Negative Operating ProfitabilityCore operating margins swung to deeply negative in FY2026, signaling that underlying operations are not generating sustainable profits. Over the medium term this impairs internal cash generation, reduces earnings quality, and increases reliance on non-recurring investment gains to meet liabilities and distributions.
Persistently Negative Free Cash FlowFree cash flow has been persistently negative and deteriorated to roughly -6.42B in FY2026, constraining the company's ability to self-fund capital needs or dividends. Continued FCF deficits raise the likelihood of asset sales, additional borrowing, or reduced capital deployment, weakening financial flexibility over months ahead.
Material Rise In LeverageDebt increased materially to ~9.52B from ~3.88B year-over-year, markedly raising leverage. Higher indebtedness elevates interest costs and refinancing risk, constrains strategic options, and is particularly concerning given volatile cash generation and negative FCF in the medium term.