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Portuguese brands are resilient in the face of economic challenges: EDP leads the pack  

03 July 2024
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  • EDP remains on top with a 4% increase in brand value to €2.5 billion 
  • Galp and Pingo Doce subside in brand value but remain #2 and #3  
  • Continente brand value surges by 49% to become 4th most valuable Portuguese brand  
  • NOS remains the strongest Portuguese brand, with further brand value and brand strength increases 

LONDON, 25 June 2024 – Energy giant EDP maintains its top position as the most valuable Portuguese brand despite facing loyalty challenges, according to the latest Brand Finance Portugal 25 2024 report from Brand Finance, the world’s leading brand valuation consultancy.  The report measures the value and strength of Portuguese brands in a volatile economic environment. 

Key report findings: 

  1. EDP Remains Portugal's Most Valuable Brand: With a 4% increase in brand value to €2.5 billion, EDP continues to lead. However, the company faces challenges in customer loyalty and brand strength. 
  2. Sustainability Drives Brand Value: EDP also tops the Sustainability Perceptions Value ranking at €258 million, demonstrating the growing importance of eco-friendly initiatives in brand perception. 
  3. Galp and Pingo Doce Weather the Storm: Despite slight decreases in brand value, these giants maintain their positions in the top three, showcasing resilience in challenging market conditions. 
  4. Continente's Remarkable Rise: A 49% surge in brand value propels Continente from 6th to 4th place, a testament to the power of successful diversification strategies. 
  5. Recheio, The Fastest Growing Brand: With a staggering 76% increase in brand value, Recheio emerges as the fastest-growing Portuguese brand this year, capitalising on the recovery of hotels, restaurants and cafés. 
  6. NOS, Portugal's Strongest Brand: NOS solidifies its position as the strongest Portuguese brand, with a 10% increase in brand value and an improved Brand Strength Index. 
  7. In addition to being the most valuable Portuguese brand, EDP has the largest value attributable to its perceived sustainability on environmental, social, and governance topics. It has the greatest amount of brand value at risk on these issues. 

Pilar Alonso Ulloa, Brand Finance Director, commented:  

"This year's ranking demonstrates the adaptability and innovation of Portuguese brands. While challenges persist, particularly in customer loyalty and market volatility, the overall trend shows Portugal's robust and dynamic brand landscape." 

The report underscores the importance of sustainability, customer engagement, and strategic diversification as key drivers of brand value. As Portuguese brands navigate global economic uncertainties, their ability to innovate and adapt will be crucial in maintaining and enhancing their market positions. 

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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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