Germany's largest defense supplier. €9.75B FY2024 revenue. Producer of Leopard 2 main armament + Puma IFV + Lynx + Boxer + KF51 Panther tank + 155mm artillery shells. Massively scaled artillery production post-Ukraine: 70K shells (2022) → 200K (2024) → 700K target (2027). Stock 5x'd 2022-2025.
