SAAB AB Saab Q3 2023
26October2023
Micael Johansson, President and CEO Christian Luiga, CFO and Deputy CEO Merton Kaplan, Head of IR
Importantinformation
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"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.
HighlightsQ3 2023
- Demand pushing European defence industry to increase capacity and cooperation
- NATO Defence Production Action Plan in place for long-term industry resilience and procurement
- Strong momentum and interest for Saab in the market
- Ongoing capacity and competence build-up
- Completed two acquisitions and one strategic investment
- Launch of innovative product to further sharpen our portfolio
Keyfigures Q3 2023
15.0
Order intake, SEK bn
93% increase y-o-y
859
EBIT, SEK m
51% EBIT growth
Strong market momentum in all business areas
EBIT margin improvement to 7.5% (6.5)
11.5 | Strong sales growth |
Sales, SEK bn | |
in all business areas | |
31% organic growth | |
-2.1 | Timing of customer |
Operational cash | payments combined |
flow, SEK bn | with higher investments |
(Q3 22: 559 SEK m) | |
OrdersQ3 2023
Total orders
International orders
Q3 2023 Jan-Sep 2023
15.0 | 46.3 |
SEK billion | SEK billion |
(7.8) | (33.3) |
Q3 2023 | Jan-Sep 2023 |
8.5 29.5
SEK billion SEK billion
(5.1)(14.1)
- Gripen E contract for additional functionality to Sweden
- Extension of framework agreement for AT4 systems and Carl-Gustaf ammunition with the U.S.
- Two airborne early warning (AEW) aircraft to Poland
- Several support and radar contracts within Surveillance
Order backlog | 139 |
SEK billion |
24% increase y-o-y
BusinessArea
Aeronautics
- Sales growth mainly driven by the Gripen programme
- First serially produced Gripen E aircraft delivered to FMV
- Extension agreement with Boeing on the 787 Dreamliner
- Ongoing market campaigns for Gripen fighter
Sales, SEK million | ||||
5,000 | q/q +23% | |||
4,000 | ||||
3,000 | ||||
2,000 | ||||
1,000 | ||||
0 | ||||
Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
Order | |
EBIT and EBIT margin, SEK million and % | intake |
SEK bn |
300 | q/q +147% | 8% | 5.3 | |||
200 | 6% | |||||
4% | Order | |||||
100 | ||||||
2% | backlog | |||||
Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | SEK bn | |
0% | 41.9 | |||||
0 |
BusinessArea
Dynamics
- Strong order momentum in Ground Combat continues
- Highest sales growth in business units Training & Simulation, Tactical Support Solutions and Underwater Systems in the quarter
- Ongoing investments in capacity in Sweden and India
- EBIT margin declined due to favourable mix in Q3 2022
Sales, SEK million | ||||
4,000 | q/q +46% | |||
3,000 | ||||
2,000 | ||||
1,000 | ||||
0 | ||||
Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
Order | ||||||
EBIT and EBIT margin, SEK million and % | intake | |||||
q/q +3% | SEK bn | |||||
800 | 20% | 3.2 | ||||
600 | 16% | |||||
400 | 12% | |||||
8% | Order | |||||
200 | 4% | backlog | ||||
SEK bn | ||||||
Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | ||
0% | 42.4 | |||||
0 |
BusinessArea
Surveillance
- High interest for the Surveillance portfolio, including GlobalEye and the Giraffe radar family
- New business unit structure for improved strategy execution
- Strong focus on customer deliveries and operational improvement
- Progress towards delivery of Poland's first AEW aircraft ordered in July
- New Giraffe 1X deployment set to be produced at Saab's UK site
Sales, SEK million | ||||
6,000 | q/q +32% | |||
4,000 | ||||
2,000 | ||||
0 | ||||
Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
Order | |
EBIT and EBIT margin, SEK million and % | intake |
*adjusted for items affecting comparability | SEK bn |
600 | q/q +63% | 12% | 5.7 | |||
400 | 8% | |||||
200 | 4% | Order | ||||
backlog | ||||||
Q3 2022 | Q4 2022 | Q1 2023* | Q2 2023 | Q3 2023 | SEK bn | |
0% | 43.1 | |||||
0 |
BusinessArea
Kockums
- Submitted offer for 4 submarines to the Netherlands with Damen
- Industrial cooperation with Babcock for future naval opportunities
- Production start of composite masts for Finnish Navy's new ships
- Margin improvement reflecting favourable mix and aftermarket
Sales, SEK million
1,500 | q/q +40% |
1,000 | ||||
500 | ||||
0 | ||||
Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
Order | |
EBIT and EBIT margin, SEK million and % | intake |
SEK bn |
200 | q/q +112% | 16% | 0.6 | |||
150 | 12% | |||||
100 | 8% | Order | ||||
50 | 4% | backlog | ||||
Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | SEK bn | |
0% | 10.8 | |||||
0 |
Combitech
- Strong market demand related to Total Defence initiatives
- Combitech growing in a slightly slowing civil market
- Agreement with Swedish Armed Forces for network and IP infrastructure
- Higher number of consultants, increased hourly rates and utilisation drives sales and EBIT
Order | |||||||||||
Sales, SEK million | EBIT and EBIT margin, SEK million and % | intake | |||||||||
SEK bn | |||||||||||
1,500 | q/q +16% | 150 | q/q +19% | 16% | 0.7 | ||||||
1,000 | 100 | 12% | |||||||||
8% | Order | ||||||||||
500 | 50 | ||||||||||
4% | backlog | ||||||||||
SEK bn | |||||||||||
0 | 0 | 0% | 1.6 | ||||||||
Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 |
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Saab AB published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2023 07:46:42 UTC.
