Sharp Margin Compression (2025)Profitability erosion to single-digit net and low single-digit EBIT margins materially narrows the company's ability to self-fund growth, absorb cost shocks or sustain distributions. Persistent low operating profitability weakens long-term earnings quality and constrains reinvestment capacity absent margin recovery.
Volatile Cash FlowInconsistent operating and free cash flow—negative in 2023, strong in 2024, weaker in 2025—creates unpredictability in internal funding. Such volatility, driven by working-capital swings or uneven project timing, undermines reliable capex, debt paydown and dividend planning over the medium term.
Declining Returns On EquityA fall in ROE to around 1% signals poor capital efficiency and that the balance sheet is not generating meaningful shareholder returns. If sustained, low ROE limits internal funding for expansion, deters investor interest, and indicates structural challenges converting assets into profitable growth.