I'd bump Japan to 2 and India to 3, otherwise a much smarter list. I'd only include the EU so long as it includes the UK, otherwise, no way.
Of course, making a prediction of how the world will look in 25 years is teetering on the brink of madness.
Who predicted anything remotely close to the current state of the world in 1988? 1994? 1999? Much less 1980.
The EU combined spends about $180 billion annually on their military; that still way ahead of China ($55 billion) and Japan ($40 billion). I do think that Japan's figure will go up as they become more globally active. I think China will have serious economic & political difficulties in the next 25 years that will drag them down from where they would be otherwise (#3).
India doesn't spend anywhere near enough ($11 billion) to get much higher, and they may even be too high if they don't pick up from where they are now.
Also, Iraq will be in the top 10 so long as they get it together and stay closely allied with the U.S. as I think they will. Otherwise, no.