Kvartalsrapport Q1 2024

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===== SIDA 1 =====

Full steam  
ahead to grow  
our business  
 
 
  
Q1 
Q1 
INTERIM REPORT 2024 
Saab’s airborne 
surveillance system 
GlobalEye and  
fighter jet Gripen E

===== SIDA 2 =====

2 IN TER IM  R EPO RT  Q1  2024  
January-March 2024 
Key Highlights 
▪ Order bookings increased 9% and amounted to SEK 18,495m 
(17,018), driven by strong growth in medium-sized orders. 
▪ Sales amounted to SEK 14,185m (11,485) in the quarter  
with an organic sales growth of 24%. All business areas and 
Combitech showed growth, with strong contributions from 
Aeronautics and Surveillance. 
▪ EBIT increased 28% and amounted to SEK 1,191m (928).  
The EBIT margin also improved to 8.4% (8.1), driven by the 
strong sales development. 
▪ Net income improved to SEK 784m (735) and the earnings per 
share increased to SEK 5.71 (5.45). 
▪ Operational cash flow was SEK -1,998m (3,072) in the quarter 
due to a high level of investment, increased inventory and 
lower customer milestone payments. 
▪ Net liquidity position was SEK 0.8 bn (5.3) at the end of period. 
▪ Upgraded sales outlook 2024: organic sales growth between 
15-20%, compared to previous outlook of between 12-16%. 
▪ The AGM decided on a dividend of SEK 6.40 (5.30) per share 
for the fiscal year 2023, and a 4:1 split of the Saab shares. 
 
 
 
MSEK Jan-Mar 2024 Jan-Mar 2023 Change, % Full Year 2023 
Order bookings 18,495 17,018 9 77,811
Order backlog 158,369 132,662 19 153,409
Sales 14,185 11,485 24 51,609
Gross income 3,085 2,502 23 11,260
Gross margin, % 21.7 21.8 21.8
EBITDA 1,819 1,484 23 6,558
EBITDA margin, % 12.8 12.9 12.7
Operating income (EBIT) 1,191 928 28 4,272
Operating margin, % 8.4 8.1 8.3
Net income 784 735 7 3,443
of which Parent Company’s shareholders’ interest 770 732 5 3,381
Earnings per share after dilution, SEK 5.71 5.45 5 25.16
Return on equity, % ¹⁾ 10.9 9.5 11.1
Operational cash flow -1,998 3,072 3,157
Free cash flow -2,389 3,125 1,566
Free cash flow per share after dilution, SEK -17.71 23.26 11.65
Average number of shares after dilution 134,883,160 134,370,647 134,377,832
¹⁾  Return on equity is measured over a rolling 12-month period. 
18 
Order bookings, SEK bn 
24 
Organic sales growth, % 
8.4 
Operating margin, % 
Financial highlights

===== SIDA 3 =====

3 IN TER IM  R EPO RT  Q1  2024  
Saab started 2024 by delivering increased order 
intake, strong sales growth and improved 
profitability. I am satisfied with the progress we 
made in the quarter on capacity-related 
investments and recruitment s. Supported by 
better visibility on deliveries and timing of 
capacity increases, we now upgrade our outlook 
for the full year on organic sales growth.  
Geopolitical tensions in the world remain high 
and the importance of delivering systems and 
solutions with a shorter lead time has become 
even more critical. We continue to put intense 
focus on customer deliveries  and capacity 
growth as well as investing in future capabilities. 
In Europe, there are several initiatives ongoing to 
strengthen the defence industry, including the 
recently released European defence industry 
strategy and new investment programmes. Key 
focus areas include enabling joint procurement, 
the build -up of production capacity and 
continued support to Ukraine to defend our 
freedom. Following its NATO accession, Sweden 
has several  important steps ahead, such as  
integration with the alliance and adopting 
NATO’s capability targets. Saab is fully 
committed to supporting Sweden  and alliance 
partners in their efforts to build up much needed 
defence preparedness. 
In Q1, medium-sized and small orders increased 
by 68% and 10%, respectively. Among some of 
the important contracts were four new Gripen C 
fighters to Hungary, a n order for future fighter 
concept studies  from Sweden, an order from 
Airbus for the Arexis Electronic Warfare sensor 
suite for 15 of German y’s Eurofighters and an 
order for the Carl -Gustaf system within our 
framework agreement with NATO’s 
procurement agency NSPA.  
All in all, order bookings amounted to SEK 18.5 
billion (17.0) with a book -to-bill ratio above 1  for 
the sixth consecutive quarter.  Our backlog has 
reached SEK 158 billion, up 19% year-over-year, 
and will support our business to grow for years 
to come. 
In addition , Saab signed its largest Carl -Gustaf 
and training equipment contract to date with 
Poland for a value of SEK 12.9 billion, expected 
to be booked in Q2. To meet the high demand, 
we are increasing capacity in both Sweden and 
international markets  and the construction of 
our new Carl -Gustaf weapon manufacturing 
facility in India is one part of this work.  
All business areas showed sales growth in the 
first quarter and group sales increased 24% on 
an organic basis . This was driven by executing 
on our backlog, high project activity and material 
inflow to our program mes, combined with 
increases in operational capacity. Based on 
improved visibility on deliveries and capacity 
increases during the year, we upgrade our 
organic sales growth outlook for the full year 
2024 to now be between 15-20%, compared to 
our previous outlook of between 12-16%. 
EBIT grew 28% in the quarter and the operating 
margin increased to 8.4% (8.1). The underlying 
improvement was driven by scale effects from 
higher volumes, particularly in Aeronautics and 
Surveillance. Meanwhile, margins in Dynamics 
were impacted by lower delivery volumes in the 
Ground Combat business this quarter, where we 
expect higher shipping volumes from Q2 and 
onwards. As of January 2024, the Underwater 
Systems business unit, previously in Dynamics, 
has been transferred to Kockums and the 
numbers have been restated in this report for 
comparability purposes. 
Looking ahead, we remain committed to growing 
our operating income above organic sales 
growth for the full year 2024. 
As we continue to increase our business 
volumes, we remain cautious about the  supply 
chain as a potential limiting factor on growth and 
we are constantly working on mitigating these 
risks with our suppliers. 
Operational cash flow in the quarter was SEK  
-2.0 billion (3.1) , driven by the higher level of 
investment, increased inventory and fewer large 
customer milestone payments , which reflects 
the common quarterly fluctuations within our 
business. As previously communicated, the 
investments we are making will put pressure on  
our cash flow this year and next . We remain 
committed to delivering a positive cash flow for 
2024.   
With the ambition to become a sustainability 
leader in our sector, Saab’s work  in this area 
continued in the quarter. As an exa mple, Saab 
was recognised for leadership in corporate 
transparency and climate performance by CDP, 
securing a place on its annual  A-list. Moreover, 
the share of women managers increased to 28% 
from 27% at the end of  last year . It is 
encouraging to see progress as we steadily work 
towards the targets defined in our updated 
sustainability strategy. 
Finally, I would like to highlight our ongoing 
recruitment and onboarding efforts, with over 
700 new employees joining us since  the end of 
last year. This is clear evidence of our success in 
attracting the right competences, which is vital 
to reach our ambition to scale up and deliver on 
the next phase of Saab’s growth journey. 
 
 
CEO comments  
Full steam ahead  
to grow our business  
 
Micael Johansson 
President and CEO 
Outlook 2024 
Sales growth: 
Organic sales growth between 15-20% 
Previously: an organic sales growth 
between 12-16% 
Operating income:  
Operating income growth higher than  
organic sales growth 
Operational cash flow:  
Operational cash flow to be positive 
Targets 2023-2027 
Sales growth: 
Organic sales growth of around 15% 
(compound annual growth rate) 
Operating income: 
Operating income growth higher than  
organic sales growth 
Operational cash flow: 
Cash flow conversion of minimum 70%, 
cumulative for the 5-year period

===== SIDA 4 =====

4 IN TER IM  R EPO RT  Q1  2024  
Orders 
January-March 2024 
Order bookings increased 9 per cent in the quarter and amounted to SEK 18,495 million (17,018). 
The increase was driven by medium-sized orders that grew 68 per cent and amounted to SEK 6,912 
million (4,107). Small orders increased 10 per cent and amounted to SEK 4,835 million (4,400). Large 
orders declined somewhat compared to the same period last year and amounted to SEK 6,748 
million (8,511). Order intake growth was particularly strong in Aeronautics in the quarter. 
Key orders in the  first quarter included an RBS 70 NG contract to Canada of SEK 1.8 billion  and a 
support contract for GlobalEye to the United Arab Emirates of SEK 1.7 billion. Orders in the quarter, 
for which the value was not disclosed, also included a contract for four Gripen C fighter aircraft for 
Hungary as well as an order for the Arexis sensor suite for German Eurofighters. 
The order backlog at the end of the period amounted to SEK  158,369 million, compared to SE K 
153,409 million at the beginning of the year, and corresponded to an increase of 3 per cent. In total, 
66 per cent of the backlog is attributable to international markets, compared to 64 per cent at the 
end of last year.  
For more information on the order intake, see the business area pages 8, 9 and 10. 
Sales 
January-March 2024 
Sales for the first quarter amounted to SEK 14,185 million (11,485) corresponding to a sales growth 
of 23.5 per cent, with an organic growth of 24.0 per cent. All business areas and Combitech reported 
sales growth, with strong contributions from Aeronautics and Surveillance in the quarter. 
Sales from international markets increased 39 per cent and amounted to SEK 8,682 million (6,231), 
corresponding to 61 per cent (54) of total sales . Saab reported sales growth in all regions except 
Australia in the first quarter. 91 per cent (90) of sales were related to the defence business. 
Sales growth 
 
Sales per region
 
 
 
  
Per cent
Jan-Mar 
2024 
Jan-Mar 
2023 
Full Year 
2023 
Organic sales growth 24.0 23.0 22.6
Change from acquisitions and divestments -0.2 - -0.5 
Currency translation effects  -0.3 1.6 0.8
Total sales growth 23.5 24.6 22.9
MSEK Jan-Mar 2024 Jan-Mar 2023 Change, %
Sweden 5,503 5,254 5
Rest of Europe 3,582 2,135 68
North America 1,501 1,248 20
Latin America 922 670 38
Asia 1,345 1,152 17
Africa 50 34 47
Australia, etc. 919 992 -7
Undisclosed country 363 - -
Total 14,185 11,485 24
 
 
Order distribution 
Jan-Mar 2024 
  
 
Order backlog duration: 
2024: SEK 39.9  billion 
2025: SEK 49.9  billion 
2026: SEK 32.6  billion 
2027: SEK 18.3  billion 
After 2027: SEK 17.7 billion 
 
Order by market 
A total of 75% (81) of the 
order bookings related to 
markets outside Sweden 
during the first quarter 
2024.  
 
 
 
 
Sales by market 
A total of 61% (54) of the 
sales related to markets 
outside Sweden during the 
first quarter 2024. 
 
 
 
 
 
Sales Jan-Mar, MSEK 
 
Classification of orders MSEK
Small orders <100
Medium-sized orders 100-1000
Large orders >1000
Small orders 26% (26)
Medium-sized orders 37% (24)
Large orders 37% (50)
9,088 9,218
11,485
14,185
Jan-Mar
2021
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024

===== SIDA 5 =====

5 IN TER IM  R EPO RT  Q1  2024  
Income 
January-March 2024 
In the quarter, g ross income increased 23 per cent and amounted to  SEK 3,085 million ( 2,502) 
driven by the strong sales volumes. The gross margin was in line with the same quarter last year at 
21.7 per cent (21.8).  
Total depreciation, amortisation and write-downs amounted to SEK 628 million (556). Depreciation 
of tangible fixed assets and right-of-use assets amounted to SEK 421 million (371). Expenditures 
for internally funded investments in R&D amounted to SEK 587 million (443), of which SEK 116 
million (125) has been capitalised . Capitalised expenditures are mainly attributable to the 
development of Gripen E/F. Amortisation and write-downs of intangible fixed assets amounted to 
SEK 207 million (185), of which amortisation and write -downs of capitalised  development 
expenditures amounted to SEK 157 million (147). R&D amortisation is mainly related to GlobalEye, 
amounting to SEK 94 million (94) during the first quarter 2024.  
The share of income in associated companies and  joint ventures amounted to SEK 16 million  
(-287). The comparison period included write-downs in the minority portfolio of SEK -260 million 
classified as items affecting comparability, see also note 5. 
EBITDA increased 23 per cent and amounted to SEK 1,819 million (1,484) with an EBITDA margin of 
12.8 per cent (12.9). Operating income (EBIT) increased 28 per cent and amounted to SEK 1,191 
million (928), with a margin of 8.4 per cent (8.1). The improvement was mainly driven by scale effects 
from increased sales volumes. The comparison period included items affecting comparability of net 
SEK 10 million comprising a capital gain from the sale of the Maritime Traffic Management ( MTM) 
operations of SEK 270 million and the write-downs in the minority portfolio of SEK -260 million, see 
also note 5. 
Financial net 
 
The financial net amounted to SEK -182 million (2). The change was mainly a result of unfavourable 
effects from currency depreciation related to hedges of the tender portfolio in the period. 
The financial net related to pensions is the financial cost for net pension obligations recognised in 
the balance sheet. See note 13 for more information regarding defined-benefit pension plans.  
Net interest items refer to interest on liquid assets, short -term investments and interest expenses 
on short- and long-term interest-bearing liabilities and interest on interest-rate swaps.  
Currency gains/losses recognised in the financial net are mainly related to currency hedges of the 
tender portfolio, which are measured at fair value through profit and loss.  During the period , 
depreciation of the SEK had an unfavourable impact on Saab’s tender hedge portfolio.  
Lease liability interest consist s of the interest portion related to lease liabilities recognised in the 
balance sheet.  
Other financial items consist of realised and unrealised results from short -term investments and 
derivatives as well as other currency effects, e.g. changes in exchange rates f or liquid assets in 
currencies other than SEK.  
Tax 
Current and deferred taxes amounted to SEK -225 million (-195) for the first quarter, corresponding 
to an effective tax rate of 22 (21) per cent. The effective tax rate in the comparison period was 
positively affected by non -taxable income from the capital gain related to the sale of the MTM 
operations, partly offset by negative effects from non -deductible write -downs in the minority 
portfolio. 
MSEK Jan-Mar 2024 Jan-Mar 2023
Financial net related to pensions -12 -9
Net interest items 42 18
Currency gains/losses -172 7
Lease liability interest -38 -33
Other financial items -2 19
Total -182 2
Operating income (MSEK) and 
margin (%), Jan-Mar 
 
EPS after dilution, SEK 
 
 
 
Internally funded R&D 
expenditures, MSEK 
 
597 
654 
928 
1,191 
6.6 7.1
8.1
8.4
Jan-Mar
2021
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024
2.94 2.66
5.45 5.71
Jan-Mar
2021
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024
530
402
443
587
Jan-Mar
2021
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024

===== SIDA 6 =====

6 IN TER IM  R EPO RT  Q1  2024  
Financial position and liquidity 
At the end of  the first quarter 2024, Saab had a  net liquidity of SEK 836 million, a decrease of  
SEK 1,507 million compared to SEK 2,343 million at year-end 2023. Net debt/EBITDA was -0.12  
(-0.36) at the end of the period.  
Cash flow from operating activities amounted to SEK -1,053 million (3,747). 
Contract assets increased by SEK 2,063 million and contract liabilities increased by SEK 219 million 
compared to year-end 2023. Inventories increased by SEK 1,698 million during the first quarter with 
increases mainly in Dynamics and Surveillance. 
Net provisions for  pensions, excluding  special employer’s contribution, amounted to  SEK 505 
million as of 3 1 March 2024, compared to SEK 1,490 million at year-end 2023. The effect on net 
debt of SEK 985 million was mainly related to changes in actuarial assumptions regarding discount 
rate. For further information on Saab’s benefit pension plans, see note 13.  
Tangible fixed assets amounted to SEK 10,315 million at the end of the quarter compared to 9,501 
at the end of 2023. Right-of-use assets recognised in the balance sheet amounted  to SEK 2,641 
million compared to 2,554 million at the end of 2023. 
Net investments during the quarter amounted to SEK 1,139 million (742). Investments in tangible 
fixed assets amounted to SEK 998 million (524).  
Investments in intangible fixed assets amounted to SEK 162 million (233), of which SEK 116 million 
(125) was related to capitalised R&D expenditures . The investments were mainly  related to the 
development of Gripen E/F. Of the total investments in intangible fixed assets, SEK 46 million (108) 
was related to other intangible fixed assets.  
As of 31 March 2024, short-term investments and liquid assets amounted to SEK 10,800 million, a 
decrease of SEK 2,669 million compared to year -end 2023. In addition, the Group had unutilised 
revolving credit facilities amounting to SEK 6,000 million. 
Capital employed increased by SEK 94 million during the quarter to SEK 44,048 million. The return 
on capital employed was 12.6 per cent (9.6) and the return on equity was  10.9 per cent (9.5), both 
measured over a rolling 12-month period.  
 
 
 
 
Key indicators of financial position  
and liquidity 
  
Change in net debt 
Jan-Mar 2024 
 
 
MSEK 
Net liquidity (+) / net debt (-), 
31 Dec 2023 ¹⁾ 2,343
Cash flow from operating activities -1,053
Change in net pension obligation 985
Net investments -1,139
Sale of and 
investments in financial assets, 
associates and joint ventures -2
Additional lease liabilites -245
Investments in operations -15
Other items, currency impact and 
unrealised results from financial 
investments -38
Net liquidity (+) / net debt (-), 
31 Mar 2024 ¹⁾ 836
¹⁾ Net liquidity (+) / net debt (-) 
excluding net provisions for 
pensions, lease liabilities and 
interest-bearing receivables, 31 
March 2024 3,765
MSEK 31 Mar 2024 31 Dec 2023 Change 31 Mar 2023
Net liquidity / debt ²⁾ 836 2,343 -1,507 5,326
Intangible fixed assets 13,049 12,941 108 12,273
     Goodwill 5,517 5,424 93 5,371
     Capitalised development costs 6,108 6,106 2 5,927
     Other intangible fixed assets 1,424 1,411 13 975
Tangible fixed assets, etc ³⁾ 10,720 9,915 805 8,644
Right of use assets ⁴⁾ 2,641 2,554 87 2,574
Inventories 18,484 16,786 1,698 15,197
Accounts receivable 7,058 7,244 -186 4,953
Contract assets 14,379 12,316 2,063 11,523
Contract liabilities 16,772 16,553 219 15,125
Equity/assets ratio, % 39.7 39.1 39.6
Return on equity, % 10.9 11.1 9.5
Return on capital employed, % 12.6 11.9 9.6
Equity per share, SEK ¹⁾ 249.68 240.42 9.26 225.57
1) Number of shares excluding treasury shares 133,460,300 133,247,315 132,670,977
3) Including tangible fixed assets and biological assets.
4) Relate to right-of-use assets for leases.
2) The Group's net liquidity/debt refers to liquid assets, short-term investments and interest-bearing receivables less interest-bearing liabilities and provisions for pensions 
excluding provisions for special employers' contribution attributable to pensions. For a detailed break-down of interest-bearing receivables and interest-bearing liabilities, see 
note 8.

===== SIDA 7 =====

7 IN TER IM  R EPO RT  Q1  2024  
Cash flow 
January-March 2024 
Operational cash flow amounted to SEK -1,998 million (3,072). The decrease compared to the same 
quarter last year was mainly due to increased investments and inventory in combination with fewer 
large milestone payments from customers in the period. 
Free cash flow in the period amounted to SEK -2,389 million (3,125). For more detailed information 
on cash flow, see note 11.  
Due to the nature of Saab’s  customer contracts, deliveries and timing of milestone payments in 
large projects, there can be large fluctuations in cash flow between reporting periods. 
 
 
 
 
  
MSEK Jan-Mar
2024 
Jan-Mar
2023 
Cash flow from operating activities before changes in working 
capital, excluding taxes and other financial items ¹⁾ 1,648 1,399 
Change in working capital -2,507 2,415 
Cash flow from operating activities excluding taxes and other 
financial items -859 3,814 
Cash flow from investing activities ² ⁾ -1,139 -742 
Operational cash flow -1,998 3,072 
Taxes and other financial items -374 -226 
Sale of and investments in financial assets and operations -17 279 
Free cash flow -2,389 3,125 
2) Cash flow from investing activities excluding change in short-term investments and other interest-bearing financial assets and 
excluding sale of and investment in financial assets, operations and subsidiaries. If investments in and sale of financial fixed assets are 
considered to be of operating nature, the item is included in investing activities.
1) Including amortisation of lease liabilities
Operational cash flow, MSEK 
 
 
 
 
Free cash flow, MSEK 
  
 
-160 -179
3,072
-1,998
Jan-Mar
2021
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024
-265 -361
3,125
-2,389
Jan-Mar
2021
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024

===== SIDA 8 =====

8 IN TER IM  R EPO RT  Q1  2024  
Note: 2023 has been restated due to the transfer of business unit Underwater Systems from Dynamics to Kockums as per 1st January 2024. 
For restated figures, please see https://www.saab.com/investors/financials/financial-data 
 
Business Area 
Aeronautics 
Business Units 
Advanced Programs, Aerospace Systems, Aviation Services, Gripen. 
Market highlights 
Order bookings increased in the first quarter  
and included a Gripen C contract for Hungary, 
an order for Swedish future fighter concept 
studies as well as a Gripen equipment order to 
Sweden.  
Sales and operating income 
Sales was strong in the quarter and increased 
32%, driven by higher volumes related to  the 
Gripen C contract to Hungary and Gripen E/F 
programmes to Sweden and Brazil. 
Operating income and marg in improved as a 
result of scale effects from the higher volumes.  
Cash flow 
Cash flow was negative due to lower customer 
milestone payments in the quarter. 
 
 
Business Area 
Dynamics 
Business Units 
Barracuda, Ground Combat, Missile Systems, Tactical Support Solutions, Training and Simulation. 
Market highlights 
Orders decreased compared to the same 
period last year which included a large defence 
equipment order to an undisclosed customer. 
In the quarter, Dynamics received a n RBS 70 
NG contract to Canada as well as a Carl-Gustaf 
order from NATO’s Support and Procurement 
Agency (NSPA).  
A major contract for Carl-Gustaf to Poland was 
also received in the quarter and is expected to 
be booked as order intake before the end of 
Q2 2024. 
Sales and operating income 
Sales grew 5% and reflected somewhat lower 
delivery volumes in the Ground Combat 
business this quarter, where we expect higher 
shipping volumes from Q2 and onwards . As a 
result, EBIT and margin declined in the quarter. 
Cash flow 
Operational cash flow declined due to higher 
investments and inventory build-up for future 
deliveries. Last year included large payments 
from customers. 
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 50% (39) 
in the quarter. 
 
 
 
 
Market 
Sales in markets outside 
Sweden amounted to 79% 
(82) in the quarter. 
 
 
MSEK Jan-Mar 2024 Jan-Mar 2023 Change, % Full Year 2023
Order bookings 5,142 1,426 261 18,111
Order backlog 48,103 41,001 17 46,995
Sales 4,047 3,070 32 13,754
EBITDA 332 212 57 916
EBITDA margin, % 8.2 6.9 6.7
Operating income (EBIT) 276 163 69 710
Operating margin, % 6.8 5.3 5.2
Operational cash flow -824 82 -370
 
0
2
4
6
8
10
0
1,000
2,000
3,000
4,000
5,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %
MSEK Jan-Mar 2024 Jan-Mar 2023 Change, % Full Year 2023
Order bookings 5,591 9,313 -40 26,709
Order backlog 46,195 34,440 34 43,103
Sales 2,622 2,490 5 11,160
EBITDA 395 450 -12 1,856
EBITDA margin, % 15.1 18.1 16.6
Operating income (EBIT) 367 427 -14 1,758
Operating margin, % 14.0 17.1 15.8
Operational cash flow -996 1,914 3,237
0
5
10
15
20
25
30
0
1,000
2,000
3,000
4,000
5,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %

===== SIDA 9 =====

9 IN TER IM  R EPO RT  Q1  2024  
Note: 2023 has been restated due to the transfer of business unit Underwater Systems from Dynamics to Kockums as per 1st January 2024. 
For restated figures, please see https://www.saab.com/investors/financials/financial-data 
 
Business Area 
Surveillance 
Business Units 
Airborne Early Warning, Digital Battlespace Solutions, Fighter Core Capabilities, Naval Combat Systems, Safety and Security Solutions, Surface Sensor 
Solutions. 
Market highlights 
Order bookings increased in the quarte r, 
driven by a GlobalEye support contract with 
UAE and an order for Arexis sensor suite for 
Germany’s Eurofighters.  
In the quarter, Saab delivered the first 340 
AEW aircraft ordered by Poland in July 2023.   
Sales and operating income 
Sales increased 28% in the quarter mainly 
driven by high volumes and activity in the 
surface sensor business. 
The increased sales volumes had a favourable 
effect on the operating income in the  period. 
Operating income  in Q1 2023 was positively 
impacted by a capital gain of 270 MSEK. 
Adjusted for this, the operating margin in the 
comparison quarter last year was 7.3%.  
Cash flow 
Cash flow in the quarter decreased a nd 
reflected timing of customer payments  and 
increased investments. 
 
Business Area 
Kockums 
Business Units 
Docksta, Submarines, Surface Ships, 
Underwater Systems. 
Market highlights 
Order growth in the quarter was driven by  
several smaller orders across Kockums 
business units.  
In the  period, Saab entered the basic design 
phase of the development of four new future 
surface ships for Sweden. 
As per 1 st January 2024, business unit 
Underwater Systems was transferred from 
Dynamics to Kockums.  
Sales and operating income 
Sales growth in the quarter was 34%, driven by 
high project activity  within the surface ship 
business.   
Operating income improved as a result of  the 
increased vo lumes and a high share of 
international projects. The operating margin in 
the quarter increased to 6.7% (5.7). 
Cash flow 
The o perational cash flow improved in the 
quarter and was driven by large customer milestone payments. 
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 77% (69) 
in the quarter. 
 
*Operating margin Q1 2023 and Operating Margin R12, % adjusted for items affecting comparability 
 
 
Market 
Sales in markets  
outside Sweden  
amounted to 33% 
(16) in the quarter. 
 
MSEK Jan-Mar 2024 Jan-Mar 2023 Change, % Full Year 2023
Order bookings 5,929 4,872 22 23,887
Order backlog 47,167 41,730 13 45,780
Sales 4,989 3,894 28 18,559
EBITDA 633 768 -18 2,933
EBITDA margin, % 12.7 19.7 15.8
Operating income (EBIT) 405 554 -27 2,034
Operating margin, % 8.1 14.2 11.0
Operational cash flow -436 745 1,153
0
3
6
9
12
15
0
1,000
2,000
3,000
4,000
5,000
6,000
Q2 Q3 Q4 Q1* Q2* Q3* Q4* Q1
2022 2023 2024
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %
MSEK Jan-Mar 2024 Jan-Mar 2023 Change, % Full Year 2023
Order bookings 1,352 790 71 7,497
Order backlog 16,447 15,248 8 17,031
Sales 1,966 1,468 34 6,314
EBITDA 143 93 54 469
EBITDA margin, % 7.3 6.3 7.4
Operating income (EBIT) 132 83 59 432
Operating margin, % 6.7 5.7 6.8
Operational cash flow 920 703 -254
-8
-4
0
4
8
12
0
500
1,000
1,500
2,000
2,500
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %

===== SIDA 10 =====

10  IN TER IM  R EPO RT  Q1  2024  
Other operating segment 
Combitech 
Market highlights 
A two-year contract was signed with 
Kongsberg Gruppen for consultancy services  
in the quarter , including Integrated Logistics 
Support (ILS) services.  
New framework agreements were also signed 
with the Swedish Civil Aviation Administration 
(Luftfartsverket) within total defence and flight 
safety. 
Sales and operating income 
Sales increased in the quarter driven by high 
demand in most of Combitech’s business 
segments.  
Operating income and margin improved as a 
result of favourable customer mix.  
Cash flow 
Cash flow was in line with  last year  and 
amounted to 135 MSEK (138). 
 
 
 
 
 
Corporate and other items 
Corporate  
Corporate comprises group staff, group departments and other operations including Saab’s minority portfolio. The minority portfolio contains Saab’s 
Venture portfolio.  
Corporate reported an operating loss of SEK -111 million (-410) in the first quarter 2024. The comparison period last year included write-downs in the 
minority portfolio of SEK -260 million, see also note 5.  
Operational cash flow attributable to Corporate amounted to SEK -797 million (-510), driven mainly by timing of group internal transactions and increased 
investments. 
Acquisitions and divestments 2024 
In the first quarter 2024, Saab completed the acquisition of the remaining shares in UMS Skeldar AG for a minor consideration. 
Share repurchase and share split 
Saab held 2,385,547 treasury shares as of 31 March 2024, compared to 2,598,532 at year-end 2023. The Annual General Meeting in 2024 authorised the 
Board of Directors to repurchase a maximum of 1,100,000 shares of series B (or a maximum of 4,400,000 shares of series B following implementation of 
the share split 4:1) to secure delivery of shares to participants in Saab’s long-term incentive programmes 2025. The Annual General Meeting also decided 
to authorise the Board, before the next Annual General Meeting, to decide on the acquisition of Series B shares up to a maximum of 10 percent of the total 
number of shares in the company. The purpose of the authorisation is to be able to adjust the company’s capital structure and  thereby contribute to 
increased shareholder value as well as to enable continued use of repurchased shares in connection with potential acquisitions of companies and for the 
company’s share-related incentive programmes. 
On 11 April 2024, the Annual General Meeting decided on a share split, whereby each share shall be divided, regardless of series, into four shares  of the 
same series. The record date for the share split  will be 8 May, 2024. The share split will be automatically implemented via Euroclear Sweden AB and no 
actions are required by the shareho lders. After the share split, the total number of shares in Saab will amount to 543,383,388 of which 9,535,612 are A 
shares and 533,847,776 B shares. 
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 6% (7)  
in the quarter. 
 
MSEK Jan-Mar 2024 Jan-Mar 2023 Change, % Full Year 2023
Order bookings 1,083 1,081 0 4,291
Order backlog 1,631 1,343 21 1,595
Sales 1,049 966 9 3,922
EBITDA 125 113 11 350
EBITDA margin, % 11.9 11.7 8.9
Operating income (EBIT) 122 111 10 340
Operating margin, % 11.6 11.5 8.7
Operational cash flow 135 138 387
0
2
4
6
8
10
12
0
250
500
750
1,000
1,250
1,500
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %

===== SIDA 11 =====

11  IN TER IM  R EPO RT  Q1  2024  
Risks and uncertainties 
Saab’s operations primarily involve the development, production and supply of technologically  advanced 
hardware and software to military and civilian customers around the world. Operations largely consist of major 
projects carried out over long periods of time, usually several years, in close co operation with customers, 
suppliers, partners and institutions. Projects generally entail significant investments, long periods of time and 
technological development  or refinement of products. In addition to customer and supplier relations, 
international o perations involve joint ventures and collaborations with other industries as well as the 
establishment of operations abroad. Operations entail risk in various respects. The key risk areas are strategic, 
market and political, operating , financial and compli ance. Various policies and instructions govern the 
management of material risks. Saab today conducts projects involving a large share of development, and their 
inherent complexity entails a higher level of risk. Furthermore, the market is characterised by conditions where 
orders can be deferred to the future partly for financial and political reasons.  
The uncertainty in the global supply chain and a higher inflationary environment also entails a risk for Saab and 
its operation s. The challenges primarily relate to the availability of certain raw materials, components and 
longer lead times, as well as higher general inflation. Some of these are  managed through contract 
management, re-planning and intensified dialogue and negotiations with suppliers.  
Risks related to a pandemic outbreak cannot be ruled out and can impact Saab’s operations through limited 
access to customers, employees, disruptions in supply chains, lock-downs in society and deteriorating market 
conditions in the civil aviation market. The effects from a pandemic may further cause electronics shortages, 
shipping delays and increased costs. Saab continues to monitor the long-term effects following the COVID-
19 pandemic. For a general description of the risk areas, see the Annual Report 2023, pages 36-41. 
Risks related to armed conflicts 
Saab has no defence related sales exposure to Belarus and Russia, but is closely monitoring the effects on 
the business from the war in Ukraine. Saab is operating on a highly regulated market and it is essential for Saab 
as a responsible defence company to  comply with all applicable regulations and commitments regarding 
export control and sanctions, i.e. sanctions from EU, UN, OSCE or other applicable country specific sanctions. 
Saab’s crisis management organisation has an ongoing focus on security, embargo  and sanction practises. 
The conflict in Ukraine and the increased geopolitical tension, has led to increased security measures at Saab. 
This may lead to increased costs for security to protect Saab’s sites, personnel, IT and cyber security. 
Furthermore, Saab could be impacted by supply chain risks related to the conflict in the Middle East as the 
company has a limited number of suppliers in Israel. Saab is monitoring the situation and has mitigating actions 
in place and is in close dialogue with its suppliers. Saab has no defence related sales exposure to Israel. 
 
 
 
 
 
 
 
 
 
 
Owners 
Largest owners, 31 March 2024: 
 
 
Source: Modular Finance 
The percentage of votes is calculated on the  
number of shares excluding treasury shares.  
Personnel 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of % of
capital votes
Investor AB 30.2 40.3
Wallenberg 
Investments 8.7 7.6
Swedbank Robur 
Funds 5.0 4.4
Vanguard 2.6 2.3
BlackRock 2.5 2.2
Norges Bank 1.6 1.4
Schroders 1.5 1.3
Avanza Pension 1.1 1.0
AFA Insurance 1.1 1.0
First Swedish 
National Pension 
Fund 1.1 0.9
31 Mar 2024 31 Dec 2023
Number of 
employees 22,206 21,479
FTEs 22,335 21,610

===== SIDA 12 =====

12  IN TER IM  R EPO RT  Q1  2024  
Sustainability at Saab 
Global challenges such as climate change, human rights, health and inequality can only be fully addressed when 
societies are safe and resilient. Saab strives for a sustainable business in all aspects of its operations and contributes 
to sustainable development through responsible business practices as well as driving sustainable innovation together 
with customers and partners.  
Highlights during the quarter 
• Saab was recognised for leadership in corporate transparency and 
performance on climate change by CDP, securing a place on its annual 
“A List” for 2023. This is an upgrade compared to last year and confirms 
that Saab is ma king progress towards its climate targets.  Saab also 
improved its score in CDP Water to an A - for 2023, as a result of 
improved management of water security.  
• During the quarter, Saab launched its updated global and mandatory e-
learning “Code of Conduct”. It reflects Saab’s updated Code of Conduct 
launched in 2023 and aims at ensuring awareness amongst employees.  
• Kockums has initiated a process for sustainable product development, 
integrating Environmental Conscious Design (ECD), based on the 
previous Life Cycle Assessment on a standard submarine. 
Implementation of the sustainability strategy 
 
 
 
With the ambition to be a sustainability leader in the defence sector, Saab 
is now accelerating the execution of its updated sustainability strategy. To 
further strengthen governance, each of Saab’s business areas now have 
a designated sustainability coordinator or director. Several business areas 
have also established Sustainability Councils or other forums, within which 
the progress of strategy implementation and execution can be effectively 
monitored, enabling the allocation of necessary resources. 
 
Life Cycle Assessment within submarines 
Saab’s business area Kockums is currently producing a design guideline 
for sustainable product development, which means that we can integrate 
Environmental Concious Design (ECD) in the organisation . A previously 
produced Life Cycle Assessment (LCA) on a standard submarine is the 
basis for the work, and the ECD will be applicable to all of Saab’s submarine 
products. The design guideline enables improvement of the submarines 
environmental impact throughout its life cycle. 
Climate 
In the first quarter, Saab’s emissions increased by 18 per cent compared 
to the same quarter last year. The increase is mainly due to increased 
delivery flights of aircraft, a higher level of flight testing and increased 
business travel reported in Scope 1. In Scope 2 , emissions from district 
heating increased primarily as a result of increased production at energy-
intense sites as well as lower outdoor temperatures compared to the 
same period last year. 
 
1 All performance indicators are global 
2 Number of lost-time injuries / total hours worked x 1,000,000 
3 Number of recordable injuries / total hours worked x 1,000,000 
 
People 
As part of our sustainability strategy, Saab continues to focus on diversity 
and inclusion to increase the share of women as managers and 
employees. During the fi rst quarter, the share of women managers 
increased from 27% to 28% compared to the end of last year . The share 
of women employees remained at 25%.  
In March, Saab hosted a number of girls and non -binary people between 
the ages 13 -19 across our sites, introducing them to engineer ing. The 
initiative is part of the “Introduce a Girl to Engineering day”, and the 
participants could, among other things, try Computer-Aided Design (CAD) 
and Virtual Reality (VR). 
For the second consecutive year , Saab strengthen ed its position in 
employer branding company Universum’s survey of attractive employers 
in Sweden among students. With this year’s result, Saab climbs the list to 
a second place amongst BSc Engineering students (8th place 2023) as well 
as taking steps in the IT area (4th place 2024 from 7 th place 2023) and 
remaining in the top 5 within MSc Engineering. 
The Lost Time Injury Frequency Rate (LTIFR) and Total Recordable Injury 
Frequency Rate (TRIFR) decreased compared to previous year as a result 
of fewer accidents in the quarter . Meanwhile, r eported incidents per 
workplace injury decreased compared to the end of 2023. The reporting 
of incidents and risk observations remains a focused priority for Saab. 
 
 
 
 
 
 
Performance Indicators 1 
Dec 
2022 
Dec 
2023 
YTD 
2024 
Lost Time Injury Frequency Rate (LTIFR) 2 0.84 1.33 1.22 
Total Recordable Injury Frequency Rate (TRIFR)3 2.61 3.57* 3.25 
Reported incidents per workplace injury 4 4.4 5.0 4.0 
Share of women managers 27% 27% 28% 
Share of women employees 24% 25% 25% 
4 Increased incidence reporting leads to fewer accidents 
* Note: In the year-end report 2023, the reported TRIFR was 3.17. The updated  
figure above reflects adjustments in classification in Dynamics. 
0
2,000
4,000
6,000
8,000
10,000
12,000
Q1 Q2 Q3 Q4
Quarterly Emissions Scope 1 & 2 Market Based
Comparison Year-over-Year in Tonne CO2e per Quarter
2020 2021 2022 2023 2024

===== SIDA 13 =====

13  IN TER IM  R EPO RT  Q1  2024  
Significant events 
January-March 2024
On 22 January , Saab announced it had signed a GlobalEye support 
contract with the United Arab Emirates. The order value is approximately 
USD 190 million with a three-year contract period that runs until 2026. 
On 23 January, Saab announced it had received an award from Boeing to 
produce T-7A aft fuselage systems. The or der value is USD 101.7 million 
(approx. SEK 1 billion) and the order was booked in Q4 2023. 
On 5 February , Saab announced an order for  the anti -armour weapon 
AT4 from the NATO Support and Procurement Agency (NSPA). The order 
value is approx. EUR 63 million (approx. SEK 700 million) and deliveries will 
take place 2026-2027. The order was booked in Q4 2023. 
On 15 February , Saab announced it had received an order from the 
Government of Canada for the short -range air defence system RBS 70 
NG. The order value is  approx. CAD 227 million (SEK 1.8 billion) with 
deliveries starting during 2024. 
On 23 February,  Saab signed a  contract with the Swedish Defence 
Materiel Administration (FMV) and received an order for four additional 
Gripen C fighter aircraft for Hungary. With this new contract amendment, 
Hungary will operate a total of 18 Gripen C/D aircraft to protect and defend 
the Hungarian and NATO airspace. 
On 4 March, Saab signed a contract with the Polish Ministry of Defence’s 
procurement authority for delivery of the Carl -Gustaf M4 weapon, 
ammunition and training equipment. The order value corresponds to SEK 
12.9 billion and the contract period is 2024 -2027. The order is expected 
to be booked by Saab before the end of Q2 2024. 
On 22 March, Saab received an order from the Swedish Defence Materiel 
Administration (FMV) regarding concept studies for future fighter systems. 
The contract period is 2024 -2025, and includes con ceptual studies of 
manned and unmanned solutions in a system  of system  perspective, 
technology development and demonstrations. 
On 25 March, Saab announced it had received an order for the multi-role 
weapon system Carl -Gustaf from the NATO Support and Procu rement 
Agency (NSPA). The order is placed on behalf of four NATO member 
nations within a framework agreement between Saab and the NSPA 
regarding Carl -Gustaf, including ammunition and equipment. The order 
value is approx. EUR 60 million (SEK 700 million) and the contract period is 
2024-2027. 
On 26 March, Saab announced it had received an order from Airbus 
Defence and Space for the Arexis sensor suite for the electronic warfare 
variant of the German Eurofighters. The contract period is 2024-2026, and 
marks the start of the first phase of Saab’s delivery of Arexis within this 
programme. 
For more information on significant orders received during the period, see page 4 
and the comments on the business areas on page 8 -10. All press releases can be 
found on www.saab.com/newsroom. 
Events after the conclusion of the period 
On 4 April , Saab announced that CFO and Deputy CEO Christian Luiga 
has decided to leave Saab in order to pursue a new opportunity at a global 
company in a different industry segment. Christian has a notice period of 
six months and will stay with Saab until latest 3 October in order to ensure 
a smooth transition to his successor. The recruitment process to find a 
successor has been initiated. 
On 10 April, Saab announced it has appointed Mikael Adelsberg as Chief 
Digital Officer and head of the new group function Group Digitalisation. 
Mikael will become a member of Saab’s Group Management and the 
change will take effect on 1 October at the latest.  
On 11 April, Saab held its Annual General Meeting in Linköping, Sweden 
and the AGM decided on a dividend of SEK 6.40 per share, which is to be 
paid out in two equal instalments. The AGM also resolved on a share split 
whereupon each share is divided into four shares. The record date for the 
share split will be 8 May, 2024  and each shareholder's proportional 
ownership, including right to dividend, remains the same . The first part of 
the dividend (SEK 3.20  per share ) was paid out on 18 April 2024 and 
following the share split, the second part (SEK 0.80 per share) will be paid 
out on 11 October 2024. Read more on www.saab.com/agm. 
 
 
 
 
 
 
 
Major Carl-Gustaf contract with Poland 
Saab has signed a contract with the Polish Ministry of 
Defence's procurement authority for delivery of the 
Carl-Gustaf® M4 weapon, ammunition and training 
equipment. The order value corresponds to SEK 12.9 
billion and the contract period is 2024-2027.  
Saab’s Carl -Gustaf is a man -portable, multi -role 
weapon system with  a wide range of ammunition 
types, making it suitable for a variety of tasks.  
 
Arexis solution for German Eurofighters 
The German defence procurement office announced 
in June 2023 that it had selected Saab’s Arexis sensor 
suite for the Eurofighter EK. Saab has now received the 
order from Airbus, which will equip 15 of the German 
Air Force’s Eurofighters for electronic warfare (EW)  
missions with solutions including Saab’s Arexis.   
Arexis enables the user to detect, locate and identify 
radar emitters in comp lex and congested electro  
magnetic environments.

===== SIDA 14 =====

14  IN TER IM  R EPO RT  Q1  2024  
Consolidated income statement 
 
Consolidated statement of comprehensive income 
 
 
MSEK Note Jan-Mar 2024 Jan-Mar 2023 Rolling 12 Months Full Year 2023
Sales 4 14,185 11,485 54,309 51,609
Cost of goods sold -11,100 -8,983 -42,466 -40,349
Gross income 3,085 2,502 11,843 11,260
Gross margin, % 21.7 21.8 21.8 21.8
Other operating income 5 20 283 328 591
Marketing expenses -694 -641 -2,791 -2,738
Administrative expenses -585 -450 -2,115 -1,980
Research and development costs -628 -465 -2,280 -2,117
Other operating expenses -23 -14 -68 -59
Share of income in associated companies and joint ventures 5 16 -287 -382 -685
Operating income (EBIT) ¹⁾ 3 1,191 928 4,535 4,272
Operating margin, % 8.4 8.1 8.4 8.3
Financial income 157 127 812 782
Financial expenses -339 -125 -850 -636
Net financial items -182 2 -38 146
Income before taxes 1,009 930 4,497 4,418
Taxes -225 -195 -1,005 -975
Net income for the period 784 735 3,492 3,443
of which Parent Company’s shareholders’ interest 770 732 3,419 3,381
of which non-controlling interest 14 3 73 62
Earnings per share before dilution, SEK ²⁾ 5.77 5.52 25.69 25.44
Earnings per share after dilution, SEK ³⁾ 5.71 5.45 25.39 25.16
1) Of which depreciation/amortisation and write-downs -628 -556 -2,358 -2,286
2) Average number of shares before dilution 133,353,808 132,579,931 133,077,377 132,883,908
3) Average number of shares after dilution 134,883,160 134,370,647 134,654,675 134,377,832
MSEK Jan-Mar 2024 Jan-Mar 2023 Rolling 12 Months Full Year 2023
Net income for the period 784 735 3,492 3,443
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 1,161 -167 646 -682
Tax attributable to revaluation of net pension obligations -239 35 -134 140
Equity instruments classified as measured at fair value through other comprehensive 
income 36 -0 -3 -39
Tax attributable to equity instruments classified as measured at fair value through 
other comprehensive income -7 0 1 8
Total 951 -132 510 -573
Items that may be reversed in the income statement:
Translation differences 353 -171 102 -422
Cash flow hedges -1,035 -46 -182 807
Tax attributable to cash flow hedges 207 9 28 -170
Total -475 -208 -52 215
Other comprehensive income/loss for the period 476 -340 458 -358
Net comprehensive income/loss for the period 1,260 395 3,950 3,085
of which Parent Company’s shareholders’ interest 1,234 394 3,878 3,038
of which non-controlling interest 26 1 72 47

===== SIDA 15 =====

15  IN TER IM  R EPO RT  Q1  2024  
Consolidated statement of financial position 
 
  
MSEK Note 31 Mar 2024 31 Dec 2023 31 Mar 2023
ASSETS
Fixed assets:
Intangible fixed assets 7 13,049 12,941 12,273
Tangible fixed assets 10,315 9,501 8,236
Biological assets 405 414 408
Right of use assets 2,641 2,554 2,574
Shares in associated companies and joint ventures 271 253 309
Financial investments 1,143 1,102 278
Long-term receivables 458 515 557
Deferred tax assets 526 482 395
Total fixed assets 28,808 27,762 25,030
Current assets:
Inventories 18,484 16,786 15,197
Derivatives 966 1,656 1,483
Tax receivables 61 51 167
Accounts receivable 7,058 7,244 4,953
Contract assets 14,379 12,316 11,523
Other receivables 2,353 2,192 1,364
Prepaid expenses and accrued income 1,873 1,283 1,186
Short-term investments 8,464 11,340 12,688
Liquid assets 11 2,336 2,129 2,918
Total current assets 55,974 54,997 51,479
TOTAL ASSETS 84,782 82,759 76,509
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Parent Company’s shareholders’ interest 33,322 32,035 29,927
Non-controlling interest 353 327 372
Total shareholders’ equity 33,675 32,362 30,299
Long-term liabilities:
Long-term lease liabilities 2,133 2,078 2,114
Other long-term interest-bearing liabilities 8 6,923 6,915 6,748
Other liabilities 272 210 141
Provisions for pensions 13 653 1,872 1,407
Other provisions 2,828 2,888 2,664
Deferred tax liabilities 1,514 1,432 1,125
Total long-term liabilities 14,323 15,395 14,199
Current liabilities:
Short-term lease liabilities 640 597 562
Other short-term interest-bearing liabilities 8 113 453 205
Contract liabilities 16,772 16,553 15,125
Accounts payable 5,668 6,080 4,311
Derivatives 1,570 1,111 1,487
Tax liabilities 177 235 243
Other liabilities 1,208 1,083 827
Accrued expenses and deferred income 9,707 8,015 8,395
Provisions 929 875 856
Total current liabilities 36,784 35,002 32,011
Total liabilities 51,107 50,397 46,210
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 84,782 82,759 76,509

===== SIDA 16 =====

16  IN TER IM  R EPO RT  Q1  2024  
Consolidated statement of changes in equity 
 
  
MSEK 
Capital 
stock 
Other 
capital 
contri-
butions 
Net result 
of cash 
flow 
hedges 
Translation 
reserve 
Retained 
earnings 
Total parent 
company's 
shareholders' 
interest 
Non-
controlling 
interest 
Total 
shareholders' 
equity          
Opening balance, 1 January 2023 2,174 6,099 176 1,192 19,845 29,486 390 29,876
Net comprehensive income/loss for the period January-March 
2023 -37 -169 600 394 1 395
Transactions with shareholders:
Share matching plan 47 47 47
Dividend - - -19 -19
Closing balance, 
31 March 2023 2,174 6,099 139 1,023 20,492 29,927 372 30,299
Net comprehensive income/loss for the period April-December 
2023 674 -238 2,208 2,644 46 2,690
Transactions with shareholders:
Share matching plan 167 167 167
Dividend -703 -703 -101 -804
Acquisition and sale of non-controlling interest - - 10 10
Closing balance, 
31 December 2023 2,174 6,099 813 785 22,164 32,035 327 32,362
Opening balance, 1 January 2024 2,174 6,099 813 785 22,164 32,035 327 32,362
Net comprehensive income/loss for the period January-March 
2024 -828 341 1,721 1,234 26 1,260
Transactions with shareholders:
Share matching plan 53 53 53
Closing balance, 
31 March 2024 2,174 6,099 -15 1,126 23,938 33,322 353 33,675

===== SIDA 17 =====

17  IN TER IM  R EPO RT  Q1  2024  
Consolidated statement of cash flows 
 
  
MSEK Note Jan-Mar 2024 Jan-Mar 2023 Full Year 2023
Operating activities:
Income after financial items 1,009 930 4,418
Adjustments for items not affecting cash flows 725 630 2,950
Dividend from associated companies and joint ventures - - 36
Income tax paid -280 -228 -856
Cash flow from operating activities before changes in working capital 1,454 1,332 6,548
Cash flow from changes in working capital:
Contract assets and liabilities -1,771 2,100 2,915
Inventories -1,595 -1,020 -2,691
Other current receivables -278 1,064 -1,922
Other current liabilities 1,284 274 2,020
Provisions -147 -3 -408
Cash flow from operating activities -1,053 3,747 6,462
Investing activities:
Capitalised development costs -116 -125 -547
Investments in other intangible fixed assets -46 -108 -484
Investments in tangible fixed assets -998 -524 -2,507
Sales and disposals of tangible fixed assets including biological assets 21 15 4
Investments in and sale of short-term investments 2,886 -2,704 -1,233
Investments in financial assets, associated companies and joint ventures -2 -141 -1,268
Investments in operations -15 - -262
Sale of subsidiaries and other operations - 307 382
Cash flow from investing activities 1,730 -3,280 -5,915
Financing activities:
Repayments of loans -341 -248 -1,075
Amortisation of lease liabilities -180 -159 -586
Raising of loans - - 1,250
Dividend paid to Parent Company’s shareholders - - -703
Dividend paid to non-controlling interest - - -126
Transactions with non-controlling interest - - 10
Cash flow from financing activities -521 -407 -1,230
Cash flow for the period 156 60 -683
Liquid assets at the beginning of the period 2,129 2,869 2,869
Exchange rate difference in liquid assets 51 -11 -57
Liquid assets at end of period 11 2,336 2,918 2,129

===== SIDA 18 =====

18  IN TER IM  R EPO RT  Q1  2024  
Quarterly consolidated income statement 
 
Quarterly consolidated statement of comprehensive income 
  
MSEK Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022
Sales 14,185 16,122 11,527 12,475 11,485 13,866 8,751 10,171
Cost of goods sold -11,100 -12,605 -9,046 -9,715 -8,983 -11,017 -6,870 -8,049
Gross income 3,085 3,517 2,481 2,760 2,502 2,849 1,881 2,122
Gross margin, % 21.7 21.8 21.5 22.1 21.8 20.5 21.5 20.9
Other operating income 20 179 15 114 283 101 43 69
Marketing expenses -694 -777 -633 -687 -641 -582 -561 -638
Administrative expenses -585 -596 -443 -491 -450 -463 -334 -384
Research and development costs -628 -624 -506 -522 -465 -529 -433 -439
Other operating expenses -23 22 -26 -41 -14 5 -20 6
Share of income in associated companies  and joint ventures 16 -301 -29 -68 -287 -68 -8 2
Operating income (EBIT) ¹⁾ 1,191 1,420 859 1,065 928 1,314 568 738
Operating margin, % 8.4 8.8 7.5 8.5 8.1 9.5 6.5 7.3
Financial income 157 334 148 173 127 42 68 52
Financial expenses -339 -131 -154 -226 -125 -7 -201 -240
Net financial items -182 203 -6 -53 2 35 -133 -188
Income before taxes 1,009 1,623 853 1,012 930 1,349 435 550
Taxes -225 -369 -197 -214 -195 -195 -111 -117
Net income for the period 784 1,254 656 798 735 1,154 324 433
of which Parent Company’s shareholders’ interest 770 1,223 652 774 732 1,115 305 421
of which non-controlling interest 14 31 4 24 3 39 19 12
Earnings per share before dilution, SEK ²⁾ 5.77 9.18 4.90 5.83 5.52 8.42 2.31 3.19
Earnings per share after dilution, SEK ³⁾ 5.71 9.08 4.84 5.76 5.45 8.32 2.28 3.15
1) Of which depreciation/amortisation and write-downs -628 -612 -565 -553 -556 -569 -547 -517
2) Average number of shares before dilution 133,353,808 133,160,239 132,998,278 132,797,185 132,579,931 132,417,754 132,257,777 132,067,095
3) Average number of shares after dilution 134,883,160 134,657,809 134,586,542 134,491,190 134,370,647 134,058,461 133,842,175 133,782,303
MSEK Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022
Net income for the period 784 1,254 656 798 735 1,154 324 433
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 1,161 -1,377 161 701 -167 1,173 165 1,978
Tax attributable to revaluation of net pension obligations -239 283 -33 -145 35 -245 -33 -407
Equity instruments classified as measured at fair value through 
other comprehensive income 36 -41 0 2 -0 -1 - -
Tax attributable to equity instruments classified as measured at fair 
value through other comprehensive income -7 8 -0 -0 0 0 - -
Total 951 -1,127 128 558 -132 927 132 1,571
Items that may be reversed in the income statement:
Translation differences 353 -515 -47 311 -171 -268 401 414
Net gain/loss on cash flow hedges -1,035 982 23 -152 -46 273 -141 -84
Tax attributable to net gain/loss on cash flow hedges 207 -206 -5 32 9 -57 31 18
Total -475 261 -29 191 -208 -52 291 348
Other comprehensive income/loss for the period 476 -866 99 749 -340 875 423 1,919
Net comprehensive income/loss for the period 1,260 388 755 1,547 395 2,029 747 2,352
of which Parent Company's shareholders' interest 1,234 386 749 1,509 394 2,006 707 2,321
of which non-controlling interest 26 2 6 38 1 23 40 31

===== SIDA 19 =====

19  IN TER IM  R EPO RT  Q1  2024  
Key ratios by quarter 
 
 Quarterly information per operating segment 
 
MSEK Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022
Equity/assets ratio, (%) 39.7 39.1 40.3 40.2 39.6 41.3 39.3 38.7
Return on capital employed, % ³⁾ 12.6 11.9 11.4 10.5 9.6 8.8 8.4 8.1
Return on equity, % ³⁾ 10.9 11.1 11.2 10.4 9.5 8.6 7.6 7.8
Equity per share, SEK ¹⁾ ³⁾ 249.68 240.42 237.38 231.59 225.57 222.55 207.25 201.55
Free cash flow, MSEK ³⁾ -2,389 2,559 -2,554 -1,564 3,125 1,439 398 395
Free cash flow per share after dilution, SEK ²⁾ ³⁾ -17.71 19.00 -18.98 -11.63 23.26 10.73 2.97 2.95
1) Number of shares excluding treasury shares 133,460,300 133,247,315 133,073,163 132,923,392 132,670,977 132,488,884 132,346,624 132,168,930
2) Average number of shares after dilution 134,883,160 134,657,809 134,586,542 134,491,190 134,370,647 134,058,461 133,842,175 133,782,303
3) For more information and explanations regarding the usage of these key ratios, please see www.saab.com/investors/financials/financial-data
MSEK Q1 2024 
Operating 
margin Q4 2023 
Operating 
margin Q3 2023 
Operating 
margin Q2 2023 
Operating 
margin          
Sales
Aeronautics 4,047 4,152 3,135 3,397
Dynamics 2,622 3,800 2,453 2,417
Surveillance 4,989 5,777 4,149 4,739
Kockums 1,966 2,027 1,386 1,433
Combitech 1,049 1,117 816 1,023
Corporate/elimination -488 -751 -412 -534
Total 14,185 16,122 11,527 12,475
Operating income/loss
Aeronautics 276 6.8% 212 5.1% 148 4.7% 187 5.5%
Dynamics 367 14.0% 596 15.7% 382 15.6% 353 14.6%
Surveillance 405 8.1% 705 12.2% 324 7.8% 451 9.5%
Kockums 132 6.7% 192 9.5% 73 5.3% 84 5.9%
Combitech 122 11.6% 111 9.9% 43 5.3% 75 7.3%
Corporate -111 -396 -111 -85
Total 1,191 8.4% 1,420 8.8% 859 7.5% 1,065 8.5%- - - -        
MSEK Q1 2023 
Operating 
margin Q4 2022 
Operating 
margin Q3 2022 
Operating 
margin Q2 2022 
Operating 
margin          
Sales
Aeronautics 3,070 4,258 2,555 3,073
Dynamics 2,490 2,782 1,741 1,927
Surveillance 3,894 4,793 3,152 3,562
Kockums 1,468 1,634 914 1,172
Combitech 966 1,035 703 866
Corporate/elimination -403 -636 -314 -429
Total 11,485 13,866 8,751 10,171
Operating income/loss
Aeronautics 163 5.3% 257 6.0% 60 2.3% 178 5.8%
Dynamics 427 17.1% 618 22.2% 434 24.9% 401 20.8%
Surveillance 554 14.2% 520 10.8% 199 6.3% 223 6.3%
Kockums 83 5.7% 103 6.3% -57 -6.2% 62 5.3%
Combitech 111 11.5% 95 9.2% 36 5.1% 55 6.4%
Corporate -410 -279 -104 -181
Total 928 8.1% 1,314 9.5% 568 6.5% 738 7.3%

===== SIDA 20 =====

20  IN TER IM  R EPO RT  Q1  2024  
Multi-year overview 
 
 
 
 
  
MSEK 2023 2022 2021 2020 2019
Order bookings 77,811 63,116 43,569 42,328 27,216
Order backlog at 31 December 153,409 127,676 105,177 99,816 93,293
Sales 51,609 42,006 39,154 35,431 35,433
Sales in Sweden, % 42 42 38 36 37
Sales in Europe excluding Sweden, % 23 19 17 18 16
Sales in North America, % 11 11 11 11 11
Sales in Latin America, % 7 9 15 13 12
Sales in Rest of the World, % 16 19 19 22 24
Sales in Undisclosed country, % 1 - - - -
Organic sales growth, % 23 5 11 1 6
Operating income (EBIT) 4,272 3,274 2,888 1,315 2,937
Operating margin, % 8.3 7.8 7.4 3.7 8.3
Adjusted operating income 4,272 3,274 2,888 2,738 2,937
Adjusted operating margin, % 8.3 7.8 7.4 7.4 8.3
Depreciation/amortisation and write-downs 2,286 2,127 1,938 1,518 1,368
EBITDA 6,558 5,401 4,826 2,833 4,305
EBITDA margin, % 12.7 12.9 12.3 8.0 12.1
Income after financial items 4,418 2,819 2,577 1,112 2,607
Net income for the year 3,443 2,283 2,025 1,092 2,025
Total assets 82,759 72,365 65,039 60,568 59,858
Equity 32,362 29,876 23,249 21,644 20,809
Free cash flow ¹⁾ 1,566 1,871 2,737 3,753 -2,036
Cash conversion, % ³⁾ 74 79 113 101 ²⁾ -44
Return on capital employed, % ¹⁾ 11.9 8.8 8.1 4.3 9.1
Return on equity, % ¹⁾ 11.1 8.6 9.0 5.1 10.0
Equity/assets ratio, % 39.1 41.3 35.7 35.7 34.8
Earnings per share before dilution, SEK ¹⁾ 25.44 16.61 14.57 8.07 14.88
Earnings per share after dilution, SEK ¹⁾ 25.16 16.41 14.45 8.01 14.81
Dividend per share, SEK 6.40 5.30 4.90 4.70 -
Equity per share, SEK ¹⁾ 240.42 222.55 174.31 162.32 154.48
Number of employees at year-end 21,479 19,002 18,153 18,073 17,420
Number of shares excluding treasury shares as of 31 December 133,247,315 132,488,884 131,810,178 132,247,073 132,926,363
Average number of shares before dilution 132,883,908 132,157,586 132,164,599 133,009,986 133,245,360
Average number of shares after dilution 134,377,832 133,724,223 133,293,340 133,877,141 133,929,292
1) For more information and explanations regarding the usage of these key ratios, please see www.saab.com/investors/financials/financial-data
2) Adjusted for items affecting comparability
3) Cash conversion = operational cash flow / operating income

===== SIDA 21 =====

21  IN TER IM  R EPO RT  Q1  2024  
Parent company 
The Parent Company includes units within the business areas Aeronautics, Dynamics, Surveillance as well as one unit within Combitech. Group staff and 
Group support are also included. A major part of the Group’s operations is included in the Parent Company.  Separate notes to the Parent Company’s 
financial statements and a separate description of risks and uncertainties for the Parent Company have therefore not been included in this interim report. 
Parent company income statement 
 
Parent company balance sheet 
 
 
Liquidity, financing, capital expenditures and number of employees 
The Parent Company’s net liquidity amounted to SEK 102 million as of 31 March 2024 compared to a net liquidity of SEK 2,635 million at 31 December 
2023. Investments in tangible fixed assets amounted to SEK 523 million (230). Investments in intangible assets amounted to SEK 44 million (32). At the 
end of the period, the Parent Company had 11,240 employees compared to 10,970 at the beginning of the year. 
  
MSEK Jan-Mar 2024 Jan-Mar 2023 Full Year 2023
Sales 8,598 6,397 29,204
Cost of goods sold -7,322 -5,411 -23,993
Gross income 1,276 986 5,211
Gross margin, % 14.8 15.4 17.8
Operating income and expenses -987 -998 -3,909
Operating income (EBIT) 289 -12 1,302
Operating margin, % 3.4 -0.2 4.5
Financial income and expenses 72 -30 2,038
Income after financial items 361 -42 3,340
Appropriations - - -617
Income before taxes 361 -42 2,723
Taxes -99 -4 -616
Net income for the period 262 -46 2,107
MSEK Note 31 Mar 2024 31 Dec 2023 31 Mar 2023
     
ASSETS
Fixed assets:
Intangible fixed assets 1,171 1,174 988
Tangible fixed assets 5,752 5,376 4,963
Financial fixed assets 8,712 8,555 7,679
Total fixed assets 15,635 15,105 13,630
Current assets:
Inventories 10,939 10,651 9,183
Current receivables 22,321 21,026 15,442
Short term investments 8,393 11,283 12,679
Liquid assets 1,241 753 1,897
Total current assets 42,894 43,713 39,201
TOTAL ASSETS 58,529 58,818 52,831
SHAREHOLDERS’ EQUITY AND LIABILITIES
Equity:
Restricted equity 3,354 3,354 3,360
Unrestricted equity 14,072 13,756 12,123
Total shareholders’ equity 17,426 17,110 15,483
Untaxed reserves, provisions and liabilities:
Untaxed reserves 3,926 3,926 3,309
Provisions 2,860 2,677 2,642
Liabilities 8 34,317 35,105 31,397
Total untaxed reserves, provisions and liabilities 41,103 41,708 37,348
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 58,529 58,818 52,831

===== SIDA 22 =====

22  IN TER IM  R EPO RT  Q1  2024  
Notes to the financial statements 
Note 1 Corporate information 
Saab AB (publ.), corporate identity no. 556036 -0793, has its registered 
office in Linköping, Sweden. The company’s head office is located at Olof 
Palmes gata 17, 5tr, SE -111 22 Stockholm, Sweden, telephone number 
+46-8-463 00 00. Saab’s B shares are listed on Nasdaq Stockholm since 
1998 and on the large cap list as of October 2006. The company’s 
operations, including subsidiaries, associated companies and joint 
ventures, are described in the Annual and Sustainability Report 2023. 
Note 2 Accounting principles 
The consolidated accounts for the first quarter 2024 have been prepared 
in accordance with IAS 34 Interim Reporting and the Annual Accounts Act. 
The Parent Company’s accounts have been prepared in accordance with 
the Annual Accounts Act and the Swedish Corporate Reporting Board’s 
recommendation RFR 2, Accounting for Legal Entities. The Group’s and 
the Parent Company’s accounting principles are described on pages 112-
114, and concerning significant income statement and balance sheet 
items, in each note disclosure in the Annual Report 2023. 
The interim report is condensed and does not contain all the information 
and disclosures in the annual report and should therefore be read together 
with the Annual Report 2023. All information on pages 1 -30 constitutes 
the interim report for the first quarter 2024. 
The Group and the Parent Company use the accounting principles and 
calculation methods as described in the Annual Report 2023. Important 
estimates and assumptions are disclosed in note 2 in the Annual Report 
2023. 
Note 3 Segment reporting 
Saab is a leading high -technology company, with its main operations in 
defence, aviation and civil security. Operations are primarily focused on 
well-defined areas in defence electronics, missile systems, and naval 
systems as well as military and commercial aviation. Saab is also active in 
technical services and maintenance. Saab has a strong position in 
Sweden and the main part of sales is generated in Europe. In addition, 
Saab has a local presence in Australia, the U.S., South Africa, and in other 
selected countries. Saab’s operating and management structure is 
divided into four business areas, which are also operating segments: 
Aeronautics, Dynamics, Surveillance and Kockums. In addition, 
Combitech, which provides consulting services, is an independent, wholly 
owned subsidiary of Saab.  Corporate comprises Group staff and 
departments, a minority portfolio containing Saab’s ownership interests in 
companies in various stages of development as well as other operations 
outside the core operations. The Group’s o perating segments recognise 
all lease contracts as expenses on a straight -line basis over the lease 
term. 
Due to the structural change where business unit Underwater Systems 
has been transferred from business area Dynamics to Kockums  as of 1 
January 2024, 2023 has been restated. Proforma statements are available 
at saab.com/investors/financials/financial-data.  
Aeronautics 
Aeronautics is a world-leading manufacturer of innovative aerial systems 
and is engaged in development of military aviation technology. It also 
conducts long-term future studies of manned and unmanned aircraft as 
preparation for new systems and further development of existing 
products. 
Dynamics 
Dynamics offers a market -leading product portfolio comprising ground 
combat weapons, missile systems,  systems for training and simulation, 
signature management systems for armed forces around the world, and 
niche products for the civil and defence markets.  
Surveillance 
Surveillance provides efficient solutions for safety and security, for 
surveillance and decision support, and for threat detection, location, and 
protection. The portfolio covers airborne, ground -based and naval radar, 
electronic warfare and combat systems and C4I solutions. 
Kockums 
Kockums develops, delivers, and maintains world-class solutions for naval 
environments. Its portfolio includes submarines with the Stirling system 
for air independent propulsion, surface combatants, mine hunting 
systems, autonomous vesse ls, torpedoes and unmanned underwater 
vehicles. Kockums’  unique competence is in signature management, 
impact strength and advanced stealth technology.  
Combitech 
Combitech is an independent subsidiary of Saab and from 1 July 2021 
reported as an operating segment outside the business area structure 
within Saab Group. Combitech is one of the largest technology consulting 
firms in Sweden, combining technology with cutting -edge expertise to 
create solutions for its customers’ specific needs. Combitec h is active in 
aviation, defence, telecom and other industries as well as the public 
sector. Combitech offers services in systems development, systems 
integration, information security, systems security, communications, 
mechanics, technical product information and logistics. 
Order bookings per operating segment 
 
Order bookings per region 
 
Order backlog per operating segment 
 
Order backlog per region 
 
 
 
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2024 2023 12 Months 2023
     
Aeronautics 5,142 1,426 261 21,827 18,111
Dynamics 5,591 9,313 -40 22,987 26,709
Surveillance 5,929 4,872 22 24,944 23,887
Kockums 1,352 790 71 8,059 7,497
Combitech 1,083 1,081 0 4,293 4,291
Corporate/elimination -602 -464 -2,822 -2,684
Total 18,495 17,018 9 79,288 77,811
Change, 
% 
Jan-Mar Jan-Mar Full Year 
MSEK 2024 2023 2023 
Sweden 4,701 3,158 49 28,306
Rest of Europe 7,095 2,171 227 15,631
North America 2,535 1,503 69 9,226
Latin America 726 27 2,589 1,563
Asia 2,700 581 365 6,075
Africa 332 34 876 73
Australia, etc. 406 1,033 -61 3,147
Undisclosed country - 8,511 -100 13,790
Total 18,495 17,018 9 77,811
Change, 
% 
MSEK 31 Mar 2024 31 Dec 2023 31 Mar 2023 
    
Aeronautics 48,103 46,995 41,001
Dynamics 46,195 43,103 34,440
Surveillance 47,167 45,780 41,730
Kockums 16,447 17,031 15,248
Combitech 1,631 1,595 1,343
Corporate/elimination -1,174 -1,095 -1,100
Total 158,369 153,409 132,662
MSEK 31 Mar 2024 31 Dec 2023 31 Mar 2023
    
Sweden 54,516 55,314 46,425
Rest of Europe 44,272 40,636 36,645
North America 12,864 11,510 8,363
Latin America 17,685 17,878 19,362
Asia 11,091 9,600 7,767
Africa 818 535 572
Australia etc. 4,188 4,638 5,017
Undisclosed country 12,935 13,298 8,511
Total 158,369 153,409 132,662

===== SIDA 23 =====

23  IN TER IM  R EPO RT  Q1  2024  
Sales per operating segment 
 
Sales per region 
 
Information on large customers 
During the first quarter  2024, Saab had one customer that separately 
accounted for 10 per cent or more of the Group’s sales. The Swedish 
Defence is a customer of all business areas and total sales amounted to 
SEK 4,799 million (3,603). 
Seasonal variation 
A major part of Saab’s business is related to large projects where the 
revenue is recognised by using the percentage of completion method. 
The costs incurred in these projects are normally lower during the third 
quarter compared to other quarters . The fourth quarter is also usually 
affected by a higher number of deliveries, mainly within Dynamics. 
Operating income per operating segment 
 
Depreciation/amortisation and write-downs per operating segment 
 
 
Operational cash flow per operating segment 
 
 
Capital employed per operating segment 
 
 
Full time equivalents (FTEs) per operating segment 
 
Jan-Mar Jan-Mar Change,  Rolling Full Year
MSEK 2024 2023 % 12 Months 2023 
Aeronautics 4,047 3,070 32 14,731 13,754
Dynamics 2,622 2,490 5 11,292 11,160
Surveillance 4,989 3,894 28 19,654 18,559
Kockums 1,966 1,468 34 6,812 6,314
Combitech 1,049 966 9 4,005 3,922
Corporate/elimination -488 -403 -2,185 -2,100
Total 14,185 11,485 24 54,309 51,609
Jan-Mar Jan-Mar Full Year
MSEK 2024 2023 2023
Sweden 5,503 39 5,254 46 21,614 42
Rest of Europe 3,582 25 2,135 19 11,913 23
North America 1,501 11 1,248 11 5,607 11
Latin America 922 6 670 6 3,690 7
Asia 1,345 9 1,152 10 4,759 9
Africa 50 0 34 0 109 0
Australia, etc. 919 6 992 9 3,425 7
Undisclosed country 363 3 - - 492 1
Total 14,185 100 11,485 100 51,609 100
% of 
sales
% of 
sales
% of 
sales
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2024 2023 12 Months 2023
Aeronautics 276 6.8 163 5.3 823 710
Dynamics 367 14.0 427 17.1 1,698 1,758
Surveillance 405 8.1 554 14.2 1,885 2,034
Kockums 132 6.7 83 5.7 481 432
Combitech 122 11.6 111 11.5 351 340
Group segments' 
operating income 1,302 9.2 1,338 11.6 5,238 5,274
Corporate -111 -410 -703 -1,002 
Total 1,191 8.4 928 8.1 4,535 4,272
% of 
sales
% of 
sales
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2024 2023 12 Months 2023
Aeronautics 56 49 14 213 206
Dynamics 28 23 22 103 98
Surveillance 228 214 7 913 899
Kockums 11 10 10 38 37
Combitech 3 2 50 11 10
Corporate 302 258 17 1,080 1,036
Total 628 556 13 2,358 2,286
Change, 
% 
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2024 2023 12 Months 2023
 
Aeronautics -824 82 -1,276 -370
Dynamics -996 1,914 327 3,237
Surveillance -436 745 -28 1,153
Kockums 920 703 -37 -254
Combitech 135 138 384 387
Corporate -797 -510 -1,283 -996
Total -1,998 3,072 -1,913 3,157
MSEK 31 Mar 2024 31 Dec 2023 31 Mar 2023
Aeronautics 11,514 10,403 9,872
Dynamics 4,855 4,346 3,567
Surveillance 11,869 11,676 10,518
Kockums 2,293 3,011 2,096
Combitech 1,028 1,101 1,065
Corporate/elimination 12,489 13,417 13,977
Total 44,048 43,954 41,095
Number at end of the period 31 Mar 2024 31 Dec 2023 31 Mar 2023
Aeronautics 5,644 5,568 5,203
Dynamics 3,705 3,557 3,135
Surveillance 6,500 6,275 5,822
Kockums 2,240 2,140 1,909
Combitech 2,243 2,242 2,075
Corporate 2,003 1,828 1,507
Total 22,335 21,610 19,651

===== SIDA 24 =====

24  IN TER IM  R EPO RT  Q1  2024  
Note 4 Distribution of sales  
 
Note 5 Items affecting comparability 
 
 
The items affecting comparability in the comparison periods are included in the operating income of the group. Operating income adjusted for items 
affecting comparability was not reported for the full year 2023 or the first quarter 2023.  
 
Note 6 Dividend to Parent Company’s shareholders 
The Annual General Meeting 2024 held on 11 April decided on a dividend 
to the Parent Company’s shareholders of SEK 6.40 per share, 
corresponding to a total dividend of SEK 853 million. The dividend is paid 
out in two equal instalments. Record date for the first instalment  was 15 
April 2024 and the dividend was paid out on 18 April 2024. At the second 
instalment, SEK 0.80 per share (after implementation of the share split 4:1) 
will be paid on 11 October 2024 with the record date 8 October 2024. 
Note 7 Intangible fixed assets 
 
 
MSEK 
Jan-Mar 
2024 
Jan-Mar 
2023 
Jan-Mar 
2024 
Jan-Mar 
2023 
Jan-Mar 
2024 
Jan-Mar 
2023 
Jan-Mar 
2024 
Jan-Mar 
2023 
Jan-Mar 
2024 
Jan-Mar 
2023 
Jan-Mar 
2024 
Jan-Mar 
2023 
Jan-Mar 
2024 
Jan-Mar 
2023 
External sales 4,030 3,049 2,567 2,442 4,874 3,804 1,938 1,450 688 675 88 65 14,185 11,485
Internal sales 17 21 55 48 115 90 28 18 361 291 -576 -468 - -
Total sales 4,047 3,070 2,622 2,490 4,989 3,894 1,966 1,468 1,049 966 -488 -403 14,185 11,485- - - - - - - - - - - - - -
Sales by customer:
Military customers 3,779 2,838 2,515 2,407 4,414 3,327 1,816 1,393 328 310 28 41 12,880 10,316
Civilian customers 251 211 52 35 460 477 122 57 360 365 60 24 1,305 1,169
Total external sales 4,030 3,049 2,567 2,442 4,874 3,804 1,938 1,450 688 675 88 65 14,185 11,485- - - - - - - - - - - - - -
Sales by significant source:
Long-term customer contracts 3,772 2,586 1,333 849 3,249 2,633 1,026 941 - - 39 42 9,419 7,051
Services 194 390 403 334 937 755 409 307 610 623 31 19 2,584 2,428
Products 64 73 831 1,259 688 416 503 202 78 52 18 4 2,182 2,006
Total external sales 4,030 3,049 2,567 2,442 4,874 3,804 1,938 1,450 688 675 88 65 14,185 11,485- - - - - - - - - - - - - -
Sales by domain:
Air 3,700 2,765 90 59 1,750 1,666 - - 11 12 10 14 5,561 4,516
Land 42 28 2,213 2,147 1,171 654 - - 327 317 6 7 3,759 3,153
Naval 3 2 248 228 1,472 981 1,938 1,450 2 1 47 23 3,710 2,685
Civil Security 4 15 5 7 476 497 - - 91 97 19 15 595 631
Commercial Aeronautics 278 239 - - 2 - - - - 3 4 3 284 245
Other/not distributed 3 - 11 1 3 6 - - 257 245 2 3 276 255
Total external sales 4,030 3,049 2,567 2,442 4,874 3,804 1,938 1,450 688 675 88 65 14,185 11,485- - - - - - - - - - - - - -
Sales recognition method:
Over time 3,548 2,696 1,615 1,134 3,621 2,928 1,828 1,370 688 675 51 49 11,351 8,852
Point in time 482 353 952 1,308 1,253 876 110 80 - - 37 16 2,834 2,633
Total external sales 4,030 3,049 2,567 2,442 4,874 3,804 1,938 1,450 688 675 88 65 14,185 11,485
Corporate/         
elimination Group Aeronautics Dynamics Surveillance Kockums Combitech
Item affecting comparability Business Area Line item Jan-Mar 2024 Jan-Mar 2023 Full Year 2023
Write-down of associated companies Corporate Share of income in associated companies and joint ventures - -260 -494
Capital gain from the divestment of MTM operations Surveillance Other operating income - 270 270
Capital gain from divestment of property Corporate Other operating income - - 58
Negative goodwill from a preliminary purchase price 
allocation
Corporate Other operating income - - 144
Total - 10 -22
MSEK
31 Mar 
2024
31 Dec 
2023
31 Mar 
2023
Goodwill 5,517 5,424 5,371
Capitalised development costs 6,108 6,106 5,927
Other intangible assets 1,424 1,411 975
Total 13,049 12,941 12,273

===== SIDA 25 =====

25  IN TER IM  R EPO RT  Q1  2024  
Note 8 Net liquidity/debt 
 
Committed credit lines 
 
Parent Company 
 
Since 2009, Saab has a Medium Term  Note (MTN) programme to enable 
issuance of bonds in the capital market. During 2018 the MTN programme 
was increased to SEK 10,000 million. A major part of the bonds are issued 
as Floating Rate Notes (FRN). During the first quarter , loans with short 
maturity amounting to SEK 400 million were repurchased. No new bonds 
were issued. Bonds outstanding within the MTN programme amounted to 
SEK 6,870 million at the end of the first quarter 2024. 
No revolving credit facilities have been utilised during the period. 
 
Note 9 Capital employed 
 
 
 
 
Note 10 Financial instruments 
Classification and categorisation of financial assets and liabilities²⁾ 
 
The Group has used the same valuation methods as in the year -end 
closing of 202 3, as described in the Annual Report 2023 on page 1 55, 
note 35. As of 31 March 2024, the Group had the following financial assets 
and liabilities at fair value: 
Financial assets at fair value 
 
Financial liabilities at fair value 
 
 
  
MSEK 
31 Mar 
2024 
31 Dec 
2023 
31 Mar 
2023 
    
Assets:
Liquid assets 2,336 2,129 2,918
Short-term investments 8,464 11,340 12,688
Total liquid investments 10,800 13,469 15,606
Short-term interest-bearing receivables 74 73 73
Long-term interest-bearing receivables 275 333 423
Long-term receivables attributable to pensions 59 59 19
Total interest-bearing assets 11,208 13,934 16,121
Liabilities:
Lease liabilities 2,773 2,675 2,676
Bonds and other debt instruments 6,922 7,270 6,798
Liabilities to associated companies 
and joint ventures 53 49 48
Other interest-bearing liabilities 60 48 107
Provisions for pensions ¹⁾ 564 1,549 1,166
Total interest-bearing liabilities and provisions for 
pensions 10,372 11,591 10,795
Net liquidity (+) / net debt (-) 836 2,343 5,326
1) Excluding provisions for special employers' contribution attributable to pensions.
MSEK Facilities Drawings Available 
    
Revolving credit facility 
(Maturity 2026 SEK 4 billion, 2025, SEK 2 
billion) 6,000 - 6,000
Overdraft facility (Maturity 2024) 92 39 53
Total 6,092 39 6,053
MSEK
31 Mar 
2024 
31 Dec 
2023 
31 Mar 
2023 
    
Long-term bonds and other debt instruments 6,870 6,870 6,704
Short-term bonds and other debt instruments - 400 88
Total 6,870 7,270 6,792
MSEK
31 Mar 
2024
31 Dec 
2023
31 Mar 
2023
Total assets 84,782 82,759 76,509
Less non-interest bearing liabilities 40,734 38,805 35,414
Capital employed 44,048 43,954 41,095
Carrying amount 
31 Mar 
2024 
31 Dec 
2023 
31 Mar 
2023 
Financial assets:
Valued at amortised cost ⁴⁾: 
Accounts receivable, contract assets and other 
receivables 23,595 21,144 17,977
Liquid assets 2,336 2,129 2,918
Long-term receivables 399 456 539
Valued at fair value through profit and loss ³⁾: 
Short-term investments 8,464 11,340 12,688
Derivatives for trading 17 81 40
Financial investments 228 223 226
Valued at fair value through other comprehensive 
income ³⁾: 
Derivatives identified as hedges 949 1,575 1,443
Equity investments elected to be classified as fair value 
through other comprehensive income 915 879 52
Total financial assets 36,903 37,827 35,883
Financial liabilities:
Valued at amortised cost:
Interest-bearing liabilities ¹⁾ 9,809 10,043 9,629
Other liabilities ⁴⁾ 13,492 12,426 10,888
Valued at fair value through profit and loss ³⁾:
Contingent consideration payable 130 123 -
Derivatives for trading 34 8 25
Valued at fair value through other comprehensive 
income ³⁾: 
Derivatives identified as hedges 1,536 1,103 1,462
Total financial liabilities 25,001 23,703 22,004
¹⁾  Fair value 10,007 9,840 9,481
²⁾ Derivatives with positive values are recognised as assets and derivatives with negative 
values are recognised as liabilities. Derivatives with a legal right of offset amount to SEK 657 
million.
³⁾ The impact of credit risk on these instruments is considered low given the limits in the 
current investment policy.
⁴⁾ Carrying amount, in Saab’s assessment, essentially corresponds to fair value.
MSEK 31 Mar 2024 Level 1 Level 2 Level 3
     Bonds and interest-bearing securities 8,464 8,464 - -
Forward exchange contracts 696 - 696 -
Currency options 3 - 3 -
Interest rate swaps 267 - 267 -
Shares and participations 1,143 - - 1,143
Total 10,573 8,464 966 1,143
MSEK 31 Mar 2024 Level 1 Level 2 Level 3
     
Forward exchange contracts 1,514 - 1,514 -
Currency options 8 - 8 -
Interest rate swaps 12 - 12 -
Electricity derivatives 36 36 - -
Contingent consideration payable 130 - - 130
Total 1,700 36 1,534 130

===== SIDA 26 =====

26  IN TER IM  R EPO RT  Q1  2024  
Movements in the group’s Level 3 financial instruments were as follows: 
 
Note 11 Supplemental information on statement of cash flows 
Free cash flow 
 
 
Free cash flow vs. statement of cash flows 
 
Liquid assets 
 
Note 12 Business combinations 
In the first quarter 2024, Saab completed the acquisition of the remaining 
shares in UMS Skeldar AG for a minor consideration. The UMS Skeldar AG 
Group was an associated company in the comparison quarter 2023. In the 
fourth quarter 2023, Saab acquired two subsidiaries in Sweden from UMS 
Skeldar AG for a minor consideration and entered into an agreement to 
acquire the remaining shares in UMS Skeldar AG. No other acquisitions or 
divestments took place in the first quarter 2024.  
  
MSEK Unlisted shares and participations Contingent consideration payable 
Opening balance, 1 January 2024 1,102 123
Acquisitions - -
Unrealised gains/losses recognised in the income statement 5 -
Unrealised gains/losses recognised in other comprehensive income 36 -
Foreign currency translation - 7
Closing balance, 31 March 2024 1,143 130
MSEK
Jan-Mar
2024 
Jan-Mar
2023 
Full year
2023 
    
Cash flow from operating activities before changes in working capital, excluding taxes and other financial items ¹⁾ 1,648 1,399 6,777
Cash flow from changes in working capital:
Contract assets and liabilities -1,771 2,100 2,915
Inventories -1,595 -1,020 -2,691
Other current receivables -278 1,064 -1,922
Other current liabilities 1,284 274 2,020
Provisions -147 -3 -408
Change in working capital -2,507 2,415 -86
Cash flow from operating activities excluding taxes and other financial items -859 3,814 6,691
Investing activities:
Investments in intangible fixed assets -162 -233 -1,031
Investments in tangible fixed assets -998 -524 -2,507
Sales and disposals of tangible fixed assets including biological assets 21 15 4
Cash flow from investing activities ²⁾ -1,139 -742 -3,534
Operational cash flow -1,998 3,072 3,157
Taxes and other financial items -374 -226 -815
Sale of and investments in financial assets, associated companies and joint ventures -2 -28 -896
Investments in operations -15 - -262
Sale of subsidiaries and other operations - 307 382
Free cash flow -2,389 3,125 1,566
2) Cash flow from investing activities excluding change in short-term investments and other interest-bearing financial assets and excluding sale of and investment in financial assets, operations and 
subsidiaries. If investments in and sale of financial fixed assets are considered to be of operating nature, the item is included in investing activities.
1) Including amortisation of lease liabilities
Jan-Mar Jan-Mar Full Year
MSEK 2024 2023 2023
    
Free cash flow -2,389 3,125 1,566
Investing activities – interest-bearing:
Short-term investments 2,886 -2,704 -1,233
Other financial investments and receivables - -113 -372
Financing activities:
Repayments of loans -341 -248 -1,075
Raising of loans - - 1,250
Dividend paid to the Parent Company’s shareholders - - -703
Dividend paid to non-controlling interest - - -126
Transactions with non-controlling interest - - 10
Cash flow for the period 156 60 -683
MSEK 
31 Mar 
2024 
31 Dec 
2023 
31 Mar 
2023 
    
The following components are included 
in liquid assets: 
Cash and bank balances 1,336 1,629 2,311
Bank deposits 1,000 500 607
Total according to balance sheet 2,336 2,129 2,918
Total according to statement of cash flows 2,336 2,129 2,918

===== SIDA 27 =====

27  IN TER IM  R EPO RT  Q1  2024  
Note 13 Defined-benefit plans 
Saab h as defined -benefit pension plans where post -employment 
compensation is based on a percentage of the recipient’s salary. Defined-
benefit plans mainly relate to the Swedish operations, where the ITP2 plan 
accounts for more than 90 per cent of the total obligation. 
Pension obligation according to IAS 19 
 
Actuarial gains and losses are recognised in other comprehensive 
income. The actuarial gain related to the Swedish pension plans amounted 
to SEK 1,161 million in the first quarter 2024 primarily due to the following: 
The assumed discount rate increased from 3.25 per cent to 3.75 per cent. 
This resulted in a in an actuarial gain  of SEK 753 million.  The inflation 
assumption was 1.50 per cent, unchanged during the first quarter 2024. 
Experience adjustments resulted in an actuarial gain of SEK 39 million. 
The return on assets under management was SEK 212 million which 
resulted in an actuarial gain of SEK 142 million. 
The actuarial gain related to the special employer’s contribution amounted 
to SEK 227 million. 
Note 14 Contingent liabilities 
No additional significant commitments have arisen during the first quarter 
2024. With regard to the Group’s so -called performance guarantees for 
commitments to customers, the likelihood of an outflow of resources is 
estimated as remote and, as a result, no value is recognised. 
Note 15 Transactions with related parties 
In the first quarter 2024, Saab completed the acquisition of the remaining 
shares in UMS Skeldar AG for a minor consideration.  
No other significant transactions with related parties have occurred during 
the first quarter 2024.  Related parties with which the Group has 
transactions are described in note 37 in the Annual Report 2023. 
Note 16 Definitions 
Below are definitions of financial key ratios that are used in the report. For 
more information and explanations regarding the usage of these key 
ratios, please see www.saab.com/investors/financials/financial-data.  
Capital employed  
Total assets less non-interest-bearing liabilities.  
Cash conversion 
Operational cash flow divided by operating income (EBIT). 
Earnings per share  
Net income for the period attributable to the Parent Company’s 
shareholders, divided by the  average number of shares before and after 
full dilution.  
EBITDA  
Operating income before depreciation/amortisation and write-downs.  
EBITDA adjusted for items affecting comparability  
Operating income before depreciation/amortisation and write -downs 
adjusted for items classified as affecting comparability. 
EBITDA margin  
Operating income before depreciation/amortisation and write-downs as a 
percentage of sales.  
EBITDA margin adjusted for items affecting comparability  
Operating income before depreciation /amortisation and write -downs 
adjusted for items affecting comparability  as a percentage of adjusted 
sales. 
Effective tax rate  
Current and deferred taxes as a percentage of income before tax.  
Equity/assets ratio  
Equity in relation to total assets.  
Equity per share  
Equity attributable to the Parent Company’s shareholders divided by the 
number of shares, excluding treasury shares, at the end of the period.  
Free cash flow  
Cash flow from operating activities including amortisation of lease 
liabilities an d cash flow from investing activities, excluding acquisitions 
and divestments of short -term investments and other interest -bearing 
financial assets.  
Free cash flow per share  
Free cash flow divided by the average number of shares after dilution.  
Full Time Equivalent, FTE  
Refers to the number of full -time equivalent employees. Excludes long -
term absentees and consultants but includes fixed term employees and 
part-time employees. 
Gross income adjusted for items affecting comparability 
Gross income adjusted for items classified as affecting comparability.  
Gross margin  
Gross income as a percentage of sales.  
Gross margin adjusted for items affecting comparability  
Gross income adjusted for items affecting comparability as a percentage of 
adjusted sales. 
Items affecting comparability  
Items affecting comparability comprise the financial effects from events 
or transactions with material impact that are relevant to understand the 
result when comparing periods. Such events or transactions can relate to 
restructuring programs, costs related to disputes and legal proceedings,  
macroeconomic developments, impairment ch arges and gains and 
losses from divestments of group companies, joint ventures or associated 
companies. 
Net investments  
Investments, sales and disposals of intangible and tangible fixed assets. 
Net liquidity/net debt 
Liquid assets, short -term investments and interest -bearing receivables 
less interest -bearing liabilities and provisions for pensions excluding 
provisions for pensions attributable to special employers’ contribution. 
Net liquidity/net debt to EBITDA  
End of period Net liquidity/net debt divided  by 12-month rolling reported 
EBITDA. 
Number of employees 
Headcount of all employed by the company, excluding fixed term 
employees and consultants. 
Operating income  
Income before financial items and tax. 
Operating income adjusted for items affecting comparability  
Operating income (EBIT) adjusted for items classified as affecting 
comparability.  
Operating margin  
Operating income (EBIT) as a percentage of sales.  
Operating margin adjusted for items affecting comparability  
Operating income adjusted for items affecting comparability  as a 
percentage of adjusted sales.  
Operational cash flow  
Cash flow from operating activities, excluding taxes and other financial 
items, amortisation of lease liabilities and investments, sales and disposals 
of intangible and tangible fixed assets.  
Order backlog  
Total value of orders at the end of the period.  
Order bookings  
Total value of orders received during the period.  
MSEK
31 Mar 
2024 
31 Dec 
2023 
31 Mar 
2023 
Defined-benefit obligation 9,976 10,749 10,025
Special employers' contribution 89 323 241
Less assets under management 9,471 9,259 8,878
Total provisions for pensions 594 1,813 1,388
 of which reported as long-term receivable 59 59 19

===== SIDA 28 =====

28  IN TER IM  R EPO RT  Q1  2024  
Organic sales growth  
Change in sales in percenta ge adjusted for effects from exchange rate 
due to the translation of foreign subsidiaries, and structural changes such 
as acquisitions and divestments of subsidiaries.  
Research and development, R&D 
Research and development costs are recognised separately in the 
income statement and comprise the cost of self -financed new and 
continued product development as well as amortisation and any write -
down of capitalised development costs.  
Research and development expenditures comprise both expenses 
incurred as costs excluding amortization and write-downs, and expenses 
capitalised as development costs in the statement of financial position. 
Total R&D expenses also include the part of Saab’s R&D that is conducted 
in cooperation with customers, which is reported as cost of goods sold. 
Return on capital employed  
Operating income plus financial income (rolling 12 months) as a 
percentage of average capital employed.  
Return on equity  
Net income for the period (rolling 12 months) as a percentage of average 
equity. 
Sales adjusted for items affecting comparability 
Sales adjusted for items classified as affecting comparability.

===== SIDA 29 =====

29  IN TER IM  R EPO RT  Q1  2024  
Glossary 
AEW&CS Airborne Early Warning & Control System 
C4I Command, Control, Communications, Computers, and Intelligence 
CDP Global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts 
FMV Swedish Defence Materiel Administration, Sw, “Försvarets materielverk” 
FRN Floating Rate Note 
IAS International Accounting Standards 
IFRS International Financial Reporting Standards 
MTN Medium Term Note, loan facility for issuance of bonds with a duration of 1-15 years 
MTM Maritime Traffic Management 
NSPA NATO Support and Procurement Agency 
NLAW Next Generation Light Anti-Tank Weapon 
SBTi Science Based Targets initiative 
 
 
 
Stockholm 26 April 2024 
Saab AB (publ) 
 
Micael Johansson 
President and CEO 
 
 
This interim report has not been subject to review by the company’s auditors.

===== SIDA 30 =====

Important information 
This interim report may contain forward-looking 
statements which reflect Saab AB’s current view on future 
events and financial and operational development. Words 
such as “intend”, “expect”, “anticipate”, “may”, “believe”, 
“plan”, “estimate” and other expressions which imply 
indications or predictions of future development or trends, 
and which are not based on historical facts, are intended to 
identify forward -looking statements. Forward -looking 
statements inherently involve both known and unknown 
risks and uncertainties as they depend on future events 
and circum stances. Forward -looking statements do not 
guarantee future results or development and the actual 
outcome could differ materially from the forward -looking 
statements. 
 
This information is such that Saab AB is obliged to make 
public pursuant to the EU Market Abuse Regulation. The 
information was submitted for publication, through the 
agency of the contact person set out above, on 26 April 
2024 at 07.30 (CET). 
Contacts
Merton Kaplan, Head of Investor Relations 
+46 734 18 20 71 
Johanna Hallstedt, Investor Relations Manager 
+46 734 18 79 10 
Media and financial analyst conference:  
26 April 2024 at 10.00 (CET) 
Live webcast: 
www.saab.com/investors/webcast/q1-2024 
Conference call: 
For information on how to join the call, please register 
on www.saab.com/investors/conference-call-q1 
The interim report, presentation material and the 
webcast will be available on www.saab.com/investors 
Calendar 
Half-year report 2024  
Published 19 July 2024 
Q3 Interim report 2024  
Published 22 October 2024 
 
 
 
Q1