===== 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