Saab AB Q2 26 Preview: expect large order inflow

Research evidence excerpt

Saab AB Q2 26 Preview: expect large order inflow

Global Research

9 July 2026ab

Saab AB Equities

SwedenQ2 26 Preview: expect large order inflow

Aerospace

12-month rating Buy

A string of recent large orders

Saab will report Q2 26 results on 17-July. We expect strong orders driven especially by 12m price target SKr760.00

the Type A26 submarine order from Poland, with bullish commentary looking forward Prior : SKr780.00

given recent Ukraine Grippen and NATO GlobalEye newsflow.

Price (08 Jul 2026) SKr586.00

RIC: SAABb.ST BBG: SAABB SSOur key focuses into results:

Order intake: We model SEK71bn in orders, vs consensus SEK 54bn, with several Trading data and key metrics

large orders booked in Q2, including SEK47bn for Polish type A26 submarines and 52-wk range SKr729.80-453.25

SEK 1.2bn GBAD-related systems to Sweden. We also expect strong orders in Q3, Market cap. SKr307b/US$31.6b

supported by the SEK 24.6bn Ukraine Gripen order announcement and bullish Shares o/s 524m (ORDB)

management commentary on the longer term, not least given NATO's selection of Free float 66%

GlobalEye. Whilst we do not believe these orders are likely to affect the 2027 Avg. daily volume ('000) 1,570

P&L guidance provided, given the longer lead times, we believe they will increase Avg. daily value (m) SKr860.1

the perceived duration of the growth opportunity at Saab. Common s/h equity (12/26E) SKr49.5b

Dynamics: Is a continued source of earnings volatility quarter to quarter. Whilst P/BV (12/26E) 6.5x

we are above consensus, modelling a 20% EBIT margin, our confidence here is Net debt to EBITDA (12/26E) NM

low and depends on individual order phasing. We believe investors place a low EPS (UBS, diluted) (SEK)

value on deviations from expectations quarter to quarter here. From To % ch Cons.