Saab stock: S&P turns outlook positive on growth prospects
Published on 11/13/2026 at 17:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSCredit outlook supports growth case
- S&P affirmed Saab's BBB+ rating and sees potential for an upgrade within six to 12 months.
- The agency's outlook is supported by a SEK 364 billion order backlog and planned production expansion.
- Customer concentration and execution of deliveries remain important investor considerations.
On Tuesday, November 10, S&P Global Ratings revised Saab AB's outlook from stable to positive and affirmed the defense group's BBB+ rating. The agency said a rating upgrade could follow within six to 12 months if Saab continues to execute its backlog, improves margins and keeps adjusted debt to EBITDA well below 1.5 times, according to the S&P Global Ratings report.
Forecasts point to sustained expansion
S&P expects Saab's revenue to reach almost SEK 100 billion in 2026, compared with SEK 79 billion in 2025, and to reach SEK 120 billion in 2027. The agency said its 2026 forecast is SEK 10 billion above its previous base case and expects annual top-line growth above 20 percent for a fourth consecutive year.
The outlook is supported by an order backlog of SEK 364 billion at the end of the third quarter, providing revenue visibility for the next three to four years. S&P highlighted demand for GlobalEye and Giraffe radar, the Gripen E program, German fleet renewal and Poland's submarine program.
Capacity and customer mix matter
S&P expects GlobalEye production to increase from approximately two aircraft a year to six by around 2030. Annual Gripen production capacity could rise from 15 aircraft to between 25 and 30. The agency also forecasts adjusted free operating cash flow of SEK 5 billion to SEK 6 billion in both 2026 and 2027.
For investors, the growth case comes with concentration and execution considerations. The Swedish government represented about 41 percent of Saab's sales in 2025, while 79 percent of the existing order backlog was attributable to international markets. S&P said the geographic mix supports gradual customer diversification but still expects Saab to maintain a net cash position and conservative financial policy.
Saab stock and investor context
Saab stock traded at 55.43 euros on Lang & Schwarz at 12:07 CET on Friday, November 13, 2026.
Saab AB market facts
- Company: Saab AB
- ISIN: SE0021921269
- Trading venue: Lang & Schwarz
- Quote: 55.43 euros at 12:07 CET on Friday, November 13, 2026
- Credit rating: BBB+
Current market reports provide the broader European equity context for defense shares and industrial companies.
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