Rolls-Royce Holdings PLC continues to maintain a solid operating performance, and we forecast strong free operating cash flow (FOCF) generation of £3.7 billion-£4 billion in 2026 and about £4.5 billion-£5 billion in 2027. At the same time, we expect the group to maintain an S&P Global Ratings-adjusted net cash position, despite significant shareholder returns, including a £7 billion-£9 billion share buyback program for 2026-2028. So far wide-body engine flying hours have remained solid in 2026, despite the early impact on flight schedules during the Middle East war, and they continue to underpin the group's strong FOCF generation. In addition, industry prospects for its defense and power systems divisions remain very supportive in 2026-2027. As a result, we revised the outlook
