Sharp Profitability DeteriorationThe company moved from marginal profitability to a sizable net loss and negative operating profit in 2025, reflecting material margin compression. Persisting losses undermine reinvestment ability, strain stakeholder confidence and increase the urgency of operational fixes for sustainable recovery.
Rising Leverage And Balance-sheet StressMaterial debt growth and a weakened debt-to-equity position reduce financial flexibility and raise refinancing and interest-rate exposure. Higher leverage constrains capital allocation, limits downside resilience, and could force deleveraging actions that impair growth investments or dealer support.
Declining Revenue TrendA marked revenue decline compresses scale economies and reduces the installed-base growth that feeds after-sales. Continued top-line contraction heightens margin pressure, weakens cash conversion trends, and complicates efforts to restore profitability without structural demand or pricing improvements.