Declining Free Cash FlowA 25.8% drop in free cash flow materially reduces internal funding available for reinvestment, debt reduction or shareholder returns. If persistent, lower FCF forces reliance on external financing for growth or capital expenditures, weakening financial optionality and increasing exposure to market financing conditions.
High Absolute Debt LevelDespite a moderate D/E ratio, the referenced high absolute debt stock raises refinancing and interest expense risk. Rising rates or slower cash conversion would increase leverage costs, constrain capital allocation for logistics capacity or product investment, and reduce margin for strategic initiatives.
Low Net Profit Margin And Input-cost ExposureA modest net margin (~3.5%) provides limited buffer against inflation in raw materials, packaging and energy. Given the food and cold-chain exposure, sustained input cost pressure or inability to pass costs to customers would compress profitability, impair FCF and limit strategic reinvestment over the medium term.