Norway

25

2023

TheannualreportonthemostvaluableandstrongestNorwegianbrands

August2023

Contents.

BrandFinanceNorway252023/norway2

AboutBrandFinance3

Foreword7

DavidHaigh,Chairman&CEO,BrandFinance

RankingAnalysis

9

BrandValue&BrandStrengthAnalysis10

BrandValueRanking

17

BrandSpotlight18

Equinor19

InterviewwithAnnikenHaugenJebsen,

VicePresident,Brand&Engagement,

EquinorASA

Methodology

21

OurServices

28

?2023Allrightsreserved.BrandFinancePlc.

AboutBrandFinance.

BrandFinanceNorway252023/norway3

BrandFinanceistheworld'sleadingbrand

valuationconsultancy.

Webridgethegapbetweenmarketingandfinance

BrandFinancewassetupin1996withtheaimof'bridging

thegapbetweenmarketingandfinance'.Formorethan25

years,wehavehelpedcompaniesandorganisationsofall

typestoconnecttheirbrandstothebottomline.

Wequantifythefinancialvalueofbrands

Weputthousandsoftheworld’sbiggestbrandstothe

testeveryyear.Rankingbrandsacrossallsectorsand

countries,wepublishover100reportsannually.

Weofferauniquecombinationofexpertise

Ourteamshaveexperienceacrossawiderangeof

disciplinesfrommarketingandmarketresearch,to

brandstrategyandvisualidentity,totaxandaccounting.

Weprideourselvesontechnicalcredibility

BrandFinanceisacharteredaccountancyfirmregulated

bytheInstituteofCharteredAccountantsinEnglandand

Wales,andthefirstbrandvaluationconsultancytojoin

theInternationalValuationStandardsCouncil.

Ourexpertshelpedcrafttheinternationallyrecognised

standardsonBrandValuation–ISO10668andBrand

Evaluation–ISO20671.Ourmethodologyhasbeen

certifiedbyglobalindependentauditors–Austrian

Standards–ascompliantwithboth,andreceived

theofficialapprovaloftheMarketingAccountability

StandardsBoard.

GetinTouch.

Forbusinessenquiries,pleasecontact:

AnnaBrolin

ManagingDirectorNordics

a.brolin@

Formediaenquiries,pleasecontact:

MichaelJosem

CommunicationsDirector

m.josem@

Forallotherenquiries:

enquiries@

+442073899400

/company/brand-finance

/brandfinance

/brandfinance

/brandfinance

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Benchmarking

Communication

Understanding

Requestyourown

BrandValueReport

ABrandValueReportprovidesa

completebreakdownoftheassumptions,

datasources,andcalculationsused

toarriveatyourbrand’svalue.

Eachreportincludesexpert

recommendationsforgrowingbrand

Insight

valuetodriveperformanceandoffers

acost-effectivewaytogainingabetter

understandingofyourpositionagainstpeers.

Strategy

Visit/request-a-valuation

oremailenquiries@brand?

BrandValuationSummary

Brand

StrengthTracking

Education

RoyaltyRates

Costof

CapitalAnalysis

Customer

ResearchFindings

enquiries@

Competitor

Benchmarking

BrandFinanceNorway252023/norway5

B

Brandirectory

istheworld’slargestdatabaseofcurrentandhistoricalbrandvalues,providingeasyaccesstoallBrandFinancerankings,reports,whitepapers,andconsumerresearchpublishedsince2007.

+Browsethousandsofpublishedbrandvalues

+Trackbrandvalue,strength,andratingacross

publicationsandovertime

+Useinteractivechartstocomparebrandvalues

acrosscountries,sectors,andglobalrankings

+Purchaseandinstantlyunlockpremiumdata,

completebrandrankings,andresearchVisit

tofindoutmore.

BrandFinanceGroup.

BrandFinanceInstitute

BrandFinanceInstituteistheeducationaldivisionofBrandFinance,whosepurposeistocreateandfosteraprofessionalenvironmentforknowledge-sharingandnetworkingamongpractitionersandexpertsinthemarket.BFIorganisesevents,in-companytraining,andcorporateeducationalinitiativesaroundtheworld.Inthequestformarketingexcellenceandwiththepurposetoequipthebrandvaluationandstrategypractitionerswiththenecessaryskillsandtools,wehavedevelopedawiderangeofprogrammesandcertificationsincollaborationwiththemostcovetedbusinessschools,universitiesandthoughtleadersinthefield.

BrandDialogue

BrandDialogueisapublicrelationsagencydevelopingcommunicationsstrategiestocreatedialoguethatdrivesbrandvalue.BrandDialoguehasover25yearsofexperienceindeliveringcampaignsdrivenbyresearch,measurement,andstrategicthinkingforavarietyofclients,withastrongbackgroundingeographicbranding,includingsupportingnationbrandsandbrandswithageographicalindication(GI).BrandDialoguemanagescommunicationsactivitiesacrossBrandFinanceGroup'scompaniesandnetwork.

VI360

VI360isabrandidentitymanagementconsultancyworkingforclientsofallsizesonbrandcompliance,brandtransition,andbrandidentitymanagement.VI360providestraightforwardandpracticalbrandmanagementthatresultsintangiblebenefitsforyourbusiness.

GlobalBrand

EquityMonitor

Originalmarketresearchonover5,000brands

38countriesand31sectorscovered

Morethan150,000respondentssurveyedannually

Wearenowinour7thconsecutiveyearconductingthestudy

Visit/consumer-research

oremailenquiries@brand?

enquiries@

Foreword.

BrandFinanceNorway252023/norway7

DavidHaigh

Chairman&CEO,

BrandFinance

Brandvaluationhelpscompaniesunderstandthevalueoftheirbrandandhowitcontributestotheoverallvalueofthecompany.Thisimportantunderstandingcaninformdecision-makingrelatedtomarketingandbrandingefforts,aswellasprovideabenchmarkforfutureperformance.Itcanalsobeusedtohelpattractinvestorsandsecurefinancing,asastrongbrandcanbeavaluableasset.

Additionally,brandvaluationcanbeusefulintheeventofamergeroracquisition,asitcanhelpdeterminethevalueofthebrandbeingacquired.Overall,brandvaluationhelpsorganisationsunderstandtheworthoftheirbrandandhowitfitsintotheiroverallbusinessstrategy.

Astrongbrandcanleadtoimprovedbusinessreturnsinseveralways.First,astrongbrandcanhelpacompanydifferentiateitselffromitscompetitorsandestablishauniqueidentityinthemarket,whichcanleadtoincreasedcustomerloyaltyandretention.This,inturn,canleadtohighersalesandrevenue.Astrongbrandcanalsohelpacompanycommandahigherpriceforitsproductsorservices,asconsumersarewillingtopaymoreforabrandtheyperceiveashigh-qualityandtrustworthy.Inaddition,astrongbrandcanhelpacompanyattracttoptalent,asemployeesmaybemoreattractedtoworkforawell-knownandreputablebrand.Finally,astrongbrandcanprovideacompanywithacompetitiveadvantageandhelpitweathereconomicdownturnsorindustrydisruptions.

Thisyear,BrandFinancehasinvestedmoreinresearchingandunderstandingcustomerperceptionofbrandsacrosstheworldthaneverbefore,withoriginalresearchtakingplaceindozensofjurisdictionsglobally.Thereportyouarereadingisbasedonthisextensiveoriginalresearch,withthefindingsrepresentingacatalystforfurtherconversations.

Ifyouwanttohelpbuildastrongerbrand,orifyouwanttobetterunderstandthevalueofyourbrand,pleasecontacttheBrandFinanceteamandIanytime.Ilookforwardtotheconversationandhelpingtobuildamoreprofitablefutureforyourbrand.

BrandFinanceNorway252023/norway8

TopNorwegianbrandssettosoar,celebratinggrowthin2023.

+EquinorretainstitleasNorway’smost

valuablebrand,valuedatNOK130.3billion

+AkerBPmorethandoublesinvalue,now

Norway’sfastest-growingbrand

+Gjensidigeisthenation’sstrongestbrand

+NorwegianAirtakesflight,up42%interms

ofbrandvalue

+EquinoralsohassoaringSustainability

PerceptionsValueatNOK11.3billion

+BrandFinanceSoftPower:NobleNorway

Ranking

Analysis.

RankingAnalysis.

EquinorretainstitleasNorway’smostvaluablebrand,valuedatNOK130.3billion

EquinorhasretaineditstitleasNorway’smostvaluablebrand,valuedatNOK130.3billion.Equinor’sbrandvaluehasincreased65%,makingitworthmorethanthreetimesthatofitsrunner-up,Telenor(brandvalueNOK44.5billion).In2023,EquinoralsorankedninthgloballyinBrandFinance’sOil&Gas502023.

Equinor’ssuccessisduetoitsstrongoperationalandfinancialperformancethispastyear.Poweredbyinnovation,Equinorhascontinueditspathtowardsbecomingabroadenergyprovider.Inearly2023,EquinorannounceditsstrategicpartnershipwithGerman-basedRWEtofurtherstrengthenthe

EuropeanenergysupplylineandrepresentsEquinor’sambitiousplanstoswitchtosecurehydrogen-capablealternatives.Thishasresonatedwellwithstakeholders,alongwiththebrand’senhancedpositiononthestockmarketandoverallmarketrecovery.However,pricehikeshavenegativelyimpactedstakeholderperceptionsintermsofvalueformoney.

SincetheinceptionoftheBrandFinanceNorway

rankingeightyearsago,Equinor,TelenorandDNB

(brandvalueNOK32.4billion)haveclaimedfirst,

second,andthirdplacerespectively.

Ofthe25brandsincludedinthisyear’sranking,

Telenorsawthemostbrandvaluedeclineatjust

2%.Thisistestamenttotheoverallgrowth,power,

andpotentialofNorwegianbrands.

BrandFinanceNorway252023/norway10

tj

+40%

+55%

RankingAnalysis.

Top10MostValuableNorwegianBrands

101

z

NOK130.3bn

+65%

202

H

NOK44.5bn

-2%

303

g

NOK32.4bn

+27%

?BrandFinancePlc2023

z

404

53o

NOK28.2bn

+143%

NOK17.7bn

-

63t

NOK13.2bn

-

73w

NOK10.4bn

-

808

NOK9.8bn

909

NOK8.7bn

1016

NOK8.7bn

+24%

AnnaBrolin

ManagingDirectorNordics,BrandFinance

TocelebratetheperformanceofawiderpoolofNorwegianbrands,BrandFinancehaschosentoexpandthisyear’srankingtotheTop25Norwegianbrands.Equinor,Norway’snumberonebrand,continuestomakestridesinitsmovetowardssustainableenergy.Followingits2018rebrand,thesignsforEquinor’slong-termsuccessarereallyencouragingasitcontinuestobeaninnovativeplayerwithintheindustry.

AnnaBrolin

ManagingDirector,NordicsofBrandFinance

BrandFinanceNorway252023/norway11

BrandFinanceNorway252023/norway12

65%

55%

50%

42%

27%

24%

RankingAnalysis.

AkerBPmorethandoublesin

value,nowNorway’sfastest-

growingbrand

AkerBP(brandvalueup143%toNOK28.2billion)

hasmorethandoubledinbrandvalueinconnection

withitsacquisitionofLundinEnergy’sexplorationand

productionbusinessandresultingimprovedmarket

share.ThisexponentialgrowthmeansAkerBPhas

becomethesecondlargestbrandoperatingonthe

NorwegianContinentalShelf.

Inturn,AkerBP’simprovedfinancialperformance

duetoincreasedrevenueshavecontributedtothis

impressivebrandvaluegrowth.

Lookingahead,AkerBPcanexpectsignificant

increasesinproductionasitplanstoinvestmorethan

NOK150billionindevelopmentprojects.Thisislikely

tofurtheraddtofuturebrandgrowth.

BrandValueChange2022-2023(%)

143%

40%

39%

?BrandFinancePlc2023

28%

tb

AA-

AA

AA

RankingAnalysis.

Top10StrongestNorwegianBrands

125

t

81.7+15.0AAA-

211

z

80.6-2.3AAA-

303

g

74.2-0.2AA

?BrandFinancePlc2023

412

H

74.0-3.0

AA

53t

73.0-

AA

614

j

72.2+5.1AA

729

69.9+10.3

83

69.7-3.8

917

69.2+4.9

1016

z

68.3+2.3

AA-

Gjensidigeisthenation’s

strongestbrand

Inadditiontocalculatingbrandvalue,Brand

Financealsodeterminestherelativestrengthofbrandsthroughabalancedscorecardofmetricsevaluatingmarketinginvestment,stakeholderequity,andbusinessperformance.CompliantwithISO20671,BrandFinance’sassessmentofstakeholderequity

incorporatesoriginalmarketresearchdatafromover100,000respondentsin38countriesandacross31sectors.

Gjensidige(brandvalueup55%toNOK9.8billion)hasovertakenEquinortobecomeNorway’sstrongestbrand.Followinga15-pointincreaseinBrandStrengthIndex(BSI)score,theNorwegianinsuranceleaderhasjumpedtoanimpressive82outof100,nowratedAAA-.ThisisinconnectionwithGjensidige’senhancedfocusonimprovingitscustomer-centricservices.

Thebrandhasimplementedseveralnewmeasures,includingthedevelopmentofdigitalservicesandnewproductlaunches,toimprovecustomerexperiences.Furtherahead,Gjensidigewillcontinueonthiscustomer-orientatedpath.Thebrandhasoutlined

additionaloperationaltargetswhichitstrivestoachieveby2025,includingimprovedcustomersatisfactionandretentionrates.

BrandFinanceNorway252023/norway13

BrandFinanceNorway252023/norway14

RankingAnalysis.

Aspartofitsanalysis,BrandFinanceassesses

therolethatspecificbrandattributesplayindriving

overallbrandvalue.Onesuchattributeissustainability.

BrandFinanceassesseshowsustainablespecific

brandsareperceivedtobe,representedbya

‘SustainabilityPerceptionsScore’.Thevaluethatis

linkedtosustainabilityperceptions,the‘Sustainability

PerceptionsValue’,isthencalculatedforeachbrand.

Inadditiontobrandstrength,Gjensidigeisperceived

wellintermsofsustainability,withaSustainability

PerceptionsScoreof4.71outof10.Thisislinkedto

Gjensidige’smissionandcontributiontoamodern

welfaresociety.

Forexample,offeringNordicEcolabelledhouse

rebuildswhenclaimsareraisedforthereplacement

ofcompletelydamagedhouses,andcompensating

fortheemissionscausedbyyoungpeople’shousing

andtravelinsurance.

Further,thebrand’sfocusonpreventionmeasures,

bothinhouseandforitsclients,inrelationtoclimate

andecosystemchangeiswell-communicatedtoits

stakeholders.

NorwegianAirtakesflight,up

42%intermsofbrandvalue

NorwegianAir(brandvalueup42%toNOK3.2

billion)hasexperienceda42%increaseinbrand

value.Thisisattributedtoincreasedrevenuesas

aresultofpost-COVIDrecoveryandreducedrisk

factorsacrosstheindustry,withimprovedload

factorsonflightsasconsumersreturntopre-

pandemic-liketravel.

SustainabilityPerceptionValues(SPV)

NOKxx=sustainabilityperceptionsvalue

?BrandFinancePlc2023x.x=sustainabilityperceptionsscore/10

1z

NOK11,324m

4.53

2H

NOK4,221m

4.27

3g

NOK2,205m

4.01

4t

NOK1,050m

3.94

5t

NOK929m

4.71

BrandFinanceNorway252023/norway15

RankingAnalysis.

Equinoralsohassoaring

SustainabilityPerceptions

ValueatNOK11.3billion

Equinorhasalotofvaluelinkedtosustainabilityperceptions,withaSustainabilityPerceptionsValueatNOK11.3billion.Equinorhascommunicateditscommitmenttosustainabilityinlinewiththebrand’sthreestrategicpillars:alwayssafe,highvalueandlowcarbon.MorerecentlyinMarch2023,Equinorshareditsfirstintegratedannualreport,combiningfinancialandsustainabilityreportingforthefirsttimeandstreamliningstakeholder’saccesstoinformationregardingitssustainabilitystrategyandperformance.However,Equinor’sscoreisnotanassessmentofits

overallsustainabilityperformance,butratherindicateshowmuchbrandvalueithastiedupinsustainabilityperceptionsandthereforethepossiblerisksorbenefitsoftheseperceptionsforthebrand.Equinor’sSustainabilityPerceptionsScorewas4.53outof10.

Further,accordingtoBrandFinance’sinauguralSustainabilityGapIndex2023,Equinor’ssustainability-relatedbehaviours,includingitspartnershipwithRWE,hashadapositiveimpactonthebrand’ssustainabilityperceptions.BrandFinance’sresearchfoundEquinor’sperceivedsustainabilitywasratedhigherthanitsactualsustainabilityperformance,suggestingtheirtransitiontowardsamoresustainablefuturehas

beencommunicatedeffectivelytoconsumers.

BrandFinanceNorway252023/norway16

RankingAnalysis.

BrandFinanceSoftPower2023:NobleNorway

Inthisyear’sGlobalSoftPowerIndex,Norwaygaveanotherstrongperformance.Ranked17thoutof121countries,Norwaymaintaineditspositionfromthepreviousyear,andgainedalmost3-points(2.9)onitsoverallscore.

PerceptionsofNorway’s“SustainableFuture”isaparticularhighlight.Forthisparameter,Norwayrankedamongtheworld’stop5mostsustainablecountries,earning5thplace.Norwayperformedespecially

wellonthemetricsof“Investsingreenenergyandtechnology”,ranking3rd,andisthetop-rankingcountryfor“Actstoprotecttheenvironment”.Overall,Norway’ssustainabilityperformanceintheGlobalSoftPowerIndexhighlightsNorwegianbrandsasworld-leaderswhenitcomestoinvestingingreentech,energy,andoperationsolutions.

Inaddition,whenconsidering“People&Values”,Norwayrankedhighly,cominginat6thoverall.ThelandoftheVikingsandFjordsgaveatop-10performanceacrossvariousmetrics,includingscoresfor“Generous”(9th),“Trustworthy”(6th)and“Tolerant&Inclusive”(5th).

BrandValueRanking(NOKm).

Top25mostvaluableNorwegianbrands1-25

2023Brand202220232022

20232022BrandValueBrandBrandBrand

RankRankBrandSectorValueChangeValueRatingRating

1

1

0Equinor

Oil&Gas

130,342

+65.2%

78,904

AAA-

AAA-

2

2

0Telenor

Telecoms

44,468

-2.0%

45,388

AA

AA+

3

3

0DNB

Banking

32,360

+27.2%

25,445

AA

AA

4

4

0AkerBP

Oil&Gas

28,192

+142.7%

11,615

AA-

AA-

5

-

3Ler?ySeafood

Food

17,668

-

-

AA-

-

6

-

3KLP

Insurance

13,212

-

-

AA

-

7

-

3ASKO

Logistics

10,385

-

-

A

-

8

8

0Gjensidige

Insurance

9,768

+54.7%

6,314

AAA-

AA-

9

9

0Yara

Chemicals

8,673

+39.6%

6,212

AA

AA-

10

6

1SparebankGroup

Conglomerates

8,659

+24.0%

6,983

AA-

A+

11

5

1Rema1000

Retail

12

-

3Jotun

Chemicals

13

-

3Hydro

Mining,Metals&Minerals

14

-

3KIWIminipris

Retail

15

7

1Storebrand

Insurance

16

-

3MOWI

Food

17

10

1AFGRUPPEN

Engineering&Construction

18

-

3Kongsberg

Aerospace&Defence

19

-

3WallenusWilhelmsen

Logistics

20

-

3Elkj?p

Retail

21

-

3Veidekke

Engineering&Construction

22

-

3V?rEnergi

Oil&Gas

23

-

3NorwegianAir

Airlines

24

-

3AustevollSeafood

Food

25

-

3Salmar

Food

BrandFinanceNorway252023/norway17

Brand

Spotlight.

BrandFinanceNorway252023/norway19

Equinor.

z

Rank

1

BrandValue

NOK130.3bn

+65%

Rank

2

BrandStrength

80.6

-2.3

InterviewwithAnniken

HaugenJebsen.

BrandFinanceNorway252023/norway20

AnnikenHaugen

Jebsen

VicePresident

Brand&Engagement,

EquinorASA

Equinor’sambitionistobecomeanet-zeroenergycompanyby2050.Pleasetellus:whatactivitieswilltakeyouthereandwhatthatwillmeanforthegrowthofyourbrand?

Equinorhasaclearambitiontobecomealeadingcompanyintheenergytransition.Wewillcontinuesupplyingsocietywiththeenergyitneedswithloweremissionsovertimeandreachnetzeroby2050.Andwehaveaplanforthat.OurEnergyTransitionPlanfocusesonthecurrentdecade,becausesignificantchangemusttakeplaceby2030fortheworldtobeabletolimitclimatechange.Inshort,theplanoutlinesthemeasuresthatwillallowustodeliveronthenet-zeroambition.ThepaththatleadsusthererunsthroughthreestrategicallyimportantareasforEquinor:oilandgas,renewables,andlow-carbonsolutions.Theseareasareinterconnectedandmustworktogetherforustoreachourgoal.Thebrandiskeytoourambitionofbeingaleadingcompanyintheenergytransition.Bybuildingapositionasanenergycompanysearchingforbetter,weuseourbrandtoattracttherightcandidatestoworkforus,toengagetherightpartnerstocollaborateforthesolutionsweneedinthefuture,andtogainthestakeholdersupportneededtosecureourlicensetooperateinanincreasinglycomplexenergyindustry.

WhatroledoessustainabilityplayinhelpingEquinorbuilditsbrand?

Sustainabilityisatthecoreofeverythingwedo.Ourjourneytodevelopasabroadenergycompanyisfoundedonastrongcommitmenttosustainability.WesupporttheParisAgreementandtheUNSustainableDevelopmentGoals.We’recuttingemissionsfromouroilandgasactivitiesandinvestingambitiouslyinrenewablesandlowcarbonsolutions.Weknowthatwearepartoftheclimateproblem,butwealsostronglybelievethatwearepartofthesolution–andwewilldoourpartofthejob.Wedeliverenergytomillionsofpeopleeveryday.Throughourbusinessandsupplychain,wecreatesignificanteconomicvalueandopportunitiesforsocietyandcommunitiesthroughtaxes,jobs,skills,education,innovationandsocialimpactmanagement.Wedevelopourpeopleandpromotediversityandinclusionacrossourlocations.WehaveaJustTransitionplanoutliningkeyprinciplesforhowwewillhaveapositiveimpactsonsocietieswhereweoperate.Allthesearealsokeycomponentstoourbrand.Wearenotagreenbrand,andwillprobablyneverbe,butwearedeterminedtobeasustainablebrand.

Lookingforward,whatdimensionsandstrengthsoftheEquinorbrandwillcontributetolong-termsustainablegrowth?

Wecelebratedour50yearsanniversarylastyear,andourviewisthatweare50year

youngnot50yearsold.Weareproudofourhistoryandachievementstodatebutasanenergycompany,we`llkeepsearchingforbetter.Onlythencanwebejustasrelevantinthefuture,aswewereinourpast.Thisattitudewillguideourbrandandourambitionofbeingaleadingcompanyintheenergytransition.Ourpositioningworkwillbebuiltonkeyinsightsthatdrivescredibilityandposition.Howweusetechnologyandinnovationtohelpsolvetheclimatechallengewillbeatthecore,whilstanincreasinglycomplexandchallengingenergydebatealsodemandsfromacompanylikeoursthatwespeakwithaclearvoiceonthechallengesanddilemmasoftheenergytransition.

Methodology.

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valueentireenterprise,made

upofmultiplebrandedbusinesses.

Whereacompanyhasapurelymono-brandedarchitecture,the‘enterprisevalue’isthesameas‘brandedbusinessvalue’.

Theofthe

[Meta]

+BrandedBusinessValue

Thevalueofasinglebrandedbusinessoperatingunderthesubjectbrand.

Abrandshouldbeviewedinthecontextofthebusinessinwhichitoperates.BrandFinancealwaysconductsabrandedbusinessvaluationaspartofanybrandvaluation.Weevaluatethefullbrandvaluechaininordertounderstandthelinksbetweenmarketinginvestment,brand-trackingdata,andstakeholderbehaviour.

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+BrandContribution

Theoverallupliftinshareholdervaluethatthebusinessderivesfromowningthebrandratherthanoperatingagenericbrand.

Thebrandvaluescontainedinourleaguetablesarethoseofthepotentiallytransferablebrandassetsonly,making‘brandcontributi