STOCKHOLM — Swedish defense and aerospace manufacturer Saab delivered a second-quarter earnings beat on Friday, as soaring demand across its key markets pushed both sales and new order bookings sharply higher.
The company, best known for producing the Gripen fighter jet, reported operating earnings of 2.79 billion Swedish crowns — roughly $289 million — up from 1.98 billion crowns during the same period a year ago. That result surpassed the 2.48 billion crown average estimate from an LSEG analyst survey.
Saab, whose product lineup extends well beyond fighter jets to include missiles, advanced electronics, and submarines, posted like-for-like sales growth of 29.8% compared to the previous year. Company leadership said it remains focused on expanding production capacity to keep pace with the extraordinary level of demand.
The surge comes on the heels of several consecutive years of rising orders, largely driven by a broad rearmament effort across Europe in response to Russia’s ongoing war in Ukraine. That momentum has accelerated even further in recent months, with Saab landing a series of landmark contracts.
Among the most significant deals: Saab is set to supply new Gripen E fighter jets to Ukraine, and Brazil is reportedly considering adding 20 more Gripen aircraft to its existing fleet. The company has also signed a $4.8 billion agreement with Poland to deliver three A26-type submarines.
Adding to the strong order pipeline, NATO recently announced plans to purchase up to 10 of Saab’s GlobalEye surveillance aircraft — a move that came just weeks after Canada committed to buying a fleet of the same plane, which is built on a Bombardier jet platform. Saab is also competing to supply Canada with Gripen fighters.
“With our broad offering and rapidly expanding production capacity, we are well positioned to meet this growing demand,” said Saab CEO Micael Johansson.
(Note: $1 = 9.6637 Swedish crowns at time of reporting)
