Poor Cash GenerationPersistent negative operating and free cash flow, including a large 2025 outflow, raises structural funding risk for a development firm. Reliance on external financing for working capital and projects increases vulnerability to credit markets and can raise long-term funding costs or force asset sales.
Rising LeverageA marked increase in leverage reduces financial flexibility and magnifies earnings volatility against interest and refinancing cycles. Higher debt loads constrain strategic options, raise covenant/default risk, and increase sensitivity to rising rates or project delays over the medium term.
Earnings And Returns VolatilityDeclining ROE and swingy margins point to volatile project economics and timing effects. For a developer, such variability undermines predictability of shareholder returns and makes capital allocation harder, indicating structural execution or mix risk that can persist across cycles.