2026
An Alphinox initiative recognising financial performance, business quality and corporate governance among Baltic companies.
2026 equity-market winners
1st place
Telia Lietuva
Lithuania’s telecommunications leader, with a dominant position in fixed and mobile internet services. The company offers a broad range of services, drawing on the strengths of its ecosystem to attract new customers. Its solid financial position and successful business model provide a foundation for further development.
2nd place
Apranga
The leading fashion retailer in the Baltics, with 171 stores across Lithuania, Latvia and Estonia. Its business is built on franchise agreements with international brand owners — including Zara and other Inditex brands, Mango, Boss and Max Mara — complemented by the group’s multi-brand retail chains. The group earns retail margins without undertaking the development of its own fashion brands. Relatively modest capital expenditure and growing e-commerce complement the business model.
3rd place
Tallinna Sadam
One of the largest cargo and passenger port groups in the Baltic Sea region, with the Estonian state as its majority shareholder. The company operates across four segments: passenger harbours, cargo harbours, ferry services and other activities. Its ports generate revenue from harbour fees and infrastructure leases, while its ferry operations serve the Saaremaa and Hiiumaa routes under a contract with the state. Other activities include the multifunctional vessel Botnica, which provides icebreaking and offshore services. A stable infrastructure business with an EBITDA margin above 45%.
2026 bond-market winners
1st place
CleanR
CleanR is one of Latvia’s leading environmental services companies, operating in waste collection, sorting and recycling. A strong market position and rapidly growing financial results have made CleanR one of the most prominent environmental services providers in the Baltics.
2nd place
Banga
Banga is one of Latvia’s best-known fish-processing companies, specialising in canned fish and other seafood products. Consistent financial performance and a reputation as a reliable Latvian food exporter make Banga one of the leading companies in its industry in the Baltics.
3rd place
Akropolis Group
Akropolis Group is a leading developer and operator of shopping and entertainment centres in the Baltics. The group owns three Akropolis centres in Lithuania and the two largest shopping centres in Riga. It generates rental income; tenants’ turnover reached EUR 1.3 billion in 2025, while occupancy is close to full. Growth is supported by the acquisition of Galio Group and the Akropolis Vingis project.
About the initiative
We launched the Corporate Excellence Award initiative in 2008 to challenge listed Baltic companies to pursue higher standards of quality. Two years later, the initiative was extended across Europe, and since 2014 we have assessed corporate excellence globally. Since 2025, the assessment has also included companies with exchange-listed bonds.
Purpose
The initiative aims to identify outstanding companies in the Baltic capital markets and encourage improvements in corporate governance, financial performance and other factors that matter to investors.
We want to draw company leaders’ attention to the factors and criteria investors assess before making investment decisions, and to strengthen the appeal of Baltic companies as long-term investments.
The awards reflect the assessment of companies in the relevant year. They are not investment recommendations and do not imply automatic inclusion in Baltic Market Leaders or any other Alphinox portfolio.
