2Q26 Results: Very Strong Across All Metrics; Continued Order Momentum Beyond Q2

研报英文原文证据摘录

2Q26 Results: Very Strong Across All Metrics; Continued Order Momentum Beyond Q2

Update

July 17, 2026 07:04 AM GMT

Morgan Stanley & Co. International plc+MSaab AB | Europe Marie-Ange Riggio

Equity Analyst

2Q26 Results: Very Strong Marie-Ange.Riggio@morganstanley.comRoss Law, CFA +44 20 7677-2003

Ross.Law@morganstanley.com +44 20 7677-0560

Across All Metrics; Continued Leonore Pele

Research Associate

Leonore.Pele@morganstanley.com +44 20 7425-2044

Order Momentum Beyond Q2

Saab AB (SAABb.ST, SAABB SS)

Aerospace & Defence | Sweden

Reaction to earnings

Stock Rating Overweight

Unchanged Meaningful upside Largely unchanged Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target SKr 700.00

consensus EPS Shr price, close (Jul 15, 2026) SKr 520.40

52-Week Range SKr 748.80- 445.10

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) SKr 279,244

Net debt (12/26e) (mn)* SKr (6,098)

EV, curr (mn)* SKr 280,950

Key Takeaways

* = GAAP or approximated based on GAAP

Solid order intake at SEK 68.4bn (in-line with consensus) implies 2.7x B2B (>

FY25 average at 2.1x) and a record backlog at SEK 318 bn (+61% yoy; 76%

international).

Q2 sales at SEK 25.5bn and EBIT at SEK 2.8bn (11% margin) are very strong,

above 9% and 18% consensus respectively, with Dynamics and Surveillance the

main drivers.

MT guidance is reiterated at ~22% organic sales CAGR (2023-27), broadly in line

with consensus (~23% abs).

The pipeline continues to strengthen beyond Q2, including Ukraine Gripen (SEK

25bn), German frigate (SEK 9bn) book in Q3 while Canada/NATO GlobalEye adds

upside.

Our view: A very strong quarter across all metrics while orders continue beyond

Q2, confirming earnings upgrade story ahead – likely to drive the shares today.