Sharp Revenue DeclineA steep revenue contraction of -59.3% materially erodes scale and fixed-cost absorption, weakening operating leverage. Persisting topline declines over months threaten customer retention, pricing power, and the company's ability to regain normal throughput without structural commercial fixes.
Negative Free Cash Flow And Poor Cash ConversionNegative free cash flow and very low operating cash conversion (OCF/NI 0.075) indicate earnings are not translating into liquidity. This constrains capital spending and working-capital needs, increasing reliance on external funding and raising medium-term liquidity and operational execution risk.
Reduced Profitability And ReturnsDeclining net margins (9.2%) and lower ROE (8.3%) reflect weakened operational efficiency and reduced returns to shareholders. Sustained contraction in profitability limits internal funding for growth and raises the bar for achieving durable improvements without notable margin-restoring actions.