Title page 1

Contents 1

EXPANDING ARMS PRODUCTION CAPACITY 2

REGIONAL DEVELOPMENTS IN THE TOP 100 2

ANNEX 1. THE SIPRI TOP 100 ARMS-PRODUCING AND MILITARY SERVICES COMPANIES IN THE WORLD, 2024 9

Figures 1

Figure 1. Total arms revenues of companies in the SIPRI Top 100, 2015-24 1

Figure 2. Percentage change in the arms revenues of companies in the SIPRI Top 100, by country, 2023-24 2

Figure 3. Share of the total arms revenues of companies in the SIPRI Top 100 for 2024, by country 3

Boxes 4

Box 1. Escalating trade restrictions on critical materials increase complications for arms producers 4