In recent years, the connection between corporate sustainability and profitability has become increasingly important. Sustainability affects economic resource usage, and companies are striving more and more to reduce their environmental impact to meet the demands of stakeholders. At the same time, growing awareness has led many investors to demand sustainable practices. According to the signaling theory, companies can use sustainability efforts as signals to attract investors and other stakeholders, which may impact their longterm profitability. Stakeholder theory emphasizes that companies should not only focus on shareholders’ interest but also consider the needs and expectations of other stakeholders. This study aims to examine this relationship within the Nordic context across all sectors. The purpose of this study is to examine whether there is a relationship between the total and separate ESG-scores and profitability among Nordic publicly listed companies on Nasdaq OMX Nordic Large Cap in 2023. The study employs a deductive research approach, using descriptive statistics, correlation matrix, and regression analysis to examine the relationship between ESG-scores (total and separate) and profitability (ROA and ROE). The dependent variables are ROA and ROE, while the independent variables include total ESG-score, Escore, S-score and G-score. Control variables such as debt ratio, net margin, tax rate, number of employees, and 11 sectors were also included in the analysis. After accounting for error and omissions, the final sample comprises 186 companies. The result of this study found no significant relationship between total or separate ESG-score and profitability (ROA and ROE). While a weak positive correlation was observed between higher ESG-scores and profitability, this was not statistically significant. The study also found the control variables such as tax rate and net margin had a positive significant relationship with both ROA and ROE. Additionally, certain sectors, specifically Consumer Staples, Technology, and Real Estate, showed a negative significant relationship with Profitability (ROA and ROE). The study contributes to signaling theory by showing that higher ESG-scores do not necessarily serve effective signals for profitability. According to stakeholder theory, the result indicates that sustainability efforts do not always meet the profitability expectations of stakeholders.