Realization of the circular economy (CE) and its full potential requires firms to rethink their supply chains and business models. Although several frameworks in the literature propose circular economy business models (CEBMs) to redefine how companies create and capture value while adhering to CE principles, there has yet to be an examination of CEBMs in engineer to order (ETO) context. To address this gap, this study maximizes the depth of the phenomenon under investigation by leveraging a case study of a Norwegian company that deals with a large number of small ETO projects. Our findings increase knowledge of how ETO products can adapt to CEBMs.