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Positioned to capture growing demand Micael Johansson, President and CEO Anna Wijkander, CFO Johan Andersson, IR Saab interim report January – September 2026
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Important information This presentation may contain forward-looking statements which reflect the Saab Group’s current view on future events and financial and operational development. Words such as “intend”, “expect”, “anticipate”, “may”, “believe”, “plan”, “estimate” and other expressions which imply indications or predictions of future development or trends, and which are not based on historical facts, are intended to identify forward- looking statements. Forward-looking statements inherently involve both known and unknown risks and uncertainties as they depend on future events and circumstances. Forward- looking statements do not guarantee future results or development, and the actual outcome could differ materially from the forward-looking statements. 2
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Highlights 3 Q3 2026 ▪ Evolving security environment reinforces defence investments in all domains ▪ Strong profitable growth: nine-month organic sales growth of 27.5% and EBIT growth of 39% ▪ Group management changes to support growth and innovation ▪ Continued investments in production capacity and future capabilities ▪ Record operational cash flow and further strengthened balance sheet ▪ Order backlog of SEK 364 billion
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16 Gripen E to Ukraine SEK 24.6 bn RBS 70 NG order from Finland SEK 1.2 bn Strong order bookings in Q3 4 Future fighter concept order SEK 2.9 bn Order related to German Navy frigates SEK 8.7 bn Two GlobalEye to undisclosed customer SEK 10.1 bn
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Order bookings, SEK bn 216% increase YoY 30.6% organic growth YoY Sales, SEK bn EBIT, SEK bn 42% EBIT growth YoY Q3 2025: SEK 0.1 bn Operational cash flow, SEK bn 5 Book-to-bill ratio of 3.2x. Backlog of SEK 364 bn High customer deliveries and strong programme execution Higher sales and strong operational execution Record cash flow supported by customer payments 65.8 20.6 1.95 6.8 Q3 2026 Key figures
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4,438 5,746 5,199 5,813 4,844 0 2,000 4,000 6,000 8,000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sales, SEK million Business area Aeronautics 66 ▪ High interest in the Gripen E/F system ▪ Order for 16 Gripen E aircraft to Ukraine booked in the quarter ▪ Future fighter system order from Sweden ▪ Sales growth driven by good project execution ▪ Maiden flights for Gripen F (two-seater) as well as the Brazilian- built Gripen E ▪ Showcased the A3 uncrewed aircraft concept 28.8 Order bookings Q3 SEK bn 102.5 Order backlog SEK bn +9%
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3,411 8,397 3,634 7,759 3,768 0 2,000 4,000 6,000 8,000 10,000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sales, SEK million YoY +16% Business area Dynamics 77 ▪ Continued good demand across the portfolio ▪ Large RBS 70 NG order from Finland and an order for IRIS-T ▪ US orders for Carl-Gustaf and AT4 systems ▪ Book-to-bill of 2.0 in the quarter ▪ Sales growth supported by a high level of deliveries 7.6 Order bookings Q3 SEK bn 93.1 Order backlog SEK bn +10%
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4,146 8,168 5,027 7,366 6,842 0 2,000 4,000 6,000 8,000 10,000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sales, SEK million YoY +32% Business area Surveillance 88 ▪ Strong demand and a well-positioned portfolio ▪ Order for two GlobalEye aircraft booked in the quarter ▪ Term sheet signed with Canada for six aircraft ▪ Ongoing GlobalEye negotiations with NATO as well as for the Netherlands ▪ Sales growth driven by surface sensors and airborne early warning ▪ First Swedish GlobalEye aircraft presented 19.7 Order bookings Q3 SEK bn 78.3 Order backlog SEK bn 8 +65%
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3,203 4,983 4,468 4,183 4,511 0 1,000 2,000 3,000 4,000 5,000 6,000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sales, SEK million YoY +13% Business area Naval 99 ▪ Order to equip four new German frigates booked in the quarter ▪ Strong project execution supported sales growth ▪ Poland submarine programme initiated ▪ Continued capacity expansion ▪ Successfully launched the LUUV demonstrator together with FMV and the Swedish Armed Forces 8.9 Order bookings Q3 SEK bn 90.7 Order backlog SEK bn +41%
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Independent subsidiary Combitech 1010 ▪ Good order bookings driven by the defence and telecommunications segments ▪ Renewed FMV contract for the Armed Forces’ weather system and military radio system integration ▪ Involved in sovereign AI development for Saab through Sferical AI ▪ Sales growth related to consultancy services 1.3 Order bookings Q3 SEK bn 2.2 Order backlog SEK bn 1,025 1,430 1,367 1,331 1,071 0 400 800 1,200 1,600 2,000 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sales, SEK million +4%
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▪ Published a Climate Transition Plan, outlining the pathway towards science-based climate targets and net-zero emissions ▪ Scope 1 & 2 CO2-eq emissions increased by 4% YTD. Overall reduction progress since base year 2020 is -34% ▪ Recognised by TIME Magazine and Statista as the world's most sustainable Aerospace & Defence company in 2026 Q3 2026 Sustainability 1Number of recordable injuries / total hours worked x 1,000,000. Figures for previous years have been restated following a cha nge in the calculation methodology for hours worked. 2SBTi Near Term Target relates to the planned reduction trajectory to meet the 2030 goal
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5.8% 6.8% 8.2% 8.8% 0 0,05 0,1 0,15 0,2 0,25 0,3 0 2 4 6 8 10 Investing in capacity expansion Aeronautics Gripen capacity expansion Future capabilities T-7 production Dynamics Missile production Ground combat expansion New facilities in the US and India Surveillance GlobalEye ramp-up Expanding capacity for Giraffe radars Service and aftermarket Naval Submarine capacity expansion Service and support, including in Poland Production capacity expansion for Combat boats Representative cases Group investments (excl. capitalised R&D) 2023 2024 2025 2026 Q3 R12 3.0 4.3 6.5 8.1
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Financial summary Anna Wijkander, CFO 13 Q3 2026
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14 14SAAB INTERIM REPORT JANUARY – SEPTEMBER 2026 Sales 42 52 64 79 EBIT EBIT 2025 and R12 adjusted for divestment of Saab TransponderTech AB +24% XX% = Sales/EBIT CAGR and Cash conversion 3.3 4.3 5.7 7.793 9.6 Operational cash flow 2022 2023 2024 2025 R12 2022 2023 2024 2025 R12 2022 2023 2024 2025 R12 2.6 3.2 2.5 5.3 14.0 +33% 77% *CAGR base year 2022, **Cash conversion = Operational cash flow / Adjusted EBIT (cumulative over 2023-2027) Profitable growth and increased cash flow
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15SAAB INTERIM REPORT JANUARY – SEPTEMBER 2026 3,642 5,551 4,475 5,748 4,813 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Gross income and margin 22,9% 23,4% ▪ Sales growth main contributor to increased gross income ▪ Higher gross margin reflects growth in Surveillance +32% EBIT adjusted for divestment of Saab TransponderTech AB Q3 2026 Group gross income and EBIT 1,374 2,925 1,920 2,794 1,945 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Group EBIT 8,7% 9,5% ▪ Leverage on selling and administrative expenses ▪ Increase in R&D expenses for future capabilities +42%
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16SAAB INTERIM REPORT JANUARY – SEPTEMBER 2026 446 1,294 520 845 939 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Surveillance 10,8% 13,7% ▪ High delivery volumes and strong execution, including Giraffe radars and GlobalEye ▪ Leverage on selling and administrative expenses +111% *EBIT adjusted for divestment of Saab TransponderTech AB 658 1,422 637 1,522 537 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Dynamics 19,3% 14,3% ▪ EBIT declined from last year’s strong level, reflecting higher R&D expenses and mix in product deliveries -18% Q3 2026 EBIT per business area *
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17SAAB INTERIM REPORT JANUARY – SEPTEMBER 2026 212 349 328 337 331 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Aeronautics 4,8% 6,8% +56% 240 108 339 180 275 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Naval 7,5% 6,1% ▪ Submarine production progressed, and work began under the Polish contract ▪ Impact from ramp-up costs and higher R&D expenses +15% Q3 2026 EBIT per business area ▪ EBIT growth driven by good project execution and business mix ▪ Continued negative impact from the T-7 programme
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18 ▪ Strong operational cash flow reflecting customer payments ▪ Significant investments in capacity expansion ▪ Higher ROCE driven by higher profitability and capital turnover Group Cash Flow, 16.7% Return on capital employed September 2026 (14.6% 9M 2025)Cash flow from operations +5.7 Change in working capital -6.5 Investing activities Operational cash flow Free cash flow 8.6 7.7 5.1 -2.7 116.2% Cash conversion September 2026 Financial items and tax Jan-Sep 2026 Record cash flow reflecting high customer payments
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19 -0.6x Q3 2026 Net debt/EBITDA* 34.6% Q3 2026 Equity/Asset ratio 26.1 Cash and liquid investments, SEK bn 6.0 Unutilised Revolving Credit Facility, SEK bn Q3 2026 Q3 2026 *EBITDA rolling 12 months, adjusted for items affecting comparability -1x -0,8x -0,6x -0,4x -0,2x 0x 0,2x 0,4x -4 -2 0 2 4 6 8 10 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net Debt(-)/Net Liquidity(+) Net Debt/EBITDA Liquidity / debt position, Q3 2026 Net liquidity position
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Solid order backlog of SEK 364bn supporting future growth 20 Backlog by business area, Backlog by delivery period, 28% 26% 21% 25% Aeronautics Dynamics Surveillance Naval 8% 28% 24% 17% 23% 2026 2027 2028 2029 After 2029 23.7 62.8 57.6 32.0 26.327.9 102.1 89.2 62.0 83.0 Q4 2025 vs Q4 2026 2026 vs 2027 2027 vs 2028 2028 vs 2029 After 2028 vs After 2029 Order backlog duration, Backlog 2025 Q3 Backlog 2026 Q3 +63% +18% +55% +94% +216%
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Operating income Medium term targets 2023-2027 Organic sales growth 21 Cash conversion *CAGR base year 2022, **Cash conversion = Operational cash flow / Adjusted EBIT (cumulative over 2023-2027) SAAB INTERIM REPORT JANUARY – SEPTEMBER 2026 ~22% CAGR* EBIT growth higher than organic sales growth >60%**
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Save the date: Capital Markets Day 2027 12 May 2027 Linköping, Sweden 22
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