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• Revenue: SEK 15.8 billion, marking the best first quarter ever.

• Order Backlog: SEK 189 billion, a 19% increase year-over-year.

• Sales Growth: 11.3% overall growth, with 10.9% organic growth.

• EBIT Margin: Improved from 8.4% to 9.2% year-over-year.

• Net Income: EPS improved by 64% to SEK 2.35 from SEK 1.43.

• Cash Flow: Improved from minus SEK 2 billion to minus SEK 14 million.

• Net Liquidity Position: Maintained a positive net position with SEK 12.7 billion in liquid investments.

• Dividend: Increased to SEK 2 per share, totaling SEK 1 billion.

• Employee Growth: Net increase of 800 employees.

• International Sales: 74% of order backlog from international customers.

• Business Area Performance: Dynamics and Surveillance represent 72% of total order backlog.

• Environmental Impact: 31% reduction in greenhouse emissions since 2020.

Release Date: April 25, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Saab AB (SAABF) reported a strong order intake with significant orders from Latvia and Germany, contributing to a growing order backlog.

• All business areas experienced growth, with Dynamics and Surveillance showing particularly high order intake, representing 72% of the total order backlog.

• The company achieved its highest first-quarter sales ever, with a 4% increase compared to the previous year, driven by organic growth.

• Profitability improved across all business areas, with a notable EBIT margin increase from 8.4% to 9.2%.

• Saab AB (SAABF) is expanding its production capacity globally, including new facilities in the US, India, UK, and Finland, to meet increasing demand.

Negative Points

• The order backlog for Saab Kockums decreased by 21%, raising concerns about sustaining sales growth in this segment.

• The civilian side of the Surveillance business impacted sales and profitability negatively, indicating challenges in this area.

• Cash flow, while improved, remains variable across business areas, with some areas not benefiting from favorable customer payment timings.

• The geopolitical situation and potential trade wars pose uncertainties that could impact future business operations.

• The process of converting political defense spending commitments into actual contracts is slow, potentially delaying revenue realization.

Q & A Highlights

Q: How does Saab view its ability to maintain its share of the Swedish defense budget given the focus on strengthening ground capabilities? A: Micael Johansson, President and CEO, stated that Saab is well-positioned to continue being a significant part of the Swedish defense spending, historically averaging around 40% of the procurement budget. Saab offers a wide range of capabilities in the land domain, including sensor capabilities, command and control, missiles, and support weapons, which should support its position.