What could change its growth trajectory, and what would confirm it?
Military maintenance and refurbishment work is Đuro Đaković Grupa's near-term defense growth driver: defence revenue rose 52.5% in the first nine months of 2026 while production capacities in the segment were fully utilized, with further volume growth depending on added capacity against Rheinmetall's larger vehicle business as a benchmark. Military maintenance and refurbishment contracts fueled the increase, covering Bradley and Patria armoured vehicles, M-84 tanks and artillery systems.
In 2025 the group added combat-system maintenance and production capacity, invested in specialized equipment and expanded its engineering teams. Rheinmetall's Vehicle Systems sales increased 32% to €4,992 million in fiscal 2025.
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What is the investment case, and what must be true for it to hold?
Đuro Đaković can expand its defense activity because maintenance contracts are filling its available segment capacity, provided the company adds capacity to take on further work; Rheinmetall's larger and growing vehicle business poses the competitive risk to that path. Military maintenance and refurbishment contracts, including work on Bradley and Patria armoured vehicles, M-84 tanks, and artillery systems, drove a 52.5% rise in defence revenue in the first nine months of 2026, while production capacities in the segment were fully utilised.
Rheinmetall's Vehicle Systems segment recorded sales of €4,992 million in fiscal 2025, a 32% increase, while its operating result margin reached 11.7%, up from 11.2% in the prior year.
