SAAB (SAAB) Q4 2025 earnings summary

Executive summary

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

• Full-year organic sales grew 25.6% to SEK 79.1 billion, with operating income up 37% and net income up 51% to SEK 6.4 billion.

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

• Major contract wins included Gripen to Colombia, GlobalEye to France, A26 submarines for Sweden and Poland, and Arexis for German Eurofighter.

• Continued capacity expansion with new factories in the US and India, and significant investments in Sweden.

Financial highlights

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

• EBIT increased by 50% in Q4 and 37% for the full year, with EBIT margin rising to 10.2% from 8.9% last year.

• Net income and EPS grew by 51% year-over-year, with EPS at SEK 11.70.

• Cash flow from operations reached SEK 12 billion, with investments at SEK 7.2 billion, and cash conversion at 68%.

• Net liquidity at year-end was SEK 4 billion, with cash and liquid investments totaling SEK 18.7 billion.

Outlook and guidance

• Upgraded medium-term growth target to 22% average annual organic growth for 2023–2027, up from 18%.

• EBIT is targeted to grow faster than sales, with cash conversion above 60% despite high investments.

• No specific outlook for 2026 provided.