Negative Free Cash FlowPersistent negative free cash flow driven by heavy capex can strain liquidity and limit the pace of shareholder returns or opportunistic M&A. If capex fails to translate into higher returns, cash conversion risk may weaken medium-term financial flexibility.
Rising Total DebtGrowing absolute debt levels increase interest and refinancing exposure. With moderate leverage already in place, continued debt growth without commensurate cash generation improvement could elevate financial risk and reduce capacity for strategic spending.
Margin Volatility / Efficiency HeadroomFluctuating operating margins suggest sensitivity to cost pressures or mix shifts. Modest EBIT margins imply limited buffer against demand slowdowns or rising input costs, indicating the need for sustained efficiency improvements to protect long-term profitability.