Revenue DeclineA large year-over-year revenue decline materially weakens cash inflows and backlog replenishment, increasing reliance on asset sales or financing to fund projects. Persistent top-line contraction can erode scale economics and jeopardize long-term investment plans and margins.
Inconsistent Free Cash Flow ConversionVolatile free cash flow conversion undermines the company's ability to self-fund new projects and cushion downturns. Over time, inconsistent FCF forces greater reliance on external capital or slower project rollouts, raising financing costs and execution risk for multi-year developments.
Margin And Efficiency VolatilitySignificant net margin volatility and suboptimal EBITDA/EBIT margins point to uneven project execution or cost control. Structurally, this reduces earnings predictability, complicates long-term planning, and can compress returns on new developments unless operational efficiency is improved.