Slide 1: A strong start to the year
Saab interim report January – March 2026 A strong start to the year 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 the Saab Group’s current view on future events information and financial and operational development. Words such as “intend”, “expect”, “anticipate”, “may”, “believe”, “plan”, “estimate” and other expressions which impl
Slide 3: Highlights Q1 2026
Highlights Q1 2026 ▪ Good market momentum with continued high demand ▪ Strong sales growth and operating leverage ▪ C-UAS order from Sweden amounting to SEK 2.6bn ▪ First Gripen E rollout from the production site in Brazil ▪ Good progress in investments and production capacity build-out ▪ New busine
Slide 4: Key figures
Q1 2026 Key figures Strong growth Order bookings, SEK bn Double digit Sales, SEK bn 18.2 19.2 in medium- sales growth in sized orders. all BAs with Book-to-bill particularly ratio of strong growth in 0.95x Surveillance 5% decrease YoY 24% organic growth YoY EBIT growth EBIT, SEK bn Higher cash Opera
Slide 5: Business Area Aeronautics
Business Area Aeronautics ▪ Sales growth driven by the Gripen programme ▪ First Gripen E rollout from the production site in Brazil ▪ Growth in order bookings related to additional T-7A orders ▪ The Colombian Gripen programme launched Sales, SEK million 8,000 Order bookings Q1 +15% 6,000 4,525 4,424
Slide 6: Business Area Dynamics
Business Area Dynamics ▪ Good market demand across the entire product portfolio, book-to-bill ratio of 1.2x ▪ Several medium-sized Missile Systems and Ground Combat orders in the quarter ▪ Sales growth driven by increased deliveries ▪ Inauguration of two new production facilities in Sweden Sales, SE
Slide 7: Business Area Surveillance
Business Area Surveillance Byt till global eye ▪ Strong market demand across entire portfolio ▪ High market interest for GlobalEye ▪ Good progress in production ramp-up including Giraffe 1X systems ▪ Order for C-UAS systems from Sweden amounting to SEK 2.6bn Sales, SEK million 12,000 YoY +32% +32% O
Slide 8: Counter-UAS order of SEK 2.6bn from Sweden
Counter-UAS order of SEK 2.6bn from Sweden ▪ Integrated Counter-UAS solution (sensor to shooter) - protection of armed forces and civil infrastructure ▪ System developed in a short time frame. Serial deliveries in 2027-2028 ▪ Modular design allows for continuous adaptation to evolving threat scenari
Slide 9: Business Area Kockums
Business Area Kockums ▪ Entered into contract negotiations for Poland’s submarine programme ▪ Second Polish SIGINT ship launched ▪ New Naval business area established; strengthening the customer offering, Naval Combat Systems transferred from Surveillance Sales, SEK million YoY +13% 4,000 Order book
Slide 10: Business Area Combitech
Business Area Combitech ▪ Order momentum supported by good growth in the defence segment ▪ New contracts with the Swedish Defence Materiel Administration (FMV) ▪ Sales growth driven by higher number of consultants in projects and increased volumes Sales, SEK million YoY +16% 2,000 Order bookings Q1
Slide 11: Sustainability
Q1 2026 Sustainability ▪ First CSRD compliant sustainability statement published ▪ Life Cycle Assessment (LCA) on Giraffe 1X, revealed emissions reduction opportunities by transitioning from diesel to HVO100 (-98%) or electric power (-96%) ensuring operational resilience ▪ New re-use packaging routi
Slide 12: Financial summary
Financial summary Anna Wijkander, CFO 12
Slide 13: Strong sales growth and operating leverage
Strong sales growth and operating leverage Sales, SEK bn EBIT, SEK bn +24% +33% 42 52 64 79 83 3.3 4.3 5.7 7.7 8.2 2022 2023 2024 2025 R12 2022 2023 2024 2025 R12 Q126 Q126 XX% = Sales/EBIT CAGR SAAB INTERIM REPORT 13 JANUARY – MARCH 2026 EBIT 2025 and R12 2026 adjusted for divestment of Saab Transp
Slide 14: Increased profitability in Q1
Increased Business areas, EBIT profitability in Q1 Aeronautics, SEK million 700 -11% Dynamics, SEK million 1,800 +38% 600 1,500 1,422 Group EBIT, SEK million 500 1,194 24% 1,200 21% +32% 400 367 349 3,500 328 14% 17,5% 18% 900 300 12% 14,7% 658 15% 2,925 249 637 3,000 212 10% 12% 600 461 200 8,1% 8%
Slide 15: Saab consolidates and strengthens its naval operations
Saab consolidates and strengthens its naval operations ▪ Saab’s naval operations are consolidated into a new business area, Naval as of 1 April 2026 ▪ Higher customer value through efficiency and innovation, reinforcing Saab’s leading position in the naval domain ▪ Transferring Naval Combat Systems
Slide 16: Financial summary Q1
Financial summary Q1 Group, SEK million unless otherwise stated Q1 2026 Q1 2025 Change ▪ Sales growth of 21.4%, of which 23.6% organic Sales 19,164 15,792 21.4% (-2.0 %p currency, -0.2 %p M&A) Gross income 4,475 3,719 20.3% ▪ From Q1 2026, the application of hedge accounting has been expanded to als
Slide 17: Strong cash generation in Q1
Strong cash generation in Q1 Group Cash Flow Q1 2026, SEK bn 2.8 0.1 Jan-Mar 2026 March 2026 53% Cash conversion, % 15.7 Return on equity, % (0% in Q1 2025) (13.0% in Q1 2025) 1.0 -2.0 March 2026 Cash flow from Change in working Investing activities Operational cash flow -1.3 Taxes, Financial -0.3 F
Slide 18: Net liquidity position
Net liquidity position Liquidity / Debt position, SEK bn Q1 2026 Q1 2026 6 -1x 5 4 4.0bn -0,8x -0.3x Net debt/EBITDA* 36.2% Equity/Asset ratio -0,6x 3 -0,4x Q1 2026 Q1 2026 18.1 6.0 2 1 -0,2x Cash and liquid Unutilised Revolving Credit 0 0x investments, SEK bn Facility, SEK bn -1 0,2x -2 0,4x -3 Q1
Slide 19: Backlog supporting long-term growth
Backlog supporting long-term growth Q1 2026 Order backlog duration, SEK bn +56% 274 Order backlog, SEK bn (SEK 189 bn in Q1 2025) 82.3 +28% +19% 61.4 55.2 52.9 +110% 48.0 46.2 +52% 40.5 34.7 22.8 19.3 9M 2025 vs 2026 vs 2027 2027 vs 2028 2028 vs 2029 After 2028 vs 9M 2026 after 2029 Backlog 2025 Q1
Slide 20: Medium-term targets
Medium-term targets 2023-2027 ORGANIC SALES GROWTH ~22% CAGR* EBIT growth higher than OPERATING INCOME organic sales growth CASH CONVERSION >60%** *CAGR base year 2022, **Cash conversion = Operational cash flow / Adjusted EBIT (cumulative over 2023-2027)
Slide 21: 21
21