Negative Free Cash FlowPersistent negative free cash flow and OCF covering only ~70% of net income indicate weak cash conversion. This structural cash shortfall forces dependence on external financing or equity issuance for capex and working capital, raising medium-term funding risk if cash generation doesn’t meaningfully improve.
Rising Debt TrendAn uptick in absolute debt in 2025, atop a history of episodic higher leverage, increases balance-sheet vulnerability if cash generation lags. Rising debt amplifies interest and refinancing exposure and could constrain strategic optionality or require deleveraging that pressures near-term investment plans.
Earnings Quality / VolatilityEarnings that didn’t rise in step with a sharp revenue gain, plus past margin volatility, point to sensitivity of profits to mix, costs or one-offs. This undermines predictability of earnings and complicates planning, making sustained margin expansion and forecasting less certain over the medium term.