Sharp Negative Free Cash FlowA -613M free cash flow outflow in FY2026 indicates substantial capex or working-capital drains that materially reduce financial flexibility. Persistent negative FCF constrains debt reduction, dividend capacity, and strategic investments, increasing reliance on external funding and refinancing risk.
Rising Leverage And Capital VolatilityA step-up in debt to roughly equal equity raises leverage and interest exposure after earlier periods of very high leverage and negative equity. This capital-structure volatility increases refinancing and solvency risk, reducing predictability of long-term funding costs and strategic flexibility.
Earnings Volatility And Nonrecurring ItemsPronounced swings in margins, including an anomalous FY2025 net margin, indicate reliance on one-offs or timing effects. This volatility undermines confidence in run-rate profitability, complicates forecasting and capital allocation, and makes long-term earnings durability harder to assess.