Brand Finance’s Sweden 50 2026 ranking reveals that the country’s top brands record a total brand value of €98.2 billion
STOCKHOLM, 24 September 2026 – IKEA retains its position as Sweden's most valuable brand, leading the country’s top brands for the 12th consecutive year, according to the latest Brand Finance Sweden 50 2026 ranking by Brand Finance, the world's leading brand valuation consultancy. Sweden’s top 50 brands record a collective brand value of EUR98.2 billion (SEK1.09 trillion) amid a recovering domestic economy signalled by improving household consumption.
IKEA records a 6% brand value growth to EUR12.8 billion (SEK141.4 billion) this year, demonstrating resilience as the group’s financial performance (reported in November 2025) showed group revenue remaining steady while operating profit dropped by 26% to around EUR2 billion (approximately SEK22.3 billion) as the brand absorbed the cost of US-imposed tariffs. Despite tightening profit margins, IKEA has continued to invest in expanding its physical availability in the US with new store openings, while boosting marketing investment on national TV and social media, and leaning into digital and artificial intelligence-led (AI) customer personalisation. In January 2026, the retail brand announced investments of more than USD2.2 billion to expand its online reach in India, underscoring its confidence in the market.
According to Brand Finance market research data this year, IKEA demonstrates stronger performances in brand knowledge, credibility, and appeal in the US in comparison to India. This reflects the effectiveness of physical footprints as opposed to online presence in terms of supporting a broader brand presence. Additionally, IKEA’s brand value share in the Americas showed an increase driven by higher revenue share, thanks to its overall growth plan.
Spotify posts a 21% brand value increase to EUR9.3 billion (SEK103.2 billion), rising two positions from 2025 to become the second most valuable Swedish brand. By the end of 2025, the streaming platform posted a record number of subscribers, closing the year with 290 million paid monthly users. In addition to a growing customer base, the brand has continued to improve profitability through revised premium pricing in February 2026, resulting in higher revenue forecasts for the year. In the fourth quarter of 2025, the brand reported revenue of EUR4.5 billion (approximately SEK50.2 billion).
Volvo slips by one spot in the ranking to become Sweden’s third most valuable brand after it experiences a 10% brand value drop to EUR9.2 billion (SEK102 billion). Although its brand value declined amid softer global automotive demand and continued market uncertainty, Volvo continues to benefit from its longstanding reputation for safety, quality and engineering excellence. In the second quarter of 2026, Volvo Cars’ results showed around a 17% year-over-year drop in its revenue, with its earnings before taxes amounting to roughly SEK1 billion (EUR90 million). This drop reflected the impact of the new US tariffs imposed in 2025, a slowing Chinese market, and softer overall demand on the brand’s financial performance this year.
TENA records an 81% brand value increase to EUR634 million (SEK7 billion), making it Sweden's fastest-growing brand in 2026 and ranking as the 37th most valuable brand. The incontinence care specialist has benefited from growing global demand, rising healthcare awareness, and continued product innovation. Essity, TENA’s parent company, reported that the key drivers of TENA’s global competitiveness are its innovative product range and improvements in Medical Solutions and Professional Hygiene, which elevate customer value and improve cost efficiency. Recent brand-building approaches include the US launch of TENA Stylish, its incontinence underwear positioned around a triple-protection and fashion-forward design, aimed at the North American market where one in three women are affected by bladder issues.
SAAB records a 53% brand value increase to EUR1.9 billion (SEK20.6 billion), emerging as Sweden's brand to watch in 2026, recording noteworthy double-digit growth and driving the brand up six positions in the ranking to become Sweden’s 16th most valuable brand. This achievement was supported by record order intake and rising defence expenditure across Europe following the region’s rearmament initiatives. In the second quarter of 2026, SAAB recorded order bookings reaching SEK68.4 billion (EUR6.1 billion), a significant 141% year-on-year increase amid rising sales of Gripen fighter aircraft as well as the GlobalEye surveillance planes.
Despite a brand value decline of 8% to EUR1.5 billion (SEK16.9 billion), ICA remains Sweden's strongest brand since 2023, achieving a Brand Strength Index (BSI) score of 93.0/100 and an AAA+ brand strength rating. In addition to being one of Sweden’s most recognised grocery retailers, ICA’s unique advertising campaign supports the brand’s standing within the country. The ICA-Serien ("Ica-såpan") transforms advertising into a weekly series of live-action television commercials that promote the supermarket chain’s offers, which has run for more than 25 years and aired its 1,000th episode in early 2025. In March 2025, ICA also sold off Rimi Baltic, a major retail operator in the Baltic states, demonstrating a strategic shift to focus on the Swedish market. The retailer also benefits from strong brand positioning, excelling in areas such as convenience and familiarity, as well as an engaging loyalty ecosystem and Swedish cultural distinctiveness.
Scandic Hotels rises one spot to become the second strongest Swedish brand, receiving a BSI score of 91.3/100 and an AAA+ brand strength rating, driven by stronger brand likeability. The brand also achieved a 44% brand value increase to EUR1.2 billion (SEK13.7 billion), driven by a stronger growth outlook. In August 2025, the Swedish hotel brand launched its first Scandic Go sub-brand in Norway by rebranding the Scandic Grensen hotel in Oslo with a new fresh and urban look. This sub-brand aims to broaden its customer base within the economy segment, driving Scandic Hotels’ long-term growth in the region.
Systembolaget ranks as the third strongest Swedish brand, recording a modest decline in BSI score from 91.7/100 in 2025 to 87.4/100 this year due to a drop in recommendation and price perceptions, as mounting cost of living combined with tax-driven alcohol price rises take effect. Despite this drop in customer behaviour scores, the brand’s usage continues to rise as the retailer continues to benefit from both its monopoly position and exceptionally strong brand perceptions, underpinned by record levels of customer trust and satisfaction.
Mike Rocha, Chief Commercial Officer, Brand Finance, commented:
“This year's ranking reflects the breadth of Sweden's brand economy. While globally recognised names such as IKEA, Spotify and Volvo continue to anchor the country's brand value, retail remains the ranking's largest single contributor and domestically-focused ICA has held the title of Sweden's strongest brand since 2023. At the same time, the strongest momentum is coming from brands responding to rising global demands, defence and digital services, led by TENA's 81% brand value increase and SAAB's growth on the back of Europe's rearmament. IKEA also illustrates that investments in physical availability and customer experience are translating into measurable brand strength. Brands that back their growth plans with such investments are distinguishing themselves in an increasingly competitive global landscape.”
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
