Elevated LeverageLeverage rose materially to 1.61x in 2024 and remained elevated at 1.28x in 2025, reducing financial flexibility. Higher debt increases refinancing and interest-rate exposure, amplifies earnings volatility, and limits capacity to absorb project delays or cost overruns over the medium term.
Volatile Cash ConversionCash conversion is uneven: deep negative operating and free cash flow in 2024 despite positive net income highlights working-capital swings and collection risk. Persistent volatility undermines liquidity planning and raises the likelihood of short-term funding strain during weaker project cycles.
Mixed Earnings HistoryA mixed earnings track record, including a loss year in 2022 and generally thin sector margins, signals execution sensitivity. Thin margins mean small cost overruns or contract issues can erode profitability, making medium-term earnings stability contingent on tight project and cost management.