Kvartalsrapport Q3 2023

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

Growth momentum  
in an evolving market 
  
Q3 
INTERIM REPORT 2023

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

2 IN TER IM  R EPO RT  Q3  2023  
July-September 2023 
Key Highlights 
▪ Order intake amounted to SEK 14,977m (7,772) with strong 
growth in all order sizes in the quarter. 
▪ Sales increased to SEK 11,527m (8,751) with an organic 
growth of 31%, driven by growth in all business areas. 
▪ EBITDA increased 28% and amounted to SEK 1,424m (1,115), 
corresponding to an EBITDA margin of 12.4% (12.7). 
▪ Operating income (EBIT) increased 51% and amounted  
to SEK 859m (568). The EBIT margin was 7.5% (6.5) with 
improvements in several business areas in the quarter. 
▪ Net income for the period increased to SEK 656m (324) and 
earnings per share amounted to SEK 4.84 (2.28). 
▪ Operational cash flow in the quarter was SEK -2,058m (559) 
mainly due to timing of customer payments combined with 
higher investments. 
▪ Net liquidity position in the quarter was SEK 1.4 bn (0.4). 
▪ Upgraded outlook for organic sales growth 2023: organic 
sales growth to be between 19-23%, compared to previous 
outlook of 16-20%. 
 
 
 
MSEK Jan-Sep 2023 Jan-Sep 2022 Change, % Q3 2023 Q3 2022 Change, % Full Year 2022 
Order bookings 46,310 33,250 39 14,977 7,772 93 63,116
Order backlog 138,501 112,025 24 127,676
Sales 35,487 28,140 26 11,527 8,751 32 42,006
Gross income 7,743 6,037 28 2,481 1,881 32 8,886
Gross margin, % 21.8 21.5 21.5 21.5 21.2
EBITDA 4,526 3,518 29 1,424 1,115 28 5,401
EBITDA margin, % 12.8 12.5 12.4 12.7 12.9
Operating income (EBIT) 2,852 1,960 46 859 568 51 3,274
Operating margin, % 8.0 7.0 7.5 6.5 7.8
Net income 2,189 1,129 94 656 324 102 2,283
of which Parent Company’s shareholders’ interest 2,158 1,080 100 652 305 114 2,195
Earnings per share after dilution, SEK 16.06 8.08 99 4.84 2.28 112 16.41
Return on equity, % ¹⁾ 11.2 7.6 8.6
Operational cash flow -534 911 -2,058 559 2,593
Free cash flow -993 432 -2,554 398 1,871
Free cash flow per share after dilution, SEK -7.39 3.23 -18.98 2.97 13.99
Average number of shares after dilution 134,368,067 133,608,085 134,586,542 133,842,175 133,724,223
¹⁾  Return on equity is measured over a rolling 12-month 
period. 
15 
Order bookings, SEK bn 
31 
Organic sales growth, % 
7.5 
Operating margin, % 
Financial highlights

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

3 IN TER IM  R EPO RT  Q3  2023  
The geopolitical tensions are impacting our 
industry and driving the largest increase in 
defence investments  in the last 30 years , 
particularly in Europe. The need for more 
advanced capabilities, security of supply and 
replenishment of stocks from low levels is 
pushing the European defence industry  to 
increase capacity and to closer cooperation. To 
be able to me et the growing demand from 
customers in the next decade, building 
additional capacity and capabilities based on 
new technologies will be crucial.  
In the third quarter, high demand for  Saab’s 
broad defence portfolio continued to result in 
significant order intake, strong sales growth and 
improved profitability. We are front-loading the 
coming years ’ investments in building capacity 
to secure customer demand and this is visible in 
our cash flow for the first nine months and the 
third quarter. In para llel, we are increasing our 
R&D investments in future capabilities to make 
sure our portfolio remains strong. In the quarter, 
we launched several new products, including the 
Giraffe 1X Deployment Set and new features for 
our Barracuda camouflage solutions as well as 
showcasing our land-based capabilities for next-
generation air defence. We also completed two 
bolt-on acquisitions  in the U.K. and U.S.,  to 
accelerate our capabilities in autonomy and AI.  
Moreover, Saab announced three strategic 
partnerships in the quarter. We entered into a 
cooperation agreement with Helsing, a defence 
company specialising in AI -based software 
technology and made an  investment for a 5% 
stake in the company . We also signed an 
agreement with the British defence company 
Babcock to explore future opportunities with 
advanced surface ships. In addition, w e signed 
an MoU with Singapore Technologies 
Engineering to further deepen our collaboration 
and opportunities for the global market in several 
areas such as radars, unmanned systems, 
training and simulation and autonomy.  
Order intake in the quarter grew 93% year-over-
year and amounted to SEK 15.0 billion (7.8). This 
was driven by large, medium -sized and small  
orders in most of our key markets and included 
the booking of a Gripen  E new functionality 
contract from Sweden and an order for two AEW 
aircraft to Poland, which is already progressing 
towards delivery . In the U.S. , we expanded our 
current framework agreement with the U.S. 
Department of Defense and received an order 
for AT4 systems and Carl -Gustaf ammunition . 
We also signed an extension agreement with 
Boeing for the manufacturing of cargo and 
access doors for the Boeing 787 Dreamliner, 
one of the world’s best-selling widebody aircraft. 
Our Ground Combat portfolio continued to add 
new orders from customers such as Estonia and 
Japan. Demand for our Surveillance portfolio 
was also strong with significant order intake in 
the quarter.  
Sales amounted to SEK 1 1.5 billion ( 8.8) and 
organic sales growth was 31% in the third 
quarter, broadly in line with our expectations . 
Sales performance was strong in all business 
areas with significant contributions from 
Surveillance and Dynamics. Year-to-date, 
organic sales growth was 26%, reflecting the 
higher level of production volumes we have in 
our businesses. Based on our current visibility for 
our programme execution and deliveries in the 
fourth quarter, we upgrade our sales growth  
outlook for 2023 . We now expect organic sales 
growth to be between 19-23% for the full year, 
compared to our previous outlook of between 
16-20%. 
Profitability also showed an improvement in the 
third quarter, EBIT incre ased 51% year -over-
year and our operating margin was 7.5% (6.5). 
The quarter confirms the year-over-year trend of 
gradual operational improvement across our 
business areas. In Surveillance, we saw the EBIT 
margin mov e from 6.3% to 7.8%, whilst 
Dynamics margins  continued to normalise 
compared to the favourable mix in 2022. 
Aeronautics, Kockums and Combitech reported 
margin improvements compared to the same 
quarter last year , with the improvement in 
Kockums reflecting a favourable mix and high 
share of aftermarke t business. We reiterate our 
outlook of operating income growth to be higher 
than organic sales growth for the full year 2023.  
Cash flow in  the quarter  was negative and 
amounted to SEK -2.1 billion (0.6). This reflects 
timing effects of customer payments combined 
with higher investments and does not impact our 
outlook for the full year of a positive operational 
cash flow.  
Looking ahead, our focus remains on delivering 
on current customer orders , whilst increasing 
capacity and future capabilities. This puts a high 
demand on  competence and requires an 
increase in  the number of employees.  Year-to-
date, we have grown by 1,800 employees, or 9%, 
at the same time as Saab is climbing in the 
rankings as a top-ten most attractive IT and 
Engineering employer in Sweden.  We are 
investing in upskilling through our learning 
platform and have put a lot of effort into both 
onboarding and our overall people experience.  
Finally, I am also glad to see that Saab was 
awarded an A+ in Position Green’s rating o f 
reporting transparency and readiness for the 
upcoming European Sustainability Reporting 
Standards (ESRS). Our efforts w ithin 
sustainability, innovation and people will be key 
to our long-term success and value creation.
 
 
CEO comments  
Growth momentum in 
an evolving market 
Micael Johansson 
President and CEO 
Outlook 2023 
Sales growth: 
Organic sales growth between 19-23%. 
(Previously: Organic sales growth between 
16-20%.) 
Operating income:  
Operating income growth higher than 
organic sales growth. 
Operational cash flow:  
Operational cash flow to be positive. 
Targets 2023-2027 
Sales growth: 
An organic sales growth of around 10% 
(compound annual growth rate). 
Operating income: 
Operating income growth to be higher 
than the organic sales growth. 
Operational cash flow: 
Cash flow conversion of minimum 70%, 
cumulative for the 5-year period.

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

4 IN TER IM  R EPO RT  Q3  2023  
*Includes items affecting comparability of SEK 1,496 million 
Orders 
Third quarter 2023 
Order bookings increased 93 per cent and amounted t o SEK 14, 977 million (7,772) with strong 
growth in orders to countries in Europe. Order intake increased across all order sizes, where booking 
of large orders showed a strong growth compared to last year and amounted to SEK 7,128 million 
(1,166). Small orders increased 38 per cent and amounted to SEK 3,13 2 million (2,267) while 
medium-sized orders grew 9 per cent and amounted to SEK 4,717 million (4,339). In the period, Saab 
received a contract for additional functionality for Gripen E to Sweden with a value of approximately 
SEK 5.8 billion, of which SEK 4.0 billion was booked in the third quarter. Other key orders were AT4 
systems and Carl-Gustaf ammunition to the U.S. of SEK 1.1 billion and Airborne Early Warning (AEW) 
aircraft to Poland of SEK 599 million. Order intake was particularly strong in Aeronautics and 
Surveillance. 
January-September 2023 
Order bookings amounted to SEK 46,310 million (33,250), an increase of 39 per cent compared to 
the first nine months in 2022. Large order bookings increased 70 per cent and amounted to SEK 
18,622 million (10,966), driven by a large defence equipment order of SEK 8.5 billion and the Gripen 
E functionality order of SEK 4.0 billion to Sweden . Small orders grew 25 per cent and amounted to 
SEK 11,013 million (8,786) while medium -sized orders grew 24 per cent and amounted to 16,675 
(13,498). Order intake in the first nine months was particularly strong in Dynamics.  
The order backlog at the end of the period amounted to SEK  138,501 million, compared to SEK  
127,676 million at the beginning of the year, corresponding to an increase of 8 per cent. In total, 64 
per cent of the backlog is attributable to international markets, compared to 62 per cent at the end 
of last year. For more information on the order intake, see the business area pages 8, 9 and 10. 
Sales 
Third quarter 2023 
Sales in the third quarter grew 31.7 per cent, of which 31.4 per cent organic, and amounted to SEK 
11,527 million (8,751). All business areas and Combitech  continued to report strong sales growth 
due to the high level of production volumes and project activity. 
January-September 2023 
Sales in the first nine months amounted to SEK 35,487 million (28,140) corresponding to a growth 
of 26.1 per cent, of which organic growth was 25.6 per cent. In the period, all business areas and 
Combitech reported sales growth. 
Sales from international markets amounted to SEK 20,156 million (16,805) and corresponded  to 
57 per cent (60) of total sales. In the period, all regions except Latin America and Asia reported sales 
growth. 90 per cent (88) of sales were related to the defence business. 
Sales growth 
 
Sales per region
  
Per cent
Jan-Sep 
2023 
Jan-Sep 
2022 
Q3 
2023 
Q3 
2022 
Full Year 
2022 
Organic sales growth 26 1 31 7 5
Change from acquisitions and divestments -1 - -1 - -
Currency translation effects  1 2 1 2 2
Total sales growth 26 3 32 9 7
MSEK Jan-Sep 2023 Jan-Sep 2022 Change, %
Sweden 15,331 11,335 35
Rest of Europe 7,858 4,972 58
North America 3,907 2,950 32
Latin America 2,488 2,749 -9
Asia 2,967 4,341 -32
Africa 78 59 32
Australia, etc. 2,509 1,734 45
Undisclosed country 349 - -
Total 35,487 28,140 26
 
 
Order distribution, 
Jan-Sep 2023 
  
 
Order backlog duration: 
2023: SEK 13.5  billion 
2024: SEK 42.8  billion 
2025: SEK 38.4  billion 
2026: SEK 21.7  billion 
After 2026: SEK 22.1 billion 
 
Defence/Civil 
A total of 90% (91) of order 
bookings were attributable 
to defence related 
operations during January-
September 2023.  
 
 
Market 
A total of 64% (43) of order 
bookings were related to 
markets outside Sweden 
during January-September 
2023.  
 
 
Sales Jan-Sep, MSEK 
 
Classification of orders MSEK
Small orders <100
Medium-sized orders 100-1000
Large orders >1000
Small orders 24%(26)
Medium-sized orders 36%(41)
Large orders 40%(33)
22,940
27,211 28,140
35,487
Jan-Sep
2020*
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023

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

5 IN T ER IM  R EPO RT  Q3  2023  
*Includes items affecting comparability of SEK 1,108 million 
Income 
Third quarter 2023 
Gross income grew 32 per cent in the quarter following strong sales growth, while the gross margin 
was unchanged compared to last year and amounted to 21.5 per cent (21.5). EBITDA increased 28 
per cent and the EBITDA margin was 12.4 per cent (12.7). Operating income increased 51 per cent 
to SEK 859 million (568) with an operating margin of 7.5 per cent (6.5). The improvement was driven 
by favourable volume effects.  
January-September 2023 
Gross income grew 28 per cent to SEK 7,743 million (6,037) with a gross margin improvement to 
21.8 per cent (21.5), driven mainly by the strong sales growth.  
Total depreciation, amortisation and write -downs amounted to SEK 1,674 million (1,558). 
Depreciation of tangible fixed assets and right-of-use assets amounted to SEK 1,119 million (1,032).  
Expenditures for internally funded investments in R&D amounted to SEK 1,430 million (1,218), of 
which SEK 379 million (347) has been capitalised. Capitalised expenditures are mainly attributable 
to the development  of Gripen E/F . Amortisation  and wr ite-downs of intangible fixed assets 
amounted to SEK 555 million (526), of which amortisation and write -downs of capitalised  
development expenditures amounted to SEK 442 million (417). R&D amortisation is mainly related 
to GlobalEye, amounting to SEK 281 million (281) during January-September 2023.  
The share of income in associated companies and  joint ventures amounted to SEK -384 million  
(-29), including write-downs in the minority portfolio of SEK -284 million classified as items affecting 
comparability, see also note 5.  
EBITDA grew 29 per cent to SEK 4,526 million (3,518) with a corresponding margin of 12.8 per cent 
(12.5). The improvements were mainly driven by the higher gross income, which more than offset 
higher operating costs during January-September 2023.  
Operating income increased by 46 per cent and amounted to SEK 2,852 million ( 1,960), with a 
margin of 8.0 per cent (7.0). The improvement was mainly driven by increased sales volumes in all 
business areas and Combitech. Items affecting comparability had a net positive impact of SEK 44 
million in the period from the capital gain related to the sale of the Maritime Traffic Management 
operations and a property , and the write -downs in the minori ty portfolio. See note 5 for further 
information. 
Financial net 
 
The financial net related to pensions is the financial cost for net pension obligations recognised in 
the balance sheet. See note 13 for more information regarding defined-benefit pension plans.  
Net interest items refer to interest on liquid assets, short-term investments and interest expenses 
on short - and long -term interest -bearing liabilities and interest on interest -rate swaps . The 
favourable effect compared to last year is primarily driven by the higher interest earned.  Currency 
gains/losses recognised in the financial net are mainly related to currency hedges of the tender 
portfolio, which are measured at fair value through profit and loss.  
Lease liability interest consist s of the interest portion related to lease liabilities recognised in the 
balance sheet.  
Other financial items consist of realised and unrealised results from short -term investments and 
derivatives as well as ot her currency effects, e.g. changes in exchange rates for liquid assets in 
currencies other than SEK. Other financial items was positive in the period reflecting  lower 
movements in market interest rates and credit spreads compared to last year.  
Tax 
Current and deferred taxes amounted to SEK -606 million (-341) during January-September 2023, 
corresponding to an effective tax rate of 22 (23) per cent. The effective tax rate was positively 
affected by non-taxable income from the capital gain related to the sale of the MTM operations and 
property offsetting the negative effects from non-deductible write-downs in the minority portfolio. 
MSEK Jan-Sep 2023 Jan-Sep 2022
Financial net related to pensions -28 -54
Net interest items 85 -58
Currency gains/losses -88 -61
Lease liability interest -102 -75
Other financial items 76 -242
Total -57 -490
Operating income (MSEK) and 
margin (%), Jan-Sep 
 
Earnings per share after dilution, 
SEK 
 
 
 
Internally funded R&D 
expenditures, MSEK 
 
549 
1,812 
1,960 
2,852 
2.4
6.7 7.0
8.0
Jan-Sep
2020*
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023
3.55
8.95 8.08
16.06
Jan-Sep
2020
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023
1,754
1,507
1,218
1,430
Jan-Sep
2020
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023

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

6 IN T ER IM  R EPO RT  Q3  2023  
Financial position and liquidity 
At the end of  September 2023, Saab had a  net liquidity of SEK 1,370 million, a decrease of  
SEK 1,062 million compared to a net liquidity of SEK  2,432 million at year-end 2022. Net 
debt/EBITDA was -0.21 (-0.45) at the end of the period.  
Cash flow from operating activities amounted to SEK 1,632 million (2,143). 
Contract assets increased by SEK 3,331 million and contract liabilities increased by SEK 4,007 
million compared to year-end 2022. Inventories increased by SEK 2,431 million during the first nine 
months of 2023 with increases across business areas. 
Net provisions for  pensions, excluding  special employer’s contribution, amounted to  SEK 399 
million as of 3 0 September 2023, compared to SEK 1,068 million at year-end 2022. The positive 
effect on net debt of SEK 669 million was mainly related to changes in actuarial assumptions 
regarding discount rate. For further information on Saab’s benefit pension plans, see note 13.  
Tangible fixed assets amounted to SEK 8,993 million at the end of the quarter compared to 7,965 
at the end of 2022. Biological assets amounted to SEK 411 million (408).  
Right-of-use assets recognised in the balance sheet amounted to SEK 2,484 million compared to 
2,682 million at the end of 2022. 
Financial investments increased with SEK 1,031 million to SEK 1,149 million (118). The 
consideration for the investment in Helsing GmbH was recognised as a short -term liability in the 
third quarter and was paid in October 2023. 
Net investments in  the first nine months amounted to SEK 2,299 million (1,294). Investments in 
tangible fixed assets amounted to SEK 1,716 million (926).  
Investments in intangible fixed assets amounted to SEK 604 million (475), of which SEK 379 million 
(347) was related to capitalised R&D expenditures . The investments were mainly  related to the 
development of Gripen E/F. Of the total investments in intangible fixed assets, SEK 225 million (128) 
was related to other intangible fixed assets.  
As of 3 0 September 2023, short-term investments and liquid assets amounted to SEK 10,526 
million, a decrease of SEK 2,331 million compared to year -end 2022. In addition, the Group had 
unutilised revolving credit facilities amounting to SEK 6,000 million. 
Capital employed increased by SEK 952 million during the period to SEK 41,903 million. The return 
on capital employed was 11.4 per cent (8.4) and the return on equity was  11.2 per cent (7.6), both 
measured over a rolling 12-month period.  
Key indicators of financial position  
and liquidity 
  
Change in net debt 
Jan-Sep 2023 
 
 
MSEK 
Net liquidity (+) / net debt (-), 
31 Dec 2022 ¹⁾ 2,432
Cash flow from operating activities 1,632
Change in net pension obligation 669
Net investments -2,299
Sale of and 
investments in financial assets, 
associates and joint ventures -33
Write-down of loan receivable to 
associated company -344
Dividend -703
Dividend to and transactions with 
non-controlling interest 10
Additional lease liabilites -238
Investments in operations -241
Sale of subsidiaries and other 
operations 382
Other items, currency impact and 
unrealised results from financial 
investments 103
Net liquidity (+) / net debt (-), 
30 September 2023 ¹⁾ 1,370
¹⁾ Net liquidity (+) / net debt (-) 
excluding net provisions for 
pensions, lease liabilities and 
interest-bearing receivables, 30 
September 2023 3,681
MSEK 30 Sep 2023 31 Dec 2022 Change 30 Sep 2022
Net liquidity / debt ²⁾ 1,370 2,432 -1,062 404
Intangible fixed assets 12,758 12,248 510 12,402
     Goodwill 5,556 5,384 172 5,533
     Capitalised development costs 5,984 5,958 26 5,974
     Other intangible fixed assets 1,218 906 312 895
Tangible fixed assets, etc ³⁾ 9,404 8,373 1,031 7,929
Right of use assets ⁴⁾ 2,484 2,682 -198 2,394
Inventories 16,626 14,195 2,431 14,089
Accounts receivable 6,402 6,045 357 4,556
Contract assets 13,242 9,911 3,331 11,085
Contract liabilities 15,196 11,189 4,007 11,767
Equity/assets ratio, % 40.3 41.3 39.3
Return on equity, % 11.2 8.6 7.6
Return on capital employed, % 11.4 8.8 8.4
Equity per share, SEK ¹⁾ 237.38 222.55 14.83 207.25
1) Number of shares excluding treasury shares 133,073,163 132,488,884 132,346,624
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 T ER IM  R EPO RT  Q3  2023  
Cash flow 
Third quarter 2023 
Operational cash flow was negative in the third quarter and amounted to SEK -2,058 million (559). 
The decrease was mainly due to timing effects of customer payments, combined with higher 
investments. 
Operational cash flow is defined as cash flow from operating activities and acquisitions and 
divestments of intangible and tangible fixed assets. Cash flow from operating activities excludes 
taxes and other financial items but includes amortisation of lease liabilities.  
Free cash flow amounted to SEK -2,554 million (398) and was affected by SEK -223 million from the 
acquisition of BlueBear. For more detailed information on cash flow, see note 11.  
January-September 2023 
Operational cash flow was lower compared to the same period last year and amounted to SEK -534 
million (911). The decrease was attributable to working capital and higher investments. The higher 
increase in working capital compared to the same period last year was mainly due to lower customer 
payments. 
Free cash flow amounted to SEK -993 million (432) and included positive effects of SEK 307 million 
from the divestment of the MTM business and SEK 75 million from divestment of property . The 
acquisition of BlueBear had an effect of SEK -223 million on free cash flow . For more detailed 
information on cash flow, see note 11.  
There can be large fluctuations in cash flow between reporting periods as the timing of milestone 
payments in large projects greatly varies depending on when milestones are reached.  
 
 
 
  
MSEK Jan-Sep
2023 
Jan-Sep
2022 
Cash flow from operating activities before changes in working 
capital, excluding taxes and other financial items ¹⁾ 4,507 3,597 
Change in working capital -2,742 -1,392 
Cash flow from operating activities excluding taxes and other 
financial items 1,765 2,205 
Cash flow from investing activities ²⁾ -2,299 -1,294 
Operational cash flow -534 911 
Taxes and other financial items -567 -431 
Sale of and investments in financial assets and operations 108 -48 
Free cash flow -993 432 
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
Free cash flow, MSEK 
 
698
1,360
432
-993
Jan-Sep
2020
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023

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

8 IN TER IM  R EPO RT  Q3  2023  
Business Area 
Aeronautics 
Business Units 
Gripen Design, Gripen Sustainment, Aviation Services, Aerospace Systems. 
Market highlights 
Order intake increased in the third quarter, 
driven by a  contract for Gripen E additional 
functionality to Sweden  with a value of  
approximately SEK 5.8 bn of which 3.7 bn was 
booked within Aeronautics in the quarter. 
An extension agreement was also signed with 
Boeing for door structures to the 787 
Dreamliner programme.  
Sales and operating income 
Sales increased in the quarter mainly driven by 
higher volumes in the Gripen programme.  
EBIT increased following the higher sales 
volumes in the quarter and the EBIT margin 
improved compared to the lower margin 
reported in Q3 last year. 
Cash flow 
Operational cash flow was negative  in the 
period, reflecting lower milestone payments. 
 
Business Area 
Dynamics 
Business Units 
Ground Combat, Missile Systems, Underwater Systems, Barracuda, Training and Simulation, Tactical Support Solutions. 
Market highlights 
Order momentum continued in the quarter, 
driven by high demand for Dynamics’ portfolio. 
In the quarter, the U.S. Department of Defense 
expanded a current framework agreement and 
placed an order  for AT4 systems and Carl -
Gustaf ammunition. 
Sales and operating income 
Sales increased 46% in the quarter and was 
driven by a higher level of execution and 
deliveries in several business units. 
EBIT increased slightly while the EBIT margin 
declined and reflected the normalisation of the 
business mix compared to the favourable mix 
in 2022.  
Cash flow 
Cash flow was negative in the quarter and 
mainly driven by inventory build-up and timing 
of customer payments.   
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 42% (44) 
during the first nine 
months 2023. 
 
 
 
 
Market 
Sales in markets outside 
Sweden amounted to 78% 
(79) during the first nine 
months 2023. 
 
 
MSEK Jan-Sep 2023 Jan-Sep 2022 Change, % Q3 2023 Q3 2022 Full Year 2022
Order bookings 8,878 6,098 46 5,276 1,960 13,119
Order backlog 41,926 39,868 5 42,645
Sales 9,602 8,684 11 3,135 2,555 12,942
EBITDA 653 563 16 202 104 858
EBITDA margin, % 6.8 6.5 6.4 4.1 6.6
Operating income (EBIT) 498 437 14 148 60 694
Operating margin, % 5.2 5.0 4.7 2.3 5.4
Operational cash flow -610 -350 -569 -230 107
0
2
4
6
8
10
0
1,000
2,000
3,000
4,000
5,000
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %
MSEK Jan-Sep 2023 Jan-Sep 2022 Change, % Q3 2023 Q3 2022 Full Year 2022
Order bookings 19,563 9,285 111 3,245 2,989 17,811
Order backlog 42,362 25,688 65 30,821
Sales 8,172 5,881 39 2,750 1,880 9,168
EBITDA 1,118 1,052 6 354 350 1,658
EBITDA margin, % 13.7 17.9 12.9 18.6 18.1
Operating income (EBIT) 1,042 982 6 328 318 1,562
Operating margin, % 12.8 16.7 11.9 16.9 17.0
Operational cash flow 1,216 661 -999 256 1,251
0
5
10
15
20
0
1,000
2,000
3,000
4,000
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %

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

9 IN TER IM  R EPO RT  Q3  2023  
Business Area 
Surveillance 
Business Units 
Airborne Early Warning, Surface Sensor Solutions, Fighter Core Capabilities, Digital Battlespace Solutions, Naval Combat Systems, Safety and Security 
Solutions. 
As of 1 September, Surveillance has a new 
internal business unit structure in which the 
previous four units have become six , in order 
to improve strategy execution.  
Market highlights 
Continued strong interest for the Surveillance 
portfolio resulted in significant order intake in 
the third quarter.  
Key orders received included two AEW aircraft 
to Poland , customer support contracts , 
several smaller radar orders as well as a part of 
the Gripen E functionality contract to Sweden. 
Sales and operating income 
Sales growth in the quarter was 32% and 
driven by continued strong performance 
across most business units in Surveillance.  
EBIT increased 63% and the EBIT margin 
improved to 7.8% from 6.3% the same quarter 
last year . The improvement  reflects the high 
sales volumes across Surveillance business.   
Cash flow 
Cash flow in the quarter  was negative due to 
timing of customer milestone payments. 
 
Business Area 
Kockums 
Business Units 
Submarines, Surface Ships, Docksta. 
Market highlights 
In the quarter, Saab submitted its proposal for 
four expeditionary submarines to Netherlands 
in cooperation with Dutch shipbuilder Damen. 
A strategic cooperation agreement was also 
signed with Babcock to explore the 
development of the design of a new advanced 
corvette.  
Sales and operating income 
Kockums showed strong sal es increase of 
40% in the quarter  driven by continued high 
activity pace in projects including a high level 
of material purchases.  
EBIT and the EBIT margin improved in the 
quarter driven by  favourable mix and a high 
share of aftermarket business. 
Cash flow 
Operational cash flow of SEK 556 million in the 
quarter was related to customer payments.  
  
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 70% (80) 
during the first nine 
months 2023. 
 
*adjusted for items affecting comparability 
 
 
Market 
Sales in markets  
outside Sweden  
amounted to 18% (10)  
during the first nine months 
2023. 
 
MSEK Jan-Sep 2023 Jan-Sep 2022 Change, % Q3 2023 Q3 2022 Full Year 2022
Order bookings 14,845 14,025 6 5,723 1,855 22,966
Order backlog 43,092 37,456 15 41,301
Sales 12,782 9,823 30 4,149 3,152 14,616
EBITDA 1,979 1,261 57 544 405 1,983
EBITDA margin, % 15.5 12.8 13.1 12.8 13.6
Operating income (EBIT) 1,329 656 103 324 199 1,176
Operating margin, % 10.4 6.7 7.8 6.3 8.0
Operational cash flow -760 1,095 -819 310 1,314
0
3
6
9
12
15
0
1,000
2,000
3,000
4,000
5,000
Q4 Q1 Q2 Q3 Q4 Q1* Q2* Q3*
2021 2022 2023
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %
MSEK Jan-Sep 2023 Jan-Sep 2022 Change, % Q3 2023 Q3 2022 Full Year 2022
Order bookings 1,570 2,599 -40 640 706 7,267
Order backlog 10,829 9,219 17 12,772
Sales 3,468 2,480 40 1,084 774 3,614
EBITDA 382 183 109 135 67 329
EBITDA margin, % 11.0 7.4 12.5 8.7 9.1
Operating income (EBIT) 360 161 124 127 60 300
Operating margin, % 10.4 6.5 11.7 7.8 8.3
Operational cash flow 490 -307 556 61 -288
0
3
6
9
12
15
18
0
250
500
750
1,000
1,250
1,500
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %

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

10  IN TER IM  R EPO RT  Q3  2023  
Business Area 
Combitech 
Market highlights 
Orders increased slightly in the quarter driven 
by continued favorable market for Combitech. 
A Private Network/5G feasibility study was won 
from BAE Systems Hägglunds in the quarter. 
In addition, a prolongation of the agreement 
with The Swedish Armed Forces , regarding 
their telecommunication network and IP -
based infrastructure, was signed in the period. 
Sales and operating income 
Sales increased 16% in the quarter and was  
driven by the favourable market as well as an 
increased number of consultants vs last year. 
EBIT and margin improved driven by the higher 
sales and hourly rates year-over-year.  
Cash flow 
Cash flow was negative in the quarter due to 
timing of customer payments. 
 
 
 
 
 
Corporate and other items 
Corporate  
In addition to the four business areas and Combitech, the Corporate line comprise Group staff, Group departments and other operations including Saab’s 
minority portfolio in Corporate. The minority portfolio contains Saab’s interests in UMS Skeldar AG and Ventures.  
Corporate reported an operating loss of SEK -606 million (-448) in the first nine months of 2023. The higher loss was mainly related to the write-downs in 
the minority portfolio of SEK -284 million, of which SEK -260 million was reported in the first quarter and SEK -24 million in the second quarter . This was 
partly offset by a capital gain from the divestment of pro perty amounting to SEK 58 million in the second quarter. These items were classified as items 
affecting comparability (see note 5) and excluding items affecting comparability, the Corporate operating loss was lower for the first nine months  and 
amounted to SEK -380 million (-448).  
Operational cash flow attributable to Corporate amounted to SEK -925 million (-95) in the nine-month period, driven by increased  working capital and 
investments. 
Acquisitions and divestments 2023 
On 31 March, Saab completed the divestment of the Maritime Traffic Management (MTM) operation within business area Surveillance to funds advised by 
Agilitas Private Equity LLP. The purchase price amounted to EUR 46 million and the transaction generated a capital gain of SEK 270 million with a positive 
effect on free cash flow of SEK 307 million. The capital gain has been classified as an item affecting comparability, see note 5. In 2022, the divested MTM 
operations had sales of SEK 356 million and an operating income of SEK 42 million. During the second quarter 2023, Saab divested property in accordance 
with the resolution from the Annual General Meeting for the Share Purchase Agreement and a Lease Agreement with Vectura. The divestment resulted in 
a capital gain of SEK 58 million in the second quarter, classified as an item affecting comparability, and had a positive effect on free cash flow of SEK 75 
million. See also note 5 and note 15.  
On 31 August, Saab announced the acquisition of 100 per cent of the shares in BlueBear Systems Group Ltd (BlueBear) for approximately SEK 383 million. 
BlueBear is a provider of AI -enabled autonomous swarm systems for complex defence and security applications. SEK 250 million has been pa id at the 
time of the acquisition and an estimated contingent consideration at fair value of approximately SEK 133 million is included in the total consideration. For 
more information about the acquisition, see note 12. 
On 14 September, Saab announced the strategic partnership with Helsing, a defence company specialising in AI -based software technologies . This 
included an investment of EUR 75 million for a 5 per  cent stake in Helsing GmbH. The consideration for the investment in Helsing GmbH was recognised 
as a short-term liability in the third quarter and was paid in October 2023. Helsing is recognised as a Financial investment.  
On 7 September, Saab announced the strategic acquisition of CrowdAI in the U.S. for a minor consideration. 
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 6% (6)  
during the first nine 
months 2023. 
 
MSEK Jan-Sep 2023 Jan-Sep 2022 Change, % Q3 2023 Q3 2022 Full Year 2022
Order bookings 3,169 2,386 33 734 703 3,469
Order backlog 1,591 1,183 34 1,227
Sales 2,805 2,364 19 816 703 3,399
EBITDA 236 178 33 45 38 275
EBITDA margin, % 8.4 7.5 5.5 5.4 8.1
Operating income (EBIT) 229 172 33 43 36 267
Operating margin, % 8.2 7.3 5.3 5.1 7.9
Operational cash flow 55 -93 -36 -113 177
0
2
4
6
8
10
12
0
250
500
750
1,000
1,250
1,500
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2021 2022 2023
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %

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

11  IN TER IM  R EPO RT  Q3  2023  
Share repurchase 
Saab held 2,772,684 treasury shares as of 30 September 2023, compared to 3,356,963 at year-end 2022. 
The Annual General Meeting in 2023 authorised that Saab may enter into an equity swap agreement with a 
third party to hedge the expected financial exposure of LTI 2024. The Annual General Meeting also decided to 
authorise the Board, before the next Annual General Meeting, to decide on the acquisition of Series B shares 
up to a maximum of 10 percent of the total number of shares in the company. The purpose of the authorisation 
is to be able to adjust the company’s capital structure and thereby contribute to increased shareholder value 
as well as to enable continued use of repurchased shares in connection with potential acquisitions o f 
companies and for the company’s share-related incentive programmes. 
Risks and uncertainties 
Saab’s operations primarily involve the development, production and supply of technologically  advanced 
hardware and software to military and civilian customers around the world. Operations largely consist of major 
projects carried out over long periods of time, usually several years, in close cooperation with customers, 
suppliers, partners and institutions. Projects generally entail significant investments, long periods of time and 
technological development  or refinement of products. In addition to customer and supplier relations, 
international operations  involve joint ventures and collaborations with other industries as well as the 
establishment of operations abroad. Operations entail risk in various respects. The key risk areas are strategic, 
market and political, operating , financial and compliance . Various policies and instructions govern the 
management of material risks. Saab today conducts projects involving a large share of development, and their 
inherent complexity entails a higher level of risk. Furthermore, the market is characterised by conditions where 
orders can be deferred to the future partly for financial and political reasons.  
The uncertainty in the global supply chain and a higher inflationary environment also entails a risk for Saab and 
its operations. The challenges primarily relate to the availability of certain raw materials, components and 
longer lead times, as well  as higher general inflation. Some of these are  managed through contract 
management, re-planning and intensified dialogue and negotiations with suppliers.  
Risks related to a pandemic outbreak cannot be ruled out and can impact Saab’s operations through limited 
access to customers, employees, disruptions in supply chains, lock-downs in society and deteriorating market 
conditions in the civil aviation market. The effects from a pandemic may further cause electronics shortages, 
shipping delays and increased costs. Saab continues to monitor the long-term effects following the COVID-
19 pandemic. For a general description of the risk areas, see the Annual Report 2022, pages 38-44. 
Risks related to armed conflicts 
Saab has no defence related sales exposure to Belarus and Russia, but is closely monitoring the effects on 
the business from the war in Ukraine. Saab’s crisis management organisation continues to focus on security, 
embargo and sanction practises. Saab is operating on a highly regulated market and it is essential for Saab as 
a responsible defence company to comply with all applicable regulations and commitments regarding export 
control and sanctions, i.e. sanctions from EU, UN, OSCE or o ther applicable country specific sanctions. The 
conflict in Ukraine and the increased geopolitical tension, has led to increased security measures at Saab. This 
may lead to increased costs for security to protect Saab’s sites, personnel, IT and cyber security. 
Furthermore, Saab could be impacted by supply chain risks related to the conflict in Israel. Saab is monitoring 
the situation and has mitigating actions in place and is in close dialogue with its suppliers. Saab has no defence 
related sales exposure to Israel. 
 
 
 
 
 
 
 
 
 
 
 
 
Owners 
Largest owners, 30 September 2023: 
 
 
Source: Modular Finance 
The percentage of votes is calculated on the  
number of shares excluding treasury shares.  
Personnel 
 
 
% of % of
capital votes
Investor AB 30.2 40.4
Wallenberg 
Investments 8.7 7.7
Swedbank Robur 
Funds 4.9 4.3
Vanguard 2.5 2.2
BlackRock 2.0 1.8
Norges Bank 1.8 1.6
Schroders 1.5 1.3
AFA Insurance 1.0 0.9
Life Insurance 
Skandia 1.0 0.9
Avanza Pension 0.9 0.8
30 Sep 2023 31 Dec 2022
Number of 
employees 20,772 19,002
FTEs 20,913 19,121

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

12  IN TER IM  R EPO RT  Q3  2023   
Sustainability at Saab 
Saab contributes to strengthened resilience and security for individuals and society as a whole, which are 
prerequisites for sustainable development. 
Highlights during the quarter 
• Saab received an A+ rating in Position Green’s ranking of the 100 largest 
Nasdaq Stockholm companies based on criteria of transparency and 
reporting readiness for the upcoming European Sustainability 
Reporting Standards (ESRS). A+ is the highest possible rating  and was 
awarded to Saab and three other Swedish companies. 
• In the quarter, Saab has submitted its long-term 2050 climate targets to 
the Science-based Targets initiative (SBTi). Our aim is for these targets 
to be a continuation of our near -term targets, pr eviously approved by 
SBTi, and in line with our net-zero commitment.  
• During the quarter, Saab introduced a global work-life balance training 
programme with the purpose to support employees with an improved 
balance in daily l ife and to  help them  manage a  more dynamic work 
environment.  
 
Saab improves its sustainability reporting 
During the third quarter, Saab accelerated preparations for the upcoming 
mandatory ESRS framework and the EU taxonomy activities introduced in 
2023 and has e.g.  conducted a g ap assessment against the upcoming 
ESRS requirements to be incorporated from 2024.  
In addition to the top rating by Position Green, the Swedish business 
journal “Dagens Industri” has acknowledged Saab ’s 7 th place in 2050 
Consulting’s ranking of the most transparent companies in sustainability 
reporting. This is an improvement of 76 positions compared to 2020. 
Climate 
Saab has a strong and long -term commitment to reducing greenhouse 
gas emissions globally. At the end of the third quarter, Saab submitted 
long-term climate targets to the Science -based Targets initiative (SBTi). 
The targets are applicable to the years 2030 -2050 and the aim for these 
is to be a continuation of our near -term targets, and in line with Saab’s 
commitment to net -zero greenhouse gas emissions. We expect the 
approval process to be initiated at the beginning of 2024 an d concluded 
later in the year.  
During the third quarter , Saab reduced emissions by 10  per cent  
compared to the same period last year. The reduction was largely the 
result of improved energy efficiency, higher percentage of fossil -free 
district heating, lower emissions from business trips reported in Scope 1 
and the purchase of renewable energy certificates (REC). The purchases 
of the RECs reduced emissions from electricity by 96 per cent compared  
 
1 All performance indicators are global 
2 Number of lost-time injuries / total hours worked x 1,000,000 
to the third quarter last year. The reduction was partly offset by increased 
emissions from increased flight testing  within the Gripen and GlobalEye  
programmes. In the chart below, t he purchase of REC s has impacted 
emissions previously reported in Q1 and Q2 (-850 tonnes).  
 
People 
A survey performed by the Employer Branding company Universum in the 
quarter confirms Saab’s effort to position itself as an attractive employer. 
This year, Saab climbs the list within both IT (from 13th place in 2022 to 7th 
place in 2023) , MSc. Engineerin g (from 15 th to 10 th place) and BSc. 
Engineering (from 16th to 12th place). In addition, Saab scored a significant 
improvement in the Swedish Young Professional Attraction Index 
published by Academic Work  in October . Saab remains committed to 
attracting and retaining young talent and competences who wish to be a 
part of Saab’s journey going forward, guided by our purpose.  
In the quarter, Saab released its internal career development tool Career 
Hub to boost continuous learning and development. The tool pro motes 
networking, synergies, closer cooperation within the organisation, 
increased internal mobility and “Gigs”. Gigs enable employees to develop 
skills in line with needs and interests,  and contribute with skills and 
competences in other parts of the organisation. 
Saab continues to focus on diversity and inclusion to increase the share 
of women as managers and employees. At the end of the third quarter, the 
share of women managers  remained at 27 per cent while the share of 
women employees increased to 25 per cent from year-end 2022.  
Lost Time Injury Frequency Rate has increased slightly compared to  the 
previous quarterly report  due to improved competence in accurately 
classifying incidents and the implementation of enhanced system 
support. Total Recordable Injury Frequency Rate has improved during the 
quarter and is now in line with full year 2022.  The number of reported 
incidents per workplace injury has positively improved over the year. 
 
 
 
Performance Indicators 1 
Dec 
2021 
Dec 
2022 
YTD 
2023 
Lost Time Injury Frequency Rate (LTIFR) 2 0.59 0.84 1.10 
Total Recordable Injury Frequency Rate (TRIFR)3 - 2.61 2.61 
Reported incidents per workplace injury 4 5.1 4.4 4.8 
Share of women managers 27% 27% 27% 
Share of women employees 24% 24% 25% 
3 Number of recordable injuries / total hours worked x 1,000,000 
4 Increased incidence reporting leads to fewer accidents 
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
Q1 Q2 Q3 Q4
Quarterly Emissions Scope 1 & 2 Market Based
Comparison Year-over-Year in Tonne CO2e per Quarter
2020 2021 2022 2023

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

13  IN TER IM  R EPO RT  Q3  2023  
Significant events 
January-September 2023
On 10 February, Saab announced changes in its Group Management and 
organisation that took effect on 1 March 2023.  Lars Tossman  was 
appointed Head of business area Aeronautics. Mats Wicksell assumed the 
position as Head of business area Kockums and became a new member 
of Saab’s Group Management team. Jonas Hjelm took on a new position 
within the Group Management team as Head of Government Affairs.  
On 14 February, Saab announced new medium-term financial targets for 
the period 2023-2027. These targets replace Saab’s long-term targets on 
sales growth and operating income. The new targets are provided on the 
back of improved growth opportunities. 
On 24 February, Saab announced it had signed a framework agreement 
with a Government of a Western country and received orders within the 
agreement for a number of defence systems. The total order value is 
approximately SEK 8 billion with deliveries planned 2023-2026. 
On 30 March, Saab announced it had signed framework agreements with 
NATO Support and Procurement Agency (NSPA) for the Carl -Gustaf® M4 
weapon system and the AT4 anti -armour weapon. The NSPA has also 
placed call-off orders with a total value of approximately SEK 350 million.  
On 5 April, Saab held its Annual General Meeting in Stockholm, Sweden. 
The Annual General Meeting decided on a dividend of SEK 5.30 per share. 
Read more on www.saab.com/agm. 
On 25 May , Saab received an order for sight - and fire control capability 
from BAE Systems Hägglunds for the CV90 combat vehicles ordered by 
the Slovak Republic. The order value is approx. SEK 900 million and 
deliveries are scheduled 2023-2029. 
On 29 May , Saab received an  order from the Swedish Defence Materiel 
Administration (FMV) for Carl -Gustaf® ammunition. The order value is 
approx. SEK 3 billion and deliveries will take place during 2026-2030. 
On 5 June , Saab received an order for the autonomous underwater 
vehicle Sabertooth from marine geophysical company PXGEO. The order 
value is SEK 620 million and deliveries will take place 2023-2025.  
On 16 June, Saab announced its Arexis sensor suite has been selected 
by Germany’s defence procurement office (BAAINBw) as the prefe rred 
solution for the German Eurofighter Electronic Warfare (EW) variant. At this 
point, Saab has not yet signed a contract nor received an order for this. 
On 25 July , Saab announced it had received an order for two Saab 340 
Airborne Early Warning (AEW) aircraft from Poland. The order value is 
approximately SEK 600 million and the contract period is 2023-2025. 
On 28 July , Saab submitted its proposal for the replacement of 
Netherland’s current submarines. The proposal comprises four advanced 
Expeditionary Submarines and includes a cooperation with Dutch 
shipbuilder Damen Shipyards Group. 
On 31 August , Saab acquired all shares in the U.K. -based company 
BlueBear, a world -leading provider of AI -enabled autonomous swarm 
systems for complex defence and security applications. 
On 7 September, Saab announced the strategic acquisition of CrowdAI 
in the U.S., accelerating the development and implementation of Artificial 
Intelligence (AI)/Machine Learning (ML) capabilities into Saab’s portfolio. 
On 12 September, Saab received an order for additional functionality and 
adjusted delivery schedules for Gripen E and Gripen C/D from the Swedish 
Defence Materiel Administration. The agreement  relates to the period 
2023-2030 and the order value is approximately SEK 5.8 billion  of which 
SEK 4.0 billion was booked in the third quarter. 
On 14 September , Saab announced it had entered into a strategic 
partnership with Helsing, a defence company spec ialising in AI -based 
software technologies. The partnership includes an investment by Saab of 
EUR 75 million in cash for a 5 percent stake in Helsing GmbH. 
On 18 September, Saab announced that the U.S. Department of Defense 
(DoD) had expanded a current framework agreement for AT4 systems and 
Carl-Gustaf ammunition. A new order was also signed valued at USD 104.9 
million (approx. SEK 1 billion) with deliveries during 2024-2026. 
On 29 September, Saab announced that Dean Rosenfield will leave the 
role as Chief Marketing Officer and his role in Saab’s Group Management. 
Dean will remain in his position until 29 February 2024. 
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 https://www.saab.com/newsroom. 
Events after the conclusion of the period 
On 11 October, Saab received an order from BAE Systems Hägglunds for 
sight-and fire control for CV90 vehicles to the Czech Republic. The order 
value is approx. SEK 970 million and the contract period is 2023-2029. 
 
 
Airborne early warning aircraft to Poland 
"Saab has had a strong relationship with the 
Polish Ministry of National Defence for many 
years. We are proud to further strengthen 
Poland’s Armed Forces with our airborne early 
warning and network-based solutions," said 
Carl-Johan Bergholm, head of Saab’s 
business area Surveillance. 
 
Strategic partnership with Helsing 
“The investment in Helsing marks another 
milestone in Saab’s commitment to further 
bolster our capabilities and continuously 
improve our portfolio to meet the evolving 
needs of our customers. Together with the 
recent acquisitions of BlueBear in the U.K. and 
CrowdAI in the U.S., it also supports our 
international growth strategy,” said Micael 
Johansson, President and CEO of Saab.

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

14  IN TER IM  R EPO RT  Q3  2023  
  
Consolidated income statement 
 
Consolidated statement of comprehensive income 
 
MSEK Note Jan-Sep 2023 Jan-Sep 2022 Rolling 12 Months Full Year 2022
Sales 4 35,487 28,140 49,353 42,006
Cost of goods sold -27,744 -22,103 -38,761 -33,120
Gross income 7,743 6,037 10,592 8,886
Gross margin, % 21.8 21.5 21.5 21.2
Other operating income 5 412 130 513 231
Marketing expenses -1,961 -1,752 -2,542 -2,333
Administrative expenses -1,384 -1,080 -1,847 -1,543
Research and development costs -1,493 -1,288 -2,022 -1,817
Other operating expenses -81 -58 -76 -53
Share of income in associated companies and joint ventures 5 -384 -29 -452 -97
Operating income (EBIT) ¹⁾ 3 2,852 1,960 4,166 3,274
Operating margin, % 8.0 7.0 8.4 7.8
Financial income 448 152 490 194
Financial expenses -505 -642 -512 -649
Net financial items -57 -490 -22 -455
Income before taxes 2,795 1,470 4,144 2,819
Taxes -606 -341 -801 -536
Net income for the period 2,189 1,129 3,343 2,283
of which Parent Company’s shareholders’ interest 2,158 1,080 3,273 2,195
of which non-controlling interest 31 49 70 88
Earnings per share before dilution, SEK ²⁾ 16.25 8.18 24.66 16.61
Earnings per share after dilution, SEK ³⁾ 16.06 8.08 24.36 16.41
1) Of which depreciation/amortisation and write-downs -1,674 -1,558 -2,243 -2,127
2) Average number of shares before dilution 132,791,798 132,070,863 132,698,287 132,157,586
3) Average number of shares after dilution 134,368,067 133,608,085 134,376,710 133,724,223
MSEK Jan-Sep 2023 Jan-Sep 2022 Rolling 12 Months Full Year 2022
Net income for the period 2,189 1,129 3,343 2,283
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 695 3,546 1,868 4,719
Tax attributable to revaluation of net pension obligations -143 -730 -388 -975
Equity instruments classified as measured at fair value through other comprehensive 
income 2 - 1 -1
Tax attributable to equity instruments classified as measured at fair value through 
other comprehensive income -0 - -0 0
Total 554 2,816 1,481 3,743
Items that may be reversed in the income statement:
Translation differences 93 1,084 -175 816
Cash flow hedges -175 -11 98 262
Tax attributable to cash flow hedges 36 5 -21 -52
Total -46 1,078 -98 1,026
Other comprehensive income/loss for the period 508 3,894 1,383 4,769
Net comprehensive income/loss for the period 2,697 5,023 4,726 7,052
of which Parent Company’s shareholders’ interest 2,652 4,930 4,658 6,936
of which non-controlling interest 45 93 68 116

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

15  IN TER IM  R EPO RT  Q3  2023  
Consolidated statement of financial position 
 
  
MSEK Note 30 Sep 2023 31 Dec 2022 30 Sep 2022
ASSETS
Fixed assets:
Intangible fixed assets 7 12,758 12,248 12,402
Tangible fixed assets 8,993 7,965 7,576
Biological assets 411 408 353
Right of use assets 2,484 2,682 2,394
Shares in associated companies and joint ventures 264 343 384
Financial investments 1,149 118 118
Long-term receivables 780 695 753
Deferred tax assets 455 403 322
Total fixed assets 27,294 24,862 24,302
Current assets:
Inventories 16,626 14,195 14,089
Derivatives 1,716 1,835 2,500
Tax receivables 35 36 253
Accounts receivable 6,402 6,045 4,556
Contract assets 13,242 9,911 11,085
Other receivables 2,008 1,232 1,099
Prepaid expenses and accrued income 1,654 1,101 1,419
Short-term investments 9,288 9,988 8,931
Liquid assets 11 1,238 2,869 2,545
Assets held for sale 12 - 291 -
Total current assets 52,209 47,503 46,477
TOTAL ASSETS 79,503 72,365 70,779
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Parent Company’s shareholders’ interest 31,589 29,486 27,429
Non-controlling interest 425 390 396
Total shareholders’ equity 32,014 29,876 27,825
Long-term liabilities:
Long-term lease liabilities 2,043 2,240 2,035
Other long-term interest-bearing liabilities 8 6,750 6,749 6,749
Other liabilities 216 90 89
Provisions for pensions 13 474 1,304 2,475
Other provisions 2,704 2,566 2,482
Deferred tax liabilities 1,408 1,140 872
Total long-term liabilities 13,595 14,089 14,702
Current liabilities:
Short-term lease liabilities 583 554 517
Other short-term interest-bearing liabilities 8 95 445 450
Contract liabilities 15,196 11,189 11,767
Accounts payable 5,255 4,870 3,802
Derivatives 2,259 1,664 2,520
Tax liabilities 260 198 250
Other liabilities 1,579 1,097 799
Accrued expenses and deferred income 8,016 7,216 7,195
Provisions 651 1,035 952
Liabilities related to assets held for sale 12 - 132 -
Total current liabilities 33,894 28,400 28,252
Total liabilities 47,489 42,489 42,954
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 79,503 72,365 70,779

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

16  IN TER IM  R EPO RT  Q3  2023  
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 2022 2,174 6,099 -34 404 14,333 22,976 273 23,249
Net comprehensive income/loss for the period January-
September 2022 -6 1,042 3,894 4,930 93 5,023
Transactions with shareholders:
Share matching plan 151 151 151
Dividend -647 -647 - -647
Acquisition and sale of non-controlling interest 19 19 30 49
Closing balance, 
30 September 2022 2,174 6,099 -40 1,446 17,750 27,429 396 27,825
Net comprehensive income/loss for the period October-December 
2022 216 -254 2,044 2,006 23 2,029
Transactions with shareholders:
Share matching plan 51 51 51
Dividend - - -30 -30
Acquisition and sale of non-controlling interest - - 1 1
Closing balance, 
31 December 2022 2,174 6,099 176 1,192 19,845 29,486 390 29,876
Opening balance, 1 January 2023 2,174 6,099 176 1,192 19,845 29,486 390 29,876
Net comprehensive income/loss for the period January-
September 2023 -139 80 2,711 2,652 45 2,697
Transactions with shareholders:
Share matching plan 154 154 154
Dividend -703 -703 -20 -723
Acquisition and sale of non-controlling interest - 10 10
Closing balance, 
30 September 2023 2,174 6,099 37 1,272 22,007 31,589 425 32,014

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

17  IN TER IM  R EPO RT  Q3  2023  
Consolidated statement of cash flows 
 
  
MSEK Note Jan-Sep 2023 Jan-Sep 2022 Full Year 2022
Operating activities:
Income after financial items 2,795 1,470 2,819
Adjustments for items not affecting cash flows 2,059 2,481 3,319
Dividend from associated companies and joint ventures 31 24 44
Income tax paid -511 -440 -596
Cash flow from operating activities before changes in working capital 4,374 3,535 5,586
Cash flow from changes in working capital:
Contract assets and liabilities 492 -670 -153
Inventories -2,602 -2,385 -2,550
Other current receivables -949 1,113 -241
Other current liabilities 629 939 2,552
Provisions -312 -389 -540
Cash flow from operating activities 1,632 2,143 4,654
Investing activities:
Capitalised development costs -379 -347 -500
Investments in other intangible fixed assets -225 -128 -186
Investments in tangible fixed assets -1,716 -926 -1,624
Sales and disposals of tangible fixed assets including biological assets 21 107 117
Investments in and sale of short-term investments 773 974 -49
Investments in financial assets, associated companies and joint ventures -434 -227 -240
Sale of financial assets, associated companies and joint ventures - 2 2
Investments in operations -241 - -
Sale of subsidiaries and other operations 382 42 42
Cash flow from investing activities -1,819 -503 -2,438
Financing activities:
Repayments of loans -478 -1,379 -1,386
Amortisation of lease liabilities -434 -369 -524
Raising of loans 130 1,394 1,394
Dividend paid to Parent Company’s shareholders -703 -647 -647
Dividend paid to non-controlling interest - -27 -62
Transactions with non-controlling interest 10 47 47
Cash flow from financing activities -1,475 -981 -1,178
Cash flow for the period -1,662 659 1,038
Liquid assets at the beginning of the period 2,869 1,701 1,701
Exchange rate difference in liquid assets 31 185 130
Liquid assets at end of period 11 1,238 2,545 2,869

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

18  IN TER IM  R EPO RT  Q3  2023  
Quarterly consolidated income statement 
 
Quarterly consolidated statement of comprehensive income 
  
MSEK Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021
Sales 11,527 12,475 11,485 13,866 8,751 10,171 9,218 11,943
Cost of goods sold -9,046 -9,715 -8,983 -11,017 -6,870 -8,049 -7,184 -9,531
Gross income 2,481 2,760 2,502 2,849 1,881 2,122 2,034 2,412
Gross margin, % 21.5 22.1 21.8 20.5 21.5 20.9 22.1 20.2
Other operating income 15 114 283 101 43 69 18 98
Marketing expenses -633 -687 -641 -582 -561 -638 -553 -620
Administrative expenses -443 -491 -450 -463 -334 -384 -362 -407
Research and development costs -506 -522 -465 -529 -433 -439 -416 -416
Other operating expenses -26 -41 -14 5 -20 6 -44 -6
Share of income in associated companies  and joint ventures -29 -68 -287 -68 -8 2 -23 15
Operating income (EBIT) ¹⁾ 859 1,065 928 1,314 568 738 654 1,076
Operating margin, % 7.5 8.5 8.1 9.5 6.5 7.3 7.1 9.0
Financial income 148 173 127 42 68 52 32 28
Financial expenses -154 -226 -125 -7 -201 -240 -201 -103
Net financial items -6 -53 2 35 -133 -188 -169 -75
Income before taxes 853 1,012 930 1,349 435 550 485 1,001
Taxes -197 -214 -195 -195 -111 -117 -113 -210
Net income for the period 656 798 735 1,154 324 433 372 791
of which Parent Company’s shareholders’ interest 652 774 732 1,115 305 421 354 733
of which non-controlling interest 4 24 3 39 19 12 18 58
Earnings per share before dilution, SEK ²⁾ 4.90 5.83 5.52 8.42 2.31 3.19 2.68 5.56
Earnings per share after dilution, SEK ³⁾ 4.84 5.76 5.45 8.32 2.28 3.15 2.66 5.52
1) Of which depreciation/amortisation and write-downs -565 -553 -556 -569 -547 -517 -494 -511
2) Average number of shares before dilution 132,998,278 132,797,185 132,579,931 132,417,754 132,257,777 132,067,095 131,887,719 131,743,033
3) Average number of shares after dilution 134,586,542 134,491,190 134,370,647 134,058,461 133,842,175 133,782,303 133,267,371 132,861,467
MSEK Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021
Net income for the period 656 798 735 1,154 324 433 372 791
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 161 701 -167 1,173 165 1,978 1,403 -345
Tax attributable to revaluation of net pension obligations -33 -145 35 -245 -33 -407 -290 71
Equity instruments classified as measured at fair value through 
other comprehensive income - 2 -0 -1 - - - -
Tax attributable to equity instruments classified as measured at fair 
value through other comprehensive income - -0 0 0 - - - -
Total 128 558 -132 927 132 1,571 1,113 -274
Items that may be reversed in the income statement:
Translation differences -47 311 -171 -268 401 414 269 123
Net gain/loss on cash flow hedges 23 -152 -46 273 -141 -84 214 -69
Tax attributable to net gain/loss on cash flow hedges -5 32 9 -57 31 18 -44 15
Total -29 191 -208 -52 291 348 439 69
Other comprehensive income/loss for the period 99 749 -340 875 423 1,919 1,552 -205
Net comprehensive income/loss for the period 755 1,547 395 2,029 747 2,352 1,924 586
of which Parent Company's shareholders' interest 749 1,509 394 2,006 707 2,321 1,902 522
of which non-controlling interest 6 38 1 23 40 31 22 64

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

19  IN TER IM  R EPO RT  Q3  2023  
Key ratios by quarter 
 
 Quarterly information per operating segment 
 
MSEK Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021
Equity/assets ratio, (%) 40.3 40.2 39.6 41.3 39.3 38.7 38.0 35.7
Return on capital employed, % ³⁾ 11.4 10.5 9.6 8.8 8.4 8.1 8.1 8.1
Return on equity, % ³⁾ 11.2 10.4 9.5 8.6 7.6 7.8 8.4 9.0
Equity per share, SEK ¹⁾ ³⁾ 237.38 231.59 225.57 222.55 207.25 201.55 188.85 174.31
Free cash flow, MSEK ³⁾ -2,554 -1,564 3,125 1,439 398 395 -361 1,377
Free cash flow per share after dilution, SEK ²⁾ ³⁾ -18.98 -11.63 23.26 10.73 2.97 2.95 -2.71 10.36
1) Number of shares excluding treasury shares 133,073,163 132,923,392 132,670,977 132,488,884 132,346,624 132,168,930 131,965,259 131,810,178
2) Average number of shares after dilution 134,586,542 134,491,190 134,370,647 134,058,461 133,842,175 133,782,303 133,267,371 132,861,467
3) For more information and explanations regarding the usage of these key ratios, please see saab.com, investor, financial data, key ratios.
MSEK Q3 2023 
Operating 
margin Q2 2023 
Operating 
margin Q1 2023 
Operating 
margin Q4 2022 
Operating 
margin          
Sales
Aeronautics 3,135 3,397 3,070 4,258
Dynamics 2,750 2,720 2,702 3,287
Surveillance 4,149 4,739 3,894 4,793
Kockums 1,084 1,129 1,255 1,134
Combitech 816 1,023 966 1,035
Corporate/elimination -407 -533 -402 -641
Total 11,527 12,475 11,485 13,866
Operating income/loss
Aeronautics 148 4.7% 187 5.5% 163 5.3% 257 6.0%
Dynamics 328 11.9% 325 11.9% 389 14.4% 580 17.6%
Surveillance 324 7.8% 451 9.5% 554 14.2% 520 10.8%
Kockums 127 11.7% 112 9.9% 121 9.6% 139 12.3%
Combitech 43 5.3% 75 7.3% 111 11.5% 95 9.2%
Corporate -111 -85 -410 -277
Total 859 7.5% 1,065 8.5% 928 8.1% 1,314 9.5%- - - -        
MSEK Q3 2022 
Operating 
margin Q2 2022 
Operating 
margin Q1 2022 
Operating 
margin Q4 2021 
Operating 
margin          
Sales
Aeronautics 2,555 3,073 3,056 3,637
Dynamics 1,880 2,208 1,793 2,790
Surveillance 3,152 3,562 3,109 4,008
Kockums 774 889 817 1,128
Combitech 703 866 795 904
Corporate/elimination -313 -427 -352 -524
Total 8,751 10,171 9,218 11,943
Operating income/loss
Aeronautics 60 2.3% 178 5.8% 199 6.5% 267 7.3%
Dynamics 318 16.9% 408 18.5% 256 14.3% 371 13.3%
Surveillance 199 6.3% 223 6.3% 234 7.5% 400 10.0%
Kockums 60 7.8% 55 6.2% 46 5.6% 116 10.3%
Combitech 36 5.1% 55 6.4% 81 10.2% 69 7.6%
Corporate -105 -181 -162 -147
Total 568 6.5% 738 7.3% 654 7.1% 1,076 9.0%2021 has been restated due to a minor structural change as parts of a department within Combitech has been migrated to Surveillance. Proforma statements are found at saab.com/investors/financial-data.

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

20  IN TER IM  R EPO RT  Q3  2023  
Multi-year overview 
 
 
 
 
  
MSEK 2022 2021 2020 2019 2018
Order bookings 63,116 43,569 42,328 27,216 27,975
Order backlog at 31 December 127,676 105,177 99,816 93,293 102,184
Sales 42,006 39,154 35,431 35,433 33,156
Sales in Sweden, % 42 38 36 37 41
Sales in Europe excluding Sweden, % 19 17 18 16 14
Sales in North America, % 11 11 11 11 10
Sales in Latin America, % 9 15 13 12 12
Sales in Rest of the World, % 19 19 22 24 24
Organic sales growth, % 5 11 1 6 4
Operating income (EBIT) 3,274 2,888 1,315 2,937 2,266
Operating margin, % 7.8 7.4 3.7 8.3 6.8
Adjusted operating income 3,274 2,888 2,738 2,937 2,564
Adjusted operating margin, % 7.8 7.4 7.4 8.3 7.7
Depreciation/amortisation and write-downs 2,127 1,938 1,518 1,368 916
EBITDA 5,401 4,826 2,833 4,305 3,182
EBITDA margin, % 12.9 12.3 8.0 12.1 9.6
Income after financial items 2,819 2,577 1,112 2,607 1,796
Net income for the year 2,283 2,025 1,092 2,025 1,366
Total assets 72,365 65,039 60,568 59,858 56,128
Equity 29,876 23,249 21,644 20,809 19,633
Free cash flow ¹⁾ 1,871 2,737 3,753 -2,036 -3,195
Cash conversion, % ⁴⁾ 79 113 101 ³⁾ -44 -95 ³⁾
Return on capital employed, % ¹⁾ 8.8 8.1 4.3 9.1 8.7
Return on equity, % ¹⁾ 8.6 9.0 5.1 10.0 8.1
Equity/assets ratio, % 41.3 35.7 35.7 34.8 35.0
Earnings per share before dilution, SEK ¹⁾²⁾ 16.61 14.57 8.07 14.88 11.27
Earnings per share after dilution, SEK ¹⁾²⁾ 16.41 14.45 8.01 14.81 11.21
Dividend per share, SEK 5.30 4.90 4.70 - 4.50
Equity per share, SEK ¹⁾²⁾ 222.55 174.31 162.32 154.48 145.43
Number of employees at year-end 19,002 18,153 18,073 17,420 17,096
Number of shares excluding treasury shares as of 31 December ²⁾ 132,488,884 131,810,178 132,247,073 132,926,363 133,482,880
Average number of shares before dilution ²⁾ 132,157,586 132,164,599 133,009,986 133,245,360 116,467,822
Average number of shares after dilution ²⁾ 133,724,223 133,293,340 133,877,141 133,929,292 117,144,915
1) For more information and explanations regarding the usage of these key ratios, please see saab.com, investor, financial data, key ratios.
2) The average number of shares outstanding for the comparative period 2018 has been adjusted in accordance with IAS 33, Earnings per share, in accordance with
 the terms of the rights issue completed in 2018.
3) Adjusted for items affecting comparability
4) Cash conversion = operational cash flow / operating income

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

21  IN TER IM  R EPO RT  Q3  2023  
Parent company 
The Parent Company includes units within the business areas Aeronautics, Dynamics, Surveillance as well as one unit within Combitech. Group staff and 
Group support are also included. A major part of the Group’s operations is included in the Parent Company. Separate notes to the Parent Company’s 
financial statements and a separate description of risks and uncertainties for the Parent Company have therefore not been included in this interim report. 
Parent company income statement 
 
Parent company balance sheet 
 
 
Liquidity, financing, capital expenditures and number of employees 
The Parent Company’s net debt amounted to SEK 175 million as of 30 September 2023 compared to a net liquidity of SEK 2,647 million as of 31 December 
2022. Investments in tangible fixed assets amounted to SEK 749 million (540). Investments in intangible assets amounted to SEK 64 million (111). At the 
end of the period, the Parent Company had 10,742 employees compared to 10,055 at the beginning of the year. 
  
MSEK Jan-Sep 2023 Jan-Sep 2022 Full Year 2022
Sales 20,273 16,143 24,075
Cost of goods sold -16,767 -13,444 -20,287
Gross income 3,506 2,699 3,788
Gross margin, % 17.3 16.7 15.7
Operating income and expenses -2,827 -2,418 -3,366
Operating income (EBIT) 679 281 422
Operating margin, % 3.3 1.7 1.8
Financial income and expenses -127 -31 1,743
Income after financial items 552 250 2,165
Appropriations - - -623
Income before taxes 552 250 1,542
Taxes -150 19 -206
Net income for the period 402 269 1,336
MSEK Note 30 Sep 2023 31 Dec 2022 30 Sep 2022
     
ASSETS
Fixed assets:
Intangible fixed assets 1,017 918 914
Tangible fixed assets 5,268 4,802 4,517
Financial fixed assets 8,872 8,297 8,142
Total fixed assets 15,157 14,017 13,573
Current assets:
Inventories 9,821 8,704 8,461
Current receivables 19,751 17,459 17,583
Short term investments 9,255 9,986 8,931
Liquid assets 274 1,603 1,288
Total current assets 39,101 37,752 36,263
TOTAL ASSETS 54,258 51,769 49,836
SHAREHOLDERS’ EQUITY AND LIABILITIES
Equity:
Restricted equity 3,360 3,360 3,366
Unrestricted equity 11,985 12,132 11,008
Total shareholders’ equity 15,345 15,492 14,374
Untaxed reserves, provisions and liabilities:
Untaxed reserves 3,309 3,309 2,686
Provisions 2,607 2,704 2,645
Liabilities 8 32,997 30,264 30,131
Total untaxed reserves, provisions and liabilities 38,913 36,277 35,462
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 54,258 51,769 49,836

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

22  IN TER IM  R EPO RT  Q3  2023  
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 2022. 
Note 2 Accounting principles 
The c onsolidated accounts for the first nine months 2023  have been 
prepared in accordance with IAS 34 Interim Reporting and the Annual 
Accounts Act. The Parent Company’s accounts have been prepared in 
accordance with the Annual Accounts Act and the Swedish Fina ncial 
Reporting Board’s recommendation RFR 2, Accounting for Legal Entities. 
The Group’s and the Parent Company’s accounting principles are 
described on pages 106 -108, and concerning significant income 
statement and balance sheet items, in each note disclosure in the annual 
report 2022. 
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 2022. All the information on pages 1-29 constitutes 
the interim report for the first nine months 2023. 
The Group and the Parent Company use the accounting principles and 
calculation methods as described in the annual report 202 2. Important 
estimates and assumptions are disclosed in note 2 in the annual repor t 
2022. 
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 Af rica, and in other 
selected countries. Saab’s operating and management structure is 
divided into four business areas, which are also operating segments: 
Aeronautics, Dynamics, Surveillance and Kockums. In addition, 
Combitech, which provides consulting services, is an independent, wholly 
owned subsidiary of Saab.  Corporate comprises Group staff and 
departments, a minority portfolio containing Saab’s ownership interests in 
companies in various stages of development as well as other operations 
outside the core operations. The Group’s operating segments recognise 
all lease contracts as expenses on a straight -line basis over the lease 
term. 
Aeronautics 
Aeronautics is a world-leading manufacturer of innovative aerial systems 
and is engaged in development of military aviation technology. It also 
conducts long-term future studies of manned and unmanned aircraft as 
preparation for new systems and further development of existing 
products. 
Dynamics 
Dynamics offers a market -leading product portfolio comprising ground 
combat weapons, missile systems, torpedoes, unmanned underwater 
vehicles, 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 and  autonomous vessels. Kockums’  unique competence is in 
signature management, impact strength and advanced stealth 
technology.  
Combitech 
Combitech is an independent subsidiary of Saab and from 1 July 2021 
reported as an operating segment outside the busines s 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, tel ecom and other industries as well as the public 
sector. Combitech offers services in systems development, systems 
integration, information security, systems security, communications, 
mechanics, technical product information and logistics. 
Order bookings per operating segment 
 
Order bookings per region 
 
Order backlog per operating segment 
 
Order backlog per region 
 
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year
MSEK 2023 2022 2023 2022 12 Months 2022
       
Aeronautics 8,878 6,098 46 5,276 1,960 15,899 13,119
Dynamics 19,563 9,285 111 3,245 2,989 28,089 17,811
Surveillance 14,845 14,025 6 5,723 1,855 23,786 22,966
Kockums 1,570 2,599 -40 640 706 6,238 7,267
Combitech 3,169 2,386 33 734 703 4,252 3,469
Corporate/elimination -1,715 -1,143 -641 -441 -2,088 -1,516
Total 46,310 33,250 39 14,977 7,772 76,176 63,116
Change, 
% 
Jan-Sep Jan-Sep Q3 Q3 Full Year 
MSEK 2023 2022 2023 2022 2022 
Sweden 16,784 19,113 -12 6,448 2,678 31,832
Rest of Europe 8,656 4,291 102 3,143 1,286 18,605
North America 5,646 5,001 13 2,189 2,887 6,110
Latin America 57 1,077 -95 35 135 2,032
Asia 2,992 1,855 61 1,638 172 2,197
Africa 63 348 -82 4 306 361
Australia, etc. 2,593 1,565 66 512 308 1,979
Undisclosed country 9,519 - - 1,008 - -
Total 46,310 33,250 39 14,977 7,772 63,116
Change, 
% 
MSEK 30 Sep 2023 31 Dec 2022 30 Sep 2022 
    
Aeronautics 41,926 42,645 39,868
Dynamics 42,362 30,821 25,688
Surveillance 43,092 41,301 37,456
Kockums 10,829 12,772 9,219
Combitech 1,591 1,227 1,183
Corporate/elimination -1,299 -1,090 -1,389
Total 138,501 127,676 112,025
MSEK 30 Sep 2023 31 Dec 2022 30 Sep 2022 
    
Sweden 50,062 48,485 41,957
Rest of Europe 37,455 36,799 25,285
North America 10,098 8,201 8,902
Latin America 17,577 20,012 20,208
Asia 8,451 8,409 9,683
Africa 557 615 630
Australia etc. 5,131 5,155 5,360
Undisclosed country 9,170 - -
Total 138,501 127,676 112,025

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

23  IN TER IM  R EPO RT  Q3  2023  
Sales per operating segment 
 
Sales per region 
 
Information on large customers 
During the first nine months 2023, 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 13,409 million (9,540).   
Seasonal variation 
A major part of Saab’s bu siness is related to large projects where the 
revenue is recognised by using the percentage of completion method. 
The costs incurred in these projects are normally lower during the third 
quarter compared to other quarters. The fourth quarter is also usuall y 
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-Sep Jan-Sep Change, Q3 Q3 Change, Rolling Full Year
MSEK 2023 2022 % 2023 2022 % 12 Months 2022 
Aeronautics 9,602 8,684 11 3,135 2,555 23 13,860 12,942
Dynamics 8,172 5,881 39 2,750 1,880 46 11,459 9,168
Surveillance 12,782 9,823 30 4,149 3,152 32 17,575 14,616
Kockums 3,468 2,480 40 1,084 774 40 4,602 3,614
Combitech 2,805 2,364 19 816 703 16 3,840 3,399
Corporate/elimination -1,342 -1,092 -407 -313 -1,983 -1,733
Total 35,487 28,140 26 11,527 8,751 32 49,353 42,006
Jan-Sep Jan-Sep Full Year
MSEK 2023 2022 2022
Sweden 15,331 43 11,335 40 17,555 42
Rest of Europe 7,858 22 4,972 18 7,838 19
North America 3,907 11 2,950 10 4,466 11
Latin America 2,488 7 2,749 10 3,901 9
Asia 2,967 8 4,341 15 5,910 14
Africa 78 0 59 0 88 0
Australia, etc. 2,509 7 1,734 6 2,248 5
Undisclosed country 349 1 - - - -
Total 35,487 100 28,140 100 42,006 100
% of 
sales
% of 
sales
% of 
sales
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year
MSEK 2023 2022 2023 2022 12 Months 2022
Aeronautics 498 5.2 437 5.0 148 60 755 694
Dynamics 1,042 12.8 982 16.7 328 318 1,622 1,562
Surveillance 1,329 10.4 656 6.7 324 199 1,849 1,176
Kockums 360 10.4 161 6.5 127 60 499 300
Combitech 229 8.2 172 7.3 43 36 324 267
Group segments' 
operating income 3,458 9.8 2,408 8.6 970 673 5,049 3,999
Corporate -606 -448 -111 -105 -883 -725 
Total 2,852 8.0 1,960 7.0 859 568 4,166 3,274
% of 
sales
% of 
sales
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year
MSEK 2023 2022 2023 2022 12 Months 2022
Aeronautics 155 126 23 54 44 193 164
Dynamics 76 70 9 26 32 102 96
Surveillance 650 605 7 220 206 852 807
Kockums 22 22 - 8 7 29 29
Combitech 7 6 17 2 2 9 8
Corporate 764 729 5 255 256 1,058 1,023
Total 1,674 1,558 7 565 547 2,243 2,127
Change, 
%
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year 
MSEK 2023 2022 2023 2022 12 Months 2022 
 
Aeronautics -610 -350 -569 -230 -153 107
Dynamics 1,216 661 -999 256 1,806 1,251
Surveillance -760 1,095 -819 310 -541 1,314
Kockums 490 -307 556 61 509 -288
Combitech 55 -93 -36 -113 325 177
Corporate -925 -95 -191 275 -798 32
Total -534 911 -2,058 559 1,148 2,593
MSEK 30 Sep 2023 31 Dec 2022 30 Sep 2022
Aeronautics 10,516 9,547 9,768
Dynamics 5,446 5,616 5,535
Surveillance 12,133 11,970 11,951
Kockums 1,701 1,515 1,349
Combitech 1,206 979 1,009
Corporate/elimination 10,901 11,324 10,003
Total 41,903 40,951 39,615
Number at end of the period 30 Sep 2023 31 Dec 2022 30 Sep 2022
Aeronautics 5,467 5,131 5,112
Dynamics 3,833 3,420 3,316
Surveillance 6,158 5,583 5,476
Kockums 1,635 1,462 1,406
Combitech 2,209 2,064 2,054
Corporate 1,611 1,461 1,398
Total 20,913 19,121 18,762

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

24  IN TER IM  R EPO RT  Q3  2023  
Note 4 Distribution of sales  
 
Note 5 Items affecting comparability 
 
 
 
Note 6 Dividend to Parent Company’s shareholders 
The Annual General Meeting 2023 held on April 5, decided on a dividend 
to the Parent Company’s shareholders of SEK 5.30 per share, 
corresponding to a total dividend of SEK 703 million. Record date for the 
dividend was April 11 2023 and the dividend was paid out on April 14 2023. 
Note 7 Intangible fixed assets 
 
 
MSEK 
Jan-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2023 
Jan-Sep 
2022 
Jan-Sep 
2023 
Jan-Sep 
2022 
External sales 9,540 8,637 8,024 5,744 12,415 9,498 3,417 2,457 1,927 1,661 164 143 35,487 28,140
Internal sales 62 47 148 137 367 325 51 23 878 703 -1,506 -1,235 - -
Total sales 9,602 8,684 8,172 5,881 12,782 9,823 3,468 2,480 2,805 2,364 -1,342 -1,092 35,487 28,140- - - - - - - - - - - - - -
Sales by customer:
Military customers 8,832 8,128 7,578 5,428 11,031 8,002 3,417 2,457 880 684 91 41 31,829 24,740
Civilian customers 708 509 446 316 1,384 1,496 - - 1,047 977 73 102 3,658 3,400
Total external sales 9,540 8,637 8,024 5,744 12,415 9,498 3,417 2,457 1,927 1,661 164 143 35,487 28,140- - - - - - - - - - - - - -
Sales by significant source:
Long-term customer contracts 8,236 6,961 2,914 1,335 9,393 6,993 2,118 1,948 - 23 92 42 22,753 17,302
Services 1,049 1,564 1,048 875 2,053 1,819 787 479 1,826 1,572 57 89 6,820 6,398
Products 255 112 4,062 3,534 969 686 512 30 101 66 15 12 5,914 4,440
Total external sales 9,540 8,637 8,024 5,744 12,415 9,498 3,417 2,457 1,927 1,661 164 143 35,487 28,140- - - - - - - - - - - - - -
Sales by domain:
Air 8,617 7,981 160 168 5,203 3,696 - - 29 29 39 18 14,048 11,892
Land 88 75 6,465 4,532 1,929 1,751 - - 883 698 15 1 9,380 7,057
Naval 7 3 1,364 1,026 3,830 2,483 3,417 2,457 4 5 61 87 8,683 6,061
Civil Security 41 35 19 13 1,444 1,558 - - 268 222 39 22 1,811 1,850
Commercial Aeronautics 787 541 - - 1 1 - - 4 4 6 14 798 560
Other/not distributed - 2 16 5 8 9 - - 739 703 4 1 767 720
Total external sales 9,540 8,637 8,024 5,744 12,415 9,498 3,417 2,457 1,927 1,661 164 143 35,487 28,140- - - - - - - - - - - - - -
Sales recognition method:
Over time 8,396 7,890 3,924 2,030 9,261 7,936 3,390 2,373 1,926 1,629 112 55 27,009 21,913
Point in time 1,144 747 4,100 3,714 3,154 1,562 27 84 1 32 52 88 8,478 6,227
Total external sales 9,540 8,637 8,024 5,744 12,415 9,498 3,417 2,457 1,927 1,661 164 143 35,487 28,140
Corporate/         
elimination Group Aeronautics Dynamics Surveillance Kockums Combitech
Item affecting comparability Business Area Line item Jan-Sep 2023 Jan-Sep 2022 Q3 2023 Q3 2022 Full Year 
2022
Write-down of associated companies Corporate Share of income in associated companies 
and joint ventures -284 - - - -
Capital gain from the divestment of MTM 
operations
Surveillance Other operating income 270 - - - -
Capital gain from divestment of property Corporate Other operating income 58 - - - -
Total 44 - - - -
MSEK
30 Sep 
2023
31 Dec 
2022
30 Sep 
2022
Goodwill 5,556 5,384 5,533
Capitalised development costs 5,984 5,958 5,974
Other intangible assets 1,218 906 895
Total 12,758 12,248 12,402

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

25  IN TER IM  R EPO RT  Q3  2023  
Note 8 Net liquidity/debt 
 
Committed credit lines 
 
Parent Company 
 
Since 2009, Saab has a Medium Term Note programme (MTN) to enable 
issuance of bonds in the capital market. During 2018 the MTN programme 
was increased to SEK 10,000 million. A major part of the bonds are issued 
as Floating Rate Notes (FRN). During the quarter , bonds matured to an 
amount of SEK 88 million and no new bonds were is sued. Bonds 
outstanding within the MTN programme amounted to SEK 6,705 million by 
the end of the quarter. 
No revolving credit facilities have been utilised during the period. 
 
Note 9 Capital employed 
 
 
 
 
 
 
Note 10 Financial instruments 
Classification and categorisation of financial assets and liabilities²⁾ 
 
The Group has used the same valuation methods as in the year -end 
closing of 2022, as described in the annual report 2022 on page 149, note 
35. As of September 30 2023, the Group had the following financial assets 
and liabilities at fair value: 
Financial assets at fair value 
 
Financial liabilities at fair value 
 
 
  
MSEK 
30 Sep 
2023 
31 Dec 
2022 
30 Sep 
2022 
    
Assets:
Liquid assets 1,238 2,869 2,545
Short-term investments 9,288 9,988 8,931
Total liquid investments 10,526 12,857 11,476
Short-term interest-bearing receivables 74 67 73
Long-term interest-bearing receivables 640 564 607
Long-term receivables attributable to pensions 19 19 39
Total interest-bearing assets 11,259 13,507 12,195
Liabilities:
Lease liabilities 2,626 2,794 2,552
Bonds and other debt instruments 6,744 7,101 7,098
Liabilities to associated companies 
and joint ventures 53 48 55
Other interest-bearing liabilities 48 45 46
Provisions for pensions ¹⁾ 418 1,087 2,040
Total interest-bearing liabilities and provisions for 
pensions 9,889 11,075 11,791
Net liquidity (+) / net debt (-) 1,370 2,432 404
1) Excluding provisions for special employers' contribution attributable to pensions.
MSEK Facilities Drawings Available 
    
Revolving credit facility 
(Maturity 2026 SEK 4 billion, 2024, SEK 2 
billion) 6,000 - 6,000
Overdraft facility (Maturity 2024) 94 - 94
Total 6,094 - 6,094
MSEK
30 Sep 
2023 
31 Dec 
2022 
30 Sep 
2022 
    
Long-term bonds and other debt instruments 6,704 6,704 6,704
Short-term bonds and other debt instruments - 397 394
Total 6,704 7,101 7,098
MSEK
30 Sep 
2023
31 Dec 
2022
30 Sep 
2022
Total assets 79,503 72,365 70,779
Less non-interest bearing liabilities 37,600 31,414 31,163
Capital employed 41,903 40,951 39,616
Carrying amount 
30 Sep 
2023 
31 Dec 
2022 
30 Sep 
2022 
Financial assets:
Valued at amortised cost ⁴⁾: 
Accounts receivable, contract assets and other 
receivables 21,323 17,295 17,091
Liquid assets 1,238 2,869 2,545
Long-term receivables 762 676 714
Valued at fair value through profit and loss ³⁾: 
Short-term investments 9,288 9,988 8,931
Derivatives for trading 64 75 83
Financial investments 229 66 65
Valued at fair value through other comprehensive 
income ³⁾: 
Derivatives identified as hedges 1,652 1,760 2,417
Equity investments elected to be classified as fair value 
through other comprehensive income 920 52 53
Total financial assets 35,476 32,781 31,899
Financial liabilities:
Valued at amortised cost:
Interest-bearing liabilities ¹⁾ 9,471 9,988 9,751
Other liabilities ⁴⁾ 12,169 10,740 9,522
Valued at fair value through profit and loss ³⁾:
Contingent consideration payable 129 - -
Derivatives for trading 90 21 80Valued at fair value through other comprehensive 
income ³⁾: 
Derivatives identified as hedges 2,169 1,643 2,440
Total financial liabilities 24,028 22,392 21,793
¹⁾  Fair value 9,377 9,840 9,582
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 
1,128 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 
30 Sep 
2023 Level 1 Level 2 Level 3
     
Bonds and interest-bearing securities 9,288 9,288 - -
Forward exchange contracts 1,269 - 1,269 -
Currency options 9 - 9 -
Interest rate swaps 438 - 438 -
Shares and participations 1,149 - - 1,149
Total 12,153 9,288 1,716 1,149
MSEK 
30 Sep 
2023 Level 1 Level 2 Level 3
     
Forward exchange contracts 2,194 - 2,194 -
Currency options 13 - 13 -
Interest rate swaps 18 - 18 -
Electricity derivatives 34 34 - -
Contingent consideration payable 129 - - 129
Total 2,388 34 2,225 129

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

26  IN TER IM  R EPO RT  Q3  2023  
Movements in the group’s Level 3 financial instruments were as follows: 
 
Note 11 Supplemental information on statement of cash flows 
Free cash flow 
 
 
Free cash flow vs. statement of cash flows 
 
Liquid assets 
 
Note 12 Business combinations 
On 31 August 2023, Saab announced the acquisition of 100 per cent of 
the shares in BlueBear Systems Group Ltd  (BlueBear) for approximately 
SEK 383 million. BlueBear is a provider of AI-enabled autonomous swarm 
systems for complex defence and security applications. At the time of 
acquisition, BlueBear ha d 65 employees based in Bedford, United 
Kingdom. In 2022, the company had a turnover of GBP 8 million. 
The total consideration of approximately SEK 383 million includes an 
estimated contingent considerat ion at fair value of SEK 133 million. The 
contingent consideration is based on fulfilment of targets regarding 
financial performance and strategic objectives defined by Saab up until 
September 2025 and September 2027. 
The combination of Saab’s products, se rvices and solutions, and 
BlueBear’s experience as an agile integrator of AI -enabled autonomous 
swarm systems will be a driver of Saab’s future capabilities. BlueBear will 
contribute to Saab’s existing activities worldwide and Saab will benefit 
from BlueBear’s expertise in autonomy and swarming, as well as command 
and control systems.  Details of the purchase price analysis, net assets 
acquired and goodwill are as follows: 
 
MSEK Unlisted shares and participations Contingent consideration payable 
Opening balance, 1 January 118 -
Acquisitions 1,026 133
Unrealised gains/losses recognised in the income statement 3 -
Unrealised gains/losses recognised in other comprehensive income 2 -
Foreign currency translation - -4
Closing balance, 30 September 1,149 129
MSEK
Jan-Sep
2023 
Jan-Sep
2022 Q3 2023 Q3 2022 
Full year
2022 
    
Cash flow from operating activities before changes in working capital, excluding taxes and other financial items ¹⁾ 4,507 3,597 1,434 1,039 5,718
Cash flow from changes in working capital:
Contract assets and liabilities 492 -670 -881 892 -153
Inventories -2,602 -2,385 -738 -760 -2,550
Other current receivables -949 1,113 -626 209 -241
Other current liabilities 629 939 -208 -311 2,552
Provisions -312 -389 -191 -72 -540
Change in working capital -2,742 -1,392 -2,644 -42 -932
Cash flow from operating activities excluding taxes and other financial items 1,765 2,205 -1,210 997 4,786
Investing activities:
Investments in intangible fixed assets -604 -475 -181 -140 -686
Investments in tangible fixed assets -1,716 -926 -667 -306 -1,624
Sales and disposals of tangible fixed assets including biological assets 21 107 - 8 117
Cash flow from investing activities ²⁾ -2,299 -1,294 -848 -438 -2,193
Operational cash flow -534 911 -2,058 559 2,593
Taxes and other financial items -567 -431 -254 -78 -656
Sale of and investments in financial assets, associated companies and joint ventures -33 -90 -1 -83 -108
Investments in operations -241 - -241 - -
Sale of subsidiaries and other operations 382 42 - - 42
Free cash flow -993 432 -2,554 398 1,871
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-Sep Jan-Sep Q3 Q3 Full Year
MSEK 2023 2022 2023 2022 2022
    
Free cash flow -993 432 -2,554 398 1,871
Investing activities – interest-bearing:
Short-term investments 773 974 2,053 765 -49
Other financial investments and receivables -401 -135 -195 -40 -130
Financing activities:
Repayments of loans -478 -1,379 -209 -1,372 -1,386
Raising of loans 130 1,394 130 - 1,394
Dividend paid to the Parent Company’s shareholders -703 -647 - - -647
Dividend paid to non-controlling interest - -27 - -2 -62
Transactions with non-controlling interest 10 47 - 52 47
Cash flow for the period -1,662 659 -775 -199 1,038
MSEK 
30 Sep 
2023 
31 Dec 
2022 
30 Sep 
2022 
    
The following components are included 
in liquid assets: 
Cash and bank balances 1,238 1,619 1,945
Bank deposits - 1,250 600
Total according to balance sheet 1,238 2,869 2,545
Total according to statement of cash flows 1,238 2,869 2,545
Preliminary purchase price analysis for BlueBear MSEK 
  
Purchase price
Purchase price paid August 30, 2023 250
Contingent consideration 133
Total consideration 383
Effect on liquid assets 
Purchase price paid August 30, 2023 250
Less: Liquid assets in the acquired company -27
Effect on liquid assets (positive (-) / negative (+)) 223

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

27  IN TER IM  R EPO RT  Q3  2023  
 
The goodwill of SEK 116 million comprises the value of expected 
synergies thro ugh the consolidation of the operations of Saab and 
BlueBear arising from the acquisition. None of the acquired goodwill is 
expected to be deductible for income tax purposes. The fair value of 
intangible fixed assets amounted to SEK 279 million and is rela ted to 
previously non-capitalised development costs and customer relations. 
From the date of the acquisition, BlueBear has contributed to the 
consolidated accounts of the group with SEK 17 million to sales and SEK 
3 million to income before taxes. If the a cquisition had taken place at the 
beginning of the year, sales would have increased by SEK 74 million and 
income before taxes would have increased by approximately SEK 6 
million. Transaction costs of SEK 14 million have been expensed and are 
included in administrative expenses (included in cash flows from operating 
activities). 
On 7 September, Saab announced the strategic acquisition of CrowdAI in 
the U.S. for a minor consideration. 
During the second quarter 2023, Saab divested property in accordance 
with the resolution from the Annual General Meeting for the Share 
Purchase Agreement and  a Lease Agreement with Vectura . The 
divestment resulted in a capital gain of SEK 58 million, classified as an item 
affecting comparability, and had a positive effect on free cash flow of SEK 
75 million. See also note 5 and note 15. 
On 31 March 2023, Saab completed the divestment of the Maritime Traffic 
Management (MTM) operation within business area Su rveillance to funds 
advised by Agilitas Private Equity LLP. The purchase price amounted to 
EUR 46 million and the transaction generated a capital gain of SEK 270 
million with a positive effect on free cash flow of SEK 307 million. The 
capital gain has been  classified as an item affecting comparability, see 
note 5. In 2022, the divested MTM operations had sales of SEK 356 million 
and an operating income of SEK 42 million. The operations were 
presented separately in the statement of financial position as assets held 
for sale and liabilities related to assets held for sale  as of December 31 
2022. 
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 recognised  in other comprehensive 
income. The actuarial gain related to the Swedish pension plans amounted 
to SEK 695 million net in the first nine months 2023 primarily due to the 
following: 
Negative experience adjustment resulted in an actuarial loss of  
SEK 408 million. 
The return on assets under management was higher than expected which 
led to an actuarial gain of SEK 249 million. 
Assumptions about inflation and demographics were unchanged from the 
beginning of the year and did not result in any actuarial results. The inflation 
assumption was 1.75 per cent. The assumed discount rate increased from 
3.75 per cent to 4.25 per cent resulting in an actuarial gain of SEK 718 
million. 
The actuarial gain related to the special employer’s contribution amounted 
to SEK 136 million. 
Note 14 Contingent liabilities 
No additional significant commitments have arisen during the first  nine 
months 2023. 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 
The Annual General Meeting held April 5 2023 approved a Share Purchase 
Agreement and  a Lease Agreement with Vectura, an indirect wholly -
owned subsidiary of Investor AB  regarding premises to be used by 
business area Kockums and the subsidiary Combitech AB in southern 
Sweden. The sale of property was completed in the second quarter 2023, 
see notes 12 and 5. No other significant transactions have occurred 
during the first nine months 2023. Related parties with which the Group 
has transactions are described in note 37 in the Annual Report 2022. 
Note 16 Definitions 
Below are definitions of financial key ratios that are used in the report. For 
more information and explanati ons regarding the usage of these key 
ratios, please see saab.com, investor, financial data, key ratios.  
Capital employed  
Total assets less non-interest-bearing liabilities.  
Cash conversion 
Operational cash flow divided by operating income (EBIT). 
Earnings per share  
Net income for the period attributable to the Parent Company’s 
shareholders, divided by the average number of shares before and after 
full dilution.  
EBITDA  
Operating income before depreciation/amortisation and write-downs.  
EBITDA adjusted for items affecting comparability  
Operating income before depreciation/amortisation and write -downs 
adjusted for items classified as affecting comparability. 
EBITDA margin  
Operating income before depreciation/amortisation and write-downs as a 
percentage of sales.  
EBITDA margin adjusted for items affecting comparability  
Operating income before depreciation/amortisation and write -downs 
adjusted for items affecting comparability as a percentage of adjusted 
sales. 
Effective tax rate  
Current and deferred taxes as a percentage of income before tax.  
Equity/assets ratio  
Equity in relation to total assets.  
Equity per share  
Equity attributable to the Parent Company’s shareholders divided by the 
number of shares, excluding treasury shares, at the end of the period.  
Free cash flow  
Cash flow from operating activities including amortisation of lease 
liabilities 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. 
Fair value of identifiable assets and liabilities at the date of the 
acquisition was: MSEK 
Intangible fixed assets 279
Tangible fixed assets 1
Current assets 53
Liquid assets 27
Total assets 360
Total liabilities 93
Total identifiable net assets at fair value 267
Goodwill 116
Purchase consideration 383
MSEK
30 Sep 
2023 
31 Dec 
2022 
30 Sep 
2022 
Defined-benefit obligation 9,547 9,742 10,781
Special employers' contribution 56 217 435
Less assets under management 9,148 8,674 8,780
Total provisions for pensions 455 1,285 2,436
 of which reported as long-term receivable 19 19 39

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

28  IN TER IM  R EPO RT  Q3  2023  
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 t hat are relevant to understand the 
result when comparing periods. Such events or transactions can relate to 
restructuring programs, costs related to disputes and legal proceedings,  
macroeconomic developments, impairment charges and gains and 
losses from divestments of group companies, joint ventures or associated 
companies. 
Net investments  
Investments, sales and disposals of intangible and tangible fixed assets. 
Net liquidity/net debt 
Liquid assets, short -term investments and interest-bearing receivables 
less interest-bearing liabilities and provisions for pensions excluding 
provisions for pensions attributable to special employers’ contribution. 
Net liquidity/net debt to EBITDA  
End of period Net liquidity/net debt divided by 12-month rolling reported 
EBITDA. 
Number of employees 
Headcount of all employed by the company, excluding fixed term 
employees and consultants. 
Operating income  
Income before financial items and tax. 
Operating income adjusted for items affecting comparability  
Operating income (EBIT) adjusted for items classified as affecting 
comparability.  
Operating margin adjusted for items affecting comparability  
Operating income adjusted for items affecting comparability as a 
percentage of adjusted sales. 
Operating margin  
Operating income (EBIT) as a percentage of sales.  
Operational cash flow  
Cash flow from operating activities, excluding taxes and other financial 
items, amortisation of lease liabilities and investments, sales and disposals 
of intangible and tangible fixed assets.  
Order backlog  
Total value of orders at the end of the period.  
Order bookings  
Total value of orders received during the period.  
Organic sales growth  
Change in sales in percenta ge adjusted for effects from exchange rate 
due to the translation of foreign subsidiaries, and structural changes such 
as acquisitions and divestments of subsidiaries.  
Research and development, R&D 
Research and development costs are recognised separately in the 
income statement and comprise the cost of self -financed new and 
continued product development as well as amortisation and any write -
down of capitalised development costs.  
Research and development expenditures comprise both expenses 
incurred as costs excluding amortization and write-downs, and expenses 
capitalised as development costs in the statement of financial position. 
Return on capital employed  
Operating income plus financial income (rolling 12 months) as a 
percentage of average capital employed.  
Return on equity  
Net income for the period (rolling 12 months) as a percentage of average 
equity. 
Sales adjusted for items affecting comparability 
Sales adjusted for items classified as affecting comparability.

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

29  IN TER IM  R EPO RT  Q3  2023  
Glossary 
AEW&CS Airborne Early Warning & Control System 
C4I Command, Control, Communications, Computers, and Intelligence 
CDP Global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts 
FMV Swedish Defence Materiel Administration, Sw, “Försvarets materielverk” 
FRN Floating Rate Note 
IAS International Accounting Standards 
IFRS International Financial Reporting Standards 
MTN Medium Term Note, loan facility for issuance of bonds with a duration of 1-15 years 
MTM Maritime Traffic Management 
NLAW Next Generation Light Anti-Tank Weapon 
SBTi Science Based Targets initiative 
 
 
 
Stockholm 26 October 2023 
Saab AB (publ) 
 
Micael Johansson 
President and CEO  
 
Review report 
 
Saab AB (publ.), corporate identity number 556036-0793. 
 
Introduction 
We have reviewed the condensed interim financial information (interim report) of Saab AB as of 30 September 2023 and the nine-month period then ended. The 
board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish 
Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. 
Scope of Review 
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the 
Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying 
analytical and other review procedures.  
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing 
standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might 
be identified in an audit. Accordingly, we do not express an audit opinion. 
Conclusion 
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with 
IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company. 
 
Stockholm 26 October 2023 
PricewaterhouseCoopers AB 
 
Peter Nyllinge 
Authorised Public Accountant, Auditor in charge 
 
 
 
Fredrik Göransson 
Authorised Public Accountant

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

Important information 
This interim report may contain forward -looking 
statements which reflect Saab AB’s current view on future 
events and financial and operational development. Words 
such as “intend”, “expect”, “anticipate”, “may”, “believe”, 
“plan”, “estimate” and other expressions which imply 
indications or predictions of future development or trends, 
and which are not based on historical facts, are intended to 
identify forward -looking statements. Forward -looking 
statements inherently involve both known and unknown 
risks and uncertainties as they de pend on future events 
and circum stances. Forward -looking statements do not 
guarantee future results or development and the actual 
outcome could differ materially from the forward -looking 
statements. 
This information is such that Saab AB is obliged to make 
public pursuant to the EU Market Abuse Regulation. The 
information was submitted for publication, through the 
agency of the contact person set out above, on 26 
October 2023 at 07.30 (CET). 
Contact 
 
Media: 
Mattias Rådström, Head of Media Relations 
+46 734 18 00 18 
Financial market: 
Merton Kaplan, Head of Investor Relations 
+46 734 18 20 71 
Johanna Hallstedt, Investor Relations Manager 
+46 734 18 79 10 
Media and financial analyst conference: 
26 October 2023 at 10.00 (CET) 
Live webcast: 
https://www.saab.com/investors/webcast/q3-2023 
Conference call: 
Please dial in using one of the numbers below: 
Sweden: +46 8 5051 0031 
UK: +44 207 107 06 13 
US: +1 631 570 56 13 
The interim report, presentation material and the 
webcast will be available on www.saab.com/investors 
Calendar 
 
Year-end report 2023  
Published 9 February 2024 
Q1 Interim report 2024  
Published 26 April 2024 
 
Q3