Brand Finance’s Norway 25 reveals that the country’s top 25 brands are valued at €38.4 billion, up 2% from last year
OSLO, 24 September 2026 – Norway’s energy sector continues to demonstrate resilience despite a more uncertain global environment. Geopolitical headwinds in the Middle East since February 2026 have added volatility to energy prices and global demand, creating challenges for an economy heavily reliant on oil & gas exports. Against this backdrop, Norway’s oil & gas sector records a combined brand value of EUR16.8 billion (NOK198.6 billion) across three brands in the latest Brand Finance Norway 25 2026 ranking by Brand Finance, the world's leading brand valuation consultancy. The sector has also maintained positive investment momentum, with operators’ estimated investment for 2026 rising to around EUR23.3 billion (approximately NOK249 billion), up from the previous quarter’s estimate, although the increase largely reflects higher costs on ongoing developments.
This resilience is particularly evident in Equinor, which records a 2% brand value increase to EUR14.5 billion (NOK170.4 billion), retaining its position as Norway's most valuable brand for the 11th consecutive year. The energy group continues to benefit from strong operational and financial performance, while making progress in its energy transition. In the first half of 2026, Equinor recorded adjusted operating income of USD11.5 billion (approximately NOK106.6 billion) and net income of USD4.8 billion (approximately NOK44.5 billion), supported by higher global oil prices and European gas prices. Total production rose 3% year-on-year, boosted by new fields on the Norwegian Continental Shelf and international additions, including Adura and Bacalhau.
DNB records a 23% brand value growth to EUR5.2 billion (NOK61.9 billion) and rises two spots from 2025 to become Norway's second most valuable brand, supported by its acquisition of Carnegie, a Swedish investment bank, in March 2025. The acquisition was a strategic decision to bolster fees in a low-interest environment, which contributed to a noteworthy year-on-year increase in fee income. As a result, the bank’s underlying business demonstrated positive performance, with the brand’s commission and fee income rising almost 5%, investment banking activity surging around 19% quarter-on-quarter, and asset management recording net inflow of NOK46 billion (EUR4.3 billion) in the second quarter of 2026.
Telenor ranks as the third most valuable Norwegian brand after a two-spot climb from 2025, despite a 7% brand value drop to EUR2.4 billion (NOK28.4 billion). In the second quarter of 2026, the telecoms group posted a 5% year-on-year revenue decline to NOK18.1 billion (EUR1.7 billion), with service revenue also dropping 5% to NOK1.9 billion (EUR177 million), short of its NOK2.1 billion (EUR196 million) forecast. Telenor cited several headwinds impacting its performance, such as dampening market conditions in Norway, continued competitive pressure in Finland, and macroeconomic challenges in Bangladesh. The brand aims to transition toward creating a leaner operating model as it laid out a new organisational structure in August 2026.
SpareBank Group becomes the fastest-growing Norwegian brand, recording a 37% brand value increase to EUR1.2 billion (NOK14.2 billion). The brand climbs three places to eighth in this year’s ranking, reflecting growing momentum across the group's banking, insurance and asset management businesses. In the first quarter of 2026, the group reported a 28% year-on-year increase in consolidated net profit after tax to NOK944 million (EUR88 million), up from NOK735 million (EUR69 million) a year earlier. SpareBank 1 Sør-Norge's contribution to group profit also increased 20% to NOK95 million (EUR9 million), adding to the group's strong performance as it continues to build its position as a resilient cooperative banking network amid margin pressures facing larger Nordic peers.
ASKO posts a brand value increase of 5% to EUR809 million (NOK9.5 billion) and ranks as Norway's strongest brand, achieving a Brand Strength Index (BSI) score of 87.7/100 and an AAA brand strength rating due to strong recognition, perceived positive impact and admiration. Its nationwide logistics network, extensive warehouse automation, and leadership in zero-emission freight have strengthened customer confidence while reinforcing its position at the forefront of sustainable food distribution.
Mike Rocha, Chief Commercial Officer, Brand Finance, commented:
“Norway’s strongest brands show that national brand value is increasingly being built at the intersection of resilience, trust and transition. Equinor’s continued leadership reflects the enduring importance of energy to the Norwegian economy, but its progress in renewables also points to how legacy strengths can be repositioned for the future. DNB and SpareBank Group demonstrate the growing value of trusted financial institutions at a time when customers are seeking stability and long-term confidence, while ASKO and SalMar highlight Norway’s ability to translate operational excellence, sustainability and quality into stronger brand equity. Collectively, these brands show that Norway’s competitive advantage is not simply sectoral strength, but the ability to turn reliability, innovation and responsible growth into enduring brand value.”
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.
