Europe’s 2025 defense winners include Saab, Rheinmetall; FCAS falters
Winners
Saab finished the year in style, with France ordering two of the company’s GlobalEye early warning and control aircraft. That’s after Poland selected the company’s A26 submarines for the Orka program in November. Other business in 2025 included Gripen sales to Thailand and Colombia, short-range air defense for Sweden, Czechia and Latvia, electronic-warfare suites for Germany’s Eurofighters and the go-ahead from the Swedish Defence Material Administration to continue concept studies for future fighter systems. The company in October raised its outlook for 2025 organic sales to grow between 20% and 24%.
Rheinmetall had another banner year with billions of euros worth of orders and multiyear contracts, including vehicles and ammunition for the German armed forces and Skyranger anti-drone cannons for the Netherlands, while its joint venture with Leonardo booked the first order from Italy for the Lynx combat vehicle. The firm increased its defense footprint, buying a German shipyard to expand into warships, and winning an order with partner ICEYE to supply the German Armed Forces with a satellite-intelligence constellation. Rheinmetall’s defense business sales rose 28% in the first nine months of 2025.