Record Order Intake and Large Backlog
Order bookings SEK 169 billion in 2025 with an exceptionally strong Q4 order intake of SEK 100 billion (versus SEK 17 billion in Q4 2024, ~+488%), resulting in a record backlog of SEK 275 billion (≈3.5x 2025 sales).
Strong Revenue Growth
Group sales approximately SEK 79–80 billion for 2025, with organic sales growth around 25% (reported growth c. 24.1% / organic 25.6% referenced), underpinning the upgraded medium‑term revenue ambition.
Substantial Profitability Improvement
Full‑year EBIT grew ~37% to an EBIT margin of 9.8% (up from 8.9% prior year). Q4 EBIT growth was especially strong at ~50% year‑over‑year.
Very Strong Cash Generation and Balance Sheet
Operating cash flow around SEK 12 billion for the year, cash conversion ~68% (above the >60% mid‑term target). Net liquidity improved to SEK ~4 billion; cash & liquid investments SEK 18.7 billion plus SEK 6 billion unutilized RCF.
Upgraded Medium‑Term Targets
Medium‑term revenue target upgraded to 22% average growth for '23–'27 (implies roughly 20% average for 2026–27). Reiterated targets to grow EBIT faster than sales and maintain cash conversion >60%.
Business Area Momentum — Dynamics
Dynamics recorded very high demand with a backlog of SEK 90 billion, strong capacity investments and reported growth (quarter‑to‑quarter growth cited ~50%); full‑year EBIT growth for Dynamics ~46% and full‑year EBIT margin ~18.1%.
Business Area Momentum — Surveillance and Key Wins
Surveillance saw strong execution and deliveries (Q4 EBIT growth ~83%). Notable contract wins include GlobalEye orders (France and activities for Sweden) and continuing demand for sensors and EW equipment.
Kockums Selection by Poland
Selection by Poland for A26 submarines (major strategic/platform win), supporting increased submarine capacity and industrial collaboration; Saab Kockums reported ~20% growth and strong project execution.
Aeronautics Contracts and Expansion
Gripen E contract for Colombia (EUR 3.1 billion) progressing as planned; increased Gripen production capacity (Sweden and Brazil) and ongoing discussions for further sovereign/industrial collaborations (e.g., Canada, Ukraine).
Sustainability and Governance Progress
Adopted a human rights due diligence policy; share of women in management increased to 29%; emissions reduced 7% YoY and company is at ~36% reduction toward a 42% 2030 target; top CDP rankings (top ~4%).
Dividend and Returns to Shareholders
Board proposes a 20% higher dividend, SEK 2.40 per share, reflecting strong cash flows and balance sheet strength.
Investments to Support Growth
CapEx increased to SEK 7.2 billion in 2025 (from SEK 4.8 billion prior year, ~+50%), with continued planned investments in new factories (U.S., India), capacity and R&D to meet demand.