Saab’s Twin-Track Offensive: Polish Submarine Pact and Hungarian Jet Deliveries Fail to Lift Stock
Published on 06/26/2026 at 18:10 | Redaktion boerse-global.de
Saab is closing in on a major submarine contract with Poland while simultaneously fulfilling its latest fighter jet commitment to Hungary, yet the Swedish defense group’s share price continues to drift lower. The disconnect between operational momentum and market sentiment has rarely been starker.
The stock has lost roughly 13% over the past month and is down about 17.5% since the start of the year, trading recently near $25 — with sessions as low as $24.90 and as high as $25.08. That leaves the share price almost 40% below its January peak of $40.77. Technical indicators are bearish: the RSI at 33-34 signals oversold conditions, and the stock trades well below its 50-day moving average of $28.79 and its 200-day average of $30.84.
On June 29, Poland is expected to sign a deal in Gdynia to acquire three A26 Blekinge-class submarines from Saab Kockums. The package includes an interim solution: an older submarine will be handed over to Warsaw as early as next year, with the first new A26 scheduled for 2030. Poland’s only active submarine dates from the 1980s, making the purchase urgent. The contract comes at a pivotal time for Saab, which in April consolidated its naval activities into a new “Naval” business unit. Order intake at Kockums surged 54% in the first quarter, driven by submarine orders, while segment revenue rose 13%.
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Separately, on June 23, Saab delivered the last two of four Gripen C fighters ordered by Hungary under a January 2024 contract. The aircraft touched down at Kecskemét air base, bringing Hungary’s Gripen fleet to 18 C/D models. These new jets feature the latest MS20 Block 2 upgrade, including an enhanced PS-05/A Mk4 radar, expanded Link-16 datalink, and NATO Mode 5 IFF. Lars Tossman, head of Saab’s aeronautics division, noted that Hungary’s existing support agreements should keep the fleet operational for at least another decade. The original 14-aircraft contract dates back to December 2001.
Amid these deliveries, Saab is also streamlining its portfolio by selling the Public Safety Solutions unit to Norway’s Omda AS. The transaction, expected to close in the fourth quarter of 2026, involves around 75 employees and revenues of about 80 million Swedish kronor. Saab will receive 15 million kronor upfront plus up to 45 million kronor in earn-outs. The Gripen pipeline remains active: Sweden has proposed donating up to 16 Gripen C/D to Ukraine, which also intends to buy up to 20 Gripen E/F. Stockholm has already set aside funds for replacements.
Despite operational milestones, investors appear to be waiting for hard financial proof. Saab has not yet booked the Polish submarine order as a firm contract, and the June 29 signing could provide the catalyst needed to restore confidence. The next major event is the second-quarter earnings report on July 17, which will offer updated order intake figures and possibly fresh comments on production capacity. Until then, the stock remains stuck in a bearish rut, with the 52-week low of $23.29 within striking distance.
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