Negative Operating & Free Cash FlowOperating and free cash flows turned negative in 2025, reflecting weak cash conversion. Persistent cash outflows constrain reinvestment, increase reliance on external funding, and heighten liquidity and execution risk for tenders and growth initiatives.
Margin DeteriorationMaterial gross margin compression year-over-year reduces internal funding capacity and makes profitability more sensitive to cost inflation or pricing pressure in public procurement. Sustained margin decline undermines long-term earnings resilience.
Weakened Balance Sheet & Higher LeverageEquity nearly halved while leverage rose to a 0.90 debt-to-equity ratio, eroding financial flexibility. Higher leverage and reduced equity increase refinancing and counterparty risk and limit capacity to invest, bid on large tenders, or absorb shocks.