I don’t count myself among the particularly wise, but this is a crucial first A26 export deal for the company. Tenders have been lost previously because not a single submarine is completed yet, and schedules have been doubted. For example, in Canada, they were left out of the finalists. Poland will therefore become a reference export customer; the purchase price is high, but it includes support until 2038 and the leasing of an older generation submarine.
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Renato has already written about this much-discussed large order 
Saab announced that it has signed an agreement with the Polish Ministry of National Defence’s Armament Agency for three A26-type submarines, including weapons, training, and support packages, with an order value of approximately SEK 47 billion. We view the signing as moderately positive. It removes negotiation risk, and the contract value exceeds the figure previously announced by a Polish government official. The agreement strengthens Naval’s order backlog and visibility, but it is not a significant near-term earnings driver. It also reinforces our already positive view of the A26 platform and confirms its international competitiveness. We expect to make upward revisions to our forecasts no later than in connection with our Q2 earnings preview, although these will not be material enough to change our current recommendation.
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That must be the largest single trade in world history, as 47 BSEK is approximately 4.23 trillion (i.e., a thousand billion) euros.
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