A brewing dispute over maintenance pricing is creating headwinds for Rolls-Royce. Major airline carriers are leveling criticism at engine manufacturers, accusing them of significantly raising the costs for servicing and spare parts. This friction emerges during a period of persistent supply chain challenges, putting the aerospace giant’s pricing strategy under scrutiny. As the market anticipates the full-year results due in late February, questions arise about the durability of the company’s operational progress if its key clients are vocal about escalating expenses.
Share Buyback and Upcoming Catalysts
Amid the operational debate, Rolls-Royce is concurrently executing a share repurchase initiative. The £200 million program, which commenced in late January, is scheduled to conclude on 24 February 2026. The shares bought back will be cancelled. This move is widely interpreted as a confident signal from management regarding the firm’s financial strength and its capacity to return capital to shareholders.
Investors are marking several key dates on the calendar:
* 19 February 2026: Airbus earnings release, serving as a crucial indicator for broader production trends and supply chain health.
* 24 February 2026: Planned conclusion of the current share buyback.
* 26 February 2026: Rolls-Royce publishes its full-year 2025 results. The company previously confirmed in its Q3 update that it remained “on track” to meet its operating profit target.
The Core Conflict: Rising Maintenance Bills
The tension came to the fore at the Singapore Airshow on 3 February. The civil aviation division addressed critiques from the International Air Transport Association (IATA). The association’s allegation is that engine makers are capitalizing on supply chain disruptions, leaving airlines to contend with steeper repair bills and extended maintenance queues.
In its defense, Rolls-Royce contends that recent price adjustments are primarily a direct consequence of supply chain bottlenecks and heightened geopolitical uncertainty. Management is steering the narrative away from notions of “pricing power” and toward the realities of increased input “cost pressures.”
Should investors sell immediately? Or is it worth buying Rolls-Royce?
Technical Progress with the Trent XWB
Despite the pricing friction, the company points to tangible engineering advancements that promise longer-term value for customers. In a corporate announcement dated 4 February, Rolls-Royce reported that its Trent XWB-97 engine, which powers the Airbus A350-1000, has successfully completed two of three phases in a dedicated durability enhancement program.
The results are measurable: the engine’s “time on wing” has already increased by 60%. The third and final phase is slated for implementation in 2028. Upon completion, the program aims to double the engine’s operational life under demanding conditions and improve it by 50% in more favorable environments.
This progress is particularly significant for key customers like Emirates, a major purchaser of long-haul aircraft. The airline has indicated that further improvements in maintenance intervals are a prerequisite for considering additional aircraft orders. To that end, Rolls-Royce has scheduled rigorous testing in Middle Eastern conditions for 2027.
Market Performance and the Forthcoming Test
Recently, Rolls-Royce shares have exhibited a sideways to slightly weaker trading pattern. The stock currently trades at €14.30, showing a marginal daily loss. Over a 30-day period, the share price has declined by approximately 5%.
All eyes are now on the 26 February results announcement. The report will provide a clear verdict on whether the “on track” operational narrative holds firm regarding margins and cash flow development. Furthermore, it will reveal how convincingly Rolls-Royce has managed the delicate balance between addressing customer frustration over maintenance costs and justifying its own cost-based arguments.
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