Large Absolute Debt LoadEven with improved ratios, a nominal debt stock near €795M is sizable for a small employee base and can restrict strategic flexibility. In downturns or if revenue weakens, the absolute debt level raises refinancing and interest coverage risk, pressuring liquidity choices.
Uneven Cash ConversionRepeated periods where operating cash flow lags reported net income indicate inconsistent cash realization. That pattern reduces confidence that accounting profits will translate into durable cash available for debt service, capex or dividends across cycles.
Profitability VolatilityMaterial year-to-year swings in earnings, including a notable 2023 dip and very high recent margins, impair predictability. If margins revert or a future dip occurs, earnings, cash flow and shareholder distributions could be pressured, complicating medium-term planning.