies in the ranking, 17 grew turnover and 9 experienced a decline in 2024.
"Vilniaus prekyba", with a turnover of EUR 7.7 billion last year (19.27% more than in 2022), takes the first place in the ranking. It is not only the largest company in the Baltics in terms of turnover, but also one of the largest employers in the region, with nearly 47,000 employees.
"Orlen Lietuva" came second in the ranking of the largest companies, with turnover falling by 14.90% to €6.4 billion compared to 2022. Although the company lost its number one position this year, it remains one of the most important players in the Baltic energy sector.
In third place, as last year, is "Maxima Group", whose turnover grew by 13.4% last year to €5.8 billion and whose workforce totaled almost 38,000.
As last year, "Ignitis Group" remained in fourth place this year, with turnover of €2.5 billion in 2003. The company has distinguished itself by its strong investment activity and innovation in order to adapt to the changing energy market.
Fifth placed "Maxima LT" also showed growth, with turnover increasing by almost 8% to €2.1 billion last year. The company employs almost 11,500 people.
Estonian companies: 10 companies show growth in turnover, 6 experience a decline
The highest (8th) ranking among Estonian companies is held by the energy company "Eesti Energia AS" (€1.9 billion, a drop of 14.1 %). The technology company "Bolt Technology OÜ" ranked 10th (€1.7 billion, up almost 35%). The investment company "NG Investeeringud OÜ" is in 18th place (€1.13 billion, up by 9.07%). 19th place this year was retained by the investment management company "Infortar AS" (€1.08 billion, up by almost 3%).
6 Latvian companies grew, 2 experienced a decline in turnover
The highest rank among Latvian companies in the TOP-50 list of the largest companies in the Baltics is the energy supplier "Latvenergo AS", which ranked 6th, with a 10.46% increase in turnover to €2.03 billion last year. "Rimi Latvia SIA, ranked 20th, had turnover of €1.08 billion last year, with growth of 4.66%. "Maxima Latvia SIA", ranked 21st, grew its turnover by 10.13% to €1.07 billion.
Fastest growing companies in Baltics
Out of the 10 fastest-growing companies in Coface's TOP-50 ranking, 7 are from Lithuania, 2 from Latvia and 1 from Estonia. "Girteka Europe West UAB", which has implemented significant organisational changes, is in the first place in terms of overall growth percentage (up by 884.69% to €629.16 million). "Vinted UAB" is in second place (up by 60.55% to €596.32 million) and "Euroapotheca" is in third place (up by 54.91% to €1.596 billion).
13 companies in the Baltics made more than EUR 100 million in profit
According to figures for 2023, "Latvenergo AS", "Thermo Fisher Scientific Baltics UAB", "Ignitis Group", "Orlen Lietuva AB", "Infortar AS", "Vilniaus prekyba UAB", "Eesti Gaas AS", "Willgrow", "Latvijas Valsts Meži AS", "Maxima Grupė UAB", "Energijos skirstymo operatoraius", "Bolt Operations OÜ" and "Maxima LT UAB" earned a profit of more than €100 million.
Largest employers in the Baltic States
Collectively, the companies ranked in the Baltic TOP-50 employed 229 543 people in 2023. The top ten in terms of the number of jobs created are "Vilniaus prekyba UAB" (46979), "Maxima grupė UAB" (37828), "Willgrow UAB" (18770), "Maxima LT" (11460), "Euroapotheca" (7145), "Kesko Senukai Lithuania" (6791), "Maxima Latvija SIA" (6222), "IKI Lietuva" (5499), "NG Investeeringud OU" (5396) ir "Rimi Latvia" (5295).
Projections for 2025
Commenting on the economic environment for the largest Baltic companies, M. Valskys emphasised that Lithuanian companies are moving forward confidently, but they will face new challenges.
With rising operating costs, volatile international markets and increasing geopolitical uncertainty, businesses need to focus on innovation, efficiency gains and sustainable solutions. Baltic companies, especially start-ups, are strengthening their position not only in the Baltics but also in the international market. Their ability to attract investment and grow rapidly demonstrates the region's competitive potential in the technology sector (especially in Lithuania and Estonia). Latvian companies can take advantage of this, including by investing in innovation and diversifying their activities.
According to M. Valskis, the Baltic economies remain resilient, but the region's growth rate will depend directly on global trade trends and the stability of the geopolitical situation. The relative competitiveness and tax attractiveness of the region's labour market may become an important factor in determining the success of the coming years.
According to Coface economists, a recovery is expected in 2025, with GDP growth of 2.8% in Lithuania, 2.0% in Estonia and 1.8% in Latvia. EU funding will boost public investment, especially in infrastructure and green transformation, including the Rail Baltica project.
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