Negative Free Cash FlowPersistent negative free cash flow (-393m in 2025) indicates capex and working capital are outpacing operating cash generation. Over time this can constrain organic expansion, force external financing or delay upgrades, and weaken the company’s ability to self-fund growth initiatives.
Moderate ROEAn ROE of 8.79% is modest given the strong equity base, suggesting returns on invested capital are limited. If ROE remains stagnant, it may indicate inefficiencies in capital allocation or slow monetization of network investments, limiting long-term shareholder value creation.
Contract Pricing & Renewal RiskHeavy reliance on government and contract tariffs exposes margins and volumes to tender outcomes and public pricing regimes. Structural dependency on renewals and negotiated tariffs can cap pricing flexibility and introduce multi-period revenue risk if contracts are not renewed or tariffs are reduced.