Negative Free Cash FlowPersistently negative free cash flow across multiple years signals that operating cash generation is not covering capital spending needs. Over time this necessitates external financing, constraining flexibility, increasing refinancing exposure, and limiting capacity to self-fund growth or reduce leverage.
Elevated LeverageA marked rise in debt-to-equity to ~1.83 indicates greater reliance on borrowings to fund asset growth. Higher leverage increases interest burden and refinancing risk and reduces headroom for shocks; even with a FY2026 reduction, the recent peak leaves balance-sheet risk elevated given capital intensity.
Earnings Sensitivity / VolatilityVolatile net margins tied to fuel costs, dispatch and market pricing make earnings and cash flow unpredictable. This structural sensitivity complicates forecasting, raises the probability of periodic stress on coverage metrics, and undermines the reliability of internally generated funds for capex or deleveraging.