Wind Segment Persistent LossesLarge, ongoing Wind losses materially weigh on consolidated profitability and cash generation. Structural issues (lower deliveries, tariff exposure, and capacity timing) could require sustained remediation, keeping volatility in consolidated margins for multiple quarters.
Material Tariff HeadwindsTariffs are a structural regulatory cost that can persist across quarters, eroding competitiveness and margins if not offset by pricing or alternate sourcing. The $250–350M hit for 2026 is large enough to reduce near-term returns and complicate project economics across impacted markets.
Variable Cash Conversion And One-time GainsVolatility in FCF versus reported earnings and large one‑time M&A gains can obscure core cash generation. If operational cash conversion remains uneven, it raises execution risk for funding capex, integration or returning capital, and reduces visibility on sustainable free cash flow.