Kvartalsrapport Q3 2025

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

Image: Royal Thai Air Force’s Gripen C 
Delivering sustained 
growth 
 
  
  
Q3 
INTERIM REPORT 2025

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

2 IN TER IM  R EPO RT  Q3  2025  
July-September 2025 
Key Highlights 
▪ Order bookings for the third quarter amounted to SEK 20,861m 
(21,173), with strong growth in medium-sized orders. 
▪ Sales in the quarter amounted to SEK 15,871m (13,546) which 
corresponded to an organic sales growth of 18.3% (17.4).  
▪ All business areas reported sales growth, with particularly 
strong development in Aeronautics. 
▪ EBITDA amounted to SEK 2,173m (1,888) and corresponded to 
an EBITDA margin of 13.7% (13.9). 
▪ EBIT increased 16% and amounted to SEK 1,374m (1,187), 
corresponding to a margin of 8.7% (8.8). 
▪ Net income increased to SEK 975m (972) and earnings per 
share amounted to SEK 1.77 (1.79). 
▪ Operational cash flow amounted to SEK 142m (3,188), and 
reflected higher investments and timing of large milestone 
payments. 
▪ Net debt amounted to SEK 667m (478) at the end of the period. 
▪ Outlook 2025 upgraded to: organic sales growth to be between  
20-24%, compared to the previous outlook of organic sales 
growth between 16-20%. Reiterating EBIT growth to be higher 
than the organic sales growth and operational cash flow to be 
positive for the full year. 
 
 
MSEK Jan-Sep 2025 Jan-Sep 2024 Change, % Q3 2025 Q3 2024 Change, % Full Year 2024 
Order bookings 68,408 79,242 -14 20,861 21,173 -1 96,798
Order backlog 202,408 190,056 6 187,223
Sales 51,449 42,901 20 15,871 13,546 17 63,751
Gross income 11,617 9,377 24 3,642 2,912 25 13,663
Gross margin, % 22.6 21.9 22.9 21.5 21.4
EBITDA 7,144 5,668 26 2,173 1,888 15 8,402
EBITDA margin, % 13.9 13.2 13.7 13.9 13.2
Operating income (EBIT) 4,805 3,709 30 1,374 1,187 16 5,662
Operating margin, % 9.3 8.6 8.7 8.8 8.9
Net income 3,788 2,768 37 975 972 - 4,210
of which Parent Company’s shareholders’ interest 3,754 2,736 37 957 966 -1 4,171
Earnings per share after dilution, SEK 6.95 5.08 37 1.77 1.79 -1 7.74
Return on equity, % ¹⁾ 13.6 11.8 12.4
Operational cash flow -1,008 -1,061 142 3,188 2,497
Free cash flow -2,245 -2,274 -476 2,622 993
Free cash flow per share after dilution, SEK -4.16 -4.22 -0.88 4.86 1.84
Average number of shares after dilution 539,947,221 538,636,607 540,743,011 539,056,834 539,218,308
¹⁾ Return on equity is measured over a rolling 12-month 
period.
20.9 
Order bookings, SEK bn 
18% 
Organic sales growth 
8.7% 
Operating margin 
Financial highlights

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

3 IN TER IM  R EPO RT  Q3  2025  
The geopolitical landscape remains in a state of 
high uncertainty due to the tensions in several 
regions across the globe . The recent airspace 
violations in European countries have further 
underscored the importance of increased 
defence resources  and immediate readiness . 
The need for unity, collaboration, and collective 
security continues, and I am therefore proud 
that we, during the quarter, have been selected 
to lead NATO’s project aimed at strengthening 
cooperation between maritime systems and 
underwater defence capabilities.  
With our leading offering, we are well positioned 
to capture growth opportunities. In parallel, we 
are increasing investments in  new technology 
and R&D, working proactively and in close 
collaboration with our customers to develop 
future capabilities. Our progress is strong , and 
at the Defence and Security Equipment 
International (DSEI) exhibition in the UK  this 
quarter, we showcased a number of innovative 
solutions, including  new counter-drone 
systems. Another example is our 
announcement to develop a larg e unmanned 
underwater vehicle , for advanced underwater 
surveillance in collaboration with  FMV in 
Sweden. 
When we summari se the third quarter, we 
conclude that market activity was high and 
demand was strong. O ur order bookings 
amounted to SEK 20 .9 (21.2) billion 
corresponding to a book-to-bill ratio of 1.3 and 
our order backlog now stands at SEK 202.4 
billion. Several important achievements were 
made, including an order for four Gripen E/F 
aircraft to Thailand, valued at SEK 5.3 billion. In 
addition, we have several ongoing campaigns 
and Colombia has selected Saab’s Gripen E/F 
fighter and negotiations are ongoing . In the 
quarter we received an important order for the 
Giraffe 4A radar system from a Latin  American 
country. This gives the customer modern air 
surveillance capabilities and strengthens our 
position as a major long-term partner in the 
region. From the Czech Republic , we received 
an order worth SEK 1.8 billion for our mobile air 
defence system, MSHORAD. 
Sales in the quarter amounted to SEK 15.9 
(13.5) billion, corresponding to an  organic 
growth of 18%. All business areas contributed 
to the growth, driven by good project execution 
and deliveries.  For instance, we successfully 
delivered Giraffe 1X radars  and Gripen E/F 
fighters to our customers,  delivered T-7A aft 
frame to Boeing, and achieved high deliveries in 
our Dynamics business area. 
EBIT grew by 16% to SEK 1.4 (1.2) billion, 
corresponding to an EBIT margin of 8.7% (8.8). 
Results from i ncreased sales  and improved 
gross margin were partly offset by higher costs 
from our marketing and R&D activities.  Our 
efforts to scale our operations, increase 
production capacity, and ensure deliveries to 
our customers , will support future profitable 
growth. 
Operational cash flow in the quarter amounted 
to SEK 0.1 (3.2) billion  and reflected our 
ongoing investments in increased capacity, 
higher working capital, and the timing of l arge 
milestone payments expected in the  final 
quarter of the year. 
For the first nine months, we achieved an 
organic sales growth of 21%, with double-digit 
growth in all business areas. Based on the 
record-high order backlog and current strong 
market demand, we upgrade our outlook for 
the year to  an organic sales growth  between 
20-24%, an increase from the previous range 
of 16-20%. We reiterate that operating income 
growth will be higher than organic sales growth 
and that operational cash flow will be positive 
for the year.  
We continued to make progress on our 
sustainability agenda, including the group-wide 
transition towards low-carbon energy within 
our operations, reducing the dependence on 
fossil fuels, and ensuring sec urity of supply. 
Reflecting this, we switched to biogas at one of 
our production plants and transitioned to 
HVO100 fuel at our shipyard in Karlskrona  
during the quarter. Our aim to be a sustainability 
leader in our sector supports our mission of 
keeping people and society safe.  
I would like to thank all employees for their hard 
work and commitment to Saab. So far this year, 
we have welcomed 2,700 new members to our 
team, and we continue our growth journey 
together. 
 
 
CEO comments  
Delivering sustained  
growth 
 
Micael Johansson 
President and CEO 
Outlook 2025 
Sales growth: 
Organic sales growth between 20-24%. 
Previously: Organic sales growth between 
16-20%  
Operating income:  
Operating income growth higher than 
organic sales growth 
Operational cash flow:  
Operational cash flow to be positive 
Medium-term Targets 
2023-2027 
Sales growth: 
Organic sales growth of around 18% 
(compound annual growth rate, CAGR) 
Operating income: 
Operating income growth higher than  
organic sales growth 
Operational cash flow: 
Cash conversion of minimum 60% 
(cumulative for the 5-year period)

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

4 IN TER IM  R EPO RT  Q3  2025  
Orders 
Third quarter 2025 
Order bookings in the quarter amounted to SEK 20,861 million (21,173) and corresponded to 
a book-to-bill ratio of 1.3x. Order bookings were at similar levels as the third quarter last year. 
The growth was strong in medium-sized orders, which amounted to SEK 9,420 million (4,628). 
In contrast, small and large orders decreased com pared to the same quarter last year, 
amounting to SEK 3,120 million (4,347) and SEK 8,321 million (12,198), respectively.  
Key orders during the third quarter included a SEK 5.3 billion contract for the Gripen E/F fighter 
aircraft to Thailand, a contract for the mobile -air-defence system (MSHORAD) of SEK 1. 8 
billion to  the Czech Republic , and an order for Giraffe 4A radar systems with associated 
services to a country in Latin America of SEK 550 million. 
January-September 2025 
Order bookings for the first nine mont hs amounted to SEK 68,408 million (79 ,242). Small 
orders increased 22 per cent and amounted to SEK 16,716 million (13,662), medium -sized 
orders increased by 56 per cent and amounted to SEK 26,671 million (17,762), while larg e 
orders decreased by 50 per cent and amounted to SEK 24,021 million (47,818).  Growth in 
order bookings was particularly strong within Aeronautics and Kockums for the nin e-month 
period. 
The order backlog amounted to SEK 202,408 million, compared to SEK 187,223 million at the 
beginning of the year. In total, 73 per cent of the backlog is attributable to international 
markets, compared to 72 per cent at the end of last year. 
Sales 
Third quarter 2025 
Sales for the third quarter amounted to SEK 15,871 million (13,546), corresponding to a sales 
growth of 17.2 per cent, with an organic sales growth of 18.3 per cent. All business areas and 
Combitech reported growth. This was driven by good project execution and  increased 
deliveries, with particularly strong contribution from Aeronautics. Currency translation effects 
had an unfavourable impact on sales growth of -1.1 per cent in the quarter. 
January-September 2025 
Sales for the first nine months amounted to SEK 51,449 million (42,901), corresponding to a 
sales growth of 19.9 per cent, of which organic growth was 21.0 per cent. All business areas 
and Combitech reported a double-digit growth. 
Sales related to Sweden increased 22 per cent in the period, corresponding to 43 per cent 
(42) of total sales, whereas sales related to international markets increased 18 per cent. Saab 
reported sales growth in most regions in the period.  
The defence business accounted for 92 per cent (91) of Group sales. 
Sales growth 
 
Sales per region
 
  
Per cent
Jan-Sep 
2025 
Jan-Sep 
2024 
Q3 
2025 
Q3 
2024 
Full Year 
2024 
Organic sales growth 21.0 21.0 18.3 17.4 23.4
Change from acquisitions and divestments 0.1 0.1 0.0 0.3 0.2
Currency translation effects  -1.2 -0.2 -1.1 -0.2 -0.1 
Total sales growth 19.9 20.9 17.2 17.5 23.5
MSEK Jan-Sep 2025 Jan-Sep 2024 Change, %
Sweden 22,182 18,164 22
Rest of Europe 12,359 10,356 19
North America 4,485 4,434 1
Latin America 2,545 2,369 7
Asia 4,030 3,896 3
Africa 310 106 192
Australia, etc. 2,308 2,610 -12
Undisclosed countries 3,230 966 234
Total 51,449 42,901 20
 
 
Order distribution 
Jan-Sep 2025 
 
 
 
Order backlog duration: 
2025: SEK 23.7  billion 
2026: SEK 62.8  billion 
2027: SEK 57.6  billion 
2028: SEK 32.0  billion 
After 2028: SEK 26.3 billion 
Order by market 
A total of 65% (80) of the 
order bookings related to 
markets outside Sweden 
during Jan-Sep 2025. 
 
  
  
  
 
 
  
  
  
 
Sales by market 
A total of 57% (58) of the 
sales related to markets 
outside Sweden during  
Jan-Sep 2025. 
 
 
 
 
 
Sales Jan-Sep, MSEK 
 
Classification of orders MSEK
Small orders <100
Medium-sized orders 100-1000
Large orders >1000
Small orders 25% (17)
Medium-sized orders 40% (23)
Large orders 35% (60)
Order/sales to international markets
Order/sales to Sweden
28,140
35,487
42,901
51,449
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024
Jan-Sep
2025

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

5 IN TER IM  R EPO RT  Q3  2025  
Income 
Third quarter 2025 
Gross income increased 25 per cent in the quarter and amounted to SEK 3,642 million (2,912). The 
gross margin increased to 22.9 per cent compared to 21.5 per cent in the same quarter last year ,  
driven by good project execution. 
EBITDA increased 15 per cent to SEK 2,173 million (1,888) and the EBITDA-margin was 13.7 per 
cent ( 13.9). Operating income (EBIT) increased 16 per cent and amounted to SEK  1,374 million 
(1,187) with an operating margin of 8.7 per cent (8. 8). EBIT grew in in all business areas but 
decreased slightly in Combitech.  
January-September 2025 
Gross income increased 24 per cent and amounted to SEK 11,617 million ( 9,377) following 
increased sales volumes and margin improvement. The  gross margin increased to 22.6 per cent 
(21.9) driven by improvements across all business areas. 
Total depreciation, amortisation and write -downs amounted to SEK 2,339 million ( 1,959). 
Depreciation of tangible fixed assets and right-of-use assets amounted to SEK 1,502 million (1,292). 
Amortisation and write-downs of intangible fixed assets amounted to SEK 837 million (667), of which 
amortisation of capitalised development expenditures amounted to SEK 592 million (475).  
Research and development costs amounted to SEK 2,526 million (1,991) following increases 
across several business areas. 
Share of income in associated companies and joint ventures amounted to SEK 133 million (28). 
The increase was driven by a non-recurring contribution in the minority portfolio of SEK 105 million 
during the second quarter 2025.   
EBITDA increased 26 per cent and amounted to SEK 7,144 million (5,668), with an EBITDA margin 
of 13.9 per cent (13.2). Operating income (EBIT) increased 30 per cent and amounted to SEK 4,805 
million (3,709), with a margin of 9.3 per cent (8.6). The EBIT improvement was mainly driven by the 
strong performance in Dynamics and Surveillance.  
Financial net 
 
The financial net amounted to SEK 40 million (-145) in the first nine months 2025. The increase 
compared to last year was mainly due to SEK appreciation which had a favourable impact on 
currency hedges in the tender portfolio. 
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 an d interest 
expenses on short- and long-term interest-bearing liabilities and interest on interest-rate swaps. 
Lease liability interest consists of the interest portion related to lease liabilities recognised in the 
balance sheet. Other financial items consist of realised and unrealised results from long- and short-
term investments and derivatives as well as other currency effects, e.g. changes in exchange rates 
for liquid assets in currencies other than SEK. The decrease compared to the first nine months 2024 
was mainly an effect of revaluation of shares in a financial investment. 
Tax 
Current and deferred taxes amounted to SEK -1,057 million (-796) during the first nine months 2025, 
corresponding to an effective tax rate of 21.8 (22.3) per cent. The decrease of the effective tax rate 
was a result of lower share of taxable income from foreign operations. 
 
MSEK Jan-Sep 2025 Jan-Sep 2024
Financial net related to pensions -29 -35
Net interest items 54 84
Currency gains/losses 221 -83
Lease liability interest -122 -125
Other financial items -84 14
Total 40 -145
Operating income (MSEK) and 
margin (%), Jan-Sep 
 
EPS after dilution, SEK 
 
 
 
Internally funded R&D 
expenditures, MSEK 
 
1,960 
2,852 
3,709 
4,805 
7.0
8.0
8.6
9.3
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024
Jan-Sep
2025
2.02
4.01
5.08
6.95
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024
Jan-Sep
2025
1,218
1,430
1,868
2,460
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024
Jan-Sep
2025

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

6 IN TER IM  R EPO RT  Q3  2025  
Financial position and liquidity 
At the end o f September 2025, Saab had a net debt of SEK 667 million, a decrease of  
SEK 2,878 million compared to a net liquidity of SEK 2,211 million at year -end 202 4. Net 
debt/EBITDA was 0.1 (0.1) at the end of the period.  
Cash flow from operating activities amounted to SEK 3,640 million (1,734). 
Contract assets increased by SEK 3,566 million and contract liabilities increased by SEK 1,955 
million compared to year-end 2024. Inventories increased by SEK 4,044 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  156 
million as of 30 September 2025, compared to SEK 1,070 million at year-end 2024. The effect on 
net debt of SEK 914 million was mainly a result of positive return on pension plan assets  and 
increased discount rate. For further information on Saab’s defined-benefit pension plan, see note 
13.  
Tangible fixed assets amounted to SEK 15,281 million compared to 12,484 at the end of 202 4. 
Right-of-use assets recognised in the balance sheet amounted to SEK 3,724 million compared to 
2,881 million at the end of 2024. During the third quarter, a new lease for an office in Solna, Sweden, 
commenced which had an impact on right-of-use assets and lease liabilities, with SEK 1,267 million, 
and impacted net debt.  
Financial investments increased with SEK 168 million in the first nine months and amounted to SEK 
2,931 million, compared to SEK 2,763 million at year-end 2024. The increase was mainly related to 
an additional investment in and revaluation of shares in Helsing GmbH. Revaluation of the 
investment in Helsing GmbH is recognised in other comprehensive income. 
Net investments during the period amounted to SEK 4,920 million (3,195). Investments in tangible 
fixed assets amounted to SEK 4,021 million ( 2,700). Investments in intangible fixed assets 
amounted to SEK 930 million (538), of which SEK  526 million (352) 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 404 million (186) was related to other intangible fixed 
assets.  
As of 30 September 2025, long- and short-term interest-bearing investments and liquid assets 
amounted to SEK 12,248 million, a decrease of SEK 1,103 million compared to year-end 2024. 
During the third quarter, Saab issued bonds totalling SEK 2,000 million under its MTN programme. 
In addition, the Group had an unutilised revolving credit facility amounting to SEK 6,000 million.  
Capital employed increased by SEK 7,181 million, from December 31, 2024, to SEK 54,526 million 
at the end of the period. The return on capital employed was 14.6 per cent (13.2) and the return on 
equity was 13.6 per cent (11.8), both measured over a rolling 12-month period.  
Key indicators of financial position  
and liquidity 
Change in net debt 
Jan-Sep 2025 
 
    
 
MSEK 
Net liquidity (+) / net debt (-), 
31 Dec 2024 ¹⁾ 2,211
Cash flow from operating activities 3,640
Change in net pension obligation 914
Net investments -4,920
Sale of and 
investments in financial assets, 
associates and joint ventures -365
Write-downs of other long-term 
interest-bearing receivables -36
Change through equity swap 
agreement -1Repurchase of shares -
Dividend -537
Dividend to and transactions with 
non-controlling interest 30
Additional lease liabilites -1,438
Sales of and investments in 
operations -60
Other items, currency impact and 
unrealised results from financial 
investments -105
Net liquidity (+) / net debt (-), 
30 September 2025 ¹⁾ -667
¹⁾ Net liquidity (+) / net debt (-) 
excluding net provisions for 
pensions, lease liabilities and 
interest-bearing receivables, 30 
September 2025 3,035
MSEK 30 Sep 2025 31 Dec 2024 Change 30 Sep 2024
Net liquidity / debt ²⁾ -667 2,211 -2,878 -478
Intangible fixed assets 12,695 12,998 -303 12,870
     Goodwill 5,268 5,572 -304 5,455
     Capitalised development costs 5,906 6,052 -146 6,021
     Other intangible fixed assets 1,521 1,374 147 1,394
Tangible fixed assets, etc ³⁾ 15,687 12,898 2,789 11,860
Right of use assets ⁴⁾ 3,724 2,881 843 2,719
Inventories 25,869 21,825 4,044 21,454
Accounts receivable 7,802 11,334 -3,532 6,503
Contract assets 17,889 14,323 3,566 15,840
Contract liabilities 27,630 25,675 1,955 22,937
Equity/assets ratio, % 37.8 35.9 38.9
Return on equity, % 13.6 12.4 11.8
Return on capital employed, % 14.6 13.6 13.2
Equity per share, SEK ¹⁾ 76.12 66.33 9.79 66.64
1) Number of shares excluding treasury shares 537,166,291 535,270,968 534,426,981
3) Including tangible fixed assets and biological assets.
4) Relate to right-of-use assets for leases.
2) The Group's net liquidity/debt refers to liquid assets, short-term investments and interest-bearing receivables less interest-bearing liabilities and provisions for pensions 
excluding provisions for special employers' contribution attributable to pensions. For a detailed break-down of interest-bearing receivables and interest-bearing liabilities, see 
note 8.

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

7 IN TER IM  R EPO RT  Q3  2025  
Cash flow 
Third quarter 2025 
Operational cash flow in the third quarter amounted to SEK 142 million (3,188). The decrease was 
primarily driven by higher investments related to capacity expansion and negative cash flow from 
change in working capital.  
Saab is operating in a business environment with significant needs for added capabilities driven by 
increased customer demand. As a result, Saab is increasing investments to expand its capacity and 
expand production volumes, which entails a higher working capital.  Saab is proactively engaging 
with its supply chain to manage capacity increases and inventory levels. Whilst this is putting some 
pressure on operational cash flow, it enables Saab to address future opportunities and grow long-
term. 
Due to the nature of Saab’s customer contracts, deliveries and timing of customer milestone 
payments in large projects, large fluctuations in cash flow between quarters can occur. 
January-September 2025 
Operational cash flow for the first nine months amounted to SEK -1,008 million (-1,061). Cash flow 
from operating activities, excluding taxes and other financial items increased to SEK 3,912 million 
(2,134), while cash flow from investing activities amounted to SEK -4,920 (-3,195). 
Free cash flow during the period amounted to SEK -2,245 million (-2,274). For more detailed 
information on cash flow, see note 11. 
 
 
 
 
  
MSEK Jan-Sep
2025 
Jan-Sep
2024 
Cash flow from operating activities before changes in working 
capital, excluding taxes and other financial items ¹⁾ 7,278 5,391 
Change in working capital -3,366 -3,257 
Cash flow from operating activities excluding taxes and other 
financial items 3,912 2,134 
Cash flow from investing activities ²⁾ -4,920 -3,195 
Operational cash flow -1,008 -1,061 
Taxes and other financial items -812 -920 
Investments in and sale of financial assets and operations -425 -293 
Free cash flow -2,245 -2,274 
2) Cash flow from investing activities excluding change in short-term investments and other interest-bearing financial assets and 
excluding sale of and investment in financial assets, operations and subsidiaries. If investments in and sale of financial fixed assets are 
considered to be of operating nature, the item is included in investing activities.
1) Including amortisation of lease liabilities
Cash flow from operating activities 
excluding taxes and other financial 
items, MSEK 
 
 
 
 
Free cash flow, MSEK 
  
 
2,205
1,765
2,134
3,912
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024
Jan-Sep
2025
432
-993
-2,274 -2,245
Jan-Sep
2022
Jan-Sep
2023
Jan-Sep
2024
Jan-Sep
2025

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

8 IN TER IM  R EPO RT  Q3  2025  
Business Area 
Aeronautics 
Business Units 
Advanced Programs, Aerospace Systems, Aviation Services, Gripen. 
Market highlights 
Order bookings in the quarter was strong, 
primarily driven by the order for four Gripen E/F 
fighter aircraft from FMV to Thailand 
amounting to SEK 5.3 billion. Market interest 
for the Gripen E /F remains high , with several 
ongoing campaigns. 
Sales and operating income 
Sales grew 34 per cent  in the quarter  as a 
result of high project activity and deliveries . 
EBIT increased by 10 per cent, driven by the 
sales growth. However, the EBIT margin 
decreased compared to last year , due to 
higher marketing expenses related to ongoing 
campaigns, increased R&D cost and T-7A 
program start-up costs. 
Cash flow 
Due to large customer payments, cash flow in 
the quarter improved compared to last year. 
 
Business Area 
Dynamics 
Business Units 
Barracuda, Ground Combat, Missile Systems, Tactical Support Solutions, Training and Simulation. 
Market highlights 
The high  demand for the Dynamics  product 
portfolio continued in the quarter . Key orders 
included the Mobile Air Defence (MSHORAD) 
solution from Czech Republic, an order for the 
AT4 from the U.S. Army , as well as  several 
medium-size orders. 
Order intake in the comparison quarter 2024 
included a large contract of SEK 6.6 billion. 
Sales and operating income 
Sales growth in the quarter was driven by 
higher delivery activities . The EBIT margin 
increased as a result of a favourable business 
mix and good project execution. 
Cash flow 
Cash flow was positive in the quarter, but was 
impacted by high investments. 
 
 
 
 
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 32% (40) 
during Jan-Sep 2025. 
 
 
 
 
Market 
Sales in markets outside 
Sweden amounted to 83% 
(80) during Jan-Sep 2025. 
 
 
MSEK Jan-Sep 2025 Jan-Sep 2024 Change, % Q3 2025 Q3 2024 Change, % Full Year 2024
Order bookings 16,617 8,760 90 7,411 1,464 406 11,176
Order backlog 44,690 44,650 0 41,501
Sales 13,387 11,095 21 4,438 3,322 34 16,689
EBITDA 1,164 904 29 352 255 38 1,230
EBITDA margin, % 8.7 8.1 7.9 7.7 7.4
Operating income (EBIT) 828 725 14 212 192 10 977
Operating margin, % 6.2 6.5 4.8 5.8 5.9
Operational cash flow -3,568 -2,107 -79 -923 -712
0
2
4
6
8
10
0
1,000
2,000
3,000
4,000
5,000
6,000
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %
MSEK Jan-Sep 2025 Jan-Sep 2024 Change, % Q3 2025 Q3 2024 Change, % Full Year 2024
Order bookings 21,562 45,134 -52 6,451 12,579 -49 50,293
Order backlog 87,709 79,242 11 78,886
Sales 12,268 8,990 36 3,411 3,056 12 14,605
EBITDA 2,431 1,463 66 700 444 58 2,693
EBITDA margin, % 19.8 16.3 20.5 14.5 18.4
Operating income (EBIT) 2,313 1,373 68 658 412 60 2,565
Operating margin, % 18.9 15.3 19.3 13.5 17.6
Operational cash flow 5,885 1,794 295 3,677 2,798
0
5
10
15
20
25
30
0
1,000
2,000
3,000
4,000
5,000
6,000
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %

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

9 IN TER IM  R EPO RT  Q3  2025  
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 
The GlobalEye system continued to attract 
high market interest  with several ongoing 
campaigns. 
Order bookings in the quarter included 
multiple medium-size orders, such as the 
Giraffe 4A radar system to a Latin American 
country and the artillery locating radar Arthur 
to Spain. 
Sales and operating income 
Sales increased in the quarter, driven by good 
project execution and system deliveries, in 
particular Giraffe 1X radar s. As a result, EBIT 
margin improved  slightly compared to the 
same quarter last year. 
Cash flow 
Cash flow was negative in the quarter , mainly 
related to  timing of customer payments , as 
well as increased inventory and investments. 
 
 
Business Area 
Kockums 
Business Units 
Docksta, Submarines, Surface Ships, Underwater Systems. 
Market highlights 
Market activity remained high within all 
segments, including strong customer interest 
for the Combat Boat 90.  Order bookings 
increased in the third quarter and was driven 
by several small-size orders. 
Sales and operating income  
Sales increased 17 per cent  in the quarter , 
driven by increased project execution with 
higher sales from the export business. EBIT 
margin improved, compared to a low level in 
the same quarter last year. 
Cash flow 
Cash flow was positive in the quarter and was 
driven by customer payments.  
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 69%  
(72) during Jan-Sep 
2025. 
 
*Operating margin and Operating margin R12, % are adjusted for items affecting comparability and excludes a capital gain of SEK 270 million from the 
divestment of MTM operations in Q1 2023.  For Q4 2024, adjustments comprise a gain from remeasurement of a contingent consideration payable of 
SEK 112 million and write-down of intangible asset related to aquired customer relations of SEK 72 million.  
 
 
Market 
Sales in markets  
outside Sweden  
amounted to 34% 
(29) during Jan-Sep 2025. 
 
MSEK Jan-Sep 2025 Jan-Sep 2024 Change, % Q3 2025 Q3 2024 Change, % Full Year 2024
Order bookings 21,194 19,472 9 5,924 6,158 -4 28,534
Order backlog 55,164 49,919 11 52,725
Sales 17,335 15,510 12 5,517 5,115 8 22,014
EBITDA 2,243 2,053 9 774 775 -0 3,038
EBITDA margin, % 12.9 13.2 14.0 15.2 13.8
Operating income (EBIT) 1,571 1,323 19 545 502 9 1,991
Operating margin, % 9.1 8.5 9.9 9.8 9.0
Operational cash flow -3,047 -106 -596 -181 1,333
0
3
6
9
12
15
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Q4* Q1 Q2 Q3 Q4* Q1* Q2* Q3*
2023 2024 2025
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %
MSEK Jan-Sep 2025 Jan-Sep 2024 Change, % Q3 2025 Q3 2024 Change, % Full Year 2024
Order bookings 7,191 4,636 55 1,234 735 68 5,706
Order backlog 15,114 15,933 -5 14,360
Sales 6,502 5,747 13 1,861 1,584 17 8,364
EBITDA 562 403 39 159 72 121 690
EBITDA margin, % 8.6 7.0 8.5 4.5 8.2
Operating income (EBIT) 511 364 40 141 57 147 639
Operating margin, % 7.9 6.3 7.6 3.6 7.6
Operational cash flow 955 732 496 884 289
-8
-4
0
4
8
12
0
500
1,000
1,500
2,000
2,500
3,000
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2023 2024 2025
Sales, MSEK Operat ing margin,  % Operat ing margin,  R12, %

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

10  IN TER IM  R EPO RT  Q3  2025  
Other operating segment 
Combitech 
Market highlights 
Demand for Combitech’s solutions continued 
in the quarter, with good growth  in the  
cybersecurity, telecom  and defence 
segments.  
Sales and operating income 
Sales increased in the third quarter driven by 
higher utilization and increased number of 
consultants in projects.  The EBIT margin was 
slightly lower compared to the third quarter 
last year , which included a result of  SEK 18 
million, related to the divestment of the 
operations in Norway.  
Cash flow 
Cash flow was lower compared to the same 
quarter last year due to timing of customer 
payments. 
 
 
 
 
 
 
 
Corporate and other items 
Corporate  
Corporate comprise group staff, group departments and other operations including Saab’s minority portfolio. The minority port folio contains Saab’s 
Venture portfolio. In the third quarter 2025, Corporate reported order bookings of SEK 90 (217) million. Order bookings in the first nine months was SEK 
2,119 million (237). The increase during the nine month period was largely attributable to the UMS Skeldar operations. Sales in the third quarter amounted 
to SEK 251 million (141) while sales in the first nine months was SEK 724 million (422) , mainly driven by sales growth in Skeldar. The operating loss in the 
third quarter amounted to SEK -267 million (-67). For the first nine months the operating loss was SEK -734 million (-382). The lower results in the quarter 
and nine month period was primarily related to  increased costs for IT and security, digitalisation and Saab’s long -term incentive programmes. This was 
partly offset by positive contribution from Skeldar, and a non-recurring contribution of SEK 105 million in the minority portfolio in the second quarter.  
Operational cash flow attributable to Corporate was SEK 116 million (-249) in the quarter and increased due to changes in working capital while increased 
investments had an offsetting impact. During the first nine months 2025, operational cash flow improved compared to last year  and amounted to  
SEK -1,285 million (-1,601). The improvement related to a favourable impact from changes in working capital partly offset by increased investments. 
Acquisitions and divestments 2025 
On August 18 2025, Saab announced the acquisition of 100 per cent of the shares in Deform AB (Deform) for approximately SEK 60 million. For more 
information, see note 12. Furthermore, on August 28 2025, Saab announced the divestment of Saab TransponderTech AB. Completion of the 
divestment is subject to certain conditions that are expected to be fulfilled by the end of the fourth quarter 2025. At the end of the third quarter, the 
operations of Saab TransponderTech AB are presented as assets and liabilities held for sale in the consolidated statement of financial position. 
Share repurchase  
Saab held 5,034,739 treasury shares as of 30 September 2025, compared to 6,915,618 at year-end 2024. The Annual General Meeting in 2025 decided 
that Saab may enter into an equity swap agreement with a third party on terms and conditions in accordance with market practi ce, in order to hedge the 
expected financial exposure of LTI 2026, whereby the third pa rty in its own name may acquire and transfer shares of series B in Saab to employees who 
participate in LTI 2026. The Annual General Meeting decided not to approve the Board’s proposal on authorisation for the Board of Directors to resolve on 
acquisitions of shares and resolution on transfers of own shares to the participants in LTI 2026. The Annual General Meeting also decided to authorise the 
Board, before the next Annual General Meeting, to decide on the acquisition of shares of series B 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 c ontribute to an increased 
shareholder value as well as to enable a continued use of repurchased shares in connection with potential acquisitions of companies and, where applicable, 
for the company’s share-related incentive programmes.  
 
 
Market 
Sales in markets 
outside Sweden 
amounted to 4% (5) 
during Jan-Sep 2025. 
 
MSEK Jan-Sep 2025 Jan-Sep 2024 Change, % Q3 2025 Q3 2024 Change, % Full Year 2024
Order bookings 3,350 3,293 2 690 813 -15 4,637
Order backlog 1,732 1,880 -8 1,927
Sales 3,547 3,008 18 1,025 877 17 4,306
EBITDA 328 315 4 90 94 -4 458
EBITDA margin, % 9.2 10.5 8.8 10.7 10.6
Operating income (EBIT) 316 306 3 85 91 -7 442
Operating margin, % 8.9 10.2 8.3 10.4 10.3
Operational cash flow 52 227 -90 -20 532
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
2023 2024 2025
Sales, MSEK Operat ing margin,  % Operat ing 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  2025  
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 research institutions. Projects generally entail significant investments, 
long periods of time and large share of technological development or refinement of products. In addition 
to customer and supplier relations, international operations involve joint ventures and collaborations with 
other industries as well as the establishment of operations abroad. Operations entail risk in various 
respects. The key risk areas are strategic, market and political, operating, financial and compliance. 
Various policies and instructions govern the management of material risks. Saab is today growing rapidly 
both in Sweden and in other countries including investments in capacity scaling such as production ramp-
ups and new factories as well as with a high rate of recruitment, which entails a higher level of  business 
risk. This also implies a greater uncertainty in sales growth, income and cash flow. Furthermore, the market 
is characterised by conditions where orders can be deferred to the future for  reasons such as financing 
and political factors.  
The uncertainty in the global supply chain, including trade barriers and tariffs, 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. For certain sub -systems, S aab is also dependent on 
deliveries from one or a few suppliers. Saab works actively to ensure a robust supply chain by supplier 
commitments to Saab’s growth plan and to manage the supply chain risks through mitigating actions such 
as contract management, second sourcing, in- and outsourcing, re-planning and intensified forecasting 
dialogue and negotiations with suppliers. To protect Saab's supply chain and operational resilience, 
securing access to rare earth elements (REEs) is of strategic importance. Recent export controls on REEs 
by China highlight a potential risk, prompting Europe to diversify its supply sources. In response, Saab is 
focusing on strategic stockpiling and exploring alternative trading routes. 
In October 2024, Saab North America, Inc. received a subpoena from the U.S. Department of Justice (DoJ) 
requesting information about the Brazilian Government’s acquisition of 36 Gripen E/F fighter aircraft in 
2014. Saab is complying with the request to supply information and cooperating with the DoJ in this 
matter. Both Brazilian and Swedish authorities have previously investigated parts of the Brazilian fighter 
procurement process. These investigations were closed without indicating any wrongdoings by Saab. 
For a general description of the risk areas, see the Annual Report 2024, pages 45-50. 
 
 
 
Risks related to armed conflicts 
The geopolitical tensions in the world, including the armed conflicts in Ukraine and the Middle East as well 
as disinformation, have resulted in a more complex and diverse security environment for Saab. Therefore, 
Saab has increased security measures to protect its sites, personnel and IT, as well as measures against 
cyber risks, which may lead to increased costs for IT and security.  
Saab has no defence-related sales exposure to Belarus and Russia, but is closely monitoring the impact 
on the business from the war in Ukraine.  Saab is operating in a highly regulated market and it is essential 
for Saab as a responsible defence company to comply with all applicable regulatio ns 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 practices. 
Furthermore, Saab currently has no direct defence-related sales exposure to Israel . However, the 
company could be affected by supply chain risks related to conflicts in the Middle East, as it has a limited 
number of suppliers in Israel . Saab is continuously monitoring the risk situation, has mitigating actions in 
place and is in close dialogue with its suppliers. 
 
Owners 
Largest owners, 30 September 2025: 
 
 
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 40.0
Wallenberg 
Investments 8.7 7.6
Vanguard 2.8 2.4
BlackRock 2.8 2.4
Capital Group 1.5 1.3
Norges Bank 
Investment 
Management 1.5 1.3
VanEck 1.4 1.3
Swedbank Robur 
Fonder 1.2 1.1
WisdomTree Asset 
Management 1.0 0.9
Avanza Fonder 1.0 0.9
30 Sep 2025 31 Dec 2024
Number of 
permanent 
employees 27,163 24,481
FTEs 27,270 24,523

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

12  IN TER IM  R EPO RT  Q3  2025  
Sustainability 
 
 Occupational Health and Safety 
Injury frequency rate 
 
 
2025 Target:  
Reduce work-related 
accidents by 
decreased TRIFR1 
compared to base year 
2024 
     
Climate  
GHG emissions2 
 
 
2030 Goal:  
 
42% reduction of 
Scope 1 & 2 CO2-eq3 
from base year 2020 
 Diversity and Inclusion 
Share of women employees 
 
 
2025 Target:  
 
25% women 
employees & 30% 
women managers 
Resilient and safe societies 
Business and Human Rights 
During the quarter, Saab published its new 
Supplier Code of Conduct, which has been 
updated to better cover artificial intelligence, 
biodiversity, taxes, product safety, responsible 
use of technology, and insider trading to 
reinforce Saab’s commitment to r esponsible 
business practices and ensure that Saab’s 
values and standards are clear to all partners.  
Green and social transition 
Climate  
During the first nine months of 2025, Saab 
reduced its Scope 1 & 2 CO 2-eq emissions by 
4 per cent compared the same period in 2024. 
The result was driven by reduced emissions 
from test flights combined with the use of 
sustainable aviation fuels and an increase in the 
use of electric vehicles. The overall reduction 
progress since 2020 amounts to 
approximately 33 per cent. 
 
 
 
 
 
 
 
1 Number of recordable injuries / total hours worked x 1,000,000 
2 SBTi Near Term Target relates to the planned reduction trajectory to meet the 2030 goal  
3 Carbon dioxide equivalent 
 
In line with our strategy to mitigate emissions , 
Saab Dynamics commissioned a new biogas 
plant in Gamleby , Sweden. The initiative 
reduces a previous reliance on fossil fuels and 
ensures security of supply. The installation has 
the capacity to contribute with up to half of 
Saab’s annual Scope 1+2 reduction target. The 
plant was financed by Saab’s internal clim ate 
fund and Klimatklivet, a government initiative 
that finances grants for climate investments. 
 
Occupational health and safety  
During the first nine months of 2025, the Total 
Recordable Injury Frequency Rate (TRIFR) 
decreased by 28 per cent compared to the 
base year 2024. The decrease is due to 
continuous efforts in improving workplace 
safety, focusing on incident prevention and 
strengthening the reporting culture, including 
further development of the reporting and case 
management process wit h associated digital 
tools. 
 
 
 
 
Innovation and partnerships 
Diversity and inclusion 
During the quarter, both the share of women 
employees and women managers remained at 
27 per cent respectively 28 per cent. The 
percentage of women among new hires is 
steadily increasing and was at the end of the 
quarter higher than the total share of women 
employees. 
 
 
 
 
 
 
 
 
 
 
 
 
                               
 li a e     ac 
   o a io 
    s r ial
 oo er a io  a  
 ar   er shi s
A  i  or r    io  
2.61
3.57
4.38
3.17
2022 2023 2024 Jan-Sep 2025
TRIFR
0%
-18% -24% -26% -31% -33%
0% -4% -8% -13% -17% -21%
0
10,000
20,000
30,000
40,000
Base
year
2020
2021 2022 2023 2024 Rolling
12
Months
Scope 1 & 2 (tCO₂-eq)
Change from base year
Near Term Target SBTI
27% 27%
28% 28%
24%
25%
26%
27%
2022 2023 2024 Sep 2025
Share of Women Managers
Share of Women Employees

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

13  IN TER IM  R EPO RT  Q3  2025  
Significant events 
January-September 2025
On 17 January, Saab provided a Q4 update and comments on higher 
organic sales growth for full year 2024. Sales for full year 2024 was 
expected to be approximately SEK 63.8 billion (51.6), corresponding to an 
organic sales growth of 23.4%. 
On 29 January, Saab announced that Jonas Hjelm, Senior Vice President 
and Head of Government Affairs, left his position and the Group 
Management team to become Senior Advisor at Saab. 
On 31 January, Saab announced a number of changes affecting the 
Group Management team. Eva Karlsson was appointed Senior Vice 
President, Chief Operating Officer (COO) and became a member of Saab’s 
Group Management team. As a consequence, Saab’s Charlotta Björklund, 
then Senior Vice President, Operational Excellence, left the Group 
Management team as of 1 March 2025 and subsequently reported to the 
COO. Moreover, the scope of the Group Strategy function was redu ced 
and became more focused on the common strategic areas of Saab. 
On 31 March, Saab signed a framework agreement with the Latvian 
Ministry of Defence for the short-range ground-based air defence system 
RBS 70 NG and received an order within the agreement. The order value is 
SEK 2.1 billion and deliveries will take place 2026-2030. 
On 10 April, Saab held its Annual General Meeting in Linköping, Sweden 
and the AGM decided on a dividend of SEK 2.00 per share to be paid out 
in two equal instalments. The first instalment of the dividend (SEK 1.00 per 
share) was paid out on 17 April 2025. The second instalment (SEK 1.00 per 
share) was paid out  on 1 0 October 202 5. Read more on  
www.saab.com/agm.  
On 17 June , Saab announced that it has signed a new SEK 6 billion 
revolving credit facility agreement with a group of 11 relationship banks.  
The facility has a tenor of five years with two one-year extension options. 
On 18 June , Saab and the French defence procurement agency (DGA) 
signed a joint declaration of intent for the sale of two GlobalEye AEW&C 
aircraft, with an option for two more, including ground equipment, training 
and support. 
On 25 June, Saab and the Swedish Defence Material Administration (FMV) 
signed a contract regarding additional equipment for manufacturing of 
Gripen E. The order value amounts to approximately SEK 2.9 billion.   
 
On 25 August,  Saab recived an order for four Gripen E/F fighter aircraft 
from FMV for the Kingdom of Thailand. The order value is approximately 
SEK 5.3 billion and deliveries will take place 2025-2030.  
On 28 August,  Saab announced the divestment of Saab 
TransponderTech AB to Teledyne Technologies Inc.’s Swedish subsidiary, 
FLIR Systems AB. Completion of the divestment is subject to certain 
conditions that are expected to be fulfilled by the end of Q4 2025. 
For more information on significant orders received during the period, see page 4 
and the comments on the business areas on page 8 -10. All press releases can be 
found on www.saab.com/newsroom. 
Events after the conclusion of the period 
On 1 October, Saab announced the appointment of the Nomination 
Committee for Saab AB for the 2026 Annual General Meeting, based on 
the shareholder structure as of 29 August 2025. 
On 10 October,  Saab and the Swedish Armed Forces extended an 
existing contract and Saab received an order for support - and 
maintenance services for Gripen  C/D and E. The order value is 
approximately SEK 4 billion and deliveries will take place 2026 to 2027. 
On 13 October,  Saab received a n order from the Swedish Defence 
Materiel Administration (FMV) for the last phase of the production as well 
as additional scope for material and services for the two Blekinge -class 
(A26) submarines previously ordered by Sweden. The order value is 
approximately SEK 9.6 billion with the vast majority of deliveries taking 
place in the period 2026-2032. 
On 1 4 October, Saab received an order from the Swedish Defence 
Materiel Administration (FMV) regarding continued conceptual studies for 
future fighter systems. The order value amounts to approximately SEK 2.6 
billion. The contract period is 2025-2027. 
On 22 October, Sweden and Ukraine signed a letter of intent regarding 
cooperation in the field of air capabilities. This is a step towards a possible 
export deal regarding Gripen to Ukraine. Saab has not signed a contract, 
nor received an order related to this. 
On 23 October,  Saab’s Board of Directors proposed changes to the 
Long-term Incentive Program 2026 to the Annual General Meeting 2026. 
 
 
 
 
Gripen E/F order for Thailand  
Saab has received an order for four Gripen E/F fighter 
aircraft from FMV for the Kingdom of Thailand. The 
order value is approximately SEK 5.3 billion and 
deliveries will take place 2025-2030. 
The contract between Saab and FMV includes three 
Gripen E and one Gripen F aircraft as well as 
associated equipment, support and training. Saab has 
also signed a contract with the Royal Thai Air Force to 
deliver a long-term offset package to Thailand as part 
of the fighter acquisition plan. 
 
Saab to lead NATO's new underwater 
battlespace project  
The Saab -led MANGROVE consortium has been 
selected by NATO to lead the Allied Underwater 
Battlespace Mission Network project (AUWB-MN). The 
project will deliver interoperability for Maritime 
Uncrewed Systems and conventional platforms 
across allied nations. 
The mission network will facilitate rapid and secure 
information exchange, and integration across 
domains, supporting combined operations between all 
branches of the military. The outcome is expected to 
become a new standard for NATO.

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

14  IN TER IM  R EPO RT  Q3  2025  
Consolidated income statement 
 
Consolidated statement of comprehensive income 
 
 
MSEK Note Jan-Sep 2025 Jan-Sep 2024 Rolling 12 Months Full Year 2024
Sales 4 51,449 42,901 72,299 63,751
Cost of goods sold -39,832 -33,524 -56,396 -50,088
Gross income 11,617 9,377 15,903 13,663
Gross margin, % 22.6 21.9 22.0 21.4
Other operating income 5 161 151 311 301
Marketing expenses 5 -2,389 -2,099 -3,389 -3,099
Administrative expenses -2,081 -1,748 -2,749 -2,416
Research and development costs -2,526 -1,991 -3,344 -2,809
Other operating expenses -110 -9 -151 -50
Share of income in associated companies and joint ventures 5 133 28 177 72
Operating income (EBIT) ¹⁾ 3 4,805 3,709 6,758 5,662
Operating margin, % 9.3 8.6 9.3 8.9
Financial income 567 437 693 563
Financial expenses -527 -582 -881 -936
Net financial items 40 -145 -188 -373
Income before taxes 4,845 3,564 6,570 5,289
Taxes -1,057 -796 -1,340 -1,079
Net income for the period 3,788 2,768 5,230 4,210
of which Parent Company’s shareholders’ interest 3,754 2,736 5,189 4,171
of which non-controlling interest 34 32 41 39
Earnings per share before dilution, SEK ²⁾ 7.00 5.13 9.68 7.81
Earnings per share after dilution, SEK ³⁾ 6.95 5.08 9.60 7.74
1) Of which depreciation/amortisation and write-downs -2,339 -1,959 -3,120 -2,740
2) Average number of shares before dilution 536,303,380 533,727,270 535,939,779 534,007,696
3) Average number of shares after dilution 539,947,221 538,636,607 540,456,477 539,218,308
MSEK Jan-Sep 2025 Jan-Sep 2024 Rolling 12 Months Full Year 2024
Net income for the period 3,788 2,768 5,230 4,210
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 1,021 379 990 348
Tax attributable to revaluation of net pension obligations -211 -78 -205 -72
Equity instruments classified as measured at fair value through other comprehensive 
income -105 1,322 -56 1,371
Tax attributable to equity instruments classified as measured at fair value through other 
comprehensive income - -8 - -8
Total 705 1,615 729 1,639
Items that may be reversed in the income statement:
Translation differences -891 113 -518 486
Cash flow hedges 3,325 154 811 -2,360
Tax attributable to cash flow hedges -689 -38 -159 492
Interest-bearing investments classified as measured at fair value through other 
comprehensive income 18 5 15 2
Tax attributable to interest-bearing investments classified as measured at fair value 
through other comprehensive income -4 -1 -4 -1
Total 1,759 233 145 -1,381
Other comprehensive income/loss for the period 2,464 1,848 874 258
Net comprehensive income/loss for the period 6,252 4,616 6,104 4,468
of which Parent Company’s shareholders’ interest 6,246 4,582 6,072 4,408
of which non-controlling interest 6 34 32 60

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

15  IN TER IM  R EPO RT  Q3  2025  
Consolidated statement of financial position 
 
  
MSEK Note 30 Sep 2025 31 Dec 2024 30 Sep 2024
ASSETS
Fixed assets:
Intangible fixed assets 7 12,695 12,998 12,870
Tangible fixed assets 15,281 12,484 11,449
Biological assets 406 414 411
Right of use assets 3,724 2,881 2,719
Shares in associated companies and joint ventures 377 315 274
Financial investments 2,931 2,763 2,711
Long-term interest-bearing investments 3,323 1,610 1,121
Long-term receivables 424 435 455
Deferred tax assets 466 521 492
Total fixed assets 39,627 34,421 32,502
Current assets:
Inventories 25,869 21,825 21,454
Derivatives 2,202 930 1,511
Tax receivables 442 250 244
Accounts receivable 7,802 11,334 6,503
Contract assets 17,889 14,323 15,840
Other receivables 3,767 3,259 2,912
Prepaid expenses and accrued income 2,174 1,740 1,977
Short-term interest-bearing investments 6,335 8,898 6,248
Liquid assets 11 2,590 2,843 3,196
Assets held for sale 12 277 - -
Total current assets 69,347 65,402 59,885
TOTAL ASSETS 108,974 99,823 92,387
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity:
Parent Company’s shareholders’ interest 40,891 35,503 35,616
Non-controlling interest 345 309 331
Total shareholders’ equity 41,236 35,812 35,947
Long-term liabilities:
Long-term lease liabilities 3,094 2,337 2,190
Other long-term interest-bearing liabilities 8 7,880 7,128 7,126
Other liabilities 159 136 253
Provisions for pensions 13 247 1,387 1,366
Other provisions 2,288 2,238 2,034
Deferred tax liabilities 1,988 1,070 1,518
Total long-term liabilities 15,656 14,296 14,487
Current liabilities:
Short-term lease liabilities 747 695 661
Other short-term interest-bearing liabilities 8 1,334 224 326
Contract liabilities 27,630 25,675 22,937
Accounts payable 6,674 8,215 5,262
Derivatives 551 2,444 619
Tax liabilities 808 536 439
Other liabilities 1,946 1,190 1,465
Accrued expenses and deferred income 11,280 9,700 9,229
Provisions 1,083 1,036 1,015
Liabilities related to assets held for sale 12 29 - -
Total current liabilities 52,082 49,715 41,953
Total liabilities 67,738 64,011 56,440
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 108,974 99,823 92,387

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

16  IN TER IM  R EPO RT  Q3  2025  
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 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
Net comprehensive income/loss for the period October-
December 2024 -1,984 355 1,455 -174 26 -148
Transactions with shareholders:
Early redemption of shares through equity swap 1 1 1
Share matching plan 64 64 64
Dividend -3 -3 -49 -52
Acquisition and sale of non-controlling interest -1 -1 1 0
Closing balance, 
31 December 2024 2,174 6,099 -1,055 1,250 27,035 35,503 309 35,812
Opening balance, 1 January 2025 2,174 6,099 -1,055 1,250 27,035 35,503 309 35,812
Net comprehensive income/loss for the period January-
September 2025 2,636 -864 4,474 6,246 6 6,252
Transactions with shareholders:
Early redemption of shares through equity swap 1 1 1
Share matching plan 215 215 215
Dividend -1,074 -1,074 -23 -1,097
Acquisition and sale of non-controlling interest - 53 53
Closing balance, 
30 September 2025 2,174 6,099 1,581 386 30,651 40,891 345 41,236

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

17  IN TER IM  R EPO RT  Q3  2025  
Consolidated statement of cash flows 
 
  
MSEK Note Jan-Sep 2025 Jan-Sep 2024 Full Year 2024
Operating activities:
Income after financial items 4,845 3,564 5,289
Adjustments for items not affecting cash flows 3,045 2,246 3,369
Dividend from associated companies and joint ventures 69 16 22
Income tax paid -952 -835 -945
Cash flow from operating activities before changes in working capital 7,007 4,991 7,735
Cash flow from changes in working capital:
Contract assets and liabilities -1,783 2,866 7,218
Inventories -4,221 -4,569 -4,890
Other current receivables 3,187 -556 -5,464
Other current liabilities -167 197 3,589
Provisions -383 -1,195 -1,456
Cash flow from operating activities 3,640 1,734 6,732
Investing activities:
Capitalised development costs -526 -352 -530
Investments in other intangible fixed assets -404 -186 -297
Investments in tangible fixed assets -4,021 -2,700 -4,012
Sales and disposals of tangible fixed assets including biological assets 31 43 70
Investments in and sale of short-term investments 2,591 5,139 2,471
Investments in financial assets, associated companies and joint ventures -2,119 -1,423 -1,894
Investments in operations -60 -15 -15
Sale of subsidiaries and other operations - 25 25
Cash flow from investing activities -4,508 531 -4,182
Financing activities:
Repayments of loans -151 -572 -678
Amortisation of lease liabilities -541 -521 -690
Raising of loans and increase in other interest-bearing liabilities 2,007 331 331
Dividend paid to Parent Company’s shareholders -537 -427 -856
Dividend paid to non-controlling interest -23 -28 -41
Transactions with non-controlling interest 53 0 -
Cash flow from financing activities 808 -1,217 -1,934
Cash flow for the period -60 1,048 616
Liquid assets at the beginning of the period 2,843 2,129 2,129
Exchange rate difference in liquid assets -193 19 98
Liquid assets at end of period 11 2,590 3,196 2,843

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

18  IN TER IM  R EPO RT  Q3  2025  
Quarterly consolidated income statement 
 
Quarterly consolidated statement of comprehensive income 
  
MSEK Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
Sales 15,871 19,786 15,792 20,850 13,546 15,170 14,185 16,122
Cost of goods sold -12,229 -15,530 -12,073 -16,564 -10,634 -11,790 -11,100 -12,605
Gross income 3,642 4,256 3,719 4,286 2,912 3,380 3,085 3,517
Gross margin, % 22.9 21.5 23.5 20.6 21.5 22.3 21.7 21.8
Other operating income 62 58 41 150 111 20 20 179
Marketing expenses -807 -828 -754 -1,000 -650 -755 -694 -777
Administrative expenses -692 -684 -705 -668 -568 -595 -585 -596
Research and development costs -814 -911 -801 -818 -640 -723 -628 -624
Other operating expenses -27 -24 -59 -41 16 -2 -23 22
Share of income in associated companies  and joint ventures 10 110 13 44 6 6 16 -301
Operating income (EBIT) ¹⁾ 1,374 1,977 1,454 1,953 1,187 1,331 1,191 1,420
Operating margin, % 8.7 10.0 9.2 9.4 8.8 8.8 8.4 8.8
Financial income 89 153 325 126 145 135 157 334
Financial expenses -204 -165 -158 -354 -85 -158 -339 -131
Net financial items -115 -12 167 -228 60 -23 -182 203
Income before taxes 1,259 1,965 1,621 1,725 1,247 1,308 1,009 1,623
Taxes -284 -429 -344 -283 -275 -296 -225 -369
Net income for the period 975 1,536 1,277 1,442 972 1,012 784 1,254
of which Parent Company’s shareholders’ interest 957 1,529 1,268 1,435 966 1,000 770 1,223
of which non-controlling interest 18 7 9 7 6 12 14 31
Earnings per share before dilution, SEK ²⁾⁴⁾ 1.78 2.85 2.37 2.68 1.81 1.87 1.44 2.30
Earnings per share after dilution, SEK ³⁾⁴⁾ 1.77 2.83 2.35 2.66 1.79 1.85 1.43 2.27
1) Of which depreciation/amortisation and write-downs -799 -854 -686 -781 -701 -630 -628 -612
2) Average number of shares before dilution ⁴ ⁾ 536,903,275 536,345,756 535,661,111 534,848,975 534,029,736 533,736,845 533,415,230 532,640,956
3) Average number of shares after dilution ⁴ ⁾ 540,743,011 541,201,620 539,768,124 540,113,152 539,056,834 539,334,622 539,532,640 538,631,236
4) Comparison periods adjusted for share split 4:1
MSEK Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
Net income for the period 975 1,536 1,277 1,442 972 1,012 784 1,254
Other comprehensive income/loss:
Items that will not be reversed in the income statement:
Revaluation of net pension obligations 319 276 426 -31 -824 42 1,161 -1,377
Tax attributable to revaluation of net pension obligations -66 -57 -88 6 170 -9 -239 283
Equity instruments classified as measured at fair value through other 
comprehensive income -19 61 -147 49 -17 1,303 36 -41
Tax attributable to equity instruments classified as measured at fair 
value through other comprehensive income - - - - - -1 -7 8
Total 234 280 191 24 -671 1,335 951 -1,127
Items that may be reversed in the income statement:
Translation differences -33 -224 -634 373 -228 -12 353 -515
Net gain/loss on cash flow hedges 45 1,049 2,231 -2,514 1,401 -212 -1,035 982
Tax attributable to net gain/loss on cash flow hedges -15 -216 -458 530 -286 41 207 -206
Interest-bearing investments classified as measured at fair value 
through other comprehensive income -3 14 7 -3 5 - - -
Tax attributable to interest-bearing investmentss classified as 
measured at fair value through other comprehensive income - -3 -1 - -1 - - -
Total -6 620 1,145 -1,614 891 -183 -475 261
Other comprehensive income/loss for the period 228 900 1,336 -1,590 220 1,152 476 -866
Net comprehensive income/loss for the period 1,203 2,436 2,613 -148 1,192 2,164 1,260 388
of which Parent Company's shareholders' interest 1,187 2,440 2,619 -174 1,196 2,152 1,234 386
of which non-controlling interest 16 -4 -6 26 -4 12 26 2

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

19  IN TER IM  R EPO RT  Q3  2025  
Key ratios by quarter 
 
 Quarterly information per operating segment 
 
MSEK Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023
Equity/assets ratio, (%) 37.8 37.7 37.8 35.9 38.9 39.6 39.7 39.1
Return on capital employed, % ³⁾ 14.6 15.3 14.2 13.6 13.2 12.8 12.6 11.9
Return on equity, % ³⁾ 13.6 14.0 13.0 12.4 11.8 11.2 10.9 11.1
Equity per share, SEK ¹⁾³⁾⁴⁾ 76.12 73.84 71.23 66.33 66.64 64.39 62.42 60.11
Free cash flow, MSEK ³⁾ -476 -1,322 -447 3,267 2,622 -2,507 -2,389 2,559
Free cash flow per share after dilution, SEK ²⁾³⁾⁴⁾ -0.88 -2.44 -0.83 6.05 4.86 -4.65 -4.43 4.75
1) Number of shares excluding treasury shares and repurchased through equity swap ⁴ ⁾ 537,166,291 536,640,258 536,051,253 535,270,968 534,426,981 533,632,490 533,841,200 532,989,260
2) Average number of shares after dilution ⁴ ⁾ 540,743,011 541,201,620 539,768,124 540,113,152 539,056,834 539,334,622 539,532,640 538,631,236
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 2025 
Operating 
margin Q2 2025 
Operating 
margin Q1 2025 
Operating 
margin Q4 2024 
Operating 
margin          
Sales
Aeronautics 4,438 4,424 4,525 5,594
Dynamics 3,411 5,714 3,143 5,615
Surveillance 5,517 6,544 5,274 6,504
Kockums 1,861 2,388 2,253 2,617
Combitech 1,025 1,340 1,182 1,298
Corporate/elimination -381 -624 -585 -778
Total 15,871 19,786 15,792 20,850
Operating income/loss
Aeronautics 212 4.8% 249 5.6% 367 8.1% 252 4.5%
Dynamics 658 19.3% 1,194 20.9% 461 14.7% 1,192 21.2%
Surveillance 545 9.9% 588 9.0% 438 8.3% 668 10.3%
Kockums 141 7.6% 168 7.0% 202 9.0% 275 10.5%
Combitech 85 8.3% 113 8.4% 118 10.0% 136 10.5%
Corporate -267 -335 -132 -570
Total 1,374 8.7% 1,977 10.0% 1,454 9.2% 1,953 9.4%        
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%

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

20  IN TER IM  R EPO RT  Q3  2025  
Multi-year overview 
 
 
 
 
  
MSEK 2024 2023 2022 2021 2020
Order bookings 96,798 77,811 63,116 43,569 42,328
Order backlog at 31 December 187,223 153,409 127,676 105,177 99,816
Sales 63,751 51,609 42,006 39,154 35,431
Sales in Sweden, % 41 42 42 38 36
Sales in Europe excluding Sweden, % 25 23 19 17 18
Sales in North America, % 10 11 11 11 11
Sales in Latin America, % 7 7 9 15 13
Sales in Rest of the World, % 13 16 19 19 22
Sales in Undisclosed countries, % 4 1 - - -
Organic sales growth, % 24 23 5 11 1
Operating income (EBIT) 5,662 4,272 3,274 2,888 1,315
Operating margin, % 8.9 8.3 7.8 7.4 3.7
Adjusted operating income 5,662 4,272 3,274 2,888 2,738
Adjusted operating margin, % 8.9 8.3 7.8 7.4 7.4
Depreciation/amortisation and write-downs 2,740 2,286 2,127 1,938 1,518
EBITDA 8,402 6,558 5,401 4,826 2,833
EBITDA margin, % 13.2 12.7 12.9 12.3 8.0
Income after financial items 5,289 4,418 2,819 2,577 1,112
Net income for the year 4,210 3,443 2,283 2,025 1,092
Total assets 99,823 82,759 72,365 65,039 60,568
Equity 35,812 32,362 29,876 23,249 21,644
Free cash flow ¹⁾ 993 1,566 1,871 2,737 3,753
Cash conversion, % ³⁾ 44 74 79 113 101 ²⁾
Return on capital employed, % ¹⁾ 13.6 11.9 8.8 8.1 4.3
Return on equity, % ¹⁾ 12.4 11.1 8.6 9.0 5.1
Equity/assets ratio, % 35.9 39.1 41.3 35.7 35.7
Earnings per share before dilution, SEK ¹⁾⁴⁾ 7.81 6.36 4.15 3.64 2.02
Earnings per share after dilution, SEK ¹⁾⁴⁾ 7.74 6.29 4.10 3.61 2.00
Dividend per share, SEK ⁴⁾ 2.00 1.60 1.33 1.23 1.18
Equity per share, SEK ¹⁾⁴⁾ 66.33 60.11 55.64 43.58 40.58
Number of permanent employees at year-end 24,481 21,479 19,002 18,153 18,073
Number of shares excluding treasury shares 31 December ⁴⁾ 535,270,968 532,989,260 529,955,536 527,240,712 528,988,292
Average number of shares before dilution ⁴⁾ 534,007,696 531,535,632 528,630,344 528,658,396 532,039,944
Average number of shares after dilution ⁴⁾ 539,218,308 537,511,328 534,896,892 533,173,360 535,508,564
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  2025  
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 permanent employees 
The Parent Company’s net debt amounted to SEK 6,168 million as of 30 September 2025 compared to a net liquidity of SEK 1,895 million at 31 December 
2024. Investments in tangible fixed assets amounted to SEK 2,046 million (1,207). Investments in intangible assets amounted to SEK 380 million (179). At 
the end of the period, the Parent Company had 13,574 permanent employees compared to 12,250 at the beginning of the year. 
  
MSEK Jan-Sep 2025 Jan-Sep 2024 Full Year 2024
Sales 28,286 24,911 36,291
Cost of goods sold -23,637 -20,472 -30,454
Gross income 4,649 4,439 5,837
Gross margin, % 16,4 17,8 16,1
Operating income and expenses -3,663 -2,854 -4,188
Operating income (EBIT) 986 1,585 1,649
Operating margin, % 3,5 6,4 4,5
Financial income and expenses 727 173 2,443
Income after financial items 1,713 1,758 4,092
Appropriations - - -824
Income before taxes 1,713 1,758 3,268
Taxes -324 -423 -703
Net income for the period 1,389 1,335 2,565
MSEK Note 30 Sep 2025 31 Dec 2024 30 Sep 2024
     
ASSETS
Fixed assets:
Intangible fixed assets 1,368 1,234 1,185
Tangible fixed assets 7,870 6,410 6,119
Financial fixed assets 12,971 10,945 10,310
Total fixed assets 22,209 18,589 17,614
Current assets:
Inventories 14,378 12,530 11,915
Current receivables 26,204 25,375 22,748
Short term investments 6,294 8,852 6,193
Liquid assets 1,288 903 1,975
Total current assets 48,164 47,660 42,831
TOTAL ASSETS 70,373 66,249 60,445
SHAREHOLDERS’ EQUITY AND LIABILITIES
Equity:
Restricted equity 3,348 3,348 3,354
Unrestricted equity 15,920 15,390 14,090
Total shareholders’ equity 19,268 18,738 17,444
Untaxed reserves, provisions and liabilities:
Untaxed reserves 4,750 4,750 3,926
Provisions 2,051 1,984 1,911
Liabilities 8 44,304 40,777 37,164
Total untaxed reserves, provisions and liabilities 51,105 47,511 43,001
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 70,373 66,249 60,445

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

22  IN TER IM  R EPO RT  Q3  2025  
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, associate d companies and joint 
ventures, are described in the Annual and Sustainability Report 2024. 
Note 2 Accounting principles 
The interim report for the first nine months 2025 has been prepared in 
accordance with IAS 34 Interim Reporting and the Annual Accounts Act. 
The Parent Company’s accounts have been prepared in accordance with 
the Annual Accounts Act and the Swedish Corporate Reporting Board’s 
recommendation RFR 2, Accounting for Legal Entities. The Group’s and 
the Parent Company’s accounting principles are described on pages 160-
162, and concerning significant income statement and balance sheet 
items, in each note disclosure in the Annual Report 2024. 
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 2024. All information on pages 1 -30 constitutes 
the interim report for the first nine months 2025. 
The Group and the Parent Company use the accounting principles and 
calculation methods as described in the Annual Report 2024. Important 
estimates and assumptions are disclosed in note 2 in the Annual Report 
2024. 
Note 3 Segment reporting 
Saab is a leading high -technology company, with its main operations in 
defence, aviation and civil security. Operations are primarily focused on 
well-defined areas in defence electronics, missile systems, and naval 
systems as well as military and commercial aviation. Saab is also active in 
technical services and maintenance. Saab has a strong position in 
Sweden and the main part of sales is generated in Europe. In addition, 
Saab has a local presence in Australia, the U.S., South Africa, and  in other 
selected countries. Saab’s operating and management structure is 
divided into four business areas, which are also operating segments: 
Aeronautics, Dynamics, Surveillance and Kockums. In addition, 
Combitech, which provides consulting services, is an independent, wholly 
owned subsidiary of Saab.  Corporate comprises Group staff and 
departments, a minority portfolio containing Saab’s ownership interests in 
companies in various stages of development as  well as other operations 
outside the core operations. The Group’s operating segments recognise 
all lease contracts as expenses on a straight -line basis over the lease 
term. 
Aeronautics 
Aeronautics is a world-leading manufacturer of innovative aerial syste ms 
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 pr ovides efficient solutions for safety and security, for 
surveillance and decision support, and for threat detection, location, and 
protection. The portfolio covers airborne, ground -based and naval radar, 
electronic warfare and combat systems and C4I solutions. 
Kockums 
Kockums develops, delivers, and maintains world-class solutions for naval 
environments. Its portfolio includes submarines with the Stirling system 
for air independent propulsion, surface combatants, mine hunting 
systems, autonomous vessels , torpedoes and unmanned underwater 
vehicles. Kockums’  unique competence is in signature management, 
impact strength and advanced stealth technology.  
Combitech 
Combitech is an independent subsidiary of Saab and from 1 July 2021 
reported as an operating segment outside the business area structure 
within Saab Group. Combitech is one of the largest technology consulting 
firms in Sweden, combining technology with cutting -edge expertise to 
create solutions for its customers’ specific needs. Combitec h 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 2025 2024 2025 2024 12 Months 2024
       
Aeronautics 16,617 8,760 90 7,411 1,464 19,033 11,176
Dynamics 21,562 45,134 -52 6,451 12,579 26,721 50,293
Surveillance 21,194 19,472 9 5,924 6,158 30,256 28,534
Kockums 7,191 4,636 55 1,234 735 8,261 5,706
Combitech 3,350 3,293 2 690 813 4,694 4,637
Corporate 2,119 237 90 217 2,216 334
Elimination -3,625 -2,290 -939 -793 -5,217 -3,882
Total 68,408 79,242 -14 20,861 21,173 85,964 96,798
Change, 
% 
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year
MSEK 2025 2024 2025 2024 12 Months 2024
Sweden 24,163 16,170 49 3,746 4,274 31,449 23,456
Rest of Europe 20,677 28,740 -28 4,623 5,852 27,435 35,498
North America 7,175 5,392 33 2,657 1,765 9,455 7,672
Latin America 4,510 1,165 287 1,127 314 3,582 237
Asia 8,288 4,417 88 6,517 188 8,921 5,050
Africa 586 349 68 382 9 591 354
Australia, etc. 2,700 1,331 103 1,822 611 4,246 2,877
Undisclosed countries 309 21,678 -99 -13 8,160 285 21,654
Total 68,408 79,242 -14 20,861 21,173 85,964 96,798
Change, 
% 
MSEK 30 Sep 2025 31 Dec 2024 30 Sep 2024
    
Aeronautics 44,690 41,501 44,650
Dynamics 87,709 78,886 79,242
Surveillance 55,164 52,725 49,919
Kockums 15,114 14,360 15,933
Combitech 1,732 1,927 1,880
Corporate 2,232 743 820
Elimination -4,233 -2,919 -2,388
Total 202,408 187,223 190,056
MSEK 30 Sep 2025 31 Dec 2024 30 Sep 2024
    
Sweden 54,694 52,520 53,352
Rest of Europe 68,648 60,540 59,160
North America 14,981 13,422 12,465
Latin America 15,527 13,565 16,677
Asia 13,533 9,550 10,171
Africa 975 699 780
Australia etc. 4,234 4,185 3,441
Undisclosed countries 29,816 32,742 34,010
Total 202,408 187,223 190,056

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

23  IN TER IM  R EPO RT  Q3  2025  
Sales per operating segment 
 
 
Sales per region 
 
 
Information on large customers 
During the first nine months 2025, 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 19,700 million (15,724) during the period. 
Seasonal variation 
A major part of Saab’s business is related to large projects where the 
revenue is recognised by using the percentage of completion method. 
The costs incurred in these projects are normally lower during the third 
quarter compared to other quarters. The 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 2025 2024 % 2025 2024 % 12 Months 2024 
Aeronautics 13,387 11,095 21 4,438 3,322 34 18,981 16,689
Dynamics 12,268 8,990 36 3,411 3,056 12 17,883 14,605
Surveillance 17,335 15,510 12 5,517 5,115 8 23,839 22,014
Kockums 6,502 5,747 13 1,861 1,584 17 9,119 8,364
Combitech 3,547 3,008 18 1,025 877 17 4,845 4,306
Corporate 724 422 72 251 141 78 910 608
Elimination -2,314 -1,871 -632 -549 -3,278 -2,835
Total 51,449 42,901 20 15,871 13,546 17 72,299 63,751
Jan-Sep Jan-Sep Full Year
MSEK 2025 2024 2024
Sweden 22,182 43 18,164 42 26,140 41
Rest of Europe 12,359 24 10,356 24 15,829 25
North America 4,485 9 4,434 10 6,148 10
Latin America 2,545 5 2,369 6 4,556 7
Asia 4,030 8 3,896 9 5,329 8
Africa 310 1 106 0 165 0
Australia, etc. 2,308 4 2,610 7 3,375 5
Undisclosed countries 3,230 6 966 2 2,209 4
Total 51,449 100 42,901 100 63,751 100
% of 
sales
% of 
sales
% of 
sales
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year
MSEK 2025 2024 2025 2024 12 Months 2024 
Aeronautics 828 6.2 725 6.5 212 192 1,080 977
Dynamics 2,313 18.9 1,373 15.3 658 412 3,505 2,565
Surveillance 1,571 9.1 1,323 8.5 545 502 2,239 1,991
Kockums 511 7.9 364 6.3 141 57 786 639
Combitech 316 8.9 306 10.2 85 91 452 442
Group segments' 
operating income 5,539 10.9 4,091 9.6 1,641 1,254 8,062 6,614
Corporate -734 -382 -267 -67 -1,304 -952 
Total 4,805 9.3 3,709 8.6 1,374 1,187 6,758 5,662
% of 
sales
% of 
sales
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year 
MSEK 2025 2024 2025 2024 12 Months 2024 
Aeronautics 336 179 88 140 63 410 253
Dynamics 118 90 31 42 32 156 128
Surveillance 672 730 -8 229 273 989 1,047
Kockums 51 39 31 18 15 63 51
Combitech 12 9 33 5 3 19 16
Corporate 1,150 912 26 365 315 1,483 1,245
Total 2,339 1,959 19 799 701 3,120 2,740
Change, 
%
Jan-Sep Jan-Sep Q3 Q3 Rolling Full Year 
MSEK 2025 2024 2025 2024 12 Months 2024 
 
Aeronautics -3,568 -2,107 -79 -923 -2,173 -712
Dynamics 5,885 1,794 295 3,677 6,889 2,798
Surveillance -3,047 -106 -596 -181 -1,608 1,333
Kockums 955 732 496 884 512 289
Combitech 52 227 -90 -20 357 532
Corporate -1,285 -1,601 116 -249 -1,427 -1,743
Total -1,008 -1,061 142 3,188 2,550 2,497
MSEK 30 Sep 2025 31 Dec 2024 30 Sep 2024
Aeronautics 16,300 12,136 13,167
Dynamics 6,224 5,342 4,931
Surveillance 16,278 12,142 12,197
Kockums 3,674 3,622 3,060
Combitech 1,315 1,348 1,258
Corporate/elimination 10,735 12,755 12,776
Total 54,526 47,345 47,389
Number at end of the period 30 Sep 2025 31 Dec 2024 30 Sep 2024
Aeronautics 6,493 6,023 5,900
Dynamics 4,895 4,295 4,142
Surveillance 8,147 7,190 6,991
Kockums 2,644 2,410 2,373
Combitech 2,541 2,378 2,379
Corporate 2,550 2,227 2,201
Total 27,270 24,523 23,986

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

24  IN TER IM  R EPO RT  Q3  2025  
Note 4 Distribution of sales  
 
Note 5 Items affecting comparability 
 
 
The items affecting comparability in the first nine months 2025 and 2024, the full year 2024 and the third quarter 2024 are included in the operating 
income of the group. Operating income adjusted for items affecting comparability is not reported for the first nine months 2025 and 2024, the full year 
2024 and the third quarter 2024. 
 
Note 6 Dividend to Parent Company’s shareholders 
The Annual General Meeting 2025 held on 10 April decided on a dividend 
to the Parent Company’s shareholders of SEK 2.00 per share, 
corresponding to a total dividend of SEK 1,073 million. The dividend was 
paid out in two equal instalments. Record date for the first instalment was 
14 April 202 5 and the dividend was paid out on 1 7 April 202 5. At the 
second instalment, SEK 1.00 per share was paid on 10 October 2025 with 
record date 7 October 2025. 
Note 7 Intangible fixed assets 
 
 
MSEK 
Jan-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2025 
Jan-Sep 
2024 
Jan-Sep 
2025 
Jan-Sep 
2024 
External sales 13,316 11,052 12,018 8,798 16,793 15,051 6,239 5,648 2,360 1,931 723 421 51,449 42,901
Internal sales 71 43 250 192 542 459 263 99 1,187 1,077 -2,313 -1,870 - -
Total sales 13,387 11,095 12,268 8,990 17,335 15,510 6,502 5,747 3,547 3,008 -1,590 -1,449 51,449 42,901- - - - - - - - - - - - - -
Sales by customer:
Military customers 12,315 10,252 11,791 8,657 15,615 13,774 5,941 5,275 1,372 1,015 268 191 47,302 39,164
Civilian customers 1,001 800 227 141 1,178 1,277 298 373 988 916 455 230 4,147 3,737
Total external sales 13,316 11,052 12,018 8,798 16,793 15,051 6,239 5,648 2,360 1,931 723 421 51,449 42,901- - - - - - - - - - - - - -
Sales by significant source:
Long-term customer contracts 12,544 10,313 3,667 4,207 11,924 10,387 3,614 3,360 - - 220 189 31,969 28,456
Services 528 578 1,575 1,123 2,773 3,102 1,302 1,154 2,126 1,800 128 138 8,432 7,895
Products 244 161 6,776 3,468 2,096 1,562 1,323 1,134 234 131 375 94 11,048 6,550
Total external sales 13,316 11,052 12,018 8,798 16,793 15,051 6,239 5,648 2,360 1,931 723 421 51,449 42,901- - - - - - - - - - - - - -
Sales by domain:
Air 12,100 10,105 486 279 5,649 5,889 - - 30 30 157 24 18,422 16,327
Land 117 114 9,882 7,602 4,084 2,746 - - 1,354 1,004 30 41 15,467 11,507
Naval 3 6 1,589 866 5,772 5,043 6,239 5,648 5 3 133 108 13,741 11,674
Civil Security 29 24 33 31 1,265 1,355 - - 250 265 52 54 1,629 1,729
Commercial Aeronautics 1,066 792 - - 3 5 - - 6 6 8 12 1,083 815
Other/not distributed 1 11 28 20 20 13 - - 715 623 343 182 1,107 849
Total external sales 13,316 11,052 12,018 8,798 16,793 15,051 6,239 5,648 2,360 1,931 723 421 51,449 42,901- - - - - - - - - - - - - -
Sales recognition method:
Over time 11,436 9,635 4,853 4,920 12,468 11,145 5,920 5,311 2,345 1,929 323 203 37,345 33,143
Point in time 1,880 1,417 7,165 3,878 4,325 3,906 319 337 15 2 400 218 14,104 9,758
Total external sales 13,316 11,052 12,018 8,798 16,793 15,051 6,239 5,648 2,360 1,931 723 421 51,449 42,901
Corporate/         
elimination Group Aeronautics Dynamics Surveillance Kockums Combitech
Item affecting comparability Business Area Line item Jan-Sep 2025 Jan-Sep 2024 Q3 2025 Q3 2024 Full Year 2024
Non-recurring contribution from minority portfolio Corporate Share of income in associated companies and joint ventures 105 - - - -
Capital gain from divestment of Combitech Norway Combitech Other operating income - 18 - 18 18
Remeasurement of contingent consideration payable Surveillance Other operating income - - - - 112
Write-down of intangible assets related to acquired customer 
relations Surveillance Marketing expenses - - -72
Total 105 18 - 18 58
MSEK
30 Sep 
2025
31 Dec 
2024
30 Sep 
2024
Goodwill 5,268 5,572 5,455
Capitalised development costs 5,906 6,052 6,021
Other intangible assets 1,521 1,374 1,394
Total 12,695 12,998 12,870

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

25  IN TER IM  R EPO RT  Q3  2025  
Note 8 Net liquidity/debt 
 
Committed credit lines 
 
Parent Company 
 
 
Saab has a Medium Term Note (MTN) programme with a framework of 
SEK 15,000 million, enabling the issuance of long-term loans on the 
capital market. The programme was established in 2009 and has since 
been increased in three steps, most recently during the second quarter 
of 2025, when the framework was increased from SEK 10,000 million to 
SEK 15,000 million. 
  
During the second quarter, bonds amounting to SEK 114 million matured. 
During the third quarter, Saab issued bonds totalling SEK 2,000 million 
under its MTN programme. The issuance was evenly split between two 
tranches with maturities of 5 and 7 years, respectively. At the end of the 
third quarter, bonds outstanding under the MTN programme amounted 
to SEK 8,755 million. 
Note 9 Capital employed 
 
 
 
Note 10 Financial instruments 
Classification and categorisation of financial assets and liabilities²⁾ 
 
The Group has used the same valuation methods as in the year -end 
closing of 202 4, as described in the Annual Report 2024 on page 203, 
note 35. As of 30 September 2025, 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 
2025 
31 Dec 
2024 
30 Sep 
2024 
    
Assets:
Liquid assets 2,590 2,843 3,196
Short-term investments 6,335 8,898 6,248
Total liquid investments 8,925 11,741 9,444
Short-term interest-bearing receivables 66 73 74
Long-term interest-bearing receivables 229 241 266
Long-term receivables attributable to pensions 79 79 59
Long-term interest-bearing financial investments 3,323 1,610 1,121
Total interest-bearing assets 12,622 13,744 10,964
Liabilities:
Lease liabilities 3,841 3,032 2,851
Bonds and other debt instruments 9,074 7,193 7,309
Liabilities to associated companies 
and joint ventures 49 55 51
Other interest-bearing liabilities 90 104 92
Provisions for pensions ¹⁾ 235 1,149 1,139
Total interest-bearing liabilities and provisions for 
pensions 13,289 11,533 11,442
Net liquidity (+) / net debt (-) -667 2,211 -478
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) 86 - 86
Total 6,086 - 6,086
MSEK
30 Sep 
2025 
31 Dec 
2024 
30 Sep 
2024 
    
Long-term bonds and other debt instruments 7,817 7,073 7,074
Short-term bonds and other debt instruments 1,250 114 215
Total 9,067 7,187 7,289
MSEK
30 Sep 
2025
31 Dec 
2024
30 Sep 
2024
Total assets 108,974 99,823 92,387
Less non-interest bearing liabilities 54,448 52,478 44,998
Capital employed 54,526 47,345 47,389
Carrying amount 
30 Sep 
2025 
31 Dec 
2024 
30 Sep 
2024 
Financial assets:
Valued at amortised cost ⁴⁾: 
Accounts receivable, contract assets and other 
receivables 27,981 27,482 24,319
Liquid assets 2,590 2,843 3,196
Long-term receivables 345 356 396
Valued at fair value through profit and loss ³⁾: 
Short-term interest-bearing investments 6,264 8,898 6,248
Derivatives for trading 81 17 44
Financial investments 509 237 234
Valued at fair value through other comprehensive 
income ³⁾: 
Derivatives identified as hedges 2,121 913 1,467
Equity investments elected to be classified as fair value 
through other comprehensive income 2,422 2,526 2,477
Interest-bearing investments 3,394 1,610 1,121
Total financial assets 45,707 44,882 39,502
Financial liabilities:
Valued at amortised cost:
Interest-bearing liabilities ¹⁾ 13,055 10,384 10,303
Other liabilities ⁴⁾ 16,308 15,977 13,083
Valued at fair value through profit and loss ³⁾:
Contingent consideration payable 14 19 135
Derivatives for trading 41 64 13
Valued at fair value through other comprehensive 
income ³⁾: 
Derivatives identified as hedges 510 2,380 606
Total financial liabilities 29,928 28,824 24,140
¹⁾  Fair value 13,241 10,617 10,621
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 548 
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 2025 Level 1 Level 2 Level 3
     Bonds and interest-bearing securities 9,658 9,658 - -
Forward exchange contracts 2,064 - 2,064 -
Currency options 3 - 3 -
Interest rate swaps 123 - 123 -
Electricity derivatives 12 12 - -
Shares and participations 2,931 - - 2,931
Total 14,791 9,670 2,190 2,931
MSEK 30 Sep 2025 Level 1 Level 2 Level 3
     
Forward exchange contracts 537 - 537 -
Currency options 4 - 4 -
Interest rate swaps 7 - 7 -
Electricity derivatives 3 3 - -
Contingent consideration payable 14 - - 14
Total 565 3 548 14

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

26  IN TER IM  R EPO RT  Q3  2025  
Movements in the group’s Level 3 financial instruments were as follows: 
 
Note 11 Supplemental information on statement of cash flows 
Free cash flow 
 
 
Free cash flow vs. statement of cash flows 
 
Liquid assets 
 
Note 12 Business combinations 
On August 18 2025, Saab announced the acquisition of 100 per cent of 
the shares in Deform AB (Deform) for approximately SEK 60 million. 
Deform is a forming company located In Degerfors, Sweden with four main 
business areas: pressure vessels, protection, heavy fabrication and heavy 
equipment. The company speciali ses in hot and cold forming of various 
types of metallic materials.  At the time of acquisition, Deform had 37 
employees. 
Deform has a long and close relationship with Saab as a supplier of 
speciality parts for Saab’s submarine production and is an important part 
of Kockums’ supply chain. The acquisition strengthens the security of 
supply for the Swedish defence industry and ensures continued close 
cooperation between the two companies.  
The net assets of the acquired operations are comprised of the following; 
fair value of intangible fixed assets amounted to SEK 9 million and is 
related to an acquired order backlog. Tangible fixed assets amounted to 
SEK 20 million and current assets to SEK 19 million, resulting in total 
identifiable assets of SEK 48 million. Total liabilities amounted to SEK 24 
million. 
Accordingly, total identifiable net assets at fair value amounted to SEK 24 
million and recognised goodwill amounted to SEK 36 million. The goodwill 
comprises the value of expected synergies through the consolidation of 
the operations of Saab and Deform arising from the acquisition. None of 
the acquired goodwill is expected to b e deductible for income tax 
purposes. The total of the identified net assets and goodwill equals the 
purchase price of SEK 60 million.  
From the date of the acquisition, Deform  has contributed to the 
consolidated accounts of the group with SEK 6 million to sales and SEK 
0.4 million to income before taxes. Transaction costs of SEK 4 million have 
been expensed and are included in administrative expenses (included in 
cash flows from operating activities). 
On August 28 2025, Saab announced t he divestment of Saab 
TransponderTech AB. Completion of the divestment is subject to certain 
conditions that are expected to be fulfilled by the end of the fourth quarter 
2025. At the end of the t hird quarter, the operations of Saab 
TransponderTech AB are presented as assets and liabilities held for sale 
in the consolidated statement of financial position. 
MSEK Unlisted shares and participations Contingent consideration payable 
Opening balance, 1 January 2025 2,763 19
Acquisitions 340 -
Payments - -3
Gains/losses recognised in the income statement -67 -
Gains/losses recognised in other comprehensive income -105 -
Foreign currency translation - -2
Closing balance, 30 September 2025 2,931 14
MSEK
Jan-Sep
2025 
Jan-Sep
2024 Q3 2025 Q3 2024 
Full year
2024 
    
Cash flow from operating activities before changes in working capital, excluding taxes and other financial items ¹⁾ 7,278 5,391 2,164 1,830 8,269
Cash flow from changes in working capital:
Contract assets and liabilities -1,783 2,866 -1,149 3,723 7,218
Inventories -4,221 -4,569 -1,450 -1,682 -4,890
Other current receivables 3,187 -556 3,238 2,040 -5,464
Other current liabilities -166 197 -982 -1,126 3,589
Provisions -383 -1,195 -101 -590 -1,456
Change in working capital -3,366 -3,257 -444 2,365 -1,003
Cash flow from operating activities excluding taxes and other financial items 3,912 2,134 1,720 4,195 7,266
Investing activities:
Investments in intangible fixed assets -930 -538 -232 -168 -827
Investments in tangible fixed assets -4,021 -2,700 -1,366 -858 -4,012
Sales and disposals of tangible fixed assets including biological assets 31 43 20 19 70
Cash flow from investing activities ²⁾ -4,920 -3,195 -1,578 -1,007 -4,769
Operational cash flow -1,008 -1,061 142 3,188 2,497
Taxes and other financial items -812 -920 -199 -301 -1,224
Investments in and sale of financial assets, associated companies and joint ventures -365 -303 -359 -290 -290
Investments in operations -60 -15 -60 - -15
Sale of subsidiaries and other operations - 25 - 25 25
Free cash flow -2,245 -2,274 -476 2,622 993
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
Jan-Sep Jan-Sep Q3 Q3 Full Year
MSEK 2025 2024 2025 2024 2024
    
Free cash flow -2,245 -2,274 -476 2,622 993
Investing activities – interest-bearing:
Short-term investments 2,591 5,139 -675 -538 2,471
Other financial investments and receivables -1,755 -1,121 -413 -531 -1,604
Financing activities:
Repayments of loans -151 -572 - -231 -678
Raising of loans and increase in other interest-bearing 
liabilities 2,007 331 2,007 101 331
Dividend paid to the Parent Company’s shareholders -537 -427 - - -856
Dividend paid to non-controlling interest -23 -28 - - -41
Transactions with non-controlling interest 53 - 3 - -
Cash flow for the period -60 1,048 446 1,423 616
MSEK 
30 Sep 
2025 
31 Dec 
2024 
30 Sep 
2024 
    
The following components are included 
in liquid assets: 
Cash and bank balances 1,480 2,543 1,646
Bank deposits 1,110 300 1,550
Total according to balance sheet 2,590 2,843 3,196
Total according to statement of cash flows 2,590 2,843 3,196

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

27  IN TER IM  R EPO RT  Q3  2025  
Note 13 Defined-benefit plans 
Saab has defined -benefit pension plans where post-employment 
compensation is based on a percentage of the recipient’s salary. Defined-
benefit plans mainly relate to the Swedish operations, where the ITP2 plan 
accounts for more than 90 per cent of the total obligation. 
Pension obligation according to IAS 19 
 
Actuarial gains and losses are recogni sed in other comprehensive 
income. The actuarial gain related to the Swedish pension plans amounted 
to SEK 1,021 million net in January-September 2025 due to the following: 
The assumed discount rate increased from 3.75 per cent to 4.00 per cent 
in the third quarter. This resulted in an actuarial gain of SEK 378 million. The 
inflation assumption was unchanged during the third quarter at 1.75 per 
cent. 
Negative experience adjustments resulted in an actuarial loss of SEK 21 
million. 
The return on assets under management was SEK 725 million which 
resulted in an actuarial gain of SEK 461 million. 
The actuarial gain related to the special employer’s contribution amounted 
to SEK 203 million. 
Note 14 Contingent liabilities 
No additional significant commitments have arisen during the first nine 
months 2025. With regard to the Group’s so -called performance 
guarantees for commitments to customers, the likelihood of an outflow of 
resources is estimated as remote and, as a result, no value is recognised. 
Note 15 Transactions with related parties 
No significant transactions with related parties have occurred during the 
first nine months  2025. Related parties with which the Group has 
transactions are described in note 37 in the Annual Report 2024. 
Note 16 Definitions 
Below are definitions of financial key ratios that are used in the report. For 
more information and explanations regarding the usage of these key 
ratios, please see www.saab.com/investors/financials/financial-data.  
Capital employed  
Total assets less non-interest-bearing liabilities.  
Cash conversion 
Operational cash flow divided by operating income (EBIT). 
Earnings per share  
Net income for the period attributable to the Parent Company’s 
shareholders, divided by the average number of shares before and after 
full dilution.  
EBITDA  
Operating income before depreciation/amortisation and write-downs.  
EBITDA adjusted for items affecting comparability  
Operating income before depreciation/amortisation and write -downs 
adjusted for items classified as affecting comparability. 
EBITDA margin  
Operating income before depreciation/amortisation and write-downs as a 
percentage of sales.  
EBITDA margin adjusted for items affecting comparability  
Operating income before depreciation/amortisation and write -downs 
adjusted for items affecting comparability  as a percentage of adjusted 
sales. 
Effective tax rate  
Current and deferred taxes as a percentage of income before tax.  
Equity/assets ratio  
Equity in relation to total assets.  
Equity per share  
Equity attributable to the Parent Company’s shareholders divided by the 
number of shares, excluding treasury share s 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 sho rt-term investments and other interest -bearing 
financial assets.  
Free cash flow per share  
Free cash flow divided by the average number of shares after dilution.  
Full Time Equivalent, FTE  
Refers to the number of full -time equivalent employees. Excludes long-
term absentees and consultants but includes fixed term employees and 
part-time employees. 
Gross income adjusted for items affecting comparability 
Gross income adjusted for items classified as affecting comparability.  
Gross margin  
Gross income as a percentage of sales.  
Gross margin adjusted for items affecting comparability  
Gross income adjusted for items affecting comparability as a percentage of 
adjusted sales. 
Items affecting comparability  
Items affecting comparability comprise the financial effects from events 
or transactions with material impact that are relevant to understand the 
result when comparing periods. Such events or transactions can relate to 
restructuring programs, costs related to disputes and legal proceedings,  
macroeconomic developments, impairment charges and gains and 
losses from divestments of group companies, joint ventures or associated 
companies. 
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 permanent 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 
2025 
31 Dec 
2024 
30 Sep 
2024 
Defined-benefit obligation 10,780 10,969 10,856
Special employers' contribution 12 238 227
Less assets under management 10,624 9,899 9,776
Total provisions for pensions 168 1,308 1,307
 of which reported as long-term receivable 79 79 59

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

28  IN TER IM  R EPO RT  Q3  2025  
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 development as well as amortisation and any write -
down of capitalised development costs.  
Research and development expenditures comprise bot h 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  2025  
Glossary 
AEW&CS Airborne Early Warning & Control System 
CDP Global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts 
C-UAS Counter-Unmanned Aircraft Systems  
FMV Swedish Defence Materiel Administration, Sw, “Försvarets materielverk” 
FRN Floating Rate Note 
IAS International Accounting Standards 
IFRS International Financial Reporting Standards 
MTN Medium Term Note, loan facility for issuance of bonds with a duration of 1-15 years 
MTM Maritime Traffic Management 
NSPA NATO Support and Procurement Agency 
NLAW Next Generation Light Anti-Tank Weapon 
SBTi Science Based Targets initiative 
UAV Unmanned Aerial Vehicle 
 
Stockholm 24 October 2025 
Saab AB (publ) 
 
Micael Johansson 
President and CEO 
Au    r’  report 
To Saab AB (publ.) corporate identity number 556036-0793 
 
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. 
 
Introduction 
We have conducted a limited review of the condensed interim financial information (interim report) for Saab AB (publ.) as of September 30, 2025, and the nine-
month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report 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 limited review. 
The focus and scope of the limited review 
We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information 
Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting 
matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the 
focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not 
enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion 
expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has 
Conclusion 
Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the 
group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. 
 
Stockholm 24 October 2025 
Öhrlings 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 statements. Forward -looking 
statements inherently involve both known and unknown 
risks and uncertainties as they depend on future events 
and circum stances. Forward-looking statements do not 
guarantee future results or development and the actual 
outcome could differ materially from the forward -looking 
statements. 
 
This information is such that Saab AB is obliged to make 
public pursuant to the EU Market Abuse Regulation. The 
information was submitted for publication, through the 
agency of the contact person set out above, on 24 
October 2025 at 07.30 (CET). 
Contacts
Johan Andersson, Head of Investor Relations 
+46 734 37 29 39 
Adam Solberg, Investor Relations Manager 
+46 734 46 62 58 
Media and financial analyst conference:  
24 October 2025 at 10.00 (CEST) 
Live webcast: 
www.saab.com/investors/webcast/q3-2025 
Conference call: 
Registration for the conference call: 
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 2025  
Published 5 February 2026 
Annual General Meeting  
To be held in Linköping, Sweden on 1 April 2026 
Q1 Interim report 2026  
Published 23 April 2026 
Q2 Interim report 2026  
Published 17 July 2026 
Q3 Interim report 2026  
Published 23 October 2026 
 
 
 
Q3