If you put your money to work in the Baltic markets this year – congrats! You outperformed the S&P 500 in EUR terms: 18% vs 5%. Not bad at all. And if your portfolio was packed only with Baltic all-stars like Merko(55%), Akola(65%), and Vilkyškių pieninė(48%) – companies that combine financial discipline with solid growth – then double congrats. You beat not only the index, but also most of the US mega-caps. That’s some serious alpha.
The less cheerful part? Our stock market got a bit thinner. No shiny new IPOs, while Enefit Green and PST said goodbye, Delfin and Ekspress Group are packing their bags too. Sadly, no newcomers have stepped in to fill the gap.
On the brighter side, the bond market is buzzing. Refinancing deals, fresh issuers from all three Baltic countries – you name it. Demand? Strong. Supply? Also there. The only sleepy part is the secondary market, where most investors are happily married to a classic buy & hold strategy.
And Now… Our Annual New Year Playlist of Baltic Market Hits. Turn up the volume and enjoy the year’s greatest hits across the key themes:
🏋️ Healthy Trend Superstar
The global fitness and longevity craze is accelerating, and poultry protein is front and center for anyone serious about hitting their protein targets. Add weight-loss drugs (hello muscle loss) and supply disruptions from bird flu in Poland – and voilà, a perfect storm. Akola nailed it. Continuous growth in its highest-margin segment, strong synergies across the business, rising dividends, and a soaring share price. Total return this year: 65%🔥. Well played, Akola!
“Stronger” – Kanye West
🔧 Correcting Past Mistakes
It hurt to see Enefit Green delisted—especially in a market already short on listings. But from a shareholder perspective, the move makes sense. Green energy assets tend to perform best inside larger utility groups, boosting flexibility and financial efficiency. Even better: Enefit Group didn’t leave retail investors empty-handed, offering an attractive alternative via corporate bonds. Smart pivot.
“Fix You” – Coldplay
☕ Alternative Market Winner – Whoa!
Kalve is absolutely on fire. Share price up +161% since IPO, and the business is expanding at warp speed. More coffee shops, new locations in Tallinn, Vilnius, and Paris —wait, what?! The fan base is growing fast, so the obvious question: isn’t this a perfect moment for a capital raise?
“Don’t Stop Me Now” – Queen
✈️ Lost Dreams or Big Hope?
For the second year in a row, we’re writing about airBaltic—still battling extremely tight liquidity. But plot twist: Lufthansa has joined the shareholder list. Last year, an IPO sounded more like a fairy tale than a plan. Equity investors at that stage? Hard to imagine. The company has since reworked its strategy, focused on operational profitability, brought in a new CEO with the right experience—and yes, the IPO is still on the menu.
“Learning to Fly” – Tom Petty
🚀 Efficiency Rockets
If there’s one mega-trend this year in Baltics, it’s efficiency. With demand capped for many companies, cost control became the secret weapon—and it worked. Double-digit profitability growth is popping up all over the place. Lower electricity prices helped too (sorry, energy utilities). Special shout-out to Telia and Tallinna Sadam, who tackled labor cost inflation head-on—one of the biggest expense headaches in recent years. We’d love to see Artea join the efficiency champions next.
“Can’t Stop” – Red Hot Chili Peppers
🌱 Next Growth Engine
Lithuania is following Estonia’s footsteps with the 2nd pillar pension reform (seriously, guys… déjà vu?). When Estonia rolled it out in 2021, OMX Tallinn jumped 48%, compared to Riga’s +12% and Vilnius’ +18%. Sure, COVID helped inflate flows—but pension money was the real rocket fuel. Will Lithuania see a similar boost next year? Time will tell. Either way, there’s a strong lineup of Lithuanian companies worth watching closely.
“Here Comes the Sun” – The Beatles
🎄 Baltic markets may be small, but this year they proved they can punch well above their weight. Happy trading in 2026!
Disclaimer: This article is for information purposes only and constitutes neither an offer nor a recommendation to undertake any type of transaction or to buy or sell securities or financial products in the broadest sense. Alphinox Quality AS offers no guarantee of the completeness, correctness or security of this article. Alphinox Quality AS accepts no liability claims that might arise from the use or non-use of the content of this article. Alphinox Quality AS clients and employees might have shares of the mentioned companies in equity portfolios.
