Saab’s Q4, no surprises
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Renato has written his quick comment on Saab’s Q4 results. 
Saab’s best quarter ever, order intake was record-breaking and group revenue was 27.7 BSEK, up 33% year-on-year, which clearly exceeded our estimates. Adjusted operating profit was 2.9 BSEK, representing a 10.6% margin and also exceeding our estimates. Growth and profitability were mainly driven by volumes and project execution in the Surveillance and Dynamics segments. Earnings per share was 4.73 SEK, whereas we had expected 3.73 SEK.
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And here is the company report from Renato.
Saab’s Q4 results were strong across all divisions, and the full-year 2025 result was very solid, exceeding both consensus and our expectations. We see demand continuing at a structurally higher level, which is unlikely to return to its previous state in the near future. This strengthens the outlook for defense spending, but structurally higher demand only matters if orders can be converted into delivered capabilities on time. As Saab consistently demonstrates its ability to generate profitable growth with an increasing order backlog by being proactive regarding capacity, we believe the company is well-positioned to achieve its updated financial targets and sustain growth. Against this backdrop, we are raising our forecasts from 2026 onwards. Our revised forecasts imply lower downside risk, but we still see the expected return as unattractive due to high valuation. We raise our target price to SEK 615 (prev. SEK 550) and upgrade our recommendation to the Reduce level (Sell).
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