Top 10 Largest Companies in Estonia by Revenue (2026)

Estonia is a small economy by European standards — 1.4 million people and a GDP just under €40 billion — but it punches well above its weight in B2B. It produced the highest number of unicorns per capita in Europe, runs the most digitised public sector on the continent, and houses the headquarters of two of the most valuable private technology companies in the EU (Bolt and Wise). If you are selling into Northern Europe, the Estonian top 10 is not a list to skip — it is one of the highest-leverage account lists you can build in the region.

The names that follow are a mix of three things. State-owned utilities and infrastructure groups (Eesti Energia, Port of Tallinn) that anchor the energy and logistics base. Lithuanian and Finnish retail subsidiaries (Maxima Eesti, Coop, Selver) that dominate consumer spend. And a thin but globally significant layer of technology companies (Bolt, Pipedrive, the Tallinn arm of Wise) that drives most of the country's white-collar hiring. Revenue alone hides this — the largest by revenue is now Bolt, ahead of Eesti Energia, which would have been unthinkable five years ago.

For an outbound team, the practical implication is this. The list below is short enough to be worked one-by-one. The decision-makers are findable on LinkedIn, almost all speak fluent English, and procurement cycles are faster than in Germany or France because the orgs themselves are smaller. The hard part is knowing who actually signs and what they care about right now. That is what this guide is for. Revenue figures below are based on FY2024 published results in EUR; we use ranges where reporting is opaque or fiscal years differ.

1. Bolt Technology OÜ

Founded: 2013 · HQ: Tallinn · Industry: Mobility / ride-hailing / food delivery · ~Revenue: €2.0 bn (2024) · ~Employees: 4,200+ (1,200 in Estonia)

Bolt is now Estonia's largest company by revenue, full stop. Founded by Markus Villig at 19 with a €5,000 family loan, it has grown into a pan-European platform spanning ride-hailing, food delivery, scooters and car-sharing across 50+ countries. 2024 revenue was just under €2 bn, up 17% year-on-year, but the group posted a deepening operating loss as it invested in food and grocery delivery against Wolt and Uber Eats. Long-rumoured IPO has not yet happened, which keeps the cap table tight and means buying decisions move fast.

For B2B sellers:

• Largest in-country tech employer with a fast-growing engineering org — Engineering Manager, Staff Engineer and EM-level hires are signal-rich personas for dev tools, observability and security vendors.
• Heavy spender on cloud and payments infrastructure — multi-region AWS, Stripe-class payment stacks, fraud, KYC. If you sell to fintech-adjacent ops, Bolt's Risk and Payments teams are accessible via LinkedIn.
• Marketing and growth orgs are global and decentralised across major markets — Estonian HQ owns brand and product marketing, country GMs own performance. Sequence by function, not by country alone.

2. Eesti Energia AS (Enefit)

Founded: 1939 · HQ: Tallinn · Industry: Energy / utilities · ~Revenue: €1.79 bn (2024) · ~Employees: ~5,200

Eesti Energia is the state-owned electricity, heat and shale oil group, trading internationally as Enefit. 2024 revenue was €1.79 bn (down 6% on energy price normalisation), with operations across Estonia, Latvia, Lithuania, Poland and Finland. The group has pivoted hard into renewables through listed subsidiary Enefit Green, while running down its legacy oil shale generation. Capital expenditure programme runs into the hundreds of millions of euros per year on wind, solar, storage and grid modernisation.

For B2B sellers:

• Active buyer of OT/IT cybersecurity, SCADA, grid analytics and asset performance management — required by NIS2 timelines for critical infrastructure operators.
• Procurement is published — public e-procurement portal means RFPs are visible, but framework agreements get awarded slowly. Build relationships with category managers 12–18 months ahead of tenders.
• Renewables build-out (wind, solar, storage) means continuous flow of EPC, O&M, monitoring and trading-platform deals — Enefit Green leadership is the right entry point for those.

3. Coop Eesti Keskühistu

Founded: 1917 (cooperative roots) · HQ: Tallinn · Industry: Grocery retail / cooperative · ~Revenue: €856 m (2024) · ~Employees: ~6,000

Coop is the largest grocery retailer in Estonia by market share (~23%), built on a federation of 19 regional consumer cooperatives operating 319 stores. It overtook the Lithuanian and Finnish-owned chains by leaning hard into rural and small-town coverage where the international players do not bother to compete. Coop also runs Coop Pank, a small but growing retail bank cross-sold to its co-op members. 2024 revenue of €856 m was roughly flat as Estonian consumer purchasing power softened.

For B2B sellers:

• Highly distributed IT footprint (19 cooperatives + central) — opportunities for POS modernisation, shrink analytics, store-ops mobile, loyalty platforms. Central CIO is the gatekeeper, regional GMs influence.
• Coop Pank is a separate procurement track — small enough to be a fast-moving SaaS buyer, big enough to license real platforms (core banking adjacent, fraud, KYC, BNPL).
• Supply-chain tooling (WMS, TMS, demand forecasting) is a recurring conversation as the chain consolidates its DCs — worth a 6–9 month nurture cycle.

4. Selver AS

Founded: 1995 · HQ: Tallinn · Industry: Grocery retail · ~Revenue: €621 m (2024) · ~Employees: ~3,500

Selver is the second-largest grocery chain in Estonia (~17% share) and the retail engine of the Tallinna Kaubamaja Grupp, the country's main listed retail conglomerate. 2024 revenue was €620.8 m, down ~1% with net profit around €13 m. The chain skews urban and middle-class, runs aggressive private label, and is the most active grocery e-commerce operator in the country. Parent group also owns the Tallinna Kaubamaja department store, Kaubamaja Auto, and a handful of mid-market fashion banners.

For B2B sellers:

• E-commerce and last-mile is a real budget line — picking, slotting, fleet, returns. Different stack from in-store, different buyer (Head of E-commerce vs Head of Retail Ops).
• Tallinna Kaubamaja Grupp finance and IT shared services is the broader account — one negotiation, multiple banners.
• Listed on Nasdaq Tallinn — IR, audit, ESG reporting and treasury vendors have a clear case to make.

5. Maxima Eesti OÜ

Founded: 2003 (in Estonia) · HQ: Tallinn · Industry: Grocery retail · ~Revenue: €599 m (2024) · ~Employees: ~2,900

The Estonian arm of the Lithuanian Maxima Grupė (itself part of Vilniaus Prekyba). Maxima runs 85 stores in Estonia under the X, XX and XXX formats, generating €599 m of revenue in 2024 — up ~1% in a flat market, which most peers did not match. Maxima Eesti reports into the Maxima Group HQ in Vilnius, which matters for any deal larger than tactical: framework agreements are typically negotiated at group level, not country level.

For B2B sellers:

• Sell at country level for store-level pilots, lift to group HQ in Vilnius for rollouts across Lithuania, Latvia, Estonia, Poland and Bulgaria.
• Decision tempo is faster than Western European grocers — getting in front of a Country Director can compress a 9-month cycle into 3.
• Heavy logistics and DC operation in the Tallinn region — WMS, labour scheduling and cold-chain monitoring are recurring categories.

6. Tallink Grupp AS

Founded: 1989 · HQ: Tallinn · Industry: Passenger and cargo shipping · ~Revenue: €786 m (2024) · ~Employees: ~4,800

Tallink is the dominant ferry operator in the Baltic Sea, running passenger and cargo routes between Estonia, Finland, Sweden and Latvia with a fleet of 14 vessels. 2024 revenue of €785.8 m was down ~6% year-on-year as the inflated post-COVID travel year normalised; net profit was €40.3 m. The group also operates four hotels in Tallinn, Stockholm and Riga. Owned 68.5% by Estonian investment holding Infortar, with the rest publicly traded on Nasdaq Tallinn.

For B2B sellers:

• Maritime ops technology — fuel optimisation, weather routing, IoT/condition monitoring — is a real budget line as IMO emission regulations tighten.
• Hospitality stack (PMS, F&B, loyalty) overlaps with the hotel arm — different buyer from shipping ops, same group.
• Cybersecurity for OT/ship systems is a fast-rising priority post-NIS2; CISO and Head of IT Infrastructure are the right entries.

7. LHV Group AS

Founded: 1999 · HQ: Tallinn · Industry: Banking / financial services · ~Revenue: ~€350 m net interest + fee income (2024) · ~Employees: ~1,100

LHV is the largest domestically owned bank in Estonia and the most aggressive of the local financial groups. Total assets of €7.9 bn at end-2024, net profit of €139.2 m. The group runs a retail and SME bank in Estonia, a UK banking-as-a-service operation that serves a who's-who of European fintechs, and an asset management arm. Listed on Nasdaq Tallinn — and by market cap, one of the most valuable companies in the country.

For B2B sellers:

• Two-track buyer — the Estonian retail/SME bank buys like a regional European bank; the UK BaaS arm buys like a fintech (faster, more modular, more API-native).
• Active in core banking modernisation, fraud and AML tooling, payments rails, regulatory reporting.
• The bank's own clients (fintechs running on LHV's UK BaaS) are a tier-2 prospect pool worth mining alongside the bank itself.

8. Infortar AS

Founded: 1997 · HQ: Tallinn · Industry: Investment holding (energy, shipping, real estate) · ~Revenue: €1.2–1.4 bn group consolidated · ~Employees: ~1,300 holding (with subsidiaries: 6,000+)

Infortar is the largest privately-owned investment company in Estonia. It owns 68.5% of Tallink, 100% of Elenger (the largest privately-owned energy company in the Baltics and Finland), plus real estate, taxi, engineering construction and mineral resources operations. 110 companies under the umbrella, 1,300 direct employees. Listed on Nasdaq Tallinn in late 2023. As a sales target, treat the holding company as the doorway into Elenger and Tallink — the operating subsidiaries make their own buying decisions, but the holding's CFO and CIO orgs run group-wide procurement.

For B2B sellers:

• Group consolidation, IFRS reporting, treasury and ESG-data stacks are real budget lines post-IPO.
• Elenger is a separate strong account — Baltic and Finnish energy retail/wholesale, growing renewables, gas trading.
• Insider tip — Infortar's structure means the same vendor can land 5+ contracts across subsidiaries if the central relationship is right.

9. Telia Eesti AS

Founded: 1992 (as Eesti Telekom) · HQ: Tallinn · Industry: Telecommunications · ~Revenue: €350–400 m (2024 est., not separately broken out in Telia Group reporting) · ~Employees: ~1,500

Telia Eesti is the largest telecom operator in Estonia — mobile, fibre broadband, IPTV, and a sizeable enterprise ICT services arm. Part of the Swedish-Finnish Telia Company group. The Estonian unit does not publish standalone audited revenue, but consensus places it in the €350–400 m range for 2024. The enterprise services business — cloud, hosting, integration — competes head-on with regional system integrators and is a meaningful B2B customer for upstream tech vendors.

For B2B sellers:

• Buys Cisco, Juniper, network observability, SD-WAN and security tooling at scale — Network Engineering and Infrastructure are accessible LinkedIn personas.
• Enterprise services arm resells SaaS and cloud — partner-track conversation, not direct end-customer pitch.
• Telco-specific (BSS/OSS, customer experience, fraud) is a long cycle but stable footprint.

10. Viru Keemia Grupp AS (VKG)

Founded: 1924 (modern group from 1999) · HQ: Kohtla-Järve · Industry: Oil shale, shale oil, chemicals, power · ~Revenue: ~€400–500 m range (varies sharply with shale oil price) · ~Employees: ~1,550

VKG is the world's largest privately-owned oil shale to energy company, running mines, a refinery complex and a power plant in north-eastern Estonia. Revenue swings hard with the global Brent/shale oil spread — in strong years it lands in the upper hundreds of millions; in weak years closer to €400 m. Diversifying into shale chemicals and electricity, and under serious pressure from EU climate policy to find a transition pathway. Family-owned (Sõnajalg brothers).

For B2B sellers:

• Industrial-scale OT, predictive maintenance and process optimisation buyer — long cycles, real budgets.
• Energy transition consulting and carbon-capture/circular-economy tech is on the strategic agenda even if procurement is slow.
• EHS, workforce safety and on-site contractor management are perennial categories in heavy industrial Ida-Viru operations.

Quick reference: top 10 Estonia companies

Honourable mentions worth tracking even though they sit just outside the top 10 by revenue: Pipedrive (Tallinn-headquartered B2B CRM, ~$207 m revenue in 2024, ~800 employees, the prototype Estonian SaaS export), Wise (London-listed but with its largest engineering office of 2,200 people in Tallinn, founded by Estonians), Tallinna Sadam / Port of Tallinn (~€120 m revenue, listed, the country's strategic logistics asset), and Swedbank Estonia and SEB Pank (Swedish parent groups, jointly larger than LHV by total assets but reported as foreign subsidiaries).

Building an Estonia sales motion that actually books meetings

Knowing the names is the easy part. Reaching the right person inside Bolt's engineering org, or the actual procurement lead at Eesti Energia, is where most foreign outbound teams stall. The Estonian market rewards being specific — title-level targeting, native or fluent English, and an opener that proves you read the last earnings call. Generic "we help companies like yours" sequences get deleted faster here than in any other Baltic market because the buyer pool is small and over-prospected.

Baltic Lead Database is built for exactly this work. Every company on the list above is mapped down to verified decision-maker emails and direct phones — CIO, CFO, Head of IT, Head of Operations, Head of Procurement, plus the next two layers of seniority where most actual buying happens. You pick the function and seniority band, we deliver the list and the contact data, your SDRs run real outbound on Monday instead of waiting for ZoomInfo to update its Tallinn coverage.

Book a meeting → with the Baltic Lead Database team to turn this list into a working pipeline of verified Estonian decision-makers.