Weak Balance Sheet / Negative EquityPersistently negative equity constrains financial flexibility, raising solvency and refinancing risk. For a capital-intensive, cyclical airline this reduces ability to invest in fleet, absorb shocks or negotiate favorable financing, increasing long-term vulnerability to downturns.
2025 Revenue And Margin DeteriorationA sharp 2025 revenue drop and margin compression indicate the business is sensitive to demand, pricing and cost swings. Such volatility undermines predictability of cash flows and planning, making durable earnings growth and margin sustainability less certain over the next several months.
Declining Free Cash Flow TrendWhile FCF remains positive, a multiyear decline reduces capacity for deleveraging, fleet investment and cushioning against industry shocks. With sizable, roughly flat debt levels, weakening FCF momentum elevates refinancing and capital allocation risks over the medium term.