BDSV takes position on Minister Pistorius' call for state participation

Although the German security and defence industry sees state involvement in securing key technologies as a good thing in principle, Managing Director Dr Hans Christoph Atzpodien points to the capabilities of the private sector.

The Federal Government's intention to secure skills and jobs in Germany in the area of key technologies that are particularly important in terms of security policy through selected state investments is generally welcomed by industry. However, our industry has so far done well with its privately organised way of working. Particularly in the case of listed companies, care must therefore be taken to ensure that their capital base is not diminished by a decline in private and international investor interest. The stock market performance of German defence stocks over the last three years is not least due to the existing private sector market structure. This has enabled companies to significantly increase their capacities in recent years, in some cases with little or no orders. This benefits the current ability to deliver.

Incidentally, it is by no means unrestrained profit expectations that stimulate market expectations for Bundeswehr contracts. In Germany, the so-called public price law applies to all Bundeswehr contracts, which not only prescribes "transparent" calculations, but also strictly limited profit margins for the supplier companies (keyword: Bonn formula). Irrespective of the lively investor interest, which mobilises capital for investments, there is, however, a high degree of responsibility in the industry itself. Putting the Bundeswehr in a position to fulfil all NATO requirements in the shortest possible time with the resources now available is an enormous challenge for us, which we want to meet with every conceivable effort. At the same time, we do not want to make promises we cannot keep. Planning security is not a one-way street. We need it and recognise Minister Pistorius' decisive commitment to our planning security. But the Bundeswehr also needs planning security when it comes to the availability of its equipment. We are aware of this!

The statement refers to the comments made by Federal Defence Minister Boris Pistorius in the Handelsblatt of 6 October 2025