European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent research observatory tracking Europe’s listed growth companies.

By Francesco Castellaneta

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Annual rank19

Sweden · Industrials

Saab

Saab operates through four named business areas: Aeronautics, Dynamics, Surveillance and Naval.

+94%revenue growth
FY2022–FY2025
+197%net-income growth
FY2022–FY2025
+434%stock return
FY2022–FY2025
+12%2026 stock return
current context only

Company profile

Platforms, sensors and local industrial partnerships

Saab combines combat aircraft, airborne and ground sensors, infantry weapons, naval platforms and combat-management software with training and lifecycle support. The revealing part is how these capabilities reach customers: Gripen work is divided between Sweden and Brazil, Saab's T-7A section is built in Indiana for Boeing, and Saab now places its naval-platform work and most of Naval Combat Systems in one business area.

Aircraft and industrial partnerships

Divide aircraft work across Brazil, Sweden and the United States

Saab's São Bernardo do Campo plant makes Gripen aerostructures for final assembly at Embraer's Gavião Peixoto plant and at Saab in Linköping. The Brazilian final line receives those sections and is an Embraer facility, not a second Saab plant. In the Boeing-Saab T-7A programme, Saab develops and manufactures the fully installed aft fuselage; series work moved from Linköping to West Lafayette, Indiana, before delivery to Boeing.

Sensors and decision support

See from the air, locate from the ground and decide at sea

GlobalEye combines Erieye ER with other sensors and command-and-control aboard a Bombardier aircraft for air, sea and land surveillance. Giraffe 4A is a mobile or fixed GaN-AESA radar for air surveillance, weapon location and ground-based air defence. On ships, 9LV fuses sensor data, coordinates weapons and supports operator decisions. They are separate systems for different settings, not one combined product.

Ground combat and support

Treat Carl-Gustaf as a system, not only a launcher

Carl-Gustaf M4 is the entry point to a wider package of ammunition, fire-control devices, training and support. The M4 launcher weighs less than seven kilograms, while different rounds address armour, structures, smoke and illumination. Saab's support model adds training, maintenance, technical publications and spare-parts provisioning across the product lifecycle; the official HEAT 758 film shows how one anti-armour round is configured for modern threats.

Naval platforms and systems

Bring submarines, surface ships and combat systems into Naval

From 1 April 2026, Saab's Naval business area combines the former Kockums operations with most of Naval Combat Systems. The portfolio spans A26 submarines with Stirling air-independent propulsion and a Multi-Mission Portal, Visby-class corvettes with an all-composite carbon-fibre hull, and surface craft for combat, mine-countermeasure and patrol roles. The reorganisation connects platforms with combat-management, fire-control, secure-communications and integration work under one management structure.

Current 2026 update

What is changing at Saab in 2026?

Saab is translating large orders into industrial execution. Gripen F has entered flight testing; a preliminary Saab-Embraer framework could add Brazilian assembly capacity; the new Naval organisation is scaling a long submarine programme; and uncrewed work ranges from tested conversions to a full-scale concept model.

Latest official evidence Saab Published 9 September 2026

The change in one sentence

Growth increasingly depends on turning partnerships and prototypes into repeatable delivery systems.

Saab must coordinate development, testing, assembly, software and lifecycle support across partner nations. The FMV future-fighter order funds concept and demonstrator work, not an operational A3 procurement; Brazilian production remains subject to a further agreement and naval delivery stretches over years.

Four lenses on 2026

The same four-quadrant format used in the Company profile.

01 · The fighter network

Gripen F is airborne, while Brazilian capacity remains a conditional next step

Gripen F completed a 40-minute first flight at Linköping on 28 August and entered the airborne phase of its test campaign. More than 350 Brazilian engineers, technicians and pilots have taken part in training related to Gripen development, production, flight testing and maintenance. Separately, Saab and Embraer signed a Heads of Agreement for potential production of 20 additional aircraft at Gavião Peixoto; a corresponding agreement was still intended for 2026.

  • Current signalGripen F first flight · 20 potential aircraft
  • Why it mattersThe Sweden-Brazil partnership now spans co-development, training and direct industrial participation, but neither flight-test entry nor a Heads of Agreement equals accepted deliveries.
  • Gripen F first flight Saab · 2026-08-28
  • Gripen capacity Saab · 2026-07-21

02 · The naval system

Saab's largest export order is testing the integrated Naval model

Saab booked Poland's approximately SEK 47bn order for three A26-type submarines, including weapons, training and support, with final deliveries scheduled during 2038. From the second quarter, Naval combines submarines, surface ships and underwater systems with most naval combat-management, fire-control, communications and integration work. Saab is increasing capacity in Karlskrona and Landskrona.

  • Current signalThree A26 submarines · delivery through 2038
  • Why it mattersThe reorganisation will be proved by coordinated engineering and delivery across platforms, combat systems, yards and long-term support - not by the org chart alone.
  • Q2 report Saab · 2026-07-17
  • Naval organisation Saab · 2026-03-13

03 · The autonomy ladder

Demonstrators gain funding, while operational choices remain open

In Q2 Saab reported test flights of an unmanned airborne early-warning system with General Atomics and torpedo firings from an unmanned and remotely operated Combat Boat 90. In August, A3-001 appeared as a full-scale concept model for a possible uncrewed combat-air system. On 9 September Sweden’s FMV placed a separate SEK 2.9 billion order for 2026–2028 future-fighter concept work, with options for 2029–2030. It covers flying and ground demonstrators and studies of manned and unmanned concepts. The order funds development and demonstration, not procurement of an operational A3 system or a final Swedish combat-air choice.

  • Current signalQ2 demonstrations · A3-001 concept model · SEK2.9bn FMV concept order
  • Why it mattersThe technology path now has funded demonstrator work, but tested systems, concept models and an eventual operational fighter programme remain different milestones.
  • Saab 2026-07-17
  • Saab 2026-08-22
  • Saab 2026-09-09

04 · What to watch

Three questions for the next disclosures

Three execution tests separate contracted demand from delivered capability.

  • The fighter campaignDoes Gripen F progress through envelope expansion and acceptance, and does the Embraer framework become a definitive production agreement?
  • The naval scheduleCan Saab expand yard and systems capacity while keeping the Polish A26 programme, other submarines and surface-ship work on their disclosed milestones?
  • Demonstrator milestonesWhat does the funded FMV future-fighter work demonstrate by 2028, and which separate uncrewed concepts progress toward an operational Swedish decision?

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202519+94%+197%+434%