Large FY2025 Net LossA wide negative net margin in 2025 materially eroded equity and signals underlying profitability issues. Persistent losses will deplete balance-sheet cushion, constrain reinvestment, and make restoring sustainable returns harder without structural cost or revenue fixes.
High LeverageDebt-to-equity near 6.3x is a structural vulnerability: it raises refinancing, covenant and interest-cost risk and limits strategic flexibility. High leverage restricts ability to invest in centers or absorb shocks, increasing bankruptcy or restructuring risk if earnings do not recover.
Earnings Quality & Margin PressureOperating cash covers less than half of EBIT and FCF declined, indicating weaker earnings quality and working-capital sensitivity. Combined with thin gross margins, this raises the risk that cost shocks or occupancy dips will quickly translate into cash stress and impaired recovery.