"The boom in defense orders—including artillery shells, missiles, tanks, military aircraft, drones, and ships—has naturally led to an unprecedented volume of unfulfilled orders among European defense manufacturers. The backlog of companies such as KNDS, MBDA, Hensoldt, Leonardo, Rheinmetall, Kongsberg, BAE Systems, Saab, and Thales has grown by 103% compared to 2021, reaching a record $365 billion by the end of 2024," the report states.
"Against the backdrop of Europe’s growing defense capabilities, arms manufacturers—especially European ones—have begun setting new financial records," the document says.
"Germany’s largest arms and ammunition manufacturer has significantly benefited from orders related to Ukraine, as well as the replenishment of military equipment and ammunition stocks in European countries, especially Germany," the authors explain.
"In this situation, most of them are prioritizing the expansion of existing production capacities and confident in sustained demand amid Europe’s $860 billion rearmament push," the report concludes.