Rolls-royce Holdings Plc · LSE:RR.
Rolls-royce — H1 2026 Earnings Presentation
19 slides from Rolls-royce's earnings presentation, Jul 30, 2026
Slide 1: Half Year Results 2026
HALF YEAR RESULTS 2026 The information in this document is proprietary and confidential to Rolls-Royce and is available to authorised recipients only – copying and onward distribution is prohibited other than for the purpose for which it was made available.
Slide 2: Safe Harbour Statement
SAFE HARBOUR STATEMENT This announcement contains certain forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. In particular, all statements that express forecasts, expectations and projections with re
Slide 3: Tufan Erginbilgic, Chief Executive Officer
01 TUFAN ERGINBILGIC Chief Executive Officer © 2026 Rolls-Royce. Not Subject to Export Control
Slide 4: Strong First Half Delivery; FY26 Guidance Raised
STRONG FIRST HALF DELIVERY; FY26 GUIDANCE RAISED Transforming Rolls-Royce into a high performing, competitive, resilient, and growing business ▪ Significant operational and strategic progress ▪ Strong first half results driven by transformation and business improvements ▪ FY26 guidance raised ▪ Furt
Slide 5: Strong Operational and Financial Performance
STRONG OPERATIONAL AND FINANCIAL PERFORMANCE KEY GROUP FINANCIAL METRICS DIVISIONAL OPERATING MARGIN 1 Operating profit 1 Operating margin 1 CIVIL AEROSPACE £2.5bn 22.5% 25.3% +0.5pts +46% yoy +3.1pts yoy DEFENCE 21.0% Free cash flow Return on capital +5.4pts £2.0bn 22% POWER SYSTEMS +24% yoy +5.1pt
Slide 6: Continued Strategic Progress
CONTINUED STRATEGIC PROGRESS Contract and LTSA margin improvement across More than 100% improvement in time on wing of in-production in-production engines engines with cash benefits significantly beyond the mid-term +19pts 2025 2026 2027 2028 2029 2030 2031 2032+ ~3 pts improvement vs Feb 2026 Trent
Slide 7: Continued Strategic Progress
CONTINUED STRATEGIC PROGRESS 1. Portfolio 2. Strategic 3. Efficiency & 4. Lower carbon & choices & initiatives simplification digitally enabled partnerships businesses • Power Systems capacity • Growing Civil LTSA margins 2 • Further improvement of • Trent XWB-84 EP fuel efficiency expansion and nex
Slide 8: Helen McCabe, Chief Financial Officer
02 HELEN McCABE Chief Financial Officer © 2026 Rolls-Royce. Not Subject to Export Control
Slide 9: 2026 Half Year Underlying Results
2026 HALF YEAR UNDERLYING RESULTS Underlying results £m H1 2026 H1 2025 Organic Change1 Organic Change %1 Strong results - double-digit profit and Revenue 11,279 9,057 2,310 26% cash growth across every division Gross profit 3,397 2,572 839 33% Gross margin % 30.1% 28.4% 1.6pts Operating profit 2,53
Slide 10: Civil Aerospace
CIVIL AEROSPACE Underlying results H1 2026 H1 2025 Organic Change Organic Change % £m KEY POINTS Revenue 6,186 4,786 1,380 29% • 29% revenue growth, 31% profit growth Gross profit 1,857 1,477 378 26% • Higher large engine aftermarket profit across Gross margin % 30.0% 30.9% (0.8)pts LTSA and time an
Slide 11: Defence
DEFENCE Underlying results H1 2026 H1 2025 Organic Change Organic Change % £m KEY POINTS Revenue 2,484 2,223 358 17% • 17% revenue growth, 57% profit growth Gross profit 639 462 192 42% • Higher aftermarket profit across transport Gross margin % 25.7% 20.8% 4.6pts and combat Operating profit 522 342
Slide 12: Power Systems
POWER SYSTEMS Underlying results H1 2026 H1 2025 Organic Change Organic Change % £m KEY POINTS Revenue 2,604 2,042 573 28% • 28% revenue growth, 72% profit growth Gross profit 901 635 267 42% • Strong power generation profit growth, driven Gross margin % 34.6% 31.1% 3.4pts by data centres Operating
Slide 13: Summary Funds Flow
SUMMARY FUNDS FLOW £m H1 2026 H1 2025 Change KEY DRIVERS OF HIGHER YEAR ON YEAR FCF Underlying operating profit 2,534 1,733 801 Net investments1 (73) 37 (110) • Higher underlying operating profit Movement in Civil LTSA balance, net of RRSAs 2 86 472 (386) • Higher net investments as we invest for fu
Slide 14: Capital Framework
CAPITAL FRAMEWORK Maintaining resilience, investing strategically, and rewarding shareholders • Net cash position of £2.1bn 1 STRONG BALANCE SHEET • £1.1bn of bonds repaid from cash • €1bn of bonds issued maturing in 2031 and 2036 • Upgraded to A3 / A- rating by Moody’s / Fitch 2 REGULAR AND GROWING
Slide 15: Tufan Erginbilgic, Chief Executive Officer
03 TUFAN ERGINBILGIC Chief Executive Officer © 2026 Rolls-Royce. Not Subject to Export Control
Slide 16: Full Year 2026 Guidance Raised
FULL YEAR 2026 GUIDANCE RAISED Strong delivery driven by transformation gives us confidence to raise our FY26 guidance Operating profit Free cash flow 1 . . £4.9-5.2bn £5.0-5.3bn £4.7-4.9bn £3.8-4.0bn 2022 2023 2024 2025 2026 Mid-term 2022 2023 2024 2025 2026 Mid-term Mid-point of prior guidance Mid
Slide 17: Achieving the Rolls-Royce Proposition
ACHIEVING THE ROLLS-ROYCE PROPOSITION OUR TRANSFORMATION ▪ Significant operational and strategic progress ▪ Strong first half results driven by transformation and 1. HIGH PERFORMING, COMPETITIVE, AND RESILIENT BUSINESS business improvements ▪ FY26 guidance raised ▪ Further confidence in mid-term gui
Slide 18: Q&A
Q&A © 2026 Rolls-Royce. Not Subject to Export Control Photo courtesy of Boeing
Slide 19: The information in this document is proprietary and confidential to Rolls-Royce and is available
The information in this document is proprietary and confidential to Rolls-Royce and is available to authorized recipients only – copying and onward distribution is prohibited other than for the purpose for which it was made available. © 2026 Rolls-Royce. Not Subject to Export Control