Brazilian planemaker Embraer has ruled out developing its own fighter jet, opting instead to double down on its strategic defense partnership with Sweden's Saab.

Sweden has announced a major defence investment, approving the purchase of air defence and anti-drone systems worth 8.7 billion Swedish kronor (about $916 million), according to the country’s defence ministry.

Ukraine and Sweden have signed an agreement that could bring Saab JAS 39 Gripen fighter jets to the Ukrainian Air Force, with first deliveries potentially as early as 2026, according to President Volodymyr Zelensky.

Swedish defense company Saab reported a surge in quarterly earnings and record-high sales on Friday, as European nations ramp up military spending in response to growing geopolitical tensions.

Austria is looking to replace its retired Saab 105 trainers, which were phased out in 2020, by potentially acquiring new aircraft through a joint purchase with Italy of the M-346 jet trainers.