The Swedish defense company reported 68.4 billion crowns of new orders, including a 47 billion-crown Polish submarine deal, as strong military demand in Europe lifted its order backlog to 317.7 billion crowns.
Saab reaffirmed its medium-term growth guidance after beating second-quarter expectations and reporting a record order backlog, saying demand for military equipment remains structurally strong. The Swedish defense company posted 68.4 billion Swedish crowns ($7.1 billion) in new orders for the quarter ended June, ahead of FactSet estimates of 57.1 billion crowns, helped by a Polish submarine contract worth 47 billion crowns. Its order backlog rose to 317.7 billion crowns from 197.6 billion a year earlier, while sales reached 25.5 billion crowns and EBIT was 2.8 billion crowns, both above estimates. Saab said governments are continuing to upgrade defense capabilities and replenish arsenals amid a volatile security environment, citing the war in Ukraine and conflict in the Middle East.