Kvartalsrapport Q1 2025

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

PRODUCT IMAGE: Ground-Launched Small Diameter Bomb (GLSDB) 
Growing in a dynamic 
market reality 
 
  
 
Q1 
INTERIM REPORT 2025

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

2 IN TER IM  R EPO RT  Q1  2025  
January-March 2025 
Key Highlights 
▪ Order intake for the first quarter increased to SEK 19,144m 
(18,495), driven by small and medium-sized orders. 
▪ Sales in the quarter amounted to SEK 15,792m (14,185), 
which corresponded to an organic sales growth of 11% (24).  
▪ EBITDA increased to SEK 2,140m (1,819) with an EBITDA 
margin improvement to 13.6% (12.8) in the quarter. 
▪ EBIT increased 22% and amounted to SEK 1,454m (1,191), 
corresponding to an EBIT margin of 9.2% (8.4).  
▪ Net income increased to SEK 1,277m (784) and earnings per 
share amounted to SEK 2.35 (1.43), an increase of 64%. 
▪ Operational cash flow improved and amounted to SEK -14m  
(-1,998), driven by strong cash flow in Dynamics, offset by 
increased investments and timing of customer payments.  
▪ Net liquidity position at the end of the period was SEK 2,196m 
compared to SEK 2,211m at year-end 2024. 
▪ The AGM 2025 decided on a dividend of SEK 2.00 (1.60) per 
share for the financial year 2024. 
 
 
MSEK Jan-Mar 2025 Jan-Mar 2024 Change, % Full Year 2024 
Order bookings 19,144 18,495 4 96,798
Order backlog 189,207 158,369 19 187,223
Sales 15,792 14,185 11 63,751
Gross income 3,719 3,085 21 13,663
Gross margin, % 23.5 21.7 21.4
EBITDA 2,140 1,819 18 8,402
EBITDA margin, % 13.6 12.8 13.2
Operating income (EBIT) 1,454 1,191 22 5,662
Operating margin, % 9.2 8.4 8.9
Net income 1,277 784 63 4,210
of which Parent Company’s shareholders’ interest 1,268 770 65 4,171
Earnings per share after dilution, SEK  ²⁾ 2.35 1.43 64 7.74
Return on equity, % ¹⁾ 13.0 10.9 12.4
Operational cash flow -14 -1,998 2,497
Free cash flow -447 -2,389 993
Free cash flow per share after dilution, SEK  ²⁾ -0.83 -4.43 1.84
Average number of shares after dilution  ²⁾ 539,768,124 539,532,640 539,218,308
¹⁾ Return on equity is measured over a rolling 12-month period.
²⁾ Comparison periods adjusted for share split 4:1.
19.1 
Order bookings, SEK bn 
11% 
Organic sales growth 
9.2% 
Operating margin 
Financial highlights

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

3 IN TER IM  R EPO RT  Q1  2025  
Rapid changes in the global geopolitical climate 
have continued to underscore the urgent need 
for a strong European defence industry , with 
increased collective capacity  and capabilities . 
While the transatlantic partnership between the 
U.S. and Western nations remains important,  
Europe must ensure its long-term security of 
supply and  fill technology gaps by their own 
means. The renewed focus on a capable 
European industrial-defence base has created a 
new market reality that we are adapting and 
responding to, even if the transition from political 
decisions to defence acquisition will take time.  
Saab's market position within NATO and Europe 
has been growing  steadily over the last two 
years. Supported by our technological expertise 
and broad portfolio, we are addressing vital 
defence priorities such as air -defence, 
surveillance and intelligence and ground combat 
systems. W e are committed to  contributing to 
European capability build -up and supporting 
Ukraine, while simultaneously strengthening our 
capabilities in the U.S.  As exciting as this is for 
Saab and our future, we remain conscious that  
ramping up capacity will take time and involves 
the full supply chain. We are putting significant 
efforts and investments into enabling high pace 
deliveries to our customers. 
In the quarter, order intake increased year-over-
year and amounted to SEK 19.1 billion (18.5), with 
continued order momentum record ed in 
business area s Dynamics and Surveillance. 
Orders were driven by small and medium -sized 
orders but also included two large orders, the 
next generation air defence system RBS 70 NG 
from Latvia of SEK 2.1 billion and an upgrade 
order for the cruise miss ile TAURUS from 
Germany of SEK 1.7 billion . This contributed to 
the order backlog amounting to SEK 189 billion 
(158). In the period, Saab signed a strategic 
collaboration agreement with the Ukrainian 
defence company Radionix for sensors and 
defence electronics, aiming to strengthen 
Ukraine’s defence capabilities.  
Moreover, as one of the world’s most advanced 
fighter airc raft, the Gripen E/F is generating 
significant interest globally. We are currently 
engaged in several campaigns and are proud to 
have been chosen by Thailand and Colombia, to 
begin negotiations for the acquisition of fighter  
aircrafts.  
Sales amounted to SEK 15.8 billion  (14.2) in the 
period, our strongest first quarter to date . The 
organic growth in the quarter was 11% (24)  
driven by backlog execution and high project 
activity in all business areas and Combitech . 
EBIT in the quarter improved 2 2% to SEK 1.5 
billion (1.2) and corresponded to a margin of 
9.2% (8.4). Higher sales volumes, project 
completions and deliveries  contributed to the 
improved margin.  
Operational cash flow improved compared to 
the same period last year and amounted to SEK 
-14 million (-1,998), driven by strong cash flow in 
Dynamics, offset by higher level of investments, 
increased inventory and  timing of large 
customer payments.  In the quarter, we took 
further steps increasing the production capacity 
in our new facility in Finland, where we have 
started the serial production of the passive 
electronic warfare sensor Sirius Compact. This 
will, already from April, provide higher production 
rates and faster deliveries as well as the latest 
technology to our customers.  
The capacity expansion in Dynamics is also 
progressing at a high pace . Our production 
ramp-up and focus on automation will 
strengthen our future operational footprint an d 
position the business for long -term growth. As 
communicated in the fourth quarter report, the 
planned investments will put pressure on cash 
flow this year. However, we remain committed to 
delivering a positive operational cash flow for 
2025. 
Ongoing geopolitical tensions and uncertainty 
surrounding tariffs presents challenge s and 
make it difficult to predict  the future. Despite 
these uncertainties, we remain confident in our 
company's future  and reiterate our outlook for 
2025. By  focusing on customer deliveries and 
strategically investing in capacity , we will 
continue to develop the business in line with our 
growth plans and capture the market 
opportunities ahead of us.  
 
 
 
CEO comments  
Growing in a dynamic  
market reality 
 
Micael Johansson 
President and CEO 
Outlook 2025 
Sales growth: 
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 
Medium-term Targets 
2023-2027 
Sales growth: 
Organic sales growth of around 18% 
(compound annual growth rate, CAGR) 
Operating income: 
Operating income growth higher than  
organic sales growth 
Operational cash flow: 
Cash conversion of minimum 60%, 
(cumulative for the 5-year period)

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

4 IN TER IM  R EPO RT  Q1  2025  
Orders 
January-March 2025 
Order intake increased 4 per cent in the quarter, amounting to SEK 19,144 million (18,495).  
The growth was primarily driven by small orders, which increased by 34 per cent to SEK 6,459 
million (4,835). Medium-sized orders increased by 7 per cent and amounted to SEK 7,398 million 
(6,912), while large orders declined compared to the same period last year and amounted to SEK 
5,287 million (6,748). Order intake growth was particularly strong in Dynamics during the quarter.  
Key orders during the first quarter included a SEK 2.1 billion contract with Latvia for the RBS 70 
short-range air defence system and a SEK 1.7 billion contract for the maintenance and 
modernisation of the TAURUS cruise missile system for the German Air Force. 
The order backlog at the end of the period amounted to SEK 189,207 million, compared to SEK 
187,223 million at the beginning of the year, and corresponded to an increase of 1 per cent. In 
total, 74 per cent of the backlog is attributable to international markets, compared to 72 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 2025 
Sales for the first quarter amounted to SEK 15,792 million (14,185), corresponding to a sales 
growth of 11.3 per cent, with an organic sales growth of 10.9 per cent. All business areas and 
Combitech reported sales growth, with strong sales contributions from Dynamics and Aeronautics 
in the quarter. 
Sales related to Sweden increased 27 per cent in the quarter, corresponding to 44 per cent (39) of 
total sales, whereas sales related to international markets increased 2 per cent. Saab reported sales 
growth across several regions in the first quarter. 9 1 per cent (91) of sales were related to the 
defence business. 
Sales growth 
 
Sales per region
 
 
 
  
Per cent
Jan-Mar 
2025 
Jan-Mar 
2024 
Full Year 
2024 
Organic sales growth 10.9 24.0 23.4
Change from acquisitions and divestments 0.2 -0.2 0.2
Currency translation effects  0.2 -0.3 -0.1 
Total sales growth 11.3 23.5 23.5
MSEK Jan-Mar 2025 Jan-Mar 2024 Change, %
Sweden 6,970 5,503 27
Rest of Europe 3,596 3,582 0
North America 1,245 1,501 -17
Latin America 1,014 922 10
Asia 1,395 1,345 4
Africa 58 50 16
Australia, etc. 586 919 -36
Undisclosed countries 928 363 156
Total 15,792 14,185 11
 
 
Order distribution 
Jan-Mar 2025 
  
 
Order backlog duration: 
2025: SEK 48,0  billion 
2026: SEK 52,9  billion 
2027: SEK 46,2  billion 
2028: SEK 22,8  billion 
After 2028: SEK 19,3 billion 
 
Order by market 
A total of 77% (75) of the 
order bookings related to 
markets outside Sweden 
during Jan-Mar 2025. 
 
 
 
 
 
Sales by market 
A total of 56% (61) of the 
sales related to markets 
outside Sweden during  
Jan-Mar 2025. 
 
 
 
 
 
Sales Jan-Mar, MSEK 
 
Classification of orders MSEK
Small orders <100
Medium-sized orders 100-1000
Large orders >1000
Small orders 33% (26)
Medium-sized orders 39% (37)
Large orders 28% (37)
9,218
11,485
14,185
15,792
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025

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

5 IN TER IM  R EPO RT  Q1  2025  
Income 
January-March 2025 
Gross income increased 21 per cent and amounted to SEK 3,719 million ( 3,085) following both 
increased sales volumes and margin improvement. The gross margin increased to 23.5 per cent 
(21.7) driven by good project execution and project completions in the quarter. 
Total depreciation, amortisation and write-downs amounted to SEK 686 million (628). Depreciation 
of tangible fixed assets and right -of-use assets amounted to SEK 491 million (421). Amortisation 
and write-downs of intangible fixed assets amounted to SEK 195 million (207), of which amortisation 
and write-downs of capitalised development expenditures amounted to SEK 151 million (157).  
Research and development costs amounted to SEK 801 million (628) following increases across 
business areas. 
EBITDA increased 18 per cent and amounted to SEK 2,140 million (1,819), with an EBITDA margin 
of 13.6 per cent (12.8). Operating income (EBIT) increased 22 per cent and amounted to SEK 1,454 
million (1,191), with a margin of 9.2 per cent (8.4). The EBIT improvement year-over-year was mainly 
driven by Dynamics, Aeronautics and Kockums.  
Financial net 
 
The financial net amounted to SEK 16 7 million ( -182) in the first quarter 2025. The increase 
compared to last year was mainly due to SEK appreciation which had a favourable impact on 
currency hedges in the tender portfolio. 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. 
The financial net related to pensions is the financial cost for net pension obligations recognised in 
the balance sheet. See note 13 for more informat ion regarding defined-benefit pension plans. Net 
interest items refer to interest on liquid assets, long - and short -term investments and interest 
expenses on short- and long-term interest-bearing liabilities and interest on interest-rate swaps. 
Lease liability interest consists 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 for 
liquid assets in currencies other than SEK. 
Tax 
Current and deferred taxes amounted to SEK -344 million ( -225) during the first quarter 2025, 
corresponding to an effective tax rate of 21 (22) per cent. The decrease in the effective tax rate was 
primarily due to a lower proportion of taxable results from foreign operations in the first quarter  
2025. 
 
MSEK Jan-Mar 2025 Jan-Mar 2024
Financial net related to pensions -10 -12
Net interest items 32 42
Currency gains/losses 198 -172
Lease liability interest -42 -38
Other financial items -11 -2
Total 167 -182
Operating income (MSEK) and 
margin (%), Jan-Mar 
   
EPS after dilution, SEK 
 
 
 
Internally funded R&D 
expenditures, MSEK 
 
654 
928 
1,191 
1,454 
7.1
8.1
8.4
9.2
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
0.66
1.36 1.43
2.35
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
402 443
587
820
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025

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

6 IN TER IM  R EPO RT  Q1  2025  
Financial position and liquidity 
At the end of  March 2025 , Saab had a  net liquidity of SEK 2,196 million, a decrease of  
SEK 15 million compared to a net liquidity of SEK 2,211 million at year-end 2024. Net debt/EBITDA 
was -0.25 (-0.26) at the end of the period.  
Cash flow from operating activities amounted to SEK 1,354 million (-1,053). 
Contract assets increased by SEK 1,340 million and contract liabilities increased by SEK 2,070 
million compared to year -end 202 4. Inventories increased by  SEK 2,170 million during  the first 
quarter with increases mainly in Dynamics and Surveillance. 
Net provisions for  pensions, excluding  special employer’s contribution, amounted to  SEK 695 
million as of 3 1 March 2025, compared to SEK 1,070 million at year-end 2024. The effect on net 
debt of SEK 375 million was mainly a result of actuarial gains related to increased discount rate. For 
further information on Saab’s defined-benefit pension plan, see note 13.  
Tangible fixed assets amounted to SEK 13,244 million compared to 12,484 at the end of 2024. 
Right-of-use assets recognised in the balance sheet amounted to SEK 2,713 million compared to 
2,881 million at the end of 2024. 
Financial investments decreased with SEK 175 million in the first quarter and amounted to SEK 
2,588 million, compared to SEK 2,763 million at year-end 2024. The decrease was mainly related to 
revaluation of shares in Helsing GmbH. Revaluation of the investment in Helsing GmbH is recognised 
in other comprehensive income. 
Net investments during the quarter amounted to SEK 1,556 million (1,139). Investments in tangible 
fixed assets amounted to SEK 1,248 million (998).  
Investments in intangible fixed assets amounted to SEK 311 million (162), of which SEK 170 million 
(116) 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 141 million (46) 
was related to other intangible fixed assets.  
As of 3 1 March 2025 , long- and short-term interest-bearing investments and liquid assets 
amounted to SEK 12,748 million, a decrease of SEK 603 million compared to year -end 2024. In 
addition, the Group had unutilised revolving credit facilities amounting to SEK 6,000 million. 
Capital employed increased by SEK 2,064 million, from December 31, 2024, to SEK 49,409 million 
at the end of the first quarter. The return on capital employed was 14.2 per cent (12.6) and the return 
on equity was 13.0 per cent (10.9), both measured over a rolling 12-month period.  
 
Key indicators of financial position  
and liquidity 
Change in net debt 
Jan-Mar 2025 
 
 
MSEK 
Net liquidity (+) / net debt (-), 
31 Dec 2024 ¹⁾ 2,211
Cash flow from operating activities 1,354
Change in net pension obligation 375
Net investments -1,556
Sale of and 
investments in financial assets, 
associates and joint ventures -2
Write-downs of other long-term 
interest-bearing receivables -36
Change through equity swap 
agreement -1
Dividend to and transactions with 
non-controlling interest -23
Additional lease liabilites -74
Other items, currency impact and 
unrealised results from financial 
investments -52
Net liquidity (+) / net debt (-), 
31 March 2025 ¹⁾ 2,196
¹⁾ Net liquidity (+) / net debt (-) 
excluding net provisions for 
pensions, lease liabilities and 
interest-bearing receivables, 31 
March 2025 5,397
MSEK 31 Mar 2025 31 Dec 2024 Change 31 Mar 2024
Net liquidity / debt ²⁾ 2,196 2,211 -15 836
Intangible fixed assets 12,938 12,998 -60 13,049
     Goodwill 5,429 5,572 -143 5,517
     Capitalised development costs 6,053 6,052 1 6,108
     Other intangible fixed assets 1,456 1,374 82 1,424
Tangible fixed assets, etc ³⁾ 13,655 12,898 757 10,720
Right of use assets ⁴⁾ 2,713 2,881 -168 2,641
Inventories 23,995 21,825 2,170 18,484
Accounts receivable 8,215 11,334 -3,119 7,058
Contract assets 15,663 14,323 1,340 14,379
Contract liabilities 27,745 25,675 2,070 16,772
Equity/assets ratio, % 37.8 35.9 39.7
Return on equity, % 13.0 12.4 10.9
Return on capital employed, % 14.2 12.8 12.6
Equity per share, SEK ¹⁾⁵⁾ 71.23 66.33 4.90 62.42
1) Number of shares excluding treasury shares and repurchased through equity swap ⁵⁾ 536,051,253 535,270,968 533,841,200
3) Including tangible fixed assets and biological assets.
4) Relate to right-of-use assets for leases.
5) Comparison periods adjusted for share split 4:1.
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  2025  
Cash flow 
January-March 2025 
Operational cash flow in the first quarter 2025 amounted to SEK -14 million ( -1,998). The 
improvement compared to the same quarter last year was mainly a result of large customer 
payments, partly offset by increased investments and higher inventory. 
Due to the nature of Saab’s customer contracts, deliveries and timing of customer milestone 
payments in large projects can result in large fluctuations in cash flow between reporting periods. 
Free cash flow during the period amounted to SEK -447 million (-2,389) as a result of the increased 
operational cash flow. For more detailed information on cash flow, see note 11. 
 
 
 
 
  
MSEK Jan-Mar
2025 
Jan-Mar
2024 
Cash flow from operating activities before changes in working 
capital, excluding taxes and other financial items ¹⁾ 2,108 1,648 
Change in working capital -566 -2,507 
Cash flow from operating activities excluding taxes and other 
financial items 1,542 -859 
Cash flow from investing activities ²⁾ -1,556 -1,139 
Operational cash flow -14 -1,998 
Taxes and other financial items -431 -374 
Investments in and sale of financial assets and operations -2 -17 
Free cash flow -447 -2,389 
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
Cash flow from operating activities 
excluding taxes and other financial 
items, MSEK 
 
 
 
 
Free cash flow, MSEK 
  
 
311
3,814
-859
1,542
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
-361
3,125
-2,389
-447
Jan-Mar
2022
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025

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

8 IN TER IM  R EPO RT  Q1  2025  
Business Area 
Aeronautics 
Business Units 
Advanced Programs, Aerospace Systems, Aviation Services, Gripen. 
Market highlights 
Customer interest for the Gripen E/F fighter 
continues with several ongoing campaigns . 
Order bookings in the first quarter decreased 
compared to the same period last year , which 
included the Gripen C/D contract for Hungary 
and several medium-sized orders.  
Sales and operating income 
Sales increased in the quarter, driven by good 
pace in project activity across business units. 
The EBIT increased 33% and the margin 
amounted to 8.1% , following positive effect s 
from currency in the quarter. 
Cash flow 
The weak c ash flow was mainly a result of 
investments and  capital build -up related to 
Gripen programmes. 
 
Business Area 
Dynamics 
Business Units 
Barracuda, Ground Combat, Missile Systems, Tactical Support Solutions, Training and Simulation. 
Market highlights 
Order momentum continued in the first quarter 
driven by several orders across business units, 
including a large order for the RBS 70 NG from 
Latvia, Live Training equipment for the U.S. 
Marine Corps , TAURUS missile order from 
Germany and an order related to the short-
range air missile system IRIS-T.  
Sales and operating income 
Sales increased 20% in the quarter and was 
driven by high project activity and deliveries. 
The EBIT margin improved to 14.7%, from 
14.0% in the same period last year, mainly due 
to scale effects on higher volumes. 
Cash flow 
Cash flow in the quarter amounted to SEK   
5.3 billion, driven by large customer payments. 
 
 
 
 
 
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 36% (50) 
during Jan-Mar 2025. 
 
 
 
 
Market 
Sales in markets outside 
Sweden amounted to 82% 
(79) during Jan-Mar 2025. 
 
 
MSEK Jan-Mar 2025 Jan-Mar 2024 Change, % Full Year 2024
Order bookings 2,805 5,142 -45 11,176
Order backlog 39,753 48,103 -17 41,501
Sales 4,525 4,047 12 16,689
EBITDA 438 332 32 1,230
EBITDA margin, % 9.7 8.2 7.4
Operating income (EBIT) 367 276 33 977
Operating margin, % 8.1 6.8 5.9
Operational cash flow -2,270 -824 -712
 
0
2
4
6
8
10
0
1,000
2,000
3,000
4,000
5,000
6,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Sales, MSEK Operating margin, % Operating margin, R12, %
MSEK Jan-Mar 2025 Jan-Mar 2024 Change, % Full Year 2024
Order bookings 8,108 5,591 45 50,293
Order backlog 83,511 46,195 81 78,886
Sales 3,143 2,622 20 14,605
EBITDA 499 395 26 2,693
EBITDA margin, % 15.9 15.1 18.4
Operating income (EBIT) 461 367 26 2,565
Operating margin, % 14.7 14.0 17.6
Operational cash flow 5,328 -996 2,798
0
5
10
15
20
25
30
0
1,000
2,000
3,000
4,000
5,000
6,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Sales, MSEK Operating margin, % Operating margin, R12, %

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

9 IN TER IM  R EPO RT  Q1  2025  
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 in the first quarter increased 
compared to the same period last year mainly 
driven by orders for  radar systems within the 
Arthur and Giraffe family  as well as  sight and 
fire control systems. 
Sales and operating income 
Surveillance sales grew in the quarter driven by 
good activity level across the business, partly 
offset by continued unfavourable impact from 
the commercial business. The EBIT and margin 
improved as a result of favourable project mix. 
Cash flow 
Cash flow decreased in the quarter mainly due 
to the timing in customer payments as well as 
increased inventory for planned  future 
deliveries. 
 
Business Area 
Kockums 
Business Units 
Docksta, Submarines, Surface Ships, Underwater Systems. 
Market highlights 
Customer activity remained high with several 
small-sized orders received in the quarter. 
However, order intake decreased year -over-
year due to a stronger comparison last year. 
Sales and operating income 
Sales increased 15% in the quarter, driven by 
good project execution in key programmes. 
The strong EBIT improvement in the quarter 
was a result of successful project completions 
and deliveries to international customers. 
Cash flow 
Cash flow was negative in the quarter due to 
timing of large customer payments.  
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 71%  
(77) during Jan-Mar 
2025. 
 
*Operating margin and Operating margin R12, % are adjusted for items affecting comparability and excludes a capital gain of SEK 270 million from the 
divestment of MTM operations in Q1 2023.  For Q4 2024, adjustments comprise a gain from remeasurement of a contingent consideration payable of 
SEK 112 million and write-down of intangible asset related to aquired customer relations of SEK 72 million.  
 
 
Market 
Sales in markets  
outside Sweden  
amounted to 32% 
(33) during Jan-Mar 2025. 
 
MSEK Jan-Mar 2025 Jan-Mar 2024 Change, % Full Year 2024
Order bookings 7,081 5,929 19 28,534
Order backlog 53,564 47,167 14 52,725
Sales 5,274 4,989 6 22,014
EBITDA 657 633 4 3,038
EBITDA margin, % 12.5 12.7 13.8
Operating income (EBIT) 438 405 8 1,991
Operating margin, % 8.3 8.1 9.0
Operational cash flow -1,545 -436 1,333
0
3
6
9
12
15
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q2* Q3* Q4* Q1 Q2 Q3 Q4* Q1*
2023 2024 2025
Sales, MSEK Operating margin, % Operating margin, R12, %
MSEK Jan-Mar 2025 Jan-Mar 2024 Change, % Full Year 2024
Order bookings 960 1,352 -29 5,706
Order backlog 13,002 16,447 -21 14,360
Sales 2,253 1,966 15 8,364
EBITDA 219 143 53 690
EBITDA margin, % 9.7 7.3 8.2
Operating income (EBIT) 202 132 53 639
Operating margin, % 9.0 6.7 7.6
Operational cash flow -647 920 289
-8
-4
0
4
8
12
0
500
1,000
1,500
2,000
2,500
3,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2023 2024 2025
Sales, MSEK Operating margin, % Operating margin, R12, %

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

10  IN TER IM  R EPO RT  Q1  2025  
Other operating segment 
Combitech 
Market highlights 
Customer activity continued to be strong with 
several new contracts and agreements signed 
within the security and defence segments.  
Market interest for autonomy, AI and security 
solutions remains particularly high. 
Sales and operating income 
Sales increased in the quarter driven primarily 
by a higher number of consultants in projects 
compared to  the same period last year . The 
EBIT was slightly lower in the quarter due to 
calendar effects and project mix. 
Cash flow 
Cash flow was positive in the quarter but lower 
than last year due to timing of customer 
payments. 
 
 
 
 
 
 
 
Corporate and other items 
Corporate  
Corporate comprise group staff, group departments and other operations including Saab’s minority portfolio. The minority port folio contains Saab’s 
Venture portfolio. Corporate reported an operating loss of SEK -132 million (-111) in the first quarter 2025 following increases in operating expenses. 
Operational cash flow attributable to Corporate amounted to SEK -985 million (-797) during the first quarter 2025.  The decrease was mainly driven by 
higher investments related to IT and security. 
Acquisitions and divestments 2025 
No acquisitions or divestments took place in the first quarter 2025. 
Share repurchase  
Saab held 6,139,455 treasury shares as of 31 March 2025, compared to 6,915,618 at year-end 2024. The Annual General Meeting in 2025 decided that 
Saab may enter into an equity swap agreement with a third party on terms and conditions in accordance with market practice, i n order to hedge the 
expected financial exposure of LTI 2026, whereby the third pa rty in its own name may acquire and transfer shares of series B in Saab to employees who 
participate in LTI 2026. The Annual General Meeting decided not to approve the Board’s proposal on authorisation for the Board of Directors to resolve on 
acquisitions of shares and resolution on transfers of own shares to the participants in LTI 2026. The Annual General Meeting also decided to authorise the 
Board, before the next Annual General Meeting, to decide on the acquisition of shares of series B 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 c ontribute to an increased 
shareholder value as well as to enable a continued use of repurchased shares in connection with potential acquisitions of companies and, where applicable, 
for the company’s share-related incentive programmes.  
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 4% (6) 
during Jan-Mar 2025. 
 
MSEK Jan-Mar 2025 Jan-Mar 2024 Change, % Full Year 2024
Order bookings 1,345 1,083 24 4,637
Order backlog 2,086 1,631 28 1,927
Sales 1,182 1,049 13 4,306
EBITDA 120 125 -4 458
EBITDA margin, % 10.2 11.9 10.6
Operating income (EBIT) 118 122 -3 442
Operating margin, % 10.0 11.6 10.3
Operational cash flow 105 135 532
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*
2023 2024 2025
Sales, MSEK Operating margin, % Operating margin, R12, %
*Operating margin and Operating margin R12, % adjusted for items affecting comparability and 
excludes the capital gain of SEK 18 million from the divestment of Combitech Norway in Q3 2024.

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

11  IN TER IM  R EPO RT  Q1  2025  
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 cooperation with customers, 
suppliers, partners and research institutions. Projects generally entail significant investments, long periods of 
time and large share of technological development or refinement of products.  In addition to customer and 
supplier relations, international operations 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 compliance. Various policies and instructions 
govern the management of material risks. Saab is today growing rapidly both in Sweden and in other countries 
including investments in capacity scaling s uch as production ramp-ups and new factories as well as with a 
high rate of recruitment, which entails a higher level of business risk. This also implies a greater uncertainty in 
sales growth, income and cash flow. 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, including trade barriers and tariffs, entails a risk for Saab and its 
operations. The challenges primarily rel ate to the availability of certain raw materials and defence -specific 
supply, ramping up production capacity at some suppliers, as well as suppliers’ ability to handle the flow-down 
of increasing regulatory requirements. For certain sub -systems, Saab is al so dependent on deliveries from 
one or a few suppliers. Saab works actively to ensure a robust supply chain by supplier commitments to Saab’s 
growth plan and to manage the supply chain risks through mitigating actions such as contract management, 
second sourcing, in- and outsourcing, re-planning and intensified forecasting dialogue and negotiations with 
suppliers.  
In October 2024, Saab North America, Inc. received a subpoena from the U.S. Department of Justice (DoJ) 
requesting information about the Brazilian Government’s acquisition of 36 Gripen E/F fighter aircraft in 2014. 
Saab is complying with the request to supply information and cooperating with the DoJ in this matter. Both 
Brazilian and Swedish authorities have previously investigated parts of the Br azilian fighter procurement 
process. These investigations were closed without indicating any wrongdoings by Saab. 
For a general description of the risk areas, see the Annual Report 2024, pages 45-50. 
 
 
 
 
 
Risks related to armed conflicts 
The geopolitical tensions in the world, including the armed conflicts in Ukraine and the Middle East as well as 
disinformation, have resulted in a more complex and diverse security environment for Saab. Therefore, Saab 
has increased security measures to protect its sites, personnel and IT, as well as measures against cyber risks, 
which may lead to increased costs for security.  
Saab has no defence -related sales exposure to Belarus and Russia, but is closely monitoring the impact on 
the business from the war in Ukraine.  Saab is operating in 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 practices. 
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 2025: 
 
 
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 40.1
Wallenberg 
Investments 8.7 7.6
BlackRock 2.6 2.3
Vanguard 2.4 2.1
Swedbank Robur 
Fonder 2.0 1.7
Norges Bank 
Investment 
Management 1.8 1.6
VanEck 1.2 1.0
Avanza Pension 1.0 0.8
Avanza Fonder 0.9 0.8
Alliance Bernstein 0.9 0.8
31 Mar 2025 31 Dec 2024
Number of 
permanent 
employees 25,283 24,481
FTEs 25,369 24,523

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

12  IN TER IM  R EPO RT  Q1  2025  
Sustainability 
 
 Occupational Health and Safety 
Injury frequency rate 
 
 
2025 Target:  
Reduce work-related 
accidents by 
decreased TRIFR1 
compared to base year 
2024 
     
Green and Social Transition 
GHG emissions2 
 
 
2030 Goal:  
 
42% reduction of 
Scope 1 & 2 CO2-eq3 
from base year 2020 
 Diversity and Inclusion 
Share of women employees 
 
 
2025 Target:  
 
25% women 
employees & 30% 
women managers 
Resilient and safe societies 
Business and Human Rights  
Saab is the first global defense  company to 
implement a Responsible Sales process for 
downstream human rights due diligence in 
accordance with the UN Guiding Principles for 
Business and Human Rights. Within this 
process, Saab continuously conducts in-depth 
due diligence on business oppor tunities in 
countries flagged as high risk in Saab’s CRM 
system. 
Green and Social Transition 
Climate Impact  
During the quarter, Saab reduced its  
Scope 1 & 2 CO 2-eq emissions by three per 
cent compared to the first  quarter 2024. The 
result was driven by r educed emissions from 
test flights (scope 1) and reduced consumption 
of district heating (scope 2). The overall 
reduction progress since 2020 remains at 
approximately 31 per cent.  
 
 
1 Number of recordable injuries / total hours worked x 1,000,000 
2 SBTi Near Term Target relates to the planned reduction trajectory to meet the 2030 goal  
3 Carbon dioxide equivalent 
4 Science, technology, engineering, and mathematics 
Furthermore during the quarter, Saab 
continued to address its scope 3 emissions by 
transitioning from diesel to HVO fuel for the 
Company’s Prime Transport Partners. In 
February, Saab received the score of ‘A’ in the 
CDP Climate Change Disclosure, which has 
earned Saab a place on the A -list for a second 
year. 
 
Occupational Health and Safety  
During the quarter, the Total Recordable Injury 
Frequency Rate (TRIFR) decreased by 21 per 
cent compared to the base year 2024. The 
decrease is due to ongoing efforts in improving 
workplace safety, focusing on incident 
prevention, strengthening the reporting 
culture, and refining the investigation process. 
Innovation and Partnerships 
Diversity and Inclusion 
During the quarter the share of women 
employees remained at 26  per cent  and the 
share of women managers remained at 28  per 
cent from the end of 2024. 
Industrial Cooperation and Partnerships  
During the quarter, Saab and partners of the 
CleanSky2 Project, which is part of the 
European Green Deal and co-funded by the EU, 
were aw arded the JEC Innovation Award for 
innovation within composites that contributes 
to reducing aircraft CO 2 emissions. 
Additionally, Saab Surveillance, together with 
two industrial companies , partnered with 
Universeum Science Center in Gothenburg  to 
drive the Innovation Challenge to encourage an 
interest in STEM 4  topics for students and 
secure the future workforce, leaders and 
competencies.  
 
 
 
 
 
 
                               
              
          
          
               
            
               
2.61
3.57
4.38
3.47
2022 2023 2024 Jan-Mar 2025
TRIFR
0%
-18% -24% -26% -31% -31%
0% -4% -8% -13% -17% -21%
0
10,000
20,000
30,000
40,000
Base
Year
2020
2021 2022 2023 2024 Rolling
12
Months
Scope 1 & 2 (tCO₂-eq)
Change from base year
Near Term Target SBTI
27% 27%
28% 28%
24%
25%
26% 26%
2022 2023 2024 Mar 25
Share of Women Managers
Share of Women Employees

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

13  IN TER IM  R EPO RT  Q1  2025  
Significant events 
January-March 2025
On 17 January, Saab provided a Q4 update and comments on higher 
organic sales growth for full year 2024. Sales for full year 2024 was 
expected to be approximately SEK 63.8 billion (51.6), corresponding to an 
organic sales growth of 23.4%. 
On 29 January, Saab announced that Jonas Hjelm, Senior Vice President 
and Head of Government Affairs, left his position and the Group 
Management team to become Senior Advisor at Saab. 
On 31 January, Saab announced a number of changes affecting the 
Group Managem ent team. Eva Karlsson was appointed Senior Vice 
President, Chief Operating Officer (COO) and became a member of Saab’s 
Group Management team. As a consequence, Saab’s Charlotta Björklund, 
then Senior Vice President, Operational Excellence, left the Group 
Management team as of 1 March 2025 and subsequently reported to the 
COO. Moreover, the scope of the Group Strategy function was reduced 
and became more focused on the common strategic areas of Saab. 
Therefore, Saab’s Christian Hedelin, Senior Vice Presiden t and Chief 
Strategy Officer, is no longer a member of the Group Management team 
and directly reports to Anders Carp, Deputy CEO. 
On 6 February, Saab announced an order from a NATO country for its air 
command and control system 9AIR C4I. The contract value is approx. SEK 
250 million with deliveries starting in 2025. The order was booked in Q4 
2024. 
On 11 February, Saab announced an order from BAE Systems Hägglunds 
for the sighting and fire control system UTAAS (Universal Tank and Anti -
Aircraft System) for Combat Vehicle 90. The order value is approx. SEK 
700 million. 
On 3 March, Saab received an order for maintenance and modernisation 
of the cruise missile TAURUS KEPD 350. The order value is SEK 1.7 billion 
and the contract period is 2025-2035. 
On 12 March , Saab announced that it had signed a Memorandum of 
Understanding (MoU) with the Ukrainian defence company Radionix 
regarding the intention to form a strategic collaboration relating to 
sensors and defence electronics. 
On 31 March, Saab signed a framework ag reement with the Latvian 
Ministry of Defence for the short-range ground-based air defence system 
RBS 70 NG and received an order within the agreement. The order value is 
SEK 2.1 billion and deliveries will take place 2026-2030. 
For more information on sign ificant 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 3 April, announced an order for the Universal Tank and Anti -Aircraft 
System (UTAAS) sight - and fire control system for Combat Vehicle 90 
(CV90) from BAE Systems Hägglunds. The order amounts to SEK 880 
million and was booked in the first quarter 2025. 
On 10 April, Saab held its Annual General Meeting in Linköping, Sweden 
and the AGM decided on a dividend of SEK 2.00 per share to be paid out 
in two equal instalments. The first instalment of the dividend (SEK 1.00 per 
share) was paid out on 17 April 2025. The second instalment (SEK 1.00 per 
share) will be paid out on 1 0 October 202 5. Read more on  
www.saab.com/agm. 
 
 
TAURUS KEPD 350 upgrade order 
Saab has received an order from TAURUS Systems 
for the maintenance and modernisation  of the 
TAURUS KEPD 350 cruise missile. The SEK 1.7 billion 
contract runs from 2025 to 2035 and includes system 
upgrades and long -term support for the German Air 
Force. TAURUS Systems is a joint venture between 
MBDA Germany and Saab, with the initial order placed 
by Germany’s defence procurement office. 
TAURUS KEPD 350 is an air -launched cruise missile 
with a range of more than 500 km used to defeat 
static ground-based targets. 
 
Saab and Radionix sign MoU  
Saab and the Ukrainian defence company Radionix 
have signed a Memorandum of Understanding (MoU) 
regarding a strategic collaboration in sensors and 
defence electronics, aimed at strengthening Ukraine’s 
defence capabilities. 
Radionix is a key part of Ukraine’s defence industrial 
base, with a strong technolo gy offer and track record. 
The MoU highlights Saab’s continued commitment to 
supporting Ukraine’s defence capability and industry.

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

14  IN TER IM  R EPO RT  Q1  2025  
Consolidated income statement 
 
Consolidated statement of comprehensive income 
 
 
MSEK Note Jan-Mar 2025 Jan-Mar 2024 Rolling 12 Months Full Year 2024
Sales 4 15,792 14,185 65,358 63,751
Cost of goods sold -12,073 -11,100 -51,061 -50,088
Gross income 3,719 3,085 14,297 13,663
Gross margin, % 23.5 21.7 21.9 21.4
Other operating income 5 41 20 322 301
Marketing expenses 5 -754 -694 -3,159 -3,099
Administrative expenses -705 -585 -2,536 -2,416
Research and development costs -801 -628 -2,982 -2,809
Other operating expenses -59 -23 -86 -50
Share of income in associated companies and joint ventures 5 13 16 69 72
Operating income (EBIT) ¹⁾ 3 1,454 1,191 5,925 5,662
Operating margin, % 9.2 8.4 9.1 8.9
Financial income 325 157 731 563
Financial expenses -158 -339 -755 -936
Net financial items 167 -182 -24 -373
Income before taxes 1,621 1,009 5,901 5,289
Taxes -344 -225 -1,198 -1,079
Net income for the period 1,277 784 4,703 4,210
of which Parent Company’s shareholders’ interest 1,268 770 4,669 4,171
of which non-controlling interest 9 14 34 39
Earnings per share before dilution, SEK ²⁾⁴⁾ 2.37 1.44 8.73 7.81
Earnings per share after dilution, SEK ³⁾⁴⁾ 2.35 1.43 8.65 7.74
1) Of which depreciation/amortisation and write-downs -686 -628 -2,798 -2,740
2) Average number of shares before dilution ⁴ ⁾ 535,661,111 533,415,232 534,569,167 534,007,696
3) Average number of shares after dilution ⁴ ⁾ 539,768,124 539,532,640 539,568,183 539,218,308
4) Comparison periods adjusted for share split 4:1
MSEK Jan-Mar 2025 Jan-Mar 2024 Rolling 12 Months Full Year 2024
Net income for the period 1,277 784 4,703 4,210
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 426 1,161 -387 348
Tax attributable to revaluation of net pension obligations -88 -239 79 -72
Equity instruments classified as measured at fair value through other comprehensive 
income -147 36 1,188 1,371
Tax attributable to equity instruments classified as measured at fair value through other 
comprehensive income - -7 -1 -8
Total 191 951 879 1,639
Items that may be reversed in the income statement:
Translation differences -634 353 -501 486
Cash flow hedges 2,231 -1,035 906 -2,360
Tax attributable to cash flow hedges -458 207 -173 492
Interest-bearing investments classified as measured at fair value through other 
comprehensive income 7 - 9 2
Tax attributable to interest-bearing investments classified as measured at fair value 
through other comprehensive income -1 - -2 -1
Total 1,145 -475 239 -1,381
Other comprehensive income/loss for the period 1,336 476 1,118 258
Net comprehensive income/loss for the period 2,613 1,260 5,821 4,468
of which Parent Company’s shareholders’ interest 2,619 1,234 5,793 4,408
of which non-controlling interest -6 26 28 60

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

15  IN TER IM  R EPO RT  Q1  2025  
Consolidated statement of financial position 
 
  
MSEK Note 31 Mar 2025 31 Dec 2024 31 Mar 2024
ASSETS
Fixed assets:
Intangible fixed assets 7 12,938 12,998 13,049
Tangible fixed assets 13,244 12,484 10,315
Biological assets 411 414 405
Right of use assets 2,713 2,881 2,641
Shares in associated companies and joint ventures 315 315 271
Financial investments 2,588 2,763 1,143
Long-term interest-bearing investments 2,543 1,610 -
Long-term receivables 444 435 458
Deferred tax assets 477 521 526
Total fixed assets 35,673 34,421 28,808
Current assets:
Inventories 23,995 21,825 18,484
Derivatives 1,828 930 966
Tax receivables 245 250 61
Accounts receivable 8,215 11,334 7,058
Contract assets 15,663 14,323 14,379
Other receivables 3,465 3,259 2,353
Prepaid expenses and accrued income 2,388 1,740 1,873
Short-term interest-bearing investments 6,861 8,898 8,464
Liquid assets 11 3,344 2,843 2,336
Total current assets 66,004 65,402 55,974
TOTAL ASSETS 101,677 99,823 84,782
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Parent Company’s shareholders’ interest 38,185 35,503 33,322
Non-controlling interest 280 309 353
Total shareholders’ equity 38,465 35,812 33,675
Long-term liabilities:
Long-term lease liabilities 2,121 2,337 2,133
Other long-term interest-bearing liabilities 8 6,125 7,128 6,923
Other liabilities 130 136 272
Provisions for pensions 13 919 1,387 653
Other provisions 2,198 2,238 2,828
Deferred tax liabilities 1,595 1,070 1,514
Total long-term liabilities 13,088 14,296 14,323
Current liabilities:
Short-term lease liabilities 699 695 640
Other short-term interest-bearing liabilities 8 1,225 224 113
Contract liabilities 27,745 25,675 16,772
Accounts payable 6,471 8,215 5,668
Derivatives 968 2,444 1,570
Tax liabilities 345 536 177
Other liabilities 1,125 1,190 1,208
Accrued expenses and deferred income 10,502 9,700 9,707
Provisions 1,044 1,036 929
Total current liabilities 50,124 49,715 36,784
Total liabilities 63,212 64,011 51,107
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 101,677 99,823 84,782

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

16  IN TER IM  R EPO RT  Q1  2025  
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 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
Net comprehensive income/loss for the period April-December 
2024 -1,040 124 4,090 3,174 34 3,208
Transactions with shareholders:
Repurchase of shares through equity swap -318 -318 -318
Share matching plan 182 182 182
Dividend -856 -856 -79 -935
Acquisition and sale of non-controlling interest -1 -1 1 0
Closing balance, 
31 December 2024 2,174 6,099 -1,055 1,250 27,035 35,503 309 35,812
Opening balance, 1 January 2025 2,174 6,099 -1,055 1,250 27,035 35,503 309 35,812
Net comprehensive income/loss for the period January-March 
2025 1,773 -619 1,465 2,619 -6 2,613
Transactions with shareholders:
Share matching plan 63 63 63
Dividend - - -23 -23
Closing balance, 
31 March 2025 2,174 6,099 718 631 28,563 38,185 280 38,465

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

17  IN TER IM  R EPO RT  Q1  2025  
Consolidated statement of cash flows 
 
  
MSEK Note Jan-Mar 2025 Jan-Mar 2024 Full Year 2024
Operating activities:
Income after financial items 1,621 1,009 5,289
Adjustments for items not affecting cash flows 832 725 3,369
Dividend from associated companies and joint ventures - - 22
Income tax paid -533 -280 -945
Cash flow from operating activities before changes in working capital 1,920 1,454 7,735
Cash flow from changes in working capital:
Contract assets and liabilities 631 -1,771 7,218
Inventories -2,306 -1,595 -4,890
Other current receivables 1,949 -278 -5,464
Other current liabilities -723 1,284 3,589
Provisions -117 -147 -1,456
Cash flow from operating activities 1,354 -1,053 6,732
Investing activities:
Capitalised development costs -170 -116 -530
Investments in other intangible fixed assets -141 -46 -297
Investments in tangible fixed assets -1,248 -998 -4,012
Sales and disposals of tangible fixed assets including biological assets 3 21 70
Investments in and sale of short-term investments 2,039 2,886 2,471
Investments in financial assets, associated companies and joint ventures -967 -2 -1,894
Investments in operations - -15 -15
Sale of subsidiaries and other operations - - 25
Cash flow from investing activities -484 1,730 -4,182
Financing activities:
Repayments of loans - -341 -678
Amortisation of lease liabilities -243 -180 -690
Raising of loans and increase in other interest-bearing liabilities 1 - 331
Dividend paid to Parent Company’s shareholders - - -856
Dividend paid to non-controlling interest -23 - -41
Cash flow from financing activities -265 -521 -1,934
Cash flow for the period 605 156 616
Liquid assets at the beginning of the period 2,843 2,129 2,129
Exchange rate difference in liquid assets -104 51 98
Liquid assets at end of period 11 3,344 2,336 2,843

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

18  IN TER IM  R EPO RT  Q1  2025  
Quarterly consolidated income statement 
 
Quarterly consolidated statement of comprehensive income 
  
MSEK Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Sales 15,792 20,850 13,546 15,170 14,185 16,122 11,527 12,475
Cost of goods sold -12,073 -16,564 -10,634 -11,790 -11,100 -12,605 -9,046 -9,715
Gross income 3,719 4,286 2,912 3,380 3,085 3,517 2,481 2,760
Gross margin, % 23.5 20.6 21.5 22.3 21.7 21.8 21.5 22.1
Other operating income 41 150 111 20 20 179 15 114
Marketing expenses -754 -1,000 -650 -755 -694 -777 -633 -687
Administrative expenses -705 -668 -568 -595 -585 -596 -443 -491
Research and development costs -801 -818 -640 -723 -628 -624 -506 -522
Other operating expenses -59 -41 16 -2 -23 22 -26 -41
Share of income in associated companies  and joint ventures 13 44 6 6 16 -301 -29 -68
Operating income (EBIT) ¹⁾ 1,454 1,953 1,187 1,331 1,191 1,420 859 1,065
Operating margin, % 9.2 9.4 8.8 8.8 8.4 8.8 7.5 8.5
Financial income 325 126 145 135 157 334 148 173
Financial expenses -158 -354 -85 -158 -339 -131 -154 -226
Net financial items 167 -228 60 -23 -182 203 -6 -53
Income before taxes 1,621 1,724 1,247 1,308 1,009 1,623 853 1,012
Taxes -344 -283 -275 -296 -225 -369 -197 -214
Net income for the period 1,277 1,442 972 1,012 784 1,254 656 798
of which Parent Company’s shareholders’ interest 1,268 1,435 966 1,000 770 1,223 652 774
of which non-controlling interest 9 7 6 12 14 31 4 24
Earnings per share before dilution, SEK ²⁾⁴⁾ 2.37 2.68 1.81 1.87 1.44 2.30 1.23 1.46
Earnings per share after dilution, SEK ³⁾⁴⁾ 2.35 2.66 1.79 1.85 1.43 2.27 1.21 1.44
1) Of which depreciation/amortisation and write-downs -686 -781 -701 -630 -628 -612 -565 -553
2) Average number of shares before dilution ⁴⁾ 535,661,111 534,848,975 534,029,736 533,736,845 533,415,230 532,640,956 531,993,110 531,188,738
3) Average number of shares after dilution ⁴⁾ 539,768,124 540,113,152 539,056,834 539,334,622 539,532,640 538,631,236 538,346,168 537,964,760
4) Comparison periods adjusted for share split 4:1
MSEK Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Net income for the period 1,277 1,442 972 1,012 784 1,254 656 798
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 426 -31 -824 42 1,161 -1,377 161 701
Tax attributable to revaluation of net pension obligations -88 6 170 -9 -239 283 -33 -145
Equity instruments classified as measured at fair value through other 
comprehensive income -147 49 -17 1,303 36 -41 - 2
Tax attributable to equity instruments classified as measured at fair 
value through other comprehensive income - - -0 -1 -7 8 - -0
Total 191 24 -671 1,335 951 -1,127 128 558
Items that may be reversed in the income statement:
Translation differences -634 373 -228 -12 353 -515 -47 311
Net gain/loss on cash flow hedges 2,231 -2,514 1,401 -212 -1,035 982 23 -152
Tax attributable to net gain/loss on cash flow hedges -458 530 -286 41 207 -206 -5 32
Interest-bearing investments classified as measured at fair value 
through other comprehensive income 7 -3 5 - - - - -
Tax attributable to interest-bearing investmentss classified as 
measured at fair value through other comprehensive income -1 - -1 - - - - -
Total 1,145 -1,614 891 -183 -475 261 -29 191
Other comprehensive income/loss for the period 1,336 -1,590 220 1,152 476 -866 99 749
Net comprehensive income/loss for the period 2,613 -148 1,192 2,164 1,260 388 755 1,547
of which Parent Company's shareholders' interest 2,619 -174 1,196 2,152 1,234 386 749 1,509
of which non-controlling interest -6 26 -4 12 26 2 6 38

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

19  IN TER IM  R EPO RT  Q1  2025  
Key ratios by quarter 
 
 Quarterly information per operating segment 
 
MSEK Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023
Equity/assets ratio, (%) 37.8 35.9 38.9 39.6 39.7 39.1 40.3 40.2
Return on capital employed, % ³⁾ 14.2 13.6 13.2 12.8 12.6 11.9 11.4 10.5
Return on equity, % ³⁾ 13.0 12.4 11.8 11.2 10.9 11.1 11.2 10.4
Equity per share, SEK ¹⁾³⁾⁴⁾ 71.23 66.33 66.64 64.39 62.42 60.11 59.35 57.90
Free cash flow, MSEK ³⁾ -447 3,267 2,622 -2,507 -2,389 2,559 -2,554 -1,564
Free cash flow per share after dilution, SEK ²⁾³⁾⁴⁾ -0.83 6.05 4.86 -4.65 -4.43 4.75 -4.75 -2.91
1) Number of shares excluding treasury shares and repurchased through equity swap ⁴⁾ 536,051,253 535,270,968 534,426,981 533,632,490 533,841,200 532,989,260 532,292,652 531,693,568
2) Average number of shares after dilution ⁴⁾ 539,768,124 540,113,152 539,056,834 539,334,622 539,532,640 538,631,236 538,346,168 537,964,760
3) For more information and explanations regarding the usage of these key ratios, please see www.saab.com/investors/financials/financial-data
4) Comparison periods adjusted for share split 4:1
MSEK Q1 2025 
Operating 
margin Q4 2024 
Operating 
margin Q3 2024 
Operating 
margin Q2 2024 
Operating 
margin          
Sales
Aeronautics 4,525 5,594 3,322 3,726
Dynamics 3,143 5,615 3,056 3,312
Surveillance 5,274 6,504 5,115 5,406
Kockums 2,253 2,617 1,584 2,197
Combitech 1,182 1,298 877 1,082
Corporate/elimination -585 -778 -408 -553
Total 15,792 20,850 13,546 15,170
Operating income/loss
Aeronautics 367 8.1% 252 4.5% 192 5.8% 257 6.9%
Dynamics 461 14.7% 1,192 21.2% 412 13.5% 594 17.9%
Surveillance 438 8.3% 668 10.3% 502 9.8% 416 7.7%
Kockums 202 9.0% 275 10.5% 57 3.6% 175 8.0%
Combitech 118 10.0% 136 10.5% 91 10.4% 93 8.6%
Corporate -132 -570 -67 -204
Total 1,454 9.2% 1,953 9.4% 1,187 8.8% 1,331 8.8%        
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%

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

20  IN TER IM  R EPO RT  Q1  2025  
Multi-year overview 
 
 
 
 
  
MSEK 2024 2023 2022 2021 2020
Order bookings 96,798 77,811 63,116 43,569 42,328
Order backlog at 31 December 187,223 153,409 127,676 105,177 99,816
Sales 63,751 51,609 42,006 39,154 35,431
Sales in Sweden, % 41 42 42 38 36
Sales in Europe excluding Sweden, % 25 23 19 17 18
Sales in North America, % 10 11 11 11 11
Sales in Latin America, % 7 7 9 15 13
Sales in Rest of the World, % 13 16 19 19 22
Sales in Undisclosed countries, % 4 1 - - -
Organic sales growth, % 24 23 5 11 1
Operating income (EBIT) 5,662 4,272 3,274 2,888 1,315
Operating margin, % 8.9 8.3 7.8 7.4 3.7
Adjusted operating income 5,662 4,272 3,274 2,888 2,738
Adjusted operating margin, % 8.9 8.3 7.8 7.4 7.4
Depreciation/amortisation and write-downs 2,740 2,286 2,127 1,938 1,518
EBITDA 8,402 6,558 5,401 4,826 2,833
EBITDA margin, % 13.2 12.7 12.9 12.3 8.0
Income after financial items 5,289 4,418 2,819 2,577 1,112
Net income for the year 4,210 3,443 2,283 2,025 1,092
Total assets 99,823 82,759 72,365 65,039 60,568
Equity 35,812 32,362 29,876 23,249 21,644
Free cash flow ¹⁾ 993 1,566 1,871 2,737 3,753
Cash conversion, % ³⁾ 44 74 79 113 101 ²⁾
Return on capital employed, % ¹⁾ 13.6 11.9 8.8 8.1 4.3
Return on equity, % ¹⁾ 12.4 11.1 8.6 9.0 5.1
Equity/assets ratio, % 35.9 39.1 41.3 35.7 35.7
Earnings per share before dilution, SEK ¹⁾⁴⁾ 7.81 6.36 4.15 3.64 2.02
Earnings per share after dilution, SEK ¹⁾⁴⁾ 7.74 6.29 4.10 3.61 2.00
Dividend per share, SEK ⁴⁾ 2.00 1.60 1.33 1.23 1.18
Equity per share, SEK ¹⁾⁴⁾ 66.33 60.11 55.64 43.58 40.58
Number of permanent employees at year-end 24,481 21,479 19,002 18,153 18,073
Number of shares excluding treasury shares 31 December ⁴⁾ 535,270,968 532,989,260 529,955,536 527,240,712 528,988,292
Average number of shares before dilution ⁴⁾ 534,007,696 531,535,632 528,630,344 528,658,396 532,039,944
Average number of shares after dilution ⁴⁾ 539,218,308 537,511,328 534,896,892 533,173,360 535,508,564
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
4) Comparison periods adjusted for share split 4:1

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

21  IN TER IM  R EPO RT  Q1  2025  
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 permanent employees 
The Parent Company’s net debt amounted to SEK 2,250 million as of 31 March 2025 compared to a net liquidity of SEK 1,895 million at 31 December 
2024. Investments in tangible fixed assets amounted to SEK 710 million (523). Investments in intangible assets amounted to SEK 142 million (44). At the 
end of the period, the Parent Company had 12,648 permanent employees compared to 12,250 at the beginning of the year. 
  
MSEK Jan-Mar 2025 Jan-Mar 2024 Full Year 2024
Sales 9,002 8,598 36,291
Cost of goods sold -7,244 -7,322 -30,454
Gross income 1,758 1,276 5,837
Gross margin, % 19.5 14.8 16.1
Operating income and expenses -1,134 -987 -4,188
Operating income (EBIT) 624 289 1,649
Operating margin, % 6.9 3.4 4.5
Financial income and expenses 183 72 2,443
Income after financial items 807 361 4,092
Appropriations - - -824
Income before taxes 807 361 3,268
Taxes -178 -99 -703
Net income for the period 629 262 2,565
MSEK Note 31 Mar 2025 31 Dec 2024 31 Mar 2024
     
ASSETS
Fixed assets:
Intangible fixed assets 1,330 1,234 1,171
Tangible fixed assets 6,948 6,410 5,752
Financial fixed assets 11,724 10,945 8,712
Total fixed assets 20,002 18,589 15,635
Current assets:
Inventories 13,622 12,530 10,939
Current receivables 21,997 25,375 22,321
Short term investments 6,784 8,852 8,393
Liquid assets 2,289 903 1,241
Total current assets 44,692 47,660 42,894
TOTAL ASSETS 64,694 66,249 58,529
SHAREHOLDERS’ EQUITY AND LIABILITIES
Equity:
Restricted equity 3,348 3,348 3,354
Unrestricted equity 16,082 15,390 14,072
Total shareholders’ equity 19,430 18,738 17,426
Untaxed reserves, provisions and liabilities:
Untaxed reserves 4,750 4,750 3,926
Provisions 1,948 1,984 2,860
Liabilities 8 38,566 40,777 34,317
Total untaxed reserves, provisions and liabilities 45,264 47,511 41,103
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 64,694 66,249 58,529

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

22  IN TER IM  R EPO RT  Q1  2025  
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 2024. 
Note 2 Accounting principles 
The interim report for the first quarter 2025 has 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 160-
162, and concerning significant income statement and balance sheet 
items, in each note disclosure in the Annual Report 2024. 
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 2024. All information on pages 1 -30 constitutes 
the interim report for the first quarter 2025. 
The Group and the Parent Company use the accounting principles and 
calculation methods as described in the Annual Report 2024. Important 
estimates and assumptions are disclosed in note 2 in the Annual Report 
2024. 
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 operating segments recognise 
all lease contracts as expenses on a straight -line basis over the lease 
term. 
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 s afety 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 vessels , 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 t he 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. Combitech is active in 
aviation, de fence, 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 2025 2024 12 Months 2024
     
Aeronautics 2,805 5,142 -45 8,839 11,176
Dynamics 8,108 5,591 45 52,810 50,293
Surveillance 7,081 5,929 19 29,686 28,534
Kockums 960 1,352 -29 5,314 5,706
Combitech 1,345 1,083 24 4,899 4,637
Corporate/elimination -1,155 -602 -4,101 -3,548
Total 19,144 18,495 4 97,447 96,798
Change, 
% 
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2025 2024 12 Months 2024
Sweden 4,312 4,701 -8 23,067 23,456
Rest of Europe 10,341 7,095 46 38,744 35,498
North America 1,806 2,535 -29 6,943 7,672
Latin America 1,363 726 88 874 237
Asia 911 2,700 -66 3,261 5,050
Africa 58 332 -83 80 354
Australia, etc. 353 406 -13 2,824 2,877
Undisclosed countries - - - 21,654 21,654
Total 19,144 18,495 4 97,447 96,798
Change, 
% 
MSEK 31 Mar 2025 31 Dec 2024 31 Mar 2024
    
Aeronautics 39,753 41,501 48,103
Dynamics 83,511 78,886 46,195
Surveillance 53,564 52,725 47,167
Kockums 13,002 14,360 16,447
Combitech 2,086 1,927 1,631
Corporate/elimination -2,709 -2,176 -1,174
Total 189,207 187,223 158,369
MSEK 31 Mar 2025 31 Dec 2024 31 Mar 2024
    
Sweden 49,869 52,520 54,516
Rest of Europe 66,965 60,540 44,272
North America 13,372 13,422 12,864
Latin America 13,912 13,565 17,685
Asia 8,859 9,550 11,091
Africa 698 699 818
Australia etc. 3,718 4,185 4,188
Undisclosed countries 31,814 32,742 12,935
Total 189,207 187,223 158,369

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

23  IN TER IM  R EPO RT  Q1  2025  
Sales per operating segment 
 
 
Sales per region 
 
 
Information on large customers 
During the first quarter 2025, 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 6,069 million (4,799) during the period. 
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 2025 2024 % 12 Months 2024
Aeronautics 4,525 4,047 12 17,167 16,689
Dynamics 3,143 2,622 20 15,126 14,605
Surveillance 5,274 4,989 6 22,299 22,014
Kockums 2,253 1,966 15 8,651 8,364
Combitech 1,182 1,049 13 4,439 4,306
Corporate/elimination -585 -488 -2,324 -2,227
Total 15,792 14,185 11 65,358 63,751
Jan-Mar Jan-Mar Full Year
MSEK 2025 2024 2024
Sweden 6,970 44 5,503 39 26,140 41
Rest of Europe 3,596 23 3,582 25 15,829 25
North America 1,245 8 1,501 11 6,148 10
Latin America 1,014 6 922 6 4,556 7
Asia 1,395 9 1,345 9 5,329 8
Africa 58 0 50 0 165 0
Australia, etc. 586 4 919 7 3,375 5
Undisclosed countries 928 6 363 3 2,209 4
Total 15,792 100 14,185 100 63,751 100
% of 
sales
% of 
sales
% of 
sales
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2025 2024 12 Months 2024
Aeronautics 367 8.1 276 6.8 1,068 977
Dynamics 461 14.7 367 14.0 2,659 2,565
Surveillance 438 8.3 405 8.1 2,024 1,991
Kockums 202 9.0 132 6.7 709 639
Combitech 118 10.0 122 11.6 438 442
Group segments' 
operating income 1,586 10.2 1,302 9.2 6,898 6,614
Corporate -132 -111 -973 -952 
Total 1,454 9.2 1,191 8.4 5,925 5,662
% of 
sales
% of 
sales
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2025 2024 12 Months 2024
Aeronautics 71 56 27 268 253
Dynamics 38 28 36 138 128
Surveillance 219 228 -4 1,038 1,047
Kockums 17 11 55 57 51
Combitech 2 3 -33 15 16
Corporate 339 302 12 1,282 1,245
Total 686 628 9 2,798 2,740
Change, 
% 
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2025 2024 12 Months 2024
 
Aeronautics -2,270 -824 -2,158 -712
Dynamics 5,328 -996 9,122 2,798
Surveillance -1,545 -436 224 1,333
Kockums -647 920 -1,278 289
Combitech 105 135 502 532
Corporate -985 -797 -1,931 -1,743
Total -14 -1,998 4,481 2,497
MSEK 31 Mar 2025 31 Dec 2024 31 Mar 2024
Aeronautics 14,596 12,136 11,514
Dynamics 4,200 5,342 4,855
Surveillance 13,566 12,142 11,869
Kockums 3,063 3,622 2,293
Combitech 1,121 1,348 1,028
Corporate/elimination 12,863 12,755 12,489
Total 49,409 47,345 44,048
Number at end of the period 31 Mar 2025 31 Dec 2024 31 Mar 2024
Aeronautics 6,172 6,023 5,644
Dynamics 4,465 4,295 3,705
Surveillance 7,468 7,190 6,500
Kockums 2,484 2,410 2,240
Combitech 2,445 2,378 2,243
Corporate 2,335 2,227 2,003
Total 25,369 24,523 22,335

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

24  IN TER IM  R EPO RT  Q1  2025  
Note 4 Distribution of sales  
 
Note 5 Items affecting comparability 
 
 
The items affecting comparability in 2024 are included in the operating income of the group. Operating income adjusted for items affecting comparability 
was not reported for the full year 2024.  
 
Note 6 Dividend to Parent Company’s shareholders 
The Annual General Meeting 2025 held on 10 April decided on a dividend 
to the Parent Company’s shareholders of SEK 2.00 per share, 
corresponding to a total dividend of SEK 1,073 million. The dividend is paid 
out in two equal instalments. Record date for the first instalment was 1 4 
April 2025 and the dividend was paid out on 17 April 2025. At the second 
instalment, SEK 1.00 per share will be paid on 1 0 October 2025 with the 
record date 7 October 2025. 
Note 7 Intangible fixed assets 
 
 
MSEK 
Jan-Mar 
2025 
Jan-Mar 
2024 
Jan-Mar 
2025 
Jan-Mar 
2024 
Jan-Mar 
2025 
Jan-Mar 
2024 
Jan-Mar 
2025 
Jan-Mar 
2024 
Jan-Mar 
2025 
Jan-Mar 
2024 
Jan-Mar 
2025 
Jan-Mar 
2024 
Jan-Mar 
2025 
Jan-Mar 
2024 
External sales 4,510 4,030 3,046 2,567 5,081 4,874 2,185 1,938 797 688 173 88 15,792 14,185
Internal sales 15 17 97 55 193 115 68 28 385 361 -758 -576 - -
Total sales 4,525 4,047 3,143 2,622 5,274 4,989 2,253 1,966 1,182 1,049 -585 -488 15,792 14,185- - - - - - - - - - - - - -
Sales by customer:
Military customers 4,200 3,779 2,939 2,515 4,718 4,414 2,042 1,816 449 328 58 28 14,406 12,880
Civilian customers 310 251 107 52 363 460 143 122 348 360 115 60 1,386 1,305
Total external sales 4,510 4,030 3,046 2,567 5,081 4,874 2,185 1,938 797 688 173 88 15,792 14,185- - - - - - - - - - - - - -
Sales by significant source:
Long-term customer contracts 4,284 3,772 1,035 1,333 3,529 3,249 1,353 1,026 - - 33 39 10,234 9,419
Services 156 194 480 403 914 937 428 409 750 610 48 31 2,776 2,584
Products 70 64 1,531 831 638 688 404 503 47 78 92 18 2,782 2,182
Total external sales 4,510 4,030 3,046 2,567 5,081 4,874 2,185 1,938 797 688 173 88 15,792 14,185- - - - - - - - - - - - - -
Sales by domain:
Air 4,087 3,700 132 90 1,899 1,750 - - 12 11 37 10 6,167 5,561
Land 40 42 2,423 2,213 1,137 1,171 - - 446 327 13 6 4,059 3,759
Naval - 3 472 248 1,626 1,472 2,185 1,938 - 2 22 47 4,305 3,710
Civil Security 3 4 13 5 407 476 - - 89 91 19 19 531 595
Commercial Aeronautics 379 278 - - 1 2 - - - - 3 4 383 284
Other/not distributed 1 3 6 11 11 3 - - 250 257 79 2 347 276
Total external sales 4,510 4,030 3,046 2,567 5,081 4,874 2,185 1,938 797 688 173 88 15,792 14,185- - - - - - - - - - - - - -
Sales recognition method:
Over time 3,890 3,548 1,435 1,615 3,949 3,621 2,065 1,828 790 688 51 51 12,180 11,351
Point in time 620 482 1,611 952 1,132 1,253 120 110 7 - 122 37 3,612 2,834
Total external sales 4,510 4,030 3,046 2,567 5,081 4,874 2,185 1,938 797 688 173 88 15,792 14,185
Corporate/         
elimination Group Aeronautics Dynamics Surveillance Kockums Combitech
Item affecting comparability Business Area Line item Jan-Mar 2025 Jan-Mar 2024 Full Year 2024
Capital gain from divestment of Combitech Norway Combitech Other operating income - - 18
Remeasurement of contingent consideration payable Surveillance Other operating income - - 112
Write-down of intangible assets related to acquired customer 
relations Surveillance Marketing expenses - -72
Total - - 58
MSEK
31 Mar 
2025
31 Dec 
2024
31 Mar 
2024
Goodwill 5,429 5,572 5,517
Capitalised development costs 6,053 6,052 6,108
Other intangible assets 1,456 1,374 1,424
Total 12,938 12,998 13,049

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

25  IN TER IM  R EPO RT  Q1  2025  
Note 8 Net liquidity/debt 
 
Committed credit lines 
 
Parent Company 
 
Saab has a Medium Term Note (MTN) programme with a framework of 
SEK 10,000 million, enabling the issuance of long -term loans on the 
capital market. The programme was established in 2009 with a framework 
of SEK 3,000 million and has since been increased in two steps. At of the 
end of the quarter, bonds outstanding under the MTN programme 
amounted to SEK 6,870 million. 
No bonds were issued, matured or repurchased during the quarter. 
 
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 4, as described in the Annual Report 2024 on page 203, 
note 35. As of 31 March 2025, 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 
2025 
31 Dec 
2024 
31 Mar 
2024 
    
Assets:
Liquid assets 3,344 2,843 2,336
Short-term investments 6,861 8,898 8,464
Total liquid investments 10,205 11,741 10,800
Short-term interest-bearing receivables 69 73 74
Long-term interest-bearing receivables 245 241 275
Long-term receivables attributable to pensions 79 79 59
Long-term interest-bearing financial investments 2,543 1,610 -
Total interest-bearing assets 13,141 13,744 11,208
Liabilities:
Lease liabilities 2,820 3,032 2,773
Bonds and other debt instruments 7,192 7,193 6,922
Liabilities to associated companies 
and joint ventures 51 55 53
Other interest-bearing liabilities 107 104 60
Provisions for pensions ¹⁾ 775 1,149 564
Total interest-bearing liabilities and provisions for 
pensions 10,945 11,533 10,372
Net liquidity (+) / net debt (-) 2,196 2,211 836
1) Excluding provisions for special employers' contribution attributable to pensions.
MSEK Facilities Drawings Available 
    
Revolving credit facility 
(Maturity 2026 SEK 6 billion) 6,000 - 6,000
Overdraft facility (Maturity 2025) 89 - 89
Total 6,089 - 6,089
MSEK
31 Mar 
2025 
31 Dec 
2024 
31 Mar 
2024 
    
Long-term bonds and other debt instruments 6,071 7,073 6,870
Short-term bonds and other debt instruments 1,114 114 -
Total 7,185 7,187 6,870
MSEK
31 Mar 
2025
31 Dec 
2024
31 Mar 
2024
Total assets 101,677 99,823 84,782
Less non-interest bearing liabilities 52,268 52,478 40,734
Capital employed 49,409 47,345 44,048
Carrying amount 
31 Mar 
2025 
31 Dec 
2024 
31 Mar 
2024 
Financial assets:
Valued at amortised cost ⁴⁾: 
Accounts receivable, contract assets and other 
receivables 26,207 27,482 23,595
Liquid assets 3,344 2,843 2,336
Long-term receivables 365 356 399
Valued at fair value through profit and loss ³⁾: 
Short-term interest-bearing investments 6,861 8,898 8,464
Derivatives for trading 106 17 17
Financial investments 209 237 228
Valued at fair value through other comprehensive 
income ³⁾: 
Derivatives identified as hedges 1,722 913 949
Equity investments elected to be classified as fair value 
through other comprehensive income 2,379 2,526 915
Long-term interest-bearing investments 2,543 1,610 -
Total financial assets 43,736 44,882 36,903
Financial liabilities:
Valued at amortised cost:
Interest-bearing liabilities ¹⁾ 10,170 10,384 9,809
Other liabilities ⁴⁾ 14,726 15,977 13,492
Valued at fair value through profit and loss ³⁾:
Contingent consideration payable 18 19 130
Derivatives for trading 35 64 34
Valued at fair value through other comprehensive 
income ³⁾: 
Derivatives identified as hedges 933 2,380 1,536
Total financial liabilities 25,882 28,824 25,001
¹⁾  Fair value 10,214 10,617 10,007
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 766 
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 2025 Level 1 Level 2 Level 3
     Bonds and interest-bearing securities 9,404 9,404 - -
Forward exchange contracts 1,613 - 1,613 -
Currency options 10 - 10 -
Interest rate swaps 180 - 180 -
Electricity derivatives 25 25 - -
Shares and participations 2,588 - - 2,588
Total 13,820 9,429 1,803 2,588
MSEK 31 Mar 2025 Level 1 Level 2 Level 3
     
Forward exchange contracts 905 - 905 -
Currency options 6 - 6 -
Interest rate swaps 4 - 4 -
Electricity derivatives 53 53 - -
Contingent consideration payable 18 - - 18
Total 986 53 915 18

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

26  IN TER IM  R EPO RT  Q1  2025  
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 
No acquisitions or divestments took place in the first quarter 2025. 
  
MSEK Unlisted shares and participations Contingent consideration payable 
Opening balance, 1 January 2025 2,763 19
Gains/losses recognised in the income statement -28 -
Gains/losses recognised in other comprehensive income -147 -
Foreign currency translation - -1
Closing balance, 31 March 2025 2,588 18
MSEK
Jan-Mar
2025 
Jan-Mar
2024 
Full year
2024 
    
Cash flow from operating activities before changes in working capital, excluding taxes and other financial items ¹⁾ 2,108 1,648 8,269
Cash flow from changes in working capital:
Contract assets and liabilities 631 -1,771 7,218
Inventories -2,306 -1,595 -4,890
Other current receivables 1,949 -278 -5,464
Other current liabilities -723 1,284 3,589
Provisions -117 -147 -1,456
Change in working capital -566 -2,507 -1,003
Cash flow from operating activities excluding taxes and other financial items 1,542 -859 7,266
Investing activities:
Investments in intangible fixed assets -311 -162 -827
Investments in tangible fixed assets -1,248 -998 -4,012
Sales and disposals of tangible fixed assets including biological assets 3 21 70
Cash flow from investing activities ²⁾ -1,556 -1,139 -4,769
Operational cash flow -14 -1,998 2,497
Taxes and other financial items -431 -374 -1,224
Investments in and sale of financial assets, associated companies and joint ventures -2 -2 -290
Investments in operations - -15 -15
Sale of subsidiaries and other operations - - 25
Free cash flow -447 -2,389 993
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 2025 2024 2024
    
Free cash flow -447 -2,389 993
Investing activities – interest-bearing:
Short-term investments 2,039 2,886 2,471
Other financial investments and receivables -965 - -1,604
Financing activities:
Repayments of loans - -341 -678
Raising of loans and increase in other interest-bearing 
liabilities 1 - 331
Dividend paid to the Parent Company’s shareholders - - -856
Dividend paid to non-controlling interest -23 - -41
Cash flow for the period 605 156 616
MSEK 
31 Mar 
2025 
31 Dec 
2024 
31 Mar 
2024 
    
The following components are included 
in liquid assets: 
Cash and bank balances 1,144 2,543 1,336
Bank deposits 2,200 300 1,000
Total according to balance sheet 3,344 2,843 2,336
Total according to statement of cash flows 3,344 2,843 2,336

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

27  IN TER IM  R EPO RT  Q1  2025  
Note 13 Defined-benefit plans 
Saab has 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 recogni sed in other comprehensive 
income. The actuarial gain related to the Swedish pension plans amounted 
to SEK 425 million net in the first quarter 2025 due to the following: 
The assumed discount rate increased from 3.75 per cent to 4.00 per cent. 
This resulted in an actuarial gain of SEK 38 3 million. The inflation 
assumption was 1.75 per cent, unchanged during the first quarter 2025. 
Negative experience adjustments resulted in an actuarial loss of SEK 16 
million. 
The re turn on assets under management was SEK 60 million which 
resulted in an actuarial loss of SEK 28 million. 
The actuarial gain related to the special employer’s contribution amounted 
to SEK 86 million. 
Note 14 Contingent liabilities 
No additional significant commitments have arisen during the first quarter 
2025. 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 
No significant transactions with related parties have occurred during the 
first quarter 2025. Related parties with which the Group has transactions 
are described in note 37 in the Annual Report 2024. 
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 th e Parent Company’s shareholders divided by the 
number of shares, excluding treasury shares  and shares repurchased 
through equity swaps, at the end of the period.  
Free cash flow  
Cash flow from operating activities including amortisation of lease 
liabilities and 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 charges 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 permanent 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, e xcluding 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 
2025 
31 Dec 
2024 
31 Mar 
2024 
Defined-benefit obligation 10,654 10,969 9,976
Special employers' contribution 145 238 89
Less assets under management 9,959 9,899 9,471
Total provisions for pensions 840 1,308 594
 of which reported as long-term receivable 79 79 59

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

28  IN TER IM  R EPO RT  Q1  2025  
Organic sales growth  
Change in sales in percentage 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 amortisation 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  2025  
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 
UAV Unmanned Aerial Vehicle 
 
Stockholm 25 April 2025 
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 R egulation. The 
information was submitted for publication, through the 
agency of the contact person set out above, on 25 April 
2025 at 07.30 (CET). 
Contacts
Merton Kaplan, Head of Investor Relations 
+46 734 18 20 71 
Adam Solberg, Investor Relations Manager 
+46 734 46 62 58 
Media and financial analyst conference:  
25 April 2025 at 10.00 (CEST) 
Live webcast: 
www.saab.com/investors/webcast/q1-2025 
Conference call: 
Registration for the conference call: 
www.saab.com/investors/conference-call-q1 
The interim report, presentation material and the 
webcast will be available on www.saab.com/investors 
Calendar 
Capital Markets Day 
Karlskoga 26-27 May 2025 
Half-year report 2025  
Published 18 July 2025 
Q3 Interim report 2025  
Published 22 October 2025 
 
 
Q1