Moderate LeverageA sub-1.0 debt-to-equity and improvement to 0.64 in 2025 signal manageable headline leverage for a developer. This affords financing flexibility, lower near-term solvency risk and greater ability to refinance or fund projects, supporting resilience over the coming months.
Rebound In Cash GenerationPositive operating and free cash flow in 2025 provides tangible liquidity to service debt, fund working capital and support project execution. After prior volatility, this improvement materially reduces short-term refinancing pressure and enables tactical reinvestment if sustained.
Narrowing LossesA reduction in net losses year-over-year points to operational stabilization or effective cost measures. If this trend continues it supports a path back to profitability, making recovery of equity value and margin restoration more attainable over the medium term.