Weak Cash ConversionVery low conversion of reported profits into cash signals earnings quality issues and working-capital or timing volatility. Over the medium term this can constrain reinvestment, make distributions unsustainable, and increase reliance on external financing during project cycles.
Multi-year Profitability VolatilityPersistent swings between profit and loss reduce predictability of cash flows and complicate long-term planning. Elevated 2025 margins that deviate from trend raise the risk that gains are driven by one-offs, limiting confidence in sustainable operating performance over months.
Rising Absolute Debt LevelA sharp increase in nominal debt raises structural financing risk for a developer exposed to project timing and asset-value cycles. Even with lower leverage ratios, higher absolute debt increases interest and refinancing exposure, reducing cushion against sector slowdowns.