Earnings & Cash-Flow VolatilitySignificant earnings and cash-flow swings across recent years reduce predictability of future performance. Persistent volatility impedes reliable forecasting, complicates capital allocation and investor confidence, and makes it harder to judge whether FY2025 improvements reflect a sustainable structural recovery.
Historic Operating LossesMaterial operating and net losses in FY2023–FY2024 have likely eroded reserves and may have lingering impacts on supplier terms, hiring, and strategic optionality. Recovering from deep losses takes time and can constrain investment cadence even after a profitable year, undermining medium-term resilience.
Modest Return On EquityA ~6.6% ROE, while an improvement, is modest and may not cover cost of capital or justify reinvestment without further improvement. Low returns signal limited value creation so far, meaning shareholders need sustained margin and growth improvements for meaningful long-term wealth generation.