Earnings VolatilityMaterial losses and negative EBIT in 2024–2025, plus large swings in profitability, reduce retained earnings and impair clarity on sustainable distributable income. Persistent earnings volatility hinders capital allocation planning and raises the risk of future dividend cuts or equity issuance.
Free Cash Flow CollapseA fall to zero free cash flow in 2025 means operating cash generation was absorbed by capex, interest or working capital. If this persists, it constrains organic growth, limits distributions, and forces reliance on external financing, weakening long-term financial flexibility.
Revenue & Market DependenceWide revenue swings and reliance on wholesale power prices and policy support make earnings structurally sensitive to market cycles and regulatory shifts. This exposure increases long-term cash flow uncertainty and complicates forecasting and capital commitments for the portfolio.