Gross Margin ErosionA persistent decline in gross margin suggests structural cost or pricing pressure (input costs, channel mix or promotions). If sustained, lower gross margins compress operating profit and limit the ability to scale margins, making long-term profitability more vulnerable to competition or cost inflation.
2025 Cash-conversion Data UncertaintyA data-quality anomaly in the latest-year cash-conversion metric complicates assessment of earnings-to-cash alignment. That uncertainty undermines confidence in working-capital trends and free-cash-flow sustainability, making forward cash forecasts and distribution capacity harder to rely upon.
Sharp 2025 Growth Spike May Not Be DurableA sudden, large leap in growth can reflect one-off factors (channel restocking, timing, or discrete wins) that are hard to sustain. If growth reverts toward prior rates, margin and return improvements that depend on scale may stall, posing a risk to medium-term earnings trajectory and ROE sustainability.