SAAB (SAAB) Q1 2026 earnings summary

Executive summary

• Organic sales growth reached 23.6% year-over-year, with all business areas and Combitech achieving double-digit growth, led by Surveillance and Dynamics.

• Major delivery milestones included the first Gripen E from Brazilian facilities and the launch of a new Naval business area consolidating naval capabilities.

• Strong operational cash flow and profitability, with EBIT up 32% to SEK 1.92bn and an operating margin of 10.0% (up from 9.2%).

• Significant order wins, including a SEK 2.6bn Counter-UAS contract from Sweden, and robust order intake supporting a record backlog.

• Sustainability initiatives advanced, with emissions down 36% from 2020 and CSRD-compliant reporting.

Financial highlights

• Sales reached SEK 19.2bn, up 21.4% year-over-year, with 23.6% organic growth.

• EBIT increased by 32% to SEK 1.92bn, with an EBIT margin of 10.0% (up from 9.2%).

• Net income rose 14.7% to SEK 1.47bn; EPS up 12.8% to SEK 2.65.

• Operational cash flow improved to SEK 1.0bn, with free cash flow slightly negative due to higher tax payments.

• Order backlog reached SEK 274bn, up 28% for the remaining nine months and 56% for next year compared to last year.

Outlook and guidance

• Medium-term targets (2023–2027): organic sales CAGR ~22%, EBIT growth above sales growth, and cash conversion above 60%.

• Continued investments of SEK 8–10bn annually to expand capacity and support backlog.

• Positive cash flow expected over the period, with quarterly fluctuations possible.

• Sustained market demand and a solid order backlog support confidence in meeting medium-term goals.