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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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SAAB UK LTD
COMPANY INFORMATION
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SAAB UK LTD
CONTENTS
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SAAB UK LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
Saab develops, adopts and improves new technology to meet changing customer needs in order to Keep People and Society Safe, serving the global market of governments, authorities and corporations with products, services and solutions ranging from military defence to civil security. The objective of Saab UK is to provide a further supporting home country for Saab group, to meet the needs of the British Government with defence and security products and services, including integration and support, primarily to the MOD.
In line with its extant strategy, the Company continues to market products from Sweden-based Saab business units but has, during the period, developed UK manufacturing capabilities and capacity in the areas of sensors and signature management. Local operations are set to increase in the coming years through organic growth and acquisition to support the export as well as domestic markets.
World events have created unprecedented demand for defence capabilities and Saab UK’s expansion is a significant part of Saab AB’s global growth. Additional real estate and infrastructure has been acquired to enable the support of our Training and Simulation product range as well as our Autonomy offerings. Enhancements to our manufacturing footprint has added to the capacity invested in previously. Organisational changes continue to be made to ensure efficiency within the Company with further expansion planned for the coming years.
The two largest customers for the Company are currently UK MOD and Saab AB. In the view of the directors, this provides the Company with stability and balance. Expansion into the export market is providing a third market and even greater resilience. There are strong ties with UK MOD and the Department for Business & Trade which allow the Company to anticipate UK needs as well as support our international export strategy.
Uncertainty regarding the Government’s approach to addressing the economic crisis and its execution of the Strategic Defence Review, is balanced by the diversity of the product portfolio offering and the growing need for UK defence investment in areas in which Saab excels. .
2025 saw continued growth for Saab UK Ltd. Turnover increased significantly year on year driven by our growth in local operations within our defence business, with the growth of production at the Fareham production facility, and the continued growth of the market as a whole. The civil business continues to be challenging, and Saab UK continues to assess and adapt.
We expect to see this growth rate continue into 2026 and are therefore continuing to invest in order to meet customer requirements and expectations. This will continue to affect profitability as we invest in advance of future growth, however we expect to see a return on investment within the current business plan (5 years).
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SAAB UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are cognisant of and compliant with their collective duty to deliver shareholder value to its parent, Saab AB, while optimising Saab UK Limited’s beneficial impact for all stakeholders. Saab UK Limited personnel are fundamental to its ongoing success and it is the company’s policy to provide attractive compensation, benefits and working conditions. The company’s sustainability agenda includes our commitment to Net Zero CO2 emissions by 2050 and is delivered through a wide range of initiatives. The directors are committed to delivering social value through its operations, including employee wellbeing, equal opportunity, climate change and targeted economic benefits through its supply chain. Innovation is key to the ongoing success of the company and the directors are committed to working with academia and other bodies in research and development. The directors are active in all of the relevant industry bodies and the company is present at many trade shows exhibitions.
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SAAB UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors of the Company have complied with their duty to promote the success of the company for the benefits of its stakeholders whilst having regard to the matters set out in Section 172 (1) (a)-(f) of the Companies Act 2006.
The Directors have done this in various ways which are listed below: Stakeholder Engagement The Directors consider the key stakeholders to be customers, suppliers, staff, and shareholders. The Company through its directors and senior management teams engage with each stakeholder on a regular basis at the appropriate level of frequency depending upon their specific requirements. Principal decisions Principal decisions are defined as those that are material to the company and also to the above stakeholder groups. During the year, the company has taken a number of operational and strategic decisions which the Directors consider are for the benefit of the Company, with a view to promoting its long-term success and sustainability. Engaging with suppliers, customers, staff, shareholders and others During the financial year, the Directors and Senior Management teams have endeavoured to foster the company's mutually beneficial business relationships with stakeholders with the company. This was achieved through positive interactions during meetings both virtual and physical, written communications and telephone calls. The Company has many different suppliers. The Directors ensure that the company acts responsibly when sourcing commodities and services from suppliers. Our suppliers are critical partners in the company's commitment to deliver high levels of service to our customers and a competitive price which reflects the level of service we provide. The company takes pride in and endeavours to pay its suppliers and taxes in a timely manner. The company also takes pride in paying its staff well and normally above market rates as it wants the best people and understands the benefits of having a very high employee retention rate. The company will continue to involve many members of staff in the equity structure of the company as it understands the importance of the sense of shared ownership amongst its participants. Employees Arrangements exist to ensure employee involvement in matters of concern to them and also to provide employees with all relevant information. It is the company's policy that people with disabilities should have the same consideration as others with respect to recruitment, retention and personal development. Depending on their skills and abilities, they enjoy the same career prospects as other employees and the same scope for realising potential. For 2026 we will introduce an Equality Diversity and Inclusion (EDI) network to support our employees further. Future Developments The company is continuing to accelerate its performance and is in a strong and stable position, forecasting a healthy financial future in line with growth in European defence spending.
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SAAB UK LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
This report was approved by the board on 8 September 2026 and signed on its behalf.
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SAAB UK LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Kingdom, including branches of the Ministry of Defence. This is carried out primarily in the areas of equipment development and manufacture, integrated logistics support and operational support. The secondary mission of the company is to provide services to select units of the Sweden based Saab group into the UK. A selection of services provided during 2025 include, but are not limited to: • Provide integrated logistics support and operational support of Saab products and operations in the UK. • Marketing and sales, including marketing management and marketing communications.
The profit for the year, after taxation, amounted to £2,999,583 (2024 - £2,493,260).
Dividends were paid in the year of £Nil (2024 £Nil). No further dividends will be proposed in this year.
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SAAB UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors who served during the year were:
Our Environment
The company recognises its responsibility to minimise its impact on the natural environment and continues its commitment to reduce its energy consumption, carbon emissions, water usage and waste. Energy Consumption and Carbon Emissions To comply with the UK Government’s Streamlined Energy and Carbon Reporting (SECR) requirements, we present our energy performance. 2024 was the first year that Saab UK Limited has come into scope of the requirements under SECR. Due to significant growth in real estate and employees, Saab UK Limited is baselining its energy and carbon emissions. Energy consumption remains an important consideration, and the company moved into new premises in February 2025. These new premises have resulted in the removal of gas as a source of heating, with the building now heated solely via electricity. In addition, the company continues to implement its policy of replacing all current leased assets with hybrid models where possible to minimise energy consumption. Renewable Energy Certificates (RECs) To further support the company’s environmental commitments, Saab UK Limited has purchased 100% Renewable Energy Certificates (RECs) covering all electricity consumption for 2025. As a result, market based Scope 2 emissions for the period are reported as zero, reflecting the company’s commitment to sourcing renewable electricity.
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SAAB UK LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The auditors, Fawcetts LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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SAAB UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAAB UK LTD
We have audited the financial statements of SAAB UK LTD (the 'Company') for the year ended 31 December 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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SAAB UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAAB UK LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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SAAB UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAAB UK LTD (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Extent to which the audit was considered capable of detecting irregularities, including fraud. We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion Identifying and assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations we consider the following: • the nature of the industry and sector, control environment and business performance; • results of our enquiries of management about their own identification and assessment of the risks of irregularities; • any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to: - identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; - detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; - the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations • the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following area: revenue and profit recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation. Audit response to risks identified As a result of performing the above, we identified revenue and profit recognition a key audit matter related to the potential risk of fraud. Our procedures to respond to risks identified included the following: • reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; • enquiring of management concerning actual and potential litigation and claims; • performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; • reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC and • in addressing the risk of fraud through management override of controls, testing the appropriateness of journal
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SAAB UK LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SAAB UK LTD (CONTINUED)
entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Windover House
St Ann Street
SP1 2DR
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SAAB UK LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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SAAB UK LTD
REGISTERED NUMBER: 01724399
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 30 form part of these financial statements.
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SAAB UK LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company is a private company, incorporated in England & Wales under Company Number 01724399.
The company's Registered Office and principal trading address is 2nd Floor, Kinnaird House, 1 Pall Mall East, London, SW1 5AU.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Saab ab as at 31 December 2025 and these financial statements may be obtained from SE-58188, Linkoping, Sweden.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Analysis of turnover by country of destination:
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There were no factors that may affect future tax charges.
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Subsidiary undertakings (continued)
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
During the year, 2 ordinary £1 shares were issued at a premium.
Share premium account
Profit and loss account
The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,249,745 (2024 - £1,887,563). Contributions totalling £202,750 (2024 - £175,957) were payable to the fund at the balance sheet date and are included in creditors.
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SAAB UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The company is controlled by its parent company Saab ab. The company's Registered Office and the
address from which consolidated accounts can be obtained is SE-58188, Linkoping, Sweden.
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