2nd annual Fortune list has Singapore's Trafigura at No. 1, as the energy sector dominates; Malaysia's NationGate claims fastest growing by revenue
Ranks of female CEOs at Southeast Asia 500 companies increases to nearly 40, up 28% from last year
Indonesia has the most companies, 109, on the Southeast Asia 500 but Singapore companies lead in revenue, profits, and assets
SINGAPORE, June 17, 2025 /PRNewswire/ -- Fortune today unveils the 2025 Southeast Asia 500 rankings, the second annual list of the largest companies in the region, ranked by revenue for the 2024 fiscal year. Fortune's focus on Southeast Asia comes as the region emerges as a resilient growth engine for the global economy, playing an increasingly important role in global supply chains, capturing manufacturing capacity shifting from China due to heightened tariffs and trade tensions.
The seven countries in last year's inaugural Southeast Asia 500 list—Indonesia, Thailand, Malaysia, Singapore, Vietnam, the Philippines, and Cambodia—return in 2025, and continue to make their mark on the region's economy. Indonesia leads with 109 companies, while Thailand follows with 100. Malaysia has 92 companies on the list, surpassing Singapore's 81. Vietnam's presence on the list has grown to 76, while the Philippines contributes 40 and Cambodia rounds out the list with two.
Singapore-headquartered commodities trader Trafigura earned the No. 1 spot on the Fortune Southeast Asia 500 for a second year, generating more than $243 billion in revenue in 2024, followed by Thailand's PTT (No. 2), Indonesia's Pertamina (No. 3) and Singapore's food and agribusiness powerhouses—Wilmar (No. 4) and Olam (No. 5). The top five companies generated nearly $516 billion in revenue, or 28% of all 500 companies combined.
Together, the top 10 generated $660 billion—36% of the list's total revenue—while the top 20 accounted for $836 billion, nearly half the combined revenue of all 500 companies. Notably, Singapore-based companies generated $637 billion in 2024, underscoring the city-state's role as a regional business hub and accounting for just over a third of the Southeast Asia 500's total revenue. Collectively, companies on the 2025 list generated $1.82 trillion in revenue in 2024, up from $1.79 trillion the year before. The minimum revenue threshold to be included on the 2025 list was $349.4 million.
"Fortune's interest in the region reflects Southeast Asia's growing importance as an engine of global growth," says Clay Chandler, Executive Editor, Asia. "The region has become a crucial manufacturing and export hub, which is drawing significant capital flows. This momentum has been further fueled by Trump-era tariffs, which have reshaped global trade dynamics and driven a shift towards Southeast Asia."
Energy – whether resource extraction, power generation, or electrical transmission—is the dominant sector on the 2025 list, accounting for almost a third of its total revenue. Thai oil refiner and energy company, Bangchak, breaks into this year's top 20 with a 47% jump in revenue. Financial firms represent Southeast Asia's second-largest sector. Significantly, thirteen banks and financial firms are among the top 20 most profitable companies with Singapore's DBS leading—both in terms of revenue and earnings—for a second year.
In his introduction to the new list in the June/July issue of Fortune Asia magazine, editor, Asia, Nick Gordon notes, the Fortune Southeast Asia 500 provides "a snapshot of a region ready to take advantage of global supply chain shifts and booming industries like mining, EVs, and AI—even as U.S. tariff policy threatens to roll back some of last year's gains."
Fast-growers in revenue terms included newcomers to the list—Malaysian precision manufacturing company NationGate, Indonesian mining and energy firm, Petrindo Jaya Kreasi and Vietnam's transport infrastructure and automotive services company, Tasco JSC, as well as returning companies such as the Philippines' online gaming firm, Digiplus Interactive, and travel and transportation companies like Singapore aviation catering and logistics firm SATS, Changi Airport Group and Airports of Thailand. In 2024, the top 20 fast-growers captured strong tailwinds from rebounding tourism, resource demand (coal, nickel, energy), digital transformation, and industrial growth in Southeast Asia.
In a positive sign for female leadership in the region, Fortune's analysts noted there are 37 female CEOs leading Southeast Asia 500 companies, up from 29 reported last year. There are also 37 women holding the position of chairman. This growth in diversity, alongside the ten CEOs in their 30s, underscores the region's evolving leadership landscape. The average age of the chief executives leading the 500 companies is 58. In total, the 2025 Southeast Asia 500 companies employ more than 6.3 million people.
The 2025 Fortune Southeast Asia 500 list and stories are available internationally on Fortune.com/asia and on newsstands across Asia starting today, June 17. The list and rankings can be viewed at https://fortune.com/asia/ranking/southeast-asia-500/2025/.
About Fortune
Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world's biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World's Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum and Brainstorm Tech. For more information, visit fortune.com.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
FORTUNE UNVEILS 2025 SOUTHEAST ASIA 500
News Summary:
- Relativity's generative AI case intelligence solution, aiR for Case Strategy, launched for general availability today.
- aiR for Case Strategy extracts key facts from evidence and organizes them into clear timelines, summaries and draft work product, empowering lawyers and litigation professionals to construct the story of their case or investigation with greater speed, confidence and collaboration.
- Early users have unlocked significant value, surfacing key insights sooner, pulling facts together up to 70% faster and freeing thousands of hours of attorney time for high-impact work.
CHICAGO, Jan. 12, 2026 /PRNewswire/ -- Relativity, a legal data intelligence company, today announced the general availability of its generative AI-powered case intelligence solution, Relativity aiR for Case Strategy. Designed with lawyers and litigation professionals in mind, aiR for Case Strategy makes it faster and simpler to develop case narratives, enabling users to auto-extract facts, visualize fact chronologies, accelerate deposition preparation, and create document, witness and transcript summaries.
"Generative AI is redefining what's possible in case preparation, empowering legal teams to move from information to insight with greater speed and precision than ever before," said Phil Saunders, CEO of Relativity. "We're committed to expanding our case intelligence capabilities because giving our partners and customers a clearer, more complete understanding of their matters sooner enables them to focus on serving their clients, creating greater impact and building narratives that ultimately advance justice."
Legal teams working across complex disputes often face pressure to understand the facts and issues earlier in the life cycle of a matter. aiR for Case Strategy helps establish a clear factual foundation by revealing key events, illuminating gaps in evidence and highlighting the relationships among people, documents and testimony. This level of context is especially important in disputes and litigation, effectively enabling stronger strategic planning and more confident preparation for witness meetings, interviews and depositions.
Elevating strategic casework from data to decision-making
More than 50 customers have tested aiR for Case Strategy and extracted approximately 600,000 facts through Relativity's limited general availability program. These early adopters achieved time savings, cost efficiencies, improved collaboration and increased scalability. Tasks that once took hours—sifting through emails, chats and contracts to extract facts, build chronologies and draft summaries—now take minutes. From the outset of a matter, users can uncover the story in their data, shape a case narrative and determine how they want to argue the matter.
"With aiR for Case Strategy, we can see the story behind the evidence much earlier in the process. It helps extract and organize facts into timelines so our teams can quickly turn information into actionable insights," said Michael Song, Head of GTDocs at Gilbert + Tobin. "That allows our lawyers to spend more time shaping strategy, refining narratives and anticipating challenges, freeing them to focus on the parts of a case that drive the greatest impact."
Timeline visualizations make it easy to identify gaps or blind spots in the data, helping teams build a complete picture of events. The solution also generates holistic witness summaries that give users a clear view of each key player and support critical decisions about whether a deposition is warranted. Additionally, the solution provides a rich set of interview questions grounded in both the documents and underlying facts, enabling teams to effectively probe each individual's role in the matter.
"aiR for Case Strategy dramatically reduces the manual work of extracting facts and building useful timelines in Relativity," said Martha Louks, Managing Director, Discovery Technology Services, McDermott Will & Emery. "It offers a novel way to eliminate tedious work and allow attorneys to focus on case analysis and strategy."
Accelerating insight across complex, fast-paced matters
Relativity partner Page One, Inc., used aiR for Case Strategy to support its law firm client on a fast-paced financial services case where large volumes of lengthy deposition transcripts were creating significant pressure on the team. Using the solution to summarize and review 32 transcripts—each 200 to 300-plus pages—the team quickly identified and organized the most important information 70% faster.
"aiR for Case Strategy exceeded expectations by proving not just that it worked, but that it was repeatable, defensible and intuitive," said Andrew Milauskas, Chief Operating Officer of Page One, Inc. "We went from spending hours per transcript to extracting key facts within minutes. Our confidence grew quickly once we saw that aiR for Case Strategy consistently surfaced the same core insights we would have found manually."
Transcripts are central to litigation strategy, from depositions to hearings and trials. With aiR for Case Strategy, legal teams can unlock greater clarity from their transcripts through advanced automation and collaboration features. The solution enables users to automatically generate transcript summaries, collaboratively mark up and annotate testimony, and designate key excerpts for trial preparation and presentation. These enhanced capabilities accelerate credibility assessments and empower teams to plot next steps with confidence.
For litigation support professionals, transcript features introduce multi-sync video deposition capabilities, a streamlined workflow for importing depositions and associated files, and exhibit-linking tools that make transcript management more efficient and easier to navigate.
Breaking down silos to build cohesive case stories
Within RelativityOne, aiR for Case Strategy serves as a centralized hub that enables case teams to work from a shared repository of key case intelligence. Teams can move directly from document review into crafting their strategic case story and preparing for investigations, witness examinations, depositions and trial all within one secure, collaborative environment.
"What we're seeing now with generative AI tools is tighter overlap across teams, reviewers, case teams, and partners working from the same pool of insights," said Michael Frankel, Counsel at Troutman Pepper Locke. "The silos are breaking down, and everyone can contribute to building the narrative earlier."
aiR for Case Strategy is currently available in the U.S., the U.K., Australia, Canada, Germany, Switzerland, the Netherlands, Ireland, the UAE, Brazil, South Africa, India, Japan, South Korea, Singapore and Hong Kong, with additional markets to be added over time. The solution is projected to launch in RelativityOne Government in the first half of 2026. To learn more about aiR for Case Strategy, join Relativity on Feb. 19 at 12 p.m. CT for a webinar that walks through how AI is reshaping case strategy to get to the heart of a case faster.
About Relativity
Relativity is a leading legal data intelligence company that builds technology to help users organize data, discover the truth, and act on it. Its extensible, AI-powered cloud platform, RelativityOne, transforms complex data into actionable insights at massive scale for litigation, investigations, regulatory inquiries, data breach responses, and other legal use cases. The world's largest law firms and corporations, government agencies, and a robust network of channel partners rely on Relativity's legal AI software to securely surface and manage the most relevant and impactful information in their matters. The company also expands access to technology by providing its platform at no cost to academic institutions through its Relativity Academic program and to organizations supporting pro bono legal work through its Justice for Change initiative.
Contact:
pr@relativity.com
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Relativity Launches aiR for Case Strategy, Bringing Generative AI to Case Intelligence
