Valuation Result

Final Brand Value

LEGO — Leisure & Tourism

Valuation date: 10/30/2026

Total Brand Value

DKK 54.0B

This result turns the selected legal, brand, benchmark and discount-rate assumptions into one reviewable brand value estimate.

Brand Strength

89/100

Royalty Rate

4.5%

Discount Rate

8.5%

Benchmark recommendation not unlocked for this result

Sensitivity snapshot

Quick decision check for discount rate, royalty rate and long-term growth.

Variable

Lower input

Current

Higher input

WACC (Discount Rate)

8.5%

-1.0%

DKK 63.7B

8.5%

DKK 54.0B

+1.0%

DKK 47.0B

Royalty Rate

4.5%

-0.5%

DKK 48.0B

4.5%

DKK 54.0B

+0.5%

DKK 60.1B

Terminal Growth

2.0%

-0.5%

DKK 51.0B

2.0%

DKK 54.0B

+0.5%

DKK 57.6B

Brand Strength changes can also be explored to show their potential effect on brand value. Contact info@brandvaluator.se if you want to explore this for strategy, planning and budgeting.

Revenue Base

DKK 82.8B

Legal Protection

87/100

Long-term Growth

2.0%

Recommendation basis

Brand-strength range • Pro

This reference case derives its royalty rate by applying the brand-strength score to a documented industry royalty ceiling.

This valuation uses benchmark support informed by external market references and curated internal calibration.

Use this section to confirm whether the result reflects unlocked benchmark guidance or a non-benchmark method.

Forecast profile

5 years explicit forecast

High growth: 6.0%

Base growth: 4.0%

Long-term growth: 2.0%

Value build

Value for planning period: DKK 13.8B

Terminal value: DKK 40.2B

How the valuation is built

Valuation Build

Royalty Relief DCF

Year	Revenue	Royalty	After Tax	PV
Y1	DKK 87,747,860,000	DKK 3,904,779,770	DKK 3,045,728,221	DKK 2,923,992,661
Y2	DKK 93,012,731,600	DKK 4,139,066,556	DKK 3,228,471,914	DKK 2,856,619,558
Y3	DKK 98,593,495,496	DKK 4,387,410,550	DKK 3,422,180,229	DKK 2,790,798,831
Y4	DKK 102,537,235,316	DKK 4,562,906,972	DKK 3,559,067,438	DKK 2,675,051,414
Y5	DKK 106,638,724,728	DKK 4,745,423,250	DKK 3,701,430,135	DKK 2,564,104,581
Explicit PV (Y1–Y5)				DKK 13,810,567,046
Terminal Value (undiscounted)				DKK 58,083,980,585
Terminal PV (discounted)				DKK 40,236,718,045
Total Brand Value				DKK 54,047,285,091

Supporting context

This section explains the evidence and judgment used to support the recommendation and the legal, brand and financial assumptions used in the valuation.

Reference case

LEGO

Prepared reference case

Indicative value of the LEGO name on toys, retail and licensing worldwide. Inbound licensed themes, designs and patents, factories, LEGO stores as property, the Merlin Discovery Centres acquired in 2026 and enterprise value are excluded.

Consumer sales grew 16% in 2025 against a 7% toy market, and LEGO was the most reputable company in the RepTrak 100 for the third year. The company expects single-digit revenue growth in 2026. The trademark-holding entity was not verified in the annual report. The 5.00% name-only ceiling and 4.450% selected royalty are analyst assumptions, not an observed licence. Opening hypothetical rent of DKK 3.684bn is about 16.7% of DKK 22.034bn FY2025 EBIT. Legal and behavioural inputs are outside-in estimates, not a trademark opinion or customer survey.

Informed by numerous sources including company reporting, investor materials, analyst research, market data and selected benchmark references where relevant.

Key inputs

Reported = directly sourced • Estimated = selected judgment • Inferred = derived from broader evidence • Assumed = inclusion choice

Revenue base

DKK 82.781bn FY2025 revenue excluding LEGO licence incomeinferred

Planning growth

6.00% for 3 years, then 4.00%estimated

Long-term growth

2.00%estimated

Royalty rate selected

4.45%estimated

Discount rate

8.50%estimated

Brand Strength

89/100 (A)estimated

Legal analysis

87/100estimated

Company disclosures

These links lead to company-issued materials. BrandValuator cross-checks indicative estimates against multiple sources; the final assumptions and judgments are our own. Each input is labeled by evidence status above.

The LEGO Group Annual Report 2025, income statement and note 2.1 Revenue

Legal Protection

trademark Status94

scope Of Rights92

risk Profile80

litigation80

contractual Rights82

goodwill Evidence94

regulatory Compliance84

Brand Strength

marketing Investment88

quality94

availability90

distinctive Brand Codes96

mental Availability94

consideration90

trust92

choice Share88

penetration86

price Elasticity72

revenue Premium84

margin Premium86

stability86