Persistent Negative Free Cash FlowOngoing negative free cash flow indicates capital spend or working capital needs exceed operating inflows, forcing reliance on external funding or equity issuance. Over the medium term this can constrain strategic options, raise financing costs and increase vulnerability to tighter credit conditions if not remedied.
Weak Cash ConversionSub‑par cash conversion (OCF ~70% of net income) suggests reported earnings are not translating into cash, raising questions about quality of earnings and working capital management. Structural weak conversion can limit ability to de‑leverage, sustain dividends, or self‑fund capex without raising debt.
Rising Debt TrendA notable uptick in total debt in 2025, combined with a history of higher leverage, increases financial risk if cash generation remains weak. Higher indebtedness can elevate interest costs and restrict strategic flexibility, making the company more sensitive to funding market conditions over the coming months.