The era of speculative interest in European defence has ended, replaced by a disciplined, industrial-scale pursuit of production capacity and technological superiority. According to the April 2026 European Defence Market Update by Houlihan Lokey, the sector has entered a “capital maturity” phase where the primary focus is now on translating record order backlogs into tangible delivery. For supply chain professionals and tiered manufacturers, the report highlights a critical shift: the market is no longer rewarding promises, but is instead funding companies that can demonstrate evidence of industrial scale and “cost-to-kill” efficiency. The Production Gap: A Wake-Up Call for Manufacturers The…
