Pretty good. Sober, clear on the challenge. Not too much Macron and big ideas (as much as I like those, but not the moment). Statesmanlike.
I liked the end on “no peace dividends, but if we do it right a dividend of our efforts”.
As usual, I would like such a speech from a German politician.

Because, big surprise, I would also rather spend our money elsewhere! We don’t need to rearm? Awesome! Show me how and I’m with you!

This is often the problem with left-wing/pacifist (large catch all term, and yes I generalise). Because they don’t like the topic, they don’t know it and we end up with nonsense debates.
I want someone who understands mil caps, ours and others, to make the argument against increased spending.