Saab's orders more than triple on Ukraine fighter jet deal

By Mucahithan Avcioglu

ISTANBUL (AA) - Swedish defense company Saab reported Friday that its third-quarter order intake more than tripled to 65.8 billion Swedish kronor ($6.6 billion) from a year earlier, boosted by a contract to supply Gripen fighter jets to Ukraine.

New orders rose from around $2.1 billion in the same period last year, exceeding market expectations.

Sales totaled approximately $2.07 billion in the July-September period, exceeding expectations, while earnings before interest and taxes reached $196 million.

The company's quarterly order intake included a $2.47 billion contract for 16 Gripen E fighter jets for Ukraine. The deal was signed in June and booked in the third quarter, with deliveries scheduled for 2029-2030.

“The growing customer demand is reflected in major contract awards, including Gripen for Ukraine, GlobalEye and an order related to Germany’s new frigates,” Saab CEO Micael Johansson said in a statement.

Other major contracts included a $1.01 billion order for GlobalEye surveillance aircraft from an undisclosed customer in the Middle East and an approximately $873 million order for systems for German frigates.

The results come as European governments seek to expand their military capabilities and accelerate defense procurement.

Saab, which manufactures fighter jets, submarines, missiles and advanced electronics, has seen demand for its products grow sharply since Russia launched its war against Ukraine in February 2022.

Mücahithan Avcıoğlu