Operating-profit WeaknessSustained operating losses signal underlying margin and cost-structure problems in core trading and services. Reliance on non-operating items to lift net income masks weak operating economics, which undermines reinvestment capacity, service quality, and long-term competitiveness if not corrected.
Rising Debt In 2025A material jump in debt reduces financial flexibility in a cyclical capital-goods market. Higher leverage increases interest and refinancing risk during revenue troughs, constrains funding for inventory and after-sales service, and elevates the company's vulnerability to another downturn in manufacturing capex.
Volatile Cash ConversionWide swings in operating and free cash flow indicate unpredictable working-capital needs and earnings quality. This volatility complicates budgeting, limits reliable reinvestment in service capabilities, and makes dividend or sustained capex programs harder to support without raising external financing.