The Nasdaq Baltic Exchanges closed 2025 with its strongest performance to date, reflecting a year of heightened issuer activity, growing investor participation, and a decisive expansion of the regional capital market, the exchange said on its website. 

With capital raising reaching historic levels and bond issuance accelerating at an unprecedented pace, the Baltic exchanges further cemented their role as a key source of financing for companies across the region.

Over the course of the year, companies raised a total of €2.1bn through Nasdaq Baltic markets. This figure, covering both equity and fixed-income instruments across IPOs, secondary offerings, public issues, and private placements, represents a sharp acceleration in market activity. Capital raised increased by 160% compared with 2024 and tripled relative to 2023, highlighting the rapidly growing relevance of the Baltic capital markets.

Bond issuance was the defining feature of the year. In 2025, the exchanges recorded 60 new bond listings, the highest annual total since data collection began in 2012. Initial bond offerings alone attracted €1.95bn in capital, driven primarily by financial institutions, real estate companies, and utilities.

Financial issuers accounted for €740mn across 18 listings, while real estate companies raised €544mn through an equal number of issues. Utilities followed with €485mn raised from five listings. Additional contributions from industrials, energy, consumer goods, and healthcare underscored the breadth of issuer participation.

Commenting on the results, Kaarel Ots, Head of Nasdaq Baltic Exchanges, noted that the scale of bond market activity in 2025 marked a turning point for the region. He emphasised that the surge in listings and capital raised demonstrates that capital markets are becoming an increasingly vital component of corporate financing in the Baltics, supported by rising confidence among both issuers and investors.

Equity markets also delivered strong results. Of the 33 companies listed on the Main List, 30 ended the year with higher share prices. Several issuers posted particularly notable gains, led by KN Energies, Akola Group, Hepsor, and Merko Ehitus, each recording increases of 50% or more. Broad-based appreciation across the market reflected solid fundamentals and sustained investor interest.

Trading activity continued to expand alongside market performance. Nearly one million transactions were executed on Baltic exchanges during the year. Total equity trading turnover reached €556mn, representing a 41% increase year over year, while bond trading turnover rose by 52% to €152mn. Market indices closed the year firmly in positive territory, with the Vilnius index leading gains, followed by Tallinn and Riga, and the Baltic Benchmark Index advancing 19% overall, Nasdaq said..