Slide 1: Saab Year-end report 2025
Saab Year-end report 2025 Record order bookings - building for growth Micael Johansson, President and CEO Anna Wijkander, CFO Johan Andersson, IR
Slide 2: Important information
Important This presentation may contain forward-looking statements which reflect Saab Group’s current view on future events and information financial and operational development. Words such as “intend”, “expect”, “anticipate”, “may”, “believe”, “plan”, “estimate” and other expressions which imply in
Slide 3: Successfully delivered on our outlook 2025
Successfully delivered on our outlook 2025 Outlook 2025 Organic sales growth Operating income growth higher Positive operational between 20-24% than organic sales growth cash flow Results 2025, SEK bn Sales Operating income Operational cash flow 79.1 7.7 5.3 Organic growth 25.6% Growth 37% FY 2024:
Slide 4: Highlights Q4 2025
Highlights Q4 2025 ▪ Significant customer demand and strong market growth ▪ Record-high order bookings and backlog ▪ Selected by Poland for three submarines ▪ Continued investments in capacity expansion and new capabilities 4
Slide 5: Expanding our market position - order bookings of 169 bn SEK in 2025
Expanding our market position - order bookings of 169 bn SEK in 2025 GlobalEye to Gripen to A26 Submarines Arexis system for RBS70 Bolide France Colombia for Sweden German Eurofighter missiles to Lithuania SEK 12.3bn EUR 3.1bn SEK 9.6bn EUR 549m SEK 3.0bn 5
Slide 6: Key figures Q4 2025
Q4 2025 Key figures Book-to-bill Order bookings, SEK bn Sales growth in Sales, SEK bn ratio of all BAs, 100.1 27.7 3.6x. Higher particularly bookings in Q4 strong for than FY 2024 Dynamics and Surveillance 470% increase YoY 35% organic growth YoY EBIT growth driven EBIT, SEK bn Strong cash Operation
Slide 7: Aeronautics
Business Area Aeronautics ▪ Gripen E/F contract signed with Colombia ▪ Order for continued future fighter concept studies ▪ Customer deliveries included Gripen E/F to Sweden & Brazil ▪ First T-7A Red Hawk delivered to U.S. Air Force ▪ LoI between Sweden and Ukraine regarding air capabilities Sales,
Slide 8: Dynamics
Business Area Dynamics ▪ Strong market demand across the entire product portfolio ▪ Several large Missile and Ground Combat orders in the quarter ▪ Further strengthening of the backlog with strong growth in medium-sized orders ▪ Strong sales growth driven by increased deliveries and capacity expansi
Slide 9: Surveillance
Business Area Surveillance Byt till global eye ▪ Order for two GlobalEye from France ▪ Strong market demand; orders for Arexis EW for Eurofighters, Giraffe 1X, UTAAS, Arthur radars ▪ Good project execution and system deliveries ▪ Divestment of TransponderTech completed Sales, SEK million YoY +53% 12
Slide 10: Kockums
Business Area Kockums ▪ Selected by Poland for three new submarines ▪ High customer interest in all segments ▪ Order for the completion of the Swedish A26 submarines ▪ Sales growth driven by good project execution Sales, SEK million YoY +20% 4,000 Order bookings Q4 3,000 2,617 2,253 2,388 3,129 10.9
Slide 11: Combitech
Business Area Combitech ▪ Order momentum supported by growth in the defence segments ▪ New contracts included Swedish Civil Defence and Resilience Agency (MCF) and Swedish Civil Aviation Administration (LFV) ▪ Sales growth driven by increased number of consultants in projects and higher volumes Sale
Slide 12: Sustainability highlights
Q4 2025 Sustainability highlights ▪ Formally adopted a Human Rights Due Diligence Policy ▪ Share of women managers increased to 29% (28) ▪ Reduced Scope 1 & 2 CO2-eq emissions by 7% year-over-year ▪ Engaged suppliers to map critical dependencies on rare earth elements ▪ Outperformed sector and globa
Slide 13: Financial summary
Financial summary Anna Wijkander CFO 13
Slide 14: Strong sales growth and operating leverage
Strong sales growth and operating leverage Sales, SEK bn EBIT, SEK bn +24% +33% 42 52 64 79 3.3 4.3 5.7 7.7 2022 2023 2024 2025 2022 2023 2024 2025* XX% = Sales/EBIT CAGR SAAB YEAR-END REPORT 14 JANUARY – DECEMBER 2025 *EBIT adjusted for divestment of Saab TransponderTech AB
Slide 15: Increased profitability in Q4
Increased Business areas, adjusted EBIT profitability in Q4 Aeronautics, SEK million 450 YoY +38% Dynamics, SEK million 1,800 YoY +19% 400 367 1,600 349 1,422 350 1,400 Group adjusted EBIT, SEK million 1,192 1,194 300 1,200 YoY +50% 252 249 250 212 1,000 14% 3,500 200 12% 800 658 24% 2,925 150 10% 6
Slide 16: Financial summary Full year 2025
Financial summary Full year 2025 Saab Group, SEK million unless otherwise stated Comments Jan-Dec, 2025 Jan-Dec, 2024 Change ▪ Sales growth of 24.1%, of which 25.6% organic Sales 79,146 63,751 24% (-1.5 %p currency, +0.0 %p M&A) Gross Income 17,168 13,663 26% ▪ Increased EBIT-margin, mainly in Surve
Slide 17: Strong cash generation in 2025
Strong cash generation in 2025 Group Cash Flow FY 2025, SEK bn Jan-Dec 2025 Jan-Dec 2025 12.1 0.3 68% Cash conversion, % 16.0 Return on equity, % (44% in 2024) (12.4% in 2024) 5.3 -7.2 4.2 Jan-Dec 2025 -1.1 16.5 Return on capital employed, % CF from Change in Investments Operational Taxes, Free cash
Slide 18: Net cash position at year-end
Net cash position at year-end Liquidity / Debt position, SEK bn December 2025 December 2025 6 -1x 5 4 4.0bn -0,8x -0.4x Net debt/EBITDA* 35.0% Equity/Asset ratio -0,6x 3 -0,4x December 2025 December 2025 2 1 -0,2x 18.7 Cash and liquid 6.0 Unutilised Revolving Credit 0 0x investments, SEK bn Facility
Slide 19: Strong cash flow from operations…
Strong cash flow from operations… Accumulated cash flow 2023 – 2025, SEK bn 26.4 26.4 -0.8 9.5 Accumulated cash flow -9.8 before investments 17.7 5.6 EBIT * Adjustments for Change in working Cash flow before Investments inc. Operating non-cash items capital investments capitalized R&D cash flow 19 *
Slide 20: …enables investments for future growth
…enables investments for future growth Accumulated cash flow 2023 – 2025, SEK bn 62% 26.4 -0.8 9.5 Cash conversion -15.5 2023-2025 17.7 10.9 EBIT * Adjustments for Change in working Cash flow before Investments inc. Operational non-cash items capital investments capitalized R&D cash flow 20 *EBIT ad
Slide 21: Building our order backlog
Building our order backlog Q4 2025 Q4 2025 Order backlog duration, SEK bn 275 Order backlog, SEK bn 66% Share of international order bookings, (SEK 187 bn in Q4 2024) (76% in Q4 2024) +46% +29% 77.8 74.8 +22% ▪ Book-to-bill ratio of 3.6x in Q4 57.8 ▪ Significant extension of order backlog duration 5
Slide 22: Record backlog supporting long-term growth
Record backlog supporting long-term growth ~3.5x Order backlog, SEK bn Order backlog of 2025 sales 93 100 105 128 153 187 275 2019 2020 2021 2022 2023 2024 2025 SAAB YEAR-END REPORT 22 JANUARY – DECEMBER 2025
Slide 23: Medium-term targets
Medium-term targets Micael Johansson President and CEO SAAB YEAR-END REPORT 23 JANUARY – DECEMBER 2025
Slide 24: Summary
Summary ➜ Sustained long-term market growth driven by increasing defence spending ➜ Strategically positioned portfolio with market leading offerings ➜ Proven ability to quickly ramp up to deliver on customer commitments ➜ Continued investments in capacity expansion and R&D to capture increased deman
Slide 25: Upgraded medium-term targets
Upgraded medium-term targets Previous 2023-2027 Upgraded 2023-2027 ORGANIC SALES GROWTH ~18% CAGR* ~22% CAGR* ~20% CAGR Implicit organic sales growth CAGR 2026-2027 OPERATING INCOME EBIT growth higher than EBIT growth higher than organic sales growth organic sales growth CASH CONVERSION >60%** >60%*
Slide 26: SAAB YEAR-END REPORT
SAAB YEAR-END REPORT 26 JANUARY - DECEMBER 2025