===== 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