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DFM Funding Monitor · investor view

Where European defence public capital is going

Which sectors and countries the money is flowing to, and which companies just got validated by it — from official TED awards, updated daily.

About the data

Computed from official TED contract-award notices (CPV 35*). Monetary figures are converted to EUR at ECB reference rates (2026-08-21) and are approximate; undisclosed, negative and implausibly large (>€50bn, likely framework ceilings) values are excluded from EUR totals. Trend = last 90 days vs the prior 90 days. "Date" is the award/conclusion date where published, else the publication date.

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Awarded · last 90d (EUR)

€7,209,167,991

Awards · 90d

1098

Distinct winners · 90d

748

NEW winners · 90d

534
Section 1 · The direction (last 90d vs prior 90d · EUR at ECB rates)

Top sectors by awarded EUR

SectorAwarded (90d)vs prior
Defence/dual-use€3,557,859,383▼ -78%
Military vehicles€3,060,250,256▲ +7460%
Security equipment€493,234,075▼ -58%
Weapons & ammunition€84,997,215▼ -95%
Military electronics€12,042,107▲ new
Warships & naval€784,954▲ new

Top buyer-countries by awarded EUR

CountryAwarded (90d)vs prior
Poland€3,327,111,551▼ -39%
Denmark€1,293,060,853▼ -26%
Sweden€830,281,554▲ +207%
Netherlands€352,442,269▲ +634%
Romania€208,306,980▼ -56%
France€188,904,977▼ -80%
Spain€175,551,992▼ -10%
Norway€169,576,810▼ -61%
Belgium€166,711,501▲ +886%
Estonia€132,008,262▲ +53%
Czechia€66,240,524▼ -90%
Latvia€46,152,937▲ +171%
Germany€42,849,899▼ -85%
Slovenia€37,987,218▼ -88%
Italy€35,144,988▼ -66%

The 10 biggest awards · last 90 days

WinnerBuyerValue (EUR)DateNotice
HUTA STALOWA WOLA S.A. Agencja Uzbrojenia (POL) €1,833,681,7452026-05-30 notice →
Rheinmetall Waffe Munition GmbH Danish Ministry of Defence Acquisition and Logistics Organisation (DNK) €1,275,000,0002026-06-18 notice →
HUTA STALOWA WOLA S.A. Agencja Uzbrojenia (POL) €1,043,904,8112026-05-30 notice →
GOETZLOFF Gesellschaft mbH Adda Inköpscentral AB (SWE) €650,000,0002026-06-12 notice →
Sioen NV Politie (NLD) €180,000,0002026-07-01 notice →
Dobrowolski Spółka z ograniczoną odpowiedzialnością Agencja Uzbrojenia (POL) €169,773,3282026-05-29 notice →
Roshel Inc. Riigi Kaitseinvesteeringute Keskus (EST) €120,000,0002026-06-30 notice →
MIRBUD S.A. Generalna Dyrekcja Dróg Krajowych i Autostrad (POL) €86,817,6732026-06-10 notice →
INDRA SISTEMAS S.A. MINISTERUL APARARII NATIONALE - UNITATEA MILITARA 02150 BUCURESTI PRIN C.N. ROMTEHNICA S.A. (ROU) €80,817,2962026-07-15 notice →
JENOPTIK Benelux B.V. Openbaar Ministerie (NLD) €77,800,0002026-07-01 notice →
Public money de-risks a company before private capital does — this is who it just validated.
Section 2 · Recently validated companies (last 60 days · newest first · 459 winners)

Also: recent EU research-grant beneficiaries → · NATO-backed companies →

CompanyAward (buyer · value · date)Notice
dr Piktel Medic@l Systems Spółka z ograniczoną odpowiedzialnością NEW Uniwersytecki Szpital Kliniczny im. Fryderyka Chopina w Rzeszowie (POL) · 6,990,210 PLN · 2026-06-29 notice →
INGE d.o.o. HŽ INFRASTRUKTURA d.o.o. (HRV) · 1,782 EUR · 2026-06-29 notice →
Sabiedrība ar ierobežotu atbildību "ARMGATE" Rīgas Tehniskā universitāte (LVA) · 199,990 EUR · 2026-06-29 notice →
SKIDATA FRANCE SA NEW COMMUNAUTE D'AGGLOMERATION VALENCIENNES METROPOLE (FRA) · Undisclosed · 2026-06-29 notice →
SPIE Building Technology Automation & Traffic GmbH NEW Flughafen Stuttgart GmbH (DEU) · 6,776,555 EUR · 2026-06-29 notice →
TRUCK & BUS PARTS s.r.o. Dopravní podnik Ostrava a.s. (CZE) · 14,965,098 CZK · 2026-06-29 notice →
WR Water Rescue UG NEW Planungsamt der Bundeswehr Referat I 1 (4) (DEU) · Undisclosed · 2026-06-29 notice →
LÅS OG KONTROLLSERVICE AS NEW Ringerike Kommune (NOR) · 4,000,000 · 2026-06-29 notice →
FRANCE LOCATION NEW Chambre de Commerce et d'Industrie Caen Normandie (FRA) · 75,000 · 2026-06-28 notice →

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Source: official TED award notices. Subscribe-clicks and validation signals are on-platform; paid conversion (Annual Professional) happens on DFM Analysis.