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Finland’s brands are as durable as a Nokia phone

13 February 2024

New data from Brand Finance reveals a return to growth for Finnish brands

  • Despite a small decline (less than 1%) in brand value, Nokia is Finland’s most valuable brand with a €7.5 billion brand valuation in 2024 ranking
  • Sweet success: After ranking 9th last year, Fazer is now Finland’s second strongest brand
  • Powering up: Wärtsilä jumps 36% to 801 million, becoming Finland’s fastest-growing brand

View the full Brand Finance Finland 25 ranking

Valued at€7.5 billion, Nokia remains Finland’s most valuable brand, according to new data from Brand Finance, the world’s leading brand valuation consultancy. Fazer made its debut into top 10 ranking of Finnish brands with 20% brand value growth over last year, when the confectionary brand ranked 14th.

In addition to its €842 million brand value, Fazer’s brand strength has also seen a significant improvement and has become Finland’s second strongest brand with a Brand Strength Index (BSI) score of 77.7 out of 100 and a corresponding AA+ rating. According to Brand Finance’s research, the brand achieved improved scores for both familiarity and reputation.

“In the ever-evolving landscape of global economics, Finland’s brands are generally steadfast, with some sectors like Logistics (up 35%), Food (up 29%), and Oil & Gas (up 17%) proving to be particularly resilient. Looking ahead, the Bank of Finland expects Finland’s economic recovery to be slow – to maintain brand strength, it is imperative that Finnish brands continue to proactively enhance their brand impact. This approach ensures Finnish brands are front of mind for consumers as consumption and purchasing power increase.”

Anna Brolin, Managing Director, Brand Finance Nordics

Alongside Fazer, Valio (brand value up 27% to EUR1.8 billion) is Finland’s biggest food exporter, overtaking engineering brand Kone (brand value down 10% to EUR1.7 billion) to become Finland’s fourth most valuable and third fastest-growing brand.

Finland’s food brands continue to be perceived as sustainable, with high scores in ESG metrics, according to Brand Finance research. In the engineering sector, Wärtsilä (brand value up 36% to EUR801 million) has become Finland’s fastest-growing brand alongside growing demand for sustainable technologies in the energy and maritime sectors.

The country’s reputation for sustainability is also reflected in Brand Finance’s Global Soft Power Index 2023, where it ranked 10th out of 121 countries for the metric “Sustainable Future”. With Sunday’s election of Alexander Stubb as President of Finland, we are reminded of the intricate dynamics of international relations and the ever-present geopolitical challenges facing nations at the borders of major powers, such as Russia. As a speaker at our Global Soft Power Summit in London two years ago, President Stubb's insights into navigating these complexities have never been more relevant. His leadership exemplifies the strategic use of soft power in fostering dialogue and understanding in an increasingly interconnected world.

Media Contacts

Penny Erricker
Communications Executive
Brand Finance

About Brand Finance

Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance for more than 25 years, Brand Finance evaluates the strength of brands and quantifies their financial value to help organizations of all kinds make strategic decisions.

Headquartered in London, Brand Finance has offices in over 20 countries, offering services on all continents. Every year, Brand Finance conducts more than 5,000 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 over 5,000 brands, surveying more than 150,000 respondents across 38 countries and 31 industry sectors. Combining perceptual data from the Global Brand Equity Monitor with data from its valuation database enables Brand Finance to arm brand leaders with the data and analytics they need to enhance brand and business value.

Brand Finance is a regulated accountancy firm, leading the standardization 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.

Definition of Brand

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

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 Valuation Approach

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.

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