Kvartalsrapport Q3 2024

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

Strong sales  
growth and  
cash flow  
 
 
 
  
 
Q3 
INTERIM REPORT 2024 
Saab’s next generation 
weapon locating radar 
system Arthur

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

2 IN TER IM  R EPO RT  Q3  2024  
July-September 2024 
Key Highlights 
▪ Order bookings increased 41% and amounted to SEK 
21,173m (14,977), driven by strong growth in Dynamics. 
▪ Organic growth was 17% and sales amounted to SEK 
13,546m (11,527), with growth from all business areas. 
▪ Operating income increased 38% and amounted to SEK 
1,187m (859), corresponding to an EBIT margin of 8.8% (7.5).  
▪ Net income increased to SEK 972m (656) and earnings per 
share amounted to SEK 1.79 (1.21). 
▪ Operational cash flow improved in the quarter and amounted 
to SEK 3,188m (-2,058), driven by large customer payments.  
▪ Net debt position was SEK 0.5bn (-1.4) at the end of the 
period. 
▪ The full year 2024 outlook on organic sales growth, EBIT 
growth and positive operational cash flow is reiterated. 
 
 
 
MSEK Jan-Sep 2024 Jan-Sep 2023 Change, % Q3 2024 Q3 2023 Change, % Full Year 2023 
Order bookings 79,242 46,310 71 21,173 14,977 41 77,811
Order backlog 190,056 138,501 37 153,409
Sales 42,901 35,487 21 13,546 11,527 18 51,609
Gross income 9,377 7,743 21 2,912 2,481 17 11,260
Gross margin, % 21.9 21.8 21.5 21.5 21.8
EBITDA 5,668 4,526 25 1,888 1,424 33 6,558
EBITDA margin, % 13.2 12.8 13.9 12.4 12.7
Operating income (EBIT) 3,709 2,852 30 1,187 859 38 4,272
Operating margin, % 8.6 8.0 8.8 7.5 8.3
Net income 2,768 2,189 26 972 656 48 3,443
of which Parent Company’s shareholders’ interest 2,736 2,158 27 966 652 48 3,381
Earnings per share after dilution, SEK  ²⁾ 5.08 4.02 27 1.79 1.21 48 6.29
Return on equity, % ¹⁾ 11.8 11.2 11.1
Operational cash flow -1,061 -534 3,188 -2,058 3,157
Free cash flow -2,274 -993 2,622 -2,554 1,566
Free cash flow per share after dilution, SEK  ²⁾ -4.22 -1.85 4.86 -4.75 2.91
Average number of shares after dilution  ²⁾ 538,636,607 537,472,268 539,056,834 538,346,168 537,511,328
¹⁾  Return on equity is measured over a rolling 12-month 
period.
²⁾ Comparison periods adjusted for share split 4:1.
21 
Order bookings, SEK bn 
17 
Organic sales growth, % 
8.8 
Operating margin, % 
Financial highlights

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

3 IN TER IM  R EPO RT  Q3  2024  
The geopolitical situation in the world is unstable 
and the escalation of the military conflict in the 
Middle East has deteriorated the security 
situation even further. In Europe, the increasing 
need to replenish defence materiel is substantial 
and will require long-term efforts. Meanwhile, the 
military aid to Ukraine to protect the country’s  
independence and  freedom remains crucial. 
Rebuilding Ukraine’s defence and strengthening 
Europe’s own capabilities will take many years. 
We are working hard to meet our customers’ 
increased demand and are investing in capacity, 
building new production plants and adding 
competences. We are doing this at the same 
time as delivering strong growth and improving 
our profitability. Our ongoing investments in R&D 
will future-proof Saab as a technology leader and 
ensure that we remain competitive and prepared 
to meet the higher long-term industry demand.  
During the quarter, we took the decision to invest 
in a new production facility in Michigan, U.S., that 
will focus on  munitions and precision weapon 
systems. The new plant will boost U.S. domestic 
manufacturing and strengthen our capacity to 
meet the industry’s  growth. In Sweden, we are 
increasing capacity in the Ground Combat 
business, including a fully automated production 
line for the AT4 and NLAW. These are examples 
of investments which will increase our efficiency 
going forward. 
The demand for our broad portfolio remains high 
and in the third quarter Saab continued to deliver 
strong order growth  of 41%, with significant 
order intake in Dynamics. Total order bookings 
amounted to SEK 21.2 billion (15.0) and included 
a large defence equipment and systems 
contract from a Western customer  of SEK 6.6 
billion. Moreover, Saab received a first 
MSHORAD (mobile short -range air defence) 
order from Lithuania of SEK 1.3 billion, and after 
the reporting period, Lithuania ordered an 
additional MSHORAD solution for SEK 1.2 billion, 
which will be booked in Q4. In the period, we also 
received an order of SEK 700 million for the 
Giraffe 1X radar with associated command and 
control system from Sweden. 
Moreover, Saab was awarded a five -year 
framework contract  by the U.S. Army, with a 
potential value of SEK 5 billion, for their IAM  
(Individual Assault Munition ) programme, where 
Saab offered a new version of the AT4 system . 
The strength of our portfolio is reflected in the 
order growth of both large and small -sized 
orders in the quarter . Our backlog is now SEK 
190 billion and will support future growth for the 
company. 
Organic sales growth was 17.4% in the quarter 
and sales amounted to SEK 13.5 billion (1 1.5). 
Sales performance was particularly strong in 
Dynamics, Surveillance and Kockums. Deliveries 
and activity level across our businesses are high 
and will continue in the fourth quarter . We 
reiterate our organic sales growth outlook to be 
between 15-20%, but at the upper  end of the 
range, for the full year 2024.  
Operating income increased 38% to SEK 1.2 
billion (0.9) in the quarter with a margin of 8.8% 
(7.5). The positive trend in our profitability is 
largely supported by the contribution from 
Surveillance and Dynamics but also from the 
growth in our other business areas . In the 
quarter, Surveillance showed a strong margin 
uplift from higher volumes and successful 
project completions, while Dynamics margins 
were lower due to  the phasing of deliveries in 
Ground Combat. We have a high focus on scale 
and efficiency in our operations and expect this 
to support Saab’s profitable growth in the years 
to come without compromising on our 
investments and R&D. We reconfirm our outlook 
of op erating income growth to be higher than 
organic sales growth for the full year 2024. 
Operational cash flow improved substantially in 
the third quarter and amounted to SEK 3.2 billion 
(-2.1). This was a result of large customer 
payments partly offset by increased inventory 
and investments. We remain confident that cash 
flow for the full year will be positive.  
We are continuing our long -term efforts to 
ensure progress towards our science -based 
climate targets. Our rapid growth and expansion, 
however, brin gs challenges and in the quarter 
our CO₂ emissions increased by 8%. We remain 
focused on prioritising our efforts in this area and 
we finalised Saab’s new Energy Strategy in the 
quarter. The strategy further defines the 
direction required to achieve energy  resilience 
and offers guidelines to support the business on 
our growth journey.  
I would  like to thank all employees for their 
commitment and contributions to the strong 
performance in the quarter.  
 
 
CEO comments  
Strong sales growth  
and cash flow  
 
Micael Johansson 
President and CEO 
Outlook 2024 
Sales growth: 
Organic sales growth between 15-20% 
Operating income:  
Operating income growth higher than  
organic sales growth 
Operational cash flow:  
Operational cash flow to be positive 
Targets 2023-2027 
Sales growth: 
Organic sales growth of around 15% 
(compound annual growth rate) 
Operating income: 
Operating income growth higher than  
organic sales growth 
Operational cash flow: 
Cash flow conversion of minimum 70%, 
cumulative for the 5-year period

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

4 IN TER IM  R EPO RT  Q3  2024  
Orders 
Third quarter 2024 
Order bookings increased 41 per cent  and amounted to SEK 21,173 million (14,977), driven by 
orders received within Dynamics. Large orders increased 71 per cent and amounted to SEK 12,198 
million (7,128). Small orders increased 39 per cent, amounting to SEK 4,347 million (3,132) while 
medium-sized orders were at similar levels as the third quarter last year and amounted to SEK 4,628 
million ( 4,717). Key orders in the quarter included the large order for defence systems to  an 
undisclosed Western country of SEK 6.6 billion, the contract for MSHORAD to Lithuania of SEK 1.3 
billion and the order for the Giraffe 1X surface radar to Sweden of SEK 700 million.  
January-September 2024 
Order bookings for the first nine months amounted to SEK 79,242 million (46,310), corresponding 
to an increase of 71 per cent. This was driven by significant growth in large orders, which amounted 
to 47,818 million (18,622) in the first nine months. Small orders increased 24 per cent and amounted 
to SEK 13,662 million (11,013) and medium-sized orders increased 7 per cent and amounted to SEK 
17,762 million (16,675). Orders increased in all business areas except Aeronautics in the period. 
The order backlog amounted to SEK 190,056 million, an increase of 24 per cent compared to SEK 
153,409 million at the beginning of the year. In total,  72 per cent of the backlog is attributable to 
international markets, compared to 64 per cent at the end of last year.  
For more information on the order intake, see the business area pages 8, 9 and 10. 
Sales 
Third quarter 2024 
Sales increased 17.5 per cent in the quarter, whereof organic growth was 17.4 per cent, and 
amounted to SEK 13,546 million (11,527). All business areas and Combitech recorded sales growth 
in the quarter, driven by continued high activity pace in programmes and deliveries.  
January-September 2024 
Sales for the first nine months amounted to SEK 42,901 million (35,487) corresponding to a sales 
growth of 20.9 per cent, of which organic growth was 21.0 per cent. All business areas recorded 
double-digit sales growth in the period.  
Sales from international markets increased 23 per cent and  amounted to SEK 24,737 million 
(20,156), corresponding to 58 per cent (57) of total sales. All regions except Latin America showed 
growth in the period. 91 per cent (90) of sales were related to the defence business. 
Sales growth 
 
Sales per region
 
 
 
  
Per cent
Jan-Sep 
2024 
Jan-Sep 
2023 
Q3 
2024 
Q3 
2023 
Full Year 
2023 
Organic sales growth 21.0 25.6 17.4 31.4 22.6
Change from acquisitions and divestments 0.1 -0.5 0.3 -0.6 -0.5 
Currency translation effects  -0.2 1.0 -0.2 0.9 0.8
Total sales growth 20.9 26.1 17.5 31.7 22.9
MSEK Jan-Sep 2024 Jan-Sep 2023 Change, %
Sweden 18,164 15,331 18
Rest of Europe 10,356 7,858 32
North America 4,434 3,907 13
Latin America 2,369 2,488 -5
Asia 3,896 2,967 31
Africa 106 78 36
Australia, etc. 2,610 2,509 4
Undisclosed country 966 349 177
Total 42,901 35,487 21
 
 
Order distribution 
Jan-Sep 2024 
  
 
Order backlog duration: 
2024: SEK 17.5  billion 
2025: SEK 55.1  billion 
2026: SEK 46.8  billion 
2027: SEK 37.9  billion 
After 2027: SEK 32.8 billion 
 
Order by market 
A total of 80% (64) of the 
order bookings related to 
markets outside Sweden 
during January-September 
2024.  
 
 
 
 
Sales by market 
A total of 58% (57) of the 
sales related to markets 
outside Sweden during 
January-September 2024. 
 
 
 
 
 
Sales Jan-Sep, MSEK 
 
Classification of orders MSEK
Small orders <100
Medium-sized orders 100-1000
Large orders >1000
Small orders 17% (24)
Medium-sized orders 23% (36)
Large orders 60% (40)
27,211 28,140
35,487
42,901
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024

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

5 IN TER IM  R EPO RT  Q3  2024  
Income 
Third quarter 2024 
Gross income increased 17 per cent in the quarter and amounted to SEK 2,912 million (2,481). The 
gross margin was in line with the same period last year and amounted to 21.5 per cent (21.5). EBITDA 
increased 33 per cent and amounted to SEK 1,888  million (1,424) with a margin of 13.9 per cent 
(12.4). Operating income (EBIT) improved 38 per cent and amounted to SEK 1,187 million (859) with 
an operating marg in of 8.8 per cent (7.5). The EBIT improvement was mainly driven by strong 
performance in Surveillance, but also improvements in Aeronautics, Dynamics and Combitech. The 
quarter included a capital gain from the divestment of Combitech Norway of SEK 18 million. 
January-September 2024 
Gross income for the first nine months increased 21 per cent and amounted to SEK 9,377 million 
(7,743), driven by the strong sales volumes. The gross margin also improved to 21.9 per cent (21.8). 
Total depreciation, amortisation and write -downs amounted to SEK 1,959 million (1,674). 
Depreciation of tangible fixed assets and right-of-use assets amounted to SEK 1,292 million (1,119). 
Expenditures for internally funded investments in R&D amounted to SEK 1,868 million (1,430), of 
which SEK 352 million (379) has been capitalised. Capitalised expenditures are mainly attributable 
to the development  of Gripen E/F . Amortisation  and write -downs of intangible fixed assets 
amounted to SEK 667 million (555), of which amortisation and write -downs of capitalised  
development expenditures amounted to SEK 475 million (442). R&D amortisation is mainly related 
to GlobalEye, amounting to SEK 281 million (281) during the first nine months 2024.  
The share of income in associated companies and  joint ventures amounted to SEK 28 million  
(-384). The comparison period included write -downs in the minority portfolio of SEK -284 million 
classified as items affecting comparability, see also note 5. 
EBITDA increased 25 per cent in the nine-month period and amounted to SEK 5,668 million (4,526), 
with an EBITDA margin of 13.2 per cent (12.8).  Operating income (EBIT) increased 30 per cent and 
amounted to SEK 3,709 million (2,852), with a margin of 8.6 per cent (8.0). The margin improvement 
was supported by scale effects from the strong sales volumes . The comparison period included 
items affecting comparability of net SEK 44 million, comprising a capital gain from the sale of the 
Maritime Traffic Management (MTM) operations of SEK 270 million in , a capital gain from a property 
divestment of SEK 58 million and write-downs in the minority portfolio of SEK -284 million, see also 
note 5. 
Financial net 
 
 
The financial net amounted to SEK -145 million (-57) in the first nine months 2024. The change 
compared to the same period last year was mainly a result of higher interest expenses on leases 
and lower results from other financial items relating to currency effects and short-term investments. 
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, long- and short-term investments and interest 
expenses on short- and long-term interest-bearing liabilities and interest on interest-rate swaps.  
Currency gains/losses recognised in the financial net are mainly related to currency hedges of the 
tender portfolio, which are measured at fair value through profit and loss.  
Lease liability interest consist s of the interest portion related to lease liabilities recognised in the 
balance sheet.  
Other financial items consist of realised and unrealised results from short -term investments and 
derivatives as well as other currency effects, e.g. changes in exchange rates for liquid assets in 
currencies other than SEK.  
Tax 
Current and deferred taxes amounted to SEK -796 million (-606) during January-September 2024, 
corresponding to an effective tax rate of 22 (22) per cent.  
MSEK Jan-Sep 2024 Jan-Sep 2023
Financial net related to pensions -35 -28
Net interest items 84 85
Currency gains/losses -83 -88
Lease liability interest -125 -102
Other financial items 14 76
Total -145 -57
Operating income (MSEK) and 
margin (%), Jan-Sep 
 
EPS after dilution, SEK 
 
 
 
Internally funded R&D 
expenditures, MSEK 
 
1,812 
1,960 
2,852 
3,709 
6.7 7.0
8.0
8.6
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024
2.24 2.02
4.01
5.08
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024
1,507
1,218
1,430
1,868
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024

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

6 IN TER IM  R EPO RT  Q3  2024  
Financial position and liquidity 
At the end of  September 2024, Saab had a  net debt of SEK 478 million, a decrease of  
SEK 2,821 million compared to a net liquidity of SEK 2,343 million at  year-end 2023. Net 
debt/EBITDA was 0.1 (-0.4) at the end of the period.  
Cash flow from operating activities amounted to SEK 1,734 million (1,632). 
Contract assets increased by SEK 3,524 million and contract liabilities increased by SEK 6,384 
million compared to year-end 2023. Inventories increased by SEK 4,668 million during the first nine 
months with increases mainly in Dynamics and Surveillance. 
Net provisions for  pensions, excluding special employer’s contribution, amounted to  SEK 1,080 
million as of 30 September 2024, compared to SEK 1,490 million at year-end 2023. The effect on 
net debt of SEK 410 million was mainly a result of positive return on pension plan assets. For further 
information on Saab’s defined-benefit pension plan, see note 13.  
Tangible fixed assets amounted to SEK 11,449 million compared to 9,501 at the end of 2023. Right-
of-use assets recognised in the balance sheet amounted to SEK 2,719 million compared to 2,554 
million at the end of 2023. 
Financial investments increased with SEK 1, 609 million in the first nine months and amounted to 
SEK 2, 711 million (1,102). The increase was mainly related to an additional investme nt in and 
revaluation of shares in Helsing GmbH. Revaluation of the investment in Helsing GmbH is recognised 
in other comprehensive income. 
Net investments in the first nine months amounted to SEK 3,195 million (2,299). Investments in 
tangible fixed assets amounted to SEK 2,700 million (1,716).  
Investments in intangible fixed assets in the first nine months amounted to SEK 538 million (604), of 
which SEK 352 million (379) 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 186 million (225) was related to other intangible fixed assets.  
As of 3 0 September 2024, long- and short-term interest-bearing investments and liquid assets 
amounted to SEK 10,565 million, a decrease of SEK 2,904 million compared to year-end 2023. In 
addition, the Group had unutilised revolving credit facilities amounting to SEK 6,000 million. 
Capital employed increased by SEK 3,435 million, from December 31, 2023, to SEK 47,389 million 
at the end of the nine month period . The return on capital employed was 13.2 per cent (11.4) and 
the return on equity was 11.8 per cent (11.2), both measured over a rolling 12-month period.  
 
Key indicators of financial position  
and liquidity 
Change in net debt 
Jan-Sep 2024 
 
 
MSEK 
Net liquidity (+) / net debt (-), 
31 Dec 2023 ¹⁾ 2,343
Cash flow from operating activities 1,734
Change in net pension obligation 410
Net investments -3,195
Sale of and 
investments in financial assets, 
associates and joint ventures -303
Change through equity swap 
agreement -318
Dividend -427
Dividend to and transactions with 
non-controlling interest -28
Additional lease liabilites -683
Sales of and investments in 
operations 10
Other items, currency impact and 
unrealised results from financial 
investments -21
Net liquidity (+) / net debt (-), 
30 September 2024 ¹⁾ -478
¹⁾ Net liquidity (+) / net debt (-) 
excluding net provisions for 
pensions, lease liabilities and 
interest-bearing receivables, 30 
September 2024 3,113
MSEK 30 Sep 2024 31 Dec 2023 Change 30 Sep 2023
Net liquidity / debt ²⁾ -478 2,343 -2,821 1,370
Intangible fixed assets 12,870 12,941 -71 12,758
     Goodwill 5,455 5,424 31 5,556
     Capitalised development costs 6,021 6,106 -85 5,984
     Other intangible fixed assets 1,394 1,411 -17 1,218
Tangible fixed assets, etc ³⁾ 11,860 9,915 1,945 9,404
Right of use assets ⁴⁾ 2,719 2,554 165 2,484
Inventories 21,454 16,786 4,668 16,626
Accounts receivable 6,503 7,244 -741 6,402
Contract assets 15,840 12,316 3,524 13,242
Contract liabilities 22,937 16,553 6,384 15,196
Equity/assets ratio, % 38.9 39.1 40.3
Return on equity, % 11.8 11.1 11.2
Return on capital employed, % 13.2 11.9 11.4
Equity per share, SEK ¹⁾⁵⁾ 66.64 60.10 6.54 59.35
1) Number of shares excluding treasury shares and repurchased through equity swap ⁵⁾ 534,426,981 532,989,260 532,292,652
3) Including tangible fixed assets and biological assets.
4) Relate to right-of-use assets for leases.
5) Comparison periods adjusted for share split 4:1.
2) The Group's net liquidity/debt refers to liquid assets, short-term investments and interest-bearing receivables less interest-bearing liabilities and provisions for pensions 
excluding provisions for special employers' contribution attributable to pensions. For a detailed break-down of interest-bearing receivables and interest-bearing liabilities, see 
note 8.

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

7 IN TER IM  R EPO RT  Q3  2024  
Cash flow 
Third quarter 2024 
In the third quarter, operational cash flow amounted to SEK 3,188 million (-2,058). The improvement 
was largely a result of large customer payments received in the quarter.  
January-September 2024 
Operational cash flow for the first nine months amounted to SEK -1,061 million (-534). The negative 
cash flow was a result of increased investments and inventory, partly offset by the large customer 
payments received in the third quarter. 
Due to the nature of Saab’s customer contracts, deliveries and timing of cust omer milestone 
payments in large projects can result in large fluctuations in cash flow between reporting periods. 
Free cash flow in the period amounted to SEK -2,274 million (-993). During the third quarter, Saab 
made an additional investment in Helsing GmbH which had an effect of SEK -276 million on free 
cash flow. For more detailed information on cash flow, see note 11.  
 
 
 
 
 
  
MSEK Jan-Sep
2024 
Jan-Sep
2023 
Cash flow from operating activities before changes in working 
capital, excluding taxes and other financial items ¹⁾ 5,391 4,507 
Change in working capital -3,257 -2,742 
Cash flow from operating activities excluding taxes and other 
financial items 2,134 1,765 
Cash flow from investing activities ² ⁾ -3,195 -2,299 
Operational cash flow -1,061 -534 
Taxes and other financial items -920 -567 
Sale of and investments in financial assets and operations -293 108 
Free cash flow -2,274 -993 
2) Cash flow from investing activities excluding change in short-term investments and other interest-bearing financial assets and 
excluding sale of and investment in financial assets, operations and subsidiaries. If investments in and sale of financial fixed assets are 
considered to be of operating nature, the item is included in investing activities.
1) Including amortisation of lease liabilities
Operational cash flow, MSEK 
 
 
 
 
Free cash flow, MSEK 
  
 
1,754
911
-534
-1,061
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024
1,360
432
-993
-2,274
Jan-Sep
2021
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024

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

8 IN TER IM  R EPO RT  Q3  2024  
Business Area 
Aeronautics 
Business Units 
Advanced Programs, Aerospace Systems, Aviation Services, Gripen. 
Market highlights 
Order intake decreased compared to the 
same period last year which included a large 
contract for Gripen E functionality to Sweden. 
In the quarter, the Royal Thai Air Force 
announced that they recommend Gripen E for 
the country’s new fighter aircraft procurement.  
Sales and operating income 
Sales increased in the quarter and reflected 
continued solid pace in programme execution. 
Operating income and the margin increased 
driven by the higher volumes, partly offset by 
under-absorption in the T-7 production. 
Cash flow 
Cash flow was negative with a low level of 
customer milestone payments in the quarter. 
 
Business Area 
Dynamics 
Business Units 
Barracuda, Ground Combat, Missile Systems, Tactical Support Solutions, Training and Simulation. 
Market highlights 
Order bookings increased  significantly in the 
quarter, driven by the large defence equipment 
contract to an undisclosed Western country 
and the first order for the Mobile Short Range 
Air Defence (MSHORAD) solution to Lithuania.  
In the quarter, Saab was also awarded a 5-year 
framework agreement, as its AT4 solution was 
selected for the U.S. Army’s Individual Assault 
Munition programme. 
Sales and operating income 
Sales grew 25% in the quarter, driven by high 
activity and deliveries in several business units. 
Operating income showed an improvement in 
the quarter  as a result of the  increased 
volumes, while the margin was lower due to 
phasing of deliveries in Ground Combat. 
Cash flow 
Cash flow improved and amounted to SEK 3.7 
billion, driven by a  high level of customer 
payments in the quarter. 
 
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 40% (42) 
during the first nine 
months 2024. 
 
 
 
 
Market 
Sales in markets outside 
Sweden amounted to 80% 
(80) during the first nine 
months 2024. 
 
 
MSEK Jan-Sep 2024 Jan-Sep 2023 Change, % Q3 2024 Q3 2023 Change, % Full Year 2023
Order bookings 8,760 8,878 -1 1,464 5,276 -72 18,111
Order backlog 44,650 41,926 6 46,995
Sales 11,095 9,602 16 3,322 3,135 6 13,754
EBITDA 904 653 38 255 202 26 916
EBITDA margin, % 8.1 6.8 7.7 6.4 6.7
Operating income (EBIT) 725 498 46 192 148 30 710
Operating margin, % 6.5 5.2 5.8 4.7 5.2
Operational cash flow -2,107 -610 -923 -569 -370
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
2022 2023 2024
Sales, MSEK Operating margin, % Operating margin, R12, %
MSEK Jan-Sep 2024 Jan-Sep 2023 Change, % Q3 2024 Q3 2023 Change, % Full Year 2023
Order bookings 45,134 17,956 151 12,579 2,876 337 26,709
Order backlog 79,242 38,368 107 43,103
Sales 8,990 7,360 22 3,056 2,453 25 11,160
EBITDA 1,463 1,233 19 444 406 9 1,856
EBITDA margin, % 16.3 16.8 14.5 16.6 16.6
Operating income (EBIT) 1,373 1,162 18 412 382 8 1,758
Operating margin, % 15.3 15.8 13.5 15.6 15.8
Operational cash flow 1,794 1,435 3,677 -840 3,237
0
5
10
15
20
25
30
0
1,000
2,000
3,000
4,000
5,000
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2022 2023 2024
Sales, MSEK Operating margin, % Operating margin, R12, %
Note: 2023 has been restated due to the transfer of business unit Underwater Systems from Dynamics to Kockums as per 1st January 2024. 
For restated figures, please see https://www.saab.com/investors/financials/financial-data

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

9 IN TER IM  R EPO RT  Q3  2024  
Business Area 
Surveillance 
Business Units 
Airborne Early Warning, Digital Battlespace Solutions, Fighter Core Capabilities, Naval Combat Systems, Safety and Security Solutions, Surface Sensor 
Solutions. 
Market highlights 
Order intake increased and included orders for 
the compact radar Giraffe 1X as well as several 
naval contracts. Parts of the large MSHORAD 
order to Lithuania was booked in  Surveillance 
in the quarter. 
In the period, Saab delivered the 5th GlobalEye 
aircraft to the United Arab Emirates as well as 
next generation Arthur weapon locating radar 
systems to the British Army.  
Sales and operating income 
Sales grew 23% in the quarter driven by high 
activity level in all business units.  
Operating income and the margin improved as 
a result of higher volumes and successful 
project completions in the quarter. 
Cash flow 
Cash flow in the quarter amounted to  SEK  
-181 million and was impacted by increased 
inventory and timing of customer payments. 
 
 
Business Area 
Kockums 
Business Units 
Docksta, Submarines, Surface Ships, 
Underwater Systems. 
Market highlights 
During the period , Saab’s unmanned AUV62 
and Piraya systems were utilised in NATO’s 
maritime exercise, contributing to the 
development of future naval capabilities. 
Sales and operating income 
Kockums’ sales showed an increase of 14 %, 
driven by high activity level in key programmes. 
The operating income and the margin was 
lower compared to the same quarter last year 
due to negative contribution from the 
Underwater Systems business unit.  
Cash flow 
Cash flow improved in the quarter and was 
driven by large customer payments.  
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 72% (70) 
during the first nine 
months 2024 . 
 
*Operating margin and Operating margin R12, % adjusted for items affecting comparability and  
excludes the capital gain of SEK 270 million from the divestment of MTM operations in Q1 2023. 
 
 
Market 
Sales in markets  
outside Sweden  
amounted to 29% 
(25) during the first nine 
months 2024 . 
 
MSEK Jan-Sep 2024 Jan-Sep 2023 Change, % Q3 2024 Q3 2023 Change, % Full Year 2023
Order bookings 19,472 14,845 31 6,158 5,723 8 23,887
Order backlog 49,919 43,092 16 45,780
Sales 15,510 12,782 21 5,115 4,149 23 18,559
EBITDA 2,053 1,979 4 775 544 42 2,933
EBITDA margin, % 13.2 15.5 15.2 13.1 15.8
Operating income (EBIT) 1,323 1,329 0 502 324 55 2,034
Operating margin, % 8.5 10.4 9.8 7.8 11.0
Operational cash flow -106 -760 -181 -819 1,153
0
3
6
9
12
15
0
1,000
2,000
3,000
4,000
5,000
6,000
Q4 Q1* Q2* Q3* Q4* Q1 Q2 Q3
2022 2023 2024
Sales, MSEK Operating margin, % Operating margin, R12, %
MSEK Jan-Sep 2024 Jan-Sep 2023 Change, % Q3 2024 Q3 2023 Change, % Full Year 2023
Order bookings 4,636 3,184 46 735 1,015 -28 7,497
Order backlog 15,933 14,804 8 17,031
Sales 5,747 4,287 34 1,584 1,386 14 6,314
EBITDA 403 267 51 72 82 -13 469
EBITDA margin, % 7.0 6.2 4.5 5.9 7.4
Operating income (EBIT) 364 240 52 57 73 -22 432
Operating margin, % 6.3 5.6 3.6 5.3 6.8
Operational cash flow 732 270 884 396 -254
-8
-4
0
4
8
12
0
500
1,000
1,500
2,000
2,500
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2022 2023 2024
Sales, MSEK Operating margin, % Operating margin, R12, %
Note: 2023 has been restated due to the transfer of business unit Underwater Systems from Dynamics to Kockums as per 1st January 2024. 
For restated figures, please see https://www.saab.com/investors/financials/financial-data

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

10  IN TER IM  R EPO RT  Q3  2024  
Other operating segment 
Combitech 
Market highlights 
Demand for Combitech’s solutions continued 
to be high in the quarter.  
In the quarter Combitech, together with 
Surveillance and Dynamics, entered into a new 
partnership with the Swedish Defence Materiel 
Administration ( FMV) for digitalising  the 
ground forces of the Swedish Armed Forces. 
Several other contracts were signed in the 
period, including projects within cyber  
security.  
Sales and operating income 
Sales increased in the quarter driven by high 
customer activity and an increased number of 
consultants.  
Operating income and the margin improved as 
a result of  higher utilisation and a favourable 
calendar effect . The divestment of the 
operations in Norway during the quarter had a 
positive impact of SEK 18 million on results. 
Cash flow 
Cash flow was negative due to timing of 
customer and supplier payments. 
 
 
Corporate and other items 
Corporate  
Corporate comprises group staff, group departments and other operations including Saab’s minority portfolio. The minority portfolio contains Saab’s 
Venture portfolio.  
Corporate reported an operating loss of SEK -67 million (-111) in the third quarter, which was lower compared to the same period last year due to timing 
effects. The operating loss during January-September 2024 was SEK -382 million (-606). The comparison period last year included write-downs in the 
minority portfolio of SEK -284 million, partly offset by a capital gain from the divestment of property amounting to SEK 58 million. See also note 5.  
Operational cash flow attributable to Corporate amounted to SEK -1,601 million (-924), the decrease was mainly driven by changes in working capital and 
increased investments in tangible fixed assets. 
Acquisitions and divestments 2024 
In the first quarter 2024, Saab completed the acquisition of the remaining shares in UMS Skeldar AG for a minor consideration. In the beginning of the third 
quarter, Combitech divested its Norwegian entity with 30 employees for a minor consideration. 
Share repurchase and share split 
Saab held 7,756,448 treasury shares as of 30 September 2024, compared to 10,394,128 at year-end 2023 (adjusted for the share split 4:1) . During the 
second quarter 2024 , Saab also entered an equity swap agreement with a third party to hedge the expected financial exposure of LTI 2024. As of 3 0 
September 2024, the equity swap consisted of 1,199,959 shares. The Annual General Meeting in 2024 authorised the Board of Directors to repurchase a 
maximum of 1,100,000 shares of series B (or a maximum of 4,400,000 shares of series B following implementation of the share split 4:1) to secure delivery 
of shares to participants in Saab’s long -term incentive programmes 2025. The Annual General Meeting also decided to authorise the Board, before the 
next Annual General Meeting, to decide on the acquisition of Series B shares up to a maximum of 10 percent of the total number of shares in the company. 
The purpose of the authorisation is to be able to adjust the company’s capital structure and thereby contribute to increased shareholder value as well as 
to enable continued use of repurchased shares in connection with potential acquisitions of companies and for the company ’s share-related incentive 
programmes. 
On 11 April 2024, the Annual General Meeting decided on a share split, whereby each share is divided, regardless of series, into four shares of the same 
series. The record date for the share split  was 8 May, 2024. After the share split, the total number of shares in Saab amount s to 543,383,388 of which 
9,535,612 are A shares and 533,847,776 B shares, corresponding to 629,203,896 votes in total. 
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 5% (6)  
during the first nine 
months 2024. 
 
MSEK Jan-Sep 2024 Jan-Sep 2023 Change, % Q3 2024 Q3 2023 Change, % Full Year 2023
Order bookings 3,293 3,169 4 813 734 11 4,291
Order backlog 1,880 1,591 18 1,595
Sales 3,008 2,805 7 877 816 7 3,922
EBITDA 315 236 33 94 45 109 350
EBITDA margin, % 10.5 8.4 10.7 5.5 8.9
Operating income (EBIT) 306 229 34 91 43 112 340
Operating margin, % 10.2 8.2 10.4 5.3 8.7
Operational cash flow 227 55 -20 -36 387
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*
2022 2023 2024
Sales, MSEK Operating margin, % Operating margin, R12, %
*Operating margin and Operating margin R12, % adjusted for items affecting comparability and 
excludes the capital gain of SEK 18 million from the divestment of Combitech Norway in Q3 2024.

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

11  IN TER IM  R EPO RT  Q3  2024  
Risks and uncertainties 
Saab’s operations primarily involve the development, production and supply of technologically advanced 
hardware and software to military and civilian customers around the world. Operations largely consist of major 
projects carried out over long periods of time, usually several years, in close 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 c ollaborations 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 instruction s govern the 
management of material risks. Saab is today growing rapidly with production ramp-up and conducts projects 
involving a large share of development, which entails a higher level of risk.  Furthermore, t he market is 
characterised by conditions wher e orders can be deferred to the future partly for financial and political 
reasons.  
The uncertainty in the global supply chain  entails a risk for Saab and its operations. The challenges primarily 
relate to the availability of certain raw materials and defence-specific supply, ramping up production capacity 
at some suppliers, as well as suppliers’ ability to handle the flow -down of increasing regulatory requirements. 
Saab works actively to manage the supply chain risks through mitigating actions such as contract 
management, second sourcing,  re-planning and intensified forecasting dialogue and negotiations with 
suppliers.  
In October 2024, Saab North America, Inc. received a subpoena from the U.S. Department of Justice (DoJ) 
requesting information about the Brazilian Government’s acquisition of 36 Gripen E/F fighter aircraft  in 2014. 
Saab intends to comply with the request to supply information and to cooperate with the DoJ in this matter.  
Both Brazilian and Swedish authorities have previously investigated parts of the Brazilian fighter procurement 
process. These investigations were closed without indicating any wrongdoings by Saab. 
For a general description of the risk areas, see the Annual Report 2023, pages 36-41. 
Risks related to armed conflicts 
The geopolitical tensions in the world, including the conflicts in Ukraine and the Middle East, have resulted in a 
more complex and diverse security environment for Saab. T herefore, Saab has  increased security 
measures to protect its sites, personnel and IT, as well as measures against cyber risks , which may lead to 
increased costs for security.  
Saab has no defence related sales exposure to Belarus and Russia, but is closely monitoring the effects on 
the business from the war in Ukraine. Saab is operating on a highly regulated market and it is essential for Saab 
as a responsible defence company to comply with all applicable regulations and commitments regarding 
export control and sanctions, i.e. sanctions from EU, UN, OSCE or other applicable country specific sanctions. 
Saab’s crisis management organisation has an ongoing focus on security, embargo and sanction practises.  
Furthermore, Saab could be impacted by supply chain risks related to the conflict in the Middle East as the 
company has a limited number of suppliers in Israel. Saab is monitoring the situation and has mitigating actions 
in place and is in close dialogue with its suppliers. Saab has no defence related sales exposure to Israel. 
 
 
 
 
 
 
 
 
 
 
Owners 
Largest owners, 30 September 2024: 
 
 
Source: Modular Finance 
The percentage of votes is calculated on the  
number of shares excluding treasury shares.  
Personnel 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
% of % of
capital votes
Investor AB 30.2 40.2
Wallenberg 
Investments 8.7 7.6
Swedbank Robur 
Funds 4.4 3.9
BlackRock 2.6 2.3
Vanguard 2.3 2.0
Avanza Pension 1.2 1.0
First Swedish 
National Pension 
Fund 1.2 1.0
Alliance Bernstein 1.1 1.0
AFA Insurance 0.9 0.8
Avanza Funds 0.8 0.7
30 Sep 2024 31 Dec 2023
Number of 
employees 23,770 21,479
FTEs 23,986 21,610

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

12  IN TER IM  R EPO RT  Q3  2024  
Sustainability at Saab 
Highlights during the quarter 
• In the quarter, Saab finalised its new Energy Strategy. The strategy 
defines the required direction to achieve energy resilience and meet 
Saab’s Science Based Targets with guidelines to support the business. 
• In the period, Saab launched a new tool to assess corruption risks 
across the Group. The aim is to further raise local awareness and 
accountability and provide input to the continuous development of the 
anti-bribery and corruption programme. 
• To promote con tinuous learning and up -skilling in times of strong 
growth, Saab has introduced a target of 40 learning hours per employee 
and year. During Q3, an internal information campaign was conducted 
to increase awareness and ensure progress towards this target.  
Circular economy – Saab 340 AEW aircraft 
 
 
 
In June, Saab delivered the second and final Saab 340 Airborne Early 
Warning (AEW) aircraft ordered by the Polish Armed Forces , and in the 
third quarter final integration and trainings were completed . The aircraft 
were previously used by another Saab customer and refitted for the Polish 
customer, enabling the delivery of an airborne surveillance capability in 
record-time. The case demonstrates how Saab can extend the lifespan 
and capability of a special mission aircraft with upgrades and reuse of 
material such as spare parts  to increase the utilisation of material s and 
products to limit its environmental impact and contribute to a more 
efficient and circular use of resources. 
Ethics and Compliance 
In the quarter, Saab introduced a new  group-wide tool for corruption risk 
assessment and the Anti-Bribery and Corruption (ABC) programme. The 
tool will allow Saab’s business areas and strategic markets to self-assess 
corruption risk exposure and status on progress in the ABC programme. 
The output of the assessments will form action plans as well as constitute 
the basis for follow -up and reporting . The new tool will also raise 
awareness and accountability in local operations, and assist in the future 
development of the programme. 
Climate 
As part of Saab’s environmental efforts, business area Aeronautics is 
working diligently to promote biodiversity on their sites. This includes 
limiting grass cutting at Linköping airport to protect pollinators as well as 
restricting tree harvesting in Arboga, Sweden. Since the area is favorable 
for certain species, Saab has established a 50 -year long nature 
conservation agreement covering 11 hectares of the site. 
During the quarter, Saab finalised its new Energy Strategy. The purpose of 
the strategy  is to d efine required direction and offer guidelines for the 
business to achieve energy resilience, meet Saab’s Science Based 
Targets and thus ensure our contribution to the climate challenge.  
 
 
 
 
 
 
 
 
1 All performance indicators are global 
2 Number of lost-time injuries / total hours worked x 1,000,000 
3 Number of recordable injuries / total hours worked x 1,000,000 
 
Despite Saab’s strong growth and expansion, greenhouse gas emission in 
Scope 1 and 2 has not increased to the same extent due to  prioritised 
activities primarily in the energy area. These include improvements to 
buildings, ventilation recovery of heat and time optimisation of heat use.  
However, there are many challenges, and one example is the availability of 
sustainable aviation fuel (SAF) as well as the infrastructure for deliveries of 
SAF to smaller airports.  
In the third quarter, emissions increased 8% compared to the same period 
last year. This was mainly driven by increased business travel reported in 
scope 1 as well as the generally higher business activity in the Group. 
 
People 
To support the company’s growth ambitions, Saab is increasing its efforts 
to encourage continuous learning and the development of new skills and 
knowledge within its workforce. Earlier this year, Saab established a target 
of 40 learning hours per employee  and year , and in the quarter, the 
initiative and targets were communicated across the Group. 
At the end of the quarter , the share of women employees increased to 
26%, from 25% at the end of last year. The share of women managers also 
increased to 28% , from 2 7%, as a greater proportion of the newly 
appointed managers are women. 
The Lost Time Injury Frequency Rate (LTIFR) and the reported incidents 
per workplace injury decreased compared to the full year 2023, while the 
Total Recordable Injury Frequency (TRIFR) increased. Overall, Saab’s 
reporting culture and system support have improved, and as a result more 
injuries are reported , most evident ly in rega rds to the TRIs.  Saab is 
focusing on improving the process for reporting  further and handling the 
identifications and close calls to prevent future incidents. 
 
 
 
 
 
Performance Indicators 1 
Dec 
2022 
Dec 
2023 
YTD 
2024 
Lost Time Injury Frequency Rate (LTIFR)2 0.84 1.33 1.15 
Total Recordable Injury Frequency Rate (TRIFR)3 2.61 3.57 3.89 
Reported incidents per workplace injury 4 4.4 5.0 4.2 
Share of women managers 27% 27% 28% 
Share of women employees 24% 25% 26% 
4 Increased incidence reporting leads to fewer accidents 
 
0
2,000
4,000
6,000
8,000
10,000
12,000
Q1 Q2 Q3 Q4
Quarterly Emissions Scope 1 & 2 Market Based
Comparison Year-over-Year in Tonne CO2e per Quarter
2020 2021 2022 2023 2024

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

13  IN TER IM  R EPO RT  Q3  2024  
Significant events 
January-September 2024
On 22 January , Saab announced it had signed a GlobalEye support 
contract with the United Arab Emirates. The order value is approximately 
USD 190 million with a three-year contract period that runs until 2026. 
On 23 January, Saab announced it had received an award from Boeing to 
produce T-7A aft fuselage systems. The or der value is USD 101.7 million 
(approx. SEK 1 billion) and the order was booked in Q4 2023. 
On 15 February, Saab announced it had received an order from  Canada 
for the short -range air defence system RBS 70 NG. The order value is 
approx. CAD 227 million (SEK 1.8 billion) with deliveries starting in 2024. 
On 23 February,  Saab signed a  contract with the Swedish Defence 
Materiel Administration (FMV) and receiv ed an order for four additional 
Gripen C fighter aircraft for Hungary.  
On 4 March, Saab signed a contract with the Polish Ministry of Defence’s 
procurement authority for delivery of the Carl -Gustaf M4 weapon, 
ammunition and training equipment. The order value corresponds to SEK 
12.9 billion and the contract period is 2024 -2027. The order intake was 
booked by Saab in Q2 2024 as the contract entered into force.  
On 26 March, Saab announced it had received an order from Airbus 
Defence and Space for the Arexis  sensor suite for the electronic warfare 
variant of the German Eurofighters. The contract period is 2024-2026, and 
marks the start of the first phase of Saab’s delivery of Arexis within this 
programme. 
On 10 April, Saab announced it had appointed Mikael Adelsberg as Chief 
Digital Officer and head of the new group function Group Digitalisation. 
The change came into effect on 1 October and Mikael Adelsberg is now a 
member of Saab’s Group Management. 
On 11 April, Saab held its Annual Genera l Meeting in Linköping, Sweden 
and the AGM decided on a dividend of SEK 6.40 per share, paid out in two 
equal instalments. The AGM also resolved on a share split where each 
share is divided into four shares. The record date for the share split was 8 
May, 2024. The first part of the dividend (SEK 3.20 per share) was paid out 
on 18 April 2024 and following the share split , the second part (SEK 0.80 
per share) w as paid out on 11 October 2024 . Read more on 
www.saab.com/agm. 
On 31 May, Saab received an order from the government of a Western 
country for a number of defence systems and equipment. The order value 
is approximately SEK 7.7 billion with deliveries planned 2027-2028. 
On 4 June, Saab received an initial investment grade credit rating of BBB+ 
with stable outlook from S&P Global. 
On 18 June, Saab announced that Anna Wijkander , previously deputy 
CFO and head of Corporate Control at Saab, will become the company’s 
new CFO and member of Saab’s Group Management. She replaces Saab’s 
previous CFO Christian Luiga that decided to leave the company. Anna 
Wijkander assumed the position on 9 September 2024.  
On 27 June, Saab signed a contract with the Swedish Defence Materiel 
Administration (FMV) regarding delivery of a third GlobalEye airborne early 
warning and control aircraft to Sweden. The order value is approx imately 
SEK 2.6 billion and the delivery period is 2024-2029.  
On 9 July, Saab announced it had received an order for its Mobile Short-
Range Air Defence (MSHORAD) solution from Lithuania. The order value is 
approximately SEK 1.3 billion and deliveries will take place 2025-2027. 
On 24 July, Saab received an order for defence equipment from the 
government of a Western country. The order value is approx imately SEK 
6.6 billion with deliveries planned 2027-2028.  
On 30 August, Saab announced it had received  an order f rom the 
Swedish Defence Materiel Administration (FMV) for the Giraffe 1X surface 
radar. The contract period is 2024 -2027 and the order  value is 
approximately SEK 700 million. 
On 30 August, Saab announced that the U.S. Army has selected Saab’s 
AT4 solution for its Individual Assault Munition programme. The contract 
allows the U.S. Army to place orders  for up to USD 494 million over five 
years, and order values will be established individually. 
For more information on significant orders received during the period, see page 4 
and the comments on the business areas on page 8 -10. All press releases can be 
found on www.saab.com/newsroom. 
Events after the conclusion of the period 
On 4 October, Saab announced it had received an additional order from 
Lithuania for the Mobile Short -Range Air Defence (MSHORAD) solution. 
The order value is SEK 1.2 billion with deliveries scheduled 2026-2029. 
On 10 October, Saab informed that the U.S. Department of Justice (DoJ) 
has requested information from Saab North America, Inc. regarding 
Brazil’s acquisition of Gripen fighters in 2014. Saab intends to comply with 
the request to supply information and to cooperate with DoJ in this matter. 
 
 
Giraffe 1X order to Sweden 
Saab has received an order from the Swedish 
Defence Materiel Administration (FMV) for the Giraffe 
1X radar, associated command and control systems 
and integration for one of Sweden’s Ground Based Air 
Defence (GBAD) solutions. The  contract period is 
2024-2027 and the order value is approx. 700 MSEK.  
Giraffe 1X provides quality air defence target data, 
drone detection for counter -UAS, and sense and 
warn capability . It also offers continuous software 
upgrades to meet emerging threats. 
 
AT4 solution selected by the U.S. Army 
The U.S. Army has selected Saab’s AT4CS TW 
(Confined Space Tandem Warhead) solution for its 
Individual Assault Munition (IAM) programme. The 
contract allows the U.S. Army to place orders for up to 
USD 494 million over five years. 
Saab’s new AT4 solution combines the capability of 
multiple existing shoulder -launched munitions  while 
reducing soldier load, training complexity and logistics. 
AT4 is the U.S. Army’s squad  weapon since 1985 and 
Saab has delivered over 700,000 systems to the U.S.

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

14  IN TER IM  R EPO RT  Q3  2024  
Consolidated income statement 
 
Consolidated statement of comprehensive income 
 
 
MSEK Note Jan-Sep 2024 Jan-Sep 2023 Rolling 12 Months Full Year 2023
Sales 4 42,901 35,487 59,023 51,609
Cost of goods sold -33,524 -27,744 -46,129 -40,349
Gross income 9,377 7,743 12,894 11,260
Gross margin, % 21.9 21.8 21.8 21.8
Other operating income 5 151 412 330 591
Marketing expenses -2,099 -1,961 -2,876 -2,738
Administrative expenses -1,748 -1,384 -2,344 -1,980
Research and development costs -1,991 -1,493 -2,615 -2,117
Other operating expenses -9 -81 13 -59
Share of income in associated companies and joint ventures 5 28 -384 -273 -685
Operating income (EBIT) ¹⁾ 3 3,709 2,852 5,129 4,272
Operating margin, % 8.6 8.0 8.7 8.3
Financial income 437 448 771 782
Financial expenses -582 -505 -713 -636
Net financial items -145 -57 58 146
Income before taxes 3,564 2,795 5,187 4,418
Taxes -796 -606 -1,165 -975
Net income for the period 2,768 2,189 4,022 3,443
of which Parent Company’s shareholders’ interest 2,736 2,158 3,959 3,381
of which non-controlling interest 32 31 63 62
Earnings per share before dilution, SEK ²⁾⁴⁾ 5.13 4.06 7.42 6.36
Earnings per share after dilution, SEK ³⁾⁴⁾ 5.08 4.02 7.34 6.29
1) Of which depreciation/amortisation and write-downs -1,959 -1,674 -2,571 -2,286
2) Average number of shares before dilution ⁴ ⁾ 533,727,270 531,167,192 533,455,692 531,535,632
3) Average number of shares after dilution ⁴ ⁾ 538,636,607 537,472,268 539,138,833 537,511,328
4) Comparison periods adjusted for share split 4:1
MSEK Jan-Sep 2024 Jan-Sep 2023 Rolling 12 Months Full Year 2023
Net income for the period 2,768 2,189 4,022 3,443
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 379 695 -998 -682
Tax attributable to revaluation of net pension obligations -78 -143 205 140
Equity instruments classified as measured at fair value through other comprehensive 
income 1,322 2 1,281 -39
Tax attributable to equity instruments classified as measured at fair value through other 
comprehensive income -8 -0 0 8
Total 1,615 554 488 -573
Items that may be reversed in the income statement:
Translation differences 113 93 -402 -422
Cash flow hedges 154 -175 1,136 807
Tax attributable to cash flow hedges -38 36 -244 -170
Interest-bearing assets classified as measured at fair value through other 
comprehensive income 5 - 5 -
Tax attributable to interest-bearing assets classified as measured at fair value through 
other comprehensive income -1 - -1 -
Total 233 -46 494 215
Other comprehensive income/loss for the period 1,848 508 982 -358
Net comprehensive income/loss for the period 4,616 2,697 5,004 3,085
of which Parent Company’s shareholders’ interest 4,582 2,652 4,968 3,038
of which non-controlling interest 34 45 36 47

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

15  IN TER IM  R EPO RT  Q3  2024  
Consolidated statement of financial position 
 
  
MSEK Note 30 Sep 2024 31 Dec 2023 30 Sep 2023
ASSETS
Fixed assets:
Intangible fixed assets 7 12,870 12,941 12,758
Tangible fixed assets 11,449 9,501 8,993
Biological assets 411 414 411
Right of use assets 2,719 2,554 2,484
Shares in associated companies and joint ventures 274 253 264
Financial investments 2,711 1,102 1,149
Long-term interest-bearing investments 1,121 - -
Long-term receivables 455 515 780
Deferred tax assets 492 482 455
Total fixed assets 32,502 27,762 27,294
Current assets:
Inventories 21,454 16,786 16,626
Derivatives 1,511 1,656 1,716
Tax receivables 244 51 35
Accounts receivable 6,503 7,244 6,402
Contract assets 15,840 12,316 13,242
Other receivables 2,912 2,192 2,008
Prepaid expenses and accrued income 1,977 1,283 1,654
Short-term interest-bearing investments 6,248 11,340 9,288
Liquid assets 11 3,196 2,129 1,238
Total current assets 59,885 54,997 52,209
TOTAL ASSETS 92,387 82,759 79,503
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Parent Company’s shareholders’ interest 35,616 32,035 31,589
Non-controlling interest 331 327 425
Total shareholders’ equity 35,947 32,362 32,014
Long-term liabilities:
Long-term lease liabilities 2,190 2,078 2,043
Other long-term interest-bearing liabilities 8 7,126 6,915 6,750
Other liabilities 253 210 216
Provisions for pensions 13 1,366 1,872 474
Other provisions 2,034 2,888 2,704
Deferred tax liabilities 1,518 1,432 1,408
Total long-term liabilities 14,487 15,395 13,595
Current liabilities:
Short-term lease liabilities 661 597 583
Other short-term interest-bearing liabilities 8 326 453 95
Contract liabilities 22,937 16,553 15,196
Accounts payable 5,262 6,080 5,255
Derivatives 619 1,111 2,259
Tax liabilities 439 235 260
Other liabilities 1,465 1,083 1,579
Accrued expenses and deferred income 9,229 8,015 8,016
Provisions 1,015 875 651
Total current liabilities 41,953 35,002 33,894
Total liabilities 56,440 50,397 47,489
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 92,387 82,759 79,503

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

16  IN TER IM  R EPO RT  Q3  2024  
Consolidated statement of changes in equity 
 
  
MSEK 
Capital 
stock 
Other 
capital 
contri-
butions 
Net result 
of cash 
flow 
hedges 
Translation 
reserve 
Retained 
earnings 
Total parent 
company's 
shareholders' 
interest 
Non-
controlling 
interest 
Total 
shareholders' 
equity          
Opening balance, 1 January 2023 2,174 6,099 176 1,192 19,845 29,486 390 29,876
Net comprehensive income/loss for the period January-
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
Net comprehensive income/loss for the period October-
December 2023 776 -487 97 386 2 388
Transactions with shareholders:
Share matching plan 60 60 60
Dividend - - -100 -100
Closing balance, 
31 December 2023 2,174 6,099 813 785 22,164 32,035 327 32,362
Opening balance, 1 January 2024 2,174 6,099 813 785 22,164 32,035 327 32,362
Net comprehensive income/loss for the period January-
September 2024 116 110 4,356 4,582 34 4,616
Transactions with shareholders:
Repurchase of shares through equity swap -319 -319 -319
Share matching plan 171 171 171
Dividend -853 -853 -30 -883
Closing balance, 
30 September 2024 2,174 6,099 929 895 25,519 35,616 331 35,947

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

17  IN TER IM  R EPO RT  Q3  2024  
Consolidated statement of cash flows 
 
  
MSEK Note Jan-Sep 2024 Jan-Sep 2023 Full Year 2023
Operating activities:
Income after financial items 3,564 2,795 4,418
Adjustments for items not affecting cash flows 2,246 2,059 2,950
Dividend from associated companies and joint ventures 16 31 36
Income tax paid -835 -511 -856
Cash flow from operating activities before changes in working capital 4,991 4,374 6,548
Cash flow from changes in working capital:
Contract assets and liabilities 2,866 492 2,915
Inventories -4,569 -2,602 -2,691
Other current receivables -556 -949 -1,922
Other current liabilities 197 629 2,020
Provisions -1,195 -312 -408
Cash flow from operating activities 1,734 1,632 6,462
Investing activities:
Capitalised development costs -352 -379 -547
Investments in other intangible fixed assets -186 -225 -484
Investments in tangible fixed assets -2,700 -1,716 -2,507
Sales and disposals of tangible fixed assets including biological assets 43 21 4
Investments in and sale of short-term investments 5,139 773 -1,233
Investments in financial assets, associated companies and joint ventures -1,423 -434 -1,268
Investments in operations -15 -241 -262
Sale of subsidiaries and other operations 25 382 382
Cash flow from investing activities 531 -1,819 -5,915
Financing activities:
Repayments of loans -572 -478 -1,075
Amortisation of lease liabilities -521 -434 -586
Raising of loans and increase in other interest-bearing liabilities 331 130 1,250
Dividend paid to Parent Company’s shareholders -427 -703 -703
Dividend paid to non-controlling interest -28 - -126
Transactions with non-controlling interest - 10 10
Cash flow from financing activities -1,217 -1,475 -1,230
Cash flow for the period 1,048 -1,662 -683
Liquid assets at the beginning of the period 2,129 2,869 2,869
Exchange rate difference in liquid assets 19 31 -57
Liquid assets at end of period 11 3,196 1,238 2,129

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

18  IN TER IM  R EPO RT  Q3  2024  
Quarterly consolidated income statement 
 
Quarterly consolidated statement of comprehensive income 
  
MSEK Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022
Sales 13,546 15,170 14,185 16,122 11,527 12,475 11,485 13,866
Cost of goods sold -10,634 -11,790 -11,100 -12,605 -9,046 -9,715 -8,983 -11,017
Gross income 2,912 3,380 3,085 3,517 2,481 2,760 2,502 2,849
Gross margin, % 21.5 22.3 21.7 21.8 21.5 22.1 21.8 20.5
Other operating income 111 20 20 179 15 114 283 101
Marketing expenses -650 -755 -694 -777 -633 -687 -641 -582
Administrative expenses -568 -595 -585 -596 -443 -491 -450 -463
Research and development costs -640 -723 -628 -624 -506 -522 -465 -529
Other operating expenses 16 -2 -23 22 -26 -41 -14 5
Share of income in associated companies  and joint ventures 6 6 16 -301 -29 -68 -287 -68
Operating income (EBIT) ¹⁾ 1,187 1,331 1,191 1,420 859 1,065 928 1,314
Operating margin, % 8.8 8.8 8.4 8.8 7.5 8.5 8.1 9.5
Financial income 145 135 157 334 148 173 127 42
Financial expenses -85 -158 -339 -131 -154 -226 -125 -7
Net financial items 60 -23 -182 203 -6 -53 2 35
Income before taxes 1,247 1,308 1,009 1,623 853 1,012 930 1,349
Taxes -275 -296 -225 -369 -197 -214 -195 -195
Net income for the period 972 1,012 784 1,254 656 798 735 1,154
of which Parent Company’s shareholders’ interest 966 1,000 770 1,223 652 774 732 1,115
of which non-controlling interest 6 12 14 31 4 24 3 39
Earnings per share before dilution, SEK ²⁾⁴⁾ 1.81 1.87 1.44 2.30 1.23 1.46 1.38 2.11
Earnings per share after dilution, SEK ³⁾⁴⁾ 1.79 1.85 1.43 2.27 1.21 1.44 1.36 2.08
1) Of which depreciation/amortisation and write-downs -701 -630 -628 -612 -565 -553 -556 -569
2) Average number of shares before dilution ⁴⁾ 534,029,736 533,736,845 533,415,230 532,640,956 531,993,110 531,188,738 530,319,722 529,671,016
3) Average number of shares after dilution ⁴⁾ 539,056,834 539,334,622 539,532,640 538,631,236 538,346,168 537,964,760 537,482,588 536,233,844
4) Comparison periods adjusted for share split 4:1
MSEK Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022
Net income for the period 972 1,012 784 1,254 656 798 735 1,154
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations -824 42 1,161 -1,377 161 701 -167 1,173
Tax attributable to revaluation of net pension obligations 170 -9 -239 283 -33 -145 35 -245
Equity instruments classified as measured at fair value through other 
comprehensive income -17 1,303 36 -41 - 2 -0 -1
Tax attributable to equity instruments classified as measured at fair 
value through other comprehensive income - -1 -7 8 - -0 0 0
Total -671 1,335 951 -1,127 128 558 -132 927
Items that may be reversed in the income statement:
Translation differences -228 -12 353 -515 -47 311 -171 -268
Net gain/loss on cash flow hedges 1,401 -212 -1,035 982 23 -152 -46 273
Tax attributable to net gain/loss on cash flow hedges -286 41 207 -206 -5 32 9 -57
Interest-bearing assets classified as measured at fair value through 
other comprehensive income 5 - - - - - - -
Tax attributable to interest-bearing assets classified as measured at 
fair value through other comprehensive income -1 - - - - - - -
Total 891 -183 -475 261 -29 191 -208 -52
Other comprehensive income/loss for the period 220 1,152 476 -866 99 749 -340 875
Net comprehensive income/loss for the period 1,192 2,164 1,260 388 755 1,547 395 2,029
of which Parent Company's shareholders' interest 1,196 2,152 1,234 386 749 1,509 394 2,006
of which non-controlling interest -4 12 26 2 6 38 1 23

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

19  IN TER IM  R EPO RT  Q3  2024  
Key ratios by quarter 
 
 Quarterly information per operating segment 
 
MSEK Q3 2024 Q2 2024 Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022
Equity/assets ratio, (%) 38.9 39.6 39.7 39.1 40.3 40.2 39.6 41.3
Return on capital employed, % ³⁾ 13.2 12.8 12.6 11.9 11.4 10.5 9.6 8.8
Return on equity, % ³⁾ 11.8 11.2 10.9 11.1 11.2 10.4 9.5 8.6
Equity per share, SEK ¹⁾³⁾⁴⁾ 66.64 64.39 62.42 60.11 59.35 57.90 56.39 55.64
Free cash flow, MSEK ³⁾ 2,622 -2,507 -2,389 2,559 -2,554 -1,564 3,125 1,439
Free cash flow per share after dilution, SEK ²⁾³⁾⁴⁾ 4.86 -4.65 -4.43 4.75 -4.75 -2.91 5.82 2.68
1) Number of shares excluding treasury shares and repurchased through equity swap ⁴⁾ 534,426,981 533,632,490 533,841,200 532,989,260 532,292,652 531,693,568 530,683,908 529,955,536
2) Average number of shares after dilution ⁴⁾ 539,056,834 539,334,622 539,532,640 538,631,236 538,346,168 537,964,760 537,482,588 536,233,844
3) For more information and explanations regarding the usage of these key ratios, please see www.saab.com/investors/financials/financial-data
4) Comparison periods adjusted for share split 4:1
MSEK Q3 2024 
Operating 
margin Q2 2024 
Operating 
margin Q1 2024 
Operating 
margin Q4 2023 
Operating 
margin          
Sales
Aeronautics 3,322 3,726 4,047 4,152
Dynamics 3,056 3,312 2,622 3,800
Surveillance 5,115 5,406 4,989 5,777
Kockums 1,584 2,197 1,966 2,027
Combitech 877 1,082 1,049 1,117
Corporate/elimination -408 -553 -488 -751
Total 13,546 15,170 14,185 16,122
Operating income/loss
Aeronautics 192 5.8% 257 6.9% 276 6.8% 212 5.1%
Dynamics 412 13.5% 594 17.9% 367 14.0% 596 15.7%
Surveillance 502 9.8% 416 7.7% 405 8.1% 705 12.2%
Kockums 57 3.6% 175 8.0% 132 6.7% 192 9.5%
Combitech 91 10.4% 93 8.6% 122 11.6% 111 9.9%
Corporate -67 -204 -111 -396
Total 1,187 8.8% 1,331 8.8% 1,191 8.4% 1,420 8.8%- - - -        
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 2,453 2,417 2,490 2,782
Surveillance 4,149 4,739 3,894 4,793
Kockums 1,386 1,433 1,468 1,634
Combitech 816 1,023 966 1,035
Corporate/elimination -412 -534 -403 -636
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 382 15.6% 353 14.6% 427 17.1% 618 22.2%
Surveillance 324 7.8% 451 9.5% 554 14.2% 520 10.8%
Kockums 73 5.3% 84 5.9% 83 5.7% 103 6.3%
Combitech 43 5.3% 75 7.3% 111 11.5% 95 9.2%
Corporate -111 -85 -410 -279
Total 859 7.5% 1,065 8.5% 928 8.1% 1,314 9.5%

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

20  IN TER IM  R EPO RT  Q3  2024  
Multi-year overview 
 
 
 
 
  
MSEK 2023 2022 2021 2020 2019
Order bookings 77,811 63,116 43,569 42,328 27,216
Order backlog at 31 December 153,409 127,676 105,177 99,816 93,293
Sales 51,609 42,006 39,154 35,431 35,433
Sales in Sweden, % 42 42 38 36 37
Sales in Europe excluding Sweden, % 23 19 17 18 16
Sales in North America, % 11 11 11 11 11
Sales in Latin America, % 7 9 15 13 12
Sales in Rest of the World, % 16 19 19 22 24
Sales in Undisclosed country, % 1 - - - -
Organic sales growth, % 23 5 11 1 6
Operating income (EBIT) 4,272 3,274 2,888 1,315 2,937
Operating margin, % 8.3 7.8 7.4 3.7 8.3
Adjusted operating income 4,272 3,274 2,888 2,738 2,937
Adjusted operating margin, % 8.3 7.8 7.4 7.4 8.3
Depreciation/amortisation and write-downs 2,286 2,127 1,938 1,518 1,368
EBITDA 6,558 5,401 4,826 2,833 4,305
EBITDA margin, % 12.7 12.9 12.3 8.0 12.1
Income after financial items 4,418 2,819 2,577 1,112 2,607
Net income for the year 3,443 2,283 2,025 1,092 2,025
Total assets 82,759 72,365 65,039 60,568 59,858
Equity 32,362 29,876 23,249 21,644 20,809
Free cash flow ¹⁾ 1,566 1,871 2,737 3,753 -2,036
Cash conversion, % ³⁾ 74 79 113 101 ²⁾ -44
Return on capital employed, % ¹⁾ 11.9 8.8 8.1 4.3 9.1
Return on equity, % ¹⁾ 11.1 8.6 9.0 5.1 10.0
Equity/assets ratio, % 39.1 41.3 35.7 35.7 34.8
Earnings per share before dilution, SEK ¹⁾⁴⁾ 6.36 4.15 3.64 2.02 3.72
Earnings per share after dilution, SEK ¹⁾⁴⁾ 6.29 4.10 3.61 2.00 3.70
Dividend per share, SEK ⁴⁾ 1.60 1.33 1.23 1.18 -
Equity per share, SEK ¹⁾⁴⁾ 60.11 55.64 43.58 40.58 38.62
Number of employees at year-end 21,479 19,002 18,153 18,073 17,420
Number of shares excluding treasury shares 31 December ⁴⁾ 532,989,260 529,955,536 527,240,712 528,988,292 531,705,452
Average number of shares before dilution ⁴⁾ 531,535,632 528,630,344 528,658,396 532,039,944 532,981,440
Average number of shares after dilution ⁴⁾ 537,511,328 534,896,892 533,173,360 535,508,564 535,717,168
1) For more information and explanations regarding the usage of these key ratios, please see www.saab.com/investors/financials/financial-data
2) Adjusted for items affecting comparability
3) Cash conversion = operational cash flow / operating income
4) Comparison periods adjusted for share split 4:1

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

21  IN TER IM  R EPO RT  Q3  2024  
Parent company 
The Parent Company includes units within the business areas Aeronautics, Dynamics, Surveillance as well as one unit within Combitech. Group staff and 
Group support are also included. A major part of the Group’s operations is included in the Parent Company.  Separate notes to the Parent Company’s 
financial statements and a separate description of risks and uncertainties for the Parent Company have therefore not been included in this interim report. 
Parent company income statement 
 
Parent company balance sheet 
 
 
Liquidity, financing, capital expenditures and number of employees 
The Parent Company’s net debt amounted to SEK 2,949 million as of 30 September 2024 compared to a net liquidity of SEK 2,635 million at 31 December 
2023. Investments in tangible fixed assets amounted to SEK 1,207 million (749). Investments in intangible assets amounted to SEK 179 million (64). At the 
end of the period, the Parent Company had 11,998 employees compared to 10,970 at the beginning of the year. 
  
MSEK Jan-Sep 2024 Jan-Sep 2023 Full Year 2023
Sales 24,911 20,273 29,204
Cost of goods sold -20,472 -16,767 -23,993
Gross income 4,439 3,506 5,211
Gross margin, % 17.8 17.3 17.8
Operating income and expenses -2,854 -2,827 -3,909
Operating income (EBIT) 1,585 679 1,302
Operating margin, % 6.4 3.3 4.5
Financial income and expenses 173 -127 2,038
Income after financial items 1,758 552 3,340
Appropriations - - -617
Income before taxes 1,758 552 2,723
Taxes -423 -150 -616
Net income for the period 1,335 402 2,107
MSEK Note 30 Sep 2024 31 Dec 2023 30 Sep 2023
     
ASSETS
Fixed assets:
Intangible fixed assets 1,185 1,174 1,017
Tangible fixed assets 6,119 5,376 5,268
Financial fixed assets 10,310 8,555 8,872
Total fixed assets 17,614 15,105 15,157
Current assets:
Inventories 11,915 10,651 9,821
Current receivables 22,748 21,026 19,751
Short term investments 6,193 11,283 9,255
Liquid assets 1,975 753 274
Total current assets 42,831 43,713 39,101
TOTAL ASSETS 60,445 58,818 54,258
SHAREHOLDERS’ EQUITY AND LIABILITIES
Equity:
Restricted equity 3,354 3,354 3,360
Unrestricted equity 14,090 13,756 11,985
Total shareholders’ equity 17,444 17,110 15,345
Untaxed reserves, provisions and liabilities:
Untaxed reserves 3,926 3,926 3,309
Provisions 1,911 2,677 2,607
Liabilities 8 37,164 35,105 32,997
Total untaxed reserves, provisions and liabilities 43,001 41,708 38,913
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 60,445 58,818 54,258

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

22  IN TER IM  R EPO RT  Q3  2024  
Notes to the financial statements 
Note 1 Corporate information 
Saab AB (publ.), corporate identity no. 556036 -0793, has its registered 
office in Linköping, Sweden. The company’s head office is located at Olof 
Palmes gata 17, 5tr, SE -111 22 Stockholm, Sweden, telephone number 
+46-8-463 00 00. Saab’s B shares are listed on Nasdaq Stockholm since 
1998 and on the large cap list as of October 2006. The company’s 
operations, including subsidiaries, associated companies and joint 
ventures, are described in the Annual and Sustainability Report 2023. 
Note 2 Accounting principles 
The c onsolidated accounts for the first  nine months 2024  have been 
prepared in accordance with IAS 34 Interim Reporting and the Annual 
Accounts Act. The Parent Company’s accounts have been prepared in 
accordance with the Annual Accounts Act and the Swedish Corporate 
Reporting Board’s recommendation RFR 2, Accounting for Legal Entities. 
The Group’s and the Parent Company’s accounting principles are 
described on pages 1 12-114, and concerning significant income 
statement and balance sheet items, in each note disclosure in the Annual 
Report 2023. 
The interim report is condensed and does not contain all the information 
and disclosures in the annual report and should therefore be read together 
with the Annual Report 2023. All information on pages 1 -30 constitutes 
the interim report for the first nine months 2024. 
The Group and the Parent Company use the accounting principles and 
calculation methods as described in the Annual Report 2023. Important 
estimates and assumptions are disclosed in note 2 in the Annual Report 
2023. 
Note 3 Segment reporting 
Saab is a leading high -technology company, with its main operations in 
defence, aviation and civil security. Operations are primarily focused on 
well-defined areas in defence electronics, missile systems, and naval 
systems as well as military and commercial aviation. Saab is also active in 
technical services and maintenance. Saab has a strong position in 
Sweden and the main part of sales is generated in Europe. In addition, 
Saab has a local presence in Australia, the U.S., South Africa, and in other 
selected countries. Saab’s oper ating 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 o f 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 recogn ise 
all lease contracts as expenses on a straight -line basis over the lease 
term. 
Due to the structural change where business unit Underwater Systems 
has been transferred from business area Dynamics to Kockums  as of 1 
January 2024, 2023 has been restated. Proforma statements are available 
at saab.com/investors/financials/financial-data.  
Aeronautics 
Aeronautics is a world-leading manufacturer of innovative aerial systems 
and is engaged in development of military aviation technology. It also 
conducts long-term future studies of manned and unmanned aircraft as 
preparation for new systems and further development of existing 
products. 
Dynamics 
Dynamics offers a market -leading product  portfolio comprising ground 
combat weapons, missile systems,  systems for training and simulation, 
signature management systems for armed forces around the world, and 
niche products for the civil and defence markets.  
Surveillance 
Surveillance provides eff icient solutions for safety and security, for 
surveillance and decision support, and for threat detection, location, and 
protection. The portfolio covers airborne, ground -based and naval radar, 
electronic warfare and combat systems and C4I solutions. 
Kockums 
Kockums develops, delivers, and maintains world-class solutions for naval 
environments. Its portfolio includes submarines with the Stirling system 
for air independent propulsion, surface combatants, mine hunting 
systems, autonomous vessels , torpedoes and unmanned underwater 
vehicles. Kockums’  unique competence is in signature management, 
impact strength and advanced stealth technology.  
Combitech 
Combitech is an independent subsidiary of Saab and from 1 July 2021 
reported as an operating segment out side the business area structure 
within Saab Group. Combitech is one of the largest technology consulting 
firms in Sweden, combining technology with cutting -edge expertise to 
create solutions for its customers’ specific needs. Combitech is active in 
aviation, defence, telecom and other industries as well as the public 
sector. Combitech offers services in systems development, systems 
integration, information security, 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 2024 2023 2024 2023 12 Months 2023
       
Aeronautics 8,760 8,878 -1 1,464 5,276 17,993 18,111
Dynamics 45,134 17,956 151 12,579 2,876 53,887 26,709
Surveillance 19,472 14,845 31 6,158 5,723 28,514 23,887
Kockums 4,636 3,184 46 735 1,015 8,949 7,497
Combitech 3,293 3,169 4 813 734 4,415 4,291
Corporate/elimination -2,053 -1,722 -576 -647 -3,015 -2,684
Total 79,242 46,310 71 21,173 14,977 110,743 77,811
Change, 
% 
Jan-Sep Jan-Sep Q3 Q3 Full Year 
MSEK 2024 2023 2024 2023 2023 
Sweden 16,170 16,784 -4 4,274 6,448 28,306
Rest of Europe 28,740 8,656 232 5,852 3,143 15,631
North America 5,392 5,646 -4 1,765 2,189 9,226
Latin America 1,165 57 1,944 314 35 1,563
Asia 4,417 2,992 48 188 1,638 6,075
Africa 349 63 454 9 4 73
Australia, etc. 1,331 2,593 -49 611 512 3,147
Undisclosed country 21,678 9,519 128 8,160 1,008 13,790
Total 79,242 46,310 71 21,173 14,977 77,811
Change, 
% 
MSEK 30 Sep 2024 31 Dec 2023 30 Sep 2023 
    
Aeronautics 44,650 46,995 41,926
Dynamics 79,242 43,103 38,368
Surveillance 49,919 45,780 43,092
Kockums 15,933 17,031 14,804
Combitech 1,880 1,595 1,591
Corporate/elimination -1,568 -1,095 -1,280
Total 190,056 153,409 138,501
MSEK 30 Sep 2024 31 Dec 2023 30 Sep 2023
    
Sweden 53,352 55,314 50,062
Rest of Europe 59,160 40,636 37,455
North America 12,465 11,510 10,098
Latin America 16,677 17,878 17,577
Asia 10,171 9,600 8,451
Africa 780 535 557
Australia etc. 3,441 4,638 5,131
Undisclosed country 34,010 13,298 9,170
Total 190,056 153,409 138,501

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

23  IN TER IM  R EPO RT  Q3  2024  
Sales per operating segment 
 
Sales per region 
 
Information on large customers 
During the first nine months 2024, Saab had one customer that separately 
accounted for 10 per cent or more of the Group’s sales. The Swedish 
Defence is a customer of all business areas and total sales amounted to 
SEK 15,724 million (13,409). 
Seasonal variation 
A major pa rt of Saab’s business is related to large projects where the 
revenue is recognised by using the percentage of completion method. 
The costs incurred in these projects are normally lower during the third 
quarter compared to other quarters. The fourth quarter  is also usually 
affected by a higher number of deliveries, mainly within Dynamics. 
Operating income per operating segment 
 
Depreciation/amortisation and write-downs per operating segment 
 
 
Operational cash flow per operating segment 
 
 
Capital employed per operating segment 
 
 
Full time equivalents (FTEs) per operating segment 
 
Jan-Sep Jan-Sep Change, Q3 Q3 Change, Rolling Full Year
MSEK 2024 2023 % 2024 2023 % 12 Months 2023 
Aeronautics 11,095 9,602 16 3,322 3,135 6 15,247 13,754
Dynamics 8,990 7,360 22 3,056 2,453 25 12,790 11,160
Surveillance 15,510 12,782 21 5,115 4,149 23 21,287 18,559
Kockums 5,747 4,287 34 1,584 1,386 14 7,774 6,314
Combitech 3,008 2,805 7 877 816 7 4,125 3,922
Corporate/elimination -1,449 -1,349 -408 -412 -2,200 -2,100
Total 42,901 35,487 21 13,546 11,527 18 59,023 51,609
Jan-Sep Jan-Sep Full Year
MSEK 2024 2023 2023
Sweden 18,164 42 15,331 43 21,614 42
Rest of Europe 10,356 24 7,858 22 11,913 23
North America 4,434 10 3,907 11 5,607 11
Latin America 2,369 6 2,488 7 3,690 7
Asia 3,896 9 2,967 8 4,759 9
Africa 106 0 78 0 109 0
Australia, etc. 2,610 6 2,509 7 3,425 7
Undisclosed country 966 2 349 1 492 1
Total 42,901 100 35,487 100 51,609 100
% of 
sales
% of 
sales
% of 
sales
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year
MSEK 2024 2023 2024 2023 12 Months 2023
Aeronautics 725 6.5 498 5.2 192 148 937 710
Dynamics 1,373 15.3 1,162 15.8 412 382 1,969 1,758
Surveillance 1,323 8.5 1,329 10.4 502 324 2,028 2,034
Kockums 364 6.3 240 5.6 57 73 556 432
Combitech 306 10.2 229 8.2 91 43 417 340
Group segments' 
operating income 4,091 9.6 3,458 9.8 1,254 970 5,907 5,274
Corporate -382 -606 -67 -111 -778 -1,002 
Total 3,709 8.6 2,852 8.0 1,187 859 5,129 4,272
% of 
sales
% of 
sales
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year
MSEK 2024 2023 2024 2023 12 Months 2023
Aeronautics 179 155 15 63 54 230 206
Dynamics 90 71 27 32 24 117 98
Surveillance 730 650 12 273 220 979 899
Kockums 39 27 44 15 9 49 37
Combitech 9 7 29 3 2 12 10
Corporate 912 764 19 315 256 1,184 1,036
Total 1,959 1,674 17 701 565 2,571 2,286
Change, 
%
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year 
MSEK 2024 2023 2024 2023 12 Months 2023 
 
Aeronautics -2,107 -610 -923 -569 -1,867 -370
Dynamics 1,794 1,435 3,677 -840 3,596 3,237
Surveillance -106 -760 -181 -819 1,807 1,153
Kockums 732 270 884 396 208 -254
Combitech 227 55 -20 -36 559 387
Corporate -1,601 -924 -249 -190 -1,673 -996
Total -1,061 -534 3,188 -2,058 2,630 3,157
MSEK 30 Sep 2024 31 Dec 2023 30 Sep 2023
Aeronautics 13,167 10,403 10,516
Dynamics 4,931 4,346 4,970
Surveillance 12,197 11,676 12,133
Kockums 3,060 3,011 2,590
Combitech 1,258 1,101 1,206
Corporate/elimination 12,776 13,417 10,488
Total 47,389 43,954 41,903
Number at end of the period 30 Sep 2024 31 Dec 2023 30 Sep 2023
Aeronautics 5,900 5,568 5,467
Dynamics 4,142 3,557 3,409
Surveillance 6,991 6,275 6,158
Kockums 2,373 2,140 2,059
Combitech 2,379 2,242 2,209
Corporate 2,201 1,828 1,611
Total 23,986 21,610 20,913

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

24  IN TER IM  R EPO RT  Q3  2024  
Note 4 Distribution of sales  
 
Note 5 Items affecting comparability 
 
 
The items affecting comparability in 2024 and the comparison periods are included in the operating income of the group. Operating income adjusted for 
items affecting comparability is not reported for the first nine months 2024, the third quarter 2024, full year 2023, the first nine months 2023 or the third 
quarter 2023.  
 
Note 6 Dividend to Parent Company’s shareholders 
The Annual General Meeting 2024 held on 11 April decided on a dividend 
to the Parent Company’s shareholders of SEK 6.40 per share  (SEK 1.60 
after implementation of the share split 4:1) , corresponding to a total 
dividend of SEK 853 million. The dividend  was paid out in two equal 
instalments. Record date for the first instalment was 15 April 2024 and the 
dividend was pai d out on 18 April 2024. At the second instalment, SEK 
0.80 per share (after implementation of the share split 4:1) was paid on 11 
October 2024 with the record date 8 October 2024. 
Note 7 Intangible fixed assets 
 
 
MSEK 
Jan-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2024 
Jan-Sep 
2023 
Jan-Sep 
2024 
Jan-Sep 
2023 
External sales 11,052 9,540 8,798 7,218 15,051 12,415 5,648 4,223 1,931 1,927 421 164 42,901 35,487
Internal sales 43 62 192 142 459 367 99 64 1,077 878 -1,870 -1,513 - -
Total sales 11,095 9,602 8,990 7,360 15,510 12,782 5,747 4,287 3,008 2,805 -1,449 -1,349 42,901 35,487- - - - - - - - - - - - - -
Sales by customer:
Military customers 10,252 8,832 8,657 7,081 13,774 11,031 5,275 3,914 1,015 880 191 91 39,164 31,829
Civilian customers 800 708 141 137 1,277 1,384 373 309 916 1,047 230 73 3,737 3,658
Total external sales 11,052 9,540 8,798 7,218 15,051 12,415 5,648 4,223 1,931 1,927 421 164 42,901 35,487- - - - - - - - - - - - - -
Sales by significant source:
Long-term customer contracts 10,313 8,236 4,207 2,476 10,387 9,393 3,360 2,556 - - 189 92 28,456 22,753
Services 578 1,049 1,123 1,020 3,102 2,053 1,154 815 1,800 1,826 138 57 7,895 6,820
Products 161 255 3,468 3,722 1,562 969 1,134 852 131 101 94 15 6,550 5,914
Total external sales 11,052 9,540 8,798 7,218 15,051 12,415 5,648 4,223 1,931 1,927 421 164 42,901 35,487- - - - - - - - - - - - - -
Sales by domain:
Air 10,105 8,617 279 160 5,889 5,203 - - 30 29 24 39 16,327 14,048
Land 114 88 7,602 6,465 2,746 1,929 - - 1,004 883 41 15 11,507 9,380
Naval 6 7 866 558 5,043 3,830 5,648 4,223 3 4 108 61 11,674 8,683
Civil Security 24 41 31 19 1,355 1,444 - - 265 268 54 39 1,729 1,811
Commercial Aeronautics 792 787 - - 5 1 - - 6 4 12 6 815 798
Other/not distributed 11 - 20 16 13 8 - - 623 739 182 4 849 767
Total external sales 11,052 9,540 8,798 7,218 15,051 12,415 5,648 4,223 1,931 1,927 421 164 42,901 35,487- - - - - - - - - - - - - -
Sales recognition method:
Over time 9,635 8,396 4,920 3,341 11,145 9,261 5,311 3,973 1,929 1,926 203 112 33,143 27,009
Point in time 1,417 1,144 3,878 3,877 3,906 3,154 337 250 2 1 218 52 9,758 8,478
Total external sales 11,052 9,540 8,798 7,218 15,051 12,415 5,648 4,223 1,931 1,927 421 164 42,901 35,487
Corporate/         
elimination Group Aeronautics Dynamics Surveillance Kockums Combitech
Item affecting comparability Business Area Line item Jan-Sep 2024 Jan-Sep 2023 Q3 2024 Q3 2023 Full Year 2023
Capital gain from divestment of Combitech Norway Combitech Other operating income 18 - 18 - -
Write-down of associated companies Corporate Share of income in associated companies and joint ventures - -284 - - -494
Capital gain from the divestment of MTM operations Surveillance Other operating income - 270 - - 270
Capital gain from divestment of property Corporate Other operating income - 58 - - 58
Negative goodwill from a preliminary purchase price 
allocation
Corporate Other operating income - - - - 144
Total 18 44 18 - -22
MSEK
30 Sep 
2024
31 Dec 
2023
30 Sep 
2023
Goodwill 5,455 5,424 5,556
Capitalised development costs 6,021 6,106 5,984
Other intangible assets 1,394 1,411 1,218
Total 12,870 12,941 12,758

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

25  IN TER IM  R EPO RT  Q3  2024  
Note 8 Net liquidity/debt 
 
Committed credit lines 
 
Parent Company 
 
Since 2009, Saab has a Medium Term Note (MTN) programme to enable 
issuance of bonds in the capital market. During 2018 the MTN programme 
was increased to SEK 10,000 million. A major part of the bonds are issued 
as Floating Rate Notes (FRN). During the first nine months, loans with short 
maturity amounting to SEK 400 million were repurchased.  No new bonds 
were issued. Bonds outstanding within the MTN programme amounted to 
SEK 6,870 million by the end of the third 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 202 3, as described in the Annual Report 2023 on page 1 55, 
note 35. As of 30 September 2024, 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 
2024 
31 Dec 
2023 
30 Sep 
2023 
    
Assets:
Liquid assets 3,196 2,129 1,238
Short-term investments 6,248 11,340 9,288
Total liquid investments 9,444 13,469 10,526
Short-term interest-bearing receivables 74 73 74
Long-term interest-bearing receivables 266 333 640
Long-term receivables attributable to pensions 59 59 19
Long-term interest-bearing financial investments 1,121 - -
Total interest-bearing assets 10,964 13,934 11,259
Liabilities:
Lease liabilities 2,851 2,675 2,626
Bonds and other debt instruments 7,309 7,270 6,744
Liabilities to associated companies 
and joint ventures 51 49 53
Other interest-bearing liabilities 92 48 48
Provisions for pensions ¹⁾ 1,139 1,549 418
Total interest-bearing liabilities and provisions for 
pensions 11,442 11,591 9,889
Net liquidity (+) / net debt (-) -478 2,343 1,370
1) Excluding provisions for special employers' contribution attributable to pensions.
MSEK Facilities Drawings Available 
    
Revolving credit facility 
(Maturity 2026 SEK 6 billion) 6,000 - 6,000
Overdraft facility (Maturity 2025) 93 14 79
Total 6,093 14 6,079
MSEK
30 Sep 
2024 
31 Dec 
2023 
30 Sep 
2023 
    
Long-term bonds and other debt instruments 7,074 6,870 6,704
Short-term bonds and other debt instruments 215 400 -
Total 7,289 7,270 6,704
MSEK
30 Sep 
2024
31 Dec 
2023
30 Sep 
2023
Total assets 92,387 82,759 79,503
Less non-interest bearing liabilities 44,998 38,805 37,600
Capital employed 47,389 43,954 41,903
Carrying amount 
30 Sep 
2024 
31 Dec 
2023 
30 Sep 
2023 
Financial assets:
Valued at amortised cost ⁴⁾: 
Accounts receivable, contract assets and other 
receivables 24,319 21,144 21,323
Liquid assets 3,196 2,129 1,238
Long-term receivables 396 456 762
Valued at fair value through profit and loss ³⁾: 
Short-term interest-bearing investments 6,248 11,340 9,288
Derivatives for trading 44 81 64
Financial investments 234 223 229
Valued at fair value through other comprehensive 
income ³⁾: 
Derivatives identified as hedges 1,467 1,575 1,652
Equity investments elected to be classified as fair value 
through other comprehensive income 2,477 879 920
Long-term interest-bearing investments 1,121 - -
Total financial assets 39,502 37,827 35,476
Financial liabilities:
Valued at amortised cost:
Interest-bearing liabilities ¹⁾ 10,303 10,043 9,471
Other liabilities ⁴⁾ 13,083 12,426 12,169
Valued at fair value through profit and loss ³⁾:
Contingent consideration payable 135 158 129
Derivatives for trading 13 8 90
Valued at fair value through other comprehensive 
income ³⁾: 
Derivatives identified as hedges 606 1,103 2,169
Total financial liabilities 24,140 23,738 24,028
¹⁾  Fair value 10,621 9,840 9,377
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 579 
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 2024 Level 1 Level 2 Level 3
     Bonds and interest-bearing securities 7,369 7,369 - -
Forward exchange contracts 1,349 - 1,349 -
Currency options 7 - 7 -
Interest rate swaps 154 - 154 -
Electricity derivatives 1 1 - -
Shares and participations 2,711 - - 2,711
Total 11,591 7,370 1,510 2,711
MSEK 30 Sep 2024 Level 1 Level 2 Level 3
     
Forward exchange contracts 566 - 566 -
Currency options 3 - 3 -
Interest rate swaps 27 - 27 -
Electricity derivatives 23 23 - -
Contingent consideration payable 135 - - 135
Total 754 23 596 135

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

26  IN TER IM  R EPO RT  Q3  2024  
Movements in the group’s Level 3 financial inpstruments were as follows: 
 
Note 11 Supplemental information on statement of cash flows 
Free cash flow 
 
 
Free cash flow vs. statement of cash flows 
 
Liquid assets 
 
 
 
 
Note 12 Business combinations 
In the first quarter 2024, Saab completed the acquisition of the remaining 
shares in UMS Skeldar AG for a minor consideration. The UMS Skeldar AG 
Group was an associated company in the comparison period January -
September 2023. In the fourth quarter 2023, Saab acquired two 
subsidiaries in Sweden from UMS Skeldar AG for a minor consideration 
and entered into an agreement to acquire the remaining shares in UMS 
Skeldar AG. No acquisitions or divestments took place in the second 
quarter 2024.  
In the beginning of the third quarter 2024, Combitech divested its 
Norwegian entity for a minor consideration. 
 
 
 
 
 
 
 
 
 
 
 
 
 
MSEK Unlisted shares and participations Contingent consideration payable 
Opening balance, 1 January 2024 1,102 158
Acquisitions 284 -
Unrealised gains/losses recognised in the income statement 3 -33
Unrealised gains/losses recognised in other comprehensive income 1,322 -
Foreign currency translation - 10
Closing balance, 30 September 2024 2,711 135
MSEK
Jan-Sep
2024 
Jan-Sep
2023 Q3 2024 Q3 2023 
Full year
2023 
    
Cash flow from operating activities before changes in working capital, excluding taxes and other financial items ¹⁾ 5,391 4,507 1,830 1,434 6,777
Cash flow from changes in working capital:
Contract assets and liabilities 2,866 492 3,723 -881 2,915
Inventories -4,569 -2,602 -1,682 -738 -2,691
Other current receivables -556 -949 2,040 -626 -1,922
Other current liabilities 197 629 -1,126 -208 2,020
Provisions -1,195 -312 -590 -191 -408
Change in working capital -3,257 -2,742 2,365 -2,644 -86
Cash flow from operating activities excluding taxes and other financial items 2,134 1,765 4,195 -1,210 6,691
Investing activities:
Investments in intangible fixed assets -538 -604 -168 -181 -1,031
Investments in tangible fixed assets -2,700 -1,716 -858 -667 -2,507
Sales and disposals of tangible fixed assets including biological assets 43 21 19 - 4
Cash flow from investing activities ²⁾ -3,195 -2,299 -1,007 -848 -3,534
Operational cash flow -1,061 -534 3,188 -2,058 3,157
Taxes and other financial items -920 -567 -301 -254 -815
Sale of and investments in financial assets, associated companies and joint ventures -303 -33 -290 -1 -896
Investments in operations -15 -241 - -241 -262
Sale of subsidiaries and other operations 25 382 25 - 382
Free cash flow -2,274 -993 2,622 -2,554 1,566
2) Cash flow from investing activities excluding change in short-term investments and other interest-bearing financial assets and excluding sale of and investment in financial assets, operations and subsidiaries. If investments in and sale of 
financial fixed assets are considered to be of operating nature, the item is included in investing activities.
1) Including amortisation of lease liabilities
Jan-Sep Jan-Sep Q3 Q3 Full Year
MSEK 2024 2023 2024 2023 2023
    
Free cash flow -2,274 -993 2,622 -2,554 1,566
Investing activities – interest-bearing:
Short-term investments 5,139 773 -538 2,053 -1,233
Other financial investments and receivables -1,121 -401 -531 -195 -372
Financing activities:
Repayments of loans -572 -478 -231 -209 -1,075
Raising of loans and increase in other interest-bearing 
liabilities 331 130 101 130 1,250
Dividend paid to the Parent Company’s shareholders -427 -703 - - -703
Dividend paid to non-controlling interest -28 - - - -126
Transactions with non-controlling interest - 10 - - 10
Cash flow for the period 1,048 -1,662 1,423 -775 -683
MSEK 
30 Sep 
2024 
31 Dec 
2023 
30 Sep 
2023 
    
The following components are included 
in liquid assets: 
Cash and bank balances 1,646 1,629 1,238
Bank deposits 1,550 500 -
Total according to balance sheet 3,196 2,129 1,238
Total according to statement of cash flows 3,196 2,129 1,238

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

27  IN TER IM  R EPO RT  Q3  2024  
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 379 million during January-September 2024, primarily due to the 
following: 
The return on assets under managemen t was SEK 517 million which 
resulted in an actuarial gain of SEK 305 million. 
The actuarial gain related to the special employer’s contribution amounted 
to SEK 74 million. 
The assumed discount rate was unchanged from December 31 2023 and 
amounted to 3.25 per cent. Also, the inflation assumption was unchanged 
during the period at 1.50 per cent. 
Note 14 Contingent liabilities 
No additional significant commitments have arisen during the first nine 
months 2 024. With regard to the Group’s so -called performance 
guarantees for commitments to customers, the likelihood of an outflow of 
resources is estimated as remote and, as a result, no value is recognised. 
Note 15 Transactions with related parties 
In the first quarter 2024, Saab completed the acquisition of the remaining 
shares in UMS Skeldar AG for a minor consideration.  
No other significant transactions with related parties have occurred during 
the first nine months  2024. Related parties with which the Group has 
transactions are described in note 37 in the Annual Report 2023. 
Note 16 Definitions 
Below are definitions of financial key ratios that are used in the report. For 
more information and explanations regarding the usage of these key 
ratios, please see www.saab.com/investors/financials/financial-data.  
Capital employed  
Total assets less non-interest-bearing liabilities.  
Cash conversion 
Operational cash flow divided by operating income (EBIT). 
Earnings per share  
Net income for the period attributable to the Parent Company’s 
shareholders, divided by the average number of shares before and aft er 
full dilution.  
EBITDA  
Operating income before depreciation/amortisation and write-downs.  
EBITDA adjusted for items affecting comparability  
Operating income before depreciation/amortisation and write -downs 
adjusted for items classified as affecting comparability. 
EBITDA margin  
Operating income before depreciation/amortisation and write-downs as a 
percentage of sales.  
EBITDA margin adjusted for items affecting comparability  
Operating income before depreciation/amortisation and write -downs 
adjusted for items affecting comparability  as a percentage of adjusted 
sales. 
Effective tax rate  
Current and deferred taxes as a percentage of income before tax.  
Equity/assets ratio  
Equity in relation to total assets.  
Equity per share  
Equity attributable to the Parent Company’s shareholders divided by the 
number of shares, excluding treasury shares  and shares repurchased 
through equity swaps, at the end of the period.  
Free cash flow  
Cash flow from operating activities including amortisation of lease 
liabilities and cash flow from investing activities, excluding acquisitions 
and divestments of short -term investments and other interest -bearing 
financial assets.  
Free cash flow per share  
Free cash flow divided by the average number of shares after dilution.  
Full Time Equivalent, FTE  
Refers to the number of full -time equivalent employees. Excludes long -
term absentees and consultants but includes fixed term employees and 
part-time employees. 
Gross income adjusted for items affecting comparability 
Gross income adjusted for items classified as affecting comparability.  
Gross margin  
Gross income as a percentage of sales.  
Gross margin adjusted for items affecting comparability  
Gross income adjusted for items affecting comparability as a percentage o f 
adjusted sales. 
Items affecting comparability  
Items affecting comparability comprise the financial effects from events 
or transactions with material impact that are relevant to understand the 
result when comparing periods. Such events or transactions can relate to 
restructuring programs, costs related to disputes and legal proceedings,  
macroeconomic developments, impairment charges and gains and 
losses from divestments of group companies, joint ventures or associated 
companies. 
Net investments  
Investments, sales and disposals of intangible and tangible fixed assets. 
Net liquidity/net debt 
Liquid assets, short -term investments and interest -bearing receivables 
less interest -bearing liabilities and provisions for pensions excluding 
provisions for pensions attributable to special employers’ contribution. 
Net liquidity/net debt to EBITDA  
End of period Net liquidity/net debt divided by 12 -month rolling reported 
EBITDA. 
Number of employees 
Headcount of all employed by the company, excluding fixed term 
employees and consultants. 
Operating income  
Income before financial items and tax. 
Operating income adjusted for items affecting comparability  
Operating income (EBIT) adjusted for items classified as affecting 
comparability.  
Operating margin  
Operating income (EBIT) as a percentage of sales.  
Operating margin adjusted for items affecting comparability  
Operating income adjusted for items affecting comparability  as a 
percentage of adjusted sales.  
Operational cash flow  
Cash flow from operating activities , excluding taxes and other financial 
items, amortisation of lease liabilities and investments, sales and disposals 
of intangible and tangible fixed assets.  
Order backlog  
Total value of orders at the end of the period.  
Order bookings  
Total value of orders received during the period.  
MSEK
30 Sep 
2024 
31 Dec 
2023 
30 Sep 
2023 
Defined-benefit obligation 10,856 10,749 9,547
Special employers' contribution 227 323 56
Less assets under management 9,776 9,259 9,148
Total provisions for pensions 1,307 1,813 455
 of which reported as long-term receivable 59 59 19

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

28  IN TER IM  R EPO RT  Q3  2024  
Organic sales growth  
Change in sales in percentage adjusted for effects from exchange rate 
due to the translation of foreign subsidiaries, and structural changes such 
as acquisitions and divestments of subsidiaries.  
Research and development, R&D 
Research and development costs are recognised separately in the 
income statement and comprise the cost of self -financed new and 
continued product de velopment as well as amortisation and any write -
down of capitalised development costs.  
Research and development expenditures comprise both expenses 
incurred as costs excluding amortisation and write-downs, and expenses 
capitalised as development costs in the statement of financial position. 
Total R&D expenses also include the part of Saab’s R&D that is conducted 
in cooperation with customers, which is reported as cost of goods sold. 
Return on capital employed  
Operating income plus financial income (rolling 12 months) as a 
percentage of average capital employed.  
Return on equity  
Net income for the period (rolling 12 months) as a percentage of average 
equity. 
Sales adjusted for items affecting comparability 
Sales adjusted for items classified as affecting comparability.

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

29  IN TER IM  R EPO RT  Q3  2024  
Glossary 
AEW&CS Airborne Early Warning & Control System 
C4I Command, Control, Communications, Computers, and Intelligence 
CDP Global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts 
FMV Swedish Defence Materiel Administration, Sw, “Försvarets materielverk” 
FRN Floating Rate Note 
IAS International Accounting Standards 
IFRS International Financial Reporting Standards 
MTN Medium Term Note, loan facility for issuance of bonds with a duration of 1-15 years 
MTM Maritime Traffic Management 
NSPA NATO Support and Procurement Agency 
NLAW Next Generation Light Anti-Tank Weapon 
SBTi Science Based Targets initiative 
 
Stockholm 22 October 2024 
Saab AB (publ) 
 
 
Micael Johansson 
President and CEO 
Review report 
This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall 
prevail. 
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 2024 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 22 October 2024 
PricewaterhouseCoopers AB 
 
 
Fredrik Göransson 
Authorised Public Accountant, Auditor in charge 
 
Camilla Samuelsson 
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 state ments. Forward -looking 
statements inherently involve both known and unknown 
risks and uncertainties as they depend on future events 
and circum stances. Forward -looking statements do not 
guarantee future results or development and the actual 
outcome could di ffer 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 22 
October 2024 at 07.30 (CET). 
Contacts
Merton Kaplan, Head of Investor Relations 
+46 734 18 20 71 
Media and financial analyst conference:  
22 October 2024 at 10.00 (CET) 
Live webcast: 
www.saab.com/investors/webcast/q3-2024 
Conference call: 
For information on how to join the call, please register 
on www.saab.com/investors/conference-call-q3 
The interim report, presentation material and the 
webcast will be available on www.saab.com/investors 
Calendar 
Year-end report 2024 
Published 7 February 2025 
Annual General Meeting 
To be held in Linköping, Sweden on 10 April 2025  
Q1 Interim report 2025  
Published 25 April 2025 
 
 
 
Q3