On 16 October 2026 Jeumont Electric, a French manufacturer of large electric machines owned by Framatome and Naval Group, announced that it would supply Saab with three complete electric propulsion systems for the submarines Poland has ordered under its Orka programme. Three months earlier the company had filed 2025 accounts showing revenue of €103.7 million, a net loss of €18.1 million and equity of negative €34.4 million. Both facts belong to a layer of Europe’s naval rearmament that headline measures of shipyards, hulls and programme budgets do not show: suppliers whose machines must be designed, manufactured, tested, qualified and then supported for decades before expenditure becomes usable capability. Since the end of 2023 Jeumont Electric has belonged to two French groups for which it has long been a strategic supplier. That ownership raises a distinction central to European defence industrial policy. European location, European ownership, corporate control, technical control, qualified production and long-term security of supply are related, but they are not interchangeable. The unresolved question is whether ownership by Framatome and Naval Group secures the continuity of Jeumont’s naval machinery, or whether continuity depends on links that ownership does not by itself provide.