Elevated LeverageDebt rising to €1.69B and a ~2.39x debt/equity ratio materially increase refinancing, interest-rate and covenant risk. High leverage constrains strategic flexibility for further capex or M&A, raises financing costs under stress, and makes the company more sensitive to macroeconomic and policy shifts in the medium term.
Deeply Negative Free Cash FlowSustained FCF deficits of roughly -€260M mean investing outlays exceed operating cash generation. Persistent negative free cash flow forces reliance on external financing or equity issuances, increasing dilution or leverage risk and undermining the company's long-term ability to self-fund pipeline buildout and maintenance.
Recent Revenue DeclineA ~21% revenue decline in 2025 reverses prior growth momentum and weakens the top-line foundation supporting margins. Falling revenue makes future profit sustainability more dependent on cost control or non-recurring items and raises concerns about asset utilization, contract mix, or market exposure over the coming months.