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FrontRow · Jul 17, 2026

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Saab beat second-quarter earnings expectations on Friday as Europe’s rearmament drive pushed the Swedish defense group’s order backlog to another record high. CEO Micael Johansson said European governments must fundamentally rethink how they buy weapons, moving away from fragmented national procurement toward long-term partnerships with industry. It comes as European governments race to turn record defense spending pledges into military capability, with investors increasingly questioning whether industry can deliver on swelling order books. Saab’s total backlog amounted to 317.7 billion crowns in the quarter ended June, up from 197.6 billion a year ago and marking a fifth consecutive quarter of order book growth. New order bookings in the quarter ended June were 68.4 billion Swedish crowns ($7.1 billion), above the FactSet estimates of 57.1 billion Swedish crowns, which included a Polish submarine deal worth 47 billion crowns.

Saab beat second-quarter earnings expectations on Friday as Europe’s rearmament drive pushed the Swedish defense group’s order backlog to another record high. CEO Micael Johansson said European governments must fundamentally rethink how they buy weapons, moving away from fragmented national procurement toward long-term partnerships with industry. It comes as European governments race to turn record defense spending pledges into military capability, with investors increasingly questioning whether industry can deliver on swelling order books. Saab’s total backlog amounted to 317.7 billion crowns in the quarter ended June, up from 197.6 billion a year ago and marking a fifth consecutive quarter of order book growth. New order bookings in the quarter ended June were 68.4 billion Swedish crowns ($7.1 billion), above the FactSet estimates of 57.1 billion Swedish crowns, which included a Polish submarine deal worth 47 billion crowns.

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