Calepin des entreprises international 2026 VA.pdf — page 178

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ROLLS-ROYCE
Business trends
	
 Rolls-Royce revenues grew 15.8% in local currency in 2024, to £17.8 billion (€21.1 billion). The Civil Aerospace 
division (+23%) benefited from increased engine deliveries (529 units compared with 458 in 2023) and higher 
demand for maintenance services. Growth in the Defence division (+10.9%) was driven by the fighter aircraft 
segment, with the GCAP programme in the UK and the ramp-up of the F130 programme in the U.S. (future 
engine for the B-52 bomber), as well as submarine activities. The Power Systems division also recorded an 
increase in revenues (+7.6%).
	
 As part of its new financial objectives presented in February 2025, the group plans to reach an operating profit 
of £3.6 to £3.9 billion by 2028 and an operating margin of 15% to 17% (14% to 16% for the Defence division).
	
 In July 2025, Rolls-Royce completed the sale of its marine propulsion activities (propellers, water jets) located 
in Pascagoula and Walpole (United States) to the American group Fairbanks Morse Defence (FMD). The sale 
of the Mission Bay Handling System (MBHS) business located in Peterborough (Canada), also to FMD, is 
expected to take place in the coming months.
Home market
	
 Rolls-Royce generated only 14% of its revenues in its domestic market in 2024. However, the group is the 
leader in the naval engines and turbines segment in the UK, and has a monopoly position in submarine nuclear 
propulsion.	
 
	
 Rolls-Royce is also responsible for developing the engine for the future GCAP (Global Combat Air Programme, 
known as Tempest in the UK) fighter aircraft, as part of the programme led by the UK, Italy and Japan. 
The group is working on an engine demonstrator with Italy’s Avio Aero and Japan’s IHI Corporation.
	
 In December 2024, Rolls-Royce signed an £9 billion (€10.6 billion) eight-year contract with the UK Ministry of 
Defence (the «Unity» contract) to provide support services for the Royal Navy’s nuclear submarines currently 
in service (Vanguard SSBNs and Astute SSNs) and under construction (Dreadnought SSBNs), as well as for 
the Royal Australian Navy’s future SSN-AUKUS-class submarines.
Export markets
	
 The U.S., which accounted for 29% of revenues in 2024, remains the group’s largest market. Rolls-Royce is a 
major supplier of propulsion systems for military aircraft and ships to the U.S. Department of Defense.
	
 In the United States, the Defense Security Cooperation Agency (DSCA) awarded Rolls-Royce a $180 million 
(€166 million) contract in May 2025 to produce mtu 8V 199 TE21-D diesel engines for the Israel Defense 
Forces’ Eitan armoured personnel carriers (Oshkosh Corporation and Plasan).
	
 In May 2025, South Korea’s Defense Acquisition Program Administration (DAPA) selected Rolls-Royce’s MT30 
gas turbine to power its future FFX-IV frigates. Hanwha Ocean will build the first two frigates in the programme 
in 2028-2029 (one turbine per ship). The MT30 turbine already powers South Korean Chungnam-class and 
Daegu-class frigates. Rolls-Royce also supplies mtu 12V 4000 M43 diesel engines (four units per ship), which 
will be assembled locally under licence by STX Engine.
Technology and Innovation
	
 Self-financed R&D expenditure amounted to £745 million (€880 million) in 2024, representing 4.2% of revenues.
	
 In December 2024, the group announced that it had completed the critical design review phase for its F130 
turbojet engine, which will be used to re-engine the U.S. Air Force’s B-52H Stratofortress strategic bomber 
(Boeing). 650 engines (including 42 in spare parts) were ordered for the 76 aircraft still in service. Following 
this modernisation, the aircraft will be designated the B-52J Stratofortress.
STRATEGIC HIGHLIGHTS