Kongsberg sees high demand for air defense (NASAMS) and anti-drone systems. Safran raised 2026/2028 guidance. The "Greenland Moment" and Munich Security Conference rhetoric confirm Europe is building "sovereign capabilities" independent of the US. This is a structural increase in spending on air defense, space, and aftermarket services (Safran/Rolls-Royce). LONG. Defense is decoupling from the general economic cycle due to geopolitical necessity. Supply chain bottlenecks (rare earths, chips) limiting delivery capacity.