Severe Cash-flow DeteriorationOperating cash flow plunged and free cash flow collapsed ~97% y/y in 2025, signaling sharply weaker cash conversion. That raises durable liquidity and financing risk, constrains capital expenditure and debt reduction plans, and limits capacity for dividends or strategic investments.
Revenue Decline And Margin CompressionRevenue growth turned sharply negative in 2025 and profit margins compressed from recent peaks, suggesting demand softness or competitive pressure. A declining top line reduces scalability and may force sustained margin trade-offs, weakening the earnings base over the medium term.
Debt Still Sizable; Cooling ReturnsAlthough leverage ratios improved, absolute debt remains sizable and ROE has moderated. This combination makes balance-sheet gains fragile if earnings slip, limits financial flexibility, and can depress long-term return expectations if operational momentum does not recover.