Sharply Weakening Revenue TrendA multi-year reversal to declining top-line (negative in 2024 and -18.3% in 2025) reduces scale, undermines fixed-cost absorption, and signals potential customer contract losses or demand weakness. Persistent topline contraction would pressure margins, returns and long-term investment capacity.
Rising LeverageMaterial increase in leverage reduces financial flexibility and raises interest and refinancing risk over time. If revenue weakness persists, higher debt amplifies vulnerability to downturns and limits capacity for strategic investments or opportunistic M&A, constraining durable growth options.
Volatile Cash Conversion; FCF DeteriorationSharp fall of free cash flow to zero and historically uneven cash conversion indicate working-capital or capex swings. Inconsistent FCF undermines the company's ability to sustainably fund capex, pay dividends, or deleverage, increasing execution risk over the coming months if volatility continues.