Saab's orders triple to 65.8 billion kronor after Ukraine fighter jet deal

Swedish defense firm Saab posted stronger‑than‑expected third‑quarter results on Friday, saying new orders more than tripled from a year earlier after signing a deal to supply Gripen fighter jets to Ukraine. The company logged 65.8 billion Swedish kronor in new orders, up from 20.9 billion kronor a year ago, and posted sales of 20.6 billion kronor, beating analysts’ forecasts. Earnings before interest and taxes reached 1.95 billion kronor, also ahead of expectations. Saab’s shares closed 1.8 percent higher, while the broader defense sector showed mixed performance.

The surge comes as European governments scramble to turn defense‑spending pledges into actual capability. Russia’s full‑scale invasion of Ukraine in early 2022 has driven a wave of orders for weapons and surveillance equipment across the continent. Nations are modernising air forces, navies and intelligence assets to counter heightened threats. Saab’s growth reflects that broader shift, with customers seeking proven platforms that can be delivered quickly.

The order book includes a 24.6 billion‑kronor contract for 16 Gripen E fighters for Ukraine, signed in June and booked in the quarter, with deliveries slated for 2029‑2030. A 10.1 billion‑kronor deal for the GlobalEye surveillance aircraft went to an undisclosed Middle‑East buyer, and an 8.7 billion‑kronor contract will equip German Navy warships with Saab systems. Large orders rose more than sixfold to 52.1 billion kronor, while the total backlog grew to 364.2 billion kronor by the end of September, up from 274.5 billion at the start of the year. Saab plans to lift jet production from 15 a year to between 20 and 30, and says it can expand further with additional partners.

CEO Micael Johansson said the long‑term market outlook remains favourable despite recent stock pressure from investors worried about valuation. He noted that rising geopolitical tensions, including airspace violations and drone incidents, are driving demand for advanced defence tools. Saab is investing in capacity and technology to meet the growing order flow. If the company can keep pace with deliveries, the expanded production line could cement its role as a key supplier for Europe’s defence rebuild.