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Liquidity Becomes Defence Capability

September 23, 2026

2 min read

Key Takeaways

Liquidity is becoming a strategic issue for defence manufacturers.
Defence programmes require significant working capital.
Supply chain finance and receivables finance are critical enablers.
Inventory management and export finance also play key roles.

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Strategic Implications

The growing importance of liquidity in defence may indicate a shift towards financial resilience as a key component of industrial capacity. This could suggest that defence companies will need to prioritize working capital management and access to financing in order to deliver on programme commitments, which may have implications for the competitive landscape and supply chain stability.

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What Happened

Financial Resilience Supports Industrial Capacity In Defence

As Europe and the UK rebuild defence capacity, working capital solutions are becoming critical enablers of industrial resilience and programme delivery. Defence manufacturers face significant liquidity requirements due to the long duration and complexity of defence programmes, which can create pressure on the supply chain. According to Enrique Rico, global head of trade and working capital solutions at Santander CIB, liquidity is moving from the treasury agenda to the strategic agenda, and defence companies need to prioritize working capital management and access to financing. This article was first reported by Global Trade Review (GTR).

Source | Originally Published: September 23, 2026

Companies Mentioned