Persistent Negative Cash FlowOperating cash flow has been negative annually, including a -4.3B outflow in 2025, meaning accounting profits are not converting to cash. Persistent cash burn raises reliance on external financing, increases rollover and liquidity risk, and constrains discretionary investing.
High And Rising LeverageDebt climbed sharply to 46.8B with elevated debt-to-equity ratios, increasing interest and refinancing exposure. In a capital-intensive development business this amplifies execution and funding risk, limiting flexibility to absorb shocks or pursue opportunistic investments.
Margin CompressionYear-over-year margin deterioration across gross, operating, and net lines suggests rising costs or a less favourable project mix. Margin pressure reduces free cash generation and forces higher revenue growth to sustain returns, weakening profitability resilience in future cycles.