Saab AB ECONOMIC

Target: Saab AB Jurisdiction: Sweden Research date: 26 October 2026 Evidence period: Historical ownership records through Q2 2026 Domain: Economic relationships, investment, supply chains and corporate operations

Supply Chain & Sourcing Relationships

Direct Israeli supplier relationships

In its Q1 2026 interim report, Saab AB disclosed that it maintained a limited number of suppliers in Israel, identifying potential supply-chain risks associated with the Middle East conflict and describing mitigating measures and continuing supplier dialogue. This is company-confirmed evidence of Israeli commercial sourcing during January–March 2026.¹

Saab repeated the disclosure in its Q2 2026 interim report, confirming that Israeli supplier relationships remained relevant to its supply-chain risk assessment during April–June 2026. The report does not name the suppliers, identify their products or quantify their procurement value.²

Agricultural suppliers and seasonal sourcing

No public evidence identified of direct procurement relationships between Saab AB and Mehadrin, Hadiklaim, Galilee Export, Agrexco successors or other Israeli agricultural exporters.

No public evidence identified of seasonal Israeli agricultural procurement, including December–April sourcing arrangements.

Importer-of-record structure

No public evidence identified of a dedicated Israeli importer-of-record subsidiary, joint venture or import agent acting for Saab AB.

The 2026 issuer disclosures establish Israeli suppliers but do not identify the legal entities or customs arrangements through which their products enter Saab’s supply chain.^{1, 2}

Third-party and indirect sourcing

Saab’s Q1 2026 report states that the group depends on single or limited suppliers for certain subsystems and uses measures including additional sourcing, inventory planning and contractual risk management. The disclosure does not establish that those particular subsystem dependencies involve Israel.¹

No public evidence identified of a named third-party intermediary, reseller, distributor or white-label arrangement transferring Israeli-origin products to Saab.

Swedish exports involving private Israeli recipients

The Swedish Government’s 2024 export-control report records follow-on deliveries of components from Sweden to private Israeli companies under licences issued in earlier years. The government states that these components were not classified as military equipment at the time of the original deliveries; it does not identify Saab AB as the exporter.³

The Swedish Inspectorate of Strategic Products reported the same general export pattern for 2024 and stated that no new licences for military-equipment sales to Israel had been granted after 10 October 2023. These figures concern Swedish exporters collectively.⁴

The Swedish Government’s 2025 export-control report documents concluding follow-on deliveries to private Israeli companies under earlier licences. The report does not attribute these deliveries to Saab AB.⁵

The Swedish regulator’s March 2026 summary confirms the concluding 2025 deliveries and the absence of new export licences for military-equipment sales to Israel after 10 October 2023. The report does not identify the private recipient or supplier.⁶

Product Origin, Labeling & Regulatory Compliance

Settlement-origin products

No public evidence identified of Saab products or purchased components originating from Israeli settlements in the West Bank, including East Jerusalem, or the occupied Golan Heights.

The Saab Q1 and Q2 2026 reports identify Israeli suppliers without disclosing their names or manufacturing locations, leaving the geographical origin of individual supplier products unverified.^{1, 2}

Country-of-origin labeling

No public evidence identified of DEFRA, customs or other regulatory enforcement proceedings against Saab AB concerning Israeli or settlement-origin country-of-origin labeling.

No public evidence identified of consumer products marketed by Saab under disputed Israeli or settlement-origin agricultural labels.

Corporate labeling and sourcing policy

No public evidence identified of a Saab-specific public policy governing the labeling of settlement-origin agricultural or consumer products.

The Swedish Government’s 2025 export-control report explains that Swedish military-equipment exports are assessed under national legislation, the EU Common Position and the Arms Trade Treaty. This is the general export-control framework rather than a Saab-specific settlement-origin policy.⁵

Regulatory controls

The Swedish Government’s 2024 report states that export licences are assessed individually under Sweden’s military-equipment legislation and applicable European and international obligations. It distinguishes military-equipment controls from controls affecting dual-use goods.³

The Swedish Inspectorate of Strategic Products maintains annual export statistics, including historical data, providing the regulatory context against which Saab-related claims about Swedish exports can be evaluated.⁷

No public evidence identified of a Saab-specific Israeli customs-labeling violation, settlement-origin determination or regulatory penalty.

Investment, Capital & Financial Exposure

Direct investment in Israel

No public evidence identified of Saab AB acquiring a controlling interest in an Israeli operating manufacturer, technology company, infrastructure business or consumer brand.

No public evidence identified of a Saab-owned factory, property portfolio, logistics centre or data centre located in Israel or occupied territory.

The Q1 and Q2 2026 reports establish Israeli supplier relationships, but their supplier disclosures do not identify a Saab equity investment in those suppliers.^{1, 2}

Acquired Israeli operating subsidiaries

No public evidence identified of a confirmed Israeli operating subsidiary acquired or controlled by Saab AB.

Accordingly, no Israeli subsidiary acquisition date, purchase price, controlling ownership percentage, manufacturing location, employee count, revenue contribution or military/settlement relationship could be verified.

Research and development investment

Saab’s Q2 2026 report identifies continuing development activities across its defence businesses, including aeronautics, surveillance and naval systems, but does not establish an Israeli research or innovation facility.²

No public evidence identified of a Saab-owned Israeli R&D laboratory, accelerator or innovation centre.

No public evidence identified of an Israeli government research grant or Preferred Technology Enterprise designation awarded to Saab AB.

Principal shareholder exposure

Saab’s Q1 2026 interim report identifies Investor AB as its largest shareholder at 31 March 2026, with approximately 30.2% of share capital and 39.9% of voting rights. Wallenberg Investments held approximately 8.7% of capital and 7.6% of votes.¹

Investor AB describes itself as an investment holding company founded by the Wallenberg family in 1916, with investments across listed companies, wholly owned businesses and investment funds. These represent Investor AB’s investment activities rather than direct operating activities of Saab AB.⁸

At 30 September 2026, the Knut and Alice Wallenberg Foundation held approximately 20.07% of Investor AB’s capital and 42.96% of its voting rights. The foundation’s ownership of Investor AB creates an indirect governance connection to Saab.⁹

Wallenberg Investments states that it is owned by three Wallenberg foundations and manages long-term investments for those foundations. Its ownership and investment activities are distinct from Saab’s operating procurement and sales.¹⁰

Portfolio holdings and financing

No public evidence identified of Saab AB directly holding Israeli sovereign bonds, Israeli listed-company shares or Israel-focused investment funds.

No public evidence identified of Saab AB underwriting Israeli sovereign debt, distributing Israel Bonds or providing loans to Israeli settlement businesses.

No public evidence identified of a material personal or family-office investment in an Israeli operating company attributable to Saab’s named controlling principals.

Investor AB’s disclosed business model includes listed-company holdings, private businesses and fund investments. The reviewed ownership disclosures do not establish a specific Israeli investment attributable to Saab AB.^{8, 9}

Financial-market ownership

Saab B is a publicly traded security on Nasdaq Stockholm. This is evidence of public equity-market participation, not Israeli capital ownership. No public evidence identified in the replacement source confirming the previously reported Q2 2026 quarter-end market capitalization of approximately SEK 268.42 billion.¹¹

On 17 June 2026, Saab AB announced a strategic investment of €11.1 million for a proposed 10% equity interest in Comand AI, a Paris-based defence artificial-intelligence company. The announcement explicitly stated that the agreement remained subject to regulatory approval. It therefore established Saab’s announced investment commitment and intended minority ownership position, but did not establish that regulatory clearance had been granted or the acquisition completed. The investment was intended to incorporate Comand AI’s AI-native planning technology into Saab’s research and development activities, particularly its command-and-control (C2) and C5ISR capabilities, including GlobalEye and future multi-domain command systems.^{12, 13}

The investment formed part of Comand AI’s €32 million Series A financing round, announced on 17 June 2026, led by Blossom Capital with participation from Saab and returning investor Expeditions. Comand AI described the investment as establishing a strategic collaboration covering new GlobalEye software capabilities, development of a next-generation C2 ecosystem and integration of its Prevail platform into existing Saab products. The transaction consequently represents a documented expansion of Saab’s external technology-investment exposure into a French defence-software company, alongside its internal research and development activities. Neither announcement identifies an Israeli entity, Israeli ownership interest or Israel-directed capital allocation arising from the transaction.^{12, 14}

Operational Presence & Market Activity

Israeli offices and facilities

No public evidence identified of an independently verified Saab-owned office, warehouse, manufacturing plant, support centre or retail location in Israel or occupied territory.

The company’s 2026 supplier disclosures establish a procurement connection to Israel but do not identify a Saab operating establishment within the country.^{1, 2}

Israeli employees and tax registrations

No public evidence identified of Saab AB’s Israeli employee count, local payroll, Israeli tax-residency status, branch registration or Preferred Technology Enterprise status.

No public evidence identified of company-specific Israeli corporate-income-tax payments or payroll-tax contributions.

Direct commercial sales

In its Q1 2026 report, Saab states that it has no current direct defence-related sales exposure to Israel. This is the company’s position as of the first quarter of 2026 and does not separately quantify historical sales, civilian sales or indirect transfers.¹

Saab repeats the same statement in its Q2 2026 report. The disclosure establishes the company’s reported direct defence-sales position as of June 2026.²

Swedish defence exports and Israel

The Swedish Government reports that Sweden has not granted licences for military-equipment sales to the Israeli armed forces or other Israeli state actors since the 1950s. This statement concerns Sweden’s national export-licensing record, rather than all foreign subsidiaries or third-country transfers by an individual Swedish company.⁵

The Swedish regulator’s 2025 summary likewise distinguishes historical licences supporting private-company component deliveries from the absence of new licences after October 2023.⁶

Market positioning

No public evidence identified of Saab AB describing Israel as a strategic growth market, regional headquarters, major revenue market or principal defence customer in the reviewed 2026 issuer reports.

The reports instead identify Israel in the context of supply-chain exposure and explicitly report no current direct defence-related sales exposure.^{1, 2}

Occupied territories

No public evidence identified of Saab-owned facilities, employees, customers, commercial branches or service operations specifically located in West Bank settlements, East Jerusalem settlements or the occupied Golan Heights.

No public evidence identified of a named Saab distributor or licensee operating a settlement-based sales location.

Military reservist and employee policies

No public evidence identified of a Saab-specific Israeli reservist salary subsidy, military-leave policy or matching-donation arrangement involving an Israeli defence or settlement organization.

Corporate Structure & Foundational Ties

Founding and corporate identity

Saab AB’s historical ownership records identify a Swedish corporate and industrial history rather than an Israeli foundation. Investor AB’s history records that British Aerospace became a part-owner of Saab AB in 1998, the year Saab was listed. [pre-2020; historical event confirmed by Investor’s continuing corporate history.]¹⁵

Investor AB records that it acquired additional Saab shares from BAE Systems in 2010, strengthening its ownership position. [pre-2020; historical transaction confirmed in Investor’s published history.]¹⁶

Investor AB further records additional investments in Saab during 2018. [pre-2020; historical investment confirmed in Investor’s published history.]¹⁷

Headquarters and domicile

Saab’s October 2025 nomination-committee announcement identifies Saab AB as a Swedish company registered under number 556036-0793 and provides its Linköping, Sweden corporate address.¹⁸

No public evidence identified of Israeli incorporation, an Israeli operational headquarters, dual Israeli headquarters or Israeli tax residency.

Shareholder and governance structure

The Q1 2026 interim report identifies Investor AB and Wallenberg Investments as Saab’s two largest shareholders, accounting together for approximately 47.5% of reported voting rights at 31 March 2026.¹

The October 2025 nomination-committee announcement names Marcus Wallenberg, Daniel Nodhäll, Peter Wallenberg Jr, Oscar Bergman and Ross Bendetson as members preparing the 2026 annual general meeting nominations. The committee represented approximately 49% of Saab voting rights at the August 2025 reference date.¹⁸

Investor AB identifies Daniel Nodhäll as Head of Listed Companies and records his previous Saab board service. This establishes a documented governance relationship between Saab and its principal shareholder.¹⁹

Principal individuals

Saab’s Q2 2026 interim report identifies Marcus Wallenberg as chairman and Micael Johansson as president and CEO. Its signatory information identifies the board members responsible for the half-year report.²

No public evidence identified of an Israeli state appointment to Saab’s board, an Israeli government golden share, or an Israeli military-intelligence affiliation of a controlling Saab shareholder arising from the reviewed documents.

Israeli-Nexus Floor: factual predicates

Founded in Israel: no public evidence identified; the documented corporate history is Swedish.^{15, 16}

Israeli headquarters or principal management: no public evidence identified; Saab’s corporate address is in Sweden.¹⁸

Israeli tax residency or Preferred Technology Enterprise status: no public evidence identified.

Israeli beneficial ownership or control: no public evidence identified in the reviewed principal-shareholder disclosures; the named largest voting shareholder is Investor AB.^{1, 9}

State and institutional linkages

The 2026 interim reports identify Saab’s defence activities and regulated export-control exposure, while the Swedish Government describes the national licensing regime for defence products. These documents establish Sweden’s regulatory oversight of relevant defence exports.^{1, 5}

No public evidence identified of Israeli government ownership, appointment rights, special voting rights, charter restrictions or other governance mechanisms binding Saab AB to Israeli state policy.

Constructive-notice chronology

Saab’s confirmed Israeli supplier relationships were disclosed in Q1 and Q2 2026, after 19 July 2024 and November 2024, while the company concurrently reported no current direct defence-related sales exposure to Israel.^{1, 2}

The Swedish Government’s 2025 export-control report documents private-company component deliveries during 2025 under older licences. The government document does not establish Saab’s participation in those particular deliveries.⁵

Profit Repatriation & Economic Contribution

Israel-attributable revenue

No public evidence identified of a separately disclosed Saab AB revenue figure for Israel.

Saab’s Q1 and Q2 2026 reports state that there was no current direct defence-related sales exposure to Israel; the disclosures do not quantify any civilian sales or historical Israel-derived revenue.^{1, 2}

Procurement-related economic contribution

Saab’s acknowledgement of a limited number of Israeli suppliers confirms a procurement relationship relevant to Israel’s commercial economy during the first half of 2026. Neither report provides supplier expenditure, payment values, supplier employment or the proportion of Saab procurement attributable to Israel.^{1, 2}

Profit repatriation

No public evidence identified of Saab remitting operating profits from Israeli subsidiaries to Sweden.

No public evidence identified of Israel-derived royalties, dividends, management fees or intra-group licensing payments made to Saab.

No public evidence identified of Saab’s global operating profits being remitted to an Israeli-domiciled parent company.

Shareholder-level capital flows

Investor AB’s ownership model describes its interests in listed companies, private businesses and investment funds. The reviewed disclosures do not identify a Saab dividend or other corporate payment that can specifically be traced into an Israeli investment or Israeli state financing transaction.^{8, 9}

Wallenberg Investments describes the Wallenberg foundations’ investment structure and long-term stewardship of foundation assets. Its disclosures do not establish a specific Saab-to-Israel profit transfer.¹⁰

National-sector and export significance

Sweden’s Inspectorate of Strategic Products reported total Swedish military-equipment exports exceeding SEK 28 billion in 2025 and identified the United States, Hungary and Brazil as its largest recipient markets. These statistics describe Sweden’s defence-export sector as a whole.⁶

The regulator maintains historical annual export statistics covering numerous Swedish manufacturers and suppliers. Such national totals cannot independently establish Saab’s revenue from Israel.⁷

Israeli economic ecosystem role

No public evidence identified of Saab AB being formally designated an Israeli critical-infrastructure operator, major Israeli employer, domestic defence prime or national technology-sector anchor.

No public evidence identified of Saab operating a manufacturing subsidiary or strategic industrial investment in Israel.

Historical and ongoing relationship distinction

Investor’s historical records document Swedish ownership transactions involving Saab in 1998, 2010 and 2018, while the first-half 2026 company disclosures document Israeli procurement exposure. The former concern shareholder history; the latter establish ongoing supplier relationships as reported in 2026.^{15, 16, 17, 1, 2}