Rolls-Royce (LSE:RR.) shares have been on a phenomenal run in recent years, returning 1,030% to investors over the last five years.

However, 2026 hasn’t been the aircraft engine manufacturer’s year so far. In fact, the last few weeks haven’t been so great for the company.

Since 17 April, its shares have fallen by 9.8%. If an investor had put £5,000 into its shares on this date, they would have already lost £490. Therefore, their investment would have sunk to £4,510.

But I still think Rolls-Royce is a great company. So, could this pullback in its share price be an opportunity to consider buying some of its shares?

Confidence in guidance

Rolls-Royce released its trading update yesterday (30 April) covering the quarter to 31 March. Even during the war in Iran, CEO Tufan Erginbilgic, commented that their guidance of £4-£4.2bn in underlying operating profit and £3.6bn-£3.8bn in free cash flow for 2026 remains unchanged.

This may reassure some investors, given current global events. Other causes for optimism included:

• Large engine flying hours (EFH) grew 5% to 115% of 2019 levels in the three months to March.
• EFH for 2026 is expected to be at 115%-120% of 2019 levels.
• Large engine original equipment (OE) deliveries increased by 18% in the first quarter.
• Defence OE deliveries increased 20% year on year.
• Power systems orders had their record month in March, with an order backlog of £7.3bn.

Even after the CEO’s statements, investors shouldn’t ignore the fact that the war in Iran creates big risks for the firm. Rising jet fuel prices are a big concern, as they could hinder demand for flying, but even supply if there is a shortage.

Some airlines insist that the chance of such jet fuel shortages is decreasing. However, it shouldn’t be ignored that if this were to happen, it would hit Rolls-Royce’s biggest and most profitable civil aviation division.

That said, I still believe the catalysts for the firm should set it up for long-term success.

Power systems and nuclear energy

If you’ve read my previous articles about Rolls-Royce, you may have noticed that I’m particularly a fan of its investments in small modular reactors (SMRs).

After all, this could revolutionise the way nuclear energy is conducted, and could be a game-changer for the firm in the long run.

It’s already executing on agreements to build three SMRs in Wales and six in the Czech Republic.

However, I’m starting to become a big fan of another of its operations, its Power Systems division.

As mentioned above, its backlog for orders is already at £7.3bn. And I only see demand for this growing further.

That’s because with the rise of AI, $3trn is expected to be spent on data centres through to 2028. These will need to be powered somehow, with Rolls-Royce hoping its power systems and nuclear reactors can help out.

This could be very lucrative for the company in the long term. I therefore think the recent pullback in its share price presents investors with an opportunity to consider buying some of its shares.