LHV Group Profit Reaches €117 Million – Dienas Bizness

In 2025, the trends that started at the end of 2023 and 2024 will continue in the Estonian capital market – an almost complete lack of new issuers on the stock market, a relatively more active bond market, as well as increased activity in the field of share buyback offers and share exclusions from the market.

In terms of numbers, the results of 2025 are slightly better than in 2024 – there was one initial public offering (IPO) of Primostar Group on the alternative market of Nasdaq Tallinn First North, while there were no IPOs at all in 2024, and 10 public bond offers have been implemented so far, compared to 7 offers in 2024.

At the same time, in 2025, the Baltic Official List has shrunk, as PRFoods was moved to the second Baltic list, and several share buyback offers were made.

A wave of share buybacks and exits

The trend of share buybacks started in 2024 with the voluntary offers of Tallink Group and Nordic Fibreboard. These were related to group restructurings or changes in the ownership structure rather than delisting of companies. In 2025, the takeover and exit from the market of Enefit Green – Eesti Energia’s green energy subsidiary was completed. The Enefit Green IPO in 2021 was the largest IPO in Estonian history, with more than 60,000 private investors participating. Therefore, the departure of such a large market player is a significant blow. This was offset to some extent by Eesti Energia’s bond issue, which marked its debut on the local capital market and offered investors an alternative investment option, hopefully helping to maintain this investor activity. The tendency to exclude listed companies from the stock exchange also continues in November, when the intention to purchase shares of Ekspress Grupp through a voluntary share buyback offer was announced with the aim of excluding them from the market after a successful takeover.