Top 10 Largest Companies in Latvia by Revenue (2026)

Latvia is the middle child of the Baltics — 1.85 million people, a GDP just under €40 bn, and a corporate landscape shaped by three forces that you cannot read out of a generic European market report. First, the largest companies in the country are mostly state-owned (Latvenergo, LVM, airBaltic, Latvijas dzelzceļš, Latvijas Pasts) or foreign-owned subsidiaries (Rimi, Maxima Latvija). Second, Riga is the financial and logistics hub for the entire Baltic region, which inflates the size of the local banking, IT distribution and transport sectors. Third, the country has been a pharmaceuticals manufacturing centre since the Soviet era, and that legacy is still visible in the top 30.

For an outbound sales leader, that pattern means two things. The decision-making is more centralised in state holdings than in Estonia or Lithuania, which makes account selection narrower but the deal sizes larger when you land them. And the foreign-owned subsidiaries — particularly the two big grocery chains — buy along two tracks: tactical pilots at country level, strategic frameworks at group HQ in Stockholm, Vilnius or Copenhagen. Run both tracks if you want the rollout.

The list below is ranked by revenue using FY2024 published results in EUR where available. We use ranges where reporting is consolidated up to a foreign parent or where Latvian-specific figures are not separately disclosed. Two acquisitions and one IPO over the last 18 months have reshuffled the top 10 — most notably Salling Group's takeover of Rimi and Lufthansa's investment into airBaltic — so any older ranking you may have seen is likely out of date.

1. Latvenergo AS

Founded: 1939 · HQ: Riga · Industry: Energy / utilities · ~Revenue: €1.70 bn (2024) · ~Employees: ~3,400

Latvenergo is the largest company in Latvia by revenue and the country's flagship state-owned enterprise. 2024 group revenue of €1.70 bn (down 16% on energy price normalisation), with EBITDA of €588 m and net profit of €273.7 m. The group owns generation (the Daugava cascade hydropower plants plus Riga TEC-1 and TEC-2 cogen), the transmission system via subsidiary AST, and electricity distribution via Sadales tīkls (€372 m turnover by itself in 2024). Group capex is climbing past €500 m a year as the energy transition accelerates.

For B2B sellers:

• Three distinct procurement orgs inside one group — Latvenergo Holding (corporate), Sadales tīkls (distribution grid), AST (transmission). Each has its own CIO and CTO with separate budgets.
• NIS2 critical infrastructure — material spend on OT cybersecurity, SCADA modernisation, asset performance management, drone-based inspection.
• Renewables build-out (wind, solar, hydro upgrades) drives sustained EPC, monitoring and energy-trading platform demand.

2. Rimi Latvia SIA

Founded: 1995 · HQ: Riga · Industry: Grocery retail · ~Revenue: €1.13 bn (2024) · ~Employees: ~5,700

Rimi is the largest grocery retailer in Latvia, with ~170 stores and an estimated ~25% market share. 2024 turnover of €1.126 bn. Until mid-2025 Rimi Baltic was owned by Swedish ICA Gruppen — in June 2025, Danish Salling Group acquired Rimi Baltic (Latvia + Estonia + Lithuania) for €1.3 bn, putting it under the same corporate roof as Føtex, Bilka and Netto. Expect strategic procurement to migrate to Aarhus over 2026–27, which is a non-trivial planning point for any multi-year deal.

For B2B sellers:

• The acquisition reset is a window — buyers will be evaluating which contracts to renew, kill, or refactor for Salling-wide deployment. Sequence Country MD AND Salling Group category leads.
• E-commerce, dark stores and last-mile are real budget lines — Rimi Latvia has been an active grocery e-com pioneer in the Baltics.
• Loyalty and Mans Rimi app — Rimi runs one of the most penetrated loyalty programmes in Latvia, which makes CDP, personalisation and marketing-tech relevant.

3. Maxima Latvija SIA

Founded: 2001 (in Latvia) · HQ: Riga · Industry: Grocery retail · ~Revenue: €1.10 bn (2024) · ~Employees: ~6,000

Maxima is the second-largest grocery chain in Latvia by a small margin, with ~170 stores and roughly 28% share by some measures. €1.10 bn turnover in 2024. Part of Lithuanian Maxima Grupė (itself part of Vilniaus Prekyba), so the corporate centre is in Vilnius, not Riga. Larger by store count than Rimi but smaller by ticket size; competes hard on price. Often singled out by the Latvian competition authority for joint scrutiny with Rimi.

For B2B sellers:

• Country-level pilot, Vilnius group-level rollout — Maxima Group has consolidated procurement for IT and supply chain at HQ level over the last few years.
• Heavy private-label growth means packaging, supplier management and quality systems are recurring categories.
• Largest private-sector employer in Latvia (6,000+ in Latvia, 40,000+ group-wide) — HR tech, workforce management and labour-law-compliant scheduling are perennial conversations.

4. ELKO Grupa AS

Founded: 1993 · HQ: Riga · Industry: IT and consumer electronics distribution · ~Revenue: €1.06 bn (2024) · ~Employees: ~1,100

ELKO Grupa is the largest IT and consumer electronics distributor in the CEE/Nordic region — 350+ manufacturer relationships (HP, Lenovo, Apple, Dell, Samsung etc.), 10,000+ reseller customers across 13 countries. €1.06 bn revenue in 2024, almost flat year-on-year, with net profit of €13.1 m. Listed on Nasdaq Riga since 2024 — the most significant Latvian IPO in years. Private-equity backed historically (the Krūmiņš family and others), now public.

For B2B sellers:

• Two-sided buyer — upstream (vendor enablement, channel programmes, PRM) AND downstream (logistics, WMS, EDI, returns).
• Post-IPO maturity buy — IR, ESG reporting, internal audit, treasury and FP&A tooling are budget-line items now in a way they were not pre-listing.
• Operates across 13 countries — multi-country deals are realistic; you can land one master agreement and roll it into Poland, Czechia, Romania.

5. Latvijas valsts meži (LVM)

Founded: 1999 · HQ: Riga · Industry: Forestry / timber · ~Revenue: €586 m (2024) · ~Employees: ~1,000

LVM manages 1.6 million hectares of state-owned forest — roughly 47% of Latvia's forest land. €586 m net turnover in 2024; contributed €141.3 m in dividends to the state budget (37% of total state dividends). Operates as a fully commercial state enterprise: harvests, sells round timber, runs a nursery network and seed plantations, and is moving into carbon-credit and biodiversity-credit markets. Recently subject to a State Audit Office review which criticised pricing discipline — political weather worth tracking.

For B2B sellers:

• Forestry tech (remote sensing, LiDAR, drone inventory, GIS, harvest planning) is a real and growing category.
• Carbon-accounting and biodiversity MRV (monitoring, reporting, verification) is on the strategic agenda even if procurement is slow.
• Heavy equipment fleet — fleet telematics, fuel, predictive maintenance.

6. airBaltic (Air Baltic Corporation AS)

Founded: 1995 · HQ: Riga · Industry: Aviation · ~Revenue: €748 m (2024) · ~Employees: ~2,700

Latvia's national airline. €748 m revenue in 2024 (record high, up 12%), but posted a €118 m loss driven largely by Pratt & Whitney GTF engine maintenance issues that grounded a chunk of its Airbus A220 fleet. Lufthansa Group acquired a minority stake in early 2025, and an IPO has been on the runway for over two years — when it lands it will reshape Riga's capital markets. Operates ~130 routes from Riga, Tallinn, Vilnius and Tampere.

For B2B sellers:

• The Lufthansa investment introduces a second buying influence — group standards will start mattering, particularly for digital and crew systems.
• MRO, engine health monitoring and ops research are top of mind given the GTF saga.
• Loyalty (PINS programme), ancillary revenue and revenue management are active areas — airline-specific SaaS plays well.

7. Latvijas dzelzceļš (LDz / Latvian Railways)

Founded: 1919 (modern entity from 1991) · HQ: Riga · Industry: Rail infrastructure and freight · ~Revenue: €350–450 m group (2024 range) · ~Employees: ~7,000

State-owned rail group running infrastructure (LDz), freight (LDz Cargo), maintenance and services. Revenue dropped sharply post-2022 with the loss of Russian and Belarusian transit freight, forcing serial cost cuts and headcount reductions (298 cleaners outsourced in 2024 alone). Strategic pivot underway toward European-gauge integration via Rail Baltica, which will reshape the company materially by the late 2020s.

For B2B sellers:

• OT/IT cybersecurity, signalling modernisation, rolling-stock telematics — multi-year programmes.
• Rail Baltica adjacency — anything that helps cross-border 1435mm operations integrate is on the roadmap.
• Workforce and asset management transformation is structurally underway — HR tech, EAM, mobile field force.

8. Swedbank Latvia AS

Founded: 1992 (as Hansabank) · HQ: Riga · Industry: Banking · ~Revenue: ~€350–400 m net interest + fee income (2024 est.) · ~Employees: ~1,500

Swedbank is the largest bank in Latvia by both retail customers and SME share, part of the Swedish Swedbank AB group. The Latvian subsidiary is not separately listed and its segment numbers are reported as part of Swedbank Baltic Banking; market consensus places NII + fee income comfortably in the €350–400 m range for 2024. Top-ranked by valuation on Latvia's Top101 list (~€6 bn enterprise value).

For B2B sellers:

• Buys at Baltic-region scope (Latvia + Estonia + Lithuania reporting together) for most strategic tech — so build a regional case, not a Latvia-only one.
• Compliance, AML, fraud, KYC — perennial buyer.
• SME banking is a separate buying centre with its own digital-platform investment cycle.

9. SEB banka AS

Founded: 1993 · HQ: Riga · Industry: Banking · ~Revenue: ~€200–250 m NII + fee (2024 est.) · ~Employees: ~1,200

The second of the two Swedish banks dominating Latvian banking, part of SEB AB. Strong corporate and SME franchise, particularly with Nordic-owned subsidiaries operating in Latvia. Like Swedbank, reports as a regional Baltic subsidiary, so standalone Latvian revenue is approximate. Significant retail footprint though smaller than Swedbank.

For B2B sellers:

• Corporate banking and treasury services — natural overlap with Nordic vendor ecosystem.
• Buys at Baltic region scope much like Swedbank.
• Lower friction to pilot in Latvia and then expand to Estonia and Lithuania than the other way around.

10. Grindeks AS

Founded: 1946 · HQ: Riga · Industry: Pharmaceuticals · ~Revenue: ~€230–250 m (2024) · ~Employees: ~1,380

Grindeks is the largest pharmaceutical manufacturer in the Baltic States, with a portfolio centred on active pharmaceutical ingredients (APIs), heart and cardiovascular drugs, and a sizeable generics business. Exports to 100+ countries. Headquartered in Riga's Pļavnieki district, the company is one of the few large industrial exporters Latvia has, and a meaningful R&D employer. Family-owned and tightly held.

For B2B sellers:

• Regulated-industry IT — GxP-compliant systems, LIMS, electronic batch records, serialisation.
• Cold-chain logistics, pharma-specific WMS and CMO management — recurring spend.
• Russia/Belarus market exit reshuffled the export mix — emerging-markets distribution and supply-chain tooling is on the agenda.

Quick reference: top 10 Latvia companies

Note on ordering: by revenue alone, airBaltic (€748 m) sits between LVM and Latvijas dzelzceļš, and Latvijas dzelzceļš revenue varies depending on whether you include all subsidiaries. We rank LVM at #5 because its standalone 2024 turnover (€586 m) is published, audited and clearly comparable. Honourable mentions: Sadales tīkls (€372 m, technically a Latvenergo subsidiary), Olpha / Olainfarm (~€130 m, second-largest pharma), Tet (formerly Lattelecom, telecom, ~€200 m), and Latvijas Gāze (€91 m post-restructuring, gas trading).

Building a Latvia sales motion that actually books meetings

Latvia rewards specificity even more than its neighbours. The top 10 is small, the decision-makers are findable, and many of them have been in their roles for 5–10+ years (state holdings churn less than the private sector). That cuts both ways. A well-targeted outbound message that proves you understand the company's specific procurement structure — Latvenergo group vs Sadales tīkls vs AST, Rimi country vs Salling group, Maxima country vs Vilnius — will get a meeting. A generic "we work with retailers like Rimi" pitch will get archived in two seconds.

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