Volatile Cash ConversionHistoric swings from years of negative free cash flow to a single-year rebound suggest working-capital and capex sensitivity. Variable cash conversion can constrain reinvestment, dividends, or debt reduction during downturns, making capital allocation and resilience less predictable.
Margin Compression From Peak LevelsDeclining margins relative to earlier peaks point to structural pressures—input cost increases, pricing limits, or adverse mix shifts (spray vs freeze-dried). Reduced margin buffer heightens sensitivity to commodity and FX moves, weakening long-term profit stability.
Sizable Absolute Debt ExposureAlthough leverage improved, the company still carries substantial absolute debt which can limit strategic flexibility. Large debt balances amplify interest and refinancing risk during investment cycles or adverse commodity/working-capital swings, constraining long-term optionality.