Another Financial Crisis “Made in the USA”?   The Agora Strategy Executive Briefing examines how rising U.S. public debt, geopolitical tensions—particularly the conflict with Iran—and new dynamics around tariffs, stablecoins, and the AI investment boom could interact to create new vulnerabilities for the global financial system. It also outlines the potential strategic implications for international businesses operating in an increasingly fragmented and politically driven financial environment. Executive Summary The US-Israeli war against Iran risks engulfing the wider region, threatening not just key energy producers but important trading hubs and financial centers. This risks exacerbating lingering concerns about global financial sustainability. Already, Iran’s threat to close the Strait of Hormuz has led to an oil price shock which, if sustained, could weigh on global economic growth and trigger extra government stimulus policies. It would also create a clear pass-through to headline inflation, especially in energy-importing economies in Europe and Asia. Governments may soon feel compelled to cushion the energy shock via subsidies, tax reductions on fuel, or price caps. While this may soften the immediate inflation and growth impact, it worsens their fiscal positions and adds to already elevated public debt levels. This, in turn, further reduces the global system’s fiscal buffers ahead of any future financial crisis. US public debt in particular is becoming rapidly untenable. If markets react strongly to the war perspective, President Donald Trump is likely to start new initiatives to preserve and deepen American dominance of financial markets. Also, a possible flight into the US dollar will impact the exchange rate and FED policy. More generally, power is shifting from markets to the political realm: US economic policy hinges on three interlinked levers—tariffs and active industrial policy, regulated dollar stablecoins under the GENIUS Act, and an AI‑driven and government supported investment boom—creating both growth opportunities for companies as well as new macro‑financial risk channels. The recent US Supreme Court‘s decision to invalidate some of Trump‘s tariffs will lead to a flurry of lawsuits and market confusion as the president will use other legal instruments to uphold his tariffs. With bleak prospects for the mid-term elections in the fall, the court decision together with some dissenting Republican votes in Congress indicates the president’s shrinkening support in the party. The combination of high leverage, concentrated AI bets and tighter links between digital finance and the Treasury market increases the speed and complexity of shock transmission, requiring more diversified funding, currency and risk strategies for firms. At the same time, cooperation and trust among partner governments and central banks to contain a potential crisis are eroding. Download the full Report:

In the Agora Strategy Group geopolitics podcast “The Future of Power”, Dr. Timo Blenk (CEO) invites decision-makers from diplomacy, business, politics and the military to discuss current geopolitical developments on a monthly basis. The core of this project is to provide information about the influences of these developments and to create a sound basis for decision-making.   This month's guest is Sabine von der Recke, member of the Management Board of OHB Systems AG and expert on space policy! In the 38th episode of our podcast, Dr. Blenk and Mrs. von der Recke talk about the new geopolitical significance of space, Europe's access to space, private drivers of innovation and the future of civil and military space technologies.   You can also find our podcast with subtitles on YouTube: https://www.youtube.com/watch?v=FDfLIBDfukU This month's highlights Geopolitics in space: The sovereignty and security dimensions of space Europe's access to space: Rockets, launch sites and private actors Future prospects: Partnerships, commercial use and the return to the moon     In-house announcements All other episodes of the podcast “Agora Strategy Group” website “Agora Strategy Group” on LinkedIn Current projects, publications & events of the Agora Strategy team Agora Institute Executive Membership Agora Strategy Report: Agora Strategy Risk Report 2026 Agora Strategy Report: EU-India Relations: Rising from the Shadow of Great Power Competition? Agora Strategy Institute Commentary: The Collective Freakout over the U.S. National Security Strategy - Rhetoric or Reality?

“War with Iran 2.0: Scenarios and Implications”   The Agora Strategy Executive Briefing analyzes the rapidly escalating confrontation between the United States, Israel, and Iran following the large-scale strikes of February 28. The briefing outlines possible conflict scenarios, assesses regional and global spillover risks, and examines implications for energy markets, shipping routes, financial volatility, sanctions enforcement, and multinational business exposure across the Gulf region. It further evaluates the strategic calculations of key actors. We hope this analysis provides valuable guidance in navigating the evolving geopolitical and market environment. Executive Summary The US and Israel launched widespread attacks on Iran on February 28, sparking Iranian missile retaliation against Israel, US forces in the region and Arab countries. Despite the early death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, the campaigns ultimate goals – and hence its duration and costs – remain unclear. The regime appears bent on widening the war, as it hit US forces but also civilian targets in Bahrain, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. A key factor will be how long Israel and the US can sustain the war in the face of potential regional conflagration, wild market reactions and depleting defensive stocks. A prolonged conflict would not only disrupt energy flows but also trigger secondary sanctions, financial market volatility and accelerated geopolitical fragmentation, forcing multinational firms to reassess exposure to the Gulf region. Full report:

Everything, Everywhere, All at Once? The Age of Systemic Crisis   2026 marks the beginning of a new gopolitical era: The liberal rules-based world order is replaced by a fragmented landscape of competing blocs and contested norms. This report is intended as your compass for 2026 as you navigate a course through a world in which familiar certainties have vanished, but where informed, deliberate action still matters. Executive Summary Risk #1: Great power confrontation describes the sharpening rivalry between the United States (U.S.) and China, combined with more assertive and transactional behavior by middle powers. Risk #2: Geoeconomic fragmentation captures the breakdown of global markets into competing regulatory, technological, and trade spheres increasingly shaped by national security considerations. Risk #3: Institutional erosion refers to the weakening of national and multilateral institutions, checks and balances, alliances, and international organizations that once supported stability and rule enforcement. Risk #4: Cyber and hybrid conflict refers to continuous “grey-zone” operations—including cyberattacks, disinformation, espionage, and infrastructure sabotage — that increasingly target civilian and corporate actors. Risk #5: Populism and polarization capture deepening social and political fractures, as radical actors mobilize economic grievances, cultural conflict, and disinformation through “people-versus-elites” narratives that erode trust in institutions. Risk #6: Climate stress and resource scarcity are not only environmental challenges but also multipliers of political instability, humanitarian crises, and economic vulnerability. Risk #7: Risks related to artificial intelligence and technological governance stem from the rapid deployment of powerful AI systems in the absence of coherent, interoperable global rules. Download the full report:

“EU–India Relations: Rising from the Shadow of Great Power Competition?”   The briefing is on the January EU–India summit, which examines how the renewed momentum on the EU–India FTA, the new Security and Defence Partnership, and closer cooperation on technology, supply chains, and climate policy will shape our medium‑term opportunities and regulatory risks in India and the wider Indo‑Pacific. Executive Summary From drift to structured cooperation:  The January 2026 EU–India summit has strengthened bilateral ties, driven by shared concerns over supply chains, technology governance, and strategic autonomy rather than common threat perceptions. Geopolitics without alliance:  The partnership reflects India’s multi-alignment and the EU’s search for relevance in the Indo-Pacific and Global South, stopping short of formal alliance while reshaping Europe’s external balancing. Geoeconomics as the driver:  Momentum on an EU–India FTA and connectivity has made economic statecraft the relationship’s strongest pillar, despite persistent regulatory frictions and the absence of a signed deal. Download des Reports:

The Dean of the Agora Strategy Institute, Ambassador (rtd.) Dr Peter Ammon, extends his greetings and best wishes for 2026 on behalf of all the Agora Strategy Team and shares his perspective on the year ahead. These reflections draw on the Institute’s comprehensive Annual Risk Report, which you can find enclosed to this letter. Dear members and friends of the Agora Strategy Institute: The year 2025 was marked by shockingly deep divisions within what was once called “The West”. We saw escalating conflicts and immense human suffering in many parts of the world. At the same time, we witnessed the beginning of an economic and social revolution driven by the search for Artificial General Intelligence — a revolution that carries enormous promise, but also potentially new risks for all of humankind. Clearly, an era has come to an end — an era that lasted for the three decades that followed the end of the Cold War. These were, on balance, good years. Globally, they were years of relative peace and brought many countries an unprecedented degree of prosperity and freedom. But today, at the beginning of 2026, it looks as if the great project of spreading democracy and economic freedom across the globe is fading: The World Trade Organization, once created to secure a legal framework for free trade worldwide, is now little more than a shadow of its former self. The United Nations — which two decades ago proclaimed the responsibility of the international community to protect all those whose human rights are violated — appears paralyzed. All three of its most powerful members – the United States, Russia, and China – have now openly expressed territorial ambitions vis-à-vis other states or territories. What we once hoped would be a unifying global objective — the protection of the environment and the Earth’s climate — is increasingly denounced as a path toward de-industrialisation. Development programs are being cut everywhere, not only in the United States. The dream of a future global order based on universal human rights, upheld and enforced by America and its allies, has died in the plains of Helmand in Afghanistan and in the trenches of the Donbass. A New World Order Emerging So, what will define the geopolitical landscape in 2026? We may be witnessing the early contours of a new, Hobbesian world order — one in which opportunistic deal-making replaces principles and where power increasingly overrides rules. This is likely to lead to a concentration of trade and investment within regional groupings, each centered around the EU, USMCA, China, and others respectively. Latest trade figures already corroborate this trend towards regionalisation of economic cooperation. Liberal ideas and the global rule of international law, however, are falling victim to raw power politics. Authoritarian and populist movements are advancing across North and South America, Asia, and many European states. Geopolitics today increasingly resembles the great-power rivalry of the nineteenth century and the first half of the twentieth century — an era when might was assumed to make right and when personal relations between leaders counted for more than shared values did. This is a dangerous situation: If we do not play our cards well, Europe’s future could be shaped by ideological confrontation with America, military conflict with Russia, and economic warfare with China. The year 2026 may well be the moment when the contours of this future become clearer. The End of Pax Americana The most important place to look is Washington. The era of Pax Americana — not perfect in every detail, but stable enough to let us sleep at night and to guarantee the ground rules of global capitalism — is over. There is a simple reason for this: At the end of the Second World War, the United States accounted for roughly half of global GDP. Today, despite its continued technological prowess and dominance of financial markets, it represents only about a quarter. Both the U.S. trade deficit and fiscal deficit are exploding and depend on the willingness of outsiders to finance them. Already today, the interest Washington has to pay on its national debt exceeds its enormous military budget of almost one trillion dollars per year. The United States can neither afford to remain the policeman of the world, nor — after two lost wars in Afghanistan and Iraq — is the American taxpayer willing to foot the bill in blood and treasure for a U.S.-led global international order. This is not a return to the American isolationism of the early twentieth century. President Donald Trump does not shy away from the use of military force abroad and continues to cultivate his image as an international deal-maker. The bombing of Islamist groups in northern Nigeria over Christmas marked his sixth bombing campaign in 2025. But what has disappeared is the claim that the United States uses its military power for the greater good of spreading democracy or enforcing international law. Trump’s bombastic style is largely a smokescreen for the decline of America’s ambition to shape a future world order. His diplomacy and military actions serve one declared goal only: American self-interest. The recently published National Security Strategy merely confirms in writing what has already become a visible trend in recent years — with roots that clearly predate Trump’s current presidency.  This trend will not disappear even if the next U.S. President is a Democrat. America’s Fiscal Strategy and Its Limits When taking office, Trump recognized — as any businessman would — that the U.S. fiscal trajectory was heading toward a financial abyss. With this background, it was obvious for him to cut government expenditures, including foreign aid and social programs that would not hurt his core electorate. On the revenue side, he pushed for higher government income through massive tariffs and by forcing international partners to promise substantial financial transfers to the United States. In many ways, this follows the old recipe applied by Washington after the Second World War to reduce America’s war debt at the time: allowing inflation to erode the debt‘s real value, stimulating growth to increase tax revenues, and using financial repression — meaning effectively transferring wealth from savers to the state through artificially low interest rates. All these three elements are visible today again: The Federal Reserve ended quantitative tightening in December and resumed buying U.S. government debt at a rate of roughly 40 billion dollars per month — effectively monetary financing of state debt, aka printing money. Inflation, already around three percent, can be expected to rise further. Economic growth, which reached an impressive 4.3 percent in the third quarter of last year, may push beyond 3 percent in 2026 because of continued deficit spending, more deregulation, and an expected new wave of foreign direct investment squeezed from allies whose security depends on U.S. support. Also, Trump will be able to replace the current Chairman of the Federal Reserve in May with  someone who stands for significantly lower interest rates. However, there is risk involved: Should markets lose confidence in the independence of the Fed, this could turn into a serious own goal. Most economists agree that even this aggressive pro-growth strategy will not suffice to keep the U.S. fiscal deficit under control. Trump also knows that using the option of runaway inflation to devalue government debt could mean political suicide. Unconventional Levers Trump may therefore resort to new and unconventional levers. First, Trump is betting heavily on artificial intelligence as the next engine of growth. Already today, it is estimated that around 1.5 percentage points of America’s annual growth stem from AI-related investment. So far, however, massive spending on data centers has not translated into commensurate productivity gains. Some observers fear that overinvestment in AI could cause a stock-market correction in 2026. Second, Trump will defend the “exorbitant privilege” of the US-Dollar globally. American global financial dominance has become an explicit policy objective. The recently published National Security Strategy openly sets the target of U.S. control over global financial markets. To this end, the Heritage Foundation — which drafted a master plan for a Trump presidency, Project 2025 — has floated the idea of pressuring allies to buy U.S. Treasuries at very low or zero interest in exchange for continued military protection. And you may recall the debate earlier this year around Section 899 of the Big Beautiful Bill, which would have imposed new taxes on foreign investors repatriating profits. Although this provision ultimately died in the Senate, it revealed the direction of thinking in Washington. Third, the United States wants to become the global capital of cryptocurrencies. Stablecoins, endorsed by the Genius Act, may help suppress long-term interest rates — crucial for heavily indebted American households. Treasury Secretary Scott Bessent predicts the stablecoin market could reach three trillion dollars by 2030, much of it held by foreigners. Since issuers must back these coins largely with U.S. Treasuries, this would increase demand thereof and absorb a significant share of global savings, thus further entrenching U.S. global financial dominance. Economic Warfare and Chinese Choke Points Economic warfare is likely to become the preferred instrument of geopolitical competition, often substituting for boots on the ground. The tariff war Trump launched in April (“Liberation Day”) has turned out be less severe than initially feared, although hard data are still awaited and the statistical evidence of the effects the tariffs have remains thin so far. At the same time, both the United States and China are deliberately building economic choke points to give them leverage over their trading partners. Today, these include rare earth minerals, batteries, pharmaceuticals, and advanced semiconductors — especially high-end Nvidia chips. Tomorrow, the choke points may lie elsewhere. To immunize itself against political and economic blackmail, the European Union must identify its strengths across all sectors and find ways to weaponize them, should it become necessary. China’s economic strategy remains deeply mercantilist. Instead of rebalancing toward domestic consumption, Beijing continues to pursue dominance across entire industrial value chains. The result is a massive Chinese trade surplus of roughly one trillion dollars in 2025, achieved largely at Europe’s expense. It is also worth noting that in 2025, China negotiated with the United States on tariffs far more forcefully than the Europeans did. While European governments largely accommodated U.S. demands, Beijing confronted Washington head-on with export restrictions on rare earths and other materials on which it has almost a monopoly. It succeeded in pushing threatened tariffs down from 145 percent to levels Chinese exporters could absorb. Germany at a Crossroads Where does this leave Europe — and Germany in particular? Germany’s post-war economic success rested on export-led growth. For decades, national savings exceeded domestic investment, making persistent trade surpluses essential. Excess savings were exported to finance foreign demand, turning Germany into the largest creditor nation in the world. This model functioned as long as global markets remained open and predictable. Today, Germany is witnessing the erosion of traditional export markets — the United States, China, and, for different reasons, Russia. In addition, German industry is now facing what many have begun to call a Second China Shock: Chinese firms are aggressively entering global market in sectors that form the very core of German industrial strength. China artificially boosts its exports also through an undervalued currency — by an estimated 18 to 20 percent — and it has become increasingly clear that China will not rebalance its deeply lopsided economy from exports to home consumption through persuasion alone. Rebalancing will only occur through confrontation, whether economic or political. It becomes obvious that Brussels cannot allow China to swallow the remaining industrial base of the European Union. The EU has attempted to respond to the challenge from the United States and China by negotiating new trade agreements, notably with Mercosur and India, but it is doubtful that these markets can compensate for demand lost from traditional partners. In this critical moment, Germany has abandoned one of the pillars of its post-crisis economic policy: the so-called debt brake. Introduced after the financial crisis to enshrine fiscal discipline in the country’s constitution, it has now been effectively suspended to allow large-scale investment in infrastructure, defense, and climate transformation. The strategic challenge Germany faces now is to replace demand lost on its traditional export markets by spending on domestic investment. But this can only succeed if it is accompanied by serious deregulation. Without reducing regulatory complexity, public investment will crowd out rather than crowd in private capital. It therefore is a serious signal that German business leaders are complaining about regulatory overreach by the state and the European Commission and demand more deregulation. The new German government has given reform a high priority on its political agenda. However, vested interests make deregulation difficult everywhere. Consequences for European Investors What does all this mean for European investors? First, be prepared for a firework of new and unexpected initiatives from the U.S. President impacting trade and financial markets in the run-up to the mid-term elections in November. Second, recent agreements on trade and tariffs will be potentially volatile and subject to revision as U.S. interests evolve. Third, power is shifting from markets to politics. Industrial policy, subsidies, merger approvals, and export controls are making companies increasingly dependent on political goodwill. Fourth, watch out carefully about your exposure to the U.S. dollar. Traditional big buyers like China are switching their reserves to gold. As Trump will not like de-dollarisation, we may see more gunboat  diplomacy. The new chessboard: USA, China, Europe Should President Trump lose control of the House of Representatives at the mid-term elections in November 2026, as many expect to happen, he will become a lame duck for the rest of his presidential term. He then is also likely to lose his iron grip over the Republican Party. The outcome of the mid-term elections will depend first of all on the state of the U.S. economy. So far, we are receiving mixed signals: The U.S. labor market appears increasingly decoupled from economic growth — a development that raises questions about the sustainability of this expansion. The U.S. economy increasingly exhibits a K-shaped trajectory: high-income households continue to accumulate wealth, while lower-income groups struggle with rising living costs. And inflation, a major concern for many Trump supporters, may rise further once the full effects of the tariffs become visible. In such a scenario, a weakened U.S. president may resort to new diversionary initiatives in foreign policy in the run-up to the mid-term elections. China will remain at the center of a political and economic storm. With resource-rich Russia reduced to the role of China’s junior partner, Beijing is well positioned to challenge U.S. dominance across military, technological, and financial domains — without necessarily having to resort to military means. China’s strategy will also be shaped by domestic factors. Its leader, Xi Jinping, is preparing the ground for another presidential term in two years’ time. We should be aware that demonstrating toughness toward external actors is therefore not a tactical choice for him, but a political necessity. Europe, meanwhile, will find it increasingly difficult to defend its position between these two giants – especially with warring Russia at its doorstep. Despite recent rearmament efforts, Europea will depend on the American nuclear umbrella for years to come and thus remain vulnerable to pressure. If — hopefully — a peace agreement in Ukraine can be reached in 2026, the European Union will have to make good on its promise to fast-track Ukraine’s accession. War-torn Ukraine would become the major recipient of EU funds which may stir up opposition among some poorer member states. Enlargement also means bringing the EU geographically even closer to its hostile Russian neighbor, and a new Iron Curtain could rise across the continent again. And yet, the picture is not only gloomy: Europe has overcome immense economic and political shocks before. There are substantial glimmers of hope: a possible peace in Ukraine, democratic change in Venezuela or Iran, and — if artificial intelligence delivers on its promise — the prospect of a new era of productivity and wealth creation. If that happens, we may one day look back at early 2026 as the moment when the world changed once again — for the better. With kind regards and best wishes Peter Ammon

In the Agora Strategy Group geopolitics podcast “The Future of Power”, Dr. Timo Blenk (CEO) invites decision-makers from diplomacy, business, politics and the military to discuss current geopolitical developments on a monthly basis. The core of this project is to provide information about the influences of these developments and to create a sound basis for decision-making.   This month's guest is Ambassador Prof. Dr. h.c. Wolfgang Ischinger, president of the foundation board and long-time chairman of the Munich Security Conference, and co-founder of the Agora Strategy Group! In the 37th episode of our podcast, Dr. Blenk and Ambassador Ischinger talk about the geopolitical issues shaping 2026, the profound transformation of the international order and the role of Europe and Germany in this evolving landscape.   This month's highlights East Asia: China's power claims and the future of Japan Sino-American rivalry: A power struggle without real escalation? Outlook for 2026: European potential, hybrid threats, and the conflict hotspots of tomorrow   In-house announcements Alle weiteren Folgen des Podcasts Agora Strategy Webauftritt Agora Strategy bei LinkedIn Current projects, publications & events of the Agora Strategy team Agora Strategy Institute Executive Mitgliedschaft Agora Strategy Report: Energie als Machtfaktor: Wie Geopolitik über Europas Wettbewerbsfähigkeit und Sicherheit entscheidet Agora Strategy Study: Battery Manufacturing 2030+: From Hype to Hard Truths Agora Strategy Report: Europe's New Frontline: Hybrid Threats and Cyber Risks in the Baltic Region

In the Agora Strategy Group geopolitics podcast “The Future of Power”, Dr. Timo Blenk (CEO) invites decision-makers from diplomacy, business, politics and the military to discuss current geopolitical developments on a monthly basis. The core of this project is to provide information about the influences of these developments and to create a sound basis for decision-making.   This month's guest is Dr. Elli Pohlkamp, East Asia expert and director of the Agora Strategy Institute! In the 36th episode of our podcast, Dr. Blenk and Dr. Pohlkamp discuss the escalation of the conflict between Japan and China, the great power dynamics between the US and China, and give a geopolitical outlook for 2026!   Sie finden unseren Podcast mit Untertiteln auch auf Youtube: https://www.youtube.com/watch?v=RF5n8yiJP4Q This month's highlights East Asia: China's power claims and the future of Japan Sino-American rivalry: A power struggle without real escalation? Outlook for 2026: European potential, hybrid threats, and the conflict hotspots of tomorrow     In-house announcements All other episodes of the podcast “Agora Strategy Group” website “Agora Strategy Group” on LinkedIn Current projects, publications & events of the Agora Strategy team Agora Strategy Institute Executive Membership Agora Strategy Commentary: From Critical to Stable to Innovative: How Stablecoins Are Redefining Global Financial Power Agora Strategy Study: Battery Manufacturing 2030+: From Hype to Hard Truths Agora Strategy Report: Europe's New Frontline: Hybrid Threats and Cyber Risks in the Baltic Region

In the latest ASI Commentary, Agora Strategy Senior Advisor Marc Polymeropoulos analyzes the implications of the most recent U.S. National Security Strategy (NSS) for European security and the future of the transatlantic relationship. The assessment examines the NSS’s direct impact on U.S. foreign policy in the coming years, extending beyond the Trump administration, and its consequences for European security. Marc Polymeropoulos served for 26 years at the CIA before retiring in July 2019 at the Senior Intelligence Service level. He specializes in counterterrorism and covert action and serves as an on-air national security contributor for MSNBC, as well as a non-resident senior fellow at the Atlantic Council. Download the full ASI commentary:

“Europe’s New Frontline: Hybrid Threats and Cyber Risks in the Baltic Region”   The report provides an in-depth analysis of the evolving hybrid and cyber threat landscape in Europe, with a focus on the Baltic region. It outlines key trends, regulatory developments, and strategic implications for international businesses navigating increased digital and geopolitical volatility. Executive Summary State-sponsored and hybrid cyberattacks are escalating in Europe, especially in the Baltic region, driving tighter civil–military coordination and centralized threat-monitoring. EU crisis-management frameworks, security regulations and investment programs boost resilience but impose compliance and cost pressures, making cyber risk a core governance priority. Geopolitical tensions and uneven national cyber maturity increase reliance on non-EU providers, making sovereign infrastructure and resilient supply chains essential for security. Download the full report:

Photo: from left to right Fabian Vetter, Dr. Elli-Katharina Pohlkamp, Dr. Timo Blenk (credits: Leo Simon) Munich, 13 December 2025  – Agora Strategy Group AG has been awarded the Hidden Champions of Consulting Award 2026/27  by the Scientific Society for Management and Consulting (WGMB) in the category “Geopolitics.” With this recognition, Agora Strategy Group AG successfully prevailed over leading global strategy consultancies such as McKinsey, BCG, and Accenture. The award highlights the firm’s outstanding product quality and highly specialised expertise, through which Agora Strategy has delivered exceptional client value in recent years compared to major competitors. The results of the study, published among others in Capital Magazin ​, are based exclusively on independent client surveys and not on self-reported information or self-promotion. Strict criteria  applied for participation: references had to come from recent projects (no older than three years) with large DACH-region companies (≥ € 500 million in revenue) and include at least 15 confirmed responses. In addition, at least half of the referenced firms were required to have prior experience with leading strategy consultancies such as McKinsey, BCG, or Bain & Co. "At Agora Strategy, we focus on one thing: geopolitics, and that at the highest level. Being named a Hidden Champion in Geopolitics shows that our work is having an impact exactly where it is needed. This motivates me to further develop our approaches, supported by a strong, competent team." - says Dr. Timo Blenk, CEO & Senior Partner, Agora Strategy Group AG. “Since the founding of Agora Strategy, the ambition has been to create geopolitical expertise with real impact for companies. The fact that Agora Strategy’s clients have now named the firm a Hidden Champion is a major achievement. Such a global, powerful network does not emerge overnight, but through years of trusted collaboration. My sincere congratulations to the Agora team!” – said former ambassador Prof. Dr. h.c. Wolfgang Ischinger, Honorary Chairman of the Supervisory Board, Agora Strategy Group AG. The award as a Hidden Champion in Geopolitics shows how valuable Agora Strategy’s expertise is for corporate strategies." – Sandra Deutschländer, former partner at The Boston Consulting Group & Member of the Supervisory Board of Agora Strategy Group AG.   About Agora Strategy: Your Global Compass – Turning Geopolitical Complexity Into Strategic Advantage Companies that think ahead geopolitically secure access to new markets, strengthen their strategic resilience, and gain a competitive edge. Yet many fail to translate global dynamics into concrete strategies. Agora Strategy closes this gap, with geopolitical foresight, hands-on implementation capabilities, and top-level international networks. This turns geopolitical complexity into a strategic advantage.   Agora Strategy Group AG is Germany’s leading geopolitical strategy consultancy. It was founded in 2015 by Ambassador (ret.) Wolfgang Ischinger, together with experts from politics, diplomacy, and business in the context of the Munich Security Conference. Since then, Agora Strategy serves as a partner to companies that want to think ahead geopolitically and act decisively. The firm’s core competence lies in translating geopolitics into concrete corporate strategy with measurable KPIs and actionable recommendations, making external dynamics an integral part of business decision-making.   With a network of more than 350 experts from diplomacy, security, business, and academia across nearly all regions of the world, Agora Strategy provides deep insights into global developments Press contact: Agora Strategy Group AG Fabian Vetter, Partner vetter@agora-strategy.com

Battery Manufacturing | ©https:// www.porsche-consulting.com/de/de/publikation/battery-manufacturing-2030-hype-hard-truths The study 'Battery Manufacturing 2030+: From Hype to Hard Truths', jointly conducted by Porsche Consulting, VDMA, Agora Strategy, and Fraunhofer ISI, provides a strategic reassessment of the global battery industry amid shifting market dynamics. Building on the earlier “Battery Manufacturing 2030: Collaborating at Warp Speed”  report, it highlights how the once-booming gigafactory expansion has entered a phase of slower, more uncertain growth. Executive Summary Gigafactory momentum is slowing, but the battery market continues to grow. Funding and industrialization risks threaten announced capacities in Europe and North America. Geopolitical fragmentation is reshaping the battery value chain. Regionalization, resource nationalism, and tech decoupling demand localized strategies and policy alignment for industrial resilience. Asian suppliers lead the battery equipment market, powering 90 percent of the first gigafactories. Newcomers are shifting from turnkey to cherry-picking single-process tools. The battery equipment market is expected to reach a cumulative value of € 250–280 billion by 2035, driven by rising demand, new gigafactories, factory upgrades, and tech integration needs. Success for equipment makers lies in specialization, alliances, and process know-how. Policymakers must back R&D, geopolitical risk management, and Europefocused funding criteria. Download the study: