From policy to portfolio: how defence themes are evolving in 2025 | The Next Big Thing

What happens to Europe’s defence sector if peace returns to Ukraine? In this episode of The Next Big Thing, hosts Mobeen Tahir and Christopher Gannatti unpack the latest geopolitical developments and what they mean for the long-term outlook for defence stocks, military innovation, and investors. They discuss how the structural case for European rearmament remains intact—even if market reactions are short-term and headline-driven. From Rheinmetall’s order backlog and partnerships with Anduril and Volkswagen, to the rise of military tech companies like Leonardo, and the growing focus on cybersecurity and autonomy, this episode explores why defence is no longer just a trade—it’s a theme.