Europe’s militaries are pouring money into the sea. EU defence expenditure rose to €418 billion in 2025, a 20 percent increase from the previous year, and is projected to reach €454 billion in 2026, equivalent to 2.4 percent of GDP. Maritime defence is one of the fastest-growing sectors. Production of naval vehicles and equipment across the bloc has reached €117.8 billion since 2016, with output hitting €13.7 billion in 2025 alone.

Who’s building Europe’s navies

On paper, four countries dominate that output. France, Germany, Italy and Spain account for 87 percent of the EU’s maritime defence industrial base and captured 82 percent of its total…

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