Saab reports record order backlog of SEK 364 billion after Ukraine’s Gripen E; SEK 65.8 billion of orders in one quarter

Three large contracts in three months have taken Sweden’s Saab to order levels the company has never seen. The backlog stood at SEK 364.2 billion at the end of September, up from SEK 274.5 billion at the start of the year and SEK 202.4 billion a year earlier, an increase of 80% year on year. Almost eight of every ten kronor (79%) come from customers outside Sweden.

The biggest boost came from the SEK 24.6 billion contract for 16 Gripen E fighters for Ukraine, which Saab describes as a “first step” in the long-term development of the Ukrainian air force. It was followed by two GlobalEye airborne early warning aircraft for an undisclosed customer, worth SEK 10.1 billion, and an SEK 8.7 billion order for combat systems, sensors and composite structures for Germany’s four new MEKO A-200 DEU frigates.

Total third-quarter orders reached SEK 65.8 billion, against SEK 20.9 billion in the same period last year, with an order-intake-to-sales ratio of 3.2. Large orders, each above SEK 1 billion, jumped 526% to SEK 52.1 billion. For the nine months, orders total SEK 152.5 billion, more than double the SEK 68.4 billion of 2025, according to the interim report.

Financial results

Financial results also moved up. Third-quarter sales were SEK 20.55 billion, from SEK 15.87 billion, an organic increase of 30.6%. Operating income (EBIT) rose 42% to SEK 1.95 billion, a margin of 9.5%, and net income reached SEK 1.43 billion. Operating cash flow climbed to SEK 6.8 billion from just SEK 142 million, while net liquidity more than doubled to SEK 8.7 billion from SEK 4 billion at the end of 2025.

“Growing customer demand is reflected in large contracts, such as Gripen for Ukraine, GlobalEye and the order for Germany’s new frigates,” CEO Micael Johansson said.

GlobalEye, surveillance and missiles

GlobalEye is becoming a key driver. After Canada’s selection of it, Saab signed a document of terms for a framework contract for six aircraft, while the system has also been chosen by NATO and the Netherlands has announced its intention to acquire it. The surveillance segment, with Giraffe 1X radars delivered in large numbers, recorded a 65% rise in sales. The naval segment grew 41%, with the start of the submarine programme for Poland. In missiles, Finland ordered the RBS 70 NG air-defence system and a large IRIS-T order arrived, while in aircraft the margin was weighed down by the T-7 trainer programme.

The quarter also had aviation milestones: the first flight of the two-seat Gripen F and of the first Gripen E built in Brazil, the first live firing of a Taurus missile from a Swedish Air Force Gripen, and a new FMV order for studies of a future fighter system. On August 22, Saab presented a model of the unmanned combat aircraft A3-001, a continuation of the A1 and A3 designs. Self-funded research and development spending rose 47% over nine months to SEK 3.7 billion.