SAAB (SAAB) Q4 2025 earnings summary

Executive summary

• Achieved record order bookings and backlog, with SEK 169 billion for the year, SEK 100.1 billion in Q4, and a record order backlog of SEK 275 billion, driven by major contracts for Gripen E/F fighters, GlobalEye to France, A26 submarines for Sweden and Poland, and Arexis for German Eurofighter.

• Delivered organic sales growth of 25.6% to SEK 79.1 billion, with operating income up 37% and net income up 51%, marking the best quarter and year in company history.

• All business areas and Combitech reported double-digit sales growth, with particularly strong performance in Surveillance and Dynamics.

• Significant capacity expansions underway in Sweden, the US, and India to support growth and meet high customer demand.

• Major international contracts increased the share of international order bookings to 66%.

Financial highlights

• Full-year sales reached SEK 79.1 billion, up 24.1% year-over-year; organic growth was 25.6%.

• EBIT increased 37% to SEK 8.1 billion, with EBIT margin improving to 9.8% from 8.9%; EBITDA margin at 14.3%.

• Net income and EPS rose 51% year-over-year; EPS after dilution reached SEK 11.70.

• Cash and liquid investments totaled SEK 18.7 billion, with net liquidity at SEK 4 billion and an unutilized credit facility of SEK 6 billion.

• Board proposes a 20% dividend increase to SEK 2.40 per share for 2025.

Outlook and guidance

• Upgraded medium-term growth target to 22% average annual organic growth for 2023–2027, with EBIT targeted to grow faster than sales and cash conversion above 60%.

• Strong order backlog and high market demand provide confidence in achieving future growth targets.