Saab AB (publ) Q2 2026 Earnings Recap

Saab's +9.7% stock reaction reflects strong order intake driven by major defense contract wins, notably the Polish submarine deal and promising Gripen E agreements with Ukraine, underpinning expectations for continued growth and margin improvement.

Key Takeaways

• Order intake surged to over SEK 68 billion, led by the three-submarine contract with Poland and first batch of 16 Gripen E fighters for Ukraine (to be booked next quarter).
• Organic growth nearly 30%, supported by ongoing capacity investments and addition of roughly 3,000 net employees annually to meet rising delivery demands.
• Gross margin and operating profitability improved due to increased sales and enhanced operational efficiency.
• R&D spending increased by approximately SEK 700 million over last year’s first half, reflecting investment in future capabilities.
• Cash flow was flat for the quarter, but first half-year cash generation improved to over SEK 1 billion from a SEK -1.1 billion outflow in the prior year period.