Annual Report 2025
2025 was a record year for Saab. We successfully delivered on our strategy, reported strong financial performance, and made many important deliveries to our customers. By continuing to earn their trust, we built a record order backlog for the future.
The record year was achieved in an environment marked by geopolitical uncertainty, rising tensions, and increasing polarisation, resulting in a growing need for deterrence and defence capabilities.
During the year, market activity increased significantly, and we experienced broad interest for our entire offering. Order bookings increased 74% and reached a new record of SEK 168.5 billion, with strong growth in Aeronautics, Surveillance and Kockums. The order backlog increased to SEK 274.5 billion at the end of the year.
We are experiencing increasing demand for our larger systems. For instance, we received orders for Gripen E/F fighters to Colombia and Thailand and an order for two GlobalEye aircraft to France. In addition, Sweden signed a letter of intent with Ukraine for a long-term expansion of their air force, an agreement with the potential to result
in a major order for Gripen E/F fighters. Towards the end of the year, Sweden and Saab were selected by Poland for their new Submarines. In business area Dynamics, we achieved strong deliveries and at the same time built a solid order backlog for future growth.
Our production pace and capacity were substantially expanded. We supplied a record number of Giraffe 1X radars to customers around the world, delivered Gripen E/F fighters to Sweden and Brazil, provided new counter drone-solutions, delivered combat boats to new customers, launched the first SIGINT ship for Poland, and we achieved record deliveries in our missile and ground combat business units, just to mention a few examples.
We offer world-leading systems and solutions and are at the forefront of innovation in our industry. During the year, we made important progress in the development of next generation systems, including successful flight tests with an AI-enabled Gripen fighter, further developments of drone-swarming and anti-drone solutions, and progress within our autonomous systems. These achievements reflect our focus on future capabilities and our ambition to lead in defence innovation.
Our goal is to be a sustainability leader in our industry. Here we made meaningful progress. We continued our transition to solutions and production methods with lower climate impact, including the expansion of the use of sustainable aviation fuels. In line with our ambition, we increased the share of female leaders in the organisation during the year.
From a financial perspective, we delivered a record year. Sales grew by 24% to SEK 79.1 billion, driven by high delivery volumes and strong project execution across our business areas. Organic sales growth was 25.6% and our adjusted operating income grew by 37%. In parallel, we delivered a strong cash flow and at the same time made significant investments in capacity expansion. We expanded our research and development for future profitable growth.
I would like to extend my sincere thanks to all employees for tremendous contributions and commitment. During the year, we welcomed over 3,300 new colleagues, and over the past four years we have now grown our teams of around 10,000. Our corporate culture is strong, and together we continue to build a Saab for the future.
We enter the coming year with a solid foundation, a record order backlog, and a focused strategy for continued profitable growth. Our focus is clear: deliver to our customers and drive technological development. We are building a stronger Saab for the future and ultimately for keeping people and society safe.
Stockholm, March 2026
Micael Johansson
President and CEO