Saab orders triple after Gripen fighter jet deal with Ukraine
Swedish defense company Saab said its new orders more than tripled in the third quarter, CNBC and AeroTime reported. A deal for 16 Gripen fighter jets for Ukraine led the gains. Sales and profit also beat forecasts as Europe spends more on defense.
Swedish defense company Saab said Friday that its new orders more than tripled in the third quarter, according to CNBC and AeroTime. A deal to build Gripen fighter jets for Ukraine drove the jump.
New orders reached 65.8 billion Swedish kronor, or about $6.6 billion, from July to September, the outlets reported. That was up from 20.9 billion kronor a year earlier. Analysts had expected 56.4 billion kronor, CNBC said, citing FactSet.
Sales reached 20.6 billion kronor, ahead of forecasts, CNBC reported. Operating profit was 1.95 billion kronor, also above forecasts. AeroTime said profit rose 42%.
The biggest order was a 24.6 billion kronor contract for 16 Gripen E fighter jets for Ukraine, the outlets reported. It was signed in June and counted in the third quarter. Deliveries are planned for 2029 and 2030. A European loan with British support pays for the deal, AeroTime said.
Saab CEO Micael Johansson called the deal a first step toward building up Ukraine's air force, AeroTime reported. Sweden and Ukraine signed a letter of intent in 2025 for a possible 100 to 150 Gripen E jets.
Saab also booked a 10.1 billion kronor order for its GlobalEye surveillance planes from an unnamed customer in the Middle East, the outlets reported. It also won an 8.7 billion kronor order for systems for German navy ships, CNBC said.
"The growing customer demand is reflected in major contract awards," Johansson said, according to CNBC.
Saab's total backlog of orders reached 364.2 billion kronor at the end of September, AeroTime reported.
European governments are racing to turn their defense spending promises into real military strength, CNBC reported. Saab's orders have grown fast since Russia's full invasion of Ukraine in 2022. Still, Saab stock has fallen in recent months, CNBC said. Some investors worry that prices have run ahead of what defense makers can deliver.
What we know: Saab's third-quarter orders more than tripled, led by the Ukraine Gripen deal.
What we don't: Whether Ukraine will order more Gripen jets beyond the first 16.
Where outlets agree CNBC and AeroTime report that Saab's third-quarter orders more than tripled to 65.8 billion kronor, led by a contract for 16 Gripen E jets for Ukraine.
Where they differ The cited reports agree on the key facts so far.