Equinor is now the most valuable Nordic brand at EUR15.6 billion; IKEA drops to second place
For the first time, Equinor has become the most valuable brand in the Nordic region, surpassing IKEA, which had held the top spot since 2013. In 2024, Equinor’s brand value increased by 24% to reach EUR15.6 billion. This growth is mainly driven by rising revenues and optimistic forecasts, underscored by the brand's significant production growth in 2023 and its strategic shift towards a more robust renewable energy portfolio.
Norway's most significant exports remain oil and gas, and Equinor has extended its forecast for stable contributions from this sector until 2035. However, according to its 2023 full-year report, in the fourth quarter of 2023, Equinor’s power production from renewable energy sources was up 34% from the same quarter the previous year.
This increase was primarily due to onshore production from Rio Energy in Brazil and Wento in Poland. In the UK, the Dogger Bank wind farm, the world's largest offshore wind farm, delivered its first power in the fourth quarter. By 2030, the company anticipates a substantial increase in cash flow from its renewables and low-carbon business, which may help boost brand value in the coming years.
IKEA’s brand value decreased by 4% in 2024 to EUR14.7 billion, dropping to second place among the Nordic region’s most valuable brands. The brand has encountered market challenges after attacks on ships in Yemen prompted several companies to halt shipping in the area and reroute cargo. This disruption led to delayed shipments for IKEA, potentially affecting its brand value. After a mixed performance in Brand Finance's research, IKEA's Brand Strength Index score has also slightly declined to 79.1 out of 100.
The most significant decline is seen in customer equity metrics such as consideration and recommendation in Brand Finance’s Global Brand Equity Monitor (GBEM).
Over the past year, the brand has faced negative publicity regarding employment issues and raw material sourcing. As consumers increasingly prioritise sustainable and ethical business practices, this negative publicity may have contributed to the brand’s lower consideration and recommendation scores. Despite this, the brand’s familiarity and reputation did show year-on-year improvement.
Volvo (brand value up 29% to EUR10.9 billion) has re-entered the ranking of the top three most valuable Nordic brands in 2024. Volvo’s improved financial results follow its ongoing transformation to become a more sustainable business as it grows its electric car division.
Volvo’s pledge to commit to sustainability is also mirrored in its improved scores across ESG metrics, according to Brand Finance’s Global Brand Equity Monitor (GBEM) research.
Volvo has also experienced a near 10-point improvement in its Brand Strength Index (BSI) score, earning a corresponding AA+ rating. This increase in brand strength is crucial to Volvo’s rising brand value.
LEGO becomes the Nordics' strongest brand; Sweden’s Scandic Hotels and ICA follow closely behind
LEGO is the strongest brand in the Nordic region, achieving a Brand Strength Index score of 87.9 out of 100, up by 1.9 points year-on-year, earning it an AAA brand rating. The brand excels in familiarity, satisfaction, and consideration, bolstered by decades of brand equity and nostalgia that resonate globally.
LEGO's brand value has also increased by 3% to EUR7.4 billion, making it the 6th most valuable brand in the region and the most valuable brand in Denmark. The company continues to experience solid sales growth, opening 147 new LEGO-branded stores worldwide. Its products are now featured in TV, films, apps, and theme park rides, targeted at both boys and girls, and an increasingly adult audience with its LEGO Icons, LEGO Technic and LEGO Architecture sets.
Scandic Hotels (brand value down 10% to EUR675.4 million) has risen one place to become the second strongest Nordic brand with a BSI score of 86.3 out of 100. According to Brand Finance’s research, Scandic Hotels has achieved a score of 10 out of 10 for price, familiarity, consideration, and recommendation, while its reputation score was 9.8, contributing to its improved BSI ranking.
ICA (brand value down 1% to EUR1.7 billion) is the Nordics' third strongest brand, with a BSI of 86.3 out of 100. Brand Finance’s research found that Sweden’s biggest retailer had a perfect score for loyalty, underscoring its significant foothold in Swedish culture.
Vår Energi, Tryg, and Novo Nordisk lead as the region’s fastest-growing brands
Vår Energi is the fastest-growing brand in the Nordic region, up 64% to EUR612 million. This rise has propelled the oil and gas brand up 39 positions to 88th in the Nordic 150 ranking. This surge is due to increased petroleum revenues, primarily driven by higher oil and gas prices.
Tryg (brand value up 61% to EUR1.5 billion) is the region’s second fastest-growing brand, following a 62% increase in brand value. This rise is driven by considerable growth in its private and commercial segments and the ongoing success of Tryg’s acquisition and integration of the Swedish and Nordic businesses of RSA Scandinavia. Tryg’s BSI has also risen considerably to 82.3 out of 100, informed by new original research by Brand Finance in the Denmark market, making it the seventh strongest brand in the Nordics. Our study found that Tryg is well-known and highly reputable in the region.
With its brand value reaching EUR4.7 billion, Novo Nordisk has made a significant leap to become one of Nordics' top ten most valuable brands (8th), following a 59% surge in brand value. This growth is primarily driven by the increasing demand for Novo Nordisk’s diabetic and weight loss medications, Wegovy and Ozempic. The brand's substantial increase in revenues and forecasts, along with its significant public exposure, has catapulted it to new heights. With around 85% of the global obesity care market share, Novo Nordisk has become Europe’s most valuable company by market cap, overtaking LVMH.
Furthermore, new research indicates that Ozempic may be an effective treatment for diabetes-related kidney disease. The drug’s potential benefits for a range of disorders, beyond just weight-loss and diabetes management, highlight significant opportunity for Novo Nordisk to further expand into new market segments.
Equinor has the highest Sustainability Perceptions Value at EUR1.4 billion
Brand Finance also utilises its Global Brand Equity Monitor (GBEM) research to compile its Sustainability Perceptions Index. The study determines the role of sustainability in driving consumer choice, which brands consumers believe to be most committed to sustainability, the proportion of brand value attributable to sustainability perceptions, and the value at risk or to be gained, based on the difference between sustainability perceptions and actual performance.
At EUR1.4 billion, Equinor has the highest Sustainability Perceptions Value amongst Norwegian brands. Brand Finance research shows that sustainability plays a considerable role in driving customer consideration within the oil and gas sector, at 8.6%. Equinor has the strongest reputation for sustainability commitment.
The former Statoil was rebranded in 2018 to Equinor to signal commitment to renewables. The strategy appears to be having the desired effect on the brand, but Equinor, like all oil companies, must proceed with caution. In a sector where the environmental impact of operations continues to be significant, and where advertising regulators and campaigning organisations apply a high level of scrutiny, sustainability communication and reputation building must be careful and moderate to avoid accusations of greenwashing and a risk to value.