While 2024 sales grew 35%, boosted by increased demand, there was a dip in sales at its power systems and trade divisions at the start of of the year.

German arms manufacturer Rheinmetall said Wednesday that moves by European capitals to ramp up military expenditure and reduce their reliance on the United States were a massive growth opportunity for the defence sector.

Since the start of the war in Ukraine, the company moved quickly to meet Europe’s growing need for military spending.