SAAB AB: SAAB at Eurosatory

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SAAB AB: SAAB at Eurosatory

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SAAB AB

SAAB at Eurosatory

Maintain Rating: NEUTRAL | PO: 586.00 SEK | Price: 505.30 SEK

C‑UAS Capability Scaling & Modular Design Strength 17 June 2026

Saab showcased its C‑UAS radar and Trackfire system, highlighting a highly modular, Equity

flexible architecture designed to operate effectively in dynamic environments (incl.

moving naval platforms). Development alongside the Swedish Navy has clearly shaped Benjamin Heelan >> Research Analyst

robustness and adaptability. Management flagged exponential growth expectations in Merrill Lynch (DIFC)

C‑UAS demand, although many customers still require a human‑in‑the‑loop, suggesting a +44benjamin.heelan@bofa.com20 7996 5723

hybrid autonomy adoption curve rather than full automation near term. David Holmes, CFA >>

Research Analyst

Nimbrex: Extending the Layered Defence Stack MLI+44 (UK)20 7995 1077

Nimbrex is positioned as a lower‑cost effector within layered air defence, effectively david.a.holmes@bofa.com

bridging the gap between guns (~2.5km) and higher-end SHORAD missiles (~5km range). Lorenzo Di Patrizi >>

With an internal seeker and extended engagement envelope, it expands coverage at a MLI (UK)

lower price point. Saab is developing Nimbrex as a missile family, although initial +44 20 7995 7626

lorenzo.dipatrizi@bofa.com

deployment is standalone (no vehicle integration), implying future platform expansion

optionality. Air defence was a core focus across Eurosatory and this positions SAAB well.

Giraffe 1X: Volume Ramp Signals Demand & Scalability Stock Data

Saab has already delivered 100+ Giraffe 1X units and is now targeting ~300 units annual Price 505.30 SEK

production capacity, up from ~180 previously guided at CMD, which is a signal of both Price Objective 586.00 SEK