Kvartalsrapport Q1 2026

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

Image: Saab Giraffe 1X 
 
A strong start  
to the year 
 
 
 
 
  
  
Q1 
INTERIM REPORT 2026

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

2 IN TER IM  R EPO RT  Q1  2026   
Q1 2026 
Key Highlights 
▪ Order bookings in the first quarter amounted to SEK 18,243m 
(19,144). Growth was strong for medium-sized orders, but fewer 
large orders were received in the quarter. 
▪ Sales amounted to SEK 19,164m (15,792) which corresponded to 
an organic sales growth of 23.6% (10.9).  
▪ All business areas and Combitech reported double-digit sales 
growth, with particularly strong development in Surveillance. 
▪ EBITDA amounted to SEK 2,731m (2,140) corresponding to an 
EBITDA margin of 14.3% (13.6). 
▪ EBIT increased 32% and amounted to SEK 1,920m (1,454), 
corresponding to an EBIT margin of 10.0% (9.2). 
▪ Net income increased to SEK 1,466m (1,277) and earnings per 
share amounted to SEK 2.65 (2.35). 
▪ Operational cash flow increased to SEK 1,017m (-14). 
▪ Net liquidity amounted to SEK 3,985m compared to SEK 3,989m 
at year-end 2025. 
▪ The AGM 2026 decided on a dividend of SEK 2.40 (2.00) per share 
for the financial year 2025.
18.2 
Order bookings, SEK bn 
23.6% 
Organic sales growth 
10.0% 
Operating margin 
Financial highlights 
 
MSEK Jan-Mar 2026 Jan-Mar 2025 Change, % Full Year 2025 
Order bookings 18,243 19,144 -5 168,519
Order backlog 274,108 189,207 45 274,532
Sales 19,164 15,792 21 79,146
Gross income 4,475 3,719 20 17,168
Gross margin, % 23.4 23.5 21.7
EBITDA 2,731 2,140 28 11,347
EBITDA margin, % 14.3 13.6 14.3
Operating income (EBIT) 1,920 1,454 32 8,066
Operating margin, % 10.0 9.2 10.2
Adjusted operating income  ¹⁾ 1,920 1,454 32 7,730
Adjusted operating margin, %  ¹⁾ 10.0 9.2 9.8
Net income 1,466 1,277 15 6,356
of which Parent Company’s shareholders’ interest 1,437 1,268 13 6,314
Earnings per share after dilution, SEK 2.65 2.35 13 11.70
Return on equity, % ²⁾ 15.7 13.0 16.0
Operational cash flow 1,017 -14 5,273
Free cash flow -301 -447 4,206
Free cash flow per share after dilution, SEK -0.56 -0.83 7.79
Full Time Equivalents, FTEs 28,667 25,369 27,865
Average number of shares after dilution 541,303,711 539,768,124 539,791,904
¹⁾ Items affecting comparability, see note 5
²⁾ Return on equity is measured over a rolling 12-month period.

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

3 IN TER IM  R EPO RT  Q1  2026   
Demand for advanced defence solutions 
continued to be high, and our leading portfolio is 
well aligned with the priorities of countries 
around the world.  
Order bookings in the first quarter amounted to 
SEK 18.2 (19.1) billion. Medium‑sized orders 
increased significantly and the book-to-bill ratio 
in Surveillance and Dynamics was 1.2x  for the 
quarter. M arket conditions continue to be  
favourable with good activity across all business 
areas. 
We achieved solid progress in our customer 
projects and increased our delivery volumes in 
the quarter, resulting in an organic sales growth 
of 23.6%. Operating income grew by 32%, and 
operating margin increased to 10.0% (9.2), 
driven by the sales growth and leverage on 
operating costs. Operational cash flow 
increased to SEK 1.0 (0.0) billion and was related 
to the higher profit and customer payments. We 
continue to invest for the future whilst 
strengthening our ability to deliver to our 
customers in the immediate term. 
Growth across all business areas 
All business areas delivered double -digit sales 
growth in the quarter. Aeronautics continued to 
expand the production of Gripen  E/F fighters, 
and an important milestone was reached with 
the rollout of the first Gripen E aircraft produced 
in Brazil. Dynamics delivered good growth with 
an increased operating margin. Two new 
production facilities for Ground Combat were 
inaugurated in Sweden.  
Surveillance delivered a strong quarter driven by 
high demand and solid progress in capacity 
expansion. We achieved a significant increase in 
deliveries of Giraffe 1X radar systems to 
customers worldwide.  Kockums ha s entered 
into contract negotiations related to Poland’s 
selection of Saab to deliver its next generation of 
submarines. Furthermore, as of  
1 April, our new business area, Naval, was 
formed, consolidating Kockums and the 
business unit Naval Combat Systems, previously 
part of Surveillance. This r eorganisation brings 
together our naval capabilities and strengthens 
our offering of advanced naval solutions to 
customers. 
We are operating in a constrained supply 
environment and continue to take proactive 
measures to secure critical supply e.g. by 
selectively stockpiling components and working 
closely with suppliers to ensure delivery.  During 
the quarter, we continued to work intensively on 
the digital transformation across the company to 
increase productivity, as well as add value for our 
customers by creating new software‑defined 
solutions and connected business models. 
Progress in sustainability 
Our ambition is to be a sustainability leader within 
the defence sector, and our efforts are yielding 
results. During the quarter, the first CSRD 
compliant sustainability report was published as 
part of the Annual Report 2025. We also 
strengthened our climate efforts by performing 
a life cycle analysis of the Giraffe 1X radar 
system in order to better understand and 
manage Scope 3 emissions, and to assess how 
alternative energy sources can significantly 
reduce emissions. Within Dynamics we 
introduced a new procedure for the systematic 
reuse of packaging in ammunition transports 
that reduces both emissions and costs.  
Foundation for the future 
The global security situation continues to be 
characterised by significant uncertainty, 
including the ongoing war in Ukraine and 
conflicts across the Middle East.  
Saab’s leading air, land, and sea solutions are in 
high demand. With a solid order backlog and 
sustained market demand, we are on track to 
deliver on our medium -term targets. We 
continue to build a sustainable and resilient 
company, focusing on innovation, capacity 
expansion, and a strong commitment to keeping 
people and societies safe. 
  
 
 
CEO comments  
 
A strong start  
to the year  
 
 
 
Micael Johansson 
President and CEO 
Medium-term targets 
2023-2027 
Sales growth: 
Organic sales growth of around 22% 
(compound annual growth rate, CAGR).  
Operating income: 
Operating income growth higher than 
organic sales growth.  
Operational cash flow: 
Cash conversion of >60%  
(cumulative for the 5-year period).

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

4 IN TER IM  R EPO RT  Q1  2026   
Orders 
January-March 2026 
Order bookings in the first quarter amounted to SEK 18,243 million (19,144) and corresponded to a 
book-to-bill ratio of 0.95x. Growth was strong in Aeronautics, Surveillance and Kockums but 
declined in Dynamics. Order bookings for medium-sized orders  increased by  28 per cent and 
amounted to SEK 9,455 million (7,398). Order bookings for large orders and small orders declined, 
amounting to SEK 3,502 million (5,287) and SEK 5,286 million (6,459), respectively. The largest order 
during the quarter was a SEK 2.6 billion contract for counter-unmanned aerial system (C-UAS) from 
Sweden. 
The order backlog at the end of the quarter amounted to SEK 274,108 million, compared to SEK 
274,532 million at the beginning of the year . In total, 72 per cent (74) of the backlog is attributable 
to international markets. 
Sales 
January-March 2026 
Sales in the first quarter amounted to SEK 19,164 million (15,792), corresponding to a sales growth 
of 21.4 per cent, of which organic sales growth was 23.6 per cent. All business areas and Combitech 
reported double-digit growth, with particularly strong contribution from Surveillance. Currency 
translation effects had an impact on sales growth  of -2.0 percentage points in the quarter.  Sales 
related to markets outside Sweden accounted for 55 per cent (56) of total sales. 
 
Sales growth 
 
 
Sales per region
 
 
  
Per cent
Jan-Mar 
2026 
Jan-Mar 
2025 
Full Year 
2025 
Organic sales growth 23.6 10.9 25.6
Change from acquisitions and divestments -0.2 0.2 0.0
Currency translation effects  -2.0 0.2 -1.5 
Total sales growth 21.4 11.3 24.1
MSEK Jan-Mar 2026 Jan-Mar 2025 Change, %
Sweden 8,545 6,970 23
Rest of Europe 5,513 3,596 53
North America 1,309 1,245 5
Latin America 1,269 1,014 25
Asia 934 1,395 -33
Africa 48 58 -17
Australia, etc. 589 586 1
Undisclosed countries 957 928 3
Total 19,164 15,792 21
Order distribution 
Jan-Mar 2026 
      
   
 
Order by market 
Jan-Mar 2026 
    
 
Order backlog, BSEK 
  
 
 
Sales Jan-Mar, MSEK 
   
Sales by market  
Jan-Mar 2026 
    
Small orders 29% (33)
Medium-sized orders 52% (39)
Large orders 19% (28)
Classification of orders MSEK
Small orders <100
Medium-sized orders 100-1000
Large orders >1000
International order bookings 59%
Order bookings from Sweden 41%
133
158
189
274
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
Jan-Mar
2026
Order backlog duration BSEK
2026 61.4
2027 82.3
2028 55.2
2029 34.7
After 2029 40.5
11,485
14,185
15,792
19,164
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
Jan-Mar
2026
Sales international markets 55%
Sales to Sweden 45%

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

5 IN TER IM  R EPO RT  Q1  2026   
Income 
January-March 2026 
Gross income increased 20 per cent and amounted to SEK 4,475 million (3,719) driven by solid 
progress in customer projects and increased delivery volumes . The gross margin was in line with 
the first quarter last year and amounted to 23.4 per cent (23.5). 
Total operating expenses increased to SEK 2,555 million (2,265). Marketing expenses were in line 
with last year and amounted to SEK 757 million (754) while administrative expenses declined slightly 
to SEK 683 million (705). R&D costs increased and amounted to SEK 1,110 million (801) following 
increases across all business areas. Share of income in associated companies and joint ventures 
amounted to SEK 11 million (13).  
Total depreciation, amortisation and write-downs amounted to SEK 811 million (686). Depreciation 
of tangible fixed assets and right -of-use assets amounted to SEK 604 million (491). Amortisation 
and write-downs of intangible fixed assets amounted to SEK 207 million (195), of which amortisation 
of capitalised development expenditures amounted to SEK 131 million (151).  
EBITDA increased 28 per cent and amounted to SEK 2,731 million (2,140), with an EBITDA margin 
of 14.3 per cent (13.6). Operating income increased 32 per cent and amounted to SEK 1,920 million 
(1,454) with an operating margin of 10.0 per cent (9.2). The growth in operating income and margin 
was driven by Dynamics and Surveillance.  
 
Financial net 
 
The financial net during the first quarter 2026  amounted to SEK -67 million ( 167). The change 
compared to last year was mainly due to the result from currency hedges in the tender portfolio. In 
the comparative period, these results were recognised in financial net, while from the first quarter 
2026, hedge accounting is applied for the currency derivatives in this portfolio. Therefore, 
gains/losses from these derivatives are recognised in other comprehensive income  instead. This 
means that there is no impact on financial net from currency hedges in the tender portfolio going 
forward.  
The change in financial net related to pensions compared to last year is a result of lower net pension 
obligations. See note 13 for more information regarding defined-benefit pension plans.  
The change in lease liability interest compared to last year was due to higher lease liabilities in 2026, 
mainly related to new leases for premises that commenced in the second half-year of 2025. 
The decrease in other financial items was mainly due to currency effects  and revaluation of short-
term interest-bearing investments.  
Tax 
Current and deferred taxes amounted to SEK -387 million (-344), corresponding to an effective tax 
rate of 20.9 (21.2) per cent. The slight decrease of the effective tax rate was mainly a result of lower 
share of taxable income from foreign operations. 
  
MSEK Jan-Mar 2026 Jan-Mar 2025
Financial net related to pensions -2 -10
Net interest items 35 32
Currency gains/losses - 198
Lease liability interest -68 -42
Other financial items -32 -11
Total -67 167
Operating income (MSEK) and 
margin (%), Jan-Mar 
   
EPS after dilution, SEK 
   
 
 
Internally funded R&D 
expenditures, MSEK 
 
928 
1,191 
1,454 
1,920 
8.1
8.4
9.2
10.0
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
Jan-Mar
2026
1.36 1.43
2.35
2.65
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
Jan-Mar
2026
443
587
820
1,147
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
Jan-Mar
2026

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

6 IN TER IM  R EPO RT  Q1  2026   
Financial position and liquidity 
At the end of March 2026, Saab had a net liquidity of SEK 3,985 million, compared to SEK 3,989 
million at year-end 2025. Net debt/EBITDA was -0.3 (-0.3) at the end of the period.  
Intangible fixed assets amounted to 12,591 SEK million compared to 12,585 at year-end 2025 . 
Tangible fixed assets amounted to SEK 18,396 million compared to 16,882 at year-end 2025. Net 
investments, which includes the cash flow effect from sale of tangible and intangible assets, 
amounted to SEK 1,965 million (1,556). Investments in tangible fixed assets amounted to SEK 1,804 
million (1,248). Investments in intangible fixed assets amounted to SEK 175 million (311), of which 
SEK 169 million (170) was related to capitalised development costs. The investments in capitalised 
development costs were mainly related to the development of Gripen E/F.  
Right-of-use assets recognised in the balance sheet amounted to SEK 4,748 million compared to 
4,764 million at the end of 2025.  
Inventories increased by SEK 1,918 million during the quarter with increases mainly in Dynamics and 
Kockums. Contract assets increased by SEK 1,480 million and contract liabilities increased by SEK 
404 million compared to year-end 2025.  
Net provisions for pensions, excluding special employer’s contribution, amounted to a net pension 
asset of SEK 64 million as of 31 March 2026, compared to a pension liability of SEK 267 million at 
year-end 2025. The effect on net debt of  SEK 331 million was mainly a result of positive return on 
pension plan assets and increased discount rate. For further information on Saab’s defined-benefit 
pension plan, see note 13.  
Interest-bearing liabilities, including lease liabilities, amounted to SEK 14,433 million compared to 
14,709 at year-end 2025. During the quarter a loan of SEK 1,000 million was repaid and the second 
half of the loan facility with the Nordic Investment Bank (NIB) , of SEK 600 million, was received. 
Furthermore, the Group has an unutilised revolving credit facility amounting to SEK 6,000 million.  
As of 3 1 March 2026, long- and short-term interest-bearing investments and liquid assets 
amounted to SEK 18,061 million, a decrease of SEK 618 million compared to year-end 2025.  
Capital employed increased by SEK 753 million from year-end 2025, to SEK 59,481 million at the 
end of the quarter. The return on capital employed was 16.6 per cent (14.2) and the return on equity 
was 15.7 per cent (13.0), both measured over a rolling 12-month period.  
 
 
Key indicators of financial position  
and liquidity 
Change in net debt 
Jan-Mar 2026 
 
    
   
MSEK 
Net liquidity (+) / net debt (-), 
31 December 2025 3,989
Operational cash flow 1,017
Taxes and other financial items -1,208
Change in lease liability -10
Change in net pension obligation 331
Sale of and 
investments in financial assets, 
associates and joint ventures -119
Dividend to and transactions with 
non-controlling interest -29
Other items, currency impact and 
unrealised results from financial 
investments 14
Net liquidity (+) / net debt (-), 
31 March 2026 ¹⁾ 3,985
¹⁾ Net liquidity (+) / net debt (-) 
excluding net provisions for 
pensions, lease liabilities and 
interest-bearing receivables, 31 
March 2026 8,562
MSEK 31 Mar 2026 31 Dec 2025 Change 31 Mar 2025
Net liquidity (+) / debt (-) ²⁾ 3,985 3,989 -4 2,196
Intangible fixed assets 12,591 12,585 6 12,938
     Goodwill 5,329 5,289 40 5,429
     Capitalised development costs 6,016 5,972 44 6,053
     Other intangible fixed assets 1,246 1,324 -78 1,456
Tangible fixed assets, etc ³⁾ 18,798 17,288 1,510 13,655
Right of use assets ⁴⁾ 4,748 4,764 -16 2,713
Inventories 27,357 25,439 1,918 23,995
Accounts receivable 9,348 13,713 -4,365 8,215
Contract assets 19,955 18,475 1,480 15,663
Contract liabilities 34,262 33,858 404 27,745
Equity/assets ratio, % 36.2 35.0 37.8
Return on equity, % 15.7 16.0 13.0
Return on capital employed, % 16.6 16.5 14.2
Equity per share, SEK ¹⁾ 82.96 80.58 2.38 71.23
1) Number of shares excluding treasury shares 538,198,392 537,769,114 536,051,253
3) Including tangible fixed assets and biological assets.
4) Relate to right-of-use assets for leases.
2) The Group's net liquidity/debt refers to liquid assets, short-term investments and interest-bearing receivables less interest-bearing liabilities and provisions for pensions 
excluding provisions for special employers' contribution attributable to pensions. For a detailed break-down of interest-bearing receivables and interest-bearing liabilities, see 
note 8.

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

7 IN TER IM  R EPO RT  Q1  2026   
Cash flow 
January-March 2026 
Operational cash flow in the first quarter  2026 amounted to SEK  1,017 million (-14). The 
improvement compared to the same quarter last year was driven by a higher profit and a positive 
effect from working capital, primarily reflecting a high level of customer payments and reduced 
inventory build-up. The improvement was partly offset by higher investments. 
Cash flow from operating activities , excluding taxes and other financial items increased  to SEK  
2,982 million (1,542), while cash flow from investing activities amounted to SEK -1,965 million  
(-1,556). Free cash flow during the quarter amounted to SEK -301 million (-447) and was impacted 
by a supplementary payment related to income taxes for 2025. 
Saab is operating in a business environment with significant needs for added capabilities driven by 
growing customer demand. As a result, Saab is increasing investments to expand its capacity and 
expand production volumes, which entails higher working capital. Saab is proactively engaging with 
its supply chain to manage capacity increases and inventory levels. Whilst this is putting some 
pressure on operational cash flow, it enables Saab to address future opportunities and grow long -
term. Due to the nature of Saab’s customer contracts, deliveries and timing of customer milestone 
payments in large projects, large fluctuations in cash flow between quarters can occur. 
For more detailed information on cash flow, see note 11. 
 
 
 
 
  
MSEK Jan-Mar
2026 
Jan-Mar
2025 
Cash flow from operating activities before changes in working 
capital, excluding taxes and other financial items ¹⁾ 2,841 2,108 
Change in working capital 141 -566 
Cash flow from operating activities excluding taxes and other 
financial items 2,982 1,542 
Cash flow from investing activities ²⁾ -1,965 -1,556 
Operational cash flow 1,017 -14 
Taxes and other financial items -1,208 -431 
Investments in and sale of financial assets and operations -110 -2 
Free cash flow -301 -447 
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 
 
 
Operational cash flow, MSEK 
 
 
Free cash flow, MSEK 
 
    
3,814
-859
1,542
2,982
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
Jan-Mar
2026
3,072
-1,998
-14
1,017
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
Jan-Mar
2026
3,125
-2,389
-447 -301
Jan-Mar
2023
Jan-Mar
2024
Jan-Mar
2025
Jan-Mar
2026

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

8 IN TER IM  R EPO RT  Q1  2026   
Business Area 
Aeronautics 
Business Units 
Advanced Programs, Aerospace Systems, Aviation Services, Gripen. 
Market highlights 
Order bookings grew by 32 per cent, driven by 
orders related to the T -7A program . Market 
interest in the Gripen E/F remains strong, with 
several campaigns ongoing. 
Sales and operating income 
Sales increased by 15 per cent, driven by 
growth in the Gripen program. The production 
volumes for Gripen  E/F fighters continued to 
increase, and an important milestone was 
reached with  the rollout of the first Gripen  E 
aircraft produced in Brazil. EBIT decreased , 
primarily due to increased R&D amortisation 
and negative currency effects. The T -7A 
program start-up costs continued to impact  
the operating income in the quarter. 
Cash flow 
Cash flow was negative, although it improved 
compared with the same quarter last year, 
primarily due to higher customer payments. 
 
 
Business Area 
Dynamics 
Business Units 
Barracuda, Ground Combat, Missile Systems, Tactical Support Solutions, Training and Simulation. 
Market highlights 
The market demand for Dynamics’ product 
portfolio remained high , and t he b ook-to-bill 
ratio amounted to 1.2x. Medium-sized orders 
grew at a good rate, and the order backlog 
increased. However, order bookings declined 
due to the high level of large orders received in 
the first quarter last year.  
Sales and operating income 
Sales grew by 16 per cent in the first quarter  
and EBIT grew by 38 per cent. The EBIT margin 
increased to 17.5  per cent , driven by high 
deliveries and a favourable mix. 
Cash flow 
Cash flow remained strong, although it 
declined compared with last year as a result of 
fewer large customer payments and increased 
inventories as well as investments. 
  
   
   
Market 
Sales in markets 
outside Sweden 
amounted to 36% (36) 
during Jan-Mar 2026. 
 
  
 
 
  
   
Market 
Sales in markets outside 
Sweden amounted to 79% 
(82) during Jan-Mar 2026. 
 
  
 
MSEK Jan-Mar 2026 Jan-Mar 2025 Change, % Full Year 2025
Order bookings 3,691 2,805 32 61,464
Order backlog 82,278 39,753 107 83,783
Sales 5,199 4,525 15 19,133
EBITDA 476 438 9 1,666
EBITDA margin, % 9.2 9.7 8.7
Operating income (EBIT) 328 367 -11 1,177
Operating margin, % 6.3 8.1 6.2
Operational cash flow -850 -2,270 -1,937
 
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
2024 2025 2026
Sales, MSEK Operating margin, % Operating margin, R12, %
MSEK Jan-Mar 2026 Jan-Mar 2025 Change, % Full Year 2025
Order bookings 4,201 8,108 -48 32,394
Order backlog 90,798 83,511 9 90,095
Sales 3,634 3,143 16 20,665
EBITDA 689 499 38 3,910
EBITDA margin, % 19.0 15.9 18.9
Operating income (EBIT) 637 461 38 3,735
Operating margin, % 17.5 14.7 18.1
Operational cash flow 913 5,328 7,643
0
5
10
15
20
25
30
0
2,000
4,000
6,000
8,000
10,000
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
Sales, MSEK Operating margin, % Operating margin, R12, %

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

9 IN TER IM  R EPO RT  Q1  2026   
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 grew by 21 per cent, driven by 
high market demand for the entire product 
portfolio. Key orders included a SEK 2.6  bn 
contract for counter unmanned aerial systems 
(C-UAS) from Sweden. The GlobalEye system 
continued to attract high market interest.  
Sales and operating income 
Sales grew by 32 per cent, due to  strong 
project execution and increased deliveries, 
including Giraffe 1X radars. EBIT increased 52 
per cent, and the margin improved to 9.6 per 
cent, driven by the sales growth and leverage 
on operating costs. 
Cash flow 
Cash flow was strong, primarily reflecting 
customer advance payments.  
 
Business Area 
Kockums 
Business Units 
Docksta, Submarines, Surface Ships, Underwater Systems. 
Market highlights 
Order bookings grew by 54 per cent, primarily 
driven by orders related to submarines. During 
the first quarter the second SIGINT ship for 
Poland was launched.  Kockums has entered 
into contract negotiations related to Poland’s 
selection of Saab to deliver its next generation 
of submarines.  
Sales and operating income  
Sales increased 13 per cent in the quarter . 
EBIT declined compared to last year, primarily 
due to increased marketing activities with 
related costs for ongoing campaigns . From 
the second quarter, the new business area  
Naval has been established (see page 14). 
Cash flow 
Cash flow improved compared to last year, 
supported by large customer milestone 
payments. 
  
 
 
   
Market 
Sales in markets 
outside Sweden 
amounted to 70%  
(71) during Jan-Mar 
2026. 
 
  
*Operating margin and Operating margin R12, % are adjusted for items affecting comparability and excludes for Q4 2024 a gain from remeasurement of 
a contingent consideration payable of SEK 112 million and write -down of an intangible asset related to a cquired customer relations of SEK 72 million.  For 
Q4 2025, items affecting comparability comprise a capital gain from the divestment of Saab Transpondertech AB of SE K 336 million.  
 
  
   
Market 
Sales in markets  
outside Sweden  
amounted to 31% 
(32) during Jan-Mar 2026. 
 
  
MSEK Jan-Mar 2026 Jan-Mar 2025 Change, % Full Year 2025
Order bookings 8,553 7,081 21 54,158
Order backlog 80,027 53,564 49 77,991
Sales 6,949 5,274 32 27,296
EBITDA 810 657 23 3,889
EBITDA margin, % 11.7 12.5 14.2
Operating income (EBIT) 664 438 52 3,056
Operating margin, % 9.6 8.3 11.2
Adjusted operating income 664 438 52 2,720
Adjusted operating margin, % 9.6 8.3 10.0
Operational cash flow 1,086 -1,545 110
0
3
6
9
12
15
0
2,000
4,000
6,000
8,000
10,000
12,000
Q2 Q3 Q4* Q1* Q2* Q3* Q4* Q1*
2024 2025 2026
Sales, MSEK Operating margin, % Operating margin, R12, %
MSEK Jan-Mar 2026 Jan-Mar 2025 Change, % Full Year 2025
Order bookings 1,474 960 54 18,110
Order backlog 21,853 13,002 68 22,913
Sales 2,551 2,253 13 9,631
EBITDA 216 219 -1 837
EBITDA margin, % 8.5 9.7 8.7
Operating income (EBIT) 195 202 -3 764
Operating margin, % 7.6 9.0 7.9
Operational cash flow 87 -647 763
-8
-4
0
4
8
12
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2024 2025 2026
Sales, MSEK Operating margin, % Operating margin, R12, %

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

10  IN TER IM  R EPO RT  Q1  2026   
Other operating segment 
Combitech 
Market highlights 
Order bookings within the defence segment 
were strong. This included additional orders 
from the Swedish Defence Materiel 
Administration (FMV) during the quarter.  
Sales and operating income 
Sales grew due to  increased number of 
consultants in projects and higher volumes in 
the quarter. The EBIT margin increased, mainly 
reflecting higher s ales and leverage on 
operating expenses. 
Cash flow 
Cash flow increased, driven by  higher 
customer payments compared to the same 
quarter last year. 
 
Other operating segment 
Corporate 
Corporate comprise group functions and other operations including UMS Skeldar and Saab’s minority portfolio. 
Order bookings and sales 
Order bookings amounted to SEK 115 million (218)  in the first quarter . Sales increased 72 per cent to SEK 297 million (173), driven by good p roject 
execution and deliveries in the UMS Skeldar operations.  
Operating income and cash flow 
Operating income amounted to SEK -59 million (-132). The improvement was primarily related to the growth in the UMS Skeldar operations and higher 
operating income from the minority portfolio . Operational cash flow increased to SEK -470 million ( -985) due to improved cash flow from changes in 
working capital while increased investments had an offsetting impact. 
 
Acquisitions and divestments 2026 
No acquisitions or divestments took place in the first quarter 2026.  
 
   
Market 
Sales in markets 
outside Sweden 
amounted to 3% (4) 
during Jan-Mar 2026. 
 
  
MSEK Jan-Mar 2026 Jan-Mar 2025 Change, % Full Year 2025
Order bookings 1,346 1,345 0 4,891
Order backlog 1,825 2,086 -13 1,845
Sales 1,367 1,182 16 4,977
EBITDA 160 120 33 495
EBITDA margin, % 11.7 10.2 9.9
Operating income (EBIT) 155 118 31 478
Operating margin, % 11.3 10.0 9.6
Operational cash flow 251 105 388
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
2024 2025 2026
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  2026   
Share repurchase  
Saab held 4,016,157 treasury shares as of 31 March 2026, compared to 4,440,000 at year-end 
2025. The Annual General Meeting 2026 decided to authorise the Board of Directors to repurchase 
a maximum of 1,466,000 shares of series B to secure delivery of shares to participants in Saab’s 
incentive program. In addition, t he Annual General Meeting decided that Saab may enter into an 
equity swap agreement with a third party, in order to hedge the expected financial exposure of 
Saab’s incentive program LTI 2027.  
The Annual General Meeting also decided to authorise the Board to repurchase shares of series B 
up to a maximum of 10 per cent of the total number of shares in the company. The purpose of the 
authorisation is to be able to adjust the company’s capital structure and thereby contribute to an 
increased shareholder value as well as to enable a continuous use of acquired shares in connection 
with potential acquisitions of companies, and where applicable, for the company’s share -related 
incentive programs.  
The Board of Directors has not exercised the authorisations during 2026. 
 
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. This is to a 
large extent structured through major projects with long time horizons spanning over multiple years. 
The projects entail significant investments  and large share of technological development or 
refinement of products conducted in close cooperation with customers, suppliers, partners and 
research institutions. Saab has an  international footprint that involve own business operations 
abroad, joint ventures and collaborations with other parties and industries.  
Saab’s operations  entail risk in various respects. The key risk areas are strategic , market and 
political, operating, financial and compliance  related. Various  internal policies and instructions 
govern the management of the company’s material risks.  
Saab is growing rapidly both in Sweden and other countries , including investments in scaling 
capacity such as production ramp -ups, establishing new factories and a high rate of recruitment . 
This growth entails a higher level of business risk  and implies greater uncertainty in sales growth, 
income and cash flow. Furthermore, the defence market is characteri sed by conditions where 
orders can be deferred to the future based on financing and political factors.  
The uncertainty in the global supply chain, including cost increases, trade barriers, tariffs and 
freights, entails a risk for Saab and its operations. The challenges primarily relate to the availability 
of certain raw materials, including rare earth elements (REEs), defence -specific supply, suppliers’ 
ability to ramp-up production capacity and ability to handle the flow-down of increasing regulatory 
requirements, as well as disturbances in sea and air freights and increased freight cost.  
For certain subsystems, Saab is dependent on deliveries from a single or very 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 s uch as contract management, 
increased transport and route focus, second sourcing, in - and outsourcing, redesign, re-planning, 
stockpiling and intensified forecasting dialogues 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 Brazilian fighter 
procurement process. These previous investigations were closed without indicating any 
wrongdoings by Saab.  
For a general description of the risk areas, see the Annual Report 2025, pages 44-49. 
  
Owners 
Largest owners, 31 March 2026: 
 
 
  
Source: Modular Finance 
The percentage of votes is calculated on the  
number of shares excluding treasury shares.  
% of % of
capital votes
Investor 30.2 39.9
Wallenberg 
Investments 8.7 7.6
BlackRock 4.0 3.5
Vanguard 2.9 2.5
Capital Group 1.8 1.5
Norges Bank 
Investment 
Management 1.7 1.5
Swedbank Robur 
Fonder 1.5 1.3
VanEck 1.4 1.2
WisdomTree Asset 
Management 1.0 0.9
Global X Management 
Company LLC 0.9 0.8

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

12  IN TER IM  R EPO RT  Q1  2026   
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 pr otect its sites, personnel and IT, as 
well as measures against cyber risks, which may lead to increased costs for IT and security.  
Saab has no defence-related sales exposure to Belarus , Russia and Iran, but is closely monitoring 
the impact on the business from the war in Ukraine  and conflicts in the Middle East .  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 c ountry-specific sanctions. Saab’s crisis 
management organisation has an ongoing focus on security, embargo and sanction practices. 
Furthermore, Saab has currently no direct defence-related sales exposure to Israel . However, the 
company could be affected by supply chain risks related to conflicts in the Middle East, as it has a 
limited number of suppliers in Israel . Saab is continuously monitoring the risk situation , has 
mitigating actions in place and is in close dialogue with its suppliers.

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

13  IN TER IM  R EPO RT  Q1  2026   
Sustainability 
 
 Occupational Health and Safety 
Total Recordable Injury Frequency Rate (TRIFR) 
 
 
2026 Target:  
Reduce work-related 
accidents, by 
decreased TRIFR1 
compared to base year 
2025. 
     
Climate  
GHG emissions2 
 
 
2030 Goal:  
 
42% reduction of 
Scope 1 & 2 CO2-eq3 
from base year 2020 
 Diversity and Inclusion 
Share of women employees 
 
 
2026 Target:  
 
27% women 
employees and 30% 
women managers. 
 
 
Resilient and safe societies 
On 3 March 2026, Saab published its first 
Corporate Sustainability Reporting Directive 
(CSRD) compliant sustainability statement 
within its 2025 annual report. The statement 
presents in detail Saab’s policies, actions, 
metrics and targets for its identifie d material 
topics.  
 
Green and social transition 
Climate  
During the first quarter, Saab’s scope 1 & 2 
CO2-eq emissions increased by 12 per cent 
compared to the same period in 2025. The 
increase is a result of more test flights being 
conducted with Gripen relating to upgrades, 
and increased demand for Saab’s corporate 
flight services, relating to business activity and 
global instability. Additionally, colder 
temperatures and scale up in production 
activity have affected the consumption of 
district heating. However, the overall reduction 
progress since 2020 amounts to 
approximately 34 per cent, which is in line with 
Saab’s 2030 SBTi target.  
As Saab expands, establishes new sites, and 
updates existing ones, mitigating scope 1 & 2 
emissions remains a core focus. The 
 
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 
company's new Solna office recently achieved 
a BREEAM In -Use Outstanding certification, a 
distinction shared by only eight buildings in 
Sweden. 
As part of Saab's efforts to mitigate scope 3 
emissions, Surveillance has conducted a life 
cycle assessment (LCA) of the Giraffe 1X radar 
system. The LCA reveals that the use phase 
accounts for the majority of its climate impact, 
where CO2-eq emissions can be reduced by 
approximately 96 per cent by switching from 
diesel to electricity, or approximately 98 per 
cent by switching to HVO100. The Giraffe 1X is 
designed to ensure flexibility in energy sources, 
efficiency and operational resilience. 
Circularity  
During the quarter, Dynamics has introduced a 
new routine for managing packaging relating to 
ammunition transported between production 
and test sites, transitioning from single -use to 
systematic reuse. Previously, returned 
packaging was discarded. The new routine 
lowers the environmental impact from waste by 
approximately 55 tonnes CO2-eq emissions 
and reduces procurement and waste costs by 
approximately SEK 3 million per year.  
 
Occupational health and safety  
During the quarter , the TRIFR increased by 11 
per cent compared with the 2025 base year. 
The increase is due to winter road and ground 
conditions, reflecting normal seasonal 
variation. Compared with the first quarter 2025, 
the TRIFR decreased by 14 per cent, 
demonstrating continued progress in Saab's 
long-term safety performance. Figures for 
previous years have been restated following a 
change in the calculation methodology for 
hours worked. 
Innovation and partnerships 
Diversity and inclusion 
During the quarter the share of women 
employees remained at 27 per cent and the 
share of women managers remained at 29 per 
cent from the end of 2025. 
 
 
 
 
 
3.91
2.91
3.24
2024 2025 Jan-Mar 2026
TRIFR
0%
-18% -24% -25% -31% -36% -34%
0% -4% -8% -13% -17% -21% -25%
0
10,000
20,000
30,000
40,000
Base
year
2020
2021 2022 2023 2024 2025 Rolling
12
Months
Scope 1 & 2 (tCO₂-eq)
Change from base year
Near Term Target SBTI ²
27%
28%
29% 29%
25%
26%
27% 27%
2023 2024 2025 Mar 2026
Share of Women Managers
Share of Women Employees

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

14  IN TER IM  R EPO RT  Q1  2026  
Significant events 
January-March 2026
On 13 February, Saab and the Joint Stock Company “Ukrainian Defense 
Industry” (JSC UDI) signed a Memorandum of Understanding (MoU) 
regarding their intention to collaborate in the areas of aviation and airborne 
surveillance, in which they have complementary expertise. The aim is  to 
strengthen Ukraine’s defence capabilities. 
On 6 March, Saab and Kyiv School of Economics signed a collaboration 
agreement to strengthen research and development in unmanned aerial 
systems (UAVs) and microelectronics. 
On 12 March, Saab signed further collaboration agreements with Polska 
Grupa Zbrojeniowa (PGZ) and WB Group, deepening its collaboration with 
Poland’s defence industry. 
On 25 March, Saab, Embraer and the Brazilian Air Force (FAB) officially 
presented the first Gripen fighter aircraft produced in Brazil during a 
ceremony held at Embraer’s industrial complex in Gavião Peixoto, São 
Paulo State. 
For more information on significant orders received during the period, see page 4 
and the comments on the business areas on page 8 -10. All press releases can be 
found on www.saab.com/newsroom.  
 
 
Events after the conclusion of the period 
On 1 April, Saab held its Annual General Meeting in Linköping, Sweden 
and the AGM decided on a dividend of SEK 2. 40 per share to be paid out 
in two equal instalments. The first instalment of the dividend (SEK 1.20 per 
share) was paid out on 10 April 2026. The second instalment (SEK 1.20 per 
share) will be paid out on 9 October 202 6. Read more on 
www.saab.com/agm. 
Effective 1 April 2026, Saab has established a new business area, Naval. 
This brings together the company’s naval capabilities and strengthens the 
offering of advanced naval solutions for customers. Naval Combat 
Systems, previously part of Surveillance, has been consolidated with 
business area Kockums into the new business area, and restated financial 
information is available on www.saab.com. 
On 2 April, Saab announced that it has received an order from the 
Swedish Defence Materiel Administration (FMV) for a mobile and modular 
counter-unmanned aerial system (C -UAS). The system is designed to 
protect the Swedish Armed Forces as well as civil infrastructure from 
threats posed by drones. The order value is approximately SEK 2.6 billion 
and deliveries will take place 2027 -2028. The contract was signed and 
order was booked in the first quarter 2026. 
 
 
 
 
 
C-UAS order from Sweden 
Saab has received an order from the Swedish Defence 
Materiel Administration (FMV) for a mobile and modular 
counter-unmanned aerial system (C-UAS).  
The system is designed to protect the Swedish Armed 
Forces as well as civil infrastructure from threats posed 
by drones. The order value is approximately SEK 2.6 
billion and deliveries will take place 2027-2028. 
In partnership with the Swedish Armed Forces and FMV, 
Saab is developing and deploying an advanced C -UAS 
system that offers proven, adaptable and cost -efficient 
layered defence against modern drone threats.   
 
Saab forms new business area Naval 
Saab is developing its naval offering and consolidat ed its 
naval operations into one business area. In doing so, Saab 
increases the value it delivers to customers by creating 
synergies, improving efficiency and strengthening 
innovation. The new business area is named Naval. 
The organisational change took effect from 1 April 2026. 
This meant that the operations of business area Kockums 
merged with the business unit Naval Combat Systems, 
which formed part of business area Surveillance. The new 
business area Naval is led by Mats Wicksell who formerly 
was head of business area Kockums.   Restated financial 
information is available on www.saabgroup.com.

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

15  IN TER IM  R EPO RT  Q1  2026  
Consolidated income statement 
 
Consolidated statement of comprehensive income 
  
MSEK Note Jan-Mar 2026 Jan-Mar 2025 Rolling 12 Months Full Year 2025
Sales 4 19,164 15,792 82,518 79,146
Cost of goods sold -14,689 -12,073 -64,594 -61,978
Gross income 4,475 3,719 17,924 17,168
Gross margin, % 23.4 23.5 21.7 21.7
Other operating income 5 40 41 537 538
Marketing expenses 5 -757 -754 -3,236 -3,233
Administrative expenses -683 -705 -2,763 -2,785
Research and development costs -1,110 -801 -3,932 -3,623
Other operating expenses -56 -59 -132 -135
Share of income in associated companies and joint ventures 5 11 13 134 136
Operating income (EBIT) ¹⁾ ²⁾ 3, 5 1,920 1,454 8,532 8,066
Operating margin, % 10.0 9.2 10.3 10.2
Financial income 124 325 507 708
Financial expenses -191 -158 -788 -755
Net financial items -67 167 -281 -47
Income before taxes 1,853 1,621 8,251 8,019
Taxes -387 -344 -1,706 -1,663
Net income for the period 1,466 1,277 6,545 6,356
of which Parent Company’s shareholders’ interest 1,437 1,268 6,483 6,314
of which non-controlling interest 29 9 62 42
Earnings per share before dilution, SEK ³⁾ 2.67 2.37 12.07 11.77
Earnings per share after dilution, SEK ⁴⁾ 2.65 2.35 11.98 11.70
1) Of which depreciation/amortisation and write-downs -811 -686 -3,406 -3,281
2) Operating income adjusted for items affecting comparability is reported for 2025, see note 5
3) Average number of shares before dilution 537,983,753 535,661,111 537,175,122 536,594,461
4) Average number of shares after dilution 541,303,711 539,768,124 541,012,269 539,791,904
MSEK Jan-Mar 2026 Jan-Mar 2025 Rolling 12 Months Full Year 2025
Net income for the period 1,466 1,277 6,545 6,356
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 356 426 772 842
Tax attributable to revaluation of net pension obligations -73 -88 -159 -174
Equity instruments classified as measured at fair value through other comprehensive 
income 20 -147 15 -152
Total 303 191 628 516
Items that may be reversed in the income statement:
Translation differences 226 -634 -221 -1,081
Cash flow hedges -913 2,231 406 3,550
Tax attributable to cash flow hedges 193 -458 -94 -745
Interest-bearing investments classified as measured at fair value through other 
comprehensive income -10 7 3 20
Tax attributable to interest-bearing investments classified as measured at fair value 
through other comprehensive income 2 -1 -1 -4
Total -502 1,145 93 1,740
Other comprehensive income/loss for the period -199 1,336 721 2,256
Net comprehensive income/loss for the period 1,267 2,613 7,266 8,612
of which Parent Company’s shareholders’ interest 1,234 2,619 7,218 8,603
of which non-controlling interest 33 -6 48 9

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

16  IN TER IM  R EPO RT  Q1  2026  
Consolidated statement of financial position 
 
  
MSEK Note 31 Mar 2026 31 Dec 2025 31 Mar 2025
ASSETS
Fixed assets:
Intangible fixed assets 7 12,591 12,585 12,938
Tangible fixed assets 18,396 16,882 13,244
Biological assets 402 406 411
Right of use assets 4,748 4,764 2,713
Shares in associated companies and joint ventures 375 356 315
Financial investments 3,126 2,990 2,588
Long-term interest-bearing investments 3,962 3,321 2,543
Long-term receivables 437 410 444
Deferred tax assets 435 412 477
Total fixed assets 44,472 42,126 35,673
Current assets:
Inventories 27,357 25,439 23,995
Derivatives 1,746 2,484 1,828
Tax receivables 279 247 245
Accounts receivable 9,348 13,713 8,215
Contract assets 19,955 18,475 15,663
Other receivables 4,834 5,194 3,465
Prepaid expenses and accrued income 2,359 1,668 2,388
Short-term interest-bearing investments 10,072 11,643 6,861
Liquid assets 11 4,027 3,715 3,344
Total current assets 79,977 82,578 66,004
TOTAL ASSETS 124,449 124,704 101,677
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Parent Company’s shareholders’ interest 44,651 43,336 38,185
Non-controlling interest 365 340 280
Total shareholders’ equity 45,016 43,676 38,465
Long-term liabilities:
Long-term lease liabilities 4,239 4,198 2,121
Other long-term interest-bearing liabilities 8 8,770 8,475 6,125
Other liabilities 178 176 130
Provisions for pensions 13 33 383 919
Other provisions 1,958 2,035 2,198
Deferred tax liabilities 1,819 2,017 1,595
Total long-term liabilities 16,997 17,284 13,088
Current liabilities:
Short-term lease liabilities 695 726 699
Other short-term interest-bearing liabilities 8 728 1,310 1,225
Contract liabilities 34,262 33,858 27,745
Accounts payable 8,050 10,140 6,471
Derivatives 996 559 968
Tax liabilities 430 1,080 345
Other liabilities 1,887 1,856 1,125
Accrued expenses and deferred income 13,229 12,197 10,502
Provisions 2,159 2,018 1,044
Total current liabilities 62,436 63,744 50,124
Total liabilities 79,433 81,028 63,212
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 124,449 124,704 101,677

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

17  IN TER IM  R EPO RT  Q1  2026  
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 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
Net comprehensive income/loss for the period April-December 
2025 1,032 -429 5,381 5,984 15 5,999
Transactions with shareholders:
Dividend received on shares in equity swap 2 2 2
Share matching plan 241 241 241
Dividend -1,076 -1,076 -28 -1,104
Acquisition and sale of non-controlling interest - - 73 73
Closing balance, 
31 December 2025 2,174 6,099 1,750 202 33,111 43,336 340 43,676
Opening balance, 1 January 2026 2,174 6,099 1,750 202 33,111 43,336 340 43,676
Net comprehensive income/loss for the period January-March 
2026 -720 222 1,732 1,234 33 1,267
Transactions with shareholders:
Share matching plan 99 99 99
Dividend - - -29 -29
Acquisition and sale of non-controlling interest -18 -18 21 3
Closing balance, 
31 March 2026 2,174 6,099 1,030 424 34,924 44,651 365 45,016

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

18  IN TER IM  R EPO RT  Q1  2026  
Consolidated statement of cash flows 
 
  
MSEK Note Jan-Mar 2026 Jan-Mar 2025 Full Year 2025
Operating activities:
Income after financial items 1,853 1,621 8,019
Adjustments for items not affecting cash flows 1,130 832 4,725
Dividend from associated companies and joint ventures - - 77
Income tax paid -1,160 -533 -1,036
Cash flow from operating activities before changes in working capital 1,823 1,920 11,785
Cash flow from changes in working capital:
Contract assets and liabilities -1,021 631 3,800
Inventories -1,884 -2,306 -3,811
Other current receivables 4,581 1,949 -3,725
Other current liabilities -1,323 -723 4,860
Provisions -212 -117 -804
Cash flow from operating activities 1,964 1,354 12,105
Investing activities:
Capitalised development costs -169 -170 -731
Investments in other intangible fixed assets -6 -141 -379
Investments in tangible fixed assets -1,804 -1,248 -6,112
Sales and disposals of tangible and intangible fixed assets including biological assets 14 3 35
Investments in and sale of short-term investments 1,544 2,039 -2,728
Investments in financial assets, associated companies and joint ventures -776 -967 -2,207
Investments in operations - - -60
Sale of subsidiaries and other operations 9 - 539
Cash flow from investing activities -1,188 -484 -11,643
Financing activities:
Repayments of loans -886 - -173
Amortisation of lease liabilities -191 -243 -726
Raising of loans and increase in other interest-bearing liabilities 600 1 2,600
Dividend paid to Parent Company’s shareholders - - -1,076
Dividend paid to non-controlling interest -29 -23 -51
Transactions with non-controlling interest - - 73
Cash flow from financing activities -506 -265 647
Cash flow for the period 270 605 1,109
Liquid assets at the beginning of the period 3,715 2,843 2,843
Exchange rate difference in liquid assets 42 -104 -237
Liquid assets at end of period 11 4,027 3,344 3,715

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

19  IN TER IM  R EPO RT  Q1  2026  
Quarterly consolidated income statement 
 
Quarterly consolidated statement of comprehensive income 
  
MSEK Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Sales 19,164 27,697 15,871 19,786 15,792 20,850 13,546 15,170
Cost of goods sold -14,689 -22,146 -12,229 -15,530 -12,073 -16,564 -10,634 -11,790
Gross income 4,475 5,551 3,642 4,256 3,719 4,286 2,912 3,380
Gross margin, % 23.4 20.0 22.9 21.5 23.5 20.6 21.5 22.3
Other operating income 40 377 62 58 41 150 111 20
Marketing expenses -757 -844 -807 -828 -754 -1,000 -650 -755
Administrative expenses -683 -704 -692 -684 -705 -668 -568 -595
Research and development costs -1,110 -1,097 -814 -911 -801 -818 -640 -723
Other operating expenses -56 -25 -27 -24 -59 -41 16 -2
Share of income in associated companies  and joint ventures 11 3 10 110 13 44 6 6
Operating income (EBIT) ¹⁾ 1,920 3,261 1,374 1,977 1,454 1,953 1,187 1,331
Operating margin, % 10.0 11.8 8.7 10.0 9.2 9.4 8.8 8.8
Financial income 124 141 89 153 325 126 145 135
Financial expenses -191 -228 -204 -165 -158 -354 -85 -158
Net financial items -67 -87 -115 -12 167 -228 60 -23
Income before taxes 1,853 3,174 1,259 1,965 1,621 1,725 1,247 1,308
Taxes -387 -606 -284 -429 -344 -283 -275 -296
Net income for the period 1,466 2,568 975 1,536 1,277 1,442 972 1,012
of which Parent Company’s shareholders’ interest 1,437 2,560 957 1,529 1,268 1,435 966 1,000
of which non-controlling interest 29 8 18 7 9 7 6 12
Earnings per share before dilution, SEK ²⁾ 2.67 4.76 1.78 2.85 2.37 2.68 1.81 1.87
Earnings per share after dilution, SEK ³⁾ 2.65 4.73 1.77 2.83 2.35 2.66 1.79 1.85
1) Of which depreciation/amortisation and write-downs -811 -942 -799 -854 -686 -781 -701 -630
2) Average number of shares before dilution 537,983,753 537,467,703 536,903,275 536,345,756 535,661,111 534,848,975 534,029,736 533,736,845
3) Average number of shares after dilution 541,303,711 540,800,732 540,743,011 541,201,620 539,768,124 540,113,152 539,056,834 539,334,622
MSEK Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Net income for the period 1,466 2,568 975 1,536 1,277 1,442 972 1,012
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 356 -179 319 276 426 -31 -824 42
Tax attributable to revaluation of net pension obligations -73 37 -66 -57 -88 6 170 -9
Equity instruments classified as measured at fair value through 
other comprehensive income 20 -47 -19 61 -147 49 -17 1,303
Tax attributable to equity instruments classified as measured at 
fair value through other comprehensive income - - - - - - - -1
Total 303 -189 234 280 191 24 -671 1,335
Items that may be reversed in the income statement:
Translation differences 226 -190 -33 -224 -634 373 -228 -12
Net gain/loss on cash flow hedges -913 225 45 1,049 2,231 -2,514 1,401 -212
Tax attributable to net gain/loss on cash flow hedges 193 -56 -15 -216 -458 530 -286 41
Interest-bearing investments classified as measured at fair value 
through other comprehensive income -10 2 -3 14 7 -3 5 -
Tax attributable to interest-bearing investmentss classified as 
measured at fair value through other comprehensive income 2 - - -3 -1 - -1 -
Total -502 -19 -6 620 1,145 -1,614 891 -183
Other comprehensive income/loss for the period -199 -208 228 900 1,336 -1,590 220 1,152
Net comprehensive income/loss for the period 1,267 2,360 1,203 2,436 2,613 -148 1,192 2,164
of which Parent Company's shareholders' interest 1,234 2,357 1,187 2,440 2,619 -174 1,196 2,152
of which non-controlling interest 33 3 16 -4 -6 26 -4 12

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

20  IN TER IM  R EPO RT  Q1  2026  
Key ratios by quarter 
 
 Quarterly information per operating segment 
 
MSEK Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
Equity/assets ratio, (%) 36.2 35.0 37.8 37.7 37.8 35.9 38.9 39.6
Return on capital employed, % ³⁾ 16.6 16.5 14.6 15.3 14.2 13.6 13.2 12.8
Return on equity, % ³⁾ 15.7 16.0 13.6 14.0 13.0 12.4 11.8 11.2
Equity per share, SEK ¹⁾³⁾ 82.96 80.58 76.12 73.84 71.23 66.33 66.64 64.39
Free cash flow, MSEK ³⁾ -301 6,451 -476 -1,322 -447 3,267 2,622 -2,507
Free cash flow per share after dilution, SEK ²⁾³⁾ -0.56 11.93 -0.88 -2.44 -0.83 6.05 4.86 -4.65
1) Number of shares excluding treasury shares and repurchased through equity 
swap 538,198,392 537,769,114 537,166,291 536,640,258 536,051,253 535,270,968 534,426,981 533,632,490
2) Average number of shares after dilution 541,303,711 540,800,732 540,743,011 541,201,620 539,768,124 540,113,152 539,056,834 539,334,622
3) For more information and explanations regarding the usage of these key ratios, please see www.saab.com/investors/financials/financial-data
MSEK Q1 2026 
Operating 
margin Q4 2025 
Operating 
margin Q3 2025 
Operating 
margin Q2 2025 
Operating 
margin          
Sales
Aeronautics 5,199 5,746 4,438 4,424
Dynamics 3,634 8,397 3,411 5,714
Surveillance 6,949 9,961 5,517 6,544
Kockums 2,551 3,129 1,861 2,388
Combitech 1,367 1,430 1,025 1,340
Corporate/elimination -536 -966 -381 -624
Total 19,164 27,697 15,871 19,786
Operating income/loss
Aeronautics 328 6.3% 349 6.1% 212 4.8% 249 5.6%
Dynamics 637 17.5% 1,422 16.9% 658 19.3% 1,194 20.9%
Surveillance 664 9.6% 1,485 14.9% 545 9.9% 588 9.0%
Kockums 195 7.6% 253 8.1% 141 7.6% 168 7.0%
Combitech 155 11.3% 162 11.3% 85 8.3% 113 8.4%
Corporate -59 -410 -267 -335
Total 1,920 10.0% 3,261 11.8% 1,374 8.7% 1,977 10.0%        
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%

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

21  IN TER IM  R EPO RT  Q1  2026  
Multi-year overview 
 
 
 
  
MSEK 2025 2024 2023 2022 2021
Order bookings 168,519 96,798 77,811 63,116 43,569
Order backlog at 31 December 274,532 187,223 153,409 127,676 105,177
Sales 79,146 63,751 51,609 42,006 39,154
Sales in Sweden, % 41 41 42 42 38
Sales in Europe excluding Sweden, % 26 25 23 19 17
Sales in North America, % 9 10 11 11 11
Sales in Latin America, % 4 7 7 9 15
Sales in Rest of the World, % 12 13 16 19 19
Sales in Undisclosed countries, % 8 4 1 - -
Organic sales growth, % 26 24 23 5 11
Operating income (EBIT) 8,066 5,662 4,272 3,274 2,888
Operating margin, % 10.2 8.9 8.3 7.8 7.4
Adjusted operating income 7,730 5,662 4,272 3,274 2,888
Adjusted operating margin, % 9.8 8.9 8.3 7.8 7.4
Depreciation/amortisation and write-downs 3,281 2,740 2,286 2,127 1,938
EBITDA 11,347 8,402 6,558 5,401 4,826
EBITDA margin, % 14.3 13.2 12.7 12.9 12.3
Income after financial items 8,019 5,289 4,418 2,819 2,577
Net income for the year 6,356 4,210 3,443 2,283 2,025
Total assets 124,704 99,823 82,759 72,365 65,039
Equity 43,676 35,812 32,362 29,876 23,249
Free cash flow ¹⁾ 4,206 993 1,566 1,871 2,737
Cash conversion, % ¹⁾ 68 ²⁾ 44 74 79 113
Return on capital employed, % ¹⁾ 16.5 13.6 11.9 8.8 8.1
Return on equity, % ¹⁾ 16.0 12.4 11.1 8.6 9.0
Equity/assets ratio, % 35.0 35.9 39.1 41.3 35.7
Earnings per share before dilution, SEK ¹⁾³⁾ 11.77 7.81 6.36 4.15 3.64
Earnings per share after dilution, SEK ¹⁾³⁾ 11.70 7.74 6.29 4.10 3.61
Dividend per share, SEK ³⁾ 2.40 2.00 1.60 1.33 1.23
Equity per share, SEK ¹⁾³⁾ 80.58 66.33 60.11 55.64 43.58
Number of full-time equivalent employees at year-end 27,865 24,523 21,610 19,121 18,011
Number of shares excluding treasury shares 31 December ³⁾ 537,769,114 535,270,968 532,989,260 529,955,536 527,240,712
Average number of shares before dilution ³⁾ 536,594,461 534,007,696 531,535,632 528,630,344 528,658,396
Average number of shares after dilution ³⁾ 539,791,904 539,218,308 537,511,328 534,896,892 533,173,360
1) For more information and explanations regarding the usage of these key ratios, please see www.saab.com/investors/financials/financial-data
2) Based on adjusted operating income
3) Comparison periods adjusted for share split 4:1

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

22  IN TER IM  R EPO RT  Q1  2026  
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 FTEs 
The Parent Company’s net debt amounted to SEK 1,390 million as of 31 March 2026 compared to a net debt of SEK 2,243 million at 31 December 2025. 
Investments in tangible fixed assets amounted to SEK  828 million (710). Investments in intangible assets amounted to SEK 4 million (142). At the end of 
the period, the Parent Company had 14,349 FTEs compared to 13,844 at the beginning of the year. 
  
MSEK Jan-Mar 2026 Jan-Mar 2025 Full Year 2025
Sales 11,499 9,002 42,966
Cost of goods sold -9,297 -7,244 -35,955
Gross income 2,202 1,758 7,011
Gross margin, % 19.1 19.5 16.3
Operating income and expenses -1,363 -1,134 -5,143
Operating income (EBIT) 839 624 1,868
Operating margin, % 7.3 6.9 4.3
Financial income and expenses 144 183 2,334
Income after financial items 983 807 4,202
Appropriations - - -1,085
Income before taxes 983 807 3,117
Taxes -177 -178 -485
Net income for the period 806 629 2,632
MSEK Note 31 Mar 2026 31 Dec 2025 31 Mar 2025
     
ASSETS
Fixed assets:
Intangible fixed assets 1,087 1,168 1,330
Tangible fixed assets 9,281 8,693 6,948
Financial fixed assets 14,271 13,499 11,724
Total fixed assets 24,639 23,360 20,002
Current assets:
Inventories 14,717 14,536 13,622
Current receivables 27,362 32,062 21,997
Short term investments 10,034 11,597 6,784
Liquid assets 2,315 2,045 2,289
Total current assets 54,428 60,240 44,692
TOTAL ASSETS 79,067 83,600 64,694
SHAREHOLDERS’ EQUITY AND LIABILITIES
Equity:
Restricted equity 3,342 3,342 3,348
Unrestricted equity 18,165 17,259 16,082
Total shareholders’ equity 21,507 20,601 19,430
Untaxed reserves, provisions and liabilities:
Untaxed reserves 5,835 5,835 4,750
Provisions 2,158 2,116 1,948
Liabilities 8 49,567 55,048 38,566
Total untaxed reserves, provisions and liabilities 57,560 62,999 45,264
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 79,067 83,600 64,694

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

23  IN TER IM  R EPO RT  Q1  2026  
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 2025. 
Note 2 Accounting principles 
The interim report for the first quarter 2026 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 162-
164, and concerning significant income statement and balance sheet 
items, in each note disclosure in the Annual Report 2025. 
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 2025. All information on pages 1-31 constitutes 
the interim report for the first quarter 2026. 
The Group and the Parent Company use the accounting principles and 
calculation methods as described in the Annual Report 2025. Important 
estimates and assumptions are disclosed in note 2 in the Annual Report 
2025. During the first quarter 2026, Saab has increased the application of 
hedge accounting to include also derivatives that hedge currency risk in 
tenders. 
Note 3 Segment reporting 
Saab is a leading high -technology company, with its main operations in 
defence, aviation and civil security. Operations are primarily focused on 
well-defined areas in defence electronics, missile systems, and naval 
systems as well as military and commercial aviation. Saab is also active in 
technical services and maintenance. Saab has a strong position in 
Sweden and the main part of sales is generated in Europe. In addition, 
Saab has a local presence in Australia, the U.S., South Africa, and in other 
selected countries. Saab’s operating and management structure is 
divided into four business areas, which are also operating segments: 
Aeronautics, Dynamics, Surveillance and Kockums. In addition, 
Combitech, which provides consulting services, is an independent, wholly 
owned subsidiary of Saab.  Corporate comprises Group staff and 
departments, a minority portfolio containing Saab’s ownership interests in 
companies in various stages of development as well as other operations 
outside the core operations. The Group’s o perating segments recognise 
all lease contracts as expenses on a straight -line basis over the lease 
term. 
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 dev elopment of existing 
products. 
Dynamics 
Dynamics offers a market -leading product portfolio comprising ground 
combat weapons, missile systems,  systems for training and simulation, 
signature management systems for armed forces around the world, and 
niche products for the civil and defence markets.  
Surveillance 
Surveillance provides efficient solutions for safety and security, for 
surveillance and decision support, and for threat detection, location, and 
protection. The portfolio covers airborne, ground -based and naval radar, 
electronic warfare and combat systems and C4I solutions. 
Kockums 
Kockums develops, delivers, and maintains world-class solutions for naval 
environments. Its portfolio includes submarines with the Stirling system 
for air independent propulsion, surface combatants, mine hunting 
systems, autonomous 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 reported as an 
operating segment outside the business area structure within Saab Group. 
Combitech is one of the largest technology consulting firms in Sweden, 
combining technology with cutting-edge expertise to create solutions for 
its customers’ specific needs. Combitech is active in aviation, defence, 
telecom and other industries as well as the public sector. Combitech 
offers services in systems development, systems integration, information 
security, syst ems 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 2026 2025 12 Months 2025
     
Aeronautics 3,691 2,805 32 62,350 61,464
Dynamics 4,201 8,108 -48 28,487 32,394
Surveillance 8,553 7,081 21 55,630 54,158
Kockums 1,474 960 54 18,624 18,110
Combitech 1,346 1,345 0 4,892 4,891
Corporate 115 218 -47 2,141 2,244
Elimination -1,137 -1,373 -4,506 -4,742
Total 18,243 19,144 -5 167,618 168,519
Change, 
% 
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2026 2025 12 Months 2025
Sweden 7,407 4,312 72 60,182 57,087
Rest of Europe 5,423 10,341 -48 46,805 51,723
North America 3,248 1,806 80 10,704 9,262
Latin America 183 1,363 -87 36,646 37,826
Asia 1,587 911 74 9,115 8,439
Africa 5 58 -91 602 655
Australia, etc. 422 353 20 3,153 3,084
Undisclosed countries -32 - - 411 443
Total 18,243 19,144 -5 167,618 168,519
Change, 
% 
MSEK 31 Mar 2026 31 Dec 2025 31 Mar 2025
    
Aeronautics 82,278 83,783 39,753
Dynamics 90,798 90,095 83,511
Surveillance 80,027 77,991 53,564
Kockums 21,853 22,913 13,002
Combitech 1,825 1,845 2,086
Corporate 1,958 2,173 821
Elimination -4,631 -4,268 -3,530
Total 274,108 274,532 189,207
MSEK 31 Mar 2026 31 Dec 2025 31 Mar 2025
    
Sweden 76,142 77,324 49,869
Rest of Europe 91,174 91,099 66,965
North America 16,533 14,368 13,372
Latin America 46,868 47,954 13,912
Asia 12,679 11,978 8,859
Africa 1,054 1,103 698
Australia etc. 3,827 3,886 3,718
Undisclosed countries 25,831 26,820 31,814
Total 274,108 274,532 189,207

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

24  IN TER IM  R EPO RT  Q1  2026  
Sales per operating segment 
 
 
Sales per region 
 
 
Information on large customers 
During the first quarter 2026, 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 7,400 million (6,069) 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 four th 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 2026 2025 % 12 Months 2025
Aeronautics 5,199 4,525 15 19,807 19,133
Dynamics 3,634 3,143 16 21,156 20,665
Surveillance 6,949 5,274 32 28,971 27,296
Kockums 2,551 2,253 13 9,929 9,631
Combitech 1,367 1,182 16 5,162 4,977
Corporate 297 173 72 966 842
Elimination -833 -758 -3,473 -3,398
Total 19,164 15,792 21 82,518 79,146
Jan-Mar Jan-Mar Full Year
MSEK 2026 2025 2025
Sweden 8,545 45 6,970 44 32,509 41
Rest of Europe 5,513 29 3,596 23 20,392 26
North America 1,309 7 1,245 8 7,069 9
Latin America 1,269 7 1,014 6 3,439 4
Asia 934 5 1,395 9 5,856 7
Africa 48 0 58 0 485 1
Australia, etc. 589 3 586 4 3,038 4
Undisclosed countries 957 4 928 6 6,358 8
Total 19,164 100 15,792 100 79,146 100
% of 
sales
% of 
sales
% of 
sales
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2026 2025 12 Months 2025 
Aeronautics 328 6.3 367 8.1 1,138 1,177
Dynamics 637 17.5 461 14.7 3,911 3,735
Surveillance 664 9.6 438 8.3 3,282 3,056
Kockums 195 7.6 202 9.0 757 764
Combitech 155 11.3 118 10.0 515 478
Group segments' 
operating income 1,979 10.5 1,586 10.2 9,603 9,210
Corporate -59 -132 -1,071 -1,144 
Total 1,920 10.0 1,454 9.2 8,532 8,066
% of 
sales
% of 
sales
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2026 2025 12 Months 2025 
Aeronautics 148 71 108 566 489
Dynamics 52 38 37 189 175
Surveillance 146 219 -33 760 833
Kockums 21 17 24 77 73
Combitech 5 2 150 20 17
Corporate 439 339 29 1,794 1,694
Total 811 686 18 3,406 3,281
Change, 
% 
Jan-Mar Jan-Mar Rolling Full Year
MSEK 2026 2025 12 Months 2025
 
Aeronautics -850 -2,270 -517 -1,937
Dynamics 913 5,328 3,228 7,643
Surveillance 1,086 -1,545 2,741 110
Kockums 87 -647 1,497 763
Combitech 251 105 534 388
Corporate -470 -985 -1,179 -1,694
Total 1,017 -14 6,304 5,273
MSEK 31 Mar 2026 31 Dec 2025 31 Mar 2025
Aeronautics 16,243 14,974 14,596
Dynamics 7,209 6,719 4,200
Surveillance 14,278 14,718 13,566
Kockums 3,699 4,111 3,063
Combitech 1,231 1,427 1,121
Corporate/elimination 16,821 16,779 12,863
Total 59,481 58,728 49,409
Number at end of the period 31 Mar 2026 31 Dec 2025 31 Mar 2025
Aeronautics 6,759 6,565 6,172
Dynamics 5,080 5,068 4,465
Surveillance 8,639 8,330 7,468
Kockums 2,878 2,681 2,484
Combitech 2,606 2,582 2,445
Corporate 2,705 2,639 2,335
Total 28,667 27,865 25,369

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

25  IN TER IM  R EPO RT  Q1  2026  
Note 4 Distribution of sales  
 
 
Note 5 Items affecting comparability 
 
There are no items affecting comparability in the first quarter 2026 or 2025. Operating income adjusted for items affecting comparability was reported 
for the Saab Group for the full year 2025. For this period, the capital gain related to the divestment of Saab TransponderTech AB was treated as an item 
affecting comparability. Other items affecting comparability in the table above were not classified as items affecting comparability at Group level but are 
presented above as they were classified as items affecting comparability on segment area reporting level. 
 
Note 6 Dividend to Parent Company’s shareholders 
The Annual General Meeting 2026 held on 1 April decided on a dividend to 
the Parent Company’s shareholders of SEK 2.40 per share, corresponding 
to a total dividend of SEK 1,293 million. The dividend is paid out in two 
equal instalments. Record date for t he first instalment was  7 April 2026 
and the dividend was paid out on 10 April 2026. At the second instalment, 
SEK 1.20 per share will be paid on 9 October 2026 with the record date 6 
October 2026. 
Note 7 Intangible fixed assets 
 
 
MSEK 
Jan-Mar 
2026 
Jan-Mar 
2025 
Jan-Mar 
2026 
Jan-Mar 
2025 
Jan-Mar 
2026 
Jan-Mar 
2025 
Jan-Mar 
2026 
Jan-Mar 
2025 
Jan-Mar 
2026 
Jan-Mar 
2025 
Jan-Mar 
2026 
Jan-Mar 
2025 
Jan-Mar 
2026 
Jan-Mar 
2025 
External sales 5,154 4,510 3,560 3,046 6,795 5,081 2,476 2,185 892 797 287 173 19,164 15,792
Internal sales 45 15 74 97 154 193 75 68 475 385 -823 -758 - -
Total sales 5,199 4,525 3,634 3,143 6,949 5,274 2,551 2,253 1,367 1,182 -536 -585 19,164 15,792- - - - - - - - - - - - - -
Sales by customer:
Military customers 4,812 4,200 3,430 2,939 6,423 4,718 2,369 2,042 561 449 100 58 17,695 14,406
Civilian customers 342 310 130 107 372 363 107 143 331 348 187 115 1,469 1,386
Total external sales 5,154 4,510 3,560 3,046 6,795 5,081 2,476 2,185 892 797 287 173 19,164 15,792- - - - - - - - - - - - - -
Sales by significant source:
Long-term customer contracts 4,905 4,284 1,422 1,035 4,805 3,529 1,349 1,353 - - 109 33 12,590 10,234
Services 177 156 427 480 981 914 532 428 777 750 28 48 2,922 2,776
Products 72 70 1,711 1,531 1,009 638 595 404 115 47 150 92 3,652 2,782
Total external sales 5,154 4,510 3,560 3,046 6,795 5,081 2,476 2,185 892 797 287 173 19,164 15,792- - - - - - - - - - - - - -
Sales by domain:
Air 4,816 4,087 197 132 2,089 1,899 - - 13 12 91 37 7,206 6,167
Land 43 40 2,713 2,423 1,899 1,137 - - 554 446 5 13 5,214 4,059
Naval 1 - 639 472 2,390 1,626 2,476 2,185 - - 26 22 5,532 4,305
Civil Security 4 3 6 13 409 407 - - 79 89 19 19 517 531
Commercial Aeronautics 290 379 - - 5 1 - - 1 - 2 3 298 383
Other/not distributed - 1 5 6 3 11 - - 245 250 144 79 397 347
Total external sales 5,154 4,510 3,560 3,046 6,795 5,081 2,476 2,185 892 797 287 173 19,164 15,792- - - - - - - - - - - - - -
Sales recognition method:
Over time 4,581 3,890 1,612 1,435 5,426 3,949 2,366 2,065 887 790 124 51 14,996 12,180
Point in time 573 620 1,948 1,611 1,369 1,132 110 120 5 7 163 122 4,168 3,612
Total external sales 5,154 4,510 3,560 3,046 6,795 5,081 2,476 2,185 892 797 287 173 19,164 15,792
Corporate/         
elimination Group Aeronautics Dynamics Surveillance Kockums Combitech
Item affecting comparability Business Area Line item Jan-Mar 2026 Jan-Mar 2025 Full Year 2025
Non-recurring contribution from minority portfolio Corporate Share of income in associated companies and joint ventures - - 105
Capital gain from divestment of Saab TransponderTech AB Surveillance Other operating income - - 336
Total - - 441
MSEK
31 Mar 
2026
31 Dec 
2025
31 Mar 
2025
Goodwill 5,329 5,289 5,429
Capitalised development costs 6,016 5,972 6,053
Other intangible assets 1,246 1,324 1,456
Total 12,591 12,585 12,938

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

26  IN TER IM  R EPO RT  Q1  2026  
Note 8 Net liquidity/debt 
 
Committed credit lines 
 
Parent Company 
 
 
Saab has a Medium Term Note (MTN) programme with a framework of SEK 
15,000 million, enabling the issuance of long -term loans on the capital 
market. The programme was established in 2009 and has since been 
increased in three steps, most recently during 2025, when the framework 
was increased from SEK 10,000 million to SEK 15,000 million. 
A loan of SEK 1,000 million was repaid during the first quarter 2026. Also, 
the second half of the NIB loan, SEK 600 million, was paid out during the 
quarter. At the end of the first quarter, bonds outstanding under the MTN 
programme amounted to SEK 8,955 million. 
 
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 5, as described in the Annual Report 2025 on page 203, 
note 34. As of 31 March 2026, 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 
2026 
31 Dec 
2025 
31 Mar 
2025 
    
Assets:
Liquid assets 4,027 3,715 3,344
Short-term investments 10,072 11,643 6,861
Long-term interest-bearing financial investments 3,962 3,321 2,543
Total liquid investments 18,061 18,679 12,748
Short-term interest-bearing receivables 68 68 69
Long-term interest-bearing receivables 225 218 245
Long-term receivables attributable to pensions 97 76 79
Total interest-bearing assets 18,451 19,041 13,141
Liabilities:
Lease liabilities 4,934 4,924 2,820
Bonds and other debt instruments 9,366 9,668 7,192
Liabilities to associated companies 
and joint ventures 49 48 51
Other interest-bearing liabilities 84 69 107
Provisions for pensions ¹⁾ 33 343 775
Total interest-bearing liabilities and provisions for 
pensions 14,466 15,052 10,945
Net liquidity (+) / net debt (-) 3,985 3,989 2,196
1) Excluding provisions for special employers' contribution attributable to pensions.
MSEK Facilities Drawings Available 
    
Revolving credit facility 
(Maturity 2030) 6,000 - 6,000
Overdraft facility (Maturity 2026) 87 - 87
Total 6,087 - 6,087
MSEK
31 Mar 
2026 
31 Dec 
2025 
31 Mar 
2025 
    
Long-term bonds and other debt instruments 8,712 8,414 6,071
Short-term bonds and other debt instruments 649 1,250 1,114
Total 9,361 9,664 7,185
MSEK
31 Mar 
2026
31 Dec 
2025
31 Mar 
2025
Total assets 124,449 124,704 101,677
Less non-interest bearing liabilities 64,968 65,976 52,268
Capital employed 59,481 58,728 49,409
Carrying amount 
31 Mar 
2026 
31 Dec 
2025 
31 Mar 
2025 
Financial assets:
Valued at amortised cost ⁴⁾: 
Accounts receivable, contract assets and other receivables 31,667 34,370 26,207
Liquid assets 4,027 3,715 3,344
Long-term receivables 340 334 365
Valued at fair value through profit and loss ³⁾: 
Short-term interest-bearing investments 10,002 11,572 6,861
Derivatives for trading 70 107 106
Financial investments 513 509 209
Valued at fair value through other comprehensive income ³⁾: 
Derivatives identified as hedges 1,676 2,377 1,722
Equity investments elected to be classified as fair value through other 
comprehensive income 2,613 2,481 2,379
Interest-bearing investments 4,032 3,392 2,543
Total financial assets 54,940 58,857 43,736
Financial liabilities:
Valued at amortised cost:
Interest-bearing liabilities ¹⁾ 14,432 14,709 10,170
Other liabilities ⁴⁾ 16,362 18,250 14,726
Valued at fair value through profit and loss ³⁾:
Contingent consideration payable 14 14 18
Derivatives for trading 53 12 35
Valued at fair value through other comprehensive income ³⁾: 
Derivatives identified as hedges 943 547 933
Total financial liabilities 31,804 33,532 25,882
¹⁾  Fair value 14,314 14,771 10,214
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 935 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 2026 Level 1 Level 2 Level 3
     Bonds and interest-bearing securities 14,034 14,034 - -
Forward exchange contracts 1,558 - 1,558 -
Currency options 3 - 3 -
Interest rate swaps 155 - 155 -
Electricity derivatives 30 30 - -
Shares and participations 3,126 - - 3,126
Total 18,906 14,064 1,716 3,126
MSEK 31 Mar 2026 Level 1 Level 2 Level 3
     
Forward exchange contracts 972 - 972 -
Currency options 8 - 8 -
Electricity derivatives 16 16 - -
Contingent consideration payable 14 - - 14
Total 1,010 16 980 14

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

27  IN TER IM  R EPO RT  Q1  2026  
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 
 
MSEK Unlisted shares and participations Contingent consideration payable 
Opening balance, 1 January 2026 2,990 14
Acquisitions and addidtional investments 114 -
Gains/losses recognised in the income statement 2 -
Gains/losses recognised in other comprehensive income 20 -
Foreign currency translation - 0
Closing balance, 31 March 2026 3,126 14
MSEK
Jan-Mar
2026 
Jan-Mar
2025 
Full year
2025 
    
Cash flow from operating activities before changes in working capital, excluding taxes and other financial items ¹⁾ 2,841 2,108 12,140
Cash flow from changes in working capital:
Contract assets and liabilities -1,021 631 3,800
Inventories -1,884 -2,306 -3,811
Other current receivables 4,581 1,949 -3,725
Other current liabilities -1,323 -723 4,860
Provisions -212 -117 -804
Change in working capital 141 -566 320
Cash flow from operating activities excluding taxes and other financial items 2,982 1,542 12,460
Investing activities:
Investments in intangible fixed assets -175 -311 -1,110
Investments in tangible fixed assets -1,804 -1,248 -6,112
Sales and disposals of tangible and intangible fixed assets including biological assets 14 3 35
Cash flow from investing activities ²⁾ -1,965 -1,556 -7,187
Operational cash flow 1,017 -14 5,273
Taxes and other financial items -1,208 -431 -1,082
Investments in and sale of financial assets, associated companies and joint ventures -119 -2 -464
Investments in operations - - -60
Sale of subsidiaries and other operations 9 - 539
Free cash flow -301 -447 4,206
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 2026 2025 2025
    
Free cash flow -301 -447 4,206
Investing activities – interest-bearing:
Short-term investments 1,544 2,039 -2,728
Other financial investments and receivables -658 -965 -1,742
Financing activities:
Repayments of loans -886 - -173
Raising of loans and increase in other interest-bearing 
liabilities 600 1 2,600
Dividend paid to the Parent Company’s shareholders - - -1,076
Dividend paid to non-controlling interest -29 -23 -51
Transactions with non-controlling interest - - 73
Cash flow for the period 270 605 1,109
MSEK 
31 Mar 
2026 
31 Dec 
2025 
31 Mar 
2025 
    
The following components are included 
in liquid assets: 
Cash and bank balances 1,827 2,015 1,144
Bank deposits 2,200 1,700 2,200
Total according to balance sheet 4,027 3,715 3,344
Total according to statement of cash flows 4,027 3,715 3,344

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

28  IN TER IM  R EPO RT  Q1  2026  
Note 12 Business combinations 
No acquisitions or divestments took place in the first quarter 2026. 
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 356 million net in the first quarter 2026 due to the following: 
The assumed discount rate increased from 4.00 per cent to 4.25 per cent. 
This resulted in an actuarial gain of SEK 3 65 million. T he inflation 
assumption was 1.75 per cent, unchanged during the first quarter 2026. 
No experience adjustments were made in the first quarter. 
The return on assets under management was SEK 23 million which 
resulted in an actuarial loss of SEK 78 million. 
The actuarial gain related to the special employer’s contribution amounted 
to SEK 69 million. 
Note 14 Contingent liabilities 
No additional significant commitments have arisen during the first quarter 
2026. 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 2026. Related parties with which the Group has transactions 
are described in note 36 in the Annual Report 2025. 
Note 16 Definitions 
Below are definitions of financial key ratios that are used in the report. For 
more information and explanations regarding the usage of these key 
ratios, please see www.saab.com/investors/financials/financial-data.  
Capital employed  
Total assets less non-interest-bearing liabilities.  
Cash conversion 
Operational cash flow divided by operating income (EBIT). 
Earnings per share  
Net income for the period attributable to the Parent Company’s 
shareholders, divided by the average number of shares before and after 
full dilution.  
EBITDA  
Operating income before depreciation/amortisation and write-downs.  
EBITDA adjusted for items affecting comparability  
Operating income before depreciation/amortisation and write -downs 
adjusted for items classified as affecting comparability. 
EBITDA margin  
Operating income before depreciation/amortisation and write-downs as a 
percentage of sales.  
EBITDA margin adjusted for items affecting comparability  
Operating income before depreciation/amortisation and write -downs 
adjusted for items affecting comparability  as a percentage of adjusted 
sales. 
Effective tax rate  
Current and deferred taxes as a percentage of income before tax.  
Equity/assets ratio  
Equity in relation to total assets.  
Equity per share  
Equity attributable to the Parent Company’s shareholders divided by the 
number of shares, excluding treasury shares  and shares repurchased 
through equity swaps, at the end of the period.  
Financial net related to pensions 
The financial net related to pensions is the financial cost for net pension 
obligations recognised in the balance sheet. 
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. 
Lease liability interest 
Lease liability interest consists of the interest portion related to lease 
liabilities recognised in the balance sheet. 
Net interest items 
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. 
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. 
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.  
MSEK
31 Mar 
2026 
31 Dec 
2025 
31 Mar 
2025 
Defined-benefit obligation 10,568 10,876 10,654
Special employers' contribution -39 40 145
Less assets under management 10,632 10,609 9,959
Total provisions (+) / receivables (-) for pensions -103 307 840
 of which reported as long-term receivable 97 76 79
 of which reported as short-term receivable 39 - -
 of which reported as long-term provision 33 383 919

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

29  IN TER IM  R EPO RT  Q1  2026  
Operational cash flow  
Cash flow from operating activities, excluding taxes and other financial 
items, amortisation of lease liabilities and investments, sales and disposals 
of intangible and tangible fixed assets.  
Order backlog  
Total value of orders at the end of the period.  
Order bookings  
Total value of orders received during the period.  
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.  
Other financial items 
Other financial items consist of realised and unrealised results from long- 
and 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. 
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 30 =====

30  IN TER IM  R EPO RT  Q1  2026  
Glossary 
AEW&CS Airborne Early Warning & Control System 
CDP Global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts 
C-UAS Counter-Unmanned Aerial Systems  
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 
NSPA NATO Support and Procurement Agency 
NLAW Next Generation Light Anti-Tank Weapon 
SBTi Science Based Targets initiative 
UAV Unmanned Aerial Vehicle 
 
Stockholm 23 April 2026 
Saab AB (publ) 
 
 
Micael Johansson 
President and CEO 
 
This interim report has not been subject to review by the company’s auditors

===== SIDA 31 =====

Important information 
This interim report may contain forward -looking 
statements which reflect Saab AB’s current view on future 
events and financial and operational development. Words 
such as “intend”, “expect”, “anticipate”, “may”, “believe”, 
“plan”, “estimate” and other expressions which imply 
indications or predictions of future development or trends, 
and which are not based on historical facts, are intended to 
identify forward -looking statements. Forward -looking 
statements inherently involve both known and unknown 
risks and uncertainties  as they depend on future events 
and circum stances. Forward -looking statements do not 
guarantee future results or development and the actual 
outcome could differ materially from the forward -looking 
statements. 
 
This information is such that Saab AB is obliged to make 
public pursuant to the EU Market Abuse Regulation. The 
information was submitted for publication, through the 
agency of the contact person set out above, on 23 April 
2026 at 07.30 (CET). 
Contacts
Johan Andersson, Head of Investor Relations 
+46 734 37 29 39 
Adam Solberg, Investor Relations Manager 
+46 734 46 62 58 
Webcast and telephone conference:  
23 April 2026 at 10.00 (CET) 
Live webcast: 
www.saab.com/investors/webcast/q1-2026  
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 
Q2 Interim report 2026  
Published 17 July 2026 
Q3 Interim report 2026  
Published 23 October 2026 
Year-end report 2026  
Published 5 February 2027 
 
 
 
Q1