Micael Johansson

"I think if I look at our company, we have probably four to five-folded output from before the war started... European defense company stocks are surging, with other major players like Rheinmetall and Leonardo reporting record years." Europe is structurally rearming and shifting procurement to domestic suppliers (targeting 50% by 2030). Companies with existing manufacturing capacity and NATO integration will capture this massive, multi-year fiscal tailwind. LONG. European defense primes are entering a long-term supercycle of government spending, expanding their shareholder base and integrating rapid battlefield innovation. Political shifts in Europe that reduce defense budgets, or supply chain bottlenecks that limit production capacity expansion.

"I think if I look at our company, we have probably four to five-folded output from before the war started... European defense company stocks are surging, with other major players like Rheinmetall and Leonardo reporting record years." Europe is structurally rearming and shifting procurement to domestic suppliers (targeting 50% by 2030). Companies with existing manufacturing capacity and NATO integration will capture this massive, multi-year fiscal tailwind. LONG. European defense primes are entering a long-term supercycle of government spending, expanding their shareholder base and integrating rapid battlefield innovation. Political shifts in Europe that reduce defense budgets, or supply chain bottlenecks that limit production capacity expansion.

"I think if I look at our company, we have probably four to five-folded output from before the war started... European defense company stocks are surging, with other major players like Rheinmetall and Leonardo reporting record years." Europe is structurally rearming and shifting procurement to domestic suppliers (targeting 50% by 2030). Companies with existing manufacturing capacity and NATO integration will capture this massive, multi-year fiscal tailwind. LONG. European defense primes are entering a long-term supercycle of government spending, expanding their shareholder base and integrating rapid battlefield innovation. Political shifts in Europe that reduce defense budgets, or supply chain bottlenecks that limit production capacity expansion.

Saab is ramping production capacity significantly—doubling Gripen output from 2 to 4–6 per year and doubling other product lines. Geographic expansion into Canada and Europe will create scale and support margin expansion. Strong demand from NATO and Ukraine underpins a positive growth outlook.

Defence demand remains strong, with intensive customer discussions across Europe and the Middle East. Saab is investing heavily in production capacity, including new factory lines in Sweden, and has a large order backlog. The company is seeing organic growth and favorable market conditions for the foreseeable future.