Saab B, SE0021921269

Saab stock outlook turns positive as S&P raises growth view

Published on 11/11/2026 at 11:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Saab stock gains a stronger credit backdrop after S&P lifted its outlook to positive. Revenue forecasts for 2026 and 2027 also moved higher.

Credit outlook improves for Saab

S&P Global Ratings moved Saab's outlook to positive while affirming its BBB+ rating.
The agency expects revenue to approach SEK 100 billion in 2026 and reach SEK 120 billion in 2027.
Potential rating upside depends on sustained growth, margin improvement and conservative leverage.

Saab B, SE0021921269, Illustration mit AI erstellt.

S&P Global Ratings raised Saab AB's credit outlook from stable to positive on Tuesday, November 10, 2026, while affirming the company's BBB+ rating. The agency said strong operating performance, a growing order backlog and higher expected revenue and profitability support the change. The rating action was reported by S&P Global Ratings.

Higher forecasts reflect order momentum

S&P expects Saab's revenue to approach SEK 100 billion in 2026, compared with SEK 79 billion in 2025. Its 2027 forecast reaches SEK 120 billion. The agency said growth should remain broad across Saab's divisions, with GlobalEye and Giraffe radar, the Gripen E program, German fleet renewal and Poland's submarine order among the supporting programs.

The assessment points to an order backlog of SEK 364 billion at the end of the third quarter. Saab's investor-relations page also lists the backlog at SEK 364 billion as of September 30, 2026. That backlog gives the group revenue visibility for the next three to four years, according to S&P.

Rating upside depends on execution

S&P forecasts adjusted free operating cash flow of SEK 5 billion to SEK 6 billion in both 2026 and 2027. It expects Saab to retain a net cash position and keep adjusted debt to EBITDA well below 1.5 times. The agency also sees scope for operating margins to improve toward 15 percent.

A further upgrade could be considered within six to 12 months if Saab sustains its growth momentum, improves margins and maintains conservative leverage. S&P also highlighted risks from customer concentration, the company's smaller scale than some defense peers and potential operational pressure on profitability or cash generation. A more aggressive financial policy, including debt-funded acquisitions or shareholder returns, could weigh on the rating.

Quote remains an investor reference

Saab B stock traded at 58.37 euros on Lang & Schwarz at 11:07:57 CET on Wednesday, November 11, 2026. The rating action adds a credit-market signal to the investment case, but the share's next direction will still depend on order execution, production expansion, margins and cash generation.