Deeply Negative Free Cash FlowFree cash flow of roughly -€260.1M in 2025 indicates capital spending and working capital needs exceed operating cash generation. Persistently negative FCF forces ongoing external financing, raising execution and dilution risk and limiting self-funded growth over the medium term.
High And Rising LeverageTotal debt increased to €1.69B and debt/equity sits near 2.39x, leaving the firm sensitive to refinancing and interest-rate moves. Elevated leverage constrains financial flexibility, raises fixed servicing costs, and magnifies downside if project timings or merchant prices weaken.
Recent Top-line ContractionA roughly 21% revenue decline in 2025, after prior growth, signals execution, timing or market-demand variability in project sales or generation volumes. Sustained revenue weakness would pressure margins, cash flow conversion and the company’s ability to self-fund expansion over the medium term.