Arms maker Saab posts record sales as Europe rearms

Saab makes the Gripen pitchy fighter. Photo: Henrik MONTGOMERY / TT NEWS AGENCY/AFP/File
Source: AFP

Swedish defence radical Saab connected Friday reported soaring quarterly net and grounds income arsenic European countries beef up their defence capacities amid geopolitical tensions and uncertainties.

The institution noted nevertheless that the uncertainties, including those implicit US President Donald Trump's tariffs scheme, besides "present challenges and marque it hard to foretell the future".

Saab manufactures the Gripen pitchy fighter, combat weapons systems and submarines among different things.

European countries person ramped up their subject budgets since Russia's 2022 penetration of Ukraine.

Trump is besides pressuring NATO members to much than treble their defence spending to 5 percent of GDP, informing that helium could garbage to assistance support countries that bash not walk capable connected their ain defence.

Saab saw its nett net soar by 53 percent successful the archetypal 4th from the aforesaid play a twelvemonth ago, to 1.2 cardinal kronor ($124 million), portion operating nett roseate by 22 percent to 1.5 cardinal kronor, its strongest archetypal 4th operating nett ever.

"Rapid changes successful the planetary geopolitical clime person continued to underscore the urgent request for a beardown European defence industry, with accrued corporate capableness and capabilities," Saab main enforcement Micael Johansson said successful the net report.

"The renewed absorption connected a susceptible European industrial-defence basal has created a caller marketplace world that we are adapting and responding to, adjacent if the modulation from governmental decisions to defence acquisition volition instrumentality time," helium said.

Saab reported grounds income of 15.8 cardinal kronor, an 11 percent emergence from a twelvemonth earlier, and said it expected integrated income maturation of betwixt 12-16 percent for 2025.

Its bid intake climbed to 19.1 cardinal kronor, from 18.5 cardinal kronor a twelvemonth earlier, driven by tiny and medium-sized orders but it besides included 2 ample orders from Latvia and Germany.

Source: AFP