Stock Market: What to do after the rally in the Defense sector?

The Defense sector has shone on the stock market this year, alongside tech and financials. Propelled by rising budgets, policies supporting European manufacturers and well-filled order books, it has established itself as a pillar of strategic autonomy. Should one still invest in Defense despite high valuations? What catalysts could extend the trend?

A look back at the dynamics that have driven the sector, the geopolitical stakes of 2025, the links between remilitarization and reindustrialization, and European space ambitions with Damien Mariette, senior thematic portfolio manager at CPRAM.