Baltic Corporate Excellence Award
Where the Excellence Awards began. Since 2008, the Baltic CEA has recognised the listed companies and bond issuers of Estonia, Latvia and Lithuania that turn quality into a measurable track record.
The Baltic Corporate Excellence Award is the first of the Excellence Awards. It was launched in 2008 by Alphinox in Riga with a straightforward ambition: to challenge Baltic exchange traded companies to measure themselves against an objective investor definition of quality and to make the results public.
The idea proved to travel. In 2010 the analysis was extended to a pan-European universe, and in 2014 to a global one, growing into the Corporate Excellence Award that Hérens Quality Asset Management presents today across the world’s major markets. The Baltic edition remains its home market: the same single, equal-treatment methodology, applied to the region where it was first proven.
Today the award is prepared by Alphinox – one of the largest financial analyst teams in the Baltics – in partnership with Hérens Quality Asset Management and Riga Technical University, with the final selection made together with a panel of local market experts.
2008
First Baltic Corporate Excellence Award. Exchange-traded companies in Estonia, Latvia and Lithuania are ranked on quality for the first time.
2010
The same method is extended to a pan-European universe of companies.
2014
Global coverage. The Corporate Excellence Award takes its present form across the world’s major markets.
Goal
The Baltic Corporate Excellence Award recognises companies whose quality is already on the record – proven in what they have delivered over years, not in what they promise for the next one.
That distinction carries further in a market of this size than almost anywhere else. The Baltic exchanges are home to a few dozen listed issuers, which makes every one of them visible – and makes an objective, publicly explained standard genuinely useful. By showing how the region’s companies are measured, the award tells every management team which criteria long-term investors actually apply, and gives the well-run ones a way to be recognised for it.
Valuations play no part in the assessment. The award is not an investment recommendation, and it does not imply that a company will maintain its Excellence Status going forward – only that, on the evidence to date, it has earned it.
It has a second purpose that matters in a market of this size. By publishing how the region’s companies are assessed, the award shows management teams exactly which criteria long-term investors apply – and encourages every listed issuer in the Baltics to improve its transparency, its reporting and its attractiveness to capital, not only those that end up on the podium.
2026
Recent Winners
1st Place – kjlkfj
Austria
Verbund AG
Energy
Belgium
Evs Broadcast Equipment SA
Telecommunications Equipment
UK
Games Workshop Group Plc
Tabletop miniature gaming
Denmark
Genmab A/S
Pharmaceuticals and Biotechnology
Finland
eQ OYJ
Bank
France
Hermes International SA
Luxury Goods
Germany
Rational AG
Combi steamers, ovens & cooking appliances
Italy
Diasorin SpA
Medical Equipment and Services
Netherlands
ASM International N.V.
Technology Hardware and Equipment
Norway
Medistim ASA
Medical aquipment & technology
Spain
Faes Farma SA
Pharmaceutical industry
Sweden
Biogaia AB
Pharmaceuticals and Biotechnology
Switzerland
Belimo Holding AG
Construction and Materials
USA
Lattice Semiconductor Corp
Technology
Australia & New Zealand
Fortescue Ltd
Renewable energy
Japan
Shionogi & Co Ltd
Pharmaceutical products
South Korea
Krafton Inc
Gamesoftware development
China & Taiwan
eMemory Technology Inc
Logic-based non-volatile memory (Logic NVM) technology)
Austria
Wieneberger AG
Building materials
Belgium
Melexis NV
Semiconductors
UK
Games Workshop Group Plc
Tabletop miniature gaming
Denmark
Chemometec A/S
Medical Equipment and Services
Finland
eQ OYJ
Bank
France
Hermes International SA
Luxury Goods
Germany
Rational AG
Combi steamers, ovens & cooking appliances
Italy
Pharmanutra Spa
Pharmaceuticals and biotechnology
Netherlands
BE Semiconductor N.V.
Semiconductor
Norway
Medistim ASA
Medical aquipment & technology
Spain
Faes Farma SA
Pharmaceutical industry
Sweden
Mips AB
Safety for helmets
Switzerland
Partners Group AG
Financial services
USA
Vertex Pharmaceuticals Inc
Pharmaceuticals and biotechnology
Australia & New Zealand
Fisher & Paykel Healthcare
Healthcare equipment
Japan
Obic Co.
Information technology
South Korea
Samsung Electronics Co. Ltd.
Electronics
China & Taiwan
eMemory Technology Inc
Logic-based non-volatile memory (Logic NVM) technology)
Austria
Austrian Post
Mail delivery
Belgium
Melexis NV
Semiconductors
UK
Games Workshop Group Plc
Tabletop miniature gaming
Denmark
Simcorp A/S
Software
Finland
Revenio Group OYJ
Health technology
France
Hermes International SA
Luxury Goods
Germany
Rational AG
Combi steamers, ovens & cooking appliances
Italy
Moncler Spa
Clothing
Netherlands
ASM International NV
Equipment for the semiconductor industry
Norway
Medistim ASA
Medical aquipment & technology
Spain
Voscofan SA
Food products
Sweden
Mips AB
Safety for helmets
Switzerland
Partners Group AG
Financial services
USA
Marketaxess Holdings Inc
Financial technology
Australia & New Zealand
Fisher & Paykel Healthcare
Healthcare equipment
Japan
Nintendo Co Ltd
Platform Technology Development
South Korea
Samsung Electronics Co. Ltd.
Electronics
China & Taiwan
eMemory Technology Inc
Logic-based non-volatile memory (Logic NVM) technology)
Austria
Mayr-Welnhof Karton AG
Carton Boards
Belgium
Melexis NV
Semiconductors
UK
Games Workshop Group Plc
Tabletop miniature gaming
Denmark
Chemometec A/S
Automatisierte Zellzähler und Analysegeräte
Finland
eQ OYJ
Bank
France
Hermes International SA
Luxury Goods
Germany
Rational AG
Combi steamers, ovens & cooking appliances
Italy
Diasorin Spa
Laboratory diagnostics
Netherlands
ASM International NV
Equipment for the semiconductor industry
Norway
Medistim ASA
Medical aquipment & technology
Spain
Zardoya Otis SA
Elevators, Escalators and Moving Walkways
Sweden
BioGaia AB
Probiotic products
Switzerland
Ems-Chemie Holding AG
Specialty Materials
USA
Marketaxess Holdings Inc
Finanial technology
Australia & New Zealand
Fisher & Paykel Healthcare
Healthcare equipment
Japan
Shionogi & Co Ltd
Pharmaceuticals
South Korea
NCSoft Corp.
Video game developer
China & Taiwan
TSMC Ltd.
Austria
Wieneberger AG
Building materials
Belgium
Melexis NV
Semiconductors
UK
Games Workshop Group Plc
Tabletop miniature gaming
Denmark
Chemometec A/S
Medical Equipment and Services
Finland
eQ OYJ
Bank
France
Hermes International SA
Luxury Goods
Germany
Rational AG
Combi steamers, ovens & cooking appliances
Italy
Pharmanutra Spa
Pharmaceuticals and biotechnology
Netherlands
BE Semiconductor N.V.
Semiconductor
Norway
Medistim ASA
Medical aquipment & technology
Spain
Faes Farma SA
Pharmaceutical industry
Sweden
Mips AB
Safety for helmets
Switzerland
Partners Group AG
Financial services
USA
Vertex Pharmaceuticals Inc
Pharmaceuticals and biotechnology
Australia & New Zealand
Fisher & Paykel Healthcare
Healthcare equipment
Japan
Obic Co.
Information technology
South Korea
Samsung Electronics Co. Ltd.
Electronics
China & Taiwan
eMemory Technology Inc
Logic-based non-volatile memory (Logic NVM) technology)
Austria
Austrian Post
Mail delivery
Belgium
Melexis NV
Semiconductors
UK
Games Workshop Group Plc
Tabletop miniature gaming
Denmark
Simcorp A/S
Software
Finland
Revenio Group OYJ
Health technology
France
Hermes International SA
Luxury Goods
Germany
Rational AG
Combi steamers, ovens & cooking appliances
Italy
Moncler Spa
Clothing
Netherlands
ASM International NV
Equipment for the semiconductor industry
Norway
Medistim ASA
Medical aquipment & technology
Spain
Voscofan SA
Food products
Sweden
Mips AB
Safety for helmets
Switzerland
Partners Group AG
Financial services
USA
Marketaxess Holdings Inc
Financial technology
Australia & New Zealand
Fisher & Paykel Healthcare
Healthcare equipment
Japan
Nintendo Co Ltd
Platform Technology Development
South Korea
Samsung Electronics Co. Ltd.
Electronics
China & Taiwan
eMemory Technology Inc
Logic-based non-volatile memory (Logic NVM) technology)
Austria
Mayr-Welnhof Karton AG
Carton Boards
Belgium
Melexis NV
Semiconductors
UK
Games Workshop Group Plc
Tabletop miniature gaming
Denmark
Chemometec A/S
Automatisierte Zellzähler und Analysegeräte
Finland
eQ OYJ
Bank
France
Hermes International SA
Luxury Goods
Germany
Rational AG
Combi steamers, ovens & cooking appliances
Italy
Diasorin Spa
Laboratory diagnostics
Netherlands
ASM International NV
Equipment for the semiconductor industry
Norway
Medistim ASA
Medical aquipment & technology
Spain
Zardoya Otis SA
Elevators, Escalators and Moving Walkways
Sweden
BioGaia AB
Probiotic products
Switzerland
Ems-Chemie Holding AG
Specialty Materials
USA
Marketaxess Holdings Inc
Finanial technology
Australia & New Zealand
Fisher & Paykel Healthcare
Healthcare equipment
Japan
Shionogi & Co Ltd
Pharmaceuticals
South Korea
NCSoft Corp.
Video game developer
China & Taiwan
TSMC Ltd.
Our Selection Process
The award selection and analysis is executed by Hérens Quality Asset Management with final selection made together with a panel of industry experts.

The business track record is determined independently on the basis of objective analysis. The aim is to filter out the best companies, irrespective of sector, size, future expectations or momentum – only their current Quality counts. For that reason, a SINGLE analysis method is used that treats all firms in the universe EQUALLY.

The first step is an analysis of the historical data of the past five years and also the current financial year. The companies are initially analyzed on the basis of various Quality statistics and characteristics, and a ranking list is drawn up. Valuation of companies does not have any effect in the Corporate Excellence Award analysis.
Having ascertained the best 15 firms in each market, their data quality is checked and a thorough financial analysis is carried out. The top ten companies in each market are then subjected to an in-depth qualitative analysis and the results are documented in detail. This documentation and a suggested winner per market are then submitted to the jury for their decision.
History
2025
From 2025, the Baltic Corporate Excellence Award is presented in two categories: listed companies and bond issuers.
2023
Hérens Quality Asset Management AG celebrates 16 years of Corporate Excellence Award and extends it to Incremental Excellence Award
2021
14th consecutive year of the Baltic Corporate Excellence Award
2014
Hérens Quality Asset Management extends Corporate Excellence Award globally
2011
Corporate Excellence analysis extended to Germany and Austria
2010
Corporate Excellence analysis extended from the Baltics to Europe and Switzerland
2008
Hérens Quality Asset Management initiates the Corporate Excellence Award in the Baltics
2007
Non-Quality investments lead to financial crisis:
- Poor quality financial firms hit first and hardest
- Rest of low quality companies were to suffer afterwards
The Jury
Jury Members
Dr. David A. Bell
University of Indiana
Dr. Katharine Wirsching
University of Augsburg
Prof. Dr. David Sprott
Drucker School of Management
Dr. Ryan C. Bailey
University of Wyoming
Dr. David A. Bell
University of Indiana
Dr. Katharine Wirsching
University of Augsburg
Prof. Dr. David Sprott
Drucker School of Management
Dr. Ryan C. Bailey
University of Wyoming