{"id":205755,"date":"2025-06-16T10:26:12","date_gmt":"2025-06-16T10:26:12","guid":{"rendered":"https:\/\/ibkrcampus.eu\/campus\/?p=205755"},"modified":"2025-06-16T15:38:18","modified_gmt":"2025-06-16T15:38:18","slug":"arming-for-growth-q1-2025-results-validate-europes-defence-re-armament","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/","title":{"rendered":"Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Originally Posted, 12 June 2025 &#8211; <a href=\"https:\/\/www.wisdomtree.eu\/fr-lu\/blog\/2025-06-12\/arming-for-growth-q1-2025-results-validate-europe-s-defence-re-armament\">Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-takeaways\">Key Takeaways<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Europe\u2019s defence budgets are rising sharply, fuelling a \u201cgeneration-long\u201d demand curve for military contractors.<\/li>\n\n\n\n<li>Q1 earnings showed almost 19% weighted revenue growth and widening margins despite heavy R&amp;D investment.<\/li>\n\n\n\n<li>Record-high backlogs\u2014averaging 38\u00d7 monthly sales\u2014underscore unprecedented order visibility.<\/li>\n\n\n\n<li>Pure-play defence firms outperformed best, while diversified suppliers offer stability and critical subsystems.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"defence-budgets\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Europe\u2019s politicians are finally putting money where their security rhetoric is. 2024 defence outlays across NATO-Europe jumped 17% to about \u20ac326 bn<sup>1<\/sup>, and Brussels now insists that at least 65% of new procurement be sourced inside Europe.<sup>2<\/sup> Germany\u2019s \u20ac100bn Sonderverm\u00f6gen, Poland\u2019s move towards 4% of GDP<sup>3<\/sup>, and the UK\u2019s pledge to reach 2.5% of GDP by 2030 collectively mark the biggest remilitarisation since the Cold War.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Charting the policy shift, NATO<sup>4<\/sup> scenarios (2.5-3.5% of GDP) imply Europe could be spending \u20ac800-950bn a year on defence by 2030, more than double 2024 levels (Figure 1). Equipment outlays\u2014the part that flows straight to contractors\u2014would climb fastest.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Figure 1: NATO Europe defence\u2014spending scenarios<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"548\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence-1100x548.jpg\" alt=\"NATO Europe defence\u2014spending scenarios, bar chart\" class=\"wp-image-205762 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence-1100x548.jpg 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence-700x349.jpg 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence-300x150.jpg 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence-768x383.jpg 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence-1536x766.jpg 1536w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence-2048x1021.jpg 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/548;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: Rheinmetall, WisdomTree as of 31 January 2025. <strong>Forecasts are not an indicator of future performance and any investments are subject to risks and uncertainties.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Industrial policy is lending further support; the European Defence Fund is conditioning grants on European content. As Europe seeks greater autonomy in defence, the leaders want tighter control of critical supply chains, from missiles to tanks. The upshot is a long, visible demand curve for Europe\u2019s defence companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"q1-earnings\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Q1 2025 earnings: what the numbers say<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Focusing on the WisdomTree Europe Defence UCITS Index\u2014designed to capture companies with meaningful revenue from the European defence megatrend\u201414 of 24 constituents had reported Q1 figures by 16 May. The snapshot is encouraging:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sales growth<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Headline growth remained robust; 13 of the 14 companies reported revenue growth in Q1, with the average sales growth rate at +17.7% (LTM<sup>5<\/sup> sales growth rate year-over-year (YoY)). Stack these data points next to the five-year trend and the trajectory is unmistakable. Weighted revenue growth has swung from a pandemic trough of -8% in 2021 to +19% in May 2025 (Figure 3). Land-systems champion Rheinmetall led the charge with a 42% jump, but momentum was widespread: HENSOLDT, Kongsberg, Safran and Leonardo all posted double-digit growth rates. Only one name, Kitron, contracted\u2014and that was due to destocking in its non-defence connectivity arm rather than weaker military demand.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Figure 2: Year-over-year sales growth of index holdings reporting Q1 earnings as of 16 May 2025<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"484\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/year-sale-growth-index-1100x484.jpg\" alt=\"Year-over-year sales growth of index holdings reporting Q1 earnings as of 16 May 2025, Bar chart.\" class=\"wp-image-205764 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/year-sale-growth-index-1100x484.jpg 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/year-sale-growth-index-700x308.jpg 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/year-sale-growth-index-300x132.jpg 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/year-sale-growth-index-768x338.jpg 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/year-sale-growth-index-1536x676.jpg 1536w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/year-sale-growth-index-2048x901.jpg 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/484;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: WisdomTree, Bloomberg. Year-over-year sales based on the latest twelve months (LTM) vs prior LTM as of 16 May 2025. <strong>You cannot invest directly in an index. Historical performance is not an indication of future performance and any investments may go down in value.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Figure 3: Weighted average year-over-year sales growth of the WisdomTree Europe Defence UCITS Index<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"449\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/weighted-avg-year-sales-growth-1100x449.jpg\" alt=\"Weighted average year-over-year sales growth of the WisdomTree Europe Defence UCITS Index, Bar chart.\" class=\"wp-image-205763 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/weighted-avg-year-sales-growth-1100x449.jpg 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/weighted-avg-year-sales-growth-700x286.jpg 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/weighted-avg-year-sales-growth-300x123.jpg 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/weighted-avg-year-sales-growth-768x314.jpg 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/weighted-avg-year-sales-growth-1536x627.jpg 1536w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/weighted-avg-year-sales-growth.jpg 2013w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/449;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: WisdomTree, Bloomberg. Year-over-year sales based on the latest twelve months (LTM) vs prior LTM as of 16 May 2025. Holding weights are fixed as of 16 May 2025. All holdings in the WisdomTree Europe Defence UCITS Index with available data are included in the calculation. <strong>You cannot invest directly in an index. Historical performance is not an indication of future performance and any investments may go down in value.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Consensus beats and management tone<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Roughly half the cohort beat<sup>6<\/sup> on both revenue and EBIT. Rheinmetall, Thales and Safran cited \u201caccelerating European demand\u201d, whereas misses were generally idiosyncratic: supply-chain timing (Saab, HENSOLDT) or tough comparisons (INVISIO). Crucially, no company cut 2025 guidance. CEOs repeatedly flagged EU budget trajectories and multi-year frameworks as reasons for confidence.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"order-visibility\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Order book boom<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The real story, however, lies in the order books. The index\u2019s simple average ratio of backlog to monthly sales climbed to 38 times in May from around 25 times before the Russia-Ukraine War. For the five largest holdings, as of 16 May 2025, it has crossed the 40\u00d7 mark. Rheinmetall booked \u20ac5 billion of orders in a single quarter, Fincantieri lifted its firm naval backlog 34% YoY to \u20ac31 billion (around 4 times of its annual revenue), and HENSOLDT, bolstered by Eurofighter radar contracts, set a new company record. Management commentary was generally confident, citing European procurement timetables, multi-year framework agreements and replenishment of munitions stocks as key tailwinds.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Figure 4: Average backlog-to-monthly-sales ratio of holdings in the WisdomTree Europe Defence UCITS Index<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"496\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/avg-backlog-monthly-sales-1100x496.jpg\" alt=\"Average backlog-to-monthly-sales ratio of holdings in the WisdomTree Europe Defence UCITS Index, Line chart.\" class=\"wp-image-205761 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/avg-backlog-monthly-sales-1100x496.jpg 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/avg-backlog-monthly-sales-700x315.jpg 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/avg-backlog-monthly-sales-300x135.jpg 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/avg-backlog-monthly-sales-768x346.jpg 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/avg-backlog-monthly-sales-1536x692.jpg 1536w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/avg-backlog-monthly-sales-2048x923.jpg 2048w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/496;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: WisdomTree, Bloomberg. For each holding, backlog to monthly sales ratio calculated as Order Backlog Value \/ (Trailing 12M Net Sales\/12). Data as of 16 May 2025. All holdings in the WisdomTree Europe Defence UCITS Index with available data are included in the calculation. <strong>You cannot invest directly in an index. Historical performance is not an indication of future performance and any investments may go down in value.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As both revenue growth and backlog cover have risen in recent years, we believe that the budget up-cycle is already flowing through to contracts and profitable growth\u2014well before many of the headline programs (for example, Eurodrone, European Main Battle Tank, GCAP etc.) move into full-rate production.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\" id=\"exposure-performance\">&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Exposure intensity and market rewards<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Index groups members by exposure score\u2014a rule in its methodology that tags how much of each company\u2019s revenue comes from defence:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Score 3: &gt; 50%<\/li>\n\n\n\n<li>Score 2: 25-50%<\/li>\n\n\n\n<li>Score 1: 10-25%<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Figure 5: Index weight, median sales growth and median 1-year performance by exposure score<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>&nbsp;Exposure score<\/th><th>Index weight<\/th><th>Median Sales growth<\/th><th>Median 1-yr performance<\/th><\/tr><\/thead><tbody><tr><td>3<\/td><td>70.8%<\/td><td>17.6%<\/td><td>+101%<\/td><\/tr><tr><td>2<\/td><td>15.2%<\/td><td>6.8%<\/td><td>+90%<\/td><\/tr><tr><td>1<\/td><td>14.0%<\/td><td>5.2%<\/td><td>+23%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Source: WisdomTree, Bloomberg. Data as of 16 May 2025. Sales growth is year-over-year based on the latest twelve months (LTM) versus prior LTM as of 16 May 2025. All holdings in the WisdomTree Europe Defence UCITS Index with available data are included in the calculation. <strong>You cannot invest directly in an index. Historical performance is not an indication of future performance and any investments may go down in value.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unsurprisingly, the group with high revenue exposure to defence is showing the fastest top-line gains and the strongest equity performance\u2014Rheinmetall, RENK and HENSOLDT have all at least doubled over the past year. Such companies account for around 70% in the current portfolio. But keeping companies with a lower exposure score, such as Airbus and Rolls-Royce, makes strategic sense, as these firms supply propulsion and subsystems that sit at the heart of Europe\u2019s re-armament programmes, and their civil diversification dampens programme-specific risk. Moreover, several companies with a lower exposure score have begun expanding their defence business: Safran\u2019s acquisition of Collins Aerospace\u2019s actuation assets will lift its defence share, while Airbus\u2019s \u201cEuropaSat\u201d joint venture with Thales boosts secure-comms exposure. Retaining this blend balances pure-play torque with industrial breadth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Outlook: visibility extends beyond the decade<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Order books at 38\u00d7 monthly sales give contractors unmatched revenue visibility. With Brussels tying funding to European content and new cross-border programmes (Eurodrone, FMBT, GCAP) entering the award phase, demand looks set to compound. Risks, such as supply bottlenecks, election noise, and tariff flare-ups, need monitoring, but no management team currently sees them derailing guidance. Even if NATO-Europe stops at 3% of GDP (middle scenario), listed defence revenues could still double by 2030. The supercycle remains alive and well.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><sup>1<\/sup>Politico: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.wisdomtree.eu\/fr-lu\/blog\/2025-06-12\/arming-for-growth-q1-2025-results-validate-europe-s-defence-re-armament#externalLinkModal\" target=\"_blank\">EU defense spending projected to boom to \u20ac326B<\/a><br><sup>2<\/sup>Reuters: <a rel=\"noreferrer noopener\" href=\"https:\/\/www.wisdomtree.eu\/fr-lu\/blog\/2025-06-12\/arming-for-growth-q1-2025-results-validate-europe-s-defence-re-armament#externalLinkModal\" target=\"_blank\">EU envoys reach deal on 150 billion euro arms fund<\/a><br><sup>3<\/sup>Gross domestic product.<br><sup>4<\/sup>The North Atlantic Treaty Organization is an intergovernmental transnational military alliance of 32 member states.<br><sup>5<\/sup>LTM = last twelve months.<br><sup>6<\/sup>\u201cBeat&#8221; means a company reported revenue that came in above what analysts were expecting, while a &#8220;miss&#8221; means it came in below those estimates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Europe\u2019s politicians are finally putting money where their security rhetoric is. 2024 defence outlays across NATO-Europe jumped 17% to about \u20ac326 bn1, and Brussels now insists that at least 65% of new procurement be sourced inside Europe.2 Germany\u2019s \u20ac100bn Sonderverm\u00f6gen, Poland\u2019s move towards 4% of GDP3, and the UK\u2019s pledge to reach 2.5% of GDP by 2030 collectively mark the biggest remilitarisation since the Cold War.<\/p>\n","protected":false},"author":1242,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[146,12,148,7],"tags":[3540],"contributors-categories":[529],"class_list":["post-205755","post","type-post","status-publish","format-standard","category-macro","category-securities","category-text-articles","category-traders-insight","tag-eu-defence","contributors-categories-wisdomtree-europe"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-json\/wp\/v2\/posts\/205755\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament\" \/>\n<meta property=\"og:description\" content=\"Europe\u2019s politicians are finally putting money where their security rhetoric is. 2024 defence outlays across NATO-Europe jumped 17% to about \u20ac326 bn1, and Brussels now insists that at least 65% of new procurement be sourced inside Europe.2 Germany\u2019s \u20ac100bn Sonderverm\u00f6gen, Poland\u2019s move towards 4% of GDP3, and the UK\u2019s pledge to reach 2.5% of GDP by 2030 collectively mark the biggest remilitarisation since the Cold War.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus EU\" \/>\n<meta property=\"article:published_time\" content=\"2025-06-16T10:26:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-16T15:38:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2068\" \/>\n\t<meta property=\"og:image:height\" content=\"1031\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Julian Amorim\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Julian Amorim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"Article\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Julian Amorim\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#\\\/schema\\\/person\\\/33613f54e9fc9f811b0e641082175d43\"\n\t            },\n\t            \"headline\": \"Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament\",\n\t            \"datePublished\": \"2025-06-16T10:26:12+00:00\",\n\t            \"dateModified\": \"2025-06-16T15:38:18+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/\"\n\t            },\n\t            \"wordCount\": 1219,\n\t            \"commentCount\": 0,\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/3\\\/2025\\\/06\\\/nato-europe-defence-1100x548.jpg\",\n\t            \"keywords\": [\n\t                \"EU Defence\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"Macro\",\n\t                \"Securities\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/\",\n\t            \"name\": \"Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament - IBKR Campus EU\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/3\\\/2025\\\/06\\\/nato-europe-defence-1100x548.jpg\",\n\t            \"datePublished\": \"2025-06-16T10:26:12+00:00\",\n\t            \"dateModified\": \"2025-06-16T15:38:18+00:00\",\n\t            \"author\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#\\\/schema\\\/person\\\/33613f54e9fc9f811b0e641082175d43\"\n\t            },\n\t            \"breadcrumb\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/#breadcrumb\"\n\t            },\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.eu\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/3\\\/2025\\\/06\\\/nato-europe-defence.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.eu\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/3\\\/2025\\\/06\\\/nato-europe-defence.jpg\",\n\t            \"width\": 2068,\n\t            \"height\": 1031,\n\t            \"caption\": \"NATO Europe defence\u2014spending scenarios, bar chart\"\n\t        },\n\t        {\n\t            \"@type\": \"BreadcrumbList\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/traders-insight\\\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\\\/#breadcrumb\",\n\t            \"itemListElement\": [\n\t                {\n\t                    \"@type\": \"ListItem\",\n\t                    \"position\": 1,\n\t                    \"name\": \"Home\",\n\t                    \"item\": \"https:\\\/\\\/www.interactivebrokers.eu\\\/campus\\\/\"\n\t                },\n\t                {\n\t                    \"@type\": \"ListItem\",\n\t                    \"position\": 2,\n\t                    \"name\": \"Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament\"\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus EU\",\n\t            \"description\": \"\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.eu\\\/campus\\\/#\\\/schema\\\/person\\\/33613f54e9fc9f811b0e641082175d43\",\n\t            \"name\": \"Julian Amorim\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.eu\\\/campus\\\/author\\\/julian1amorim\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.eu\/campus\/wp-json\/wp\/v2\/posts\/205755\/","og_locale":"en_US","og_type":"article","og_title":"Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament","og_description":"Europe\u2019s politicians are finally putting money where their security rhetoric is. 2024 defence outlays across NATO-Europe jumped 17% to about \u20ac326 bn1, and Brussels now insists that at least 65% of new procurement be sourced inside Europe.2 Germany\u2019s \u20ac100bn Sonderverm\u00f6gen, Poland\u2019s move towards 4% of GDP3, and the UK\u2019s pledge to reach 2.5% of GDP by 2030 collectively mark the biggest remilitarisation since the Cold War.","og_url":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/","og_site_name":"IBKR Campus EU","article_published_time":"2025-06-16T10:26:12+00:00","article_modified_time":"2025-06-16T15:38:18+00:00","og_image":[{"width":2068,"height":1031,"url":"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence.jpg","type":"image\/jpeg"}],"author":"Julian Amorim","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Julian Amorim","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/"},"author":{"name":"Julian Amorim","@id":"https:\/\/ibkrcampus.eu\/campus\/#\/schema\/person\/33613f54e9fc9f811b0e641082175d43"},"headline":"Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament","datePublished":"2025-06-16T10:26:12+00:00","dateModified":"2025-06-16T15:38:18+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/"},"wordCount":1219,"commentCount":0,"image":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/#primaryimage"},"thumbnailUrl":"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence-1100x548.jpg","keywords":["EU Defence"],"articleSection":["Macro","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/","url":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/","name":"Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament - IBKR Campus EU","isPartOf":{"@id":"https:\/\/ibkrcampus.eu\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/#primaryimage"},"thumbnailUrl":"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence-1100x548.jpg","datePublished":"2025-06-16T10:26:12+00:00","dateModified":"2025-06-16T15:38:18+00:00","author":{"@id":"https:\/\/ibkrcampus.eu\/campus\/#\/schema\/person\/33613f54e9fc9f811b0e641082175d43"},"breadcrumb":{"@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/#primaryimage","url":"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence.jpg","contentUrl":"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/06\/nato-europe-defence.jpg","width":2068,"height":1031,"caption":"NATO Europe defence\u2014spending scenarios, bar chart"},{"@type":"BreadcrumbList","@id":"https:\/\/ibkrcampus.eu\/campus\/traders-insight\/arming-for-growth-q1-2025-results-validate-europes-defence-re-armament\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.interactivebrokers.eu\/campus\/"},{"@type":"ListItem","position":2,"name":"Arming for growth: Q1 2025 results validate Europe\u2019s defence re-armament"}]},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.eu\/campus\/#website","url":"https:\/\/ibkrcampus.eu\/campus\/","name":"IBKR Campus EU","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.eu\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/ibkrcampus.eu\/campus\/#\/schema\/person\/33613f54e9fc9f811b0e641082175d43","name":"Julian Amorim","url":"https:\/\/www.interactivebrokers.eu\/campus\/author\/julian1amorim\/"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/posts\/205755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/users\/1242"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/comments?post=205755"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/posts\/205755\/revisions"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/media?parent=205755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/categories?post=205755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/tags?post=205755"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.eu\/campus\/wp-json\/wp\/v2\/contributors-categories?post=205755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}