Profitability / Margin SustainabilitySustained operating and net losses in 2025, following a very large 2024 net loss, show margins are not yet sustainable. Persistent unprofitability erodes retained capital, limits reinvestment in developments and forces dependence on external financing or asset disposals over the medium term.
Cash Generation AbilityOperating and free cash flow swung sharply negative in 2025 (down ~94% YoY), showing weak cash conversion. Negative cash flow raises immediate liquidity and refinancing risk, constrains funding for construction or land payments, and elevates the probability of operational disruption in months ahead.
Earnings Volatility / QualityMarked earnings volatility across 2021–2023 (deep losses, high margins, then profit) undermines forecastability and earnings quality. This variability complicates longer-term planning, increases risk premia from lenders and investors, and makes capital allocation and contracting decisions more difficult.