Saab has signed new cooperation agreements with Poland's PGZ and WB Group, deepening ties initiated in September 2025 across submarine maintenance and autonomous systems. The agreements are letters of intent and do not change our estimates, but they reinforce our long-term growth and profitability outlook.

Submarine maintenance as a margin driver

The PGZ agreement targets local maintenance, repair, and overhaul capacity in Poland tied to the Orka submarine program. MRO services generate stable, lifecycle-long revenue and tend to carry better margins than hardware manufacturing, supporting Saab's path toward its 12% terminal EBIT margin target. Building local maintenance capacity is also typically a prerequisite for winning large procurement decisions, improving Saab's competitive position ahead of final supplier selection.

Autonomous systems as a scalable growth vector

The WB Group agreement covers autonomous marine and aerial systems. Software-intensive autonomous platforms carry better margin potential than traditional hardware, and the partnership accelerates commercialization for Saab's Surveillance and Dynamics divisions, which already grew 24% and 42%, respectively, in 2025.

Poland as a structural order catalyst

Poland is targeting defense spending of 4-5% of GDP, making it one of Europe's most consequential procurement markets. We expect Saab's group revenue to grow 21% in 2026, and Poland is a key component for sustaining that rate. Today's agreements strengthen our confidence that Poland will be a significant contributor to Saab's order intake over the coming years. We keep our estimates unchanged. The valuation at around 45x 2026 earnings remains demanding, but strategic progress in key markets reduces execution risk.