Declining Free Cash FlowA 27% decline in free cash flow is a material structural concern: reduced discretionary cash constrains growth capex, dividends or debt reduction. If sustained, it may force asset sales, higher leverage or cutbacks, weakening long-term strategic flexibility.
Eroding Gross Profit MarginA declining gross margin signals rising unit costs or pricing pressure, which can compress long-term profitability. Persistently lower margins reduce cash available for reinvestment and make the business more vulnerable to prolonged commodity price downturns.
Exposure To Thermal Coal Demand RiskSignificant exposure to thermal coal ties earnings to power-sector demand, which faces long-term structural decline from decarbonization and policy shifts. That secular risk can reduce volumes and pricing over years, pressuring revenue mix and requiring strategic adaptation.