Persistent Net LossesNet margin remained negative in 2025, showing operating improvements have not yet translated into bottom-line profitability. Continued losses constrain retained earnings, limit reinvestment capacity, and sustain reliance on external funding, hindering consistent shareholder value creation over coming quarters.
Volatile And Weak Free Cash FlowFree cash flow swung to roughly breakeven after prior deep outflows, and operating cash conversion remains weak. This inconsistency raises financing and execution risk for multi-year developments, limits capacity to steadily buy land or invest in projects, and can force costly financing in downturns.
Material Revenue Decline Since 2020Revenue has trended down materially over several years despite a 2025 rebound, reflecting reduced scale or paused deliveries. Structural revenue erosion weakens economies of scale, reduces bargaining power with contractors and suppliers, and makes a sustained recovery dependent on rebuilding the project pipeline and presales momentum.