FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== 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