Bojan Pancevski

It's north of one billion in this business, you know.

If you're a car parts supplier in Germany, you have to be the best and you have to be quick and you have to be responding to the market in real time.

If you can't do that, you're gone.

And there's a reason why some of these companies have been around for almost two centuries, because they've been responding to the market.

So they are very quick to adapt, very quick to scale up.

So, you know, in the near future, the United States will not be able to supply its own armed forces sufficiently,

the allies in Europe.

And, you know, they're not stupid.

They know this.

I mean, I think even Vladimir Zelensky, the president of Ukraine, said, we know that we're not getting the stuff from America now that we need because they used it all up in the Gulf.

In a weird way, that is a boost for European and particularly German defense manufacturers because now they need to step up and fill in the gap.

It depends.

For some companies, some companies were pioneers in it.

Others are kind of jumping on the bandwagon now.

So it's early days.

But individual companies show that there is a very positive effect.

I mean, we talked about Deutz.

You know, Deutz made the pivot and the bet paid off.

The company grew 15% in revenue last year.

Exactly.