Saab AB (SAABBN) Q3 2026 Earnings Report
MX:SAABBN Q3 2026 EPS Results
- Actual EPS
- MXN 4.84
- Consensus EPS
- MXN 4.90
- Beat/Miss
- Missed by -MXN 0.05
- One Year Ago EPS
- MXN 3.34
MX:SAABBN Q3 2026 Revenue Results
- Actual Revenue
- MXN 38.74B
- Expected Revenue
- MXN 37.64B
- Beat/Miss
- Beat by +MXN 1.10B
- YoY Revenue Growth
- +29.50%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/23/2026
- Time
- Before Open
- Conference Call
- Friday, October 23, 2026
MX:SAABBN Upcoming Earnings
Saab AB's next earnings date is estimated for February 5, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive, supported by more than 27% organic growth, 39% EBIT growth for the first nine months, record-level order intake, a SEK 364 billion backlog, strong cash conversion, improving liquidity, and broad-based contract and capacity momentum. The main challenges were the ongoing T-7 ramp-up impact, lower quarterly margins in Dynamics and Naval, higher emissions from flight testing, supply-chain pressures, and pending political or contractual decisions in Canada. Management remained confident in its medium-term targets and the outlook.
Company Guidance
Management said cash conversion is guided above 60%, while current cash conversion is 77%, and it expects to end this year with a strong cash flow. Capacity investments are on a rolling 12-month basis above SEK 8 billion in only capacity investments, with a rather high level also the coming year at least; the peak levels might be 2026, 2027, and then they might come down a bit. Aeronautics capacity is planned to increase from roughly 15 aircrafts per year to between 25 and 30 aircraft per year, while T-7 production is somewhere between 50-80, depending on contracts, with initial operation capability in August next year and roughly SEK 500 million affecting Aeronautics’ margin on a yearly basis. Surveillance is expected to move from two aircraft per year to six aircraft per year, with Surveillance profitability described as always above 10%, while Dynamics is expected to have a solid end of the year and Naval is expected to see improvement going forward.
- Strong Nine-Month Organic Growth and EBIT ExpansionSAAB reported organic growth of more than 27% during the first nine months, while EBIT increased by 39%. Management described the year as strong.
- Record Order Intake and Large BacklogOrder intake reached almost SEK 66 billion in the quarter and SEK 152 billion for the first nine months. The order backlog reached SEK 364 billion, providing visibility across the near-term and long-term delivery periods.
- Strong Quarterly Sales and EBIT GrowthQuarterly sales grew by about 30% to more than SEK 20 billion, while EBIT reached almost SEK 2 billion. Group EBIT increased 42% year-on-year to SEK 1.95 billion, and the EBIT margin improved to 9.5% from 8.7% in Q3 2025.
- Gross Margin ImprovementGross income increased by 32%, and the gross margin improved to 23.4% from 22.9% in the same quarter last year, mainly driven by sales growth and a higher share of Surveillance.
- Record Operational Cash Flow and Cash ConversionOperational cash flow for the last 12 months reached SEK 14.1 billion, despite investments of SEK 8.1 billion. Cash conversion was 77%, above the 60% guiding level. First-nine-month operational cash flow was SEK 7.7 billion, while free cash flow after financial items and tax was SEK 5.1 billion.
- Strengthened Balance Sheet and Funding PositionNet liquidity increased to SEK 8.7 billion at the end of Q3 from SEK 2.5 billion at the end of Q2. Cash and liquid investments totaled SEK 26.1 billion, the net debt/EBITDA ratio was negative 0.6x on a rolling 12-month basis, and SAAB completed its first euro-denominated bond transaction of EUR 300 million with a seven-year tenor. The company also had an unutilized SEK 6 billion revolving credit facility.
- Large Customer Advance Payments Supporting GrowthLarge customer payments, including advance payments for the Polish submarine contract and GlobalEye contracts, supported working capital and cash flow. Management said early milestone payments are important to fund investments and delivery of large platform contracts, and expects to end the year with strong cash flow.
- Gripen E Contract and Ukraine PartnershipSAAB signed a Gripen E contract with Ukraine. The relationship will begin with a donation of 16 Gripen C/D aircraft as soon as possible, followed by Gripen E deliveries starting in 2029. Management described the contract as the start of a journey with Ukraine on fighter aircraft.
- Aeronautics Backlog and Product MilestonesAeronautics' backlog exceeded SEK 100 billion. During the quarter, SAAB flew the first two-seat Gripen version and the first Gripen E from the Brazilian factory. More than 600 people are already working on future systems complementing and extending beyond Gripen E.
- Strong Dynamics Demand and BacklogDynamics delivered 10% growth and roughly 15% EBIT growth in the quarter. For the first nine months, growth was 24% and the EBIT level was almost 18%. The business area had a backlog of more than SEK 90 billion and continued to see strong demand across its portfolio.
- Dynamics Innovation and Capacity ExpansionSAAB formed a new Dynamics business unit focused on effectors that resemble drones, including loitering ammunition and one-way effectors. The business is also developing counter-UAS systems and new ammunition types for Carl-Gustaf, while continuing capacity investments.
- Surveillance Growth and GlobalEye MomentumSurveillance delivered 65% growth, driven by the sensor business and airborne early warning activities. Operating income more than doubled from SEK 446 billion to SEK 939 billion as stated in the transcript, while the EBIT margin improved to 13.7% from 10.8% in Q3 2025. GlobalEye was selected by Canada, the Netherlands, and NATO, and SAAB signed a term sheet with Canada for six aircraft.
- Additional GlobalEye Customer and Swedish CapabilitySAAB contracted with another, undisclosed country for GlobalEye during the summer. The first Swedish GlobalEye was rolled out in the fourth quarter and is expected to enter Swedish operations in early 2027.
- Naval Contract Wins and Submarine ExpansionSAAB received a contract supporting German frigates with sensors, fire-control systems, and related equipment. The Polish submarine project and Swedish submarine program were both progressing, and SAAB expanded capacity at Landskrona alongside its existing Karlskrona operations.
- Autonomous Underwater and Airborne CapabilitiesSAAB demonstrated a fully autonomous underwater vehicle for ISR sensing that complements manned submarines. The company also continued developing A3, an uncrewed aircraft intended to complement Gripen E, as well as other future autonomous capabilities.
- Naval and Combitech GrowthNaval reported growth of more than 40% and had a large backlog dominated by the Polish submarine contract. Combitech delivered another strong quarter, with momentum in defense and telecom, additional contracts in weather systems and military radio integration, and profitability of almost 11%.
- Capacity Investment and Production Scale-UpSAAB is investing above SEK 8 billion annually on a rolling 12-month basis in production capacity. Aeronautics plans to increase output from roughly 15 aircraft per year to between 25 and 30, Surveillance plans to increase GlobalEye production from two to six aircraft per year, and radar production is expected to reach hundreds of units annually. New facilities in the United States, India, and Sweden are also being developed.
- Higher R&D Investment for Future CapabilitiesR&D investment increased 47% during the first nine months compared with the same period last year. Management said continued investment in future capabilities is part of the strategy to remain relevant, including work in AI, autonomous systems, effectors, and new ammunition.
- Sustainability Progress and RecognitionSAAB reduced emissions by 34% since 2020 and said it remains on track against its science-based target objectives. The company was recognized by Time magazine and Statista as the world's most sustainable aerospace and defense company and published a climate transition plan toward its targets and eventual net-zero emissions.
- Improved Return on Capital and Confidence in TargetsReturn on capital employed improved to 16.7%, driven by higher profitability and better capital turnover. Management remained confident in its 2023-2027 medium-term targets, citing strong market demand, increasing defense spending, the large backlog, higher delivery volumes, and improved scalability.
- Organizational Changes Supporting Growth and InnovationSAAB appointed Marcus Wandt as head of Aeronautics and Anders Carp as head of Dynamics, while Anders Carp remained Deputy CEO. Management said the changes support growth, innovation, product execution, and capacity increases.
- AI Collaboration and Helsing InvestmentSAAB said its collaboration with Helsing on AI and AI agents is more important than the size of its equity investment. The partnership is intended to accelerate work in an area management described as instrumental to future systems.
- Supply-Chain Resilience MeasuresSAAB is working to regionalize sourcing, avoid risk areas, maintain inventory of certain raw materials, establish redundancy, use contractual protections for inflation and currency changes, and qualify alternative suppliers where possible. The company said its contracts include index protection.
MX:SAABBN Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 05, 2027 | 2026 (Q4) | 10.60- | 8.92 | ― | ― |
| Oct 23, 2026 | 2026 (Q3) | 4.904.84 | 3.34 | 45.20% (+1.51) | |
| Jul 17, 2026 | 2026 (Q2) | 6.437.50 | 5.33 | 40.64% (+2.17) | |
| Apr 23, 2026 | 2026 (Q1) | 4.474.99 | 4.43 | 12.77% (+0.57) | |
| Feb 05, 2026 | 2025 (Q4) | 7.348.92 | 5.01 | 77.82% (+3.90) | |
| Oct 24, 2025 | 2025 (Q3) | 3.563.34 | 3.37 | -1.12% (-0.04) | |
| Jul 18, 2025 | 2025 (Q2) | 4.595.33 | 3.49 | 52.97% (+1.85) | |
| Apr 25, 2025 | 2025 (Q1) | 4.614.43 | 2.69 | 64.57% (+1.74) | |
| Feb 07, 2025 | 2024 (Q4) | 5.325.01 | 4.28 | 17.18% (+0.74) | |
| Oct 22, 2024 | 2024 (Q3) | 3.033.37 | 2.28 | 47.93% (+1.09) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
