Large companies have to deal with societal challenges that threaten their development. To survive, some decide to develop diversified partnerships with non-governmental organizations (NGOs). Drawing on an in-depth case study, we identify different types of contributions of business-NGO partnerships to a multinational's strategy. At the corporate level, they participate in the management of the company's strategic activities, and at the business level, they contribute in a complementary way to the implementation of the various business models. These results open a renewed reflection on the contribution of NGOs to the company's strategy through the concept of business-NGO partnerships portfolio.