Europe's Drone Buildout Has Real Champions. And Some Imaginary Price Tags.

The money to buy military drones is big and climbing fast: €4.8B and counting across eighteen markets. Follow it and two things jump out. Europe is building its own champions, not just importing them, and the two largest contracts on the board are framework ceilings, not cheques. Here is who is winning, what they are selling, and how to read the numbers.